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Rio police raids result in at least 132 deaths, and corpses are piled up on the street
Public defenders reported that the deadliest police operation ever conducted in Brazil killed at least 132 individuals. Residents of Rio de Janeiro lined up a street where dozens of bodies were found overnight. This was a week before global climate events took place in Rio de Janeiro. The state police reported that the raids on a major drug cartel the day before were planned for over two months. They were designed to lure suspects up a hillside covered in trees where a special operation unit was waiting as an ambush. Victor Santos said at a press conference that the increased lethality was not only expected, but also unwelcome. Rio police confirmed 119 deaths, including four officers. Santos stated that there is no connection between the global events Rio will be hosting next week in relation to the United Nations COP30 Climate Summit, including the C40 Global Summit of Mayors tackling Climate Change and British Prince William’s Earthshot Prize. Rio has hosted many global events in the last decade, including the 2016 Olympics and the 2024 G20 Summit, as well as the BRICS Summit in July. However, there was no violence of the magnitude seen on Tuesday. Before Tuesday, the city's deadliest police raid was a raid in 2021 that killed 28 people in Jacarezinho. In 1992, Sao Paulo Police stormed Carandiru Penitentiary in order to quell a prison revolt. 111 people were killed. Residents in Rio's Penha neighborhood gathered corpses overnight from the forest and lined them up in a main road. Taua Brito said, "I want to take my child out of here and bury Him," surrounded by mourners weeping and onlookers, on either side of a long row of dead bodies, some covered with sheets and bags. UN URGES PROMPT INVESTIGATING The heavy loss of life in the raid was criticized by several civil society groups as well as public safety experts. The United Nations Human Rights office stated that it is part of a growing trend of police raids which are extremely deadly in Brazil's marginalized areas. In a press release, the agency stated that it "reminds authorities of their obligations as per international human rights law and urges prompt and effective investigation." Rio Governor Claudio Castro stated that he is certain the criminals who fired guns in the forest were those who killed during the operation. He told reporters that the raids were part of a campaign to combat "narcoterrorism". He said, "The only true victims were the officers of police." Rio's state government claimed that this was the largest operation ever undertaken to target the Comando Vermelho drug gang. The gang controls the drug trade within several favelas, poor settlements woven into the hilly terrain of the city. The police said that they arrested 113 suspects and confiscated 118 firearms during the operation. Ricardo Lewandowski, the Justice Minister, told journalists that President Luiz inacio Lula da Silveira was surprised when he learned Rio police launched an "extremely violent, bloody" operation, without notifying federal authorities or involving them. The Minister said that he would meet with Rio's Governor and increase the number federal security officials in Rio. Lula, who had returned late Tuesday night from a visit to Malaysia, held a meeting with Vice President Geraldo Alckmin, and members of his cabinet, on Wednesday, to discuss this matter. His office confirmed that.
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Brazil to finance adaptation to extreme weather at COP30
Brazil wants to assist developing countries in securing more funding to adapt to climate change. The COP30 summit president stated that. A U.N. study estimated the world would need to spend $310 Billion a year to prepare for rising sea levels, warmer days, and other conditions associated with a warming atmosphere by 2035. According to the U.N.'s Adaptation Gap Report, this is about 12 times what is currently spent annually on climate adaptation efforts. COP summits have so far not resulted in major increases in funding for climate adaptation. These funds are still behind investments in renewable energies and other technologies that reduce greenhouse gas emissions causing global warming. The U.N. released its report on Wednesday. On the same day, Jamaica, an island nation in the Caribbean, was waking up to the destruction caused by a Category 5 hurricane. It had brought severe flooding, landslides, and power outages. Climate scientists say that warmer ocean temperatures cause more intense hurricanes, which are also more frequent. They bring with them higher rainfall, and a greater risk of storm surges due to the rising sea level. This underscores the urgency for adaptation measures. In an interview with Andre Correa do Lago, Brazil's COP30 Summit president, he said: "More and more, the public, governments, and cities want resources for adaption." COP30 takes place in Belem (a port city at the gateway to the Amazon Rainforest) from November 10-21. He hopes to present a "package" of resources for financing adaptation during the summit. "Some will be from wealthy countries, others from philanthropy and, above all, attention from multilateral development bank for adaptation", Correa do lago said, without giving further details. According to the U.N., international public financing flows for climate adaptation in developing countries were $26 billion in 2023 - far less than the $310 billion needed. Bill Gates, philanthropist and billionaire investor, called on world leaders earlier this week to focus on resources that improve and protect lives rather than temperature goals and emission limits. Brazil hopes that COP30 will convince the public of the fact that other countries are still committed to the cause, despite the United States, the world's largest economy, rejecting climate action. "We must somehow convey that there are progresses on this agenda because we're facing a phase where most people think this agenda is losing momentum," said Correa Do Lago. He said that countries should concentrate on providing real-world action and financial guarantees rather than haggling about a negotiated declaration that will be agreed upon by all governments. The topic of climate finance can be a controversial one at U.N. summits. The COP29 agreement in Baku, Azerbaijan last year committed wealthy nations to provide $300 billion annually in climate finance by the year 2035. Poorer countries criticized the deal as being woefully inadequate. Azerbaijan is drafting with Brazil a "Baku-Belem Roadmap" that includes options to increase annual climate finance from private investors to $1.3 trillion. (Reporting from Brasilia by Lisandra Parguassu and Kate Abnett; Editing by Nia Williams and Kat Daigle)
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Mali cancels 90 mining exploration permits
According to a recent official order, Mali has revoked 90 mining exploration permits. This includes those that were held by subsidiaries of multinational mining companies. Local subsidiaries of Harmony Gold and IAMGOLD as well as Birimian Gold and Resolute Mining are affected. The decree does give no reasons for the revocation, but it states that the "released" permits will allow the reallocation of the land covered by these permits. The Ministry of Mines didn't immediately respond to an inquiry for comment. PERMIT REVISIONS AND TOUGHER RULES RESHAPE MINING IN AFRICA Guinea, along with several other African nations, has recently reformated their mining sector by cancelling permits that were inactive or non-compliant. Others have introduced stricter regulations in order to increase earnings from natural resource, as part of a larger push to tighten up oversight and regain control over strategic assets. The Mali decree, which was signed by the Mines Minister Amadou Keita in October and reviewed on October 29, cancels all permits for exploration of gold ore, iron ore bauxite uranium rare earths and other minerals between 2015 and 2022. The order lists all the permits affected by location and number, but it does not include the area covered or an estimate of their value. The document does not specify whether the affected companies can reapply for approval or make an appeal. Cora Gold stated that it had renounced the permits in question over two years prior and hadn't received any formal notification. The company said that the cancellation was delayed and had no effect on its business. Harmony Gold IAMGOLD Birimian Gold and Resolute have not responded to our requests for comments. Mali, Africa's largest gold producer, is a country where mining and exports are major sources of revenue. However, recent crackdowns on foreign investment and insecurity has disrupted it. Due to disruptions in Barrick's Loulo-Gounkoto Mine, the largest gold asset of Mali, industrial gold production is expected to fall short. A military-led government recently moved to strengthen ties with Russia by signing energy and mining deals, including one to supply between 160,000 and 200,000 metric tonnes of agricultural and petroleum products in the face of an Islamist fuel blockade imposed by militants that has crippled transportation and forced school closures across the country. The agreement is a continuation of earlier Russian-backed initiatives, including joint ventures for gold, uranium and lithium and the construction a state controlled gold refinery in Bamako. Reporting by Mali Newsroom. Maxwell Akalaare Adombila is the author. Mark Potter (editing)
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After a record-breaking surge, the copper rally may cool down
Copper smashed its all-time record on Wednesday. This was fueled by concerns about mine supply, and the hope of a U.S. China trade agreement. However, analysts questioned whether this rally could continue without a sustained increase in demand. Copper prices, which are considered to be a bellwether of the global economy have increased by more than 27% this year. This has been helped in part by a weaker dollar, making metals more accessible for holders of foreign currencies, and also falling interest rates. The prospect of a U.S.-China trade deal has been a new catalyst for copper's rally, said ING analyst Ewa Mannthey. She added that the bank predicted a tighter balance on the copper market this year, and in 2026 when ING, like many other banks and brokers, anticipates a deficit. Glencore, a commodity trader and miner, followed Anglo American on Wednesday in reporting lower production of copper in the first nine-months of 2025. It also cut its full year guidance. This is just another in a series of pressures on mine output. The London Metal Exchange's benchmark copper price rose by 1.5%, to $11,200 a metric ton, after surpassing its previous record high, $11,104.50 per metric ton, which was set in May 2024. At 1645 GMT, it was trading at $10190.50. This month, the International Copper Study Group stated that it expects a deficit in the refined market of 150,000 tonnes next year compared to a total consumption of 28,7 million tons. Panmure Liberum's Tom Price, however, said that the two main factors he believes are behind copper’s recent rally -- easing trade tensions as well as an anticipated Federal Reserve rate reduction - would be priced in largely by Thursday. Price stated, "I think that some (investors will leave) due to the lack of price drivers as well as the fact that copper demand hasn't changed much." Panmure Liberum expects a surplus of about 80,000 tonnes of copper in the coming year. Nitesh Sha, WisdomTree's commodity strategist, said that speculative bets tend to fade after they become too prevalent. This could also be a factor. "We have seen this in the precious metal markets." Gold prices, for instance, have gained 52% in the past year, but they've fallen around 8.5% since their record high on October 20, when they reached $4,381.21. Goldman Sachs stated earlier this month that copper prices will remain in the $10,000-$11,000 range in 2026/2027, due to a surplus in the market, but long-term prospects are still positive.
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The Indian refiner owned by Mittal, the steel tycoon, has stopped buying Russian oil
The Financial Times reported that the Indian refiner HPCL Mittal Energy stopped buying Russian oil on Wednesday, just a few days after it was revealed by the Financial Times that the company had purchased Russian oil transported aboard blacklisted vessels. The U.S., Europe, and other countries imposed new sanctions last week on Russian oil. Washington targeted the country's two largest oil producers, Lukoil, and Rosneft. Indian refiners have halted their purchases of Russian oil while they wait for clarity. In a statement, the company stated that "HMEL has already decided to suspend any further purchases of Russian crude following recent announcements by the United States of America, European Union, and United Kingdom of new restrictions on the import of crude oil from Russia, pending the receipt of any outstanding order." India is now the largest buyer of Russian oil shipped by sea at a discounted price after Western nations boycotted it and imposed sanctions against Moscow over its invasion of Ukraine in 2022. According to the Financial Times, it is unclear whether Lakshmi Niwas Mittal's steel tycoon Lakshmi Niwas Mittal was aware that the vessels were being used. HMEL stated that the cargo was delivered to the company, which meant it wouldn't be aware of any specific ships that were used to transport the crude oil, or any actions taken by these ships to conceal their location. The ship that delivered crude oil to its port at the time was not sanctioned. The company, which operates a 226,000-barrels-per-day refinery in the northern state of Punjab, however said it will review its position and comply with Indian government policy and laws. Reporting by Hritam Muhammed in Bengaluru, Editing by Sahal Muhammad and Vijay Kishore
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After US criticism, the Fund Climate Group drops some of its targets
The document shows that a flagship climate coalition of asset managers has dropped certain targets for its members. This comes months after U.S. pressure forced BlackRock to leave the group and suspend their activities. After Republican politicians attacked them, the Net Zero Asset Managers Initiative took similar measures at sister groups in banking and insurance. The announcement comes just days before the COP30 Climate Talks in Brazil, where a number of fund managers will be gathering at a variety of events related to the global effort of decarbonising the economy. 2050 NET-ZERO GOAL FOR INVESTMENT PORTFOLIOS DROPPED NZAM announced on January 13 that it had suspended its activities after BlackRock left the coalition on January 9, citing confusion about climate efforts of the coalition and legal inquiries by public officials. The group stated on its website that it has consulted hundreds stakeholders since then and their feedback is to "retain ambitious, remain global inclusive and ensure the Commitment Statement remains practical in an evolving landscape". In the new "Commitment Statement", the group dropped any requirement that members reach net-zero emission across their portfolios of investments by mid-century, and set interim goals for 2030. In the new statement, members promise to provide clients with information on climate risks and help them to act. They will also support clients in reaching their climate goals and set near-term targets consistent with the global goal of net-zero energy. The initial commitment to net-zero was weak and nonbinding. This development confirms that the financial sector has disengaged and is weakening the alliances. Reporting by Simon Jessop, Editing by Mark Potter
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Powell's remarks and Fed rate decision are causing gold to rise by nearly 2%
The gold price rose by nearly 2% in Wednesday's session, recovering from the three-week low reached in the previous session. Some traders had covered their short positions in anticipation of the Federal Reserve's rate decision scheduled for later that day. As of 11:29 am, spot gold was up by 1.4% to $4,005.28 an ounce. After falling to its lowest level since October 6, gold prices rose 1.4% at 11:29 a.m. ET (1529 GMT). U.S. Gold Futures for December Delivery gained 1%, to $4.020.70 an ounce. "Some of these speculative positions that were short are now covering in anticipation of the Fed's announcement .... Market participants will pay close attention to Powell's answers to today's questions and the Fed Chair Jerome Powell’s policy statement, said Peter Grant. The Fed will likely cut interest rates 25 basis points in response to September's softer than expected inflation data, and signs of weakness on the labor market, despite limited data due to ongoing U.S. Government shutdown. Investors will closely monitor Powell's remarks to see if they contain any hints about future policy. Gold that does not yield is usually more popular in low interest rate environments and times of economic uncertainty. In the meantime, U.S. president Donald Trump announced a deal with South Korea on Wednesday and expressed optimism that a similar truce would be reached with China's Xi Jinping ahead of scheduled talks Thursday. Gold's appeal as a safe haven could be diminished by a potential trade agreement between the U.S. Gold is up 52% in the past year, thanks to geopolitical and financial uncertainties, U.S. rate cuts and central bank purchases. Prices reached a record of $4,381.21 in October, but have since fallen by 8.5%, partly due to the easing of trade tensions. Grant stated that despite the magnitude of the setback, the gold price could still reach $5,000/oz by the first quarter 2026. Silver spot gained 2.6%, to $48,25 an ounce. Platinum was up 0.9%, at $1,597.87, and palladium was up 1.9%, to $1,419.46. Reporting by Noel John in Bengaluru and Pablo Sinha. Mark Potter edited the article.
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Fast-track claims for death and injury compensation, SCE Wildfire Fund to pay millions
Southern California Edison announced on Wednesday that it will pay out several million dollars to each family who has lost a loved one in the January wildfires which scorched 14,000 acres of Greater Los Angeles and destroyed thousands homes and businesses. Edison International owns the utility. It said that eligible individuals and business can submit claims for payments and resolutions related to loss of property and life caused by the Eaton Fire. This is done through its Wildlife Recovery Compensation program. In January 2025 the Eaton Fire ravaged southern California, killing 19 and destroying over 9,400 single-family houses and other buildings. In a phone interview, Edison International CEO Pedro Pizarro said that putting a number on the death toll was one of the hardest aspects of the program. Pizarro stated, "That is a challenging question because we are aware that life itself is precious." SCE stated that death claims would include payment for pain and discomfort, economic losses and direct claim premiums of $5 million per deceased. Pizarro stated that after receiving input from the local community, SCE extended payment eligibility to include properties damaged by smoke and ash. He said that initially, approximately 12,000 properties were eligible. However, nearly 6,000 more were added. A 50% increase was made to payments for every child who lost their home. Residents who lost their primary residence will receive an adult payment of $115,000 and a child payment of $75,000. Residents who are eligible will receive an offer of settlement within 90 days after filing a claim. After all conditions of the settlement agreement have been met, payments will be made in 30 days. No official decision has been made on the cause of this fire. SCE acknowledges that circumstantial evidence indicates that one of its idled high voltage transmission lines may have ignited Eaton's fire amid winds exceeding 100 mph early in January. SCE offers a self-insurance program of $1 billion that is funded by customers for Eaton claims. Losses above that amount will be covered by the Wildlife Insurance Fund of California, which is estimated to have $22 billion. SCE worked with Kenneth Feinberg and Camille Biros on the design of SCE's wildfire funds. Feinberg was responsible for the payments made from the September 11, 2001 Victim Compensation Fund. Biros is his colleague. Biros stated that the goal of this program is to provide money to families in the shortest time possible, without any additional burdens or problems. In a phone interview, Biros stated that "they're already going to enough trouble." This program allows us to give money to families who may be in dire need. (Reporting by Tim McLaughlin and Editing by Nick Zieminski).
Sources say that RPT-Traders are seeking yuan payments from Indian state buyers who purchase Russian oil.
Sources in the trade said that traders offering Russian oil are now asking Indian refiners to make payments in Chinese Yuan. They see recent signs of improved relations between New Delhi, China and Beijing as an opportunity to simplify transactions with Indian buyers.
Indian Oil Corp, India's largest refiner and state-controlled company, paid in Chinese currency recently for two or three cargoes worth of Russian oil.
Indian Oil has not responded to the request for comment immediately.
Western sanctions against Russia following its invasion of Ukraine in 2022 have led to a greater use of alternative currencies such as the yuan or the dirham of the UAE for oil trades that were previously dominated by dollars.
Indian state refiners paid for Russian oil using yuan in 2023. However, they stopped doing so due to the Indian government's displeasure during a time of increased tensions with Beijing. Private refiners, however, continued to use Chinese currency.
One trader stated that traders who previously had to convert payments from dirhams and dollars to yuans - because only these can be directly converted into roubles to pay producers - now want to eliminate this costly step.
Sources said traders also priced Russian oil in US dollars to ensure compliance with the European Union price cap, and sought payment equivalent to yuan.
Due to sanctions, the West has stopped importing Russian oil. The sources stated that payments in yuan would increase the availability of Russian crude oil for Indian refiners as some traders refused to accept other currencies.
After a break of over five years, India and China resumed direct flights. Last month, Indian Prime Minister Narendra Modi travelled to China for the first time since 2007. He was there to attend the Shanghai Cooperation Organisation's regional security bloc.
(source: Reuters)