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Britain's FTSE-100 Index reaches 10,000 for the first time
London's blue chip FTSE 100 index reached the'symbolic 10,000 point marker for the first - time on Friday. This is the newest sign of the soaring stock markets across the globe. The S&P 500 and the STOXX 600 in Europe both outperformed the British benchmark by nearly 22 percent in 2025. The gains are largely due to a 'rally in Artificial Intelligence', which has boosted stocks around the world. However, British stock markets have a limited exposure to this sector. In 2025, the biggest winners will be miners like Fresnillo who are boosted by rising precious metals prices. Also, defense firms like Babcock and Rolls Royce, as Europe increases its defence spending. And banks such as Lloyds, who benefit from still high interest rates and decent economic growth. The FTSE, weighted-heavily towards internationally-focused companies, ?has also outperformed the domestically-focussed mid-cap FTSE 250. The latter rose by roughly 9% between 2025 and 2050. Blue-chip index still lags behind other markets like Japan, Hong Kong, Spain, and Italy. The landmark could boost sentiment towards UK markets that have been battered by political instabilities, post-Brexit uncertainties and concerns about high debt. (Reporting and editing by Dhara Raasinghe; Alun John)
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Hong Kong arrests 21, for corruption, in crackdown on building renovation
Hong Kong's anti graft agency announced on Friday that 21 people were arrested on suspicion of corruption relating to renovations at two residential estates. Hong Kong has intensified a 'crackdown on corruption related to building renovations after a fire in November which destroyed seven high-rise buildings and killed over 160 people. John Lee, Hong Kong's leader, set up an independent panel last month to investigate the fire, the construction industry and determine if there was any bid-rigging. In a press release, the Independent Commission Against Corruption said it had conducted enforcement operations against a triad corruption syndicate involved in building renovation. The?agency said that the 21 arrested included middlemen and project consultants as well as members of the Owners' Corporation of two housing estates. The contractor was suspected of bribing a project consultant and members of the owners corporation in order to get a contract worth HK$33m ($4.24m). In the other case, middlemen allegedly collected "corruptly" instruments of proxy or authorisation tickets (or authorization tickets) from homeowners in order to manipulate votes and win renovation contracts. The report did not go into detail. Building maintenance involves many stakeholders and is closely linked to the public. "The ICAC has always placed great emphasis on corruption in building maintenance", the statement stated. The ICAC's statement said that the two estates targeted by the operation last week were located in Kwun Tong, in eastern Kowloon. They are not connected to Wang Fuk court, the site of the fire on November 26. In a corruption investigation into renovations at Wang Fuk Court, the ICAC arrested 11 people. Residents were angry at the fire, which took two days to put out. Authorities claim that substandard materials used to renovate the high-rise buildings sparked the fire.
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After a stellar 2025, precious metals are kicking off the new year higher.
The precious metals market started the New Year with a bang on Friday. They resumed their rally after achieving unprecedented gains in 2025. Geopolitical tensions, and the hope of lower interest rates for this year, kept demand high. As of 0724 GMT spot gold rose 1.4%, to $4,372.35 an ounce. It had previously reached a record-high of $4,549.71 per ounce on December 26. On Wednesday, it fell to its lowest level in two weeks. U.S. Gold Futures for February Delivery gained 1% to $4,384.80/oz. Tim Waterer is the chief market analyst for KCM Trade. He said that precious metals will begin 2026 with a similar momentum as they did in 2025. Bullion's rally was spectacular in 2025. It ended the year with gains of 64 percent, its highest since 1979. The rally in gold last year was fueled by interest rate cuts, speculations about further easing from the U.S. Federal Reserve and geopolitical conflict. Central banks also increased their demand, while holdings of exchange-traded fund rose. This week, gold prices in India and China were higher than usual for the first two months, after a correction off of all-time highs lifted retail demand that had been impacted by a price surge unprecedented in history. Investors expect that the Fed will cut rates at least twice this year, despite the soft U.S. unemployment data. In low-interest rate environments, non-yielding investments tend to perform well. "Precious Metals seem to be making up for the selling that occurred earlier in the week. Waterer stated that the pressures of year-end position-squaring have ceased and that gold is now kicking off its 2026 gains with gains. Silver spot rose by 3.6% to $73.79 an ounce after reaching a record high of $83.62 per ounce on Monday. Silver surged 147% in the last year, outpacing gold. It was its best-ever year. Metals have reached multiple milestones for the first time. This is due to its status as a vital U.S. Mineral, low inventories and supply constraints, and a rise in industrial and investment demand. After reaching a record high of $2478.50 per ounce on Monday, spot platinum rose 2.5% to $2,104.10 an ounce. In 2025 it also recorded its biggest annual gain, with a 127% increase. Palladium prices rose by 2.4%, to $1,641.92 an ounce. This is the highest level in 15 years. (Reporting and editing by Rashmi aich and Subhranshu Sahu; Ishaan arora)
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ASIA GOLD - India, China switch to premiums as prices retreat from record highs
This week, gold prices in India and China were higher than they had been in the past two months. A correction from record highs has helped to boost retail demand which was hit by a price surge that was unprecedented. Indian dealers charge a premium This week, you can save up to $15 on official domestic prices - including 6% import and 3 % sales levies. Last week's discount was up to $61. On Friday, domestic gold prices were around 136.700 rupees for a?10 gram after reaching a record of 140.465 rupees the previous week. Jewellers in New Delhi reported that retail sales improved "slightly" this week, after prices dropped sharply following record highs. Gold, the international benchmark, started off the New Year on a positive note, as it resumed its rally on Friday after completing '2025 with gains totaling 64%. This was its largest gain since 1979. Many buyers are delaying purchases due to the volatility of prices and uncertainty about where the market will go, said a Mumbai bullion dealer from a private banking institution. China is the world's largest consumer of gold. The bullion price jumped from a discount, to a premium of $3 per ounce over the global benchmark spot price This week, the retail market was strong and spot prices corrected sharply. It seems (Chinese retail demand) remains robust. This is especially true if you look at the current prices. "After a price correction, the physical demand volume is still pretty strong," said Ross Norman, an independent analyst. Peter Fung, the head of trading at Wing Fung Precious Metals, stated that recent price volatility has discouraged customers, despite what is usually a very low volume of trading during the end-of-year holidays. In Singapore Gold was sold at prices that ranged from a discount price of $0.50 up to a premium of $1.20 per ounce. In Hong Kong, gold In Japan, gold bullion is sold at a premium of $1.70. Sold at the same price as spot prices
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In India's Indore, contaminated water causes 9 deaths and 200 hospitalizations
Nine people are dead and over?200 hospitalised after a 'diarrhoea outbreak' in central Indian city of Indore, officials say. The cause is contaminated water. Kailash Vijayvargiya is a legislator who said that nine people died in Indore. Madhav Prasad hasani, Indore's chief medical officer, said by phone that drinking water in the Bhagirathpur district of the city is contaminated because there was a leak. A water test confirmed the presence of bacteria in the pipeline. "I can't?say anything about the?death count but yes, over 200 people are being treated at different hospitals in the city. Hasani stated that the final report on the water sample taken from the affected area is still awaited. Shravan Verma is the district administrative officer. He said that authorities have deployed teams of doctors to do door-to-door screenings and are distributing tablets of chlorine?to purify water. Verma stated that the officials had tested 8,571 people and identified 338 mild symptoms. Indore in Madhya Pradesh has been ranked India's Cleanest City and has led the rankings of national cleanliness for the last eight years. (Editing by Raju Gopikrishnan).
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Australian gold miner Northern Star falls 11% after production forecast is cut
The shares of Australia's Northern Star Resources dropped more than 11% Friday, kicking off the?New Year in a gloomy manner, after claiming unplanned maintenance as well as operational challenges. The shares of Australia's largest listed gold producer fell as much as 11.5%, to A$23.67. This is their biggest intraday decline since late June?2022. As of 0230 GMT the stock was trading at A$24.130 and was the biggest loser on the ASX 200 index, which was up by 0.2%. Northern Star has lowered its production forecast for fiscal 2026 to between 1,600 - 1,700 kiloounces (koz), down from its previous guidance of between 1,700 and 1,850 koz. The midpoint of the new range is significantly below the Visible Alpha consensus of 1,720.3 kg, but it's slightly higher than last year's production of 1,634 kg. Perth-based Western Australia-based company has been facing a number of problems across its sites in the last quarter. These include carbon-in leach tank failures and reduced mining fleets. The company will reopen its Kalgoorlie?production?centre in January. However, throughput will remain uneven in the second half of the year as it?shifts to the expanded mill. This is scheduled to be completed in the first quarter of fiscal 2027. Northern Star's quarterly results, which will be released on the 22nd of January, will include its costs for the December quarter and a forecast for annual costs. (Reporting by Shivangi Lahiri in Bengaluru; Editing by Subhranshu Sahu)
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Oil prices rise after biggest annual decline since 2020
The oil prices rose on the first trading day in 2026, after they had suffered their worst annual decline since 2020 last year. This was due to Ukrainian 'drones' targeting Russian oil installations and a U.S. blockade that impacted Venezuelan exports. Brent crude futures rose 14 cents to $60.99 per barrel on Friday by 1:46 GMT. U.S. West Texas intermediate crude crude was up 14 cents at $57.56 per barrel. Russia and Ukraine traded accusations of attacks on civilians New Year's Day, despite intensive talks overseen?by U.S. president?Donald Trump aimed at ending the nearly four-year old?war. In recent months, Kyiv has intensified its strikes against Russian energy infrastructure to cut off Moscow’s sources of financing for the military campaign in Ukraine. Washington imposed sanctions Wednesday on four oil tankers and companies that it claimed were involved in Venezuela's oil industry. The U.S. Blockade is designed to prevent sanctioned oil tankers from entering Venezuela or leaving the country. This has forced PDVSA, Venezuela's state-owned energy company, to take extreme measures to avoid closing down refineries as fuel inventories increase. Brent and WTI benchmarks experienced annual losses of almost?20% in 2025. This was the largest since 2020 as concerns over supply and tariffs trumped geopolitical risk. Brent lost money for the third consecutive year, which is the longest streak in history. According to the Energy Information Administration, Wednesday, the United States' oil production reached a record of 13.87 million barrels a day in October. The EIA reported that last week, crude stocks dropped while gasoline and distillate inventory rose due to a robust refining industry. Reporting by Florence Tan, Editing by Tom Hogue
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Nickel Industries Australia says South Korea's Sphere will buy 10% of the Indonesian project
Nickel 'Industries, Australia's Nickel?Industries, announced on Friday that South Korea's 'Sphere Corp' will purchase a '10% stake' in the Excelsior Nickel Cobalt High-Pressure Acid Leach Plant (HPAL) Project in Indonesia for $2.4 billion. Nickel Industries, an Australian company, said that the South Korean materials manufacturer would acquire the stake in the project from Hong Kong's?Decent Resource. Nickel Industries, however, will keep its 44% stake in the project. Sphere, a supplier of special alloys to Elon Musk's SpaceX, has agreed to sell its 10% share of nickel as cathode. It also entered into a contract for the sale of additional volumes at market prices above 10%. According to Nickel Industries, the ENC HPAL Project, which is being built in Indonesia’s Central Sulawesi will be the first HPAL project with the ability to produce three Class-1 Nickel?products: mixed hydroxide?precipitate (MHP), Nickel sulphate, and Nickel cathode. The deal is made at a time when nickel prices are soaring, as Indonesia plans to reduce its mining output quotas in order to boost commodity prices. Nickel?Industries anticipates that funding will be completed in the first quarter 2026. Nichiket Sunil reported from Bengaluru, and Chris Reese edited the story.
Mutual aid networks are growing as Trump cuts disaster response.
In November, the Trump panel will offer reform recommendations
The cities would struggle to replace federal funds
Mutual aid networks report a growing response.
By Carey L. Biron
Her neighbors were also in the same situation - if there were any doors left over after the storm of September 2017, which caused 3,000 deaths and $115 billion worth of damage.
Aviles-Vazquez stated that it felt like residents of the U.S. island territory were all alone, but they also had each other.
She said, "I could hate the neighbor but we couldn't get through this if we didn’t help one another."
Over the next few months, residents built mutual assistance networks and cleared roads, checked up on distant neighbors, and stabilised homes.
It became a chain, said Aviles-Vazquez. He is the founder of Agroecology Institut, which empowers farmers.
As climate change impacts have increased, hyperlocal responses and preparedness for natural disasters has gained more attention.
Now that President Donald Trump is looking to reduce the federal government's role in disaster preparation and response, the focus has increased even further.
In his first few days as president, Trump published a critical review of the Federal Emergency Management Agency. A panel will make recommendations for reforms by November.
Experts are worried that the panel may raise the threshold for requesting assistance or eliminate the agency altogether.
FEMA employees warned last month that the cuts were already having "cascading" effects on their agency's response capabilities.
Abigail Jackson, White House spokesperson, said in an email the FEMA's over-sized role had "created a bureaucratic bloat that disincentivised state investment in resilience."
She wrote that Trump wants to empower the "state and local government by enabling them better understand and plan for their citizens' needs, and finally address those needs."
"PERIOD of Uncertainty"
FEMA's purpose today is in large part a result of Hurricane Katrina, which was the most devastating natural disaster to hit the United States, and when the government response was criticized as being too slow. Sara McTarnaghan co-leads the work on climate change and communities at the Urban Institute.
She said that FEMA is now focusing on encouraging local communities to develop pre-disaster preparedness, especially in poorer areas.
She said that the future is uncertain.
"I have a lot of sympathy for the emergency planners at state and local levels. McTarnaghan stated that we are in an uncertain period and it is not clear yet what responsibilities will be required.
McTarnaghan, her colleagues and themselves found that the Trump administration's proposed changes - like halting federal aid for snowstorms- would result in more than 70% disasters no longer receiving presidential emergency declarations.
SBP, an organization that assists communities in recovering from disasters and helps them identify their priorities, develop plans, and raise money, works with local governments across nine states.
Reese May is the chief strategy and innovation office at SBP. She said that many Americans live in small and medium-sized towns where disasters are a possibility. However, their government has limited resources and cannot go to these communities to get information on their risks.
'LIKE WILDFIRE'
Local and volunteer groups report a surge in interest and demand for their services.
Team Rubicon was formed to aid in Haiti after the 2010 earthquake. It has grown from just a few volunteers to over 200,000 today.
Jeff Byard is the senior vice president for operations. "We do lots of hard, physical labor - repairing homes, removing debris," he said. "We want be the last ones out and first ones in."
Byard stated that Rubicon has increased its local work to prepare for funding and capacity gaps in the wake of federal reforms.
KD Chavez is the executive director of Climate Justice Alliance. This national network, which includes about 100 organizations, has said that communities are becoming more organized and recruiting volunteers as a result of natural disasters.
The alliance has developed a "brigade model" to receive disaster warnings directly from the field, and then respond with a surge of resources.
Chavez stated that "one of the deepest benefits of the Alliance is that we mobilize a lot of people on the ground when we're in the waiting period."
Organizers of another national group, Mutual Aid Disaster Relief say that its decentralized community response network includes hundreds of people who are in communication channels and working groups, and thousands of general volunteers.
It has also supported pop-up clinics and community air filter programs.
Devin Ceartas is an organizer with Triangle Mutual Aid in North Carolina, who participated in the Hurricane Helene response last year.
He said that mutual aid spreads like wildfire when people are passionate about it. It's a magical thing. "People truly come alive."
He said that Triangle Mutual Aid saw a surge in interest, with 500 new volunteers joining the organization after new floods hit the state in late July.
Ceartas hopes to take advantage of the momentum and make preparations, such as building crews or getting licensed to operate radio communication equipment.
Ceartas stated that "there's nothing FEMA can provide that's not already available and that people couldn't give each other."
(source: Reuters)