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The Ukraine-US Fund approves investment policy as it looks to first projects in 2026
The U.S. government body that oversees the fund announced on Thursday that the Ukraine-U.S. Reconstruction Fund, created as part of a minerals 'deal' signed by the two countries in April, has approved its asset policies and is ready to review its first investment opportunities starting in 2026. In a press release, the Development Finance Corporation (DFC), said that the fund's 2nd meeting "reached the final consensus needed to bring the fund into full operational status". The DFC stated that potential deals could focus on energy and minerals development, as well as maritime infrastructure. Kyiv, under pressure from Donald Trump for months, signed the minerals deal in April. The United States would receive preferential access to new Ukrainian mineral projects in exchange of investment. Ukraine signed the deal in order to win Trump's support as it repelled Russia's almost four-year old full-scale invasion. A U.S. delegation visited Ukraine in the fall for consultations, and also to visit some potential promising sites. The EU considers 22 minerals to be critical for industries like defence, high-tech appliances, and green energy. Most of the sites are not fully evaluated and will require significant funding for development. (Reporting and editing by Hugh Lawson; Yuliia dysa)
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Pirelli reports that 99.3% 500 mln Euro bond converted, diluting Sinochem & Camfin stakes
Pirelli, a tiremaker, said that on Thursday the majority of holders of the 500 million euro bond due to expire this month have chosen to convert the bond into new shares in the company. This has diluted the stakes owned by existing investors. Pirelli announced that bond holders had chosen to convert their bonds into shares at a price of 5.8493 euros per share, which was announced in June. Pirelli said that to meet the conversion, it would issue around 84.88 millions new shares, which will dilution its shareholder's?holdings. Sinochem, the largest shareholder in Pirelli, is expected to reduce its stake to approximately 34.1%, down from 37.4%. Camfin, the vehicle of Marco Tronchetti Provera, will see its stake drop to 25,3%, down from 27.4%. Sinochem and Camfin - Pirelli's largest shareholders - have clashed a number of times in recent years. Camfin has complained that Sinochem’s stake is hindering the group’s U.S. growth. Camfin's board has authorized it to increase its share in Pirelli?to 29,9% by October of next year. Pirelli stated on Thursday that the conversion of its?bonds would have a positive effect on its debt. This will improve its net financial position in 2025 by more than 496 million euro.
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EU countries approve a year-long delay in deforestation laws
The 'Council of the EU' announced that the European Union countries approved a deal on Thursday to delay the anti-deforestation legislation by one year. This cleared the final legal hurdle so the law could be passed. First-ever policy, the EU would not allow imports of palm oil, cocoa and other products linked to deforestation. Foreign exporters of these commodities were required to submit due diligence reports proving that their products didn't contribute to forest degradation. The law, originally due to take effect in December 2024 was intended as a major component of the EU’s green agenda. Brussels had already delayed the law by one year. However, that did not stop the opposition from the industry and other trade partners, including Brazil, Indonesia, and the U.S. who said the regulations would be expensive and harm their exports to Europe. According to the amended EU legislation, large firms will be required to comply with the new law as of December 30, 2026. Smaller companies, with a revenue less than 10 million euros for the affected products, must comply by June 30, '2027. The EU Proposed delaying In September, the law was amended a second-time citing concerns about the ?readiness of information-technology systems needed to support ?it Nestle, Ferrero, and Olam Agri are among the food giants. The law was not to be delayed, as the government had previously warned. Forests in danger of extinction are found worldwide. The policy is designed to stop the 10% global deforestation caused by EU imports. (Reporting and editing by Charlotte Van Campenhout, Ed Osmond and Kate Abnett)
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Gold nears record high as rate cuts fuelled by soft US inflation fuels bets
Gold prices rose on Thursday and hovered near a new record high. This was after U.S. inflation data that were softer than expected boosted expectations for Federal Reserve rate reductions in 2026. As of 1645 GMT, spot gold was up 0.6% at $4,366.62 per ounce. Bullion reached a record-high of $4,381.21 an ounce on October 20. U.S. Gold Futures slipped 0.2%, to $4 366.80. Data showed that U.S. consumer price index rose 2.7% on an annual basis in November. This was less than the 3.1% rise forecast by economists surveyed. After the data, futures on the federal fund rate factored a slightly?increased likelihood that the Federal Reserve would lower interest rates during its meeting in January. David Meger said, "The CPI report was dollar-negative and gold-positive... the Fed will remain in focus as the market tries to determine how many rate reductions are planned for next year." Gold and other non-yielding investments benefit from lower interest rates. LSEG data shows that traders expect the Federal Reserve to cut rates by 63 basis points next year. "The trend in gold is still positive and a breakout to the upside is expected." "I've got upside targets at $4,515.63, and $5,000 is also a valid goal," said Peter Grant. U.S. President Donald Trump announced on Wednesday that the next Federal Reserve Chair will be someone who supports a sharply lower rate of interest. An announcement is expected to take place early next year. Silver spot fell 0.7%, to $65.83 per ounce. This is a retreat from the previous session's?record-high of $66.88. Silver has outperformed the gold market this year, with a 129% increase in value. This is due to investment demand as well as concerns about a possible supply shortage. Palladium rose 2.8% to $1,693.75, a record high for nearly three years. Platinum climbed 1.4% to $1.924.88, which is a 17-year-high. Commerzbank stated in a report that "the wave of price increases has now spread from Silver to Platinum... The platinum price is buoyed up by strong demand coming from China."
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UN reports over 1,000 civilians dead in Sudan's Darfur, as US and others call for ceasefire
A report released by the U.N. Human Rights Office Thursday revealed that over 1,000 civilians died when a paramilitary group from Sudan took control of a famine stricken displacement camp in Sudan's Darfur. About a third were executed summarily. According to a U.N. Report, for months before the April 11-13 attack, the Rapid Support Forces had blocked the entry of food and other supplies into the Zamzam Camp in Sudan's western Darfur region, which houses nearly half a milllion people who have been displaced by the civil war. The U.N. reported that the RSF had attacked civilians during the takeover. Survivors have also described widespread killings and abuse, including rape and torture. At least 319 people were executed either in the camp itself or while they fled. In a statement that accompanied the 18-page report, Volker Turk, the U.N.'s High Commissioner for Human Rights said: "Such deliberate murder of civilians or people?hors combat could constitute a war crime." The findings were based on interviews with 155 survivors who fled to the Chad in July 2025. The report stated that one of them testified to the fact that eight people who were hiding in a camp room were killed by RSF soldiers who shot at the group through a window. RSF didn't immediately respond to our request for comment. The group denied that they had ever injured civilians, and has said it would hold their forces accountable for any violations. The April attack was the precursor to the RSF's attack on al-Fashir in the north, which took place late October. In that attack the RSF has been accused of summarily killing and kidnapping tens of thousands of people. The majority of those believed to have lived in this city are still missing. Separately, on Tuesday the U.N. Human Rights Office said that drones have killed more than 100 civilians this month in Sudan's Kordofan. The United States, United Kingdom, and Norway, on Thursday, called for Sudan's leaders "to urgently reverse course". They also called on all parties to cease the armed attacks, and to return to a truce, saying that a return to greater levels of violence could destabilize the entire region. The nations issued a joint declaration in which they stated that the transitional government must stop its aerial attacks on its own citizens, release political prisoners, use public revenue to pay employees of the public sector, and fund health, educational, and other vital services for its people. "South Sudan's leaders must stop the conflict and restore the trust of their people and the international communities through concrete actions." "If they do this, they will receive the support, investment and respect of the entire world," they stated, without providing any additional details. "Enough is Enough." Reporting by Emma Farge in Cairo and Nafisa Altahir; additional reporting in Washington by Susan Heavey; editing by Madeline Chambers, CaitlinWebber and Madeline Chambers.
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Ghana's Parliament approves stricter limits on central banks financing
By Emmanuel Bruce ACCRA, Dec. 18 - Ghana’s parliament approved amendments to Bank of Ghana Act on Thursday, imposing stricter limitations on central bank funding of the government in order to safeguard its independence. The Bank?of Ghana Amendment?Bill 2025 bars the central banks from purchasing government securities on the secondary market. It also redefines the emergency provisions which previously allowed officials bypass a 5% loan cap tied to?revenues of the previous year. Emergency situations are limited to those that involve force majeure, such as natural disasters, crises declared by the president or public health emergencies. The reforms come after criticism of the 'heavy central banks support during and after the COVID pandemic, when Ghana lost its access to international capital markets and inflation soared, and the Bank?of Ghana?posted negative equity?after extending overdrafts?and other assistance?to manage fiscal imbalances?. The revised law prohibits direct and indirect loans to government except in exceptional circumstances, such as temporary revenue shortages. These advances will be subject to a?repayment schedule, capped limits, and parliamentary approval. The law also introduces stricter requirements for board membership and enhanced audit oversight in accordance with the International Monetary Fund's programme, which was agreed in 2023, to reduce central bank funding, stabilize inflation, and restore investor trust. Cassiel To Forson, Finance Minister, told the parliament that reforms will "strengthen" the central bank while maintaining its independence. The bill also sets out the framework for joint medium-term inflation target with the government. The amendments, which are subject to presidential approval, include provisions that the state recapitalise its central bank in order to comply with legal requirements. Reporting by Emmanuel Bruce. Colleen Goko is the writer. Mark Potter (editing)
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Britain increases sanctions against Russia's energy sector
As part of its efforts to increase pressure on Moscow over the conflict in Ukraine, Britain imposed sanctions Thursday on additional Russian oil companies and Canadian-Pakistani Murtaza Lakhaani. The government has targeted 24 individuals, entities and companies, including what they describe as Russia's biggest remaining un-sanctioned oil firms: Tatneft, Russneft, NNK-Oil, and Rusneftegaz. The latest measures aim to make it more difficult for Russia to sell its oil globally. In October, Britain sanctioned Rosneft and Lukoil, two of Russia's largest oil companies. On Thursday, the EU sanctioned?41 ships of Russia's?shadow fleet? that tries to circumvent Western trading restrictions. Russia dismissed Western sanctions in the past as political motivated. The package included Lakhani and his companies. According to the British government, they are among the biggest traders of Russian oil in the world since 2022. Lakhani is a 63-year-old trader who began his career at the global trading company Glencore. He now runs a midsized trading firm called Mercantile & Maritime which faces UK sanctions. The company is based in London and Singapore. Britain said that it would also use'sanctions' to crack down on Central Asian cotton pulp supply chains, a component used in ammunition, explosives, and missile fuel, which it claimed Russia could not produce at scale. (Reporting Muvija M. Additional Reporting by Anna Hirtenstein. William James, Mark Potter and Mark Potter edited the story.
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TSX rises as tame U.S. data on inflation supports rate-cut bets
Canada's main index of stocks gained on Thursday after a U.S. inflation report that was lower than expected boosted expectations about Federal Reserve rate cuts. By 10:06 a.m., the?S&P/TSX composite index had risen 1% to '31,567.25?points. ET, after four consecutive days of modest losses. Cannabis companies Curaleaf Canopy Growth and Tilray have jumped between 2% and 21.5%. This is a continuation of their recent rally fueled by the expectation that U.S. president Donald Trump will sign an executive directive easing federal marijuana regulations. After Micron Technology's optimistic forecast, the technology index led gains in all Canadian sectors. The data showed that U.S. consumer price increases were less than economists expected for the year ending November, but they expect a faster increase in December. According to LSEG, investors are 'betting' that the Fed will reduce borrowing costs by 64 basis points at the end of the year. Oil prices are choppy due to geopolitical worries and the sell-off this week on Wall Street has weighed on the sentiment. Toronto's main index of stocks is on track for a weekly loss. The commodity-heavy Index is still on track to have its best year since 2009 with a gain of nearly 27%, driven by an increase in precious metal prices, and signs that the Canadian economy has remained resilient despite the tariff war between the U.S. Orla Mining climbed by 4% to a new record high, after the company confirmed that high-grade gold deposits extended beyond its underground operations at Musselwhite mine. (Reporting and editing by Avinash P in Bengaluru)
Israeli strike hits court in south Lebanon, 5 dead states ministry
An Israeli air strike on the court in Nabatieh, a significant town in southern Lebanon, which serves as a provincial capital, killed at least six people including the mayor, 2 security sources stated.
The strike came regardless of U.S. issues about increasing death tolls and worries of a wider regional escalation.
Hours earlier at least one Israeli strike hit Beirut's. southern residential areas, Reuters witnesses said, after the U.S. stated it. opposed the scope of Israeli attacks in Lebanon's capital.
Reuters witnesses heard 2 blasts and saw plumes of smoke. emerging from two separate neighbourhoods. It came after Israel. released an evacuation order early on Wednesday, which pointed out. just one building.
The Israeli armed force has in current weeks carried out strikes. on Beirut's southern suburbs, the fortress of Iran-backed. Hezbollah, without advance warnings, or with a caution for one. area while striking more broadly.
The Israeli armed force said it carried out a strike on an. underground Hezbollah weapons stock in the southern Beirut. residential area of Dahiyeh.
Prior to the strike, numerous actions were taken to alleviate. the risk of damaging civilians, including advancing cautions to. the population in the location, the Israeli military said.
Israeli military evacuation orders now impact more than a. quarter of Lebanon, according to the U.N. refugee agency, two. weeks after Israel started attacks into the south of the. country that it states are targeted at driving back Hezbollah.
Some Western countries have been promoting a ceasefire. in between the 2 neighbours, as well as in Gaza, though the. United States says it continues to support Israel and was. sending an anti-missile system and troops.
On Tuesday, State Department representative Matthew Miller. said the U.S. had actually expressed its concerns to Prime Minister. Benjamin Netanyahu's administration on the recent strikes.
When it pertains to the scope and nature of the battle. campaign that we saw in Beirut over the past couple of weeks, it's. something that we made clear to the government of Israel we had. concerns with and we were opposed to, he informed press reporters,. adopting a harsher tone than Washington has actually taken so far.
Israel has actually also come under scrutiny because of its dealings. with the U.N. peacekeeping force UNIFIL in south Lebanon. Because an Israeli ground operation against Hezbollah militants. began on Oct. 1, UNIFIL positions have actually come under fire and 2. Israeli tanks break through the gates of among its bases, the. U.N. says. 5 peacekeepers have been hurt.
European Union nations that contribute have no. intention of pulling back regardless of Israeli calls to do so,. Austrian Foreign Minister Alexander Schallenberg stated.
Sixteen EU nations, including Austria, contribute to. UNIFIL and the current incidents have actually sparked extensive alarm. amongst European governments.
On Sunday, Netanyahu contacted the U.N. to withdraw. UNIFIL from Hezbollah strongholds and from the battle zone.
Israel has actually not indicated it would reign in its military. projects in Beirut, south Lebanon or Gaza.
The last time Beirut was struck was on Oct. 10, when 2. strikes near the city centre killed 22 individuals and reduced. entire buildings in a largely populated neighbourhood.
LEADERS AND FACILITIES TARGETED
The Middle East, meanwhile, has been on edge considering that Iran. assaulted Israel with a barrage of rockets on Oct. 1 after a. comparable massive operation in April. Israel has promised to. strike back.
Iran's allies in its Axis of Resistance to Israeli and. U.S. interests - Lebanon's Hezbollah, Yemen's Houthis and equipped. groups in Iraq - have actually staged attacks in the region in assistance of. Hamas in the Gaza war, complicating efforts to ease stress.
Iranian Foreign Minister Abbas Araqchi is checking out. Jordan, Egypt and Turkey as part of Tehran's diplomatic. reach-out to countries of the region to end genocide, atrocity. and aggression, the Iranian foreign ministry's representative. said on Wednesday in a post on X.
Israel has actually been showing up the heat on Hezbollah considering that it. started incursions into Lebanon after killing Hezbollah leaders. and commanders, including its veteran secretary-general Hassan. Nasrallah last month in the greatest blow to the group in. decades.
With diplomatic efforts stalled, the fighting continues.
Israeli strikes in Lebanon have actually killed a minimum of 2,350 individuals. over the last year and left almost 11,000 injured, according to. the health ministry, and more than 1.2 million individuals have actually been. displaced.
The toll does not distinguish between civilians and. combatants but consists of hundreds of ladies and kids.
Around 50 Israelis, both soldiers and civilians, have actually been. eliminated in the same duration, according to Israel.
The figures underscore the heavy rate Lebanese are paying. as Israel tries to damage Hezbollah's facilities in their. dispute, which resumed a year ago when it began shooting rockets. at Israel in support of Hamas at the start of the Gaza war.
(source: Reuters)