Latest News
-
India's highest court orders lawyers to debate online due to worsening air quality
Media reported that the Supreme Court of India has ordered lawyers to refrain from arguing cases in person and to do so on a virtual platform. This is the latest disruption in life in Delhi caused by the deteriorating quality of the air. New Delhi's air pollution index hovered over 400 this past week and was rated in the "severe category". This prompted authorities to tighten restrictions on industrial and construction activity. The Supreme Court, describing the situation as "very serious", asked lawyers to consider using the virtual hearing facility on Thursday. "This (air pollution), will cause permanent damages... "Even masks aren't enough", said Justice P S Narasimha according to India Today and other media. The Supreme Court didn't immediately respond to an inquiry for comment. According to India's Central Pollution Control Board (which rates readings between 0 and 50 as "good"), the air quality index at the closest monitoring station to the Supreme Court was 437 on Thursday. The Supreme Court has 34 judges. It is one of over a dozen courts, tribunals, and other institutions that are scattered throughout the capital. This hub of litigation, where hundreds of attorneys argue their cases, is a hotbed for litigation. The authorities used to blame the smoke that engulfed the city each winter on farmers who illegally burned crop stubble in neighbouring states like Punjab and Haryana. According to experts, many Supreme Court directives regarding air quality from the past decade have not been implemented properly. A study from 2023 showed that the smog can reduce life expectancy in South Asia by five years. Residents in the city gathered at the weekend to demand action against the toxic air. (Reporting and editing by Clarence Fernandez; Arpan Chaturvedi)
-
The aftermath of the Iberian wildfires has left villagers struggling
Photo essay: See here Simon Rodriguez, a taxi driver, says that the fire began on his birthday. Four months later he is hauling water jugs out of the car's back. "And here are we, fighting it!" Residents in Spain's northwest Galicia region still have to deal with the aftermath of the wildfires, which ravaged Spain and Portugal last August. Water contamination is now a problem as the autumn rains wash down ash and sediment from deforested hillsides. This clogs waterways and makes drinking water unsafe. We can't take a shower because the water has turned black. I haven't shower in two days. "We have to wait until the rain stops before we shower," Rodriguez, 33 says, while delivering water to residents of the municipality Villamartin de Valdeorras. Residents have been warned since late October not to use water for drinking or cooking. While governments and business leaders gather in Brazil for the annual UN Climate Negotiations, where the focus is on providing funding to adapt to climate changes, communities around the world are suffering from the increasing impacts of global emissions on their homes, livelihoods and health. They call on governments to do more and spend more money to repair the damages. Natural Water Filters - Ash Clogs As the rains of October began in Galicia, the vegetation layer that had become ash started to clog up the sandtraps, locally known as areneros, which decant the rainwater and prevent debris from reaching water level, feeding the reservoir. Enrique Alvarez Barreiro, the Mayor of Villamartin de Valdeorras Council, said that local crews are hiking in three times a day to scoop out heavy sand, but that it is now practically impossible to provide water to residents in a condition acceptable to them. Raul Lopez, an employee for the municipality, said, "We've been here almost a whole month now, working to remove ash mixed with dirt." "We've never seen anything like this in our lifetimes" My grandfather, my father or anyone else can't remember such a catastrophe. Wildfires in the summer are common throughout Spain and Portugal. They are vital to the ecosystem and help regenerate the soil. According to World Weather Attribution, climate change increased the likelihood of hot, windy, and dry weather, which fueled deadly wildfires across Spain and Portugal, by 40 times. Cristina Santin is a northwestern Spanish biologist who studies the effects of fires. She said, "What happened here was crazy." "You wake up one morning and find your region on fire in a way that's completely unprecedented." Home reduced to rubble Susana Fernandez Gonzalez described her return to the family home she grew up in in San Pedro de Cansoles in Castilla y Leon as "as if a (bomb) had been dropped" She said that the civil guards and psychologists escorted her back into the house. "Everything had been shattered." According to Mark Parrington of the Copernicus Atmosphere Monitoring Service, the smoke plume from Iberian fires has severely degraded the local air quality. The impact was felt in parts of France and the UK, as well as Ireland. The Spanish COAG national farmer's association estimated that fires caused damage of at least 600 millions euros ($699.72million) to crops, buildings and livestock. COAG also reported that beekeepers lost 7,000 hives. This loss could increase if there is no vegetation to feed the bees. WILDFIRES RAISES EMISSIONS UP TO REPORT LEVELS The Copernicus Atmosphere Monitoring Service, which has been monitoring global wildfire emissions since 2003, found that the total estimated emissions in Europe and the UK as a result the fires in Spain were the highest ever recorded. Spain struggles to find ways to improve forest management in areas where local populations have shrunk, and the countryside is rewilded without any controls. The Prime Minister Pedro Sanchez acknowledged the need for more effort to prevent wildfires. He pledged to take whatever steps are necessary to make sure that such fires never happen again. Locals are worried about future water shortages as rainwater is now being carried by rivers and streams instead of percolating down into the aquifer. This ash is also carried to the sea. Everyone knows that ash can be a problem along the coasts. Alvarez Barreiro said that the problem is not over for us. The hillsides will not be suitable for livestock to graze in the near future. Alvarez Barreiro plans to use drones to plant seed to protect areneros. The cost will be around 12,000 euros for an area covering approximately 40 hectares. He said: "I don't think we are close to addressing the magnitude of the problem." ($1= 0.8575 euro) ($1= 0.8575 euro) (Reporting and editing by Sharon Singleton; Additional reporting by David Latona; Reporting by Nacho doce, Violeta Santis Moura; Pedro Nunes; Ali Withers)
-
Iron ore prices rise as investors digest mixed China news
The iron ore futures price range was narrow on Friday as investors digested mixed signals. Investors were looking at data that showed a surprising increase in demand, but also a still-weak property market in China, the top consumer. The day-trade price of the most traded January iron ore contract at China's Dalian Commodity Exchange was 0.26% higher, closing at 772.5 Yuan ($108.45). As of 0722 GMT, the benchmark December iron ore price on Singapore Exchange was down 0.33% at $102.45 per ton. The fact that the data was better than expected, with the average daily output of hot metal, which is a measure of ore consumption, increasing by 1.1% over the previous week to a new three-week-high of 2.37 million tonnes in the week ending November 13 showed, according to consultancy Mysteel. Winter is a time when mills reduce their operations and steel consumption slows down. A number of data points to a constantly struggling property market as a major steel user. China's New home prices In October, the rate of decline was the highest in over a year. Leading indicators such as property investment and new building starts showed a continuing trend. You can also decline In addition, the number of new loans from Chinese banks dropped sharply by October compared to the previous month, and fell short of market expectations amid economic uncertainty and tensions between Washington and Beijing. Analysts say that both benchmarks are up around 1% on a weekly basis this week. This is due to the hopes that Beijing will announce new stimulus measures at the Politburo Meeting scheduled for late December in order to boost the Chinese economy. Analysts at Jinrui Futures stated in a report that further price gains will be limited due to a growing supply and seasonal slowing of demand. Coke and other steelmaking materials, such as coking coal, fell by 1.77% and 0.98 percent, respectively. The benchmarks for steel on the Shanghai Futures Exchange are mixed. Hot-rolled coils were little changed. Wire rod was down 1.81%. Stainless steel fell 0.76%.
-
Copper falls on China's weak data and US caution
After a four-session run of gains, copper prices fell on Friday as investors awaited delayed U.S. economic data in order to gauge the health and performance of the largest economy. The most traded copper contract at Shanghai Futures Exchange ended the daytime trade down by 0.49% per metric ton. It finished the week up 1.50%. The benchmark three-month Copper on the London Metal Exchange fell 0.45% at $10,906.5 per ton, as of 0733 GMT. This represents a weekly gain of 1.53%. Data from the National Bureau of Statistics revealed that China's industrial production grew by 4.9% on an annual basis in October, and retail sales grew 2.9%. Both were the lowest in over a year. New home prices dropped 0.5% monthly, the most since October 2024. According to data released by the People's Bank of China, new loans from Chinese banks dropped sharply from the previous month in October. This number was also below expectations, which indicates weak private demand in the face of a downturn in the property market. After the federal government reopened, the markets became cautious as they awaited the release of U.S. Economic data. The chances of an interest rate cut by the U.S. Federal Reserve in December have also diminished after a growing group of Fed policymakers expressed reluctance to ease further. On Friday, all base metals traded on the Shanghai and London markets declined. Aluminium, zinc, lead, nickel, and tin all saw declines. (Reporting by Dylan Duan and Lewis Jackson; Editing by Subhranshu Sahu) (Reporting and editing by Subhranshu SAHU; Lewis Jackson, Dylan Duan)
-
Gold poised to gain weekly gains on weaker dollar
The gold price rose on Friday, and was on track to rise for the week. This was supported by a falling dollar. Investors were waiting for additional U.S. data in order to assess whether a rate cut is likely for December after comments made by Federal Reserve officials that were hawkish. As of 0638 GMT, spot gold was up 0.3%, at $4,183.31 an ounce. Bullion has risen 4.6% this week. U.S. Gold Futures for December Delivery eased by 0.2% to $4.185.90 an ounce. Gold became more appealing to other currency holders as the dollar index fell for a second consecutive week. GoldSilver Central MD Brian Lan stated that "this week, gold did well. It's mostly because there was a slight weakening in the dollar as well as the speculative flow coming into the market expecting the Fed will lower interest rates." The gold price fell slightly because the Fed was not expected to reduce rates as aggressively due to the slowdown in the economy and the inflation fears. A growing number of Fed policymakers have expressed reluctance to ease further, citing concerns about inflation and signs that the labour market has remained relatively stable after two rate reductions this year. The Fed cut rates 25 basis points last month. However, Chair Jerome Powell has signaled caution about another rate reduction this year. This is partly due to the lack of data. According to CME Group’s FedWatch tool, traders are now pricing in a probability of 51% for a rate cut by a quarter point next month. This is down from 64% the previous session. Gold that does not yield tends to perform well when interest rates are low and economic uncertainty is present. After a 43-day record shutdown, which had caused investors to worry and disrupted economic data flow, the U.S. Government reopened. Silver spot rose 1%, to $52.82 an ounce, and is on course for its best weekly performance since September 2024. Palladium rose by 0.2% on Friday to $1,429.80. Platinum was up 0.4% at $1,586.80. (Reporting and editing by Rashmia Aich, Subhranshu Sahu and Brijesh Pate in Bengaluru).
-
ASIA GOLD - Price rise dampens activity in major hubs; India discounts reach 5-month high
This week, physical gold demand in major Asian markets has been subdued as high prices have curtailed purchasing activity. Discounts in India reached their highest level for five months. Indian dealers' discounts The discount was up to $43 an ounce, including 6% import duties and 3% sales taxes, compared to the previous week's up to $14. A jeweller in Chennai said that footfall has been down after Diwali and sales have also dropped sharply due to the high prices. On Friday, domestic gold prices per 10 grams were 126,900 rupees (1,443.77), an increase of 6.5% over the low of 119,150 rupees last week. Benchmark spot prices are on course for a weekly increase, up 5% in this week. The India Bullion and Jewellers Association has also asked the government for a fix to a loophole in the policy that allowed duty-free imports of platinum-alloy jewelry that contained approximately 90% gold. Harshad Ajmera, wholesaler JJ Gold House, in Kolkata, says that after extracting the gold from jewellery, some dealers sell it for a discounted price, which distorts trade because banks must pay a duty of 6% on imported gold. Bullion traded in top consumer China at a discount of up to $8 per ounce or a premium of $4 over the global benchmark price. . Bernard Sin, Regional Director of Greater China for MKS PAMP, said that the Asian gold market had entered a "pause mode" led by China. "Sentiment is cautious. With gold prices at record-highs and increased volatility, many traditional retailers are waiting for a more clear correction." In Singapore Gold in Hong Kong traded at a premium between $1.50 to $3.50 this week. Hong Kong Gold Premiums ranged between $0.50 to $2.50. In Japan, bullion The price was equal to or a $0.50 premium per ounce above spot prices.
-
Morning bid Europe-Markets fall as Fed cuts hang in the balance
Gregor Stuart Hunter gives us a look at what the future holds for European and global markets. The markets have had a traumatic 24 hours as traders reduced their expectations that the U.S. Federal Reserve would ease policy during its December meeting. A cut is now seen as a coin flip. All three fell: stocks, Treasury bonds, and the U.S. Dollar. Data released on Friday revealed that China's retail sales and factory output grew at the slowest pace for over a decade in October. Fed officials' comments have increased the likelihood of a "hold" at the central bank’s final meeting for the year. Alberto Musalem of the St. Louis Fed said that there was little room for further easing without becoming too accommodative. Beth Hammack, Cleveland Fed president, said the rate policy needed to remain restrictive to keep inflation under control. Neel Kazhkari, the Minneapolis Fed president, told Bloomberg that while he was against a rate reduction last month, he is still on the fence regarding December. FedWatch, a tool of the CME Group, shows that Fed funds futures now price an implied probability of 50.7% for a quarter point cut at the next central bank meeting on December 10. This is down from 63% on Thursday. The yield of the benchmark 10-year Treasury Note rose to 4,1211%, up from its U.S. closing of 4.111%, on Thursday. Meanwhile, the yield of the two-year Treasury Bill, which increases with the expectation of a higher Fed Funds rate, increased to 3,593%, as compared to a U.S. closing of 3.589%. The dollar index fell 0.1%, to 99.13. This is near its lowest level of the month. After Wall Street stocks ended a four-day streak of gains on Thursday, the MSCI broadest Asia-Pacific share index excluding Japan fell 1.5% on Friday. The dip-buying that took place during Asian trading hours has waned by the afternoon. S&P 500 futures have pared gains and last traded down 0.1%. Euro Stoxx futures fell 0.4% in early European trading. German DAX was up 0.1%, and FTSE Futures dropped 0.5%. The last time the sterling fell was by 0.4% to $1.3145. According to the Financial Times, which cited officials who were briefed about the decision, the British Prime Minister Keir Reeves and the Chancellor of Exchequer Rachel Reeves had abandoned plans for raising income tax rates. This change of course came just weeks before November 26th, when the government will release its budget. Brent crude prices increased after a Ukrainian drone attacked a Russian oil depot. Brent crude prices jumped 1.5% to $63.96. The following are key developments that may influence the markets on Friday. Earnings: Allianz, Swiss Re and Rolls-Royce Holdings Economic Data France: CPI for the month of October Eurozone: employment flash estimate for Q3, trade balance in September, GDP Flash estimate for Q3 Debt auctions: U.K.: 1 month, 3 months and 6 months government debt
-
Gold poised to gain weekly gains on weaker dollar
The gold price rose on Friday, and was on track to rise for the week. This was supported by a falling dollar. Investors were waiting for additional U.S. data in order to assess whether a rate cut is likely for December after comments made by Federal Reserve officials that were hawkish. As of 0452 GMT, spot gold was up 0.7%, at $4,201.70 an ounce. Bullion has risen 5% this week. U.S. Gold Futures for December Delivery gained 0.3%, to $4.204.90 an ounce. Gold became more appealing to other currency holders as the dollar index fell for a second consecutive week. GoldSilver Central MD Brian Lan stated that "this week, gold did well. It's mostly because there was a slight weakening in the dollar as well as the speculative flow coming into the market expecting the Fed will lower interest rates." The gold price fell slightly because the Fed was not expected to reduce rates as aggressively due to the slowdown in the economy and the inflation fears. A growing number of Fed policymakers have expressed reluctance to ease further, citing concerns about inflation and signs that the labour market has remained relatively stable after two rate reductions this year. The Fed cut rates 25 basis points last month. However, Chair Jerome Powell has signaled caution about another rate reduction this year. This is partly due to the lack of data. According to CME Group’s FedWatch tool, traders are now pricing in a probability of 51% for a rate cut by a quarter point next month. This is down from 64% the previous session. Gold that does not yield tends to perform well when interest rates are low and economic uncertainty is present. After a 43-day record shutdown, which had caused investors to worry and disrupted economic data flow, the U.S. Government reopened. Silver spot rose by 1.3%, to $53 an ounce, and is on course for its best weekly performance since September 2024. It was up 9.7%. Palladium rose 1.4%, to $1,446.31, while platinum gained 1%, to $1596.10, on Friday. (Reporting and editing by Rashmi aich in Bengaluru, Subhranshu Sahu and Brijesh patel)
Exclusive -State Street removes US Fund arm from climate group
State Street, fourth largest asset manager in the world, announced that it will withdraw the majority of its operations from the main global climate alliance of the sector despite its efforts to retain its members by easing its rules.
State Street's spokesperson did not give a reason for its decision to withdraw its U.S. division from the Net Zero Asset Managers program, but said that the European units would continue to be part of the State Street group.
State Street's spokesperson stated that they were "determined to redefine our membership to NZAM in order to support our clients who have net-zero investment goals and objectives".
State Street Investment Management's decision, which involves $5.4 trillion of assets, coincides with other major U.S. funds evaluating their membership in the light of rule changes. This is in response to political pressure from the United States and in advance of climate talks in Brazil.
NZAM will republish a list with the continued signatories by the end of January. A spokesperson for the group said that they were pleased to see the UK and European arms of State Street remain committed signatories.
NZAM HAS CHANGED THE STATEMENT OF ITS MEMBERSHIP CONDITIONS
NZAM was launched five years ago with the aim of addressing financial risks associated with climate change, and providing a platform for collective actions. However, critics have accused it of possible antitrust violations.
Vanguard, followed by BlackRock as the industry leader, left the group. This prompted NZAM's review of their activities which culminated on Wednesday with confirmation that membership rules will be relaxed. JPMorgan’s fund division also left the group back in March.
NZAM no longer requires members to achieve net-zero emissions portfolio by the mid-century nor to set interim goals. Members will be asked to do simpler things, like provide clients with climate risk information.
State Street refused to discuss the new rules or specify what percentage of assets would be covered by NZAM membership.
Other firms that assess membership
State Street stated that its EU and UK subsidiaries remain "subjected to our fiduciary duty to our clients", and added that its business "remains at all times independent in investment decisions".
This could be a counter to claims made in Texas where the Republican Attorney General of Texas has sued State Street BlackRock Vanguard and Vanguard for their climate records. He cited, among other things, their NZAM membership as evidence of inappropriate collective behaviour.
A judge in August allowed the majority of claims to proceed.
Maria Elena Drew, Global Head of Sustainability at T. Rowe Price and other U.S. NZAM Signatories said that it would evaluate whether to continue as a signatory after a three-month period evaluation given by NZAM.
She said: "Whether or not we do, we are committed to making investment decisions and stewardship with a full understanding of all risks and opportunities including those related to climate and environment."
Wellington Management sent an email to say that they were currently reviewing the NZAM commitment.
We maintain that we believe material ESG factors, such as climate considerations, could affect the long-term values of assets in which we invest. Therefore, it's in our clients best financial interest for us to analyse them. (Editing by Kirsten Doovan and Jan Harvey).
(source: Reuters)