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India limits duty-free imports of gold for jewellery exporters in order to curb demand
India tightened the rules on duty-free gold imports for jewelry exports, capping the imports at only 100 kilos per license, according to an order from the government. The country is the second largest consumer of precious metals in the world. This week, the South Asian nation raised its import tariffs for gold and silver from 6% to 15% as part of an effort to reduce foreign purchases of these metals. It also aims to ease pressure on reserves of foreign currency due to higher oil prices. India is one of the leading exporters in the world of gold jewellery. New Delhi allows manufacturers and jewellers, under the scheme of advance authorisation, to import gold for export without paying any duty. On Thursday, the?government changed import rules for jewellers by capping gold imports at 100 kilograms per license and tying future licences with fulfilling at least 50% earlier export obligations. According to the order, first-time applicants must also undergo a physical inspection of the manufacturing facility by regional authorities in order to verify its existence, production capability and operational status. The holders of licences are also required to submit fortnightly, independent, chartered accountant-certified reports detailing the gold imports or exports that were conducted under this scheme. The new rules have excessive compliance requirements. The government appears to be trying to discourage gold imports even though this could result in a decrease in jewellery exports. According to the data collected by the Gem and Jewellery Export Promotion Council, India's gold jewellery exports in 2025/26, which included both plain and studded segments, stood at $11.36 Billion in fiscal year 2025/26, which ended in March. "The government appears determined to reduce gold imports." "The government is increasing import barriers, one by one," said an Indian bullion dealer based in Kolkata. (Reporting and editing by Mark Potter, Ros Russell and Rajendra Jadhav)
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Gold prices steady as investors turn their attention to the Middle East and Trump-Xi summit
Gold 'prices remained steady on Thursday as investors focused on the latest developments of the U.S. and Israel war against Iran, and the signals from President Obama's meeting with Chinese president Xi Jinping. Dollars other than the greenback rose by 0.2%. This makes bullion priced in greenbacks more expensive. At 1043 a.m. (1443 GMT), spot gold was unchanged at $4,689.99 an ounce. U.S. Gold Futures for June Delivery fell by 0.2% to $4695.80. The price of oil dropped after Iran's?state media reported that 30 vessels had recently crossed the Strait of Hormuz. Attacks on vessels were also reported in the area. Bart Melek is the global head of commodity strategies at TD Securities. He said that if the Middle East conflict doesn't end, there is a risk of a major downturn in gold. He added that if the Middle East conflict is not resolved, there could be a significant downturn in gold prices. According to CME Group’s FedWatch tool the price of a U.S. rate cut has been priced in at any time this year. This is due to an energy-driven sharp rise in U.S. consumer and producer prices in April. Gold is considered a hedge against rising inflation but higher interest rates can weigh down on this non-yielding material. In a recent note, Nikos Tzabouras of Tradu.com said that gold is lacking a firm direction. Markets are weighing lingering geopolitical uncertainties,?the economic impact from the Middle East conflict, and the hope that the 'Trump-Xi' meeting will?help broker a solution. Xi also told Trump on Thursday that the trade talks were progressing but warned against a disagreement about Taiwan which could cause'relationships to fall apart, or even lead to conflict. Taiwan was not mentioned in the U.S. summary. The Indian government has announced a 100-kilogram limit on imports of gold under its advance authorization program, which allows Indian exporters to benefit from certain exemptions. Silver spot fell by 3.5%, to $84.88 an ounce. Platinum fell by 3.4%, to $2,065.05, while palladium fell by 3.7%, to $1,443.62. (Reporting and editing by Paul Simao, Nick Zieminski and Ishaan arora in Bengaluru)
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Iraq requested financial assistance from IMF in response to the Iran war, a source said
A source close to the IMF confirmed that Iraqi officials had approached the IMF about financial assistance due to the conflict in the Middle East. The source stated that initial discussions took place 'last month at the spring meetings of IMF and World Bank, in Washington. Discussions are still ongoing on how much funding Iraq will need, and how a loan will be structured. The massive U.S. and Israeli bombing campaign that began February 28 against Iran, which prompted Tehran to close the Strait o'Hormuz, has rocked Middle East and caused damage to infrastructure and economies. Iraq has been 'hard hit' by the war. The majority of its oil exports, which represents nearly all of government income, have been cut off due to the closure of a critical waterway that previously carried around?one fifth of the world?s crude oil. IMF spokeswoman Julie Kozack stated that the IMF worked with the World Bank, the International Energy Administration and other organizations to assess the effects of the war on its member countries. She added that the Fund is also actively engaged in discussions with its member countries, many of whom are seeking policy advice. She said that IMF Director Kristalina Georgeieva had stated the IMF had received requests for help from "at least 12" countries, but refused to give any details on which countries requested assistance. The Iraqi government and its embassy in Washington did not immediately comment. Iraq's economy is heavily dependent on oil exports. Iraq's latest financial deal with IMF was a $3.8 billion standby agreement that expired in July 2019. Of this amount, $1.49bn was drawn. Iraq is owed $2.39 billion by the global lender, which includes $891 million that was provided through a rapid funding instrument. (Reporting and editing by Louise Heavens, Chizu Nomiyama, and Andrea Shalal)
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US Wireless carriers launch joint venture to address rural "dead zones"
Verizon, AT&T, and?T-Mobile announced on Thursday they had agreed in principle to form a joint venture to address coverage gaps that have existed for years - especially in rural areas - by using satellite-based technology. The plan, according to the largest wireless companies in the United States, aims to eliminate nearly all dead zones that lack mobile service. The plan aims to improve network performance and ensure redundant connectivity in natural disasters using "direct-to-device" satellite technology. The Federal Communications Commission has approved EchoStar’s $40 billion sale to SpaceX and AT&T of wireless spectrum. EchoStar will sell?65 Megahertz to SpaceX at a cost of $17 billion in order to enhance SpaceX’s Starlink’s next-generation device-to device offering. The joint venture will invest in satellite-based direct-to device technologies to fill coverage gaps. Analysts also believe that the joint venture could be defensive, as some are concerned SpaceX will eventually compete directly with U.S. wireless providers. FCC Chairman Brendan Carr said in an interview that the sale of $40 billion worth of spectrum provides Starlink with a clear path to "enter direct into the cell market." Elon Musk, CEO of SpaceX, has stated that the company has deployed over 650 Starlink satellites to support a new direct-to device business. Musk said that the company's goal was to "deliver complete cellular coverage on Earth." Carr said Starlink would be able to deal with dead zones on its own, or in partnership traditional carriers. SpaceX will gain 'exclusive-use spectrum to develop a Starlink service that connects devices or directly to cell phones, among other services. The FCC stated that AT&T’s low-band spectrum would expand coverage throughout the United States, particularly in rural and underserved regions. Carr said, "We are fundamentally reshaping wireless industry with this approval." "As regulators, our job is to give the market a fair chance at settling itself." Direct to cell is not a "winner", but neither are we putting it aside and declaring it as a "loser". The FCC has also granted SpaceX waivers to address the convergence of satellite and wireless broadband. The FCC's announcement allows SpaceX to use their new spectrum in a flexible manner for hybrid, terrestrial and space-based network architectures. The FCC has ordered EchoStar to set up an escrow fund of $2.4 billion, which would cover any amount that EchoStar may owe as a result of disputes over the work done under licenses. (Reporting and editing by Sharon Singleton, Nick Zieminski and David Shepardson)
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Investors focus on Middle East and Trump-Xi Meeting as gold prices ease
?Gold prices dipped on Thursday as investors focused mainly?on a?recent development in the Middle East conflict and signals from U.S. president Donald Trump's recent meeting with Chinese president Xi Jinping. At 9:42 am EDT (1342 GMT), spot gold was down by 0.4% to $4,668.34 an ounce. U.S. Gold Futures for June Delivery fell by 0.7% to $4672.70. The dollar?U.S. The dollar rose 0.1% and made metals priced in greenbacks more expensive to holders of other currencies. Oil prices fell after Iran's official media reported that 30 vessels had recently crossed the Strait of?Hormuz. This report briefly boosted gold prices. Bart Melek is the global head of commodity strategy for TD Securities. He said that if this Middle East conflict doesn't end, there is a risk of a "significant downturn" in gold. He said that if inventories and supplies of energy products are reduced, prices could rise dramatically, resulting in an increase in inflation. According to CME Group’s FedWatch tool the U.S. rate cuts are largely priced in at this point in the year due to an 'energy-driven increase in U.S. consumer and producer prices in April. Gold is considered to be a hedge against rising inflation. However, as interest rates rise, the metal tends to lose its appeal. The data released on Thursday revealed that?U.S. Retail?sales increased in April but some of this increase was due to higher prices. Xi reassured Trump on Thursday that the trade talks are progressing, but warned that disagreements over Taiwan could lead to a 'dangerous path' and even conflict. Taiwan was not mentioned in the U.S. summary. Spot silver dropped 3.8% to $84.00 per ounce. Platinum fell 3.4% at $2,065.50 and palladium fell 3.7% to $1,443.74. (Reporting by Ishaan Arora in Bengaluru; editing by Paul Simao)
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Iraq requested financial assistance from IMF in response to the Iran war, a source said
A source close to the IMF confirmed on Thursday that Iraqi officials had approached the International Monetary Fund in order to?secure financial assistance due to the conflict in the Middle East. Sources said that initial discussions took place during the spring meetings in Washington of the IMF and World Bank, and are continuing about how much funding Iraq will need and the structure of any loan. The Middle East has been rocked by the war that began February 28 with a massive U.S. and Israeli bombing campaign on Iran. This led to the closure of the Strait of Hormuz. Iraq was hard-hit by the war. Its oil exports, which make up nearly all of its government revenue, were cut off due to the closing of the crucial waterway that?previously transported about one-fifth the world's crude oils. The?IMF and the Iraqi Embassy did not immediately comment. Iraq's economy is heavily dependent on oil exports. It has the?fifth-largest?petroleum reserve in the world. Iraq's latest financial?deal was a $3.8 billion standby agreement that expired in July 2019. Of this amount, $1.49billion was drawn according to the IMF website. Iraq is owed $2.39 billion by the global lender, according to the website. This includes $891 million that was provided through a rapid funding instrument. (Reporting and editing by Louise Heavens, Chizu Nomiyama, and Andrea Shalal)
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Venezuelan bonds rise after debt restructuring by government
Venezuela's bonds rose on Thursday, after the country began a restructuration exercise that is expected to be one of the largest and most complex sovereign debt restructuring exercises undertaken. Venezuelan government announced that it has appointed U.S. consulting firm Centerview Partners to rework what is estimated at hundreds of billions dollars in sovereign and state-owned debt. The dollar-denominated bonds of the country, which have been in default for years but still trade on financial markets, reached their highest level since more than a decade. Data from Tradeweb showed that the bonds of Petroleos de Venezuela, a state oil company, were at a decade high, at 40 to 50 cents. Jean-Charles 'Sambor is the head of EM Debt at TT International, London. He viewed it as a signal that a restructured debt was now a top priority for both Caracas, and the White House. He added that "the recovery rate will high" because we are dealing with a country whose oil production and debt sustainability has improved sharply. COMPREHENSIVE & ORDERLY Venezuela, the South American nation with the largest oil reserves in the world, and Petroleos de Venezuela (the state oil company) owe between $150 and $170 billion dollars of debt and interest. This burden must be reduced for the economy to remain viable. The government announced late Wednesday that it aimed for a "comprehensive" and "orderly" overhaul of the debt burdens, which would include both sovereign debt as well as that of PDVSA. Venezuela defaulted on its debts due to U.S. sanction pressure in 2017. However, its bonds have steadily increased since U.S. president Donald Trump returned the White House at the beginning of last year. Since the U.S. ousted President Maduro, in January, momentum has picked up and Washington's relations with acting Venezuelan president Delcy Rodrguez have become closer. In a client note, JPMorgan analyst Benjamin?Ramsey stated that the goal is to move "expeditiously" with financial advisers. "We remain MW (marketweight), Venezuela in our portfolio model, pending an?improved assessment of a framework for debt sustainability." Ramsey said that although the process was questioned, it is worth noting that it began before the International Monetary Fund provided its assessment of Venezuela's economic prospects or debt sustainability metrics.
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Markets focus on Trump-Xi Meeting
?Gold was largely stable?on Friday, as investors focused mainly on a meeting between U.S. president Donald Trump and his Chinese equivalent Xi Jinping. They also digested a rise in U.S. prices due to increased energy costs associated with the Iran War. As of 1112 GMT, spot gold was up 0.2% to $4,696.36 an ounce. U.S. Gold Futures for June Delivery fell 0.1% to $4,703.70. China's Xi said that the trade talks are?making good progress? at the beginning of a two day summit on Thursday, but that a disagreement over Taiwan might?damage relationships and even lead conflict? Gold is still hovering at $4,700 while markets digest the latest U.S. inflation figures. It is very evident that we are now in a phase of consolidation," said Swissquote analyst Carlo Alberto De Casa. Data on Wednesday revealed that U.S. Producer prices had posted their largest increase in four-years in April. This is the latest indication of an accelerating inflation. On Tuesday, data showed that the annual U.S. consumer inflation had posted its biggest gain in three year. According to CME Group’s FedWatch tool, traders have priced in a large amount of interest rate increases this year. This is due to the rising cost of energy. The?U.S. The Senate has approved Kevin Warsh to be the chair of the Federal reserve. Gold is considered to be a hedge against rising inflation. However, as interest rates rise, the metal becomes less attractive. HSBC has raised its forecasts for silver prices to $75 an ounce by '2026. The bank cited the weaker U.S. -dollar. However, the bank believes that there is only limited room 'to the upside as silver remains too overvalued. Silver spot fell by 1.3%, to $86.86 an ounce. Platinum fell by 1.3%, to $2,110.70. Palladium fell 2.2%, to $1,467.03. (Reporting and editing by Barbara Lewis in Bengaluru, Noel John)
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)