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Serbia promises aid to Ukraine, but ducks calls for more pressure on Russia
Aleksandar Vucic, the president of Ukraine, said that Serbia would send Ukraine more humanitarian assistance but had not signed a regional agreement calling for more pressure to be put on Russia and for continued security aid for Ukraine. Vucic had earlier met President Volodymyr Zelenskiy and taken part in the regional Southeastern Europe - Ukraine summit. It was the first time in more than a decade that a Serbian president visited the Ukrainian capital. Vucic had also participated in the regional Southeastern Europe-Ukraine summit last year. Belgrade has had a long history of close relations with Moscow. It has refused to join the Western sanctions against Russia for its invasion of Ukraine. However, it has condemned Moscow's policy at the United Nations, and has expressed support for Ukraine’s territorial integrity. Vucic also met Zelenskiy several times. VUCIC FACES ANTI GOVERNMENT PROTESTS Following the summit, the longtime Serbian president, who is considering an early election as he navigates through more than a years worth of anti-government demonstrations, promised more financial, energy, and medical aid to Ukraine. He also pledged to help rebuild a town that was not named. Vucic told Serbian journalists that "we have not made any good progress so far, but we will try our best to get the best possible results for the Ukrainian people in this town." Vucic refused to sign a joint declaration of the summit, which called for a continuation of the political, military and financial support to Ukraine, as well as a strengthening of pressure on Russia. Vucic said he refused to sign the summit's joint declaration, which calls for the continuation of political, military, financial, and security support to Ukraine and strengthening pressure on Russia. Vucic stated that Serbia would continue to support Ukraine's EU application. "Ukraine and Moldova,?and all other... can count on Serbia's assistance," he said. He was referring to a former Soviet republic that is now governed by an EU-friendly government. Belgrade recognizes Ukraine as a whole, including the territories that Russia has seized since 2014. Kyiv, on the other hand, refuses to recognise Kosovo's 2008 independence, which is primarily a?Albanian province of Serbia. Since the Russian invasion of Ukraine in?2022, Serbia, a country with a population of around 6.5 million, has donated 60 million Euros in non-lethal, non-military assistance to Ukraine. Moscow has repeatedly accused Belgrade of selling ammunition via intermediaries to Ukraine. Belgrade has denied ever supplying ammunition to Ukraine, but said that it had sold to other purchasers worldwide. Vucic’s visit comes also after a conference of EU candidate countries held in Serbian capital,?Belgrade, last week. Ruslan Stefanchuk, the Ukrainian parliament's speaker, accused Moscow during the event of aggression, and "humiliating", Serbs. Maria Zakharova - the Russian Foreign Ministry spokesperson - criticised Belgrade on Saturday for failing to respond "to the hostile antiRussian remarks" made Stefanchuk.
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US sanctions are aimed at disrupting Iran's weapons procurement
The US?government announced sanctions against individuals and entities that it claimed were a part of a network that helped Iran acquire weapons. In a statement, the U.S. Treasury Department stated that sanctions would be imposed on Iranians and Russians as well as entities with bases in Iran, Russia,?and Nigeria. The move coincides with heightened tensions, including hostilities between Washington and Tehran over the Strait of Hormuz. Treasury released a statement saying that Wednesday's targets "exemplify Iran’s use of foreign aviation, transport, and financial conduits as well as travel coordinators in order to conceal the IRGC’s role 'in illicit procurement' and to move materials and personnel around the world." These sanctions are in addition to the U.S. actions taken?in May?against companies and individuals, including some based in China and Hong Kong?against accusations that they were aiding Iran's weapons sector. The U.S. imposed sanction in June against 11 individuals and entities who helped weapons?procurement for Iran's IRGC (Islamic Revolutionary Guard Corps) and Iranian military.
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Gold prices drop after US PPI data and focus on Middle East tensions
Gold prices recovered on Wednesday after the U.S. Producer prices fell unexpectedly in June. However, concerns about inflation and high interest rates remain due to the escalating Middle East tensions. By 11:35 am EDT (1535 GMT), spot gold had fallen nearly 1% in the previous session. U.S. gold futures dropped?0.4% at $4,053.70. Phillip Streible is the chief market strategist for Blue Line Futures. He said that gold has recovered from its earlier losses this morning, as PPI was lower than expected. This also eased concerns over multiple interest rate increases by the Fed this year. Bureau of Labor Statistics of the Labor Department reported that the Producer Price Index for Final Demand fell 0.3% in June after an upwardly revised 0.6% rise in May. The economists polled had predicted?an unchanged PPI following a previously reported advance of 1.1% in May. CME FedWatch Tool data shows that traders see a 10,2% chance for a rate hike at the Federal Reserve meeting in July, as opposed to 16,6% before the data. Data on Tuesday also showed that U.S. consumer prices slowed down more than anticipated in June. The U.S. announced that it had 'begun a new round of strikes against Iran, after reimposing a naval blocade on Iranian ports. Meanwhile, Iran has threatened to cut off regional energy exports. Oil continued to rise on Wednesday. Recent developments in the Strait of?Hormuz region have simply re-ignited fears about unchecked price pressures. If tensions continue to escalate, leading to higher oil prices, gold could be exposed. This is according Lukman Otunuga senior research analyst of FXTM. A solid break below this point could open the door to $3,950 or $3,000. If $4,000 is a reliable support, the price may rise to $4,100. Fuel costs are likely to continue rising, which could lead central banks to keep rates high for longer. This would reduce the appeal of gold as an asset that does not yield any income. Spot silver fell 1.6% to $57.67 while platinum rose 0.2% to $1.634.13. Palladium dropped 0.8% to 1,294.25. Reporting by Ashitha Shilpa Prasad in Bengaluru and Sukanya Mittra; editing by Shilpa Majumdar and Jonathan Ananda
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Ghana adopts revised mining laws to strengthen oversight
The Ghanaian cabinet has approved amendments for the mining law to be submitted to parliament. Mines Minister Emmanuel Armah Kofi Buah announced this on Wednesday as part of efforts by government to increase oversight and curb illegal mines. Ghana, Africa's largest gold producer, is implementing reforms to boost state revenue and increase local participation in the mineral wealth. It introduced a sliding scale gold royalty regime this year linked to prices, and announced plans to phase out fiscal stabilization agreements. This could impact major miners such as Newmont, Gold Fields, AngloGold Ashanti, Zijin, and Perseus. Buah said at a press conference in Accra that Ghana's Minerals and Mining Act 2006, which has been in force for almost two decades, needs to be updated and modernized. This policy aims to indigenize the mining industry by strengthening the local content of minerals through domestic value-adding, improving links to the manufacturing industry and dealing decisively with the threat?of illicit mining and protecting our environment. The proposed law creates district mining committees that give host communities an early role in the licensing process. The prospecting and reconnaissance licences are to be replaced by a single exploration licence, which will have a maximum of five years. Extensions can only be granted after a review is made of the initial two-year programme. Buah added that if you don't invest in exploration for five years, you will lose your license. He added that mining?lease agreements would still be limited to a maximum of?20-years, but now companies would have to sign community development agreements directly negotiated with the host communities rather than being decided by the company. Maxwell Akalaare Adombila, Louise Heavens and Emmanuel Bruce contributed to the report.
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Nuclear fuel company Standard Nuclear reduces US IPO size more than by half
Standard Nuclear has reduced the size of its proposed U.S. Initial Public Offering by more than 50 percent on Wednesday. It joins a'string' of companies who have lowered their valuation targets to match cautious investor sentiment this year. The company plans to sell 10,000,000 shares for $15 each. It originally intended to sell 18.25 million of its shares between $18-$21 each. Standard Nuclear's valuation would be $2.4 billion at $15, as opposed to its previous target of $3.55billion. Analysts claim that despite the strong resurgence of the U.S. IPO Market this year, investors remain cautious about valuations and prefer to ignore less exciting offerings. Ambulance giant GMR, and small modular reactor developer Deep Fission?have also downsized their initial public offerings?in the past few months. The poor performance of recent IPOs including SpaceX is negatively affecting demand for U.S. IPOs. This is especially true for high-risk and loss-making deals like Standard Nuclear, according to IPOX CEO Josef Schuster. The Oak Ridge, Tennessee, based company processes enriched uranium into advanced nuclear fuels for advanced nuclear reactors including small modular reactors or microreactors. It reported a $7.7-million net loss?and revenues of $593.802 for the three months ending March 31. This compares to a $8.3-million?net loss and revenues of $377.926 from a year ago. The company's revenues are primarily generated by?fuel development contracts and research and developments projects. Schuster stated that "sector-specific weaknesses" are contributing to a more challenging pricing environment. He referred to the subdued trading in NuScale?Power and Oklo which both fell more than 35% during this year. Standard?Nuclear will price its IPO on Wednesday, and debut on the NYSE Thursday. Reporting by Arasu Kanagi Basil in Bengaluru and Pragyan Kalita; editing by Shilpa Majumdar
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Codelco believes that the lithium project at Chile's Maricunga Salt Flat is feasible within eight years
Codelco's chairman Bernardo Fontaine stated on Wednesday that the lithium project at?the Maricunga flat salt will become a reality in eight years. The state-owned copper company Codelco, along with its partner Rio Tinto, manages the Maricunga Lithium project. Fontaine stated that the agreement had not been signed because certain conditions were still to be met. Some of these conditions have already been met, while others are pending on an international level. The executive said that the joint venture agreement "awaits regulatory approval" from Chile and China, after receiving?antitrust approvals with no conditions from Brazil and South Korea, and Poland. The Chilean mining ministry has revised the special operating contract in response to observations made by the national auditor. Fontaine said that lithium is not a critical mineral and there are no supply issues. * Codelco’s new board is reviewing the state miner's plans, projects and prioritizing investment and evaluating possible asset sales. The company's?title of?world’s largest copper producer? will be lost in 2025.
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Buffett calls Bill Gates Epstein ties "disgusting" and says that his children are prepared to share his fortune.
Warren Buffett called Bill Gates' association with the late sexual offender Jeffrey Epstein, "disgusting," but said that he would halt his donations to the Gates Foundation as his children grew older and were now ready to receive his wealth. Buffett told CNBC in an excerpt of a Wednesday interview that he tells his children to do it well. The comments were broadcast a day after 95-year-old Berkshire Hathaway Chairman omitted the Gates Foundation in his annual midyear charitable donations. He donated almost $6 billion worth of stock from his conglomerate. Buffett donated Berkshire shares worth more than $47 billion to the Gates Foundation between 2006 and 2008. The latest donation of 12 million Class B Shares will instead go to four foundations headed by his children Susie Howard and Peter. Buffett has donated over $23 billion in Berkshire Stock to the Susan Thompson Buffett Foundation as well as the Howard G. Buffett Foundation, NoVo Foundation and Sherwood Foundation since 2006. BUFFETT SAYS GATES MADE 'MISTAKES Buffett revealed that Gates, who was a close friend and a director of Berkshire for 16 years, had visited him three weeks ago in Omaha. This meeting was held after the U.S. Department of Justice released in February files relating to Gates' relationship and philanthropic efforts with Epstein. Gates met with Congress about Epstein last month. He has expressed his regrets for Epstein and has never been charged with any crimes. Buffett stated that he had made mistakes when he hired people or chose friends and later found out they were not what he thought. Buffett said that donating to Bill Gates'?Gates Foundation was a "good choice" and he had no regrets about his relationship with him. Buffett stated, "We've had a?number? of?good?times? together." It has been an amazing friendship. Epstein, who was arrested on charges of sex-trafficking in August 2019, died in a Manhattan prison cell. The medical examiner in New York City ruled the death as a suicide. Keep your marbles Buffett also accelerated his timetable for distributing the remaining Berkshire stock, which represents an approximate 13% stake in this $1.06 trillion conglomerate. Buffett wants his shares to be distributed 10 years after his death, not by the end of 2034. He noted the advancing age of his children. Susie Buffett will be 81 years old by 2034. Buffett told CNBC that he had reevaluated his entire situation. It's not only a matter of mortality. It's about keeping your marbles. Reporting by Jonathan Stempel, New York. Editing by Emelia S. Sithole-Matarise & Andrea Ricci
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Gold gains following US PPI data and focus on Middle East tensions
The gold price reversed its earlier declines on Wednesday, after U.S. producer prices unexpectedly dropped in June. However, escalating Middle East tensions?limited gains as they kept inflation and interest rate concerns alive. By 1258 GMT, the spot price of?gold? rose 0.3% to $4067.60 an ounce at 858 AM EDT. U.S. gold futures rose 0.2% to $4 075.80. Phillip Streible is the chief market strategist for Blue Line Futures. He said that gold has recovered from its earlier losses as PPI was lower than expected. This eases some concerns regarding multiple interest rate hikes by the Fed this year. According to the Bureau of Labor Statistics of the Labor Department, last month's Producer Price Index fell 0.3% after a downwardly-revised 0.6% rise in May. The PPI was expected to remain unchanged by economists polled, after a 1.1% increase in May. CME FedWatch Tool data shows that traders expect a 9.1% chance of an increase in interest rates at the Federal Reserve meeting on July, as opposed to 16.6% before data. Data on Tuesday also showed that U.S. consumer prices slowed down more than was expected in June. The U.S. announced that it had begun a second wave of attacks against Iran, after reimposing a naval blocade?of Iranian ports. Iran, meanwhile, threatened to cut off even more regional energy exports. Oil continued to rise on Wednesday. Recent developments in the 'Strait of Hormuz' have simply re-ignited fears about unchecked price pressures. If tensions escalate further and oil prices rise, gold could be exposed to downside risks, said Lukman tunuga senior research analyst of?FXTM. A solid break below this level may open the doors to $3,950 or $3,000. If $4,000 is a reliable support level, the price may rise back to $4,100." Fuel costs may continue to drive inflation, prompting central banks to keep rates at high levels for longer. This could also affect gold's appeal as an asset that doesn't yield. Platinum gained 0.4%, bringing the price to 1,638.24. Spot silver fell 0.1%. Palladium dropped 0.1% to $1.303.50. Reporting by Ashitha Shivprasad in Bengaluru and Sukanya Mittra; editing by Shilpa Majumdar
US tries to reassure Gulf Allies as traffic on the Hormuz rebounds and oil returns to pre-war levels
The United States announced that the Strait of Hormuz was?nearing normal' and their top diplomat had completed a Gulf Tour aimed at increasing support for an initial Iran deal.
U.S. Energy Sec. Chris Wright stated on Wednesday that shipments through the Strait had reached levels before the U.S. and Israel launched their strikes against Iran on February 28. At least 20'million barrels' of oil left the strait within the last 24 hours.
During the war, Iran effectively controlled the crucial chokepoint. This disrupted oil flows, shook the global energy markets, and affected the economy.
Iran has signaled that it will continue to exert control despite the increase in traffic. The Revolutionary Guards of Iran warned ships on Thursday to adhere to the routes through the Strait designated by Tehran. They rejected newly announced shipping routes that were not coordinated with Iran, as being unacceptable and dangerous.
The warning was issued after Oman announced temporary routes for shipping through the strait, in coordination with United Nations Shipping Agency.
The International Maritime Organization of the U.N. reported that 57 vessels carrying approximately 1,100 seafarers had transited through the strait under the evacuation plan since June 23.
Marco Rubio, the U.S. secretary of state, sought to reassure Gulf Allies who were wary about Washington's preliminary agreement with Tehran. He said that the United States is pursuing a lasting peace, which will not be at the cost of regional security and prosperity.
He said that Tehran will not be allowed to charge fees for vessels that use the Strait of Hormuz. This was the route through which, before the war, around one-fifth of the global oil and gas flowed.
"The truth is, no country in the world has the right charge for international waterways." Rubio said to Gulf Arab foreign ministers that this would never be acceptable as a condition in any agreement.
Badr bin Hamad al Busaid, Oman's foreign minister, who is located across the strait from Iran told the meeting future shipping arrangements shouldn't include tolls.
TRUMP FACES REPUBLICAN CRITICISM
The U.S. president Donald Trump is facing increasing criticism in the United States over his Iran war.
Trump and Senator Bill Cassidy clashed in a closed-door Republican meeting on Wednesday. This was just before Trump's administration requested tens billions of taxpayer dollars to fund the war.
Many Republicans in attendance said that Trump and Cassidy engaged in a shouting contest. Cassidy said the administration should explain the framework agreement Trump signed last weekend, which gives Iran financial incentives but does not meet the goals he set out at the beginning of the war.
Cassidy, a reporter, said: "It doesn't appear, but I can't be sure, that this is proceeding the way we were told."
Senate Republican leaders, in a move that was seen as supporting Trump, scheduled a late night vote to block the resolution to end hostilities between Iran and the United States.
The Senate, by a vote of 50 to 47, voted to stop the War Powers Measure that had been advanced in May.
Trump posted on Twitter after the vote on Wednesday that "this vote puts Iran on notice", although it doesn't affect the previous vote.
IRAN WAR WEIGHS UPON TRUMP'S REPUBLICANS
Trump is feeling the weight of war ahead of the November elections, which will determine who controls Congress. A /Ipsos survey showed that only one out of four Americans believe the war is worth its cost.
As a result of conflicting accounts, Trump has been criticized both at home and abroad for certain aspects of the framework agreement.
There are still disagreements over Iran's financial incentives, nuclear inspections and the Strait of Hormuz.
The deal sets up 60-day talks to address more difficult issues such as Iran's nuke programme.
Scepticism about regional differences
The deal has prompted scepticism among Middle Eastern countries, as many of them were attacked by Iran during the war. They view the agreement, which includes a $300 billion fund and some easing sanctions, as being too generous towards Tehran.
The Gulf allies of Washington fear that the reconstruction fund will help Iran build its military. The agreement also doesn't address Tehran's missile capability.
Iran has agreed to allow shipping through the Strait of Hormuz to be free for 60 days. After that, Tehran may impose tolls.
A diplomat who was briefed about the talks said that Iran may propose environmental, navigation, and security fees during upcoming discussions with Gulf states. Washington and its Gulf Allies are opposed to such fees.
ISRAEL, LEBANON MEET ?IN WASHINGTON
On Wednesday, Israel and Lebanon discussed in Washington a U.S. backed proposal that Israel withdraw its forces from some of the territory it had invaded.
Senior Israeli and Lebanese government officials denied on Thursday that Israel had withdrawn some troops from the southern Lebanon occupied area, following a U.S. statement that Israel had done so in good faith.
Israel has been fighting Hezbollah since March 2, when the militant group attacked Israel in support of Iran. Tehran's demands for a lasting peace agreement with the United States include a cessation in hostilities in Lebanon. (Reporting and writing by Bureaus; Editing by Gareth Jones).
(source: Reuters)