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Morgan Stanley is questioned by US House committee over Zijin gold IPO in Hong Kong
Morgan Stanley and its U.S. shareholders were at risk of financial, regulatory and reputational damage as a result of the underwriting of Zijin Gold International’s Hong Kong IPO, a U.S. House of Representatives Committee warned Morgan Stanley on Thursday. Zijin Gold, a subsidiary company of Zijin Mining Group is listed on the U.S. Government list of companies that are prohibited from importing their products due to alleged abuses of human rights by Uyghurs. The House Select Committee on China stated that Morgan Stanley helped with Zijin Gold’s IPO in September to help raise funds for its parent company by selling non-Chinese assets of gold mining and listing them at the Hong Kong Stock Exchange. The committee questioned whether Morgan Stanley's involvement helped Zijin Mining avoid the U.S. ban. Morgan Stanley declined comment. Zijin Gold & Zijin Mining didn't immediately respond to comments. In a letter sent to Morgan Stanley CEO Ted Pick, Representative John Moolenaar (chair of the committee) wrote: "When U.S. Financial Institutions engage with Chinese companies linked to Uyghur Forced Labor, they undermine U.S. Government's goal to deter forced labor worldwide." Zijin Mining has been added to the Uyghur Forced Labor Prevention Act Entity List in January. This list restricts imports that are linked to what the U.S. calls a genocide against minorities taking place in western Xinjiang, China. U.S. officials claim that Chinese authorities have set up labor camps in Xinjiang for Uyghurs, as well as other Muslim minorities. Beijing denies all abuses. In his letter, Moolenaar requests documents and communications related to Morgan Stanley's involvement with the public offering, including its links to the Chinese Government, Chinese Communist Party and military as well as human rights violations. He requested the information before November 27. This letter is a new action taken by the committee to address the involvement of U.S. Financial Institutions in the underwriting of IPOs for Chinese companies that have ties with the Chinese military, or illegal labor practices. The committee issued subpoenas to JPMorgan in July for documents pertaining to their role as underwriters of the Hong Kong IPO of China’s CATL, which is the largest manufacturer of electric vehicles batteries in the world. The U.S. Department of Defense has designated CATL as a Chinese military firm. Reporting by Karen Freifeld and Kanishka in Washington, editing by Jamie Freed.
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China's copper imports are booming due to rising arbitrage and supply
The Chinese copper exports will likely set a new record in 2025. October shipments are expected to surpass 100,000 metric tonnage for the first time. China is the largest consumer of copper in the world and the net importer. The red metal is used for power lines, construction, and manufacturing. China's smelters produce more refined copper now than ever before, and exports with their higher margins are becoming increasingly attractive as a way to offset the losses caused by record-low processing charges. According to two sources in the industry who monitor cargoes, China probably shipped at least 100,000 tonnes of refined copper last month. This would bring the year-to date 2025 exports up to at least 580,000 tonnes, exceeding the 456,060 tonnes of exports in all of last. LUCRATIVE ARCURAGE Chinese smelters, traders and investors have been lured to Europe and North America by the higher prices offered. This was especially true earlier this year, when premiums at the U.S. Comex Exchange soared after traders bet Washington will put a copper tariff. Albert Mackenzie is an analyst with Benchmark Mineral Intelligence. He said that the arbitrage between LME & Comex made global markets extremely tight. Even though the White House has exempted refined Copper from tariffs, the premiums are still high enough to attract some material into the United States. China's refined exports of copper to the United States reached 164,226 tonnes in January-September 20,25 compared with 16,763 tons for all of 2024. One of the sources who track the exports said that of the 100,000 tons or so exported in October, 40,000 tonnes will be delivered to LME warehouses. Another 40,000 of copper of non-Chinese origin is being resold into the U.S. and another 20,000 tons are bound for Southeast Asia. EUROPEAN PREMIUMS GAIN According to LSEG Workspace, the LME copper price in early October was up to 3,234 yuan (US $454) per ton. This made exports a viable option. As of Thursday, it was 424 Yuan per ton higher. Local suppliers in Europe have increased their premiums, which has sparked an interest in cheaper Chinese cargoes. A Chinese copper smelter has said it will consider shipping a few hundreds of tons of refined Copper to Europe every month. Mackenzie, of BMI, stated that the increase in Chinese smelting capacities has also contributed to export growth. China will produce record volumes of refined metals this year. Smelters are trying to increase their revenue by increasing the processing of copper ore in order to extract gold and other by-products, and to cash in on the record prices of precious metals. Unexpected disruptions in major mines, including those owned and operated by Ivanhoe Mines (Ivanhoe) and Freeport-McMoRan (Freeport-McMoRan), have hampered the supply of ores outside China. ($1 = 7.1230 Chinese yuan renminbi)
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The COP30 climate health conference has raised $300 million to fund research on the effects of heatwaves worldwide.
A group of philanthropies has committed $300 million to developing solutions that can save lives as temperatures rise around the world. The money announced at this week's COP30 climate talks in Brazil is aimed at developing and figuring out best investments to combat rising risks due to extreme heat, air pollutants and infectious diseases. "We are a charity." "We can't keep plugging gaps and resuscitating an dying model of development", said Estelle willie, director of health policy at The Rockefeller Foundation. She said, "We are working together to test and validate new solutions using our philanthropic capital." Separately the COP30 host Brazil has launched a project called the Belem Health Action Plan, which encourages countries to monitor climate-related health policies across their ministries and departments. This effort is part Brazil's larger focus at the U.N. Climate talks on strengthening countries' abilities to prepare for and adapt to worsening climate effects including floods and fires. According to a study published in the PLOS journal in 2023, this $300 million pledge adds to $1 billion to $2 billion in public funds spent on research into climate-related health effects. Experts say that there is much more to be done. Willie stated in an interview that "progress on health is decreasing." "We have achieved many hard-fought victories in the health sector through technology and the global health system. Climate change is making global health and every problem worse now. A report published in The Lancet journal in October estimates that the number of deaths caused by heat-related conditions, which are worsened due to climate change, is around 550,000 per year. The report states that air pollution is responsible for another 150,000 deaths each year. This pollution comes from burning fossil fuels and also worsening fires. Infectious diseases are also on the rise. The report also said that reported cases of dengue have increased by 49% since 1950. In August, U.N. agencies estimated that more than 3.3 Billion people or half of the world population are already suffering from the heat. Climate change is a reality. John-Arne Rottingen is the chief executive of Wellcome Trust. Another funder. He said that children, pregnant women and older people, as well as "those communities who have the least resources" are most at risk. The Gates Foundation and IKEA Foundation are also funders of the newly formed Climate and Health Funders Coalition. Other 27 philanthropies signed up but have not yet committed funds. (Reporting from Simon Jessop in Belem Brazil, Lais Morais, and Anna Portella; Writing by Katy Daigle, Editing by David Gregorio.
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Heatwaves around the world prompt $300 million for climate health research
A group of philanthropies has committed $300 million to developing solutions that can save lives as temperatures rise around the world. The money announced at this week's COP30 climate talks in Brazil is aimed at developing and figuring out best investments to combat rising risks due to extreme heat, air pollutants and infectious diseases. "We are philanthropy." "We can't keep plugging gaps and resuscitating an dying model of development," Estelle Willie said, director of health policy at The Rockefeller Foundation. She said, "We are working together to test and validate new solutions using our philanthropic capital." Separately the COP30 host Brazil has launched an initiative named the Belem Health Action Plan, which encourages countries to monitor climate-related health policies across their ministries and departments. This effort is part Brazil's larger focus at the U.N. Climate talks on strengthening countries' abilities to prepare for and adapt to worsening climate effects including floods and fires. According to a study published in the PLOS journal in 2023, this $300 million pledge adds to $1 billion to $2 billion in public funds spent on research into climate-related health effects. Experts say that there is much more to be done. Willie stated in an interview that "progress on health is decreasing." "We have achieved many hard-fought victories in the health sector through technology and the global health system. Climate change is making global health and every problem worse now. A report published in The Lancet journal in October estimates that the number of deaths caused by heat-related conditions, which are worsened due to climate change, is around 550,000 per year. The report states that air pollution is responsible for another 150,000 deaths each year. This pollution comes from burning fossil fuels and also worsening fires. Infectious diseases are also on the rise. The report also said that reported cases of dengue have increased by 49% since 1950. In August, U.N. agencies estimated that more than 3.3 Billion people or half of the world population are already suffering from the heat. Climate change is a reality. John-Arne Rottingen is the chief executive of Wellcome Trust. Another funder. He said that children, pregnant women and older people, as well as "those communities who have the least resources" are most at risk. The Gates Foundation and IKEA Foundation are also funders of the newly formed Climate and Health Funders Coalition. Other 27 philanthropies signed up but have not yet committed funds. (Reporting from Simon Jessop in Belem Brazil, Lais Morais, and Anna Portella; Writing by Katy Daigle, Editing by David Gregorio.
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German coalition agrees on subsidised electricity price for industry
Friedrich Merz, the German Chancellor said that Germany's ruling parties had agreed to introduce an energy subsidy for energy-intensive industry until 2028 in order to cut costs and boost Europe’s largest economy. German companies have complained for years that high energy costs put them at a disadvantage in the global market. This includes automakers and steelmakers. After coalition talks, Merz, the conservative leader of the coalition with his Social Democrat partners, announced that the price of subsidised electricity for industry would be fixed at 5 eurocents per kilowatt-hour until 2028. Merz stated that the goal is to reduce production costs and significantly ease the burden on our economy. EU rules on state aid must be followed. Merz stated that "Discussions have been completed with the EU Commission and we are expecting to be approved for this." The VCI, the association of the chemical industry, called the measure helpful but said that the government must do more to make Germany competitive in the industry. In a press release, VCI's Wolfgang Grosse Entrup warned that the situation was "growing more acute" for businesses. German voters voted Merz into office in February after he promised to boost German Industry during an extended economic downturn. The coalition and the chancellor also agreed to tender 8 gigawatts for gas power plants and reduce air traffic fees, saving the aviation industry 400 million euros. The exchange rate is $1 = 0.8575 euro. (Reporting and editing by Mark Potter, Lisa Shumaker and Andreas Rinke)
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As hopes for a Fed rate cut in December fade, equity and bond prices drop.
The steep drop in Wall Street stocks on Thursday dragged MSCI’s global equity index lower, while U.S. Treasury rates rose. Investor hopes of a Federal Reserve rate reduction in December faded as a chorus hawkish remarks from central bank officials. The dollar fell in currencies despite hawkish comments from several Fed officials after the House of Representatives passed a bill to reopen U.S. Government late Wednesday, and President Donald Trump approved it. Investors have been buying stocks in recent sessions, anticipating a U.S. reopening of the government after a 43-day record shutdown that disrupted food assistance for millions of Americans, left hundreds and thousands of federal employees unpaid, and snarled up air traffic, while also halting important economic data releases. Trump administration officials have shattered hopes of a more accurate view of the U.S. economic situation in the near future. Kevin Hassett, White House economist, told Fox News, that while the government would have an employment number for October, the data on the U.S. rate of unemployment may never be released because the survey was not conducted due to the shutdown. Multiple Fed officials also slammed the idea that rates would be cut by the central bank in December. Alberto Musalem - the head of St Louis Federal Reserve Bank - reiterated on Thursday that his policy is more neutral than modestly restrictive. He said there was little room for further easing without becoming too accommodative. Beth Hammack, President of the Federal Reserve Bank of Cleveland, said that interest rate policies should be restrictive to bring down inflation levels. Neel Kahkari, president of the Minneapolis Federal Reserve, said that he is seeing mixed signals in the economy. He said that the inflation rate, which is around 3%, is too high. Meanwhile, parts of labor markets "appear to be under pressure." Mary Daly, the San Francisco Federal Reserve president, said earlier that the Fed's goals have been balanced after it cut interest rates two times this year. She said that the rate of decline in services inflation was not consistent and that she was more concerned about a continued slowdown in labor demand. CME Group's FedWatch tool shows that traders bets on December rate cuts have fallen to 49.6% from 62.9% as of Wednesday. Bob Doll said, "Markets had been expecting a rate cut in December, but we may not see it," referring to the cautious Fed remarks on this idea. "Most are warning us that it is not a gimme, just as the Fed Chair said when he gave this presser following the last Fed Meeting. It's not a new idea, but the public didn't accept it. Anthony Saglimbene is the chief market strategist of Ameriprise. He said that investors are worried because of a lack of clarity regarding the U.S. economic health. What you see today is a risk off assessment. Saglimbene stated that we're going to continue getting a cloudy view of economic data. He said that with the market showing signs of concern over high valuations of heavyweight technology stocks and those linked to artificial intelligence, it is not surprising for investors to "take a step back, sell down the losers and move into defensive areas of market". The Dow Jones Industrial Average dropped 708.88 points or 1.47% to 47,545.04, while the S&P 500 lost 108.91 or 1.59% to 6,741.94; and the Nasdaq Composite was down 537.47 or 2.30% to 22,869.43 at 2:45 p.m. The MSCI index of global stocks fell by 11.50 points or 1.14% to 1,000.28. EUROPEAN INDEXES DROP AFTER HItting Records The pan-European STOXX 600 closed at a loss of 0.61%, after reaching a record high. Europe's FTSEurofirst 300 index also lost 0.66%. Prices were lower in U.S. Treasuries and yields rose as investors lowered their expectations of imminent rate cuts due to lingering uncertainties over inflation and sharp divisions between Fed policymakers about the direction the U.S. Economy and monetary Policy will take. The yield of the benchmark 10-year U.S. notes increased 2.7 basis point to 4,106% from 4.079% on Wednesday. Meanwhile, the yield on 30-year bonds rose 3.7 basis point to 4.6986%. The yield on the 2-year note, which moves typically in line with expectations of interest rates from the Federal Reserve, increased 1.9 basis points, to 3.585%. Five officials with knowledge of the matter said that European financial stability officials are debating creating an alternative to Federal Reserve financing backstops, by pooling the dollars held by central banks outside the U.S., in order to reduce their dependence on the U.S. during the Trump administration. The dollar index, which measures greenbacks against a basket including the yen, the euro and other currencies, fell 0.36%, to 99.12. The euro rose 0.41% to $1.164. The dollar fell 0.23% against the Japanese yen to reach 154.42. Oil futures on the energy market settled a little higher, after a sharp drop in the previous session. Investors weighed global oversupply concerns against looming Lukoil sanctions. U.S. crude oil settled up by 0.34% or 20 cents at $58.69 per barrel. Brent settled at $63.01 a barrel, an increase of 0.48% or 30 cents on the day. The gold price fell after reaching a three-week-high earlier in the session amid the general market sell-off that followed the reopening the U.S. Government. Spot gold dropped 0.7% to $4169.10 per ounce. U.S. Gold Futures dropped 0.13%, to $4199.00 per ounce. (Reporting and editing by Sharon Singleton and Ed Osmond in London, and Marc Jones in New York; and Stephanie Kelly and Sinead carew in New York)
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Gold drops 1% after US government reopening
Gold prices dropped 1% on Friday, after reaching a high of three weeks earlier in the day. This was due to a general market decline following the reopening the U.S. Government. As of 1916 GMT, spot gold fell 1.1% to $4.151.86 an ounce at 02:16 pm EST. Silver spot fell 2.3%, to $52.18. It had earlier reached its highest level since the 17th of October. U.S. gold futures for December delivery settled 0.5% lower at $4,194.50. After a 43-day record shutdown, the U.S. Government will resume its operations under an agreement funding federal operations until January 30. Tai Wong is an independent metals dealer. He said, "Precious Metals are caught up in a widespread selling off, where stocks are under pressure, bonds are in the red, and the dollar and crypto are also in the negative." It's the classic "buy-the-rumor-sell-it-all" after the U.S. Government reopens. Gold spot hit its highest session level of $4,244.94 earlier in the session. This is the highest since October 21. Jim Wyckoff is a senior analyst with Kitco Metals. He said that initially, the gold and silver market rallied because they expected the economic data to be released following the end of the government shutdown would reveal a weakening U.S. labour market and encourage the Fed to cut rates at least once in December. A growing number of Federal Reserve officials are hesitant to ease further, citing concerns about inflation as well as signs of relative stability on the U.S. labor market following two interest rate reductions this year. Private surveys indicate a weakening job market. Fed Chair Jerome Powell warned that despite the fact that the U.S. Central Bank reduced rates in December, further easing was not guaranteed this year, due in part to a lack data. Gold is usually a beneficiary of lower interest rates, as it offers no return and can be seen as a safe haven during times of economic uncertainty. Palladium dropped 3.7%, to $1,419.75, and platinum fell 2.8%, to $1,569.65.
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Top Democrats criticize Trump for delaying China export curbs
Senate Democrats, including Senate Minority leader Chuck Schumer, criticized the Trump administration's suspension of a measure which prevented thousands of Chinese firms from accessing U.S. tech in the latest round of trade negotiations with Beijing. They called it a "giveaway" of important national security tools. The rule was announced on September 29 and was intended to prevent sanctioned Chinese firms from using a system of subsidiaries to acquire key American equipment that they would otherwise be prohibited from receiving. Last month, President Donald Trump agreed to defer the rule by a full year as part of a trade deal with Chinese leader Xi Jinping. Beijing would then suspend its export restrictions on rare-earth minerals, which are key components for tech that is primarily controlled and produced by China. In a Wednesday letter, first reported by the Associated Press, Senators Ron Wyden and others called for Trump to reinstate the rule. They argued that its delay could put "American-developed advanced computer technologies at risk, as they may be used instead to advance China's agenda, rather than ours." They wrote: "The suspension undermines U.S. security, and it will be much more difficult to stop the illegal diversion of American-made advanced technology and semiconductors to Chinese state-affiliated organizations." We urge you to restore these controls and stop your giveaway of important national security tools. According to a White House statement from spokesman Kush Deai, the White House defended themselves on Thursday by arguing that "the Trump administration has implemented an export control regime rigorous to safeguard our national and economic security." The letter is a new blow against the Trump administration for its suspension of this rule. China hawks in both parties praised the move. According to a report by WireScreen, the U.S. has placed export restrictions on roughly 20,000 more Chinese companies. In their letter, the Democrats claimed that the one-year suspension reopened a "loophole", and provided "a year's opportunity for affiliates to blacklisted foreign companies to restructure to avoid the rule." They added that the delay is part of Trump's troubling tendency to "trade away national security" in order to make quick handshake deals' and mitigate the harms caused by trade wars he himself has created. We urge you to reconsider your misguided approach and make sure that export controls in the United States are not used as a bargaining tool. The letter was signed by Elizabeth Warren, Chris Van Hollen and Jeff Merkley. Andy Kim, Ben Ray Lujan and Catherine Cortez Masto also signed. (Reporting and editing by Leslie Adler, Matthew Lewis and Alexandra Alper)
Indian temple stampede: 6 dead as thousands jostle for free passes
A minimum of 6 people were killed and 35 hurt in a stampede near one of India's busiest, and richest, temples, after countless devout Hindus gathered to protect free check out passes, authorities said on Thursday.
The period from Friday to Jan. 19 is thought about auspicious for sees to the deity at the Sri Venkateswara Swamy Temple, popularly referred to as Tirupati, in the southern state of Andhra Pradesh, the site of Wednesday's event.
The stampede occurred when the gate was opened, S. Venkateswar, the district collector, or leading income official, told press reporters on Thursday. About 2,500 people simply pressed through the gate ... a couple of fell.
Authorities were still attempting to figure out the reasons behind the stampede, he included. Tickets for visits to the nearly 2,00-year-old temple normally cost 300 rupees ($ 3.50) each and are offered online.
A police grievance revealed the event happened between 7:30 p.m. and 8:30 pm outside a school a few kilometres from the temple, where state authorities had set up counters in preparedness to release tickets from Thursday.
Video images show police struggling to manage the crowd that had gathered for the passes, in clips tape-recorded by news firm ANI in which Reuters holds a minority stake. Individuals who started queuing early for the passes pushed and scrambled each other, causing the stampede, Venkateswar stated, including that about a lots of the 35 hurt who were required to health center are still being treated.
Temple operator the Tirumala Tirupati Devasthanams (TTD). apologised for the event and guaranteed action versus anyone. found responsible.
Prime Minister Narendra Modi offered condolences in a post. on X, adding, My thoughts are with those who have actually lost their. near and darlings.
(source: Reuters)