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Apple sued by US group over Congo conflict minerals
Apple has denied the allegations, but a U.S. advocacy group filed a suit in Washington claiming that the iPhone maker uses minerals from the Democratic Republic of Congo or Rwanda. International Rights Advocates, a group based in the United States, filed a lawsuit last year against Apple, Tesla and other tech companies for cobalt sourcing. However, U.S. court dismissed it. In December, French prosecutors dropped Congo's conflict mineral case against Apple subsidiaries citing a lack of evidence. An investigation is ongoing in Belgium into a criminal complaint related to this issue. Apple has denied any wrongdoing as a response to Congo's suits, stating that it had ordered its suppliers to stop sourcing material from Congo and Rwanda. Apple said that it "strongly disagrees" with the latest allegations about the company's benefiting from the forced labor and unsafe mine practices in Africa. The claims were "baseless," Apple stated. Apple's spokesman stated that 99 percent of cobalt used in Apple batteries is recycled, highlighting the company’s efforts to reduce its reliance on mining material. He said that, as the conflict in eastern Congo escalates in 2024 and the company instructs suppliers to stop sourcing materials from Congo and Rwanda. Apple's Supplier Code of Conduct enforces the "industry's strongest sourcing standard" and promises continued transparency in public reporting. In a complaint filed Tuesday at the Superior Court of the District of Columbia, IRAdvocates - a Washington nonprofit that uses litigation to curb rights abuses - said that Apple's supplier chain still contains cobalt and tantalum, which are linked to forced and child labour, as well as to armed groups from Congo and Rwanda. CONGO IS a major source of COBALT and TIN The lawsuit does not ask for monetary damages, nor class certification. It only wants a court to determine that Apple's conduct is in violation of consumer protection laws, as well as an injunction stopping alleged deceptive advertising, and reimbursement of legal expenses. The lawsuit claims that three Chinese smelters – Ningxia Orient JiuJiang JiXin, Jiujiang Tanbre – processed columbite tantalite metallic ore (coltan), which investigators from the U.N., Global Witness, and U.S. Department of Justice allege had been smuggled via Rwanda after armed group seized mines east Congo. The lawsuit ties the material back to Apple's supply chains. The lawsuit alleged that a University of Nottingham report published in this year revealed forced and child labor at Congolese sites connected to Apple suppliers. Requests for comment from Ningxia Orient JiuJiang JinXin, and Jiujiang Tanbre were not immediately responded to. The Congo, which provides about 70% of world cobalt, as well as significant quantities of tin tantalum, and tungsten, used in computers, phones, and batteries, did not respond immediately to a comment request. Rwanda did not respond immediately to a comment request. 'NO REASONABLE BASE FOR LINKS WITH ARMED GROUPS.' Apple has denied using minerals from conflict zones and forced labour repeatedly, citing audits as well as its code of conduct for suppliers. In December, Apple said that "no reasonable base" could be found to conclude that any refiners or smelters in its supply chain funded armed groups in Congo and neighbouring countries. Congolese authorities claim that armed groups operating in the eastern Congo are using mineral profits to finance the conflict, which has resulted in thousands of deaths and hundreds of thousands being displaced. They tightened controls over minerals to choke funding and squeeze global supplies. Apple claims that 76% of the cobalt used in its devices will be recycled by 2024. However, the IRAdvocates suit alleges that its accounting method includes ore from conflict areas.
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Sterling choppy after UK budget shock, but stocks buoyed by expectations of rate cuts
The global stock market rallied on Wednesday for the fourth consecutive day as expectations of a U.S. Federal Reserve interest rate cut were high. Sterling was also whipped around by Britain's Fiscal Watchdog accidentally publishing new forecasts prior to a UK Budget release. U.S. stock prices closed higher on Wall Street. The tech sector led the way, with a gain of about 1.5%. This was partly due to Dell Technologies' nearly 7% jump after its quarterly results. Since Friday, expectations of a Federal Reserve rate cut in December have risen. This was after New York Fed president John Williams stated that interest rates could fall in the short term while other policymakers said borrowing costs should stay the same for the time being. These expectations were reinforced by comments made this week by San Francisco Federal Reserve Bank president Mary Daly and Fed governor Christopher Waller, who both supported a December rate cut. Matthew Keator, a managing partner at the Keator Group in Lenox Massachusetts, said: "We've heard some dovish remarks from the Fed. I believe they are signaling that there could be a cut in interest rates next month." The economic data released on Wednesday revealed that weekly initial claims for unemployment fell by 6,000, to 216,000 seasonally adjusted claims in the week ending November 22. This is the lowest level of jobless claims since April. It also falls below the 225,000 estimates made by economists. The Dow Jones Industrial Average gained 314.67 points or 0.67% to 47,427.12, while the S&P 500 rose 46.73 points or 0.69% to 6,812.61, and the Nasdaq Composite increased 189.10 or 0.82% to 23,214.69. CME's FedWatch Tool shows that expectations for a Fed cut of 25 basis points are at more than 80 percent, which is higher than the 30.1% seen a week earlier. The U.S. market will be closed Thursday, November 22, for Thanksgiving. On Friday there will be a reduced session. MSCI's global stock index jumped 9.31 or 0.94% to 1,000.37 and was on track for its fourth consecutive session of gains. This is its longest streak of gains in a month. The MSCI index gained 3.3% in the last four days, which is its largest four-day percentage increase since mid-May. The pan-European STOXX 600 closed up 1.09%, its largest daily percentage gain since two weeks. The dollar index (which measures the greenback in relation to a basket currency) fell 0.26%, while the euro rose 0.22%, reaching $1.1594. The pound strengthened by 0.52%, reaching $1.3234. Currency fluctuated between a gain and a loss of 0.34% in response to the UK budget confusion, as the Office for Budget Responsibility released its Economic and Fiscal Outlook early. The British Finance Minister Rachel Reeves announced that she would be raising taxes on workers, pensioners and investors in order to achieve her deficit reduction targets. The yields on ten-year gilts fell 7 basis points to 4.426%. The Japanese yen fell 0.25% to 156.45 dollars per dollar, even though sources said the Bank of Japan was preparing the markets for an interest rate hike that could happen as early as next month. It may be necessary to take a more gradual rate hike path in order to change the trajectory of this currency. The yield on benchmark U.S. 10-year notes shed 1 basis point to 3.992% as the rally in UK government bonds helped limit the downside for longer-dated U.S. debt after stronger-than-expected economic data fueled selling. The yield on the 2-year note rose by 2 basis points, to 3.479%.
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Peru sentences former President Vizcarra for corruption to 14 years imprisonment
A Peruvian Court sentenced the former president Martin Vizcarra on Wednesday to 14 years of prison for taking bribes before he was elected. This is another former leader to be jailed because of corruption. Vizcarra, who served as the governor of southern Moquegua region from 2011 to 2014, accepted bribes worth $676,000 in exchange for contracts to build public works. Vizcarra has denied all charges since the trial began in October last year. He claims he is a victim political persecution. He was elected in 2018, after his predecessor resigned, and was removed by Congress two years later amid corruption investigations. Vizcarra wrote in a blog post after his sentencing: "This isn't justice, this is revenge." "But they won't break me." His legal team confirmed it had appealed Vizcarra's verdict, which also prohibited him from holding public office in the state for nine years. Mario Vizcarra is his older brother and plans to run for the presidential elections in April 2026. The former president, who has been a key advisor, will be running on behalf of the "Peru First", party. The answer is in the ballot box. "My brother Mario Vizcarra will continue this battle," said the former leader. Vizcarra won the most votes in the 2021 elections, but Congress banned him from holding any public office for a period of 10 years because he disdissolved the legislature in 2019. This is another high profile victory for the prosecution investigating the "Lava-Jato" scandal. The scandal involves a massive kickback scam involving Brazilian construction company Odebrecht (now known as Novonor), which has implicated political leaders in Latin America. Erwin Siccha was Vizcarra’s lawyer. He claimed that the state’s witnesses were executives of companies that Vizcarra had himself previously accused of corruption. Since 2018, six presidents have been elected in Peru due to resignations and impeachments, often sparked by corruption scandals. Vizcarra will be sent to the same Lima jail where three former presidents also remain. Alejandro Toledo, Ollanta Humala and Pedro Castillo are all serving prison sentences for corruption convictions. Pedro Castillo faces charges of rebellion. (Reporting and writing by Marco Aquino, editing by Brendan O'Boyle & Alistair Bell).
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After the army takeover, stability promised by President Embalo is undermined.
Umaro Sissoco Embalo, the President of Guinea-Bissau, struck a confident tone when he launched his reelection campaign in early November. He claimed that "stability" had been achieved since he assumed office in 2020. Embalo told journalists that he was deposed ahead of the results to be announced Thursday. Army officers announced on Wednesday that they had been deposed on state television. seized power In the country prone to coups. The unrest is consistent with Embalo’s turbulent tenure, during which his government attempted three coups. Critics claim that, as long as the political instability continued, Embalo failed to control the notorious cocaine trade in the country or improve the health and education of the impoverished West African nation of around 2 million people. The largest investments during this period were concentrated in the security and defence sectors. Meanwhile, the social areas of health and education were abandoned," said political analyst Rui Jose Semedo. The rise of a turbulent political force Embalo is a former army general who was 53 years old. He served in the administrations of previous presidents as a presidential advisor and minister before being named prime minister by President Jose Mario Vaz in 2016. One of Vaz's seven appointed prime ministers, he lasted just a little over a year. Embalo has been declared the winner of the presidential elections in 2019 after facing former Prime Minister Domingos Simos Pereira. Opposition parties accused him of election fraud and questioned his legitimacy in office. Embalo denied these allegations. Embalo claimed that the clashes which took place in the capital in 2022 were another attempt by the government to remove him. In response, he dissolved the parliament and since then, the country has been without a lawmaking body. The army has announced another new initiative for October. Attempt to coup This led to the arrest of a number of senior officers of the army. Embalo, however, was considered to be in a good position to win a new term. This is because Pereira, his main rival in the race for the presidency was banned from running. Also, legislative candidates of Pereira's African Party for the Independence of Guinea & Cape Verde (PAIGC), the party that led the struggle for independence against Portugal during the 1960s and 70s. COCAINE TRADE BOOMS Embalo, which has struck a deal to explore two offshore blocks with U.S. oil giant Chevron, optimistically promised a real change for villagers who are largely dependent upon cashew production. He also praised the mineral wealth of the country, which includes bauxite. The cocaine trade thrived under Embalo, as the country consolidated its position as an important transit point for drug smugglers shipping from South America into Europe. In an operation supported by the U.S. Drug Enforcement Administration (DEA) and Portuguese Judicial Police, the police in the United States seized 2,63 metric tonnes of cocaine from South America last year at the main airport. In a report published in August, the Global Initiative Against Transnational Organized Crime stated that "Bissau’s cocaine market has boomed once again and is arguably more profitable than any other time in the history of the country." Fernando Dias (47), Embalo's main rival in the election this month, criticised Embalo for illicit trade. He said that the responsibility ultimately rested with the president. "He is the leader of government." Dias stated that "nothing is done without his approval". According to the electoral commission, more than 65% voters participated in Sunday's election. Analysts predicted that Embalo would win by a narrow margin. Embalo Dias Both claims An outright win earlier this week. They claimed to have received more than half of the votes and therefore would avoid a runoff. However, the army officers who claimed to have seized power announced that they suspended the electoral process and closed borders, as well as enforcing curfews, leaving Embalo’s vision of stabilization in tatters.
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Stocks rise on expectations of Fed cuts, but sterling falls after UK budget shock
The global stock market advanced for the fourth consecutive day on Wednesday, as expectations of a U.S. Federal Reserve interest rate cut were unchanged. Sterling was whipped around by Britain's Fiscal Watchdog accidentally publishing new forecasts prior to a UK Budget release. U.S. stock prices were up on Wall Street. The tech sector led the way, with gains of almost 1.5%, partly due to Dell Technologies' nearly 7% jump after its quarterly results. Since Friday, expectations of a Federal Reserve rate cut in December have risen. This was after New York Fed president John Williams stated that interest rates could fall in the short term while other policymakers said borrowing costs should stay the same for the time being. These expectations were bolstered this week by comments from San Francisco Federal Reserve Bank president Mary Daly and Fed governor Christopher Waller who supported a December rate cut. The economic data released on Wednesday revealed that weekly initial claims for unemployment fell by 6,000, to 216,000 seasonally adjusted claims in the week ending November 22. This is the lowest level of jobless claims since April. It also falls below the 225,000 estimates made by economists. The economy isn't in recession but it is weak enough for the Fed to make another cut. The Fed has the headroom to make more cuts because there are still many people on unemployment. The Dow Jones Industrial Average rose by 423.32 points or 0.90% to 47,535.77. The S&P 500 gained 62.31 or 0.92% to 6,828.06. And the Nasdaq Composite gained 237.69 or 1.03% to 23,262.34. According to CME's FedWatch Tool the expectation of a 25 basis-point cut by the Fed is at 84.9%. This is down from 85.2% the previous session, but still above the 30.1% in a week. The U.S. market will be closed for Thanksgiving on Thursday and have a reduced session on Friday. MSCI's global stock index jumped 10.93, or 1.10, points to 1,001.99. This was the fourth consecutive session that MSCI had gained, which is its longest streak since a month. The MSCI index gained 3.4% in the last four days, which is its largest four-day percentage increase since mid-May. The pan-European STOXX 600 closed up 1.09%, its largest daily percentage gain since two weeks. The dollar index (which measures the greenback in relation to a basket currency) fell by 0.26%, reaching 99.60. Meanwhile, the euro rose 0.21%, at $1.1593. The pound strengthened by 0.51%, reaching $1.3232. Currency fluctuated between a gain and a loss of 0.34% in response to the UK budget confusion, as the Office for Budget Responsibility released its Economic and Fiscal Outlook early. The British Finance Minister Rachel Reeves announced that she would be raising taxes on workers, pensioners and investors in order to achieve her deficit reduction targets. The yield on ten-year gilts was last down by 7 basis points, at 4.426%. The Japanese yen fell 0.25% to 156.47 dollars per dollar, even though sources said the Bank of Japan was preparing the markets for an interest rate hike that could happen as early as next month. The yield on the benchmark U.S. 10 year notes fell 0.4 basis points to 3.998%.
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Gold reaches a new high after a week-long peak amid hopes for lowered Fed rates
On Wednesday, gold prices were near a one-week-high after the expectation that the U.S. Federal Reserve would lower interest rates in January kept non-yielding metals a favourite asset. At 01:55 pm, spot gold was up by 0.8% to $4,162.99 an ounce. ET (18:55 GMT), having reached its highest level since November 14, earlier in the session. U.S. Gold Futures for December Delivery settled 0.6% higher, at $4,202.3 an ounce. Edward Meir of Marex, a Marex analyst, said that the focus had shifted from the dollar to a reduction in interest rates for December. He noted gold's increase despite the dollar index remaining steady. Rate-cut bets are "helping gold a little, as is the talk they might nominate a Fed Chairman soon and the front-runner is Kevin Hassett of the Economic Advisory Committee of the President." Hassett has stated, along with U.S. president Donald Trump, that interest rates should lower than what they are now under Fed chair Jerome Powell. This news gave a boost to gold, which is a non-yielding investment that thrives in an environment of low interest rates. The traders now see 85% of the chance that the Fed will cut rates next month, as opposed to 30% just a week earlier. CME FedWatch Tool showed. The number of Americans who filed new claims for unemployment benefits dropped last week. This indicates that layoffs are still low, but the labor market struggles to create enough jobs to accommodate those without a job amid the lingering uncertainty of the economy. The U.S. consumer's confidence dipped in November, as consumers became more worried about their jobs and financial prospects. These data were released in response to a recent series of dovish remarks from Fed policymakers. Most research banks expect gold to exceed $4,000 an ounce by 2026. Deutsche Bank raised its gold forecast for 2026 to $4,450 per ounce, up from $4,000 citing stable investor flows and persistent demand by central banks. Silver spot rose by 3.3%, to $53.12 an ounce. Platinum was up 1.2%, at $1,571.80. Palladium gained 1%, to $1,411.50. (Reporting from Anjana Anil in Bengaluru, Additional reporting by Sarah Qureshi and Editing by Sahal Muhammad and Krishna Chandra Eluri.
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Orlen, a Polish company, offers to buy Energa minority shares to gain full control
Orlen, a Polish state-controlled refiner, announced on Wednesday that it intends to purchase the remaining shares of its utility unit Energa in order to become a full owner. The price is estimated at 709 million Zlotys (about 189 million dollars). Orlen will integrate the utility deeper into its strategy for energy transition. The refiner offers 18.87 zlotys for each share it does not own. In a filing with the regulatory authorities, the company stated that shareholders can submit offers to sell between December 1 and 17. It also said it would start purchasing Energa's shares from the market on November 27. Orlen is investing 380 billion zlotys in renewables and low-emission sources such as offshore wind. Orlen believes that taking full control of Energa, its distribution network and other key infrastructure is a better way to execute this plan. It will give Orlen the ability to manage grid infrastructure for new energy projects. The decision is made amid a general uncertainty in Poland's Energy Sector, where the government has not yet announced a plan to deal with the coal assets that are burdening other state-controlled utilities such as PGE and Tauron. Last year, the Polish government scrapped an earlier plan to create a national agency to take over coal assets owned by utilities. This left companies free to pursue their own transformation plans. (Reporting and Editing by Bill Berkrot.)
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Stocks in the UK rise after Reeves' tax raising budget calms nerves
The UK stock market rose on Wednesday as financials and mining stocks gained, after Finance Minister Rachel Reeves unveiled a large tax-raising budget. The blue-chip FTSE 100 posted its best day for two weeks, closing 0.9% higher. The domestically-focused FTSE 250 rose 1.2%. It was its best day for more than a week. Reeves' budget will increase the tax burden on workers, pensioners and investors in order to meet her borrowing target. Release First reported by The Office for Budget Responsibility reported that the remaining headroom in five years would be approximately 22 billion pounds (28,9 billion dollars). UK 30-year gilt rates, which are more sensitive to fiscal long-term concerns, fell by 10.5 basis points to 5.21% in the biggest one-day decline since April. This suggests that investors were generally satisfied with the budget plan. Fiona Cincotta is a senior market analyst with City Index. She said, "The market is reacting very strongly to the fact that she has increased her fiscal cushion... She has almost doubled it. This is something that market really latches onto and is calming the bonds market." Standard Chartered and Barclays both gained 2.1% after the budget exempted banks from new targeted taxes. Gold prices rose to their highest level in over a week as a result of positive U.S. data that reinforced expectations for a Federal Reserve rate cut next month. Hochschild gained 6 percent, Endeavour Mining rose 4.8% and Fresnillo gained 5.2%. The rise in copper prices led to a gain of about 1.5 percent for industrial miners. Anglo American and Antofagasta both rose by 3.2% and 2.1% respectively. Homebuilders fell 1% following the budget increase on Wednesday. Berkeley group fell 2.9%. The renewed discussion of a Russia/Ukraine peace agreement was also in the spotlight after Ukrainian President Volodymyr Zelenskiy indicated his willingness to move forward with a framework backed by the United States to end this war. Aerospace and Defence stocks rose, with BAE Systems rising 1.4%. Diageo, for example, lost 1%.
Australia to revamp environment laws following Greens' support
The Greens have agreed to support the legislation of the Labor centre-left government, which will allow the bill to be passed by the Senate on Friday, according to Prime Minister Anthony Albanese.
Albanese said that the changes will help accelerate decision-making in critical mineral, renewable energy, and housing projects while strengthening environmental protection.
This is a historic day for the environment of this country. Albanese, who spoke to reporters, said that it was also a great day for the business community in this country because of increased certainty and reduced delays.
Reforms will create an independent national Environment Protection Agency, which will strengthen enforcement and oversight. The government will increase penalties for serious violations and set up a forestry growth fund of A$300million ($195.5million).
Labor, which does not have a majority in the Senate, has been separately negotiating with the conservative Liberal National coalition and the Greens for support of the legislation.
Albanese praised Greens' "very constructive" approach during talks with government, and for compromising some of their demands. The Greens claimed that the bill falls "woefully" short of what's needed to combat the climate crisis, but they argued that their negotiations improved legislation.
Greens Senator Larissa Wassers stated that "Greens' pressure made this bill much better than our weak laws, and far better than if government had struck a deal with climate deniers within the Coalition."
She claimed that the party had strengthened protections for native forest, closed loopholes in land clearing, and prevented Labor to fast-track coal and gas projects.
(source: Reuters)