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Experts urge urgent action as dengue cases spread across Bangladesh
Health experts in Bangladesh have warned that the dengue epidemic is rapidly worsening, with the number of infections and deaths increasing across the nation. They also warn the disease will spiral out of control if coordinated and urgent mosquito control measures are not implemented. As of October 6, the Directorate General of Health Services reported 50,689 cases of dengue and 215 deaths in the United States. Professor Kabirul bashar, an entomologist from Jahangirnagar University said that the outbreak of mosquito-borne diseases -- already severe in September -- could become "alarming this month" due to climate changes and erratic rain, as well extended holidays and weak action by local governments which disrupted antimosquito campaigns. Bashar warned that the situation would spiral out of control if we did not act. Climate change, he said, has prolonged the mosquito breeding season. Delays in fogging and cleaning drives have also exacerbated the problem. Dengue, which was once confined to major cities, is now spreading into smaller towns and rural regions, causing fears that the disease could become endemic throughout the country. Health officials are concerned that the crisis is likely to worsen in the next few weeks as hospitals continue to be overburdened and infections continue to rise. A rise in chikungunya cases, which is also transmitted by mosquitoes, has exacerbated the crisis. Although chikungunya rarely causes death, both adults and children can suffer from severe joint pains and weakness. The worst dengue year in Bangladesh was 2023. This is when 1,705 people died and more than 321,000 were infected. Experts warn the country may face a new cycle of destruction if preventive measures aren't taken. (Reporting and editing by Raju Gopikrishnan; Ruma Paul)
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Goldman increases its December 2026 gold forecast to $4.900/oz
Goldman Sachs increased on Monday its December 2020 gold price forecast from $4,300 to $4,900, citing a strong Western ETF inflow and possible central bank purchases. Goldman stated that "we see the risks of our upgraded gold forecast as still being skewed on net to the upside, because private sector divergence into the relatively tiny gold market could boost ETF holdings beyond our rates-implied estimation," Goldman said. As of 1300 GMT on Tuesday morning, spot gold was trading at around $3960 per ounce after reaching a new high of $3977.19 earlier that day. Gold prices have risen 51% this year, thanks to central bank purchases, an increase in demand for gold-backed ETFs and a weaker US dollar. Retail investors are also becoming more interested as they seek a hedge against increasing trade and geopolitical tensions. Goldman estimates that central bank purchases will average 80 tons in 2025, and 70 tons by 2026. They say emerging market central banks will continue to diversify their gold reserves structurally. Analysts at Goldman Sachs expect Western ETF holdings to increase as the U.S. Federal Reserve lowers the funds rate 100 basis points between now and mid-2026. "In contrast to this, the more noisy speculative positions have remained largely stable." After the large increase in September, the level Western ETF holdings have now fully caught-up with our U.S. rate-implied estimation, suggesting that the recent ETF strength was not an overshoot," the report said. Reporting by Brijesh Patel in Bengaluru, Editing by Tom Hogue & Muralikumar Anantharaman
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Oil prices steady as the market chews on OPEC+ production hike and supply glut fears
Oil prices were steady on Tuesday, with sentiment toward a smaller-than-anticipated OPEC+ output hike dulled by weakening global demand and the potential for a supply glut. Brent crude futures rose 1 cent or 0.02% to $65.48 per barrel at 0014 GMT. U.S. West Texas Intermediate Crude was unchanged at $60.69 per barrel. Both contracts were settled at a higher level than the previous session. Crude oil prices rose after OPEC announced a production increase that was smaller than expected. Oil market analysts had been expecting a significant increase in quotas as the members of the group met over the weekend to discuss their agreement on supply. This has averted fears of a bigger surplus in the coming months than what the market expects. OPEC+, the Organization of the Petroleum Exporting Countries and Russia plus some smaller producers – known as OPEC+ – decided on Sunday to increase their collective oil production by 137,000 barils per day beginning in November. The group increased its oil production targets this year by over 2.7 million barrels per day, which is equivalent to around 2.5% of the global demand. The geopolitical situation has kept prices stable, as the conflict between Russia and Ukraine is affecting energy assets. It also creates uncertainty about Russian crude oil supply. Two industry sources reported on Monday that the Russian Kirishi oil refining plant halted CDU-6's most productive distillation after a drone attack on October 4 and a subsequent fire. The unit is expected to recover in about a month. Oil prices are still under pressure because investors believe that there will be a surplus of oil as both OPEC+ as well as non-OPEC+ producers increase their output. Analysts said that any slowdown in the demand caused by weak economic growth due to U.S. tariffs would likely exacerbate this surplus. (Reporting and editing by Christopher Cushing in Bengaluru, Anjana Anil)
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Rio Tinto and Partners to Invest $733 Million in Pilbara Iron Ore Project
Rio Tinto announced on Tuesday that it, along with joint venture partners Mitsui Iron Ore & Nippon Steel, will invest $733 Million to develop new ore deposits in the West Angelas Hub of Western Australia's Pilbara Region. Rio Tinto said that the West Angelas project, for which it will contribute $389 millions, will maintain the hub’s annual production capability at 35 million tonne, and extend mining operations by several years. Around 600 full-time jobs will be created during construction, and around 950 will remain after the project is operational. The autonomous trucking of ore will begin in 2027. Rio Mining said the project is part of a series of iron ore replacement developments in Pilbara that support a total production capacity of 130 million tonnes annually. Since 2002, the West Angelas Hub has been an important part of Rio Tinto’s operations. Rio Tinto has also begun a feasibility study for Rhodes Ridge. The project is expected to have an initial capacity up to 40 millions tonnes per year and the first ore in 2030. Rio Tinto shares rose by 0.9% at A$124.72 to outperform the benchmark index which was down 0.1% as of 2329 GMT. In partnership with China Baowu Steel Group the miner has also opened the Western Range Iron Ore Mine, worth $2 billion. The aim is to sustain production from the Paraburdoo hub of the Pilbara region for at least two decades. (Reporting from Bengaluru by Roshan Thomas; Editing by Shailesh Kumar)
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As clashes escalate, the Syrian army redeploys to SDF fronts as they rise in northeast Syria
According to the Defence Ministry, tensions between the U.S. and Syrian Democratic Forces have increased. The statement stressed that the move was not intended as a prelude to a military action but to prevent the Kurdish led group from launching repeated attacks or attempting to seize land. Residents scattered their protests after witnesses reported that the army had sealed off two districts of Aleppo City under SDF control. Residents reported rockets being fired by residents from the Kurdish districts into nearby residential areas. A security source confirmed that one security officer had been killed in a recent attack on a border checkpoint. Kurdish fighters affiliated with the SDF claimed to have repelled a government attack. Two residents said that dozens of families were fleeing to safety from the two neighbourhoods. SDF Calls for Lifting of SIEGE Farhad Shami, a Kurdish SDF spokesman, accused factions of the Damascus regime of trying to enter two Kurdish districts in Aleppo using tanks. He denied that SDF personnel targeted checkpoints and said the group did not have forces in Ashrafiya or Sheikh Maqsoud. Farhad demanded the lifting of the siege he called, and warned that the actions of the government were a dangerous escalate that worsened the plight for local residents. SDF raids have increased in several majority Arab towns that they control. They claim the raids are targeting Islamic State sleeper cell. The raids and a stepped-up campaign to recruit young people for military conscription have caused outrage among certain Arab tribal groups. They accuse the SDF, which denies the charge, of discrimination. Officials said that U.S. Syria envoy Tom Barrack, and CENTCOM commander Admiral Brad Cooper met earlier with SDF Commander General Mazloum Abdul and senior officials in the northeast of Syria. The focus of the talks was on accelerating the implementation of March's agreement with Damascus. In recent days, sporadic clashes intensified. Both Damascus as well as the SDF have accused each other of provocation. Under U.S. sponsorship, the two sides signed a historic agreement in March for integrating Kurdish-led force into Syria's institutional framework by year's end. This included transferring control to Damascus of oil and gas fields, airports and border crossings. Implementation has been slow despite mutual accusations that it is stalling. Washington also pressured the Kurds into accelerating negotiations with Damascus on terms that were acceptable to both parties. Turkey has also accused SDF of stalling, and warned that military action would be taken if they did not integrate with Syria's state apparatus. Reporting by Suleiman al-Khalidi Editing Bill Berkrot
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Trilogy Metals is now owned by the US after Trump approves a road for mining in Alaska
U.S. president Donald Trump said on Monday that he signed an executive ordering directing his administration allowing an access road into the Ambler district of Alaska in order to unlock domestic supply of copper and other mineral. The White House announced an investment of $35.6 million in Canada's Trilogy Metals. This is one possible developer for the region. The U.S. Government becomes a 10% stakeholder in the company, and has warrants for an additional 7.5%. Trilogy shares listed in the U.S. more than doubled to $4.72 after-hours. This partnership is a vote of confidence for the Ambler Mining District, and a significant step forward in domestic mineral development, which is fundamental to America's economy and security," said Kaleb Fröhlich, managing Director of Ambler Metals. Ambler Metals is a joint venture of Trilogy and Australia’s South32 Limited. Trump's order reverses Biden's administration's refusal of a 211 mile (340 km) road that was intended to allow mine development in north central Alaskan. Biden's Interior Department had in 2024 cited risks for caribou and fishing populations, which dozens of Native communities depend on as a subsistence. Trump stated at an Oval Office signing event that the project should have been operating for years and generating billions of dollars in revenue and providing a great deal of energy, minerals and other resources. The Alaska state agency who proposed the project appealed Biden's decision. The Sierra Club, an environmental group, said that development would damage the pristine landscapes in this region which support tribal peoples and wildlife. Athan Manuel said that the communities along the route of the road had consistently expressed their opposition to this destructive project. This order ignores these voices and favors corporate polluters. Reporting by Steve Holland, Washington; Nichola Groom, Los Angeles. Editing by Franklin Paul & Lincoln Feast.
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Belem, Brazil is preparing to host the COP30 and construction continues in Belem
In a month, the first heads of state are expected to arrive in the Amazonian city of Belem for the United Nations Climate Summit. However, the infrastructure that will receive them is still not finished. Another three-story structure is still far from being completed. It sits alongside what has been called the "leaders' village," which is a collection of low-slung structures that will be home to many visiting presidents. The helipad on its gleaming glass and white facade overlooks the complex that will host the 197 nation climate talks, also known as COP30. The building's raw shell is visible at the rear, away from the road, but over the housing of the president. The Para government has said that it does not see the structure as part of the Leaders Village or of the larger public works for the COP30. However, the helipad at the top will be "made available" to meet the needs of the conference. The construction site is still a good representation of the unfinished, frenetic quality that has gripped this tropical city with 1.3 million residents in its final month of preparations. The state government of Para said that the over 30 public works, which it is preparing to host COP30, with an investment of 4.5 billion reals ($845 millions), are on time. These include roads, parks and drainage channels, as well as refurbished tourist attractions. Renovations are underway at the airport international and in the city hotels. A dozen of these hotels will be built specifically for the conference. The construction of a huge pier with thousands berths is still ongoing. A terminal to receive floating hotels was supposed to open in July but only 79% was completed last month. The lack of hotel rooms has pushed prices up to levels not seen in previous conferences. This has stoked tensions among diplomats, U.N. conference organizers, and the Brazilian Government. Brazilian President Luiz inacio Lula da silva played down these concerns during his visit to Belem, last week. In a television interview, he joked: "I'm going want to sleep on the boat." "We don’t have the boat, but I will find one."
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Stock indices mostly rise due to tech shares, but euro and yen fall on fiscal concerns
The major stock indexes rose on Monday. Technology shares rose on news that AMD had signed a deal to supply artificial intelligence chips with OpenAI. Meanwhile, the yen, euro and dollar fell against each other after Japan's ruling political party chose a new leader, and France's newly formed government resigned. Bitcoin reached a new record high, as investors sought out alternative assets amid the uncertainty caused by the U.S. shutdown. The largest cryptocurrency in the world was up by 2.16% to $125,426.34. The euro fell 0.2% to $1.1717. Sebastien lecornu, the new French prime minister, resigned Monday just 14 hours after selecting his cabinet. Sanae Takaichi was selected by Japan's ruling party to be the country's first woman prime minister. She supports the "Abenomics", a strategy of aggressive spending and easy money to boost the economy, which was developed by late prime minister Shinzo Abe. Wall Street saw the S&P 500, Nasdaq and Dow rise, while the Dow fell slightly, as the U.S. government shutdown that began last week continued. Last week, the S&P 500 closed at a record high. The market has extended its momentum bias. The market is ignoring the government shutdown in the United States and because of this, it's believed that the Fed will be more generous than what the market had expected. Federal Reserve officials are widely expected to reduce interest rates by 25 basis points again at their October 28-29 meeting. This is in response to data showing a weakening of the labor market. Cardillo added that "we are not far from the third-quarter results, and it appears to be another great earnings season." The earnings season for S&P500 companies will unofficially begin next week, with the release of reports by some major U.S. financial institutions. AMD shares rose more than 25 percent, and other chip makers' stocks also rose amid optimism surrounding AI deals. The S&P 500 Technology Index was up 0.8%. The Dow Jones Industrial Average dropped 57.83, or 0.12% to 46,700.45. The S&P rose 29.67, or 0.44% to 6,745.46, and the Nasdaq Composite gained 194.13, or 0.85% to 22,974.63. The MSCI index of global stocks rose by 3.14 points or 0.32% to 966.35. The pan-European STOXX 600 fell by 0.04%. Since Emmanuel Macron was re-elected in 2022, France's political instability has increased. No party or group holds a parliamentary majority. The Nikkei rose above 48,000. This was the first time the Nikkei had risen over that level in Japan after Takaichi defeated the more moderate Shinjiro. Koizumi at the Liberal Democratic Party leadership vote. The yields of short-dated Japanese government bonds fell to their lowest level in two weeks as traders reduced bets about when the Bank of Japan would resume raising interest rates. The back end of the curve is getting more attention now because Takaichi, as a general rule, is seen to be a follower Abenomics. Sarah Ying is the head of FX Strategy, FICC strategy at CIBC Capital Markets, Toronto. The majority of other major stock markets in the region, such as mainland China, South Korea, and Taiwan, were closed on holidays. Gold reached a new high of $3,900 an ounce in part due to the political and economic uncertainty in the U.S. and France. Spot gold increased 1.83%, to $3.956.94 per ounce. Prices also rose After OPEC+’s planned production rise for November was less modest than expected. U.S. crude rose 81 cents, settling at $61.69 per barrel. Brent rose 94 cents, settling at $65.47. (Karen Brettell contributed additional reporting from New York; Kevin Buckland reported from Tokyo; and Lucy Raitano reported from London. Alison Williams and Nick Zieminski edited the article.)
Sources say Sinopec has resumed its Russian oil purchases after a short break amid sanctions risk
Sinopec, Asia’s largest refiner, has resumed its purchases of Russian crude oil following a short pause in last month to assess the risks posed by sanctions imposed on Russian entities by the United States, according to trade sources on Wednesday.
Sources said that Unipec, a trading division of China's state run Sinopec, had purchased Russian Far East ESPO blend oil for May loading, after being absent from the March and April loading ESPO cargoes.
Unipec's decision to resume purchases was not immediately apparent.
Sinopec didn't immediately respond to an inquiry for comment.
Sources claim that the number of cargoes purchased by Unipec is significantly lower than it was before the January announcement.
On January 10, the former Biden administration imposed harsh sanctions against Russian oil producers Gazprom and Surgutneftegaz, as well as insurers and over 100 vessels in order to reduce Moscow's revenue.
Last month, it was reported that sanctions had caused a drop in Russian oil exports from China and India while Chinese state oil companies Sinopec Zhenhua Oil and Zhenhua Oil stopped purchasing Russian oil.
Traders said that ESPO blend oil cargoes loaded in May were trading at a premium of around $2 per barrel over the ICE Brent benchmark, on a shipped basis to China. Reporting by Siyi Liu and Florence Tan in Singapore, Editing by Andrew Heavens and Kirby Donovan
(source: Reuters)