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Congo and M23 sign peace framework in Qatar. More steps are needed
On Saturday, the Democratic Republic of Congo (DRC) and M23 rebels signed a framework deal for a peace agreement aimed at ending the fighting in eastern Congo which has claimed thousands of lives and forced hundreds of thousands to flee their homes this year. Representatives from both sides signed the agreement at a Doha, Qatar ceremony. The document was one of many signed in the last few months to support efforts by the United States of America and Qatar to end the decades long conflict in Congo, which has threatened to escalate to a full-blown war in the region. Officials from the United States and Qatar described the framework as an important step towards peace, but only one of many to come. Many details still need to be worked out Massad Boulos, the top U.S. ambassador to the region said that the framework included eight protocols and that there was still work to be done on how to implement the six of them. Boulos acknowledged, too, that the implementation of the two first protocols, concerning the exchange and monitoring of prisoners, which were agreed on in the last few months, was slow. After the signing, he said to reporters: "Yes they were a bit slow in their first few weeks." "Yes, there were people who expected to see immediate results, but it is a long process." It's not like a light switch you can turn on and off. M23, the latest in a series of actions supported and backed by Rwanda, captured Goma in eastern Congo in January. It then made gains in North Kivu, South Kivu, and other provinces. Rwanda has denied for years that it helped M23 seize more territory in Congo. CONFLICT CONTINUES TO BREAKOUT IN CONGO AS TALKS GO FORWARD The violence in Congo has continued despite the diplomatic efforts of Washington and Doha. Local officials in the eastern North Kivu Province reported that at least 28 people were killed on Friday by militants affiliated with Islamic State. Qatar has hosted several rounds of direct negotiations between the Congolese government and rebels dating back to April. However, they were mainly focused on preconditions and building confidence. In July, the two sides reached an agreement on a statement of principles which left unresolved many of the key issues that are at the heart of the conflict. They also agreed to monitor a ceasefire in October. Mohammed bin Abdulaziz Al-Khulaifi, Qatar's State Minister for Foreign Affairs, said that the agreement reached on Saturday put the parties back on the road to peace. He said that "peace cannot be enforced through force but can only be built by mutual respect, confidence and sincere commitment."
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Australian Energy Minister pushes for COP31 to be hosted at Brazil Climate Summit
Chris Bowen, Australia's energy minister, said he will travel to Brazil on Saturday for the COP30 summit to press Australia to host the summit next year. This is despite a dispute with Turkey over hosting rights. Since then, both Australia and Turkey have refused to compromise on the issue. This month, Australian Prime Minister Anthony Albanese wrote to Turkish President Tayyip Erdoan in an effort to resolve the longstanding tussle. Bowen told reporters at Sydney Airport that a decision would be taken at COP30. He also asserted "Australia has the overwhelming backing of the world" to host the conference next year. Bowen, in a press release, said that he would be promoting Australia's clean energy sector at the summit to be held in the Amazonian city of Belem. Bowen stated that Australia was keen to host the summit next year with Pacific Island nations and demonstrate how they can work together to combat the "existential danger" of climate changes. He added, "Our nation faces a number of challenges when it comes climate change. But every effort we make will help us avert the worst effects." The Pacific Islands Forum is a regional diplomatic bloc made up of 18 countries that supports Australia's bid. The rising seas are a threat to several Pacific island nations. Australia is aiming to be a "superpower of renewable energy" and has shifted away from coal, gas and nuclear power. It is now seeking investment for critical minerals, green-steel and transition technologies, such as batteries. The Turkish government wants a COP – or Conference of the Parties – that focuses more on financing climate initiatives in developing countries, while showcasing the progress Turkey has made towards its 2053 target of net-zero emission. Over the years, the annual COP has evolved from a diplomatic gathering into a vast trade show where the host countries can showcase their economic prospects.
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Director Raizen says that the company has locked in prices for half its production for 2026/27.
Phillipe Casale, director of investor relations at Raizen and one of the top sugar producers in the world, said on Friday that the company has already locked in prices for half the volume of sugar it expects to make in the 2026/27 harvest. Casale, a Brazilian company, said that the Brazilian firm had so far achieved prices of 114 cents real ($0.2110) per kilogram. He added that the price of sugar for the crop year 2025/26 is set at 111 cents real per pound. According to Raizen, weather problems will cause his sugarcane crushing to be lower than the 72-75 million tons he had forecasted for 2025/26. * The director of the company said that the company expects to see potential productivity gains in next crop year. This is due to replanting areas damaged by wildfires and better weather conditions. * The executives also stated that the firm's divestment program is not yet complete, and further developments will be expected to reduce the net debt. * Raizen reported a net loss in the second quarter for the 2025/26 harvest of 2.3 billion reals ($425.6 millions). ($1 = 5.4039 Reais) (Reporting and Writing by Roberto Samora, Editing and Proofreading by Natalia Siniawski).
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Australian Energy Minister pushes for COP31 to be hosted at Brazil Climate Summit
Chris Bowen, Australia's energy minister, said he will travel to Brazil on Saturday for the COP30 summit to press Australia to host the summit next year. This is despite a dispute with Turkey over hosting rights. Both Australia and Turkey bid in 2022 for the United Nations Climate Conference and have refused to give up their positions ever since. This month, Australian Prime Minister Anthony Albanese wrote to Turkish president Tayyip Erdoan in an effort to resolve the longstanding dispute. Bowen stated in a press release that he will advocate strongly for Australia at the summit to be held in the Amazonian city of Belem and would highlight the clean energy industry. Bowen stated that Australia wished to host the summit of Pacific Island Nations next year and demonstrate how they can fight together against the "existential danger" of climate changes. He added, "Our nation faces a number of challenges when it comes climate change. But every effort we make will help us avert the worst effects." The Pacific Islands Forum is a regional diplomatic bloc made up of 18 countries that supports Australia's bid. The rising seas are a threat to several Pacific island nations. Australia is aiming to be a "superpower of renewable energy" and has shifted away from coal, gas and nuclear power. It is now seeking investment for critical minerals, green-steel and transition technologies, such as batteries. The Turkish government wants a COP – or Conference of the Parties – that focuses more on financing climate initiatives in developing countries, while showcasing the progress Turkey has made towards its 2053 target of net-zero emission. Over the years, the annual COP has evolved from diplomatic gatherings to vast trade shows, where host countries are able to promote their economic prospects.
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S&P Upgrades South Africa For First Time In Nearly 20 Years As Reforms Gain Ground
S&P Global upgraded South Africa's long-term foreign currency sovereign rating from "BB-" to "BB", citing improved growth prospects, an improved fiscal outlook, and reduced contingent liability following better performance by state-owned power utility Eskom. The National Treasury worked to stop the rising debt and restore credibility fiscally to put the nation back on a path of growth. Recent mid-term budget reviews showed that debt to GDP stabilized at 77.9% in this financial year, and that the budget deficit would shrink to 4.7% in 2025/26 compared to 4.8% in the may budget. As the reform agenda of the country gains momentum, state-owned entities engaged in power and freight logistics have also improved. S&P stated in a press release that it expects South Africa’s GDP to grow at a rate of 1.1% by 2025, after a subdued growth of 0.5% in 2024. It also expects the growth to be 1.5% on average through 2026-2028 due to electricity and other sectors supporting growth. Fiscal revenue exceeded budget targets in the first quarter of fiscal 2025. The agency expects to see successive years with primary surpluses, as well as continued fiscal consolidation until 2028. South Africa's foreign currency rating is now two notchs below investment grade. In 2017, the African economy with the highest industrialisation was downgraded for the first time to junk status following the firing by the then president Jacob Zuma of the well-respected Finance Minister Pravin Gordhan and the subsequent policy instability. S&P has rated the outlook for the country as "positive".
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S&P upgrades Nigeria's outlook as reforms begin to take root
S&P Global Ratings changed its outlook for Nigeria from "stable" to "positive" on Friday. They backed the ongoing reforms in the economy and affirmed that the country was rated "B-/B". S&P stated in a press release that "the monetary, fiscal, and economic reforms being implemented" by the Nigerian authorities would yield positive results over the medium-term. Moody's upgraded Nigeria's credit rating in May by one notch, from "Caa1" to "B3", citing significant improvements in the external and fiscal position of the country. Fitch, on its part, maintained a "B" rating with a "stable outlook" last month. Bola Tinubu, Nigeria's President, launched the boldest reforms since decades in 2023. He scrapped the expensive petrol subsidy, and removed currency trading restrictions, to boost growth and attract foreign investments. Analysts say that if these reforms are sustained, they could support economic growth on a long-term basis, although implementation hurdles as well as volatility in the global oil prices still pose risks. Nigeria has turned towards debt markets to bridge its fiscal gap. Last week, Nigeria raised $2.35bn through an Eurobond issue to help finance the budget deficit for 2025, while still borrowing domestically. (Reporting and editing by AnushkaChourasia, ChijiokeOhuocha.
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Sources say that Barrick Mining is considering splitting into two separate entities.
Barrick is considering splitting into Africa and North America focused entities Discussion on the sale of African assets, including Reko Diq Mine Barrick's performance in the record gold rally is undervalued by investors. By Divya Rajagopal Four sources familiar with Barrick Mining's thinking said that the board has discussed the possibility of splitting Barrick Mining into two separate companies, one focusing on North America, and the other focusing on Africa and Asia. Sources say that a split could include the sale of Barrick Africa's assets, as well as the Reko diq mine in Pakistan once financing is secured. Sources said that Barrick wants to settle a dispute in Mali with the African nation’s military administration prior to selling the asset. Barrick's spokesperson did not respond immediately to comments. Interim CEO Mark Hill responded on Monday to a question about a possible division by saying that the company doesn't comment on speculation. Sources said that talks are still ongoing and nothing is finalized. If the plans are implemented, they would reverse Barrick's merger in 2019 with Randgold and eliminate assets acquired by former CEO Mark Bristow. One source said that the company's focus in North America would help to ensure Barrick is not undervalued if a takeover bid were made. This includes Fourmile, an undeveloped major gold mine in Nevada. The Fourmile mine is not expected to begin production until 2029. Hill announced earlier this week the company's shift to North America. Analysts at Jefferies, among others, upgraded its ratings on its shares. Following the report, Barrick's shares rose on the Toronto Stock Exchange. They closed up 3%. Investors say Barrick's stock is undervalued, and they have asked the company how it can take advantage of gold prices that are experiencing a historic rise. Barrick's shares are up 130% in this year but its returns over the past five years have been less than those of its peers. Agnico Eagle, for example, has gained 142%. Investors proposed to divide the company into two divisions, with one with more stable assets, such as Nevada, Fourmile and Reko Diq. The other would have riskier assets, like those in Africa, Papua New Guinea and Reko Diq. Investors say that Barrick, as one of few gold mining companies to have assets on multiple continents and in volatile political regions, is at risk. Barrick's most profitable mine in Mali was taken over by another company earlier this year. This led to a $1 Billion write-off. Three metric tons (three metric tons) of gold were seized and a temporary administrator was appointed to run the mine after a dispute over the new mining tax code in the country. The Malian government has still imprisoned four Barrick employees. One Barrick investor said, "There was a perception that Nevada had a great deal of value." The investor, who asked not to be named because they weren't authorized to speak with the media, added that if the Nevada mine was a publicly-listed company, it would be among the largest gold mining companies in the world. Investor said that the company had resisted splitting up in the past, because its other mines would be worthless without Nevada. Barrick operates the Nevada gold mine with Newmont Corp. The company also has mines in the Democratic Republic of Congo and Papua New Guinea. It also operates gold mines in Tanzania, Dominican Republic and Tanzania. (Divyarajagopal reported from Toronto; Veronica Brown, Lisa Shumaker, and Edmund Klamann edited the story)
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Gold falls 3% after Fed remarks that are hawkish spark a market sell-off
Gold prices fell 3% on the Friday, as a result of a wider market sell-off sparked off by hawkish comments from U.S. Federal Reserve officials. This dimmed hopes for an interest rate reduction in December. As of 02:33 pm, spot gold dropped 1.9%, to $4,092.72 an ounce. ET (1933 GMT) after falling more than 3% earlier in session. But bullion has gained 2.3% this week. U.S. gold futures for December delivery settled 2.4% lower at $4,094.20. David Meger is the director of metals at High Ridge Futures. He said that the idea that there will be a lower likelihood of a Fed cut in December has taken some of the wind from the silver and gold markets. The equity markets fell after the global sell-off caused by Fed hawkish signals. The Fed and traders are now in the dark ahead of the next policy meeting due to the longest U.S. shutdown. Investors were hoping that fresh data would indicate a slowing of the economy, giving the Fed the room to reduce rates in December. This would boost the appeal for non-yielding metals like gold. These expectations dwindled as more Fed policymakers took a cautious approach to additional monetary ease. The FedWatch tool of CME Group showed that market expectations for a rate cut of 25 basis points next month dropped to almost 46% from 50% earlier in the week. Gold that does not yield tends to do well in periods of economic instability and low interest rates. When margin calls or liquidations occur, traders will close all positions to release margin. In this environment of risk-off, even gold prices are down. This is partly explained by Fawad Rasaqzada's note, a market analyst for City Index and FOREX.com. The demand for physical gold in major Asian markets has been subdued over the past week. Silver spot fell 2.8%, to $50.84 an ounce, but is still on course for a 5.2% weekly gain. Palladium fell 2.8%, to $1,387.25, while platinum dropped 2.1%, to $1,547.30. Both metals have been on the rise for this week. (Reporting from Noel John in Bengalur; Additional reporting by Sarah Qureshi, Editing by Leroy Leo & Diane Craft).
Sea drone warfare has gotten here. The U.S. is floundering.
The U.S. Navy's efforts to develop a. fleet of unmanned vessels are failing because the Pentagon. remains wedded to big shipbuilding tasks, according to some. officials and company executives, exposing a weakness as sea. drones reshape naval warfare.
The lethal efficiency of sea drones has actually been shown. in the Black Sea where Ukraine has actually released remote-controlled. speed boats packed with dynamites to sink Russian frigates and. minesweepers because late 2022.
Yemeni-backed Houthi rebels have actually used similar vessels. against commercial shipping in the Red Sea in recent months,. albeit without success.
These strategies have actually captured the attention of the Pentagon,. which is including lessons from Ukraine and the Red Sea into. its plans to counter China's increasing marine power in the Pacific,. Pentagon Spokesman Eric Pahon told .
In a signal of the Pentagon's intent, Deputy Secretary of. Defense Kathleen Hicks announced an initiative in August - named. Replicator - to deploy hundreds of small, reasonably cheap air. and sea drones within the next 18-24 months to match China's. growing military hazard.
This public show of commitment masks years of hesitation by. the U.S. Navy to construct a fleet of unmanned vessels in spite of. duplicated warnings this was the future of maritime warfare,. according to interviews with a dozen people with direct. knowledge of the U.S. sea drone plans, consisting of Navy officers,. Pentagon authorities, and sea drone business executives.
Two Navy sources and 3 executives at sea drone. makers stated the biggest obstacle to advance has actually been a. Department of Defense (DoD) budget plan process that prioritizes big. ships and submarines developed by legacy defense professionals.
Eventually, you struck the D.C. problem, said Philipp. Stratmann, CEO at Ocean Power Technologies (OPT), a New. Jersey-based firm that provides the U.S. Navy with the WAM-V, an. self-governing surface drone.
You struck the fact that there is a military commercial. complex that has the very best lobbyists and knows precisely how the. money circulations and contracting works in the DOD.
A Navy spokesperson said it acquires capabilities based on. fleet need signals, referring to the messages headquarters. get from commanders at sea.
The Navy has a budget of $172 million this year for little. and medium-sized underwater sea drones, falling to $101.8. million in 2025, the representative said. That's a tiny portion. of the $63 billion Navy procurement budget plan proposed by President. Joe Biden's administration for 2025.
Military sea drones can range from missile-armed speed boats. to minehunting miniature submarines and solar-powered sailboats. geared up with high-definition spy cams, underwater sensors. and speakers utilized to holler warnings at enemy ships.
But when the Navy has released sea drones on reconnaissance. objectives in the last few years, it hasn't always had the fleet. know-how to utilize them, the 2 Navy sources stated, asking not to. be named due to the level of sensitivity of the matter.
There aren't enough Navy sailors trained to pilot drones or. to evaluate large swathes of information returned from the craft's. cameras and sensing units, the sources said.
The spokesperson stated the Navy was in the procedure of. enhancing its data collection and analysis from sensors.
Pentagon representative Pahon said the DoD has actually been. laser-focused on speeding up innovation over the last 3. years, including the use of sea drones.
Acknowledging spending plan obstacles, Pahon stated the Pentagon was. utilizing ingenious methods to cross the valley of death, a term. utilized to explain the excruciating approval procedure brand-new developments. travel through to be purchased in big amounts.
REPLICATOR
One example Pahon pointed out was the Replicator program: the. short-term, $500 million-a-year task is created to cut. through bureaucracy and fast lane the deployment of thousands. of inexpensive aerial and sea drones.
These drones will be utilized to match China's rapidly-growing. air and naval power in the Asia-Pacific region, the Pentagon's. Hicks stated at the job's launch in August. She said. Replicator is being funded mainly by reallocating funds from the. existing Pentagon budget.
As part of the effort, the Pentagon in January provided a. solicitation for personal business to provide small sea drones. to the Navy, demanding production capability of 120 vessels per. year, with implementation beginning in April 2025.
Duane Fotheringham, president of unmanned systems at. Huntington Ingalls Industries (HII), the largest U.S. military shipbuilder, acknowledged the Pentagon and Navy had. shown their intent to speed up the implementation of sea drones. however he said the market wanted to see long-term funding in the. defense budget.
We hear the demand signal ... however all of us have to work. together really carefully to comprehend what that need is and when. it will be readily available, Fotheringham informed .
At a cost ranging in between $1 million and $3 million apiece,. according to Navy and defense specialist sources, drones provide a. reasonably cheap and fast way to broaden the Navy's fleet,. especially as numerous big traditional shipbuilding projects -. like a new class of frigate warships - are running years behind. schedule.
The U.S. is evaluating using robot ships in active combat. situations. However their more instant use is for missions that are. too costly and various for manned marine fleets.
This consists of maritime security, minehunting, and. protecting vital undersea infrastructure, like gas pipelines. and fiber-optic cables, four drone companies told .
Swarms of little sea drones could likewise serve as a shield for. important crewed properties like aircraft carriers and submarines,. and tangle up troop-carrying ships in case China tries to. attack Taiwan, stated Bryan Clark, an advisor to the Navy on. self-governing craft and a senior fellow at the Hudson Institute - a. believe tank headquartered in Washington.
Clark approximates the Navy has around 100 little drones for use. on the ocean surface and another 100 underwater drones, while. China has a similar-sized self-governing force that is growing quick. The Navy spokesperson decreased to talk about the number of drones it. has in operation.
Ukraine has actually shown how efficient they can be and how they. can be used in present operations, Clark stated. The U.S. Navy requires to accept that lesson and field battle (sea drones). immediately.
The Navy's 5th fleet, which runs out of Bahrain, has. been checking unmanned vessels for three years, led by its Job. Force 59 unit.
The job has released monitoring drones built by. personal companies, consisting of startups, along with those backed by. defense heavyweights like Lockheed Martin and HII.
The circumstance in the Red Sea provides the work of Task Force. 59 added urgency and we anticipate fielding services to. assistance counter Houthi malign behaviour, Colin Corridan, commander. of the task force, told .
MISSILE TEST
In October, the Navy carried out its first live missile test. from an unmanned speedboat in the Arabian Peninsula.
The T38 Devil Ray, constructed by Florida-based sea drone firm. MARTAC, effectively released a miniature missile system to. ruin a target boat, with a human operator ashore offering the. order, according to a Navy announcement and video.
MARTAC's Chief Marketing Officer, Stephen Ferretti, referred. concerns about the operation to the Navy.
Making use of unmanned vessels was broadened to the Navy's fourth. Fleet in central America last year where they have actually been used to. punish human smuggling off the northern coast of Haiti.
Among the business running there is Saildrone, a. California-based firm that makes wind-, solar- and. diesel-powered autonomous vessels that gather images and data. with cams and sensors.
Saildrone has actually circumnavigated Washington's funding politics. Because the company runs and maintains its own vessels, and. charges a service fee for the information they collect, the Navy can. pay to use the drones out of its operating costs instead of. procurement spending plan.
Saildrone introduced the Property surveyor, its biggest vessel, which. has actually been customized for the military, at an event in March. gone to by Chief of Naval Operations Lisa Franchetti.
The drone company, which also supplies coast guards and ocean. study departments, has a fleet of 130 vessels and is developing. a number of more every month, said Richard Jenkins, the business's. founder.
Today, we are struggling to stay up to date with need,. Jenkins informed in an interview. He decreased to talk about. just how much Saildrone charges the Navy.
Ocean Aero develops the autonomous Triton vessel, which can. move on the surface area or underwater to collect data and hunt for. mines using sensors. The business, which is backed by Lockheed. Martin, opened a 63,000 feet making center in Gulfport,. Mississippi last October that is capable of producing 150. Tritons a year.
Lockheed Martin did not respond to an ask for remark.
HII was granted a contract last October to construct nine small. underwater drones for the U.S. Navy's Lionfish program, with the. possible for this to increase to 200 lorries over the next five. years. The agreement might total $347 million, although that is. far from ensured.
The Lionfish program - which is concentrated on the Indo-Pacific. where the U.S. is vying for control with China - is based upon. HII's Remus 300, a minehunting drone that can be launched like a. torpedo from a crewed ship or submarine.
These programs are evidence that the Pentagon is attempting to move. faster to deploy sea drones, representative Pahon informed .
We know we need to keep pushing to remain ahead, he stated.
(source: Reuters)