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EU drops 2035 combustion engine ban after automaker pressure
The European Commission has proposed that the EU will drop its effective ban on combustion engine cars by 2035, allowing some non-electric vehicle sales to continue. This is in response to intense pressure from Germany and Italy as well as Europe's auto sector. The EU executive has reportedly bowed down to carmakers who want to continue selling plug-ins and range extenders which burn fuel, as they are struggling to compete with Tesla and Chinese electric vehicles makers. All new cars and vans must have zero emissions by 2035, according to current EU regulations. In the proposal of Tuesday, instead, the goal would be to reduce CO2 emissions by 90% from levels in 2021. The remaining emissions would have to be offset by the use of lower carbon steel produced in the EU, synthetic efuels or other non-food biofuels like agricultural wastes and used cooking oil. Plan also gives automakers three years from 2030 to 2020 to reduce CO2 emissions from cars by 55% compared to levels in 2021, and the vans'?2030 targets would be lowered to 40% instead of 50%. EU CLIMATE CLIMBDOWN AS FORD CRAPS EVS These moves, which need approval from EU government and European Parliament,'mark the biggest retreat by the EU from its green policies enacted in the last five years. Ford Motor announced a $19.5 billion writedown on Monday as it "axed" several EVs in response to Trump's policies, and the weakening demand for EVs. Volkswagen and Fiat's owner Stellantis, among others, have also cited a softening EV demand. They've also called for looser targets and lowered fines if they aren't met. The automotive lobby ACEA dubbed the current moment as "high noon" in the sector. German manufacturers are particularly stressed as they are losing ground to their local competitors in China and face increasing competition from Chinese EV imports at home. The EU tariffs on Chinese-built EVs?have only provided limited relief. EU LAGGING CHINA In EV Race The EV Industry warned that easing emission targets could undermine investments and cause Europe to fall further behind China when it comes to the switch to cleaner driving. "We may think that reducing the clear target of?100% emissions to 90% is a small step, but it will have a big impact on our climate. Michael Lohscheller is the CEO of Swedish EV maker Polestar. William Todts said that the EU is playing with time, while China is?racing forward'. He said that clinging to combustion engine won't make European carmakers great again. The Commission has also outlined 'plans to increase EV adoption in corporate fleets which accounts for 60% of all new car sales in Europe. The national targets for 2030-2035 will be set "based on GDP per capita", leaving it up to the countries to determine how they want to achieve them. Belgia's tax incentives for EV company vehicles have been cited as a good example by industry groups. The Commission also proposed creating a category of small EVs that would be subject to less restrictive rules and qualify for additional credits towards the CO2 target if they were made in Europe. Reporting by Philip Blenkinsop. Charlotte Van Campenhout, Nick Carey and Charlotte Van Campenhout contributed additional reporting. Joe Bavier, Mark Potter and Joe Bavier edited the article.
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Gold prices rise as US unemployment rates increase in November
Investors analyzed the U.S. jobs data?which showed that the unemployment rate increased last month compared to September. This reinforced bets on rate cuts by the U.S. Federal Reserve, and sent the dollar index down. As of 09:07 am, spot gold rose 0.4%, to $4,316.67 an ounce. ET (14:07 GMT). U.S. Gold futures rose 0.3% to $4,347.10 The U.S. dollar fell to its lowest level in two months, making the price of greenback bullion more accessible for buyers from abroad. Benchmark 10-year ?U.S. Treasury yields have also slipped lower. The U.S. employment rate rose to 4.6% in November, after a decline in non-farm payrolls in October. However, the economic uncertainty caused by President Donald Trump's "aggressive" trade policy was causing the unemployment rate to rise. An economist survey estimated that the unemployment rate was 4.4%. Bob Haberkorn, senior market strategist at RJO Futures, said that the data "gives the Fed more reasons to cut rates" and that a rate cut would be bullish for the gold market. The Federal Open Market Committee announced a rate cut of a quarter point last week. Chair Jerome Powell's comments accompanying the announcement were perceived to be less hawkish that expected. CME's FedWatch tool says that the chances of a rate cut in January increased to 26,6% from 24,4% before?the data. Rate futures in the U.S. still anticipate two cuts of 25 basis points in 2026. This pricing in 59 basis points of easing in 2019. Gold that does not yield tends to?do well in an environment of low interest rates. Investors are now looking ahead to the Consumer Price Index for November, which is due out on Thursday, as well as the Personal Consumption Expenditures Index, scheduled for release on Friday. Spot -silver dropped 0.6% to $63.58 per ounce after hitting a record of $64.65 an ounce on Friday. Platinum rose 2.3% to reach $1,824.50 - its highest level since Sept. 2011. Palladium climbed 0.8% to $1.580.22, a new two-month record.
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Nigerian House will investigate the dispute between Dangote and regulator over fuel imports and pricing
The Nigerian House of Representatives voted on Tuesday to?investigate a dispute?between the downstream?oil regulator of the country and Dangote?Refinery, over allegations?about arbitrary licenses for fuel imports and petrol price benchmarks. This was in response to corruption allegations against the regulator's head. Aliko Dangote, Nigeria's richest man, has escalated his fight with the Nigerian ?Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), accusing it of ?allowing in cut-price fuel imports that squeeze local refineries, including his ?650,000-barrel-per-day Lagos plant, Africa's largest. Dangote wants a formal investigation into the NMDPRA's Farouk Ahmad, citing concerns about governance and claims that he has spent personal money beyond his declared income. The lawmakers warned that the dispute could lead to a shortage of fuel during the holiday season and that regulatory uncertainty would threaten energy security and investor trust. The House Petroleum Committees are mandated to report back in four weeks on the resolution of the dispute. Members claim that the Dangote refinery is a "strategic investment" which could help Nigeria to reduce its dependence on imported fuel, generate much-needed foreign currency, and moderate prices. They claimed that disputes between the regulators and the country's largest domestic refiner could disrupt supply, cause price volatility and lead to policy inconsistencies. Legislators did not announce hearing dates immediately. Reporting by Camillus Eboh, Writing by Elisha Gbogbo and Editing by Hugh Lawson.
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Sources say that Midad, a Saudi company, is among the frontrunners for Lukoil to sell its global assets.
Three people with knowledge of the matter claim that Saudi Arabia's?Midad Energy?is one of the top contenders for the international assets of Russian?oil giant?Lukoil, taking advantage deep political ties between Moscow and Washington. Sources have confirmed that the assets, which are valued at around $22 billion, include oilfields, refineries, and thousands of fuel station worldwide. About a dozen investors have made bids for these assets, including U.S. major oil companies Exxon Mobil, Chevron, and private equity firm Carlyle. Lukoil wants to sell off its foreign operations, which were crippled by the U.S. sanctions that were imposed on October to pressure Russia to end its conflict in Ukraine. Lukoil and Midad Energy declined to comment. The U.S. Treasury didn't immediately respond to comments. Abdulelah Al-Aiban is the CEO of Midad Energy and brother to Musaed Al-Aiban. Musaed Al-Aiban was a powerful Saudi national security advisor who participated in U.S.-Russian peace talks in Saudi Arabia in February. Their father, Mohamed Al-Aiban was the first intelligence chief of Saudi Arabia. Midad Energy's bid is in line with the booming economic co-operation between the U.S., Saudi Arabia and Donald Trump. This builds on decades of security and energy ties. Riyadh signed deals with Washington in 2025 that covered defence, energy, and technology. Saudi Arabia pledged investments up to $1 trillion. Midad Energy is part of Midad Holding - a subsidiary of Al Khobar's Al Fozan Holding. It has a bold expansion strategy. This was highlighted by the $5.4 billion Algerian deal in October. Sources said that Midad Energy is planning to make an all-cash bid for Lukoil’s assets, and the funds will be held in escrow till sanctions against the Russian company have been lifted. One source said that the deal may involve U.S. firms. Geopolitical obstacles have already prevented Gunvor and U.S. Bank Xtellus Partners from purchasing Lukoil's assets. Washington's sanctions on Rosneft and other Russian oil companies bar U.S. residents from doing business with them, freeze their U.S. interests, and cut off major sources of financing. Lukoil must sell its assets by January 17, according to the Treasury's latest deadline. Reporting by Jarrett Renshaw, Dmitry Zhdannikov. Mark Potter edited the article.
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Shell approves US Gulf Waterflood Project to Boost Oil Recovery
Shell, the oil major, has made a final investment decision for a 'waterflooding project' at its Kaikias Field in the U.S. Gulf of Mexico. The project aims to increase oil recovery and prolong the life of Ursa Platform. The project will add an additional 60 million barrels of oil to the recoverable resources. Shell, the top deep-water operator in the U.S. Gulf, is making a new investment to maintain liquids production of?nearly 1.4 million barrels per day?until the year 2030. The first injection is scheduled for 2028, and will extend Ursa’s production cycle by several years. Waterflooding is a secondary oil recovery technique in which water is injected into the reservoir. This displaces additional oil, and then re-pressurizes the formation. Shell operates?Ursa - a tension leg platform located in the Mars Corridor - and holds a 61.3% share alongside BP, ECP GOM III and others. Shell announced in February that it had increased its working interest on the Ursa platform. Kaikias was discovered in 2014 and has been producing since 2018. It is located in more than 4,000 foot (1,219 metre) of water, about 130 miles (210 km) from Louisiana. (Reporting and editing by Jan Harvey; Reporting by Stephanie Kelly)
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FranceAgriMer reduces non-EU wheat forecast and increases EU demand
FranceAgriMer cut its forecast for 2025/26 for French soft-wheat?exports? outside the EU due to the Argentine harvest, which is expected to increase overseas competition. However, the farm office increased its outlook for intra EU shipments based on feed demand. Wheat prices have been impacted by high estimates of ongoing harvests in Argentina, Australia and other countries. This is because the expectation for an abundant global supply has increased. FranceAgriMer's monthly forecast for July-June soft wheat exports to non-EU countries is 7.6 million tons, a decrease from the 7.85 million tons projected last month. Habasse Diagouraga, a FranceAgriMer grain expert, told reporters that despite the fact that French shipments to Morocco, the main non-EU market, continued in January, they would face increasing competition from Argentinean wheat during the coming months. After a wet harvest, the reduced forecast is still more than twice as high as a century low of 3.5 millions tons in 2024/25. The office, on the other hand, increased its forecast for intra-EU soft grain shipments from 7,05 million to 7,39 million tons. Diagouraga said that the demand for French wheat at competitive prices was increasing in Europe due to slower-than-usual maize imports. FranceAgriMer's projection of soft wheat stock at the end of 2025/26 was reduced to 2,74 million tons, from 2,83 million, due to a sharply upward revised intra-EU export forecast. The office has increased its forecast for barley exports to 3.4 millions tons from 3.25 million tons projected in November, 45% more than last season's level. Diagouraga stated that France continues to experience a steady flow for North Africa and Middle East after strong early-season Chinese demand. FranceAgriMer, a result of the higher export forecast, has reduced its estimate for French barley ending stock to 1,46 million tons from 1,70 million last month. The office reduced the expected ending stock of maize to 1,86 million, from 1,97 million, due primarily to a lower estimate of supply. Reporting by Gus Trompiz. (Editing by Bernadette B. Baum and Mark Potter.
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Gold prices drop as investors prepare for US jobs data
The gold price fell on Tuesday, as investors adopted a cautious approach ahead of the U.S. employment data due later in the day. This could provide clues about Federal Reserve's outlook for interest rate cuts. As of 1300 GMT, spot gold fell 0.2%, to $4,294.20 an ounce. Bullion is up 64% this year. U.S. Gold Futures fell 0.3% to $4,323.40. Gold is down this morning, as investors profiteer ahead of important?U.S. Lukman Otunuga is a senior research analyst with FXTM. He said that data will influence Fed rate expectations for next year. While the combined employment reports for October and November will be in focus, a few key details may not be available due to the lack of data collection following the longest U.S. Government shutdown ever. A survey of economists predicts that nonfarm payrolls in the United States will likely increase by 50,000 jobs in November, after a decline in October. The unemployment rate is estimated at 4.4%. Investors will also be looking at the Consumer Price Index for November and Personal Consumption Expenditures Index due this week to get more clues about monetary policy in 2019. Bullion that does not yield is typically found in environments with lower rates. After reaching a record-high of $64.65 an ounce on Friday, spot silver fell by 1.4% to $63.05 per?ounce. Otunuga said that "Silver is still influenced by the forces that are affecting gold - a wave profit-taking, and ETF withdrawals in advance of high-impact U.S. Economic releases." Metal prices are up 118% in the last year. This is due to the tight physical market, macroeconomic factors that support gold, industrial demand, and the inclusion of the metal on the U.S. Critical Minerals list. Palladium fell?0.6% but remained near its two-month high. Spot platinum also rose?1.8%, to $1.814.73, the highest level since September 2011. The European Commission will likely reverse its decision to ban new combustion engines in the EU from 2035. This move is expected to support internal combustion vehicles that use palladium and platinum. He said that the gold and silver rally this year has attracted investor attention to palladium and platinum.
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Sources: Guinea and EGA are in talks to supply bauxite, according to sources
Guinea and EGA talk to avoid legal battles over assets seized EGA loses GAC license due to row over alumina refinery Nimba Mining to increase bauxite production By Maxwell ?Akalaare Adombila DAKAR, 16 December - Guinea and Emirates Global Aluminium are in discussions over a 'possible bauxite agreement, which would see the company sourcing the 'aluminium /feedstock from Guinea’s state-owned Nimba Mining. Guinea's military government, following a dispute that lasted a year over the construction an alumina refining plant, revoked Guinea Alumina Corporation's licence in July. The company then transferred its mining assets to Nimba Mining. Sources, including a government official said that EGA had threatened legal action over the seizure. The government source stated that "discussions are proceeding well and the goal is to avoid litigation." The sensitive nature of the discussion made it necessary for all sources to remain anonymous. Nimba Mining said it had no information and was not a part of the discussions. Guinea's Mines Ministry and the?EGA didn't immediately respond to comments. EGA SEARCHING FOR SUPPLIES AFTER LICENCE WITHDRAWAL EGA is the largest premium aluminum producer in the world. It's owned equally by Mubadala of Abu?Dhabi and Dubai Investment Corporation. The company invested over $1 billion in GAC. At its peak, GAC exported 14 million tons of goods annually. One source said that EGA's UAE refining plant is designed for GAC ore. While it had historically relied on Guinean Bauxite as a source of supply, the company is now looking for alternatives. Guinea, which is the second largest bauxite producer in the world, has followed the lead of its neighbours Niger and Burkina Faso, who are all governed by military forces, to increase state revenue and exert greater control over their mining industries. Nimba Mining started exporting 1.5 million?tons bauxite GAC stockpiled prior to the licence revocation in late October. Patrice L'Huillier, the managing director of Nimba Mining, told? Patrice L'Huillier, the managing director of the company, told? Nimba Mining intends to resume mining in this month. It aims to export?10,000,000 tons by 2026, and then ramp up to 14,000,000 tons. L'Huillier stated that the licence covered reserves of approximately 470 million tonnes, and Nimba had launched an tender for a refinery capable of processing 1.2 million tonnes in accordance with government policy.
Why does the Trump administration put pressure on Venezuelan?
Secretaries of State Marco Rubio, and Defense Pete Hegseth are holding closed briefings on Tuesday for all U.S. Senators and Representatives about the Trump Administration's Venezuela strategy. Many lawmakers are still unsure of President Donald Trump's goals, even three-and-a half months after more than 20 deadly U.S. attacks on boats near Venezuela and a massive military buildup in the Caribbean.
Below, we'll take a look at a variety of issues that seem to be contributing to this pressure campaign.
In October, the Trump administration told Congress that it was in an "armed conflict" against drug cartels. Maduro, who denies this, is a key player in the supply of illegal drugs to Americans. The administration has also designated Cartel de los Soles and Tren de Aragua as foreign terrorist organisations.
In 2020, when Trump was still a first-term president, the U.S. Justice Department charged Maduro with narcoterrorism.
Venezuela, according to U.S. statistics, is a transit country for cocaine bound for Europe or the U.S., and a haven of criminal groups who traffic drugs. However, it is not the source for fentanyl - the drug that is linked to the majority of U.S. fatal overdoses.
TRUMP?MONROE DOCUMENTATION Trump released his National Security Strategy this month, arguing the U.S. must revive the Monroe Doctrine of the 19th century, which declared that the Western Hemisphere was Washington's influence zone.
The strategy places the hemisphere as the number one priority of Trump's foreign policies, and uses U.S. influence to deny Beijing the access to resources like military installations and vital minerals.
Maduro, who has been under U.S. strict sanctions, has signed energy and mining agreements with China as well as Iran and Russia.
A pressure campaign that led to a more U.S. friendly government would boost American influence in the region. Maria Corina Machado - the Nobel Peace Prize-winning leader of Venezuela's opposition - said that she "absolutely supports" Trump's policy. Machado claimed that Trump has placed Venezuela at the top of his list for national security in the United States.
She said, "We've been asking for this for years so it's finally here," on CBS's "Face the Nation".
OIL Maduro said that Washington wanted Venezuela's oil. Venezuela currently sells its oil mainly to China. Venezuela has the largest oil reserves in the world. Analysts say that access to oil, which is a powerful bargaining chip when dealing with Trump who supports the fossil fuel industry, could be an important tool for Maduro.
Several Western companies remain active in Venezuela, including Chevron, a U.S. company with a special licence. The country's industrial sector has lagged behind. Production is low compared to the size of the reserves. Venezuela has also been unable to attract investment or obtain the equipment and parts that it needs due to years of sanctions.
Analysts predicted that Trump would be interested in Venezuela's oil reserve, but the bigger issue is the country with oil and other natural resources located in the hemisphere and closely aligned to U.S. competitors like China and Russia.
"The idea that this country has?oil and minerals and rare earths, in our hemisphere, and that its main allies are China and Russia is something that doesn’t really fit Trump's world view," said David Smilde. A Venezuela expert at Tulane University.
Rubio, Trump's Cuban-American Secretary of State, and other close allies have advocated tough measures against Cuban Communist government for years. They view Maduro and his government as essential to Cuban leaders Miguel Diaz-Canel, and they hope that a change in Venezuela will weaken Cuba.
IMMIGRATION
The Trump administration is moving to end the legal status for hundreds of thousands of Venezuelans in the United States. They are pursuing the "mass deportations" policy that propelled him to victory during his successful re-election campaign last year.
According to Pew Research Center's analysis of U.S. Census Bureau statistics, the Venezuelan population in America grew from 95,000 people to 640,000 between 2000 and 2021. This was during a time when the South American nation faced political, economic, and social turmoil.
Venezuelans would be less inclined to leave their homeland if the instability was reduced.
(source: Reuters)