Latest News
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NATO Secretary General: Zelenskiy discussed Russia's attacks with NATO Secretary general
Mark Rutte, NATO Secretary-General, spoke with Ukraine President Volodymyr Zelenskiy Thursday about the latest Russian attacks in Ukraine that have caused widespread power outages. "Spoke to @ZelenskyyUa on the energy situation in Ukraine. Russia's attacks are causing horrific human suffering. Also,?on ongoing efforts to end the war." Rutte wrote on X Thursday. "We are committed to ensuring that Ukraine receives the 'crucial support it needs to defend itself today and secure a lasting peaceful future." Zelenskiy reported that he and Zelenskiy discussed "serious issues" raised by the recent Russian strikes, as well as the need to strengthen Ukraine's air defenses. Zelenskiy wrote on Telegram that he hoped the amount of supplies sent to Ukraine by its European allies through PURL (Prioritized Ukraine Needs List) would increase in January. Zelenskiy stated that "considerable progress" had been made in diplomatic efforts to resolve the war, which has lasted for nearly four years. He also pledged to not "ease up the pace". (Reporting and editing by Benoit van Overstraeten, Ron Popeski, and Sudip Kar Gupta)
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Gold falls as US job data boosts the dollar and Trump's rhetoric on Iran is softer
Gold prices fell on Thursday, as weaker than expected U.S. weekly jobless claims data increased the dollar. U.S. president?Donald? Trump's more moderate tone towards Iran also weighed on the demand for gold as a safe haven. As of 01:30 pm, spot gold was down by 0.1%, at $4,614.93 an ounce. ET (1830 GMT). On Wednesday, gold reached a new record of $4,642.72. U.S. Gold Futures for Delivery in February settled at $4,623.70, a 0.3% decrease. The dollar index rose to its highest level in December 2, and bullion became more expensive for overseas buyers, according to data showing that new claims for U.S. unemployment insurance unexpectedly dropped last week. "Recent data keeps expectations for Fed on hold for perhaps the first half of the year. The dollar index is at an all-time high, and this is causing a little headwind for gold at this point," said Peter Grant. Trump said Wednesday that he has no plans to terminate Jerome Powell, despite an investigation by the Justice Department into the Federal Reserve Chair. However, it is "too soon" to predict what he will do. Trump has called for interest rate cuts, but the Fed is expected to keep rates steady at its meeting on January 27-28. The markets, however, expect at least two 25 basis-point rate cuts later in the year. Trump said that he was told the killings were easing in Iran's crackdown against protests and that he did not see any immediate plans for large-scale executions. This is a sign of a wait-and -see attitude after previous threats of intervention. Grant stated that easing geopolitical pressures had a slight impact on gold prices. However, he viewed the move of gold as a corrective one and predicted traders would treat any downturns as opportunities to buy. Gold is a safe-haven asset that tends to do well in times of economic and geopolitical uncertainty as well as low interest rates. Adam Glapinski, the governor of Poland's central banks, said that by 2025 they will have 550 tons gold and want to increase their reserves to 700 tonnes. Silver spot fell 0.3%, to $92.50 an ounce. It had earlier reached a session high of $93.57. The spot platinum price fell 0.8%, to $2,404.18 an ounce. Palladium remained at $1,826.32 an ounce. (Reporting and editing by Sharon Singleton, Shalesh Kuber and Anmol Choubey from Bengaluru)
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Spain launches sovereign wealth fund in order to extend the benefits of EU funds expiring
Pedro Sanchez, the Prime Minister of Spain, announced on Thursday that Spain would create a sovereign wealth fund owned by the state to boost various sectors such as housing and national security. The "Spain grows" fund aims to extend a?economic stimulus provided by the NextGenerationEU Funds of the European Union, which played an important role in helping the country recover from the COVID-19 Pandemic, beyond 2026. Sanchez added that more details will be revealed next week. The initial drawdown from EU funds is 10.5 billion euro ($12.2 billion). Sanchez stated that the fund would prioritise investment in housing, renewable energies, digitalisation and AI, industrialisation, infrastructure, water, health, circular economy, security, and?infrastructure. Sanchez stated that "this fund will not only serve as an exercise in national sovereignty, but it will also prove that there are other ways to do things when a narrative is being pushed that challenges diversity, equality and commitment to sustainability." He said that not only would the large cities benefit from these investments, but so too would those areas which had been left out of industrialisation. Spain was one of the major recipients of EU pandemic relief funds. It received about 160 billion euro - approximately half as grants and half as loans. According to the latest figures released by the Economy Ministry in mid-December, the country has issued tenders worth?86.6 billion euro, allocated 79.8 milliards euros and paid 62.9 billion according. The country has also requested loans of 22.8 billion euro. It renounced?loans of around 66 billion euro in December. This decision was attributed to the strong position it has on capital markets, which allows it to raise funds independently. Daniel Calleja, an official of the European Commission, said that the decision was due to the failure of the Commission to implement certain reforms.
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Brazil closes Sigma Lithium waste heaps due to safety concerns
According to documents seen by the. Documents show that the order is part of Sigma's ongoing efforts to restart the mine. The mine was previously Brazil's biggest lithium producer with an annual capacity of 270,000 tons of lithium concentrate. It has been inactive for the last month. The ministry and miner did not immediately respond to comments. The firm stated in November that production would resume?in two or three weeks' time during a earnings call. SHARES DROP AFTER DOWNGRADE Bank of America, citing a lack of certainty about when production will resume, downgraded the company's?shares last week. The shares fell 15% in one day after the Bank of America's assessment. The Toronto-listed company announced on Tuesday that it is advancing with its plan to restart production. On?December 5th, labor officials made the decision to close access to the piles. They rejected the company's request to lift this order on Tuesday. Sigma's only productive asset at the Grota do Cirilo Mine, is unlikely to produce lithium without the three prohibited stacks where it stores waste after processing. Documents show that Sigma informed inspectors of the "significant economic and operational impacts" that would result from losing access to piles, as well as jeopardizing "the continuity of mining activities". Sigma, once the largest player in Brazil's fledgling industry for lithium, has been facing challenges since 2023. Lower lithium prices have made it difficult to expand its mining operations. The company has also had a tiff with Calvyn Gardner's ex-husband, the current CEO Ana Cabral. Gardner has filed a lawsuit against the company for mining rights, and expressed concerns over safety at Grota do Cirilo. Sigma must present proof that it has addressed the issues identified by inspectors in order to resume the use of the prohibited waste piles. On November 12, a labor inspector visiting the mine site reported a "partial rupture" of one of its piles near the school in Poco Dantas. He cited this as evidence that structural problems existed. In a report dated January 6, a labor inspector dismissed Sigma's claim that the piles were safe. (Reporting and Editing by Brad Haynes and Rod Nickel.)
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Local health officials confirm that Israeli strikes have killed five people in Gaza
Local health officials reported that two Israeli airstrikes on Deir al-Balah killed five people including a 16-year-old. The Israeli military did not immediately respond to an inquiry?for?comment about the incident. The attacks in the Gaza Strip were not under the control of Israeli troops. Since a fragile ceasefire came into effect in October, more than 400 Palestinians have been killed and three Israeli soldiers. Israel has ordered the residents of Gaza to leave more than a half of Gaza, where it still has troops. More than?2million people in Gaza now live in damaged or makeshift buildings, in an area where Israeli troops are no longer present. According to the United Nations Children Agency, over 100 children were killed in Gaza after the ceasefire. This includes?victims from drone and quadcopter strikes. Israel and Hamas are still far apart on important issues, even though the United States announced the second phase ceasefire on Wednesday. Israel began its operations in Gaza after an attack on October 20, 2023 by Hamas-led militants that killed 1,200, according to Israeli statistics. According to the health authorities of Gaza, Israel's attack has left Gaza in ruins and killed 71,000 people. Reporting by Nidal al-Mughrabi, Writing by Pesha Magid, Editing by Peter Graff
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Mkango launches rare-earth plant in Britain using recyclable materials
Mkango Resources, a Canadian rare earths company, opened the first British commercial facility?in over 25 years that produces permanent magnets using recycled materials. The West is trying to break China's "stranglehold' on critical minerals. Western countries have pledged that they will reduce their reliance on China for rare earths used in consumer electronics, electric vehicle motors, and wind turbines. New production outside China is slow to scale up. This leaves supply limited and recycling as one of the only options to increase access to these materials. HyProMag, Mkango’s subsidiary, operates the plant in Birmingham, central England. The process, developed by the University of Birmingham, uses hydrogen to remove?magnets and convert them into rare-earth materials with lower emissions than conventional mining?and refining. Chris McDonald, the Industry Minister for Britain and G7 countries, said that they hoped to reduce China's dominant position by building new capacity at home. China is responsible for 70% of rare earth mining and 90% refining. He said: "Fundamentally that is the stranglehold that we are aiming to remove from the supply chain." The new plant is part of Britain's strategy for increasing critical minerals supply. It aims to meet 10% domestic demand through local mining, and 20% by recycling, by 2035. The UK used to have a?magnet manufacturing capacity, but that ceased around 25 years ago when production was moved overseas. The company stated that the plant can produce between?100 and 300 metric tons per year depending on the number of shifts. McDonald stated that the facility was already attracting strong interest from the automakers and the technology is now being rolled out across the United States and Germany. HyProMag had previously stated that it would be developing similar plants for these two countries. Reporting by Sam Tabahriti & Eric Onstad. Editing by Jane Merriman
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Gold prices ease as US job data boosts the dollar; Trump's tone towards Iran is softer
Gold prices fell on Wednesday, as the dollar rose on the back of weaker than expected weekly U.S. jobless claims data. Meanwhile, President Donald Trump’s moderate tone towards Iran further dampened demand for gold. As of 11:10 am, spot gold was down by 0.1%, at $4,614.97 an ounce. ET (1610 GMT). On Wednesday, gold reached a new record of $4,642.72. U.S. Gold Futures for Delivery in February fell by 0.3% to $4 619.80. The dollar index rose to its highest level in December 2012 and made bullion more costly for overseas buyers. "Recent data keeps expectations of a Fed on pause - perhaps for the first half year. The dollar index has reached a multiweek high, and this is causing a bit of a headwind to gold," said Peter Grant. Trump stated on Wednesday that he does not plan to fire Jerome Powell, despite the Justice Department's criminal investigation of the Federal Reserve Chair. However, it is "too soon" to predict what he will do. It is widely expected that the Federal Reserve will maintain interest rates during its meeting on January 27-28, despite Trump’s calls for reductions. The markets, however, expect at least two 25-basis point rate cuts later this year. Trump said that he was told the killings of Iranian protesters appeared to be decreasing. He also saw no immediate plans for large-scale murders. Grant said that easing geopolitical concerns had slightly weighed down on gold prices. However, he viewed the move in gold as a corrective one and expected traders would treat any dips as "buying opportunities". Gold is a safe-haven asset that tends to perform well in times of geopolitical or economic uncertainty as well as low interest rate environments. Adam Glapinski, the governor of Poland's central banks, said that by 2025 they will have 550 tons gold and that they want to increase their reserves to 700 tonnes. Silver spot fell 2.4%, to $90.56 an ounce. It had earlier reached a session high of $93.57. Palladium fell 2.8%, to $1,789.68 an ounce. Spot platinum declined 0.5%, to $2,372.75 an ounce. (Reporting and editing by Sharon Singleton in Bengaluru, Anmol Choubey)
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CSN, Brazil's CSN, plans to sell major assets in order to reduce debt
CSN, a Brazilian steelmaker, announced on Thursday that it would begin a major asset divestment program, which includes its cement unit. The company said it was aiming to "definitively address" capital structure issues through reducing the?debt. The firm aims to deleverage between 15 billion and18 billion reais (2.78 billion to 3.34 billion dollars) as part a larger goal of doubling core earnings in eight years. Shares of the Sao Paulo company traded in the stock exchange rose by as much as 4,9% following the announcement. However, they later fell 5% and became one of the largest decliners of the Bovespa index. CSN, one of Brazil's largest steelmakers and miner, has been struggling in recent years due to an increased debt load, and cheap steel from China and other countries "flooding the local market". JPMorgan analysts praised the new strategic plan, but cautioned that "execution" is crucial. CEO SETS DEBT CUTTING AS A PRIORITY CSN is planning to sell its cement division, as well as a large stake in an infrastructure company that owns rail and port assets. It will also be evaluating alternatives and possible partnerships to increase cash flow at its steel unit. It's not that they are bad or unprofitable businesses. It's the opposite. CSN CEO Benjamin Steinbruch said on a conference call that waiting any longer is not logical. He added that the reduction of debt was "the number one priority". At the end of the third quarter of 2025, the company's leverage, as measured by net loan/earnings after taxes, interest and depreciation, was 3.14x. CSN's aim is to reduce it to 1.0x in eight years. Steinbruch stated, "We have never committed ourselves in a way that was so transparent and pragmatist." MINING DIVISION IS NOT FOR SALE CSN sold a minority stake in CSN Mineracao to?Japan's Itochu Corp at the end of 2024. However, CSN Chief Financial Officer Antonio Marco Rabello said on Thursday that CSN has no intention to sell an additional stake, describing the unit as a "major store of value". CSN sold its minority stake in CSN Mineracao in 2024 to Japan's Itochu Corp. However, CSN Chief Executive Officer Antonio Marco Rabello stated on Thursday that the company does not intend to sell an additional stake.
India and EU are closing in on a trade agreement as US trade negotiations drag on
India expects to close a long-awaited trade agreement with the European Union this month. Trade Secretary Rajesh Agrawal announced on Thursday that it would be New Delhi’s “largest” agreement as it searches for new markets in response to U.S. Tariff pressures.
Both sides see the deal as an opportunity to strengthen economic ties, and reduce their reliance on China or Russia. In 2024, bilateral trade between India an the EU will total 120 billion euros (140 billion dollars), making the EU India's largest trading partner.
Agrawal stated that the two sides are "very close" in finalising the agreement and they were exploring if it could be completed before the leaders meet at New Delhi later this month. He said that talks were ongoing on a U.S. Trade Pact and that a deal will be reached once both sides are ready. Negotiations broke down last year due to a breakdown in communication between both governments.
India's Foreign Ministry announced that Antonio Costa, the president of the European Council and Ursula von der Leyen, President of European Commission, will visit India from January 25-27. They will also co-chair an India-EU Summit on January 27.
According to sources familiar, the European Commission, who is negotiating for the 27 EU members, expressed cautious optimism to EU envoys on Wednesday evening.
They said that the main issue is steel and cars. India wants to reduce import duties that are as high as 100% on EU cars, but the EU wants India's steel exports to be restricted by the EU.
carbon border levy
Safeguards
Imports of steel from the EU as a whole will be reduced.
The deal, if concluded, would open India's huge and heavily protected consumer markets of over 1.4 billion people up to European goods. It could reshape the global trade flow as protectionism increases and a U.S. India pact is still stalled.
Both sides are pushing for a broad deal after von der Leyen, and Indian Prime Minster Narendra Modi, agreed to speed up negotiations to reach a deal by 2025. The talks, which were relaunched by the United States President Donald Trump in 2022 and gained momentum when he imposed tariff increases on trading partners, including India, have gained momentum. Brussels recently signed agreements with Mexico and Indonesia, and intensified talks with India. New Delhi reached agreements with Britain, Oman, and New Zealand. Brussels has welcomed the India agreement, even though it is less ambitious in scope and extent of tariff reductions than other free trade agreements.
Agriculture Off the Table
An official from the Indian Trade Ministry said that certain sensitive agricultural products have been excluded.
Officials have stated that India will not include its dairy or agriculture?sector in any trade agreement, citing the necessity to protect millions subsistence farmers.
The EU wants to see steep tariff reductions on medical devices, cars, wine, spirits, and meat. It also wants stronger rules for intellectual property. India wants duty-free access to labour-intensive goods, and faster recognition of the auto and electronics sectors.
The agreement will also expand trade in services, digital trade and intellectual property, and foster cooperation in green technologies. It is also expected to spur European investment into Indian manufacturing, renewable energies and infrastructure. The challenges of regulatory alignment and protection of sensitive industries remain. In addition, the EU insists on trade partners adhering to international labour and environmental standards. The Paris Climate Change Agreement has yet to be finalized. Reporting by Shivangi Asharya and Manoj Kumar Editing by Aidan Lewis Mark Potter and Ed Osmond
(source: Reuters)