Latest News
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Intel wins reduced fine after losing its challenge to EU antitrust ruling
Intel, the U.S. chipmaker, lost its appeal against a 376 million euro ($438 millions) EU antitrust penalty imposed two years earlier for 'thwarting competitors.' But it gained some comfort as Europe’s second highest court reduced the fine by a third. The European Commission (which is the EU's competition enforcer) handed out the fine in 2023, after the court threw out an earlier penalty of 1.06 billion euro imposed by the tribunal in 2009 for blocking Advanced Micro Devices. The 376 million Euro fine was a result of payments Intel made to HP, Acer and Lenovo between November 2002 and December 2006 to stop or delay competing?products. These payments are often referred to as "naked restrictions" and are frowned upon by regulators. The Luxembourg-based tribunal stated that "the General Court upholds Commission 2023's decision against Intel, but reduces fine by about?140million euros." The judges said that a fine of 237 million euros is more appropriate in light of the severity and duration of the violation at issue. The company cited the limited number of computers that were affected by Intel?s restrictions and the 12-month interval between?some of these anti-competitive activities. On legal issues, the Commission and Intel may appeal to the European Court of Justice (the highest court in Europe), which is Europe's highest. T-1129/23 Intel Corporation V Commission.
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Silver extends rally beyond $60; gold steady ahead of Fed rate-cut decision
Investors awaited comments from Jerome Powell, the chair of the Federal Reserve, on future policy decisions, as gold prices remained unchanged. Silver extended its historic rally over $60 an ounce. As of 0844 GMT, spot gold dropped 0.2% to $4199.92 an ounce. U.S. Gold Futures for February Delivery fell 0.2% to $4.228.10 an ounce. Spot silver rose 1.2% to $61.37/oz after hitting an all-time record of $61.61 earlier. Silver broke above the $60 an ounce mark, luring in more short-term traders and trend followers. Carsten Menke, Julius Baer's analyst, said that this also reflects a narrative of "physical tightness" in the silver markets. White metal prices have risen 113% in the past year. This is due to a combination of factors, including a decline in inventories and the United States' designation of it as a "critical" mineral. Today, the two-day Federal Open Market Committee (FOMC) policy meeting ends. A rate-cutting decision is expected at 1900 GMT. Powell will then make his remarks at 1930 GMT. The markets assign an 88% chance of a 25 basis-point cut. In the last few weeks, investors' demand for gold measured by holdings in physically-backed products was not as high as silver. Menke said that this is the primary factor holding gold back. Holdings of the largest gold-backed ?exchange-traded-fund (ETF), New York's SPDR Gold Trust, fell 0.1% on Tuesday, while New York's iShares ?Silver Trust, gained 0.53%. Kevin Hassett is the White House's economic advisor and a frontrunner for replacing Powell as Fed Chair. He said on Tuesday that "there was plenty of room" to lower interest rates further. However, rising inflation may change this calculation. Gold is a non-yielding asset that tends to be favoured by lower interest rates. RBC Capital Markets has raised its long-term forecasts for gold prices to an average $4,600 per 1 ounce by 2026, and $5,100 in 2027. They cited geopolitical risk, a softer monetary policies, and persistent deficits. Palladium dropped 0.3%, to 1,501.71, and platinum fell 1.2%, to $1670.70. (Reporting and editing by Alexandra Hudson in Bengaluru, with reporting by Pablo Sinha from Bengaluru)
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Ambassadors of EU countries approve phase-out of Russian gas imports
The ambassadors of EU countries approved the bloc's plan on Wednesday to 'phase out' Russian gas imports in 2027. A spokesperson for Denmark's EU Presidency said that this was the last legal hurdle before the ban can become law. Last week, the EU reached a 'deal' on a new law that will cut ties with Russia, Europe's former largest gas supplier. They had vowed to do so following Moscow's full-scale invasion of Ukraine in 2022. According to the agreement, the EU must stop Russian imports of liquefied gas by 2026. Pipeline gas will be stopped by 2027. Before it becomes law, the 'Russian gas ban' still needs to be approved by the European Parliament and a meeting of EU ministers. The EU Ministers will formally ratify the ban in early 2019. EU officials expect that both will approve the deal, despite Hungary and Slovakia's opposition. (Reporting and editing by Louise Breusch Rasmussen, with Kate Abnett)
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Kazakhmys Copper announces new controlling shareholder
Kazakhmys, a Kazakh copper producer, announced on Wednesday that it had signed an?framework contract? which would transfer the control of?company? to a new investor. The?signing?of?the document marks the beginning of the transfer of the control. The company stated that all the necessary obligations and measures under the agreement would be completed in the near future 'according to established procedures. This will then be followed by the signing a'share purchase agreement. Vladimir Kim and Eduard?Ogay, the board chairman of Kazakhmys, signed the agreement. Kazakhmys has not said who will take control. Local media reported that Nurlan Artykbayev founded Qazaq Stroy and is its majority owner. Local media reported that the preliminary transaction value was $3.85billion. Kazakhmys refused to identify the new owner when asked by journalists and referred them to its published statement. Qazaq Stroy didn't immediately respond to a request for comment. Kazakhmys is ranked 20th in the world in terms of copper concentrator production. It produces 271,000 tonnes per year. Kazakhmys stated that the change in shareholder will not affect production or contractual obligations.
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Iron ore prices rise as China's weak data boosts demand
Iron ore futures rose on Wednesday, ending multiple sessions of losses. This was after soft factory data in China, the top consumer, raised hopes for a new stimulus to boost economic growth by 2026. After falling by 0.7% on the previous day, the?most-traded contract for iron ore on China's Dalian Commodity Exchange closed its daytime trading 1.85% higher. As of 0748 GMT, the benchmark January iron ore traded on Singapore Exchange was up 0.84% at $102.65 per ton. China's factory gate deflation has accelerated in the third year of its existence, and last month it reached a new high. This indicates a weakening domestic demand, which is not expected to improve soon. Official data revealed that the producer price index (PPI), which measures prices for goods and services, fell by?2.2% in November compared to a fall of 2.1% in October. This was worse than expected, as the official data predicted a drop of?2%. Analysts expect Beijing to take some measures to support growth in the first three months of 2026. Iron ore prices rose despite the fact that analysts from China Mineral Resources Group (CMRG), a state-owned company, argued that current trends were not in line with fundamentals. In a Tuesday statement posted on the WeChat page of the state-backed Steel Association, CMRG analysts said that "speculative activity among traders has amplified price fluctuation." Prices are not likely to trend up in the fourth-quarter due to a backdrop of increasing supply and weakening consumer demand." CMRG was 'established in 2022 for the centralisation of iron ore - purchases and to win better terms with miners. Coking coal, another steelmaking ingredient, fell by 1.29%, while adding 0.36%. The benchmarks for steel on the Shanghai Futures Exchange have gained ground. Rebar grew by 0.97%. Hot-rolled coils climbed by 0.58%. Wire rod jumped 0.27%. Stainless steel gained 0.24%. ($1 = 7.0617 Chinese Yuan) (Reporting and editing by Amy Lv, Lewis Jackson and Harikrishnan Nair).
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Silver reaches record highs, gold falls ahead of Fed decision
Gold prices fell on Wednesday as investors awaited the Federal Reserve's Jerome Powell to give his guidance. The?bank?is widely anticipated to announce a rate cut on a day where it is widely expected that they will do so. Silver continued its record-breaking rise above $60 per ounce. As of 0712 GMT, spot gold was down by 0.1%, at $4,205.4 an ounce. U.S. Gold Futures for February Delivery fell 0.1%, to $4,233.30 an ounce. Spot silver rose 1.1% to $61.34/oz, after reaching an all-time session high of $61.61 in the morning. It moved above the 6000 mark on Tuesday. Limit of $60/oz Silver has now overtaken gold in terms of value thanks to its widespread use in industries amid a shortage as demand for precious metals surged this year. In October Today, that is close to 69, said Jigar Trivedi senior research analyst at Reliance Securities in Mumbai. Jigar Trivedi is a senior research analyst with Reliance Securities in Mumbai. Trivedi said that silver is in demand, considering the fundamentals. In a report released on Tuesday, the Silver Institute, an industry association, said that solar energy, electric cars and their infrastructure, data centers, and artificial intelligence would drive up industrial demand through 2030. Maria Smirnova said that the metal was boosted by exchange-traded funds and the U.S. decision to declare it a critical mineral in early this year. Silver inventories are decreasing globally, and the expectation of Fed rate reductions has supported demand. Powell will hold a press conference at 1930 GMT after the conclusion of the Fed's two-day meeting. Investors expect a 25 basis-point reduction to be about?89% likely. GoldSilver Central MD Brian Lan stated that gold prices will continue to rise in the long-term, and have a bullish outlook. However, they are currently range-bound while investors wait for clarity regarding?the Fed?s next steps and policy direction. Kevin Hassett is the White House's economic adviser and the leading candidate to become?the Fed chair. He said on Tuesday that there was "plenty" of room for further cuts, but rising inflation might change this outlook. Gold is a non-yielding asset that tends to be favoured by lower interest rates. Palladium dropped 1%, to $1,492.25; platinum fell 1.3%, to $1667.71. (Reporting from Ishaan Aroo, Anmol Choubey, and Sherin Elizabeth Varighese at Bengaluru. Editing by Rashmi Anich and Harikrishnan Nair.
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Copper falls below records as Fed caution tempers gains
The copper price held steady on Wednesday just below records highs, as investors awaited a possible hawkish message from the U.S. Federal Reserve after its two-day policy meeting. The Shanghai Futures Exchange's most traded copper contract closed the daytime trade down 0.23%, at 91.850 yuan (about $13,005.86). As of 0710 GMT, the benchmark 3-month copper price on the London Metal Exchange rose 0.68% to $12,565.50 per ton. The Fed's upcoming rate decision slowed copper's momentum. Markets expect a "hawkish reduction" in interest rates at a time of rising inflation fears and the resilience of US economy. Analysts at Chinese broker Jinrui stated that investors have scaled back their?positions due to apprehension over future rate cuts. They also expect a supply'strain' outside of the U.S., which is keeping prices high and volatile. China's consumer price inflation reached a 21-month high in November. However, factory-gate deflation continued to persist, even as the Chinese government intensified its campaign to reduce overcapacity. Shareholders of Canadian'miner Teck Resources' approved the merger between Anglo American on Tuesday, clearing the way for the case?to be reviewed by regulators. Aluminium, lead, and nickel all declined, while tin was the only metal to gain. The?LME metals gained 0.45% in lead, 0.45% in zinc, 0.31% in nickel and 2.39 % for tin. $1 = 7.0622 Chinese Yuan Renminbi (Reporting and editing by Dylan Duan, Lewis Jackson and Harikrishnan Nair).
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UK stadiums switch beef burgers to wild venison in order to reduce carbon emissions
In an effort to reduce carbon emissions, stadiums such as Brentford’s Gtech Stadium are switching to wild venison. Levy UK, a hospitality partner, says that the initiative, which is now being rolled out to over 20 venues across the UK and Ireland could reduce emissions by up to 85%, and save as much as 1,182 tons of CO2e annually. James Beale is the Director of Sustainability and Community for Brentford. He said that beef has the greatest impact on carbon emissions of all the ingredients we offer. We wanted to replace it with wild venison, which has 85% fewer carbon?emissions (per kilogram) than our beef hamburgers. It has a huge impact. In place of 54 tonnes of beef hamburgers, the initiative will provide wild?venison portions in eco-friendly packaging, with condiments made of surplus?vegetables. Levy Sports and Entertainment Catering, which caters to sports and entertainment, says that the venison hamburger was first sold in Brentford's stadium. In just one month at Twickenham, close to 5,500 wild-venison burgers had been sold, including at Twickenham's Women's Rugby World Cup Final in September. Beale stated, "Our fans love it." It's more popular that the beef burger last year. Depending on how emissions are measured, independent studies have varied on the size of the carbon difference between wild venison and beef. Levy said that Britain's two million estimated wild deer have no natural predators and are "helping to drive a sustainable push" as their meat is now on?stadium menus. The company stated that using wild venison helps reduce reliance on artificial ingredients, supports biodiversity and curbs contamination of water. It also offers a 'lower-carbon alternative' to beef. Levy said that the National Exhibition Centre, The O2, The National Theatre and The Oval Cricket Ground in London are also part of their nationwide rollout. (Reporting and writing by Stuart McDill; editing by William Maclean).
What is behind Iran's long-running dispute with the United States of America?
The United States has withdrawn some diplomatic staff as well as military families from the Middle East citing regional security threats that are not specified.
The long-standing rivalry between Iran and the United States may have contributed to tensions. This article explains the history of the rivalry and how it played out. It also explains why tensions have risen again.
Why did Iran and the United States become enemies?
Iran and the United States have been friends for much of the 20th Century.
In the 1950s as the Cold War began to take hold, Washington relied heavily on Iran's ruling Shah to stem the spread of Soviet influence in the oil producing Middle East.
The Shah's popularity was waning at home, and the CIA helped to topple a populist Iranian Prime Minister, Mohammed Mossadegh. He had nationalised Iran’s British-owned Oil Company and wanted a neutral Cold War stance.
The Islamic Revolutionaries in Iran who overthrew the Shah of Iran in 1979 accused the CIA for training the secret police of the Shah and vowed that they would fight Western imperialism throughout the region. They called America the "Great Satan".
The American embassy was taken over by revolutionary students who held dozens of diplomats, staff and others hostage for a period exceeding a year. This ended a strategic alliance which had shaped this region for decades.
How did the US-Iranian Rivalry play out?
The new Iranian government sought to export the Islamic Revolution to other Shi'ite Muslims, as well as groups that opposed Israel. It saw Israel as the main avatar of an imperialist Western project oppressing Muslims throughout the Middle East.
Hezbollah was established in Lebanon by the Islamic Revolutionary Guards Corps of Iran in the early 1980s. The United States accuses this group of bombing their embassy and Marine barracks in Beirut, Lebanon, in 1983 and killing 300 people, mainly Americans.
Hezbollah has claimed that other groups are responsible for the wars it fought with Israel, the U.S.'s main regional ally.
Iran also had complaints. Baghdad backed Baghdad in its war against Iran. Iraq invaded Iran and began using chemical weapons in 1982. In 1988, a U.S. ship mistakenly downed an Iranian passenger aircraft and killed 290 people.
After 1990 tensions began to ease as the U.S. focused its attention on Iraq following Baghdad's invasion and Iran elected Mohammed Khatami in 1997, a reformist president who wished for better relations with Western countries.
In the early 2000s, rivalry erupted again when U.S. president George W. Bush labelled Iran as part of an “Axis of Evil” along with Iraq and North Korea. This label caused anger in Iran.
In 2002, Iran's secret nuke programme was revealed. The U.S. invasion of Iraq led by 2003 placed the two countries at odds in a battle for control of the Shi'ite-majority country.
Who are the U.S. and Iran in the Middle East?
In conflicts and political battles between both sides' proxies, the U.S. and Iranian rivalry is often played out in the background.
Iran also supports Hezbollah and other armed Shi'ite groups in Iraq, including the Houthi group, which has attacked international shipping on the Red Sea, as well as the Palestinian militant group Hamas.
The United States has been the principal international supporter of Israel for many years, Iran's main regional rival. The United States is also an ally of the Sunni Gulf monarchies, who have for many years been waging their own war against Iran.
Saudi Arabia, along with other Sunni-majority countries, has buried the hatchet and is now a friendly nation. However they are still wary of any U.S. attacks on Iran and fear retaliation.
How does the Iranian nuclear issue fit in?
Iran's nuclear program was put in the crosshairs of the U.S. after it was revealed that Iran secretly enriched uranium. This process can be used to make fuel for a power plant, but also more concentrated material for a weapon.
As negotiations on Iran's nuclear program have been dragging out for years, the West has stepped up its pressure with sanctions.
Iran claims that its program is completely civilian and it has the right enrich uranium. Washington and its allies claim that Iran has always hidden key elements of its program and believes it is trying to build a nuke bomb.
Iran and six major countries including the United States agreed in 2015 to curb Tehran's nuke work in exchange for limited sanctions relief. But U.S. president Donald Trump ripped the deal up in 2018.
Trump has warned that if there's no new agreement, he will bomb the country.
Why is Israel's position on Iran important?
Israel has repeatedly called Iran its most dangerous adversary and indicated that it could strike Iran's nuclear sites.
A similar attack would require the U.S.'s consent, which could drag Washington into a war with Tehran.
Israel has been widely viewed as being behind the covert attacks against Iran's nuclear program, including Stuxnet and the assassination of scientists. Israel has not confirmed or denied this.
Since the Hamas attacks on Israel in October 2023, tensions have risen as the war in Gaza has raged.
Israel struck Iranian targets in Syria, Iraq and Syria last year. Iran's Houthi ally in Yemen launched strikes against Israel.
Iran and Israel exchanged direct fire twice with drones and missiles, highlighting the possibility of full-blown warfare.
(source: Reuters)