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Indonesia will tax gold exports up to 15% from 2026
A senior official from the Finance Ministry said that Indonesia will impose taxes of 7.5% to 15% on gold exports in a plan which will be implemented next year. Febrio Kakaribu, director general for fiscal strategy at the Ministry, said that the tax policy is currently being finalised and will be designed to lower rates on processed goods in order to encourage domestic processing. He said that minted gold bars and ingots would be subject to a higher price than dore, which are bars or ingots containing impurities. He said that global gold prices would also play a role in determining taxes. Higher rates will be charged when the price of gold is at or above $3200 per troy-ounce, to capture the miners' windfall profit. Since early November, spot gold has traded above $4000 per ounce. This year, it is up by more than half. Indonesian gold exports have soared to $1.64 billion in the first nine months 2025. This is a huge increase from the $1.1 billion shipped for the entire last year. Singapore, Switzerland and Hong Kong were the top three buyers. Indonesia, a resource-rich country, has the fourth largest unmined gold reserve in the world, which is located in the Grasberg Mine in the east of the country, operated by a unit of Freeport McMoRan. Febrio stated that many domestic investors are finding it difficult to purchase gold bars due to the gold investment boom. We want gold production and circulation in Indonesia. Febrio added, "We want to add as much value as possible in order for Indonesians to enjoy gold." He said that the government is still discussing its plan to tax coal exports. (Reporting and editing by John Mair, Edwina Gibbs, and Gayatri Suryo)
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Stocks on edge as Nvidia's earnings test looms
Asia's stock market fell on Monday as a dispute between China, Japan and the United States intensified. Investors looked forward to a week full of data catch-up and corporate earnings. Investors may be more interested in Nvidia's results on Wednesday after the market, as headline data for the U.S. labor market due on Thursday will have a bit of a dated feel. Nasdaq futures grew 0.7% and S&P 500 futures 0.4% during the Asia session. European and FTSE Futures dropped about 0.1%. After policymakers sounded hesitant, the expectation of a U.S. rate cut in December has fallen to less that 50%. This has put pressure on the stock market, particularly in the volatile and rate-sensitive technology sector. TENSION BETWEEN CHINA AND JAPAN After China warned its citizens to avoid Japan, the Nikkei index in Asia fell by 0.2%. Tourism and retail stocks were also down. Shares of department store operator Isetan Mitsukoshi, Muji parent Ryohin Keikaku, and cosmetics manufacturer Shiseido have declined by around 10%. In Australia, the Australian bourse was flat due to a 0.6% drop for BHP following Britain's High Court finding it responsible for a Brazilian dam collapse. Hong Kong and China's indexes both fell by around 1%. The Nikkei reported on a $110 Billion stimulus plan, which weighed down on bonds. It sent yields on 20-year bonds to their highest level in 26 years. Analysts see a risk for the yen if confidence in fiscal discipline is shaken. This was evident in Britain, where stocks, bonds, and sterling fell on news that Finance Minister Rachel Reeves would not be raising taxes. The yield on the 10-year U.S. Treasury rose to 4.163% in Asia. Wall Street indexes recovered on Friday from a steep saleoff on Friday, resulting in a mixed closing. The S&P 500 saw a slight drop and the Nasdaq saw a modest gain. NVIDIA JOBS This week, the headline U.S. release will be the delayed September jobs report on Thursday. Private surveys have already indicated a slowdown in the labour market, so these figures are likely to be stale. The Fed's more hawkish officials will not change their tune if it only confirms this. The CPI data will be crucial for them, as they are more concerned about inflation risks. On Friday, the expectation of a rate cut was dampened when Kansas City Fed president Jeffrey Schmid and Dallas Fed president Lorie Logan questioned whether it would be necessary to reduce rates next month. Home Depot, Target and Walmart report their earnings this week in the U.S. All eyes are on Nvidia, as the market response will be a test for the recent rally. Nvidia's shares have increased by about 1,000% in value since the launch ChatGPT, which took place in November 2022. Nvidia's market value surpassed $5 trillion last month after a gain of over 40% year-to date. The U.S. Dollar was slightly higher in foreign exchange. It held the euro at $1.16, and crept up on the other majors. Gold suffered a loss of $4,060 per ounce on Friday. Brent crude futures fell 1% to $63.78 after loading resumed in a Russian hub that had been hit by an attack from Ukraine. Bitcoin, which in recent weeks has acted as a barometer for the mood of technology stocks, suffered its biggest weekly drop since March. It had lost more than 10 percent last week. It was trading at $95,000. Reporting and editing by Jamie Freed, Christopher Cushing, and Tom Westbrook.
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Dollar gains as gold falls, but watch US data for further Fed clues
Gold prices fell on Monday as a result of a stronger dollar, while investors awaited a series U.S. data that may shed light on Federal Reserve interest rate policy. As of 0608 GMT, spot gold was down by 0.4%, at $4,062.96 an ounce. U.S. Gold Futures for December Delivery fell by 0.7%, to $4.064.50 an ounce. Dollar index continued to gain against its rivals for a second day, making gold less appealing for holders of other currencies. Tim Waterer, Chief Market Analyst at KCM Trade, said that "scalled-back expectations of rate cuts from the Fed next month are essentially hampering gold in terms of yield." Even though the government shutdown is over, it's not certain that the Fed or the markets will be able to see the full picture of how the economy is performing. Hawkish remarks by Fed officials won't do gold any favors either." The market participants will be looking for clues about the health of America's largest economy this week. This includes the nonfarm payrolls data on Thursday. The Bureau of Economic Analysis of the Commerce Department said that it is working on updating its schedule of economic data releases affected by the recent government shutdown. The traders are now pricing in 46% of a Fed rate reduction next month. This is down from 50% last week. A growing number of Fed policymakers have expressed reluctance to further ease the monetary conditions, citing concerns about inflation and signs that the labour market has remained relatively stable after two rate cuts in this year. Gold that does not yield tends to perform well in low interest rate environments and times of economic uncertainty. SPDR Gold Trust is the largest gold-backed ETF in the world. Its holdings dropped 0.47% on Friday to 1,044.00 tons from 1,048.93 tonnes on Thursday. Silver spot rose 0.5%, to $50.81 an ounce. Platinum gained 0.5%, to $1.548.37, and palladium increased 0.7%, to $1.394. (Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu Sahu)
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At least 18 people have been killed and dozens are missing in Central Java, Indonesia.
Authorities said that at least 18 people have died in landslides caused by rain in Central Java Province, Indonesia, last week. Search operations are ongoing. The disaster mitigation agency reported that a landslide last week in Cilacap buried 12 houses in Cibeunying. It said that the search and rescue effort was difficult because people were buried between 3 to 8 metres (ten to 25 feet). M Abdullah said that the landslide in Cilacap has left at least 16 dead and 7 people missing. KompasTV, a news channel, showed footage on Monday of excavators digging through the dirt in Cilacap. The disaster mitigation agency reported on Monday that two people were killed and 27 others missing following a landslide in Central Java on Saturday. It said that 30 homes and farms were affected. The wet season in Southeast Asia began in September and will likely last until April. This means that there is a high chance of flooding and heavy rainfall, according to the weather agency. (Reporting and editing by Christopher Cushing; Stanley Widianto)
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Australian shares flatten as financials counter the energy sector's boost
Australian shares closed Monday at near-four-month lows, as declines among major banks offset the strong performance of the energy sector. Investors also reassessed their positions in an uncertain environment for monetary policy. The benchmark S&P/ASX 200 index closed at 8,635.40, its lowest level since mid-July. Financials closed at a four-month low, down 0.2%. Commonwealth Bank of Australia shares fell by nearly 1% to a new low. CBA, Australia's largest lender, has lost more than 10% of its value since the beginning of last week, after its disappointing earnings and warnings about margin pressures affected market sentiment. Tim Waterer, KCM Trade's Chief Market Analyst said: "With the future of interest rates still in flux, there were very few positive drivers on the ASX today." Macquarie, an Australian investment bank, fell by 2.3% when it traded ex-dividend. It has also fallen by around 10% in the past week due to lower-than expected earnings. Shares of ANZ, Westpac and other peers finished the day each 0.6% higher. CBA and Macquarie have a hard time shaking off their reputation as being overvalued. This is affecting the share price. Traders try to find better values elsewhere in the market. Citi analysts remain positive about the macro-environment for banks. They have named ANZ as well as Westpac among their top picks. Other discretionary stocks also ended the session up 0.2%, after having fallen as high as 1.3% in the previous session. Recent robust economic data has prompted a sharp retreat in expectations for interest rate reductions. Swaps indicate a probability of 36% for a rate cut in May, down from 70% the week before. Energy stocks rose by 1.1%, their biggest one-day gain in a week. Woodside shares rose nearly 1% as the Australian oil-and-gas producer is poised to sign an U.S. Liquefied Natural Gas supply agreement with Saudi Aramco in the coming week. The benchmark S&P/NZX50 index for New Zealand ended the day 0.3% higher, at 13,499.04 point.
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Arada, a UAE-based real estate developer, has acquired 80% of the London Riverfront Development
The United Arab Emirates' real estate developer Arada will, with the backing of Gulf royals and following its launch in the UK in September, acquire a majority share in London's Thameside West Mixed-Use Development, according to a Monday statement. The statement stated that Arada would take an 80% share in the Riverfront Development in London's East, which is estimated to have a gross development of 3,29 billion pounds (2,5 billion pounds). It also plans to build at least 5,000 houses. Arada stated that the first phase of this project will deliver 1,000 homes. Construction is scheduled to start in 2027. "Our entry into the market was based on our unwavering belief in London, and its attractiveness to be one of the leading capitals in the world," said Arada chairman Sultan bin Ahmed Al Qasimi. He is a member of Sharjah's ruling families. Gulf property developers are experiencing strong growth due to increased demand and investment, as regional oil producers intensify diversification strategies. As a means to diversify their operations, several have established development arms in Britain via subsidiaries or joint-ventures. The acquisition of Thameside West by Arada increases its London pipeline of development to 15,000 properties. This is part of a larger strategy to triple the London residential pipeline over the next 3 years to 30,000.
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Morning bid Europe-Nvidia earnings to likely overshadow US delayed data
Tom Westbrook gives us a look at what the future holds for European and global markets. On Monday, the U.S. economy will start to flow again with figures on construction spending for August. On Thursday, September's jobs data will be released. The next month will bring more up-to date figures on labour and prices. However, due to concerns over the quality of these data and hawkish comments from policymakers, expectations for a December rate cut are fading. The main event for markets this week is likely Nvidia earnings after the close on Wednesday, which are shaping as a test for the artificial-intelligence bull run. According to LSEG analysts are becoming more optimistic with regards to future revenue, leaving the company a lot of room to improve. On Monday, the markets in Asia were cautious, with the dollar rising a bit. The deepening diplomatic dispute between China and Japan also impacted the Tokyo stock market. After China warned its citizens to avoid Japan, shares of Muji parent Ryohin Kaikaku, department-store operator Isetan Mitsukoshi, and Shiseido each saw losses of about 10%. After Japan's Prime Minster Sanae Takaichi warned lawmakers that a Chinese attack against Taiwan could threaten Japan’s survival, and possibly trigger a military reaction, a row broke out. Japanese media reported that a senior Japanese diplomat would be heading to China to try and calm down the situation. Separate Japanese news reports on plans to spend $110 billion on a government stimulus package put pressures on Japanese bonds. Market developments on Monday that may have a significant impact - Canada inflation data - Delayed U.S. construction data; November Empire State manufacturing survey Fed's Williams Jefferson Kashkari Waller
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Saudi Crown Prince visits US to discuss defence, AI, and nuclear issues
Saudi Arabia's de-facto ruler will visit the White House on Tuesday for talks with U.S. president Donald Trump. The goal is to expand and deepen longstanding cooperation in oil and security, while also enhancing ties to commerce, technology, and even nuclear energy. This will be Crown Prince Mohammed bin Salman's first visit to the U.S. after the killing by Saudi agents of Saudi critic Jamal Khashoggi in Istanbul last year, which caused an international uproar. U.S. Intelligence concluded that MBS had approved the capture or murder of Khashoggi. The Crown Prince, also known as MBS and widely known for his initials, denied ordering the attack but admitted responsibility in his role as de facto ruler of the Kingdom. After more than seven years, the largest economy in the world and the top oil producer in the world want to move on. Trump wants to take advantage of a Saudi Arabian investment pledge worth $600 billion made during Trump's May visit. He avoided mentioning human-rights concerns during his May visit and will likely do so again. Saudi Arabia's leader wants security guarantees in the face of regional unrest, access to artificial-intelligence technology and progress on a civilian nuke programme. Aziz Alghashian is a Saudi lecturer in international relations who teaches at Naif Arab University of Security Sciences. Focus on DEFENCE DEAL Saudi Arabia and the United States have had a long-standing agreement whereby the Saudi Arabian kingdom sells oil at favorable prices in exchange for security provided by the superpower. Washington's inaction when Iran attacked oil installations in Saudi Arabia in 2019 shook this equation. In September, Israel's attack on Doha in Qatar in which it claimed to have targeted Hamas militants in Palestine re-emerged as a source of concern. Trump then signed an executive order to sign a defense pact between the United States and Qatar. Many analysts, regional officials and diplomats believe that the Saudis are going to get something similar. Saudi Arabia sought to have a recent defence pact approved by the U.S. Congress during recent negotiations. Washington, however, has put a condition on this: normalizing relations between the kingdom and Israel. Riyadh, in turn, has linked this to the commitment of Israel's right-wing government to the creation of a Palestinian state. Benjamin Netanyahu, the Israeli Prime Minister who, after two years war, agreed to a ceasefire in Gaza mediated by Trump last month, reaffirmed on Sunday his opposition to Palestinian statehood. A Trump executive agreement on defence, similar to the one with Qatar, would not be the defense agreement that the Saudis are seeking. Alghashian, however, said that it would be "a step along the way, a part of the processes, not the ending of the processes." One Western diplomat in the Gulf summarized the dynamics: "Trump wants to normalize and Saudi Arabia wants a full-fledged defence pact but the circumstances do not allow." Both sides are likely to get less than what they wanted in the end. That's diplomacy." Dennis Ross, former Middle East negotiator for Democratic, Republican and now the Washington Institute for Near East Policy said that he expected an executive order calling for the U.S. to consult with the Saudis on "what to do to respond to the threat", but not to commit Washington to come to Riyadh's defence. He said that this could include a variety of assistance including replacing weapons, deploying defensive rocket batteries such as THAAD and Patriot, or deploying marines with naval forces. DEALS KEY IN REGIONAL RIVALRY Riyadh also pushed for deals on nuclear energy and artificial Intelligence as part of its ambitious Vision 2030 Plan to diversify the economy and improve its position in relation to rivals. The approval of advanced computer chips is crucial to the Kingdom's plans to compete with United Arab Emirates which signed a multi-billion dollar data centre deal in the United States in June, giving it access to high end chips. MBS wants to reach an agreement with Washington to develop a Saudi civil nuclear programme as part of his efforts to diversify away from oil. A deal like this would give Saudi Arabia access to U.S. security and nuclear technology, as well as allowing it to compete with its traditional enemy Iran and the UAE. The Saudis refused to accept a U.S. clause that would have prohibited the enrichment of uranium and the reprocessing of spent fuel, both possible paths to making a nuclear bomb. Ross said that he was expecting an announcement on nuclear energy or at least progress in reaching one. (Reporting from Riyadh by Timour Azhari; Editing by Cynthia Osterman).
New Zealand, Cambodia cite political dangers due to high energy shift expenses
Political dangers due to possible loss of public support over increasing power tariffs are a. significant obstacle to transitioning to cleaner electrical energy. sources, ministers from New Zealand and Cambodia told an energy. industry event on Monday.
It's incredibly essential to take the general public with you,. considered that end of the day, they need to think that what you're. doing is improving their lives, Shane Jones, Partner Minister. for Energy, New Zealand, stated at the Singapore International. Energy Week conference (SIEW).
Jones stated New Zealand's power tariffs are comparable to. Singapore's, ranking amongst the highest in the Asia-Pacific. area.
If the public feel that they can't see the benefit of the. medium- to long-term climate-positive outcomes, and they're. suffering disproportionately on the journey, it causes. political chaos, Jones stated.
Cambodia's energy minister, Keo Rottanak, stated the. shift in Southeast Asia towards net no would be costly. and take a very long time.
If we don't bring costs down, we may lose the public. assistance, and for that reason it will just make the entire thing go. away, he said.
At the same event, Amin Nasser, CEO of Saudi Aramco, the. world's biggest oil producing company, pointed out restrictions of. present transition plans.
In a transition that requires incredible quantities of. front-end capital expense, the expense of capital is more than. twice as high in establishing nations where the need is. greater, he said.
Let us be clear: all sources of energy will be needed for. years to come. Coordinators must also abandon the belief that a. single strategy can fulfill the needs of more than 200 countries, he. said.
The shift would be expensive for everybody, he stated.
Nasser said existing plans have not even been able to reduce. demand for carbon-intensive coal.
Attempting to require an unworkable, unaffordable transition strategy. on them will just threaten their economic progress and even. social cohesion, he said, referring to the worldwide South.
(source: Reuters)