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Clashes in Pakistan-administered Kashmir kill 11 ahead of protest
Clashes in Pakistan-administered Kashmir ahead of a protest called for Tuesday killed ?11 people and injured more than 70 as ?police and paramilitary forces sought to scatter a group of protesters from a ?banned alliance of civil society ?groups. The police said that the protesters from 'the Joint Awami Action Committee', which aims to protect economic and political freedoms, had gathered in front of the hospital morgue, where another member of the group was taken following his death by firing. Sardar Waheed Khan said that four police officers and one passerby were killed after miscreants fired at them. He added, "As a result of law enforcement's response, six protesters died." Liaqat Malik, the police chief in Pakistan's Himalayan region which is a flashpoint between India and Pakistan, said that 23 security officials were injured in the incident on Sunday. He also added that 50 protesters had been injured. Thirty offenders have since been arrested. Shaukat Mir, a JAAC member, said in a video on X that the state had begun a massacre against our people in Rawalakot. He pledged that the group will remain united in order to achieve the June 9 lockdown. Khan responded by saying, "The JAAC leaders are misleading the masses when they call it a massacre. The state's actions were meant to restore order. He said that when security forces attempted to disperse?protesters the group's militants used automatic rifles as well as petrol bombs to target them. The JAAC announced the strike in protest of the reservation 'of 12 seats for refugee candidates at the July 27 regional legislative?body elections, out?of?45 that were up for grabs. The alliance wants to abolish the reserved seats of the Azad-Jammu-and Kashmir Legislative assembly, which are contested by candidates from Pakistan, not Kashmir. The regional government declared the JAAC a prohibited group on Friday under an anti-terrorist law and advised 'domestic and international tourists to leave before June 9'. After clashes with the security forces, the JAAC's supporters turned the deadly protests against the rising cost of electricity and flour into mass demonstrations. Reporting by Tariq Mqbool, Writing by Mubasher Bukhari; Editing Clarence Fernandez
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NATO kills drone in Latvian airspace - army
NATO fighter jets shot down on Monday a 'drone' that entered Latvian airspace from Russia, according to the Baltic nation's military. This is the latest incident in a long line of security incidents near Europe's eastern borders. The origin of the drone was not immediately known. In recent months, Ukraine has increased its long-ranged drone attacks against Russia, including the Baltic Sea region, where several Ukrainian military aircraft have entered the airspace of Finland and Latvia. In a social media post, the Latvian army stated that "Allied fighter 'jets successfully shot down a drone which was flying into Latvian Airspace!" The authorities warned residents in eastern Latvian regions earlier Monday to take shelter inside due to the threat. The alert was lifted 'when the drone had been shot down,'?the army? said. The 'war in Ukraine' is spreading to NATO's northern border, according to fears sparked by military drones that have crossed into Russia's airspace. Last month, a NATO jet shot down a suspected Ukrainian drone in Estonia. (Reporting and writing by Janis Sytas and Andrius Laizans, editing by Terje Solsvik).
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London Copper nears 1-week Low on Continued Inflation Worries
London copper prices remained at a one-week low on Monday due to weaker Chinese 'prices, and expectations that the Federal Reserve will be influenced by strong U.S. job data and higher oil prices. The benchmark three-month copper price on the London Metal Exchange rose 0.19%, to $13,545 per metric ton at 0710 GMT. The LME copper fell to its lowest level since May 28 due to a rising dollar, and fears of inflation. Industrial metals are more dependent on economic growth as a result of higher?interest rates. The official data revealed that the U.S. added 172,000 new jobs in May. This was more than twice what analysts expected. The data was released less than two weeks before Kevin Warsh made his debut as the?head of U.S. Federal Reserve. According to CME's FedWatch, the expectation of a rate increase in December has risen to around 78%. The most traded copper contract at the Shanghai Futures Exchange fell 1.54%, to 104120 yuan (15,340.87 dollars) per ton. The stock market in China and Hong Kong opened lower on Monday, following their U.S. counterparts. Yangshan Copper Premium The price of copper, which reflects the demand for imported metals, dropped to $64 a ton by the end the day on the Friday. This is the lowest since April 30. Buyers in China are historically sensitive to high prices. Oil prices also increased by?4.84% after Iran and Israel traded fire on Monday. Aluminium fell by 0.06% on the LME, while zinc dropped by 0.31%. Lead?lost 0.5 %, and nickel grew 0.08%. Tin declined 2.71%. Aluminium fell 0.8% on?SHFE. Zinc dropped 0.87%. Lead slid by 0.37%. Nickel added 0.25%. Tin dropped by 6.62%.
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Gold continues to fall on fears of an interest rate hike in the US
Gold prices fell on Monday to their lowest level in more than two-months, amid fears of an increase in U.S. interest rates following a positive jobs report. Meanwhile, renewed hostilities across the Middle East drove oil prices up and increased inflation concerns. Gold spot was down 0.3% to $4,315.71 an ounce at 0725 GMT. It had fallen to its lowest level since March 23 during the earlier session. Prices dropped by?3% Friday, reaching a two-month low. U.S. Gold Futures for August Delivery were down 0.6% to $4,341.10. Kelvin Wong is a senior analyst at OANDA. He said that gold was under pressure due to the increased Treasury yields. The yield on the benchmark 10-year U.S. Treasury Note rose, after reaching a two-week-high in the previous session. This increased the opportunity cost of holding non-yielding gold. Israel claimed it had struck military targets on the western and central Iranian coasts, despite reports that U.S. president Donald Trump told Israeli Prime Minister Benjamin Netanyahu not to launch any more attacks. Oil prices rose by more than $4 per barrel, causing inflation fears and interest rate increases to rise. Gold is often seen as a hedge to inflation. However, higher interest rates can weigh down on this non-yielding material. The U.S. Economy posted a strong third consecutive month in May. This confirms that the labour market is gaining momentum after last year's stumble. It also gives the central bank more leeway to keep rates stable amid rising inflation caused by the Iran War. According to CME Group’s FedWatch tool, the markets are pricing in an increase by the Federal Reserve before year-end. There is a 72% probability of this happening by December. Cleveland Fed President Beth Hammack stated on Friday that the new job numbers showed the labour market was?roughly in balance and close to?full employment', while the continued high inflation could?require the Fed raising rates soon to control it. Silver spot was down by 0.5% to $67.47 an ounce. Platinum fell 0.6% to 1,766.70 while palladium rose 0.3% to $1229. (Reporting and editing by Subhranshu sahu in Bengaluru, Sherry Jacob-Phillips).
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Wall Street Journal, June 8,
These are the most popular?stories from the Wall Street Journal. These?stories have not been?verified' and we cannot?guarantee? their?accuracy. Israel and Iran traded missile strikes Monday, after the U.S. brokered a ceasefire in early April. This was their first direct attack since the truce went into effect. - Nvidia is ?teaming up with South Korea's SK Telecom and Naver ?to build gigawatt-scale artificial-intelligence cloud infrastructure in Asia. - Intesa Sanpaolo said ?it has launched a EUR30.66 billion ($35.33 ?billion) unsolicited cash-and-share ?takeover bid for Monte dei Paschi di Siena. Roche has announced that it has signed an exclusive licensing agreement and collaboration with Nurix Therapeutics for the development of blood cancer drug,?bexobrutideg. The deal is worth up to $2.3 Billion. OPEC and their 'allies' agreed to increase oil production?by 188,000??barrels a day in July, amid Middle East tensions which have?disrupted a major oil?shipping?route. Ingredion announced that it had agreed to purchase Tate & Lyle, a British company, for PS2.7 billion ($3.6 'billion) cash. The deal stipulated a price of?595 per share.
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Gold continues to fall on fears of an interest rate hike in the US
Gold prices sank on Monday due to a growing 'fear of an increase in U.S. interest rates? after a positive jobs report. Meanwhile, renewed hostilities across the Middle East drove oil prices up and increased inflation fears. Gold spot fell 1% at $4,287.66 an ounce as of 0544 GMT. Prices dropped about 3% Friday, reaching their lowest level since March 24. U.S. Gold futures for August delivered?were down by 1.2% to $4,311. The market's hawkishness is reflected in the Fed futures, said Kelvin Woong, senior analyst at OANDA. He added that higher Treasury yields are further pushing gold down. The yield on benchmark 10-year U.S. Treasury notes rose, after jumping to two-week highs in the previous session. This increased the opportunity cost for holding non-yielding gold. Israel claimed it had struck military targets in western and central Iran, despite the fact that U.S. president Donald Trump reportedly warned Israeli Prime Minister Benjamin Netanyahu not to launch any further attacks. Oil prices increased by more than $3 per barrel, causing inflation fears and interest rate increases to rise. Gold is often seen as a hedge to inflation. However, rising interest rates can weigh on this non-yielding precious metal. The U.S. Economy posted a strong third consecutive month of job gains in the month of May. This confirms that the labour market is gaining momentum after its stumble last year, and gives the central bank more room to maintain rates despite rising inflation caused by the Iran War. According to CME Group’s FedWatch tool, the markets are pricing in an increase by the Federal Reserve before year-end. There is a 72% probability of this happening by December. Cleveland Fed President Beth Hammack stated on Friday that the new jobs numbers showed the 'labour market is roughly balanced?and close to full employment. Meanwhile, continued high inflation may require the Fed raising rates soon to control it. Silver spot was down by 2.2% to $66.33, platinum fell 2.1% to 1,739.78 and palladium dropped 1.5% to 1,207.50. (Reporting by Pablo Sinha in Bengaluru; Editing by Subhranshu Sahu)
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Gold continues to fall on fears of an interest rate hike in the US
Gold prices extended their?losses Monday due to a growing?fear of an U.S. rate?hike?following a strong jobs?report, while renewed hostilities and inflation concerns in the Middle East drove oil prices up. By 0429 GMT, spot gold had fallen 0.2% to $4319.09 an ounce. Prices dropped by about 3% Friday, reaching their lowest level since March 24. U.S. Gold Futures for August Delivery?were down by 0.5% to $4,343.20. The market's hawkishness is reflected in the Fed futures, said Kelvin Woong, senior analyst at OANDA. He added that higher Treasury yields are further pushing gold down. The yield on benchmark 10-year U.S. Treasury notes rose, after soaring to a 2-week high in the previous session. This increased the opportunity cost for holding non-yielding gold. Israel claimed it had struck military targets in western and central Iran, despite the fact that U.S. president Donald Trump reportedly warned Israeli Prime Minister Benjamin Netanyahu not to launch any further attacks. Oil prices increased by more than $3 per barrel, causing inflation fears and interest rate increases to rise. Gold is often seen as a hedge to inflation. However, rising interest rates can weigh down on this non-yielding precious metal. The U.S. Economy posted a strong third consecutive month of job gains in the month of May. This confirms that the labour market is gaining momentum after its stumble last year, and gives the central bank more room to maintain rates despite rising inflation caused by the Iran War. According to CME Group’s FedWatch tool, the markets are pricing in an increase by the Federal Reserve before year-end. There is a 72% probability of this happening by December. Cleveland Fed President Beth Hammack stated on Friday that the new jobs figures show the labour market is roughly in balance and near full employment. However, the continued high inflation could require the Fed raise rates quickly to contain it. Silver spot was steady at $67.86 an ounce. Platinum lost 0.5% at $1,767.42 and palladium remained unchanged at $1.225.67. (Reporting by Pablo Sinha in Bengaluru; Editing by Subhranshu Sahu)
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London Copper nears 1-week Low on Continued Inflation Worries
London copper was near its one-week lows Monday due to a combination of 'weaker Chinese metal prices' and a growing expectation that the Federal Reserve will be pushed towards rate hikes by strong U.S. job data and higher oil costs. Benchmark 'three-month copper' on the London Metal Exchange rose 0.38% at $13,570.5 per metric ton as of 0331 GMT. LME copper fell to its lowest level since May 28 due to a rising dollar, and inflation fears. Industrial metals are more dependent on economic growth, so higher interest rates can dampen their prospects. Official data showed that the U.S. economy created 172,000 new jobs in May. This was more than double what analysts expected. The strong data was released less than two weeks before Kevin Warsh made his debut as the head of the U.S. Federal Reserve. According to CME's FedWatch, expectations of a rate hike in December have risen to 78%. The most traded copper contract at the Shanghai Futures Exchange fell 1.5%, to 104160 yuan (15,354.45) per ton. The trend was a sell-off in tech stocks across Asia as China and Hong Kong opened lower Monday, following their U.S. counterparts. The Yangshan Copper Premium The price of copper in China, which reflects the demand for imports, dropped to $64 a ton at the end of Friday's trading, its lowest level since April 30. China has historically been sensitive to high prices. Oil prices increased by?3.68% Monday, after Iran and Israel exchanged?fire Sunday and Monday. Aluminium, zinc, and lead all saw a slight increase. Nickel also increased by 0.4%. Tin, however, fell by 1.48%. On the SHFE, elsewhere, aluminum fell 0.74%. Zinc also dropped 0.74%. Lead dipped by 0.21%. Nickel gained 0.79%. Tin plunged 5.97%.
INSTANT VIEW-Saudi Arabia sees deficit spending of $27 bln in 2025
Saudi Arabia authorized its 2025 budget on Tuesday, which anticipates a financial deficit of $ 26.88 billion or 2.3% of GDP next year, as it reinforces spending on its economic transformation goals, amid drawback dangers to revenue projections. Following are remarks from Saudi Arabia's crown prince, finance minister, economists and experts:
MOHAMMED BIN SALMAN, CROWN PRINCE, PRIME MINISTER as priced estimate by state news agency medical spa:
The favorable signs of the Saudi economy are an outcome of the ongoing reforms under vision 2030.
The Kingdom is predicted to have the second-fastest GDP growth rate amongst major economies next year, estimated at 4.6%. This growth is sustained by the increasing contribution of non-oil activities, which reached a record 52% in 2024.
The financial reforms implemented by the Kingdom, through the government's adoption of monetary policies that maintain monetary sustainability and efficient financial preparation, have favorably impacted its credit scores.
MOHAMMED AL JADAAN, MINISTER OF FINANCE:
The results to date verify the success of financial and fiscal reforms, which will continue to enhance comprehensive economic development and establish public finance management, focusing on improving the quality of services provided to citizens, residents, and visitors.
We will continue preserving the Kingdom's financial position and attaining fiscal sustainability by preserving sustainable levels of public financial obligation and significant federal government reserves.
The Kingdom will continue expanding tactical spending, supporting financial diversity, and allowing the personal sector.
JAMES SWANSTON, EMERGING MARKETS ECONOMIST AT CAPITAL ECONOMICS:
The approved 2025 Spending plan didn't spring too many surprises provided the Pre-Budget Statement delivered a month back, but it confirmed that officials' turn to fiscal consolidation is here.
Federal government costs will be cut by 4.5% in 2025, compared to actual spending in 2024. The breakdown revealed that existing expenditures are being cut by 4%, with the largest cuts coming to items and services and other expenditures, but there is likewise an extra 7% cut to capital expenditure.
The latter we believed would happen provided the comments from officials before on scaling back expectations of gigaprojects and the past form in 2014-16 of the Kingdom paring back capital expense spending during durations of lower oil rates.
MONICA MALIK, PRIMARY ECONOMIC EXPERT AT ABU DHABI COMMERCIAL BANK:
The spending plan indicate government spending still providing significant assistance to the economy, with overall expense will still stay high. This is despite a prepared contraction in government costs in 2025, which we do not see as a sharp retrenchment.
The focus staying on progressing with the improvement plan and the investment programme, while recognizing an included deficit. This position needs to lead to a progressive build up in federal government financial obligation, thereby keeping Saudi Arabia's strong principles.
JUSTIN ALEXANDER, DIRECTOR AT KHALIJ ECONOMICS:
From the numbers themselves there isn't much change in the story - the state remains comfortable with deficit financing, as well it might offered strong demand for its debt and an upgrade back to double A status. Still, spending is being controlled in some crucial areas such as salaries.
If the spending plan presumes the existing OPEC+ taper, comparable to a 7% increase in crude on average, then this decrease in profits indicates either substantially lower prices or a reduction in Aramco dividends - possible a combination of the two.
ZAHABIA GUPTA, DIRECTOR, LEAD EXPERT FOR MIDDLE EAST && . CENTRAL ASIA AT S&P GLOBAL RANKINGS:
The Saudi 2025 spending plan approximates the fiscal deficit at 2.8%. of GDP for 2024, which is in line with our quotes. In 2025,. the government is targeting a reduction in expense by about. 4% relative to 2024 estimated outcomes. Our company believe that the. federal government is likely to increase spending somewhat rather as it. continues to ramp up financial investment in tactical projects for Vision. 2030. We forecast that federal government financial obligation levels will remain. reasonably low over the next three years, and that they will. maintain a comfy net property position going beyond 40% of GDP..
(source: Reuters)