Latest News
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Odesa Zoo saves birds after Russian attacks
Volunteers lift a dead bird from the wind-swept beach of 'Odesa. The Black Sea port town where an oil spill, blamed by Ukrainian officials on Russian attacks, has left wildlife fighting for survival. Odesa is a Russian target, and has been since the Russian troops invaded Ukraine on February 20, 2022. However, the attacks are more intense now. Wildlife is also among the victims. Russia hasn't commented on the spill but previously denied targeting civilian infrastructure. Odesa Zoo is determined to save birds that survive after being coated with oil. Birds can no longer move due to their feathers becoming coated. "They can't fly or swim," said zoo director Ihor Bilyakov outside a rescue point to rehabilitate the birds. They lose their mobility and freeze quickly because it is cold now. The spill, which was caused by Russian air strikes that damaged storage tanks of sunflower oil in Pivdennyi Port last week, killed dozens of birds. Regional governor Oleh Kiper blamed the incident on Russian attacks. The birds screech indignantly when volunteers clean them of oil from their bill to toe. Biliakov said that the two most elegant species, the great crested and horned Grebes, were the worst affected. He said that the great crested Grebe is a waterfowl species that is particularly vulnerable to contamination by oil. The port administration reported that emergency crews deployed floating barriers and specialised vessels to contain spillage, and temporarily closed the channel. The oil will degrade organically, according to authorities. However, monitoring and cleanup efforts are ongoing in order to prevent any further spread. Reporting by Iryna Nazaarchuk, writing by Ron Popeski and editing by Howard Goller
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US regulator extends the driving time limit waiver to heating fuel haulers
To speed up deliveries, the U.S. Transport Safety Regulator has extended an 'emergency waiver' on driving time limits for truckers transporting heating fuels. The extension was given on Tuesday because extreme cold and severe winter storms in Pennsylvania, as well as a major power outage at an important gas refinery, had 'disrupted' propane supplies and created immediate dangers to the public health, safety, and welfare of those states. U.S. regulations normally require truck drivers to take mandatory rest breaks and cap their daily?and weekday driving hours in order to reduce fatigue-related crashes. However, regulators may temporarily waive these limits to speed up deliveries of essential supplies during emergencies. The extension comes after an earlier emergency declaration by the U.S. Federal Motor Carrier Safety Administration that relaxed'mandated rest and drive-time limits for trucks transporting heating 'fuels like propane, natural gas and heating oil in parts of the U.S. Northeast until December 26. The FMCSA stated that the affected states and jurisdictions include Connecticut, Delaware Maryland, Massachusetts New Hampshire New Jersey New York Pennsylvania West Virginia. (Reporting by Varun Sahay in Bengaluru; Editing by Shinjini Ganguli)
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After record rally, gold, silver and platinum are taking a break
Gold prices fell on Wednesday after a record-breaking surge that saw them surpass the $4,500 an ounce barrier earlier in the session. Silver and platinum also saw some of their gains trimmed. At 01:57 pm, spot gold was down by 0.2% to $4,479.38 an ounce. ET (18:57 GMT), following a session high of $4,525.18. U.S. Gold Futures for February Delivery settled 0.1% lower at $4,502.8. Jim Wyckoff, Kitco Metals' senior analyst, said that the gold market was experiencing some chart consolidation as well as a mild profit-taking following record highs. Gold is a good investment in low interest rate environments. It also thrives when there are periods of uncertainty. Donald Trump, the U.S. president, said Tuesday that he would like to see the next Federal Reserve Chair?lower interest rates in a good market. The U.S. central bank has reduced rates 'three times' this year, and traders currently price in two rate reductions next year. A U.S. official said that the U.S. Coast Guard was waiting for more forces to arrive on the geopolitical scene before it could attempt to board and capture a Venezuelan-linked oil tanker, which they have been pursuing since last Sunday. Silver reached a new high of $72.70, and lastly rose 0.7% to $71.94 per ounce. The next target is for the gold market to reach $4,600/oz and for silver, $75/oz before the end of this year. Wyckoff added that the technicals are bullish. Silver prices are up 149% on a year-to date basis, despite strong fundamentals. This is more than bullion which has gained over 70% in the same time period. Platinum?peaking at $2.377.50, before paring its gains to stand at $2.220.44. Palladium fell by more than 9% to $1,683.58 per ounce after reaching its highest level in three years. The price of platinum and palladium, which are used primarily in automotive catalytic convertors to reduce emissions and cut down on pollution, has risen by 145% and over 85% respectively year-to date, due to tight mine supplies, tariff uncertainty and a shift away from gold investment.
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After record rally, gold, silver and platinum are taking a break
Gold prices fell on Wednesday after breaking through the $4,500 per ounce barrier earlier in the session. Silver and platinum also saw some losses following their record-breaking rally. At 11:52 am, spot gold was down by 0.3% to $4,473.49 an ounce. After hitting a high of $4,525.18, the ET session ended at 16:52 GMT. U.S. Gold Futures for February Delivery fell by 0.1% to $4,500.30. Jim Wyckoff, Kitco Metals' senior analyst, says that the gold market has seen some chart consolidation as well as a mild profit-taking following record highs. Gold is a good investment in low interest rate environments. It also thrives when there are periods of uncertainty. Donald Trump, the U.S. president, said Tuesday that he would like to see the next Federal Reserve Chair?lower interest rates in a good market. The U.S. Central?bank cut rates 'three times' this year, and traders currently price in two rate cuts for next year. A U.S. official said that the U.S. Coast Guard was waiting for more forces to arrive on the geopolitical scene before it could attempt to board and capture a Venezuelan-linked oil tanker, which they have been pursuing since last Sunday. Silver reached a new high of $72.70, and lastly rose 0.1% to $71.5 per ounce. The next target is for the gold market to reach $4,600/oz and for silver, $75/oz before the end of this year. Wyckoff added that the technicals are bullish. Silver prices are up 148% on a year-to date basis, despite strong fundamentals. This is more than bullion which has gained over 70%. Platinum peaked at $2.377.50, before reversing its gains and standing 4% lower at $ 2,186.16. Palladium is down by more than 10% to $1,675.43 per ounce after reaching its peak three years ago. The price of platinum and palladium, which are used primarily in automotive catalytic convertors to reduce emissions and cut down on pollution, has risen by 143% and over 85% respectively year-to date, due to tight mine supplies, tariff uncertainty and a shift away from gold investment.
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After record rally, gold, silver and platinum are taking a break
Gold prices fell on Wednesday as they took a breather after soaring past the $4,500 an ounce mark in the earlier part of?the day, while silver and platinum pared some gains from their record-breaking rally. At 10:04 am, spot gold was down by 0.4% to $4,468.96 an ounce. The session began with a high of $4,525.18. This was followed by a low of $4,425.18 at 1504 GMT. U.S. Gold Futures for February Delivery fell by 0.2% to $4,497.90. Jim Wyckoff, Kitco Metals' senior analyst, said that the gold market was experiencing some chart consolidation as well as a mild profit-taking following record highs. Gold is more likely to thrive in periods of uncertainty and low interest rates. U.S. president Donald Trump said Tuesday that he would like the next Federal Reserve chair to lower interest rates in a good market. The?U.S. The?U.S. central bank has reduced?rates a total of three times in the past year. Currently, traders are pricing in two rate reductions next year. A U.S. official said that the U.S. Coast Guard was waiting for more forces to arrive on the geopolitical scene before it could attempt to board and capture a Venezuelan-linked oil tanker, which they have been pursuing since last Sunday. Silver reached a record high of $72,70, but fell last 0.8% to $70.86 per ounce. The next upside target is $4,600/oz for gold and $75/oz for silver by the end the year. Wyckoff said that the 'technicals' remain bullish. Silver prices are up 147% on a year-to date basis, outpacing the bullion price increase of 70% during that same period. Platinum reached a high of $2,377.50, before reversing its gains to stand at $2.198.30, down 3.3%. Palladium fell 9% to $1,692.43 per ounce after reaching its peak three years ago. The price of platinum and palladium used primarily in automotive catalytic convertors to reduce emissions is up 160% and 100% respectively year-to date, due to tight mine supplies, tariff uncertainty and a shift away from gold investment.
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NIPSCO gets federal order to maintain Indiana coal plant
Northern Indiana Public Service Company announced on Wednesday that it had?received an order from the federal government requiring continued operation of R.M. Schahfer generation station will continue to operate 'well beyond?its December 31, 2025 retirement date. The firm said that the order requires the Indiana-based facility to remain open for a period of 90 days following the date of?order. The directive is coming as several U.S. utilities are delaying coal plant retirements in order to meet the 'rising demand for power,' driven by data centers and rising natural gas prices, which have led to a re-focus on coal generation. Donald Trump, the president of the United States, has also advocated for increased coal production. He signed executive orders aimed at increasing coal use in April. NIPSCO, a subsidiary of U.S. utility NiSource Inc., had previously stated that it intended to retire the two remaining coal units at the Schahfer Plant by the end 2025. Vince Parisi, President and Chief Operation Officer of NIPSCO, said that they were reviewing the overall impact on their customers and business. They would comply with any orders received. (Reporting from Yagnoseni das in Bengaluru, editing by Vijay Kishore.)
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SolGold accepts a $1.2 billion acquisition by Jiangxi Copper, a top investor
SolGold, a gold and copper mining company, announced on Wednesday that it had reached an agreement to be purchased by Jiangxi Copper. The deal valued SolGold at $867 million pounds ($1.17billion). The 28 pence per share deal represents a 43% premium over SolGold, a company focused on Ecuador that closed its stock price the previous day (November 19), the day Jiangxi approached the company to do a deal. SolGold's share price closed at 25.65 pence on Wednesday, a trading session that was shortened due to the holiday. The agreement gives Jiangxi the control of SolGold's Cascabel Project in Ecuador's Imbabura Province, as miners rush to secure copper supplies amid increasing demand driven by electric vehicles and AI infrastructure investment. One of the largest undeveloped copper and gold?deposits is located in South America. The London-listed mining company said that earlier this month, it was inclined towards recommending?the offer. Jiangxi was the third bid to acquire the company. "JCC is delighted to receive the unanimous recommendation from the SolGold board, and the strong support of other large shareholders for the acquisition. JCC is excited about the potential of the Cascabel Project," said Shaobing Zhou in a press release. SolGold's top investors also include BHP, a global mining company, and Newmont.
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Silver, platinum and gold all reach new heights
On Wednesday, gold broke the $4,500 mark for the first-ever time. Silver and platinum also reached new records, as speculation and a demand for'safe havens' and further U.S. interest rate cuts in 2019 fueled speculative metals. At 1220 GMT the spot gold price was up by 0.2% to $4,494.49 an ounce, after hitting a session high of $4,525.19. U.S. Gold Futures for February Delivery climbed 0.4%, to $4,523.10. Platinum peaked at 2,377.50, but then pared gains to end up at 2,312.70, a 1.6% increase. Silver reached an all-time record high of $72.70, and it was lastly up 1.3%. Palladium fell 1.5% to $1,830.37 per ounce after reaching its highest level in three years. Fawad Rasaqzada is a market analyst for City Index and FOREX.com. He said that the lack of bearish factors, and strong momentum are all backed up by solid fundamentals. These include central bank purchases, a declining U.S. Dollar, and some haven demand. "Other metals, like copper, have been rising. This is providing support for the entire commodities complex." As investors seek safe-haven assets in the face of geopolitical tensions, and as they expect that the U.S. Federal Reserve would continue to ease its monetary policy, gold has gained more than 70% over this past year. U.S. president Donald Trump said Tuesday that he wanted the next Fed chair to lower interest rates if the markets were doing well. Gold and other non-yielding investments tend to perform well in an environment of low interest rates. Traders are currently pricing in at least two rate reductions?next. Silver's price has risen by more than 150% in the past year, surpassing gold, due to strong investment demand and its inclusion on "the U.S. Critical Minerals List" as well as rising industrial usage. Analysts at Societe Generale wrote in a report that the risk of a significant drop in gold prices is largely tied to a'slowing down of outright gold purchases, such as those by central banks in emerging markets. Investor positions indicate that, barring such a situation, the unprecedented rise in gold prices is likely to continue. This supports our Commodities Strategists' forecast of $5,000/oz by 2026. The price of platinum and palladium (used in catalytic converters for automobiles to reduce emissions) has risen by 160% and 100% respectively year-to date, due to tight mine supplies, tariff uncertainty and a shift away from gold investment.
The Philippines flood control project fails the poor
Infrastructure is key to flood control in the Philippines
Advocacy group calls out'misalignment of flood control projects'
Risk management must be 'holistic' to protect communities
By Mariejo Ramos
She said that heavy rains in Bulacan - a densely populated region north of Manila - knocked over trees and a bamboo stilt home one night in the summer.
Bulacan is one of the provinces that are most prone to flooding in the country. In the last three years, Bulacan has seen the most projects for flood control built.
The government spent over 500 billion Philippine Pesos (8.5 billion dollars) to build infrastructure, such as dykes and seawalls. It also laid down large stones called ripraps to control stormwater.
State investigations revealed that many flood-prone residents were still not protected by the state due to overpriced construction contracts, unfinished buildings and projects that did not match flood risk.
In September, President Ferdinand Marcos Jr. created a commission to investigate corruption in flood-control projects after thousands of Filipinos protested on the streets of Manila to demand accountability from the government.
Dela Cruz has lived on the Angat River's banks for over 40 years. "We were disappointed when we learned how much money was being spent for flood control. We were left behind," he said.
A concrete dam releases water into the Angat reservoir when heavy rains fall to prevent overflow. This exposes downstream communities, like Dela Cruz, to riverbank erosion.
Dela Cruz said, "A state engineer told us that they would build a wall around us to protect us against disasters... But I hope the Government will act soon to prevent another major storm from hitting us."
According to studies, floods in communities on the front lines of climate change are getting worse every year. This is despite the fact that the government has allocated 1.47 trillion pesos (25.23 billion dollars) over the past 15 years for flood mitigation and control programs.
MISMATCH AND CORRUPTION
Residents of another settlement in Sipat along the Angat River were happy to see construction begin in August this year for a riverbank structure that would help prevent flooding.
They learned a month later that the project, worth 96 million pesos ($1.650 millions), had been completed by a different contractor in 2024, even though they had seen no work.
This structure is among several "ghosts" or nonexistent projects for flood control in Bulacan that were marked as completed based upon a database released by the President.
The lawmakers are looking into contractors and officials of the government who could have been involved with stealing funds intended for flood control projects which never materialized.
Oscar Gabriel, the chief of Sipat Village in Plaridel, said, "I was shocked to learn about this ghost project and felt sorry for my community."
"We were pleased that this project came our way, but were lied to and tricked."
As of early this month, the project was still unfinished.
According to a report by Pro-People Engineers and Leaders, a local non-profit that promotes equitable engineering, in Bulacan too, certain flood control projects are not aligned with the actual flood hazards.
Jose Antonio Montalban is an engineer at Propel and a public information officer. He said that there was a feeling of misalignment, and he felt the DPWH did not prioritize flood hazard zones for flood control.
Propel discovered that flood-prone areas of several towns in Bulacan were lacking in flood control infrastructure. This was based on the data of Project NOAH, the Philippines' disaster reduction and management program.
According to the group 411 of the 668 projects for flood control in Bulacan do not fall within any flood-prone areas.
Failure of Infrastructure
Montalban noted that scientific assessments are needed to assess water resources and flood hazards, such as the hydrogeographical condition of a particular area.
He claimed to have seen infrastructure built without any feasibility studies or other necessary studies.
He said that flaws in engineering and design, which are linked to corruption and lack proper planning, can lead to disasters such as the collapse of seawalls and dykes.
The burden on the communities affected by these disasters is great. The engineer explained that when a flood control system collapses, it has a severe and immediate impact on the safety of people.
In a 2022 study, architecture scholars found that the Philippines' costly flood control structures are rendered ineffective if they are not completed or maintained.
The study concluded that the best solutions for reducing the impact of flooding were non-structural.
The report suggested a mix of structural and nonstructural solutions such as improving flood warning and forecasting systems, and assessing water and land resources.
COMMUNITY BASED SOLUTIONS
Greenpeace Philippines stated that corruption in flood infrastructure "cripples the ability of millions Filipinos to survive amidst an escalating global climate crisis".
"Each year, flooding is causing more and more deaths, destruction of homes, and loss of livelihoods for millions Filipinos. Floods also resulted in massive economic losses to local governments and the national government," Greenpeace stated in a Sept. 8 statement.
Propel calls for holistic flood risk mitigation, including community consultations and natural-based solutions.
The Asian Development Bank has identified a few solutions, including restoring wetlands that absorb excess water, creating areas for water retention and revitalizing old river channels.
Propel proposes a comprehensive drainage plan to replace the Philippines "fragmented" framework for flood risk management.
Gabriel, in Sipat, said that transparency is crucial to public works.
He said that flood control infrastructure was a good idea, particularly in areas susceptible to erosion.
(source: Reuters)