Latest News
-
The Trump Administration announces $100 Million in funding for upgrading coal plants
The U.S. Department of Energy announced on Friday that it will make $100 million available for refurbishing and modernizing existing coal-fired plants. This move is part the Trump administration’s efforts to reverse the decline in coal usage in the United States. Last month, the Energy Department announced that it would invest $625 million in expanding coal-fired power generation. In recent years, the number of coal-fired plants has decreased due to the concerns over the impact of fossil fuels on the environment and public health as well as the competition from natural gas. According to the administration of Donald Trump, coal is a good way to deliver the huge amounts of electricity required by the U.S. for data centers. Chris Wright, U.S. Energy Secretary, said: "The Biden and Obama Administrations targeted America's coal workers and industry for years. This resulted in the closing of reliable power plants, and increased electricity costs." "Thank goodness, President Trump is ending the war on American coal. He's restoring common-sense energy policies that place Americans first. These projects will keep America's coal-fired plants operational and provide the United States with the reliable, affordable energy it needs to power its future and keep the lights on. Environmentalists claim that Trump's efforts to support coal are in direct opposition to the global effort to reduce carbon emission and combat climate changes. The Energy Department announced that the funds will be allocated in three strategic areas, including advanced wastewater management systems, fuel switching systems between coal and gas, and coal-natural-gas co-firing.
-
Angola looks to local markets after debt costs consume nearly half of the 2026 budget
Angola will spend nearly half of its budget for 2026 on debt repayments, highlighting how the rising costs of servicing are forcing governments in Africa to depend more on their domestic markets to fund themselves. The draft budget of the finance ministry, released on Friday, showed that 32.9%, or 10.9 trillion Kwanzas ($11.95 Billion), would be used to repay loans, and 13%, which is 4.3 trillion Kwanzas (4.3 trillion dollars) for interest payments. The total debt service will consume about 45.9%. Angola expects to borrow 7.1 trillion kwanzas in 2026 from domestic sources, compared to just 1.7 trillion from external creditors. This reflects a trend of frontier markets relying on domestic funding as foreign currency access is more expensive and risky. The budget deficit in Luanda is estimated to be 2.8% of the gross domestic product (GDP), down from 3.3% in 2025. The second-largest crude oil producer in Sub-Saharan Africa, which is trying to control costs because of volatile oil prices by cutting total expenditures, has announced that it will cut its total spending by 4,7%, to 33 trillion kwanzas. The draft budget is based on a crude price of $61 a barrel. Brent crude futures traded at around $65 last Friday. The economic growth rate is projected to increase to 4,2% by 2026 from just 3% in the year 2025. The government has also expressed concern over the rapid increase in tax waivers and incentives, referred to as "fiscal exemptions", which grew from 184 billion Kwanzas (Kwanzas) in 2018 up to 3 trillion Kwanzas by 2024. The government is concerned about the impact of these exemptions, which are mainly granted to non-oil sector, on Angola's revenue and fiscal stability.
-
Amazon's boost to stocks leads to a rise in the dollar and stocks.
The dollar rose after some Federal Reserve officials made hawkish remarks. Global stocks are on track for their third consecutive week of gains, and seventh consecutive month. This was boosted by the strong gains seen in Amazon's megacap after its quarterly results. Amazon surged by 9.6% following the announcement that cloud revenue grew at the fastest rate in almost three years. This allowed the company to forecast sales for the quarter above expectations. Apple shares fell 0.4%, to $271.37. They pared gains made after hitting an intraday high of $277.32, after reporting quarterly earnings. Apple also forecast holiday-quarter iPhone and overall revenue, which exceeded Wall Street expectations, thanks to strong demand from its iPhone 17 models. The results are the culmination of a week of earnings from megacap companies that were part of the Magnificent 7 group of stocks. They showed the huge infrastructure being built around artificial intelligence is not slowing down. Wall Street saw the Dow Jones Industrial Average rise by 0.09% to 47,562.87. The S&P 500 rose 17.86 points or 0.26% to 6,840.20, and the Nasdaq Composite gained 143.81 or 0.61% to 23,724.96. The stock market closed off its previous highs as several Fed officials echoed the comments made by Chair Jerome Powell in earlier this week. Powell had denied expectations that the central bank will cut rates during its December meeting after a 25 basis-point cut on Wednesday. The theme is similar to yesterday's. The earnings are a bit better than expected, but the Fed's hawkish comments have tempered them. James Ragan is Co-CIO at D.A. Davidson. Federal Reserve Bank of Atlanta president Raphael Bostic has said that a rate cut in December is not a certainty, while Federal Reserve Bank of Cleveland president Beth Hammack stated she was open-minded to changing the interest rate targets used by the Fed for implementing monetary policy. According to CME's FedWatch Tool, the markets are pricing in a probability of 65% for a rate cut by 25 basis points at the December meeting. This is down from 92% just a week earlier. The Nasdaq is on course for its seventh consecutive monthly gain, the longest streak since Jan 2018. The MSCI index of global stocks rose 0.81 points, or 0.08% to 1,005.99. This is the longest streak since August 2021. The pan-European STOXX 600 index closed down by 0.51% following a mixed quarter of earnings and a benign inflation report for the euro zone that confirmed the European Central Bank’s belief that price pressures are contained. However, it notched up its fourth consecutive month of gains. In terms of currencies, previous comments by Fed officials supported the greenback. Kansas City Fed President Jeffrey Schmid dissented from cutting interest rates in this week, citing concerns that high inflation would continue and signs of inflation spreading throughout the economy. Dallas Federal Reserve President Lorie Log said that the Fed shouldn't have cut rates this week, and they shouldn't do it again in December. The dollar index (which measures the greenback versus a basket currencies) rose by 0.31%, to 99.78. Meanwhile, the euro fell 0.31%, to $1.1529. The dollar index is on track for a second consecutive weekly gain, and a month-to-month increase of around 2%. The Japanese yen rose 0.02% against the dollar to 154.10. Satsuki Katayama, the Japanese Finance Minister, said that the government was monitoring the foreign exchange market with an urgent sense of urgency since the yen dropped to around 154 dollars. The data revealed that core inflation in Japan’s capital city accelerated in October, and remained above the central banks 2% target. This kept market expectations of a Bank of Japan rate hike intact. The Bank of Japan kept interest rates unchanged this week despite predictions of a rate hike by many economists. The yield of benchmark U.S. 10 year notes increased by 0.2 basis points, to 4,095%, while the yield of the 2-year note, which moves typically in line with Fed rate expectations, fell 1.6 basis to 3,598%. The 10-year rate was up almost 10 basis points in the past week. This was its largest increase since the week ending April 11, while the 2-year rate was up over 11 basis points, the biggest gain since the first weeks of July. U.S. crude oil settled up by 0.68% at $60.98 per barrel. Brent crude ended the day up 0.11% to $65.07 a barrel.
-
Amazon stocks rise, dollar gains after Fed remarks
The dollar rose after some Federal Reserve officials made hawkish remarks. Global stocks are on track for their third consecutive week of gains, and seventh consecutive month. Earnings from Apple and Amazon megacaps eased concerns about high valuations. Amazon soared by about 11% following the announcement that cloud revenue grew at the fastest rate in almost three years. This allowed the company to forecast quarter sales above expectations. Apple shares climbed to $271.76 after paring gains from an intraday high of $277.32. The company reported quarterly earnings, forecast holiday-quarter iPhone and overall revenue which exceeded Wall Street expectations due to strong demand for iPhone 17 models. The results are the culmination of a week of earnings from several megacap firms, including the Magnificent Seven Group of Stocks, which made it clear that the massive infrastructure around artificial intelligence is not slowing down. Wall Street saw the Dow Jones Industrial Average rise 24.36, or 0.5%, to 47.548.73. The S&P 500 rose 20.36, or 0.3%, to 6,842.70, and the Nasdaq Composite advanced 163.40, or 1.6%, to 23,744.50. The stock market was well below its previous highs as several Fed officials echoed the comments made by Chair Jerome Powell in earlier this week. Powell had denied expectations that the central bank will cut rates during its December meeting after a 25 basis-point cut on Wednesday. The market will have to repricing because it also priced in another two rate cuts, said Ken Polcari of Slatestone Wealth, Jupiter, Florida. The market will have to adjust because you may not get the product. This is only going to put pressure on price. Federal Reserve Bank of Atlanta president Raphael Bostic has said that a rate cut in December is not a certainty, while Federal Reserve Bank of Cleveland president Beth Hammack is open to changing the interest rate targets used by the Fed for implementing monetary policy. According to CME's FedWatch Tool, the markets are pricing in only a 63% probability of a 25 basis-point cut at the December meeting. This is down from 92% just a week earlier. The Nasdaq is on course for its seventh consecutive monthly gain, the longest streak since Jan 2018. The MSCI index of global stocks rose 0.77 points, or 0.08% to 1,005.95. This is the longest streak since August 2021. The pan-European STOXX 600 index closed down by 0.51% following a mixed quarter of earnings and a benign inflation report for the euro zone that confirmed that price pressures are contained. However, it notched up its fourth consecutive month of gains. Earlier comments by Fed officials in support of the dollar were also made. Kansas City Fed President Jeffrey Schmid dissented from cutting interest rates in this week, citing concerns that high inflation would continue and that signs of inflation spreading throughout the economy might raise doubts as to the central bank's commitment towards its 2% target. Dallas Federal Reserve President Lorie Log said that the Fed shouldn't have cut rates this week, and they shouldn't do it again in December. The dollar index (which measures the greenback versus a basket currencies) rose by 0.34%, to 99.82. Meanwhile, the euro fell by 0.36%, to $1.1523. The dollar index is on track for a second consecutive weekly gain, and a month-to-month increase of around 2%. The Japanese yen rose 0.03% against the dollar to 154.08. Satsuki Katayama, the Japanese Finance Minister, said that the government was monitoring the foreign exchange market with an urgent sense of urgency since the yen dropped to around 154 dollars. The data revealed that core inflation in Japan’s capital city accelerated in October, and remained above the central banks 2% target. This kept market expectations of a Bank of Japan rate hike intact. The Bank of Japan kept interest rates unchanged this week despite predictions of a rate hike by many economists. The yield on the benchmark U.S. 10 year notes fell by 0.2 basis points to 4.091%, while the yield on the 2-year note, which is typically in line with the rate expectations of the Fed, dropped by 1.2 basis to 3.602%. U.S. crude climbed 0.53% to 60.89 per barrel. Brent was up to $65.04 a barrel, a 0.06% increase on the day.
-
Energy Minister: Canada will accelerate vital mineral projects worth $4.6 Billion, Canada will accelerate critical mineral project
Tim Hodgson, Minister of Energy and Natural Resources, announced on Friday that Canada would accelerate mining projects totaling C$6.4 billion ($4.6billion) as part the Critical Minerals Production Alliance. The announcement was made at the conclusion of a two-day meeting of energy ministers and environmental ministers of the Group of Seven in Toronto. Hodgson stated that Canada, along with its G7 partners, will mobilize both public and private capital in order to accelerate the production of graphite and rare earth elements. Canada has announced that as part of its alliance with Australia's Rio Tinto and Quebec-based Nouveau Monde Graphite, it signed an offtake contract for graphite and scandium. Offtake agreements are deals where a buyer commits to purchasing a producer's future output at a set price. Hodgson stated in an interview earlier this week that Canada aimed to become a leader when it came to securing supply chain for its key allies to reduce dependence on China. Canada is a producer of several important metals, including nickel, cobalt, and copper. Except for Japan, all G7 countries are heavily or solely reliant on China to supply a wide range of materials, from rare earth magnets and battery metals.
-
As tensions in Venezuela rise, US Senators are seeking answers about the 'anti-drug strategy'
The Republican and Democratic leaders in the U.S. Senate Armed Services Committee stated on Friday that they have asked the administration of President Donald Trump for information and legal reasoning about operations against drug cartels, but still have not received it. Since early September, U.S. airstrikes on suspected drug-trafficking boats in the Caribbean and Pacific have resulted in the deaths of dozens of people. This has heightened tensions between Washington DC and Caracas. In a rare instance of bipartisanship in relation to the strikes Republican Senator Roger Wicker, and Democrat Jack Reed stated that they did not receive information from the administration regarding its strategy to combat drug cartels. Reed of Rhode Island is the top Democrat in the committee that oversees the U.S. Military. Wicker of Mississippi is its chairman. Trump's administration has insisted that the vessels targeted were carrying drugs without providing any evidence, or explaining publicly the legal basis for their decision to attack them rather than arrest the people on board. Trump has also ordered a major buildup of military forces in the Caribbean. In a letter from September 23, Wicker and Reed stated that they had requested "Execute Orders", relating to anti-drug trafficking activities. In a letter dated October 6, they requested any written opinion on the legal basis of these operations. The legislators said that they did not receive the requested information before Friday. The Pentagon didn't immediately respond to an inquiry for comment. Trump on Friday denied he was considering strikes inside Venezuela, appearing to contradict his own comments from last week amid intensifying expectations that Washington may soon expand drug-trafficking-related operations. (Reporting and editing by Daniel Wallis; Patricia Zengerle)
-
Sources: World Bank arbitral body rejects Barrick Expedition request in Mali case
Two people with knowledge of the situation said on Friday that Barrick Mining's request to expedite their international arbitration case against Mali was rejected. Since 2023, the West African government has been involved in difficult negotiations with Barrick over the implementation of new mining codes that increase taxes and give the government a larger share of the gold mines. Barrick initiated arbitration proceedings against the World Bank arbitration court (ICSID) in December 2024. The company wanted ICSID urgently to address several issues, including the continued detention of four staff members, the appointment a provisional administrator for the Loulo Gounkoto Complex after Barrick suspended operations due to the dispute, as well as the expiration in 2026 of the Loulo Mine's license. Two sources confirmed that the request was denied this week. ICSID announced on its website on Wednesday that it issued an order regarding "provisional Measures" without providing any further details. Barrick refused to comment. ICSID, as well as the Malian Mines Ministry, did not respond when asked for comments. Reporting by Portia Crowe and Divyarajagopal, Editing by Alexander Smith
-
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)
At least 28 dead in Gaza strike, which Israel states targeted gunmen
storyp1> CAIRO, Oct 17 (Reuters) A minimum of 28 Palestinians including children were eliminated on Thursday in an Israeli strike on a shelter in the northern Gaza Strip, a Gaza health ministry authorities stated, while Israel stated the attack targeted tens of militants at the site.
Dozens were also hurt in the strike, stated the official, Medhat Abbas, including: There is no water to snuff out the fire. There is absolutely nothing. This is a massacre.
Civilians and kids are being killed, burned under fire, said Abbas.
The Israeli armed force said in a statement the strike targeted militants from Hamas and Islamic Jihad groups, who operated from within the Abu Hussein School in Jabalia that had actually been working as a shelter for displaced people.
It said lots of militants existed inside the substance when the strike occurred, and provided the names of a minimum of 12 of them, which Reuters might not right away confirm.
The armed force stated it took precautions to mitigate damage to civilians and implicated Hamas of using them as human shields - a practice Hamas rejects.
Hamas stated in a statement that accusations there were fighters at the school were nothing however lies, adding this was a methodical policy of the enemy to validate its criminal activity.
The Hamas-run Gaza federal government media office put the number of dead at the school at 28. It said 160 people were injured in the attack.
Earlier on Thursday, Palestinian health officials said a minimum of 11 Palestinians were killed in 2 separate Israeli strikes in Gaza City, while numerous others were killed in central and southern Gaza areas.
Video circulated by Palestinian media of the Abu Hussein School and which Reuters could not right away validate, revealed smoke originating from tents that caught fire, as lots of displaced people left casualties consisting of kids to ambulances.
Homeowners of Jabalia, in northern Gaza, said Israeli forces blew up clusters of homes shooting from the air, from tanks and by putting bombs in buildings then detonating them remotely.
The area has been a focus for the Israeli military for the past 2 weeks, which states it is attempting to stop Hamas fighters from regrouping for more attacks.
Citizens stated Israeli forces had effectively isolated Beit Hanoun, Jabalia, and Beit Lahiya in the far north of the enclave from Gaza City, obstructing movement other than for those families hearkening evacuation orders and leaving the 3 towns.
We have actually written our death notes, and we are not leaving Jabalia, one local informed Reuters via a chat app.
The profession (Israel) is penalizing us for not leaving our houses in the early days of the war, and we are not going now either. They are exploding homes, and roadways, and are starving us however we pass away when and we don't lose our pride, the dad of 4 said, declining to provide his name, fearing Israeli reprisal.
The Israeli armed force said on Thursday that it took many weapons in the location, a few of which were stowed away in a school, and that its forces have actually eliminated dozens of militants in airstrikes and combat at close quarters, as troops attempt to root out Hamas forces running in the rubble.
Northern Gaza, which had been home to well over half the territory's 2.3 million individuals, was bombed to rubble in the very first stage of Israel's attack on the area a year ago, after the Oct. 7 attacks on southern Israel by Hamas-led fighters, who killed 1,200 people and captured 250 captives, according to Israeli tallies.
More than 42,000 Palestinians have actually been killed in the Israel's offensive up until now, according to Gaza's health authorities.
The United States has told Israel that it need to take actions to improve the humanitarian situation in northern Gaza in one month or face possible restrictions on military help.
Israeli Prime Minister Benjamin Netanyahu assembled an emergency situation conference on Wednesday to discuss expanding humanitarian aid to Gaza, authorities stated, with aid likely to increase soon.
ACCESS FOR HELP
The U.N. has long suffered challenges to getting aid into Gaza and distributing it throughout the war zone, blaming obstacles on Israel and lawlessness. The U.N. said no food aid got in northern Gaza in between Oct. 2 and Oct. 15.
On Wednesday, the Israeli military system that oversees help and industrial deliveries stated 50 trucks got in northern Gaza.
Ismail Al-Thawabta, the director of the Hamas-run Gaza federal government media office, said Israeli comments about enabling aid into the enclave were misleading.
He stated the Israeli armed force has maintained an extensive siege on the far north of Gaza for 170 successive days, closing all humanitarian access points. He said 342 individuals had actually been killed in the Israeli assault over the last 10 days.
Israel states that its evacuation orders have actually been provided to make sure people's safety and separate them from militants and rejects they belong to a methodical clearance strategy.
(source: Reuters)