Latest News
-
Gold drops 1% due to uncertainty over rate cuts, but is set for a third monthly increase
Gold prices fell 1% on the Friday due to uncertainty about another interest rate cut by the U.S. Federal Reserve this year. However, gold is still poised to gain for a third consecutive month. At 1:49 pm, spot gold dropped 0.6% to $4.001.74 an ounce. ET (1749 GMT), and was on course for a 3.7% increase this month. U.S. Gold Futures for December Delivery settled 0.5% lower, at $3.996.5 per ounce. Dollar index was near its three-month-high, making bullion priced in greenbacks more expensive for holders of other currencies. Beth Hammack, President of the Federal Reserve Bank of Cleveland, said that she was against the central bank lowering interest rates this coming week. She added that the Fed must maintain some restrictions to reduce inflation. Hammack is crushing gold, as she is the third Fed regional president to publicly oppose rate cuts given high inflation. Hammack is a FOMC member in 2026, and this shows that the market overestimated lower rates. Tai Wong said. CME FedWatch showed that while the Fed reduced interest rates on December 3, hawkish comments from Chairman Jerome Powell have led to markets pricing in a 63% probability of a rate cut for the month. This is down from 90% earlier in this week. When interest rates rise, gold loses its appeal as it is not a yielding asset. This metal is up 53% in the past year and reached a new record high on October 20, reaching $4,381.21. Morgan Stanley stated on Friday that it still sees gold as a positive investment due to interest rate reductions, ETF flows, central bank purchases, and the ongoing uncertainty in the economy. The bank predicts that gold will average $4,300 during the first half 2026. Donald Trump, the U.S. president, said that he would reduce tariffs against China from 57% to 47% in exchange for Beijing crackingdown on illegal fentanyl trafficking. He also promised to resume U.S. purchases of soybeans and keep rare earths exports flowing. Silver fell by 0.4%, to $48.73 an ounce. Platinum fell 1.7%, to $1.583.41, while palladium dropped 0.4%, to $1.440.02. (Reporting and editing by Deepababington, Vijay Kishore, and Alexander Smith in Bengaluru. Reporting by Noel John, Pablo Sinha, and Alexander Smith, Bengaluru)
-
Dominance in contract negotiations for 47 gigawatts new data centers is up 17% year-on-year
Dominion Energy is the U.S. utility that powers "data center alley", in Northern Virginia. It said Tuesday that it was at some stage in contracting for data centers to have 47 gigawatts, which is more than Virginia needs. As artificial intelligence and cloud computing have grown, so has the number of data centers that consume a lot of power. This is driving up U.S. electricity demand to new records. Dominion, the largest electric utility in the world that serves data centers, has connected about 450 of them in Virginia's data center crossroads. Data center pipeline has grown by 17% in the last year. Dominion's CEO Robert Blue told investors on a conference call that "we continue to see robust data center demand." He was referring to earlier speculation about the Virginia data centre market being oversaturated. Dominion is investing $50 billion in its capital investment plan for 2025-2029 to expand its power infrastructure. Blue, who was on the call to discuss the company's third-quarter results, said: "We are developing resources across transmission, distribution and generation in order to meet this critical requirement on a timely manner." Dominion exceeded its quarterly profit expectations, thanks to increased demand for power in its Virginian and South Carolina segments. The adjusted operating earnings of Dominion's Virginia division rose by 2.5% in the third quarter to $679 millions, while those from South Carolina rose by over 14% to $109 million. Revenue for the quarter was $4.53 Billion, up from $3.94 Billion a year earlier. The company's interest costs rose by over 30%, to $527 millions in the third quarter. Dominion has narrowed the range for its operating earnings forecasts to $3.33 to $3.48 a share. This is down from the previous range of $3.28 to $3.52 a share. The company expects to achieve results at or above this midpoint if the weather conditions remain normal throughout the remainder of the year. According to LSEG, the utility's adjusted operating earnings for the three-month period ended September 30 were $1.06 per common share. This compares with an average analyst estimate of 95c per share. Sumit Saha reported from Bengaluru, Sahal Muhammed edited the story and David Gregorio provided translations.
-
White House: US won't send any officials to COP30 Climate talks
A White House official confirmed that the U.S. would not be sending any high-level officials for the upcoming COP30 Climate Summit in Brazil. This will ease some concerns among world leaders who were worried Washington might send a team of negotiators to sabotage the talks. Brazil will host the high-level leaders summit in Belem, Amazonian City next week. The UN climate talks begin there two weeks later. Earlier this week, the U.S. warned that it would use visa restrictions and sanction to retaliate to nations who voted in favor of a UN shipping agency plan, the International Maritime Organization (IMO), to reduce greenhouse gas emissions by ocean shipping. Those tactics led a large majority of countries to vote at the IMO in favor of delaying by a full year a decision regarding a global price for carbon emissions on international shipping. According to the White House official, President Donald Trump made clear his views on multilateral climate actions in his speech last month at the United Nations General Assembly. He called climate change "the world's greatest con job" and criticised countries for setting up climate policies which "have cost them fortunes." The White House official said in an email that "the President is directly engaging leaders around the globe on energy issues. You can see this from the historic peace and trade deals, all of which have a strong focus on energy partnership." In its trade negotiations, the Trump administration has sought bilateral energy agreements to increase U.S. LNG exports. Chris Wright, the U.S. Energy secretary, said on Friday that there was "room for a great deal of energy trade between China & the United States," given China's demand for natural gas during the tariff negotiations. Trump announced his decision to withdraw from the Paris Climate Agreement, which has been in place for 10 years. This will take effect in January 2026. The State Department is reviewing the U.S. engagement in multilateral agreements. The U.S. pressured other countries involved in a global agreement to reduce plastic pollution earlier this year to not support an agreement which would limit plastic production. The White House official said that "the tide has turned" in terms of prioritizing climate changes, pointing out a memo that was circulated by Bill Gates this week, a billionaire investor and climate philanthropist who stated that it is now time to shift away from meeting global temperature targets and that climate will not "lead to humanity's destruction." (Reporting and editing by David Gregorio; Valerie Volcovici)
-
Trump denies he would consider a strike in Venezuela
President Donald Trump on Friday denied he was considering strikes inside Venezuela, appearing to contradict his own comments from last week and amid intensifying expectations that Washington may soon expand drug-trafficking-related operations. In recent months the United States has established a significant military presence in Caribbean, including fighter jets, ships and thousands of soldiers. This presence will grow significantly in the next few weeks, with the arrival the Gerald Ford aircraft carriers strike group. When asked on Friday by reporters aboard Air Force One whether media reports claiming that Trump was considering strikes in Venezuela were true or not, Trump replied: "No." It wasn't immediately clear whether Trump was excluding future strikes in Venezuela or just saying that no final decision has been made. At least 14 boats have already been targeted Trump has said publicly in recent weeks that his administration will conduct strikes against drug-related target inside Venezuela. Trump said to reporters last week that "the land will be next". The U.S. has targeted 14 boats in the Caribbean and the eastern Pacific that Washington claims are involved in illegal drug trafficking, killing at least 61 people. Trump confirmed in the past that he had authorized the CIA conduct covert operations against Venezuela. Officials close to Trump have suggested that a land strike could happen soon, although the timing is not yet known. On Sunday, Senator Lindsey Graham (a senior Republican legislator) said that Trump told him the Administration planned to brief members of Congress on military operations against Venezuela, Colombia and other countries when he returned to the United States from his Asia trip. Trump returned to Washington, D.C. on Thursday. An anonymous U.S. official said that the military has provided several options including attacks against military installations in Venezuela such as runways. Allergy of drug ties Venezuelan opposition groups, watchdogs and Latin American neighbors accuse the Venezuelan military, especially in the west of the country, near the border with Colombia, of being involved in the drug trade. The government of President Nicolas Maduro has always denied criminal connections. Maduro claims that the U.S. wants to remove him from power. Politicians and analysts claim that the two main leaders of Venezuela’s opposition are becoming increasingly divided on the looming U.S. action targeting Venezuela, even though a crackdown continues against opposition figures. Washington doubled the reward in August for information that leads to Maduro’s arrest, to $50 million. It accused him of being linked to drug trafficking groups and criminal organizations. Some Democratic lawmakers are concerned about the ongoing strikes against the alleged drugs boats. They question if they follow the laws of war. Reporting by Nandita BOSE,Steve Holland, and Idrees ALI in Washington Editing Humeyra Pamuk Franklin Paul, Rod Nickel
-
Gold drops 1% due to uncertainty over rate cuts, but is set to rise for a third consecutive month
Gold prices fell 1% on the Friday due to uncertainty over another interest rate cut by the U.S. Federal Reserve this year. However, gold is still poised for its third consecutive monthly gain. At 12.46 pm, spot gold dropped 1% to $3.984.49 an ounce. ET (1646 GMT), and is on track to gain 3.3% this month. U.S. Gold Futures for December Delivery fell by 0.5% to $3,997 an ounce. Dollar index was near its three-month-high, making bullion priced in greenbacks more expensive for holders of other currencies. Beth Hammack, the president of the Federal Reserve Bank of Cleveland, said that she was opposed to the central bank lowering interest rates this coming week. She added that the Fed must maintain some restrictions to reduce inflation. Hammack is crushing gold, as she is the third Fed regional president to publicly oppose rate cuts given high inflation. Hammack is a FOMC member in 2026, and this shows that the market overestimated lower rates. CME FedWatch showed that the Fed reduced interest rates on Wednesday. However, hawkish comments from Chairman Jerome Powell have led to a drop in market expectations from 90% earlier this week to 63% now. When interest rates rise, gold loses its appeal as it is not a yielding asset. This metal is up 53% in the past year and reached a new record high on October 20, reaching $4,381.21. Morgan Stanley stated on Friday that it still sees gold as a positive investment due to interest rate reductions, ETF flows, central bank purchases, and the ongoing uncertainty in the economy. The bank anticipates that gold will average $4,300 during the first half 2026. U.S. president Donald Trump announced on Thursday that he would reduce tariffs against China from 57% to 47% in exchange for Beijing crackingdown on the illicit fentanyl market, resumed U.S. soya bean purchases and kept rare earths exports flowing. Silver fell by 0.7%, to $48.58 an ounce. Platinum fell 1.7%, to $1.582.89 and palladium dropped 0.2%, to $1.442.01. (Reporting and editing by Deepababington, Vijay Kishore, and Alexander Smith, with reporting by Noel John in Bengaluru and Pablo Sinha).
-
Zambia's biggest bank issues nation's first sustainable bond
Mukwandi Mukbesakunda, the Chief Executive Officer of ZANACO said that they plan to raise $100m through their first sustainability bond. This was revealed at a Lusaka press conference on Friday. In recent years, a variety of countries, both in developed and emerging markets, have issued bonds to raise capital for environmental or social projects. ZANACO will issue its bond in two tranches. The first is a private placement of $50 million within six months. This will be followed by a public placement of $50 million after the initial sale. Chibesakunda stated that the bank has been in contact with private investors, and will reveal their identities when agreements are finalised. The bond funds will be used to support projects that promote renewable energy, sustainable agriculture, and climate-resilient construction, all in accordance with Zambia's Green Growth Strategy (2020-2030) as well as its Climate Change Act. Chibesakunda called the issue a "promise to channel resources towards projects that safeguard the environmental and uplift the communities," calling it an important milestone for Zambian capital markets. According to the Africa Policy Research Institute (APRI), Africa only accounts for less that 1% of the $2.2 trillion global green bond market. This shows a large funding gap for climate-related projects on the continent. According to estimates from the World Bank, Africa will need $2.8 trillion to implement its Nationally Determined Contributions (NDCs), set in 2015 as part of Paris Agreement. These NDCs are aimed at reducing greenhouse gas emissions and adapting climate change. This target will not be reached with current climate-related budgets or donor pledges based on past trends. (Reporting and editing by Hugh Lawson; Colleen Goko, Chris Mfula)
-
CFO of Vale Brazil says that Vale is likely to announce extraordinary dividends in the near future.
Vale will likely announce exceptional dividends in the next few months, said Chief Financial Officer Marcelo Bacci during a Friday call with analysts, following the release by the Brazilian miner of its third-quarter results. The prospect follows stronger-than-expected cash flow early in the year and comes as iron ore prices have consistently held up above $100 per metric ton, Bacci said. Vale, the largest iron ore miner in the world, announced on Thursday that its net profit had increased by 11% over the previous year, exceeding market expectations. The firm's executives said that it is on track to achieve all of its full-year forecasts. When asked whether a Brazilian law that seeks to impose a withholding tax of 10% on dividends would affect potential extraordinary dividends, dividends sent abroad Executives said that they closely monitored developments in order to minimize the impact on shareholders. The executives noted that the impact would be minimal. Bacci said Vale also does not expect to change its policy on expanded net debt in the near future, since the current framework and range is considered suitable for the present conditions. The miner stated that the trend of its net debt expansion is now in the middle of its target range of $10 billion to $20 billion. Gustavo Pimenta, the CEO of the company, ruled out mergers and acquisitions on that same call. He said, "We don't have to do this. We already have the resources." Vale shares traded in Sao Paulo rose by about 2% Friday. (Reporting and editing by Isabel Teles, Marta Nogueira)
-
Bulgaria restricts fuel imports into EU after Lukoil sanctions
Bulgaria's Parliament temporarily banned exports of certain fuels to EU members on Friday to ensure stability on the local market after U.S. sanctioned Russia's Lukoil which operates the country's largest oil refinery. Bulgaria announced last week that it would take steps to ensure uninterrupted oil and oil derivatives supplies after the U.S. sanctioned Lukoil, Rosneft and other Russian oil companies over their war in Ukraine. The decision was made by the parliament, which was initiated by the ruling parties. It received 135 votes for, four against, and 42 abstentions. According to BTA, the ban does not apply to the refueling of ships and aircraft, domestic or foreign, and to deliveries to the armed services of member states of the European Union and NATO. The director of customs was instructed by the Parliament to impose the ban on fuel products. He is also authorized to export certain products at his own discretion. The State Agency for State Reserve and Wartime Stocks was also ordered to inspect the quantities of fuel reserves within a week. Lukoil operates Bulgaria's Burgas oil refining plant, which produces 190,000 barrels of crude oil per day. It also runs more than 200 petrol station and has an extensive fuel depot and transport network. Lukoil announced on Thursday that it had accepted a Gunvor offer to purchase its foreign assets. The second largest oil company in Russia was looking to sell these assets after Washington's sanctions.
Public disillusionment returns as Iraqi politicians prepare for elections
Iraqis fear that the November 11 election will not bring about any real change. Many see the banners promoting reform as empty gestures by elites who have done little to improve the situation since the 2003 U.S. invasion.
Since then, corruption has plagued daily life. High unemployment rates and poor public services are commonplace.
Iraqis claim that their Shi'ite Muslim and Sunni Muslim leaders have become too involved in the rivalry for power on a sectarian basis to deal with Iraq's issues - despite Iraq's vast oil wealth.
The election results are predetermined for many people, despite the billboards and banners that proclaim change. They serve to maintain Iraq's political equilibrium in the hands the same sectarian leaders.
How do you make me trust you?
Said Hatem is a Baghdad-based resident who expressed skepticism regarding the prospect of change. "You can see the advertisements on the street ...,, but they've been ruling for the past 20-25 years. How can you get me to trust you? He said.
The Independent High Electoral Commission of Iraq has approved 7,768 candidates for the Iraqi Parliament, including 2,248 men and 5,520 women. The commission said that campaigning had been authorized from October 3 until November 8.
The vote will test the confidence of Iraqis in their entrenched political system, which has failed to deliver on promises to improve services and combat corruption in a nation where Iraqis claim that vast oil revenues are only used to benefit the political elite.
The Shiite party of Shia Prime Minister Mohammed Shia al-Sudani will compete primarily against other dominant Shiite factions backed by Iran.
POLITICAL VIOLENCE SPREADS FEARS
The frustration has been increased by the resurgence of political tensions, including the murder of Safa al Mashadani, a parliamentary candidate who had criticized everything from state-corruption to Shi'ite armed militias that he claimed were trying to seize his hometown.
Tabark Tariq Al-Azzawi is a candidate of the Iraqi Progress Party. She said that she received threats, and feared for her own safety.
"I hope that this phase will end without any more deaths or assassinations of ordinary citizens or candidates." "I hope that safety and security will always prevail," she said.
It was not possible to independently verify the motive for or details of Mashhadani’s murder.
According to Iraq's chief security spokesperson General Saad maan, authorities have increased protection measures, and arrests were made, while investigations continue.
Many Iraqis think that it is almost impossible to bring about real change in Iraq through elections, because the same powerful groups continue their dominance of the state and its vast resources.
ORCHESTRATED Election Results
These parties are frequently backed by armed groups close to Iran, who control government contracts, key institutions and public funds.
The voters say that this system allows the ruling alliances and their supporters to manipulate election results in their favor. These parties deny these allegations.
Sheikh Abdul Jaber Hamoud is an Iraqi tribal leader who criticised the tendency of improving government outreach and services during election cycles, while neglecting most Iraqis at other times.
Qais al Zubaidi, a political analyst, said: "I do not believe that the political process has been democratic since 2003. It is now a political system that is manipulated to benefit certain groups."
The presence of uncontrolled arms makes it difficult for citizens to make a change.
In 2003, U.S. officials believed that the removal of Sunni leader Saddam Hussein would lead to a new era in Iraq where all its communities could enjoy freedom and prosperity.
In its place, a pro Saddam insurgency was followed by islamist Al Qaeda militants. A sectarian civil conflict gave rise to more extremist Islamic State jihadists.
Even years after the bloodshed, few politicians have sparked hope for a better future.
(source: Reuters)