Latest News
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India's UTI Asset Management stops new investments in Silver ETF
UTI Asset Management Company announced on Saturday that it has suspended new lump-sum investments and switch-ins into the UTI Silver ETF Fund of Fund until October 13, 2025. Asset manager explained that this is due to the current market conditions, and the shortage of silver on the domestic market. The metal is trading at a premium compared to international prices. The premium in domestic silver price directly impacts the value of the scheme. UTI is now the second fund manager this week to limit new investments in silver-based funds. Kotak Mahindra Asset Management Company temporarily halted new investments in a Silver ETF Fund of Fund on Thursday. Kotak has said that it will lift the restrictions in the next two weeks, as the supply increases after Diwali. Silver spot reached a new record of $51.22 an ounce, topping the $51 level for the very first time. Silver premiums over the official domestic price in India, which is the world's largest silver consumer, jumped up to 10% on Thursday due to strong demand for investment ahead of an important festival and limited supply, according bullion dealers. (Writing by Sai Ishwarbharath B in Bengaluru. (Editing by Jane Merriman).
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Tanker Delivers Arctic LNG 2 Cargo to Chinese Port
A tanker carrying liquefied natural gas from Russia's Arctic LNG 2 project has discharged it at a Chinese port, according to data from analytics firms Kpler and Vortexa, continuing supplies despite Western sanctions against the project.The La Perouse tanker berthed at the Beihai LNG Terminal in China's southwestern region of Guangxi on October 9, after picking up a cargo from Arctic LNG 2 in late August.It left Beihai terminal on October 10. Shipping database Equasis lists the tanker's registered owner as Enson Shipping Inc, and its ship or commercial manager as Tanama LLC.PipeChina, operator of the Beihai LNG terminal, did not immediately respond to a request for comment outside of working hours.Arctic LNG 2, 60%-owned by Russian gas producer Novatek, had been set to become one of the country's largest LNG plants, with eventual output of 19.8 million metric tons a year, before it was placed under U.S. sanctions over Moscow's war in Ukraine.Reuters could not find contact information for the registered owner and ship or commercial manager of each tanker at the time of its loading at Arctic LNG 2.PipeChina did not respond to a request for comment for each of the earlier cargo discharges.(Reuters - Reporting by Emily Chow in Singapore and Sam Li in Beijing, Editing by Mark Potter)
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Three people killed in crash of light plane in New South Wales, Australia
Police said that three people were killed in a light plane crash at an airport on New South Wales, Australia, on Saturday. Police said that the plane crashed at Shellharbour Airport in Sydney, about 85 kilometers (53 miles), south of Sydney's state capital. It happened shortly after it took off at 10 am (2300 GMT on Friday) In a police statement, they said that "the aircraft caught fire upon impacting the ground. Fire and Rescue NSW extinguished the flames." Three people have been confirmed dead. The Australian Broadcasting Corp's news site posted aerial footage of the crash scene, which showed the charred wreckage on a runway. The Australian Transport Safety Bureau was notified by the police that a crime scene had been established. Reporting by Sam McKeith, Sydney. Editing by Raju Gopikrishnan.
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Nearly 30 people have died in Mexico due to heavy rains
Authorities said that heavy rainfall in Mexico left at least 27 dead and many more missing. The downpours caused landslides and cut power to some municipalities, and rivers burst. Civil protection authorities of Hidalgo State reported 16 deaths, and that at least 1,000 homes as well as hundreds of schools were affected. Alejandro Armenta, the governor of Puebla State, said that at least nine deaths had occurred due to incidents like landslides. Another five people were reported missing. Authorities in Veracruz reported two additional deaths. In a recent post, President Claudia Sheinbaum stated that "we are working to help the population and open roads as well as restore electrical service." She posted photos of emergency workers carrying supplies while they wade knee-deep through flooded streets. The Navy released a video showing an officer looking for people stranded in Poza Rica. Heavy rains and flooding along the Cazones River had submerged much of Veracruz. The Ministry of Defense said that it has deployed more than 5,400 personnel in order to monitor, evacuate and clean-up affected areas. While storms Raymond, Priscilla and other tropical systems have been dumping heavy rains along the western Pacific coast of Mexico and on the Baja California Peninsula. Reporting by Lizbeth Diz; Writing and editing by Rosalba o'Brien, Raju Gopalakrishnan.
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US sanctions UN members who support IMO emission plan
The United States threatened on Friday to use sanctions and visa restrictions to retaliate to nations who vote in favor of the plan proposed by an agency of the United Nations to reduce greenhouse gas emissions that are responsible for global warming from ocean shipping. Next week, U.N. member countries will vote on the International Maritime Organization’s Net-Zero Framework to reduce global CO2 gas emissions. The international shipping industry handles about 80% of the world's trade and is responsible for about 3% of greenhouse gases. Under pressure from investors, large container carriers agree that a global regulation framework is essential to accelerate decarbonisation. Despite this, many of the largest oil tanker companies in the world expressed "grave concern" over the proposal. In a joint press release, U.S. Secretary for State Marco Rubio and U.S. Energy and Transportation Secretary Chris Wright said that the Administration "unambiguously rejects" this proposal. They said that the "proposal poses serious risks to global economic stability and exposes not only Americans but also all IMO members to an unapproved global tax regime which imposes punitive, regressive and regressive penalties," Supporters of the IMO proposal said that without global regulation the maritime industry would be faced with a patchwork regulations and increased costs, while not being able to effectively reduce climate-warming, greenhouse gas emissions. In a statement released on Friday, U.S. officials stated that the U.S. was considering retaliation towards U.N. member countries who support the plan. This could include imposing visa restrictions, fees and sanctions on officials who "sponsor activist-driven policies in climate change." Reporting by Ismail Shakil, Lisa Baertlein and Tom Hogue; Editing by Costas Pittas and Tom Hogue
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More than 20 people killed by heavy rains in Mexico
Authorities in Mexico said that heavy rains in the country have left at least 21 dead and many more missing. The downpours caused landslides and cut power to some municipalities, and rivers burst. Civil protection authorities of Hidalgo State reported 16 deaths, and that at least 1,000 homes as well as hundreds of schools were affected. Alejandro Armenta, governor of Puebla State, said that at least three people died in landslides. Another five were reported missing. Veracruz authorities reported two additional deaths. In a recent post, President Claudia Sheinbaum stated that "we are working to help the population and open roads as well as restore electrical service." She posted photos of emergency responders wading knee-deep through flooded streets while carrying supplies. The Ministry of Defense said that it has deployed more than 5,400 personnel in order to monitor, evacuate and clean-up affected areas. While storms Raymond, Priscilla and other tropical systems have been dumping heavy rains along the western Pacific coast of Mexico and on the Baja California Peninsula. Reporting by Lizbeth Diz, Editing Rosalba o'Brien
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Trump announces a 100% tariff increase on China after stocks and the dollar plummet.
The S&P 500, Nasdaq and Treasury yields all fell on Friday as President Donald Trump's comments reignited fears of a U.S. - China trade war. Trump announced after the markets closed Friday that he would raise tariffs on Chinese imports to 100%, and place export controls on all "critical software". This was a response to China's recent announcement of export restrictions on rare earth minerals vital to manufacturing and tech. The announcement came after a Trump post on social media that indicated new tariffs would be imposed against Chinese products, and threatened to cancel a scheduled meeting with President Xi Jinping. The news caused a market panic, as investors worried about the impact of the trade war on the U.S. economic system. Trump's "Liberation Day", April 2, tariff announcement triggered some of the worst market volatility for years. The day's Wall Street tumble was led by shares related to technology. The S&P 500 Technology index fell 4% and an index of semiconductors declined 6.3%. U.S. listed shares of Chinese companies also fell. Alibaba Group Holding and JD.com Inc both finished lower by 8.4%. After the bell, shares continued to decline. Oil prices dropped more than $2 per barrel, as trade concerns cast a shadow on the outlook for demand. Spot gold rose back above $4,000 per ounce. Robert Pavlik is a senior portfolio manager with Dakota Wealth, Fairfield, Connecticut. He said, "He caught the market by surprise again and has thrown more questions into a market which is already being questioned over its high level of enthusiasm, and for being too fluff-filled." The Dow Jones Industrial Average closed down 878.82, or 1.99%, at 45479.60. The S&P 500 dropped 182.60 points or 2.71% at 6,552.51, and the Nasdaq composite was down 820.20, or 3.56 %, at 22,204.43. The U.S. Stock Indexes hit new highs this week due to expectations for further Federal Reserve interest rate reductions and optimism regarding artificial intelligence deals. The S&P 500 registered its largest weekly percentage drop since May. The MSCI index of global stocks fell by 20.96 points or 2.11% to 972.51. The European share market ended the week 1.25% down, wiping out any weekly gains. This was due to a final-minute decline triggered by Trump's comments. U.S. Treasury Yields dropped to multi-week lows after investors moved into safe havens in response to Trump's initial comments. The movement in U.S. government debt yields has been stalled in recent days due to the U.S. shutdown of the federal government, which began on October 1. This shutdown has also halted production of important economic indicators. In the afternoon, the yield of the 10-year Treasury benchmark note in the United States fell to its lowest level in more than a month. It was down by 9.1 basis points at 4,057%. After Trump's comments, the U.S. Dollar dropped, lifting the euro and yen in comparison to the greenback. Currencies linked to commodities, raw materials and currencies like the Australian dollar fell. Last seen at 98.99, the dollar index fell 0.4%. The dollar index is still on track for a gain of 1.66% this week, the biggest since September 2024. This comes after the Japanese yen, and the euro were hit by concerns about fiscal policy in their respective regions. The euro rose 0.38% to $1.1607, and the yen gained 0.86% on the dollar. The Japanese currency dropped due to concerns that Bank of Japan might not raise interest rates this year following the surprise victory of fiscal dove Sanae Takayi as leader of the ruling party. Katsunobu Kato, the Japanese Finance Minister, said that his government is concerned by the excessive volatility of the foreign exchange markets. Sebastien Lecornu was reappointed as Prime Minister by President Emmanuel Macron in France late Friday night. He had resigned earlier this week. Lecornu's resignation sent the markets into a frenzy on Monday. This week, blue-chip stocks in France fell 2%. Brent crude dropped $2.49 and settled at $62.73. U.S. crude was down $2.61 at $58.90. Gold spot rose by 0.85%, to $4,008.74 per ounce. (Editing by Susan Fenton and Nick Zieminski; Additional reporting by Marc Jones and Purvi Agarwal in London)
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Dollar, US stocks, and US yields all drop after Trump threatens an increase in tariffs on China
The S&P 500, Nasdaq, and Treasury yields all fell on Friday, as the U.S. Dollar weakened. This was after Donald Trump announced that he would consider a "massive" increase in tariffs against Chinese goods. The Dow Jones semiconductor index fell 5.4%, and shares of technology companies were amongst the worst performers on Wall Street. U.S. listed shares of Chinese companies also fell. Alibaba Group Holding fell 9%, and JD.com Inc. declined 7.2%. Oil prices dropped by more than $2 per barrel after Trump's threats cast a shadow on the demand outlook. Gold also rose above $4,000 per ounce for the second time in a week. Trump claimed that there was no need to meet China's president Xi Jinping as scheduled in South Korea in two weeks. He also said in a Truth Social posting that the U.S. calculates a massive rise in tariffs against Chinese imports. This could re-ignite a trade war between Washington and Beijing that was halted earlier this year after painstaking diplomatic efforts. President Obama complained on Twitter about China's "plans to hold the world economy hostage" after China drastically increased its controls on rare earth elements on Thursday. Robert Pavlik is a senior portfolio manager with Dakota Wealth, Fairfield, Connecticut. He said, "He caught the market by surprise again, and has thrown more questions into a market which is already being scrutinized because it's too fluff-filled." The Dow Jones Industrial Average dropped 710.72 points or 1.53% to 45,647.70. The S&P 500 declined 146.09 or 2.18% to 6,588.56. And the Nasdaq Composite lost 655.35 or 2.84% to 22,369.57. The U.S. indexes were at record highs last week, boosted in part by the expectation of more interest rate cuts by the Federal Reserve as well as optimism over artificial intelligence deals. MSCI's global stock index fell by 17.58 points or 1.77% to 975.89. European shares ended 1.25% lower. This was a final-minute decline that erased weekly gains. It is believed to be linked to Trump's new threats. The benchmark STOXX 600 experienced its biggest intraday decline in over a month. After Trump's comments, benchmark U.S. yields continued to fall from earlier in session. The 10-year Treasury yield hit its lowest level since September. In recent days, the U.S. government's sovereign debt was in a holding pattern as a U.S. shutdown that began on October 1 halted production of important economic indicators. The yield on the benchmark 10-year U.S. notes dropped 9.3 basis points from 4.148% to 4.055% late Thursday. The dollar index (which measures the greenback in relation to a basket currencies) fell by 0.42% at 98.97. Meanwhile, the euro rose 0.4% to $1.1609. The dollar fell 0.89% against the Japanese yen to 151.7. After Japan's recent political changes, and the uncertainty surrounding the rate outlook, the yen continued to fall against the dollar. The Japanese currency dropped due to concerns that Bank of Japan might not raise interest rates this year following the surprise victory of fiscal dove Sanae Takayi as leader of the ruling party. Katsunobu Kato, the Japanese Finance Minister, said that the Japanese government is concerned by the excessive volatility on the foreign exchange markets. After meeting with President Emmanuel Macron, French leftist party leaders said that Macron would not name a left-wing prime minister later on Friday. This week, blue-chip stocks in France fell by 2%. The markets were rocked by Sebastien Lecornu's resignation and that of his government just hours after the announcement of a new cabinet. U.S. crude dropped $2.61, settling at $58.90. Brent declined $2.49, settling at $62.73. Spot gold increased 0.73%, to $4,004.00 per ounce. (Additional reporting from Marc Jones in London, Purvi Agarwal and Edmund Klamann; editing by Susan Fenton and Nick Zieminski)
Tunisian protesters storm chemical complex due to health concerns
Witnesses said residents entered the state run Tunisian Chemical Group (CGT) complex of phosphate in Gabes, the southern city, on Saturday and demanded its closure for environmental pollution prevention and respiratory illness. Witnesses said that the protest highlighted the pressure being placed on the government of President Kais Said, which is already under strain due to a severe economic and financial crisis. The protest called for the closure of the phosphate complex in Gabes, Tunisia, because it was causing environmental pollution and respiratory illnesses.
Witnesses and videos posted on social media show that demonstrators were walking through the facility, chanting slogans for its dismantling and closure.
The complex was surrounded by military vehicles and soldiers, but no incidents were reported.
Khaireddine dbaya, a protester, said: "Gabes is a city that kills. People are struggling to breath, and many suffer from cancer, or have bone fragility, due to the severe air pollution."
GABES SUFFERING ENVIRONMENTAL CRISE
CGT has not responded to attempts to comment on the situation at Gabes.
Last week, President Saied claimed that Gabes is suffering from an "environmental assassination", due to what he referred to as criminally old policy choices. He blamed them for widespread illnesses and the destruction local ecosystems.
He called for swift action to combat an ongoing environmental crisis. In 2017, the authorities committed to demolish the Gabes Complex and replace it by a facility that met international standards. They acknowledged that its emissions were a danger for local residents. The plan has not yet been implemented.
Gabes's Chatt Essalam Sea is dumping tons of industrial waste every day. Environmental groups have warned that marine life is severely affected. Local fishermen report a dramatic drop in fish stocks in the last decade.
This week, dozens of children suffered from breathing problems caused by toxic fumes coming from a nearby plant.
Videos of panicked parents, emergency crews and students struggling to breath fueled public outrage. Calls for the closure of the plant were also sparked.
The government wants to revitalize the phosphate sector by increasing production by fivefold, to 14 million tons by 2030. This will allow it to take advantage of the growing global demand. (Reporting and editing by Toby Chopra; Tarek Amara)
(source: Reuters)