Latest News
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Cyclone Montha strikes India's East coast, killing one
Officials said that one person died on India's east coast when Cyclone Montha hit around midnight. Heavy rains and gusty wind also damaged crops and utility poles. The Indian weather service has predicted extremely heavy rains for coastal states Andhra Pradesh and Odisha on Wednesday, with gusts up to 90 km/h. The cyclone will likely weaken into a deep depression by the end of the day. Local officials reported that a 48-year old woman died in Andhra Pradesh’s Konaseema District after a palm fell on her. The government reported that as of Tuesday evening, more than 38,000 acres of crops were damaged, along with several power lines and utility posts in Andhra Pradesh. There are efforts underway to restore electricity in areas that have been affected by outages. A video from ANI in which we have a minor stake showed rescue workers in the state clearing uprooted trees and cleaning streets as rain continued. A notice revealed that the Tibet side of Mount Everest has stopped visitor access due to unseasonably heavy snowfall, caused by weather changes brought about by the cyclone. Reporting by Jatindra dash in Bhubaneswar and Rishika sadam in Hyderabad. Writing by Tanvi mehta. Editing by Edwina gibbs.
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Floods in Central Vietnam kill 9 and leave 5 others missing
The government reported on Wednesday that floods in central Vietnam caused by heavy rainfall records have resulted in the deaths of at least nine people. Five others are still missing. The government released a statement stating that six of the deaths occurred in Danang, which is home to the most popular beach in the country, and in the ancient town Hoi An. In a separate report, the government disaster agency stated that the floods had also inundated over 103,000 homes, mainly in the top tourist destinations of Hue, and Hoi An. Vietnam is susceptible to violent storms, which can be deadly. Flooding and storms are also common in Vietnam. This causes widespread damage to property. The former imperial capital Hue, listed by UNESCO, and the ancient city of Hoi An continue to be pounded with heavy rains, according to the agency. This comes after the rainfall in this area reached a record-high in a 24-hour period that ended late Monday night, surpassing 1,000 millimetres. Images circulated on state media showing that Hoi An was still inundated with floodwater, and several houses were submerged to the roofs. Hue was hit by flooding of up to 1-2 meters in 32 of the 40 communes. The government reported that water levels have continued to rise in the rivers and reservoirs of Danang. It said that "widespread flooding" continued in low-lying river banks and urban areas. There was also a high risk of flash floods, landslides and other natural disasters in the mountainous regions of Danang. The disaster agency reported that landslides had occurred in several places, blocking traffic and destroying power grids. It also said the state-run railway company has not yet been able resume services between the capital Hanoi, and the business hub Ho Chi Minh City, following a Tuesday suspension. According to the weather agency of the government, heavy rains will continue over central Vietnam for the next two weeks. Some areas are expected to receive rainfall above 400 millimetres between early Wednesday and late Thursday.
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Valaris Adds $190M in New Offshore Drilling and Wind Contracts
Offshore drilling contractor Valaris has secured a series of new contracts and extensions worth about $190 million in the North Sea and Middle East regions, lifting its total contract backlog to $4.5 billion.The latest awards include a mix of deepwater drilling and jack-up projects across Egypt and the UK North Sea, underscoring continued demand from both oil and gas and offshore wind clients.Valaris’s drillship VALARIS DS-12 was awarded a five-well contract by BP Exploration Delta Limited in Egypt, scheduled to begin in the second quarter of 2026. The work is expected to last around 350 days, with a total estimated value of $140 million, including a mobilization fee. The contract also provides three optional wells.In the UK North Sea, the company secured a series of jack-up rig extensions and new assignments. VALARIS 121 received a 194-day extension from Shell, beginning in February 2026 in direct continuation of its current work, adding over $25 million to the backlog.VALARIS Norway was granted a 150-day extension by Ithaca Energy, commencing in August 2026, with an estimated value of around $18 million.The company also expanded into the offshore wind segment, with VALARIS 248 contracted by GE Vernova to provide accommodation support services for a North Sea offshore wind project.The 120-day contract, starting November 2025, is valued at over $8 million and includes six priced options totaling 104 additional days.Separately, VALARIS 122 obtained two 28-day extensions from Shell for accommodation support, starting January 2026, with a combined value exceeding $6 million and one priced option remaining.Valaris said it also sold the jackup VALARIS 247 in August 2025 for cash proceeds of approximately $108 million.
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Gold prices rise ahead of Fed's decision; however, trade optimism limits the upside.
Gold prices rose a little on Wednesday ahead of a Federal Reserve interest rate cut that was widely expected, but easing U.S. China trade tensions held bullion in check. As of 0257 GMT spot gold rose 0.2% to $3,957.42 an ounce after falling to its lowest level since October 7 on Monday. U.S. Gold Futures for December Delivery eased 0.3%, to $3.971.20 an ounce. Kelvin Wong, senior market analyst at OANDA, said: "The fuel behind this short-term gold correction is the readjustment from safe-haven instruments to more responsive instruments like global equities because of trade optimism." In the short term, gold is under pressure from both short-term leverage and technical levels being breached. The fundamentals of gold are still positive. Over the weekend, top Chinese and U.S. economists hammered out the framework for a trade agreement between U.S. president Donald Trump and his Chinese equivalent Xi Jinping. The deal would halt steeper American tariffs as well as Chinese controls on rare-earth exports. Trump and Xi will meet in South Korea Thursday. The progress in U.S. China trade talks has continued to sap the demand for safe-haven assets like gold. This pullback extended as tensions eased. The recent falls may offer central banks an opportunity to increase purchases," ANZ stated in a report. The Fed is widely anticipated to reduce interest rates by a quarter percentile point at its policy meeting that will take place on Wednesday. Investors are also watching for any future-oriented language from Fed chair Jerome Powell. At its Thursday policy meeting, the European Central Bank will likely leave interest rates unchanged. Gold that does not yield is a good investment in low interest rate environments and economic uncertainty. The gold price has risen by 52% in the past year, with a peak of $4381.21 reached on October 20. This was boosted by economic and geopolitical uncertainty, bets to lower rates, and central bank purchases. Other metals, such as platinum, palladium, and silver, also saw gains. Platinum rose 0.7% per ounce to $1.574.25 while palladium fell 0.7% at $1.391.07.
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Iron ore reaches two-week high before Trump-Xi Meeting
The iron ore futures price rose on Wednesday, for the third consecutive session. It reached its highest level in two weeks. This was boosted by optimism about a possible trade agreement between two of the world's largest economies. U.S. president Donald Trump, who is expected to meet with Chinese President Xi Jinping in South Korea on Thursday for a high-level meeting, has said that he anticipates reducing U.S. duties on Chinese products as a result of Beijing's promise to limit exports of fentanyl precursor chemicals. Analysts at brokerage Xinhu Futures stated in a report that the general risk sentiment has improved due to a easing of U.S. China trade tension. The most traded January iron ore contract at China's Dalian Commodity Exchange rose by 1.14%, to 798 Yuan ($112.03) per metric ton. It had previously reached its highest level since October 14, when it was 802 Yuan. On the Singapore Exchange, December benchmark iron ore rose 0.52%, to $106.3 per ton. The price of iron ore in December reached its highest level since October 14, at $106.65 a ton. Prices of the main steelmaking ingredient were also supported by the expectation that steel mills will restock in a hurry to meet production requirements after the end of production restrictions. A forecast for worsening air pollution forced steelmakers in certain northern regions, including the largest steelmaking hub Tangshan City, to begin implementing production controls on Monday. Vale, a Brazilian miner, said it was very optimistic about long-term demand for iron ore. Coke and other steelmaking materials, such as coking coal, both fell by 0.74% and 0.83%, respectively. The Shanghai Futures Exchange has seen a rise in most steel benchmarks. Rebar gained 0.48%; hot-rolled coils advanced 0.64%; wire rod grew 0.54%. Stainless steel was little altered.
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Australian shares fall after Q3 inflation data points to RBA rate holding next week
Australian shares fell on Wednesday, as banks continued to lose money and real estate stocks reversed their course. Local investors also sharply reduced bets that the central bank would cut rates next week following higher-than-expected third quarter inflation. By 0047 GMT the S&P/ASX 200 Index had fallen 0.6%, to 8,958.50 - below the psychologically important 9,000 point level. Early trade saw little change in the benchmark. The Australian Bureau of Statistics consumer price index (CPI), which measures prices for goods and services, rose by 1.3% during the third quarter. This was higher than expected at 1.1% due to rising housing and travel expenses. After the release of the data, the odds of a policy easing were significantly reduced. Investors now price in a 90% chance of the Reserve Bank of Australia holding the cash rate at 3.60%. Next week, on November 4, the RBA will decide on interest rates. The local stock exchange saw a drop of 1,1% in the banks, while the "Big Four' banks were down between 0,6% and 1,7%. Stockland Corporation, which is a peer company in the real estate sector, fell 2% and caused a 0.8% fall. The healthcare stocks dropped 2.6%. This was due to a drop of 4.8% in CSL shares, which fell for the second day running after the company announced on Tuesday that it would delay the U.S. separation of its Seqirus division. Iron ore prices rose following China's recent proposal to limit steelmaking capacity. BHP Mining rose by 0.7%. Woolworths shares rose 1.6% in the wake of an increase in sales for its first quarter, which exceeded market expectations. The benchmark S&P/NZX 50 Index in New Zealand rose 0.4%, to 13,462.37. (Reporting by Shivangi Lahiri in Bengaluru; Editing by Alan Barona)
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Lynas, an Australian company, invests in a new Malaysian facility to produce heavy rare earths to meet the rising demand
Lynas Rare Earths, a company based in Australia, announced on Wednesday a new separation plant in Malaysia. The announcement came as the company noted a growing demand for rare earth oxides that are sourced from outside China. Lynas is the largest rare-earth manufacturer outside of China. The project will cost approximately A$180,000,000 ($116.96,000,000) and have the capability to separate up 5,000 tonnes of heavy rare earth feedstock per year. Amanda Lacaze, CEO of Lynas, said, "Market demand is high for heavy rare Earths and we can be selective about where and at what price we sell them." Lynas Mt Weld in Western Australia and other sources will provide feedstock. The company stated that the timeline for construction of the project is subject to approval by regulatory agencies. Lynas is in talks with a number of partners to ensure that it can offer a wider range of products for fair prices. The shares of the company continued to decline for the fourth session in a row, falling more than 1% at A$15.63 by 2345 GMT following reports of a potential delay in Chinese restrictions on rare earths.
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Australian shares fall as healthcare stocks drag down; inflation data is in focus
Australian shares fell on Wednesday as healthcare stocks lost ground to miners. Local traders were cautious in advance of the third-quarter consumer prices data due later that day. By 2330 GMT, the S&P/ASX 200 index had fallen 0.1% to 9,002.10 point. The benchmark index ended Tuesday 0.48% lower. Michele Bullock, Reserve Bank of Australia Governor, said after the bell Tuesday that an increase of more than 0.9% in core inflation for the third quarter would be a strong argument against a rate reduction at the Reserve Bank of Australia’s next meeting. Investors are now pricing in a 45.4% probability of a 25 basis-point rate reduction at RBA's next week meeting, before the release of inflation figures later on Wednesday. CSL shares fell 3.8% on the local exchange, for the second day in a row, after the company announced Tuesday that it would delay the U.S. separation of its Seqirus division. Banks fell 0.1%, with two of the "Big Four lenders" falling by around 0.4%. Commonwealth Bank of Australia (CBA) and ANZ Group, however, rose 0.3% and ANZ Group, respectively, 0.4%. Iron ore prices rose after China's recent proposal to limit steelmaking capacity. Rio Tinto (BHP) and Rio Tinto (Rio Tinto) both rose by 0.7%. Woolworths shares fell 0.3% in the company news after the firm reported a slight increase in its first quarter sales. Analysts at Jefferies noted that "the last six weeks of the Q1 weren't better than the first 8 weeks." The benchmark S&P/NZX 50 Index in New Zealand rose 0.4%, to 13,454.95 index points. (Reporting by Shivangi Lahiri in Bengaluru; Editing by Alan Barona)
Britain sells off last NatWest shares after crisis-era bailout
After a 60.59 billion pound ($45 billion) state-funded investment at the height the financial crisis in 2008, NatWest is now fully private. This ends a costly taxpayer-funded investment which reshaped both the lender and the industry.
The British government has sold the remaining 1% of its bank shares, according to an announcement by the Treasury on Friday. It had previously sold small blocks over recent years. It held up to 38% as recently as December 20,23.
In a press release, Finance Minister Rachel Reeves stated that "nearly 20 years ago, the government intervened to protect millions and businesses from the effects of the collapse RBS".
"That decision was made to protect the economy, and the return of NatWest to private ownership marks a turning point in the history of this country."
NatWest's reprivatisation is a turning point in the recovery of its business and mortgage lending in its home market. It transformed from an investment bank with a global reach to a more traditional, slimmed-down lender.
NatWest shares have risen by more than 30% this year, to 523 pence. This is above the 502 pence bailout. Prior government selldowns took place at lower prices, resulting in a loss for the rescue.
According to Britain's Finance Ministry, the government lost approximately 10.5 billion pounds in the 45 billion pound rescue when proceeds from share sales and dividend payments to finance ministry are added together with fees and other revenue.
The SYMBOL of EXCESS
NatWest's growth in the years leading up to the financial crisis became a symbol of excess in that time. It grew from being a small Scottish bank in the 1990s, to becoming one of the largest banks in the world, with a total balance sheet exceeding 2 trillion pounds in 2008, which was almost twice the annual British economic output.
Before its 2020 rebranding, the bank known then as RBS had sold assets that ranged from a fleet aircraft in Beijing to the largest hospital of Sydney. It also included a golf-course in Florida, 110 km away from the nearest highway, and an American graveyard. Deep South.
According to UK Finance, the bank, now under private ownership, is a significantly slimmed down lender, focused on its domestic businesses. It ranks third in Britain for mortgage providers behind Lloyds Banking Group, and Nationwide Building Society.
After the financial crisis, Britain introduced so-called "ring-fencing" rules to protect ordinary savers from the riskier activities of banks. It also aimed to boost competition by encouraging smaller challenger banks.
NatWest faces a challenge to increase fee-based revenue from businesses like wealth management. This is because incumbents have been largely unaffected by these efforts. Meanwhile, big rivals including HSBC are pursuing the same strategy in response to declining lending income due to Britain's central banks' policy rate cuts.
Paul Thwaite, the current CEO of the bank, has made it a priority to further simplify and streamline its operations and to promote economic growth by providing mortgages and business loans.
This is in line with the pressure the left-leaning Labour party has put on banks to kickstart the slow economic growth of the country. The ruling party may still tap the cash-rich banks via additional taxes to plug the gaps in the budget.
Alex Potter, Investment Director, Developed Market Equities, Aberdeen, said that NatWest had rebuilt its reputation but was still a political ball.
He said that the lender would continue to be under pressure to actively support the growth agenda of government.
NatWest executives said that the state exit would not affect how they do business. However, bankers and advisors believe that it may try to accelerate its growth strategy through further acquisitions in 2024 after a number of such deals. ($1 = 0.7427 pounds)
(source: Reuters)