Latest News
-
UN weather agency urges action on disaster warning systems
The World Meteorological Organization called for action on Monday to close the gaps in a system of global surveillance designed to protect people against extreme weather. It said that early warnings are especially needed in developing nations. WMO held a special conference in Geneva and stated that weather, water, and climate related hazards killed over 2 million people in the last five decades. 90% of these deaths occurred in developing countries. WMO Secretary General Celeste Saulo made the development of early warning systems a top priority, but data from the U.N. Weather agency show that only 55% have increased their surveillance capability. The WMO released a statement saying that "many millions of people are not protected against hazardous weather, which has a growing impact on the economy and essential infrastructure." In three years, the number of countries that use early-warning system has doubled to 119. WMO's assessment of 62 nations revealed that half had only basic capability and 16% had less than basic. WMO has seen progress in Africa including Mozambique, Ethiopia and more, as they have websites that work and issue standardized alerts. Early warning is early action. Saulo stated in his opening address to the Geneva conference that "our goal is not just to warn the world, but to empower it." The WMO found that countries with limited early warning systems for multi-hazards have six times more deaths and four times as many people affected by disasters. Elisabeth Baume Schneider from the Swiss Federal Department of Home Affairs told conference delegates that climate change, extreme weather and other factors affect every country. She cited the example of how regular monitoring of a mountain ice cap allowed scientists to predict its impending collapse in May 2025. This led to the evacuation of Blatten, a Swiss village. She said that "permafrost melting will lead to more rockfalls and glacier collapses", making early warning systems essential. (Reporting and editing by Frances Kerry, Emma Farge, Olivia Le Poidevin)
-
Russian titanium manufacturer VSMPO-AVISMA reduces working hours for some employees
VSMPO - AVISMA, the largest titanium producer in the world, announced on Monday it would switch some employees who are not directly involved with production to a 4-day work week. The company stated in a press release that it planned to move some employees, who were not directly involved in production processes but were administrative staff, onto a four-day work week. The company said that the decision was made to "maintain operational stability and preserve the highly-qualified staff of the business." The company has not stated how long these measures will be in effect. This is not an easy choice, but it allows our team to remain and we can prepare for the recovery of the market. "We consider this a temporary step and will provide additional opportunities for professional training to our employees," the company said. On October 9, it was reported that some of Russia’s largest industrial companies are putting their employees on furlough, or reducing staff. This is because the war economy has slowed down and domestic demand has stalled. VSMPO (Verkhnaya Salda Metallurgical Production Association) dates back to 1933, when it was founded to supply aluminium, and aluminium alloy, to the Soviet Union aircraft-building industry. VSMPO and Airbus received titanium from VSMPO before the launch of what Moscow refers to as its Special Military Operation in Ukraine. Canada will relax sanctions by 2024, allowing Airbus to purchase titanium from Russia. VSMPO AVISMA stated that "the company will continue to fulfill all obligations to its customers and partners by ensuring high quality products and maintaining their position as leaders in the global market for titanium". (Reporting and editing by Guy Faulconbridge, Mark Trevelyan and Anastasia Lyrchikova)
-
The Gulf's most important markets are subdued due to weak oil
The major stock markets of the Gulf were sluggish in early trading on Monday due to weak oil prices. Investors also awaited further corporate earnings reports. The oil prices - a catalyst in the Gulf's Financial Markets - have been weighed down as a result of worries about a global glut. U.S.-China Trade tensions are also adding to the concerns over an economic slowdown, and a weaker demand for energy. Saudi Arabia's benchmark Index eased by 0.1% on track to extend losses from previous session. ACWA Power Company lost 2.2%. ACWA Power obtained project financing of 10.8 billion Riyals ($2.88 billion), for the expansion of Qurayyah Independent Power Plant, on Sunday. Saudi Aramco, the world's largest oil company, fell 0.3%. Saudi National Bank, the largest lender in Saudi Arabia by assets, saw its share price rise 1.4% following a 20% jump in net profit for the third quarter. Dubai's main stock index fell 0.4% due to a drop of 1.5% in the top lender Emirates NBD. The banks announced on Saturday that ENBD would buy a 60 percent stake in the Indian private lender RBL Bank. The shares of the Dubai-based bank jumped more than 6% on news of the stake acquisition last week. In Abu Dhabi the index was flat. Qatar National Bank, the Gulf's largest lender and index component, lost 0.5%.
-
Vietnam Stocks Fall 5.5% to One-Month Close Low
Vietnam's main index of stocks fell 5.47% on Monday to 1,636.43, its lowest level for a month. Brokers said that they did not know what caused the decline. This was the second largest percentage drop this year after a drop of 6.43% on April 8th. The state media reported that a drop of 94.76 index points was a daily point fall record. Stocks fell across the board with SSI Securities leading the way, falling 6.99%. Steel maker Hoa Phat, down 6.96%. Saigon Thuong Tin Bank, down 6.95%. The Hochiminh Stock Exchange traded more than 1.7 billion shares worth 53 trillion Dong ($2.01billion) during the session. Four Hanoi stock brokers contacted by said that it was unclear why the market had fallen so dramatically, though one investor mentioned state media reports regarding some regulatory questions surrounding some corporate bond issues. One broker said, "I am so surprised." It looks like investors sold out in panic but it's not clear why the price fell. The market has been hit by a Record high Earlier in October, index provider FTSE Russell announced that its market might be upgraded to secondary emerging next year.
-
Shanghai copper increases on strong China industrial production data
Shanghai copper gained on Monday as stronger-than-expected China industrial output last month boosted investor sentiment, even though economic growth slowed to a one-year low in the September quarter. The Shanghai Futures Exchange's most active copper contract closed the dayday trading at 85,380 Yuan ($11,986.52) metric tons, up 0.78%. By 0752 GMT, the benchmark three-month price of copper at the London Metal Exchange had risen 0.58% to $10,000 per ton. National Bureau of Statistics data showed that China's industrial production grew by 6.5% on an annual basis in September. This is up from the 5.2% growth in the previous month. This is a new three-month record and beats the forecasted growth of 5.0%. China's Gross Domestic Product grew at a slower pace than any other quarter in the past year. It was down from 5.2% growth in the second quarter. The second-largest global economy, which grew by 5.2% over the first three-quarters of this year, is targeting a growth rate of around 5% for the full year. A copper trader in Shanghai, who spoke on condition of anonymity because he was not authorized to speak to the media, said: "We expect to see more supportive measures in the future to boost economic development amid tariff threats and an looming war." The market is concerned about a likely copper shortage in 2026, due to mining disruptions including the Grasberg Mine in Indonesia, which is the second largest mine in the world. Aluminium, zinc, nickel, tin, and lead were all down in price. $1 = 7.1230 Chinese yuan $1 = 7.1230 Chinese Yuan (Reporting and editing by Harikrishnan Nair, Subhranshu Sahu and Lewis Jackson)
-
Iron ore falls on worries about China demand prospects
Iron ore futures fell on Monday as concerns about demand for the steelmaking ingredient grew following a series of disappointing data from China, its largest consumer. The January contract for iron ore on China's Dalian Commodity Exchange closed the daytime trading 0.58% lower, at 767 Yuan ($107.68), per metric ton. It had touched its lowest level since September 1, at 762.50 Yuan, earlier in the day. Ge Xin said that the downstream steel consumption in September, traditionally a month of high demand, was lower than expected. "We expect crude steel production to remain low amid increasing uncertainties," Ge Xin wrote in a report. Iron ore benchmark on the Singapore Exchange for November gave up gains earlier due to a weaker U.S. dollar, which made commodities priced in dollars cheaper for buyers who used other currencies. Singapore's benchmark was down 0.45% at $103.45 per ton as of 0739 GMT. It had been at its lowest level since October 9, when it was $103.25. China's third-quarter economic growth is likely to have slowed down to its lowest level in a year, as trade tensions and a prolonged property slump weighed. Other key indicators such as property investment and construction start-ups, among others, indicated a gloomy outlook for steel, which was dragging down ore prices. In September, the new home price in China dropped at the fastest rate in 11 months, further reducing the drag of the housing sector on the broader economy. China's crude output of steel in September fell to a 21 month low due to the slowdown in domestic demand. Analysts expect a limited supply of coke and coal, which are other ingredients used in steelmaking. The steel benchmarks at the Shanghai Futures Exchange have remained in a narrow range. The price of rebar fell 0.03%. Hot-rolled coils dropped 0.12%. Stainless steel shed 0.16%. Wire rod dropped 0.53%. Reporting by Amy Lv, Colleen Howe, and Harikrishnan Nair. $1 = 7.1230 Chinese yuan
-
Gold consolidates following record rally, with focus on U.S. China talks
Gold prices edged higher on Monday, after a record-breaking rally. Expectations of further U.S. interest rate cuts, and the demand for safe-haven assets due to the government shutdown, supported sentiment. Investors awaited signals from upcoming U.S. China trade talks. As of 0801 GMT, spot gold rose 0.1% to $4,254.59 an ounce. U.S. Gold Futures for December Delivery climbed 1.3%, to $4.268.40 an ounce. Silver spot rose by 0.2%, to $51.97. This is a slight recovery after it fell 4.4% the previous day after reaching a record high at $54.47. Ole Hansen is the head of commodity strategy for Saxo Bank. He said that gold was still very bullish. Hansen stated that the U.S. shutdown of government is still a factor in support, but the US-China summit will take center stage. U.S. president Donald Trump said that his proposal of a 100% tariff on Chinese goods would not be viable, adding that he would have a meeting with Chinese President Xi Jinping within two weeks. Gold prices, which have reached multiple records this year and the latest one on Friday was $4,378.69, gained traction after Trump threatened to impose steep tariffs on China over its rare-earth export restrictions. However, they fell by more than 1.8% following Trump's comments. The US CPI, which has been delayed because of the U.S. Government shutdown, will be released this Friday, just days before the Fed policy meeting on October 28-29. It is expected that core inflation held steady at 3.1% during September. It is widely expected that the U.S. Central Bank will cut interest rates again by a quarter of a percentage point. In the third quarter, China's economy grew at its slowest pace in over a year. Hansen stated that "the weakness in the Chinese real estate market is a major source of support for gold." Palladium fell 1.2% and platinum dropped 0.5%, respectively, to $1.455.73 an ounce. (Reporting and editing by Nivedita Battacharjee in Bengaluru)
-
European shares rise by almost 1% as banks and defence rally
Investors digested corporate earnings, assessed sectoral momentum, and assessed macro signals as they digested the strong performance of banks and defense stocks. As of 0750 GMT, the continent-wide STOXX 600 Index was up 0.9% to 571.05 point. Other major regional indices were also trading higher. European banks rose by 1.6%. They were among the biggest gains in the STOXX 600. This was a rebound from Friday's 2.5% decline when investors became nervous about signs of credit pressure at regional U.S. lenders. The STOXX Aerospace & Defence index rose 2.1%. This was a rebound from Friday's sharp drop when the news of an upcoming summit on the conflict in Ukraine shocked the sector. The shares of Swedish military equipment manufacturer Saab rose 3.1% following the awarding of a Spanish artillery-radar contract. Kering, among other movers in the market, jumped by 4.2% when Gucci's owner agreed to sell his beauty business to L'Oreal at a price of 4 billion euros (4.66 billion dollars). Holcim's stock rose 1.4% after a deal worth 1.85 billion euros ($2.16billion) to buy German walling system maker Xella. Forvia, a French auto parts supplier, lost 6% of its sales after reporting a drop of 3.7% in the third quarter. German producer prices dropped more than expected in the month of September. Reporting by Sukriti gupta from Bengaluru, editing by Sherry Jacob Phillips
Trump's cabinet: who's been selected, who remains in the running?
Donald Trump has actually begun the procedure of picking a cabinet and picking other high-ranking administration authorities following his governmental election victory.
Here are the early choices and top competitors for a few of the crucial posts supervising defense, intelligence, diplomacy, trade, migration and economic policymaking. Some are in contention for a variety of posts.
SUSIE WILES, chief of personnel Trump revealed recently that Wiles, among his 2 project supervisors, will be his White House chief of staff. While the specifics of her political views are somewhat unclear, Wiles, 67, is credited with running a successful and effective campaign. Advocates hope she will instill a sense of order and discipline that was often lacking during Trump's first four-year term, when he cycled through a number of chiefs of staff.
TOM HOMAN, 'border czar' Trump revealed on Sunday night that Homan, the acting director of Immigration and Customs Enforcement throughout Trump's first administration, will be in charge of the nation's borders.
Trump made cracking down on people in the nation illegally a central element of his campaign, appealing mass deportations.
Homan, 62, said on Monday he would prioritize deporting immigrants in the U.S. unlawfully who presented security and security threats along with those operating at job websites.
Trump, in a post on his Reality Social platform, stated Homan will be in charge of our country's borders ( The Border Czar),. consisting of, but not limited to, the Southern Border, the Northern. Border, all Maritime, and Aviation Security, including the. deportation of immigrants in the U.S. illegally.
ELISE STEFANIK, U.N. ambassador. Trump announced on Monday that Stefanik, a Republican politician. congresswoman and staunch Trump advocate, would be his. ambassador to the United Nations.
Stefanik, 40, a U.S. representative from New York state and. House Republican politician conference chair, took a management position in. the House of Representatives in 2021 when she was elected to. replace then-Representative Liz Cheney, who was ousted for. criticizing Trump's false claims of election scams.
I am honored to choose Chairwoman Elise Stefanik to serve. in my Cabinet as U.S. Ambassador to the United Nations, Trump. said in a statement. Elise is an extremely strong, difficult, and. wise America First fighter.. Stefanik will come to the U.N. after vibrant pledges by Trump to. end the Russia-Ukraine war and Israel's war in Gaza.
LEE ZELDIN, EPA administrator
Trump revealed on Monday he had selected previous. congressman Lee Zeldin of New York state as administrator of the. Environmental Protection Agency, and Zeldin said he had accepted. the function.
Zeldin, 44, a strong Trump ally, served in Congress from. 2015 to 2023. In 2022, he lost the New york city governor's race to. Democratic incumbent Kathy Hochul. Trump has actually guaranteed to upgrade U.S. energy policy, with the goal. of taking full advantage of the country's already record-high oil and gas. production by rolling back guidelines and speeding up. permitting.
As head of the EPA, Zeldin will play a crucial role in. implementing those policies.
MARCO RUBIO, secretary of state. Trump is expected to tap U.S. Senator Marco Rubio to be his. secretary of state, sources said on Monday, putting the. Florida-born politician on track to be the first Latino to serve. as the United States' leading diplomat.
Rubio, 53, was perhaps the most hawkish alternative on Trump's. short list for secretary of state. The senator has in past years. promoted for a muscular foreign policy with respect to U.S. geopolitical foes, including China, Iran and Cuba.
Over the last numerous years he has actually softened some of his. stances to line up more closely with Trump's views. The. president-elect implicates previous U.S. presidents of leading the U.S. into expensive and useless wars and has pushed for a more restrained. foreign policy.
MIKE WALTZ, nationwide security adviser. Trump has chosen Republican U.S. Agent Mike Waltz to be. his national security advisor, 2 sources knowledgeable about the. matter informed Reuters on Monday, tapping a retired Army Green. Beret who has actually been a leading critic of China.
Waltz, a 50-year-old Trump follower who also served in the. National Guard as a colonel, has actually criticized Chinese activity in. the Asia-Pacific and has actually voiced the requirement for the U.S. to be. prepared for a prospective dispute in the area.
The national security adviser is a powerful function, which does. not require Senate confirmation. Waltz will be accountable for. instruction Trump on essential national security problems and collaborating. with various agencies.
While knocking the Biden administration for a devastating. withdrawal from Afghanistan in 2021, Waltz has openly applauded. Trump's foreign policy views.
KRISTI NOEM, Homeland Security secretary. Trump has actually selected South Dakota Governor Kristi Noem to serve as. the next homeland security secretary, two sources acquainted with. the choice said on Tuesday.
Noem, 52, when seen as a possible running mate for Trump, is. currently serving her 2nd four-year term as South Dakota's. governor. She rose to national prominence after declining to. enforce a statewide mask mandate during the COVID-19 pandemic.
The Department of Homeland Security is accountable for. everything from border security and immigration to catastrophe. response and the U.S. Secret Service.
Both Trump's campaign and Noem's office did not right away. respond to requests for remarks.
SCOTT BESSENT, possible treasury secretary. Bessent, a key economic adviser to Trump, is commonly seen as a. top prospect for treasury secretary. A long time hedge fund. investor who taught at Yale University for numerous years,. Bessent has a warm relationship with the president-elect.
While Bessent has actually long preferred the laissez-faire policies. that were popular in the pre-Trump Republican Party, he has also. spoken extremely of Trump's use of tariffs as a negotiating tool. He has actually praised the president-elect's financial approach, which. rests on an apprehension of both regulations and worldwide. trade.
ROBERT LIGHTHIZER, prospective treasury secretary
A loyalist who worked as Trump's U.S. trade representative. for basically the then-president's entire term, Lighthizer. will probably be welcomed back. Though Bessent likely has. a much better contended becoming treasury secretary, Lighthizer has an. outside chance, and he might be able to reprise his old role if. he's interested. Like Trump, Lighthizer,77, is a trade doubter and a firm. believer in tariffs. He was one of the leading figures in. Trump's trade war with China and the renegotiation of the North. American Open Market Contract, or NAFTA, with Mexico and Canada. during Trump's first term.
HOWARD LUTNICK, prospective treasury secretary
The co-chair of Trump's shift effort and the longtime. chief executive of monetary services firm Cantor Fitzgerald,. Lutnick remains in the running for treasury secretary.
A bombastic New Yorker like Trump, Lutnick, 63, has. uniformly applauded the president-elect's economic policies,. including his use of tariffs.
He has at times given elaborate, unvarnished viewpoints about. what policies will be enacted in Trump's 2nd term. Some Trump. allies had independently complained that he frequently presented. himself as speaking on behalf of the project.
LINDA McMAHON, prospective commerce secretary. Expert fumbling mogul and former Small Business. Administration director Linda McMahon is seen as the frontrunner. to lead Trump's Department of Commerce, 3 sources briefed on. the strategies stated. McMahon, 76, is a major donor and was an early supporter of the. Republican president-elect when he initially ran for the White House. almost a decade ago. This time, Trump tapped her to co-lead a. shift group formed to help veterinarian personnel and draft policy. ahead of the Nov. 5 election.
McMahon is the co-founder and previous CEO of the professional. battling franchise WWE. She later functioned as director of the. Small Company Administration, resigning in 2019, and went on to. lead a pro-Trump political action committee that supported his. 2020 reelection quote.
JOHN RATCLIFFE, prospective CIA director
A previous congressman and district attorney who functioned as director. of nationwide intelligence during Trump's last year in office,. Ratcliffe, 59, is viewed as a leading contender to be director of. the CIA, according to two people familiar with the shift. process. Ratcliffe is also a prospective attorney general pick. The president-elect's allies view Ratcliffe as a hardcore Trump. follower who could likely win Senate confirmation. Still, during. his time as director of national intelligence, Ratcliffe typically. contradicted the assessments of career civil servants, drawing. criticism from Democrats who stated he politicized the role.
MIKE LEE, potential chief law officer
A U.S. senator from Utah, Lee is extensively viewed as another top. candidate for attorney general. Though the former district attorney. decreased to elect Trump during the 2016 election, he later on. ended up being an undeviating ally, and he has actually become something of an. intellectual hero among some factions of Trumpworld. Lee, 53, was an essential figure in attempts by Trump and his allies to. overturn his 2020 election loss to Democrat Joe Biden, and has. spread unproven conspiracy theories about the Jan. 6, 2021,. attack on the Capitol.
KASH PATEL, potential candidate for nationwide security posts
A previous Republican House staffer who served in various. high-ranking personnel functions in the defense and intelligence. neighborhoods during Trump's very first term, Patel often appeared. on the campaign path to rally assistance for the prospect.
Some Trump allies want to see Patel, considered the. ultimate Trump follower, appointed CIA director. Any position. requiring Senate confirmation may be a challenge, nevertheless.
Patel, 44, has actually leaned into controversy throughout his. career. In an interview with Trump ally Steve Bannon in 2015,. he assured to come after political leaders and journalists. viewed to be enemies of Trump.
Throughout Trump's first term, Patel drew bitterness from some. more skilled national security authorities, who saw him as. unpredictable and too eager to please the then-president.
(source: Reuters)