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Botswana's economic recovery is projected but debt spirals upward
Botswana is projected to grow in this year's economic forecast after two consecutive years of contraction. However, debt will likely rise above 'the' government's statutory limit due to another large budget deficit. Ndaba Gaolathe, in a speech on the budget, said that economic growth was expected to be 3.1% this year, compared with estimated contractions of?2.8% last year and 0.4% last. Southern Africa's economy has suffered a severe downturn, largely due to the economic uncertainty and growing popularity of lab-grown diamonds. About one-third of Botswana’s revenue is generated by diamonds, and about three-quarters comes from its foreign exchange earnings. Gaolathe told lawmakers that the 'budget deficit for the fiscal year starting in April is seen as 26.35 billion Pula ($1.91billion), or 8.9% gross domestic product. This compares with a projected deficit of 25,48 billion pula for this fiscal year. The minister stated that "this reflects a structurally stretched fiscal framework?where expenditure commitments consistently exceed realistic and available realisable resources." By March 2026, the debt-to GDP ratio will be estimated at?38.77% and by March '2027 it will reach 44.66%. This is a breach of the current statutory debt limit of 40%. Gaolathe said that while such a rise in the ceiling may cause short-term concerns about credibility, they are far outweighed by the "significantly higher economic risks" arising from the fiscal consolidation required to remain within the existing ceiling. He continued that it was urgent to increase economic diversification, and strengthen growth sources other than mining. $1 = 13.8313 pula (Reporting and editing by Alexander Winning, Tomaszjanowski and Tomasz Winning in Cape Town and Johannesburg).
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Cleveland-Cliffs slumps after quarterly revenue misses estimates
Cleveland-Cliffs' shares fell in early trading on Monday after the steelmaker reported a fourth-quarter profit that was?below Wall Street expectations. Lourenco Goncalves, CEO of the company, said that the performance in 2025 would be affected by a weak production level in the automotive industry, a five-year slab agreement expiring in its final year and 'a new adverse dynamic on the Canadian market. Commercial contracts lagged behind despite President Donald Trump’s sweeping metal tariffs, as the industry adapted to an older price index. This resulted in lower selling prices for the fourth quarter. Tariffs have further harmed demand for?automotive products, which is a major market for Cleveland-Cliffs. Several U.S. carmakers cited?increasing production costs. LSEG data shows that the company's revenue for the quarter decreased marginally to $4.31 Billion from a year earlier, falling below analyst expectations of $4.59 Billion. The total revenue for 2025 also dropped to $18.61 from $19.19 billion. The company, however, posted a narrower-than-expected quarterly loss. The adjusted loss per share was 43 cents, compared to 68 cents in the same quarter last year. Analysts had predicted a loss of 60 cents. Gordon Johnson, an analyst at GLJ Research, said that "U.S. car production?remains weak (and deteriorating), Canada remains weak and neither has provided much ballast 'to results." Cleveland-Cliffs shares are down 18.8% to $11,96. The stock has gained 41.3% in 2025. (Reporting and editing by Maju Sam in Bengaluru, AnshumanTripathy, AatreyeeDasgupta).
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Lebanese Health Ministry: Israeli strikes kill 4 in Lebanon, including a child
Lebanon's National News Agency, citing Lebanon's Health Ministry, reported that Israeli forces killed four people in southern Lebanon, including a young child, on Monday. The Israeli military claimed they targeted members of the Shi'ite Muslim-led armed group Hezbollah. According to Hezbollah and the Lebanese Sunni Islamist Jama'a Islamiya group, in a third raid, Israeli forces seized a senior official of Jama'a Islamiya. According to the Israeli military, he is a senior terrorist and was sent to Israel for questioning. Israel has been conducting regular strikes on Lebanon since the 2024 war with Hezbollah. According to Lebanese security sources, around 400 people have died since the ceasefire. NNA, citing the Health Ministry, reported that three of the victims, including a child of 3 years, were killed by an Israeli airstrike on the village of Yanouh. Israeli military claimed to have killed a Hezbollah fighter in an airstrike?in Yanouh. They identified him as the leader of Hezbollah artillery -in that area. He was also said to have carried out many attacks against Israel during the war and be working on rehabilitating Hezbollah artillery's capabilities. The Israeli military stated that they were "aware" of the claim of uninvolved civils being killed, that measures were taken to minimize harm to civilians such as use of precise munitions or surveillance and that they regretted any harm caused to innocent civilians. The incident was under review, it said. NNA reported that the fourth death occurred in Aita al-Shaab. The Lebanese Health Ministry said,?a gunman was killed by Israeli fire. Israeli troops have "eliminated" a Hezbollah terror in Aita al-Shaab. He was "involved with gathering intelligence on IDF soldiers and operated to restore Hezbollah’s terrorist infrastructure". Hezbollah said in a statement that the incidents were a "dangerous escalate" and "signals a new phase of Israeli aggressiveness." Israel accuses Hezbollah that it is attempting to rearm, in violation of the ceasefire agreement with Lebanon. Hezbollah claims it has respected the southern Lebanon ceasefire. Early in the morning, a Jama'a Islamiya official, who fired rockets against Israel during the Gaza War, was arrested from the village Habbariyeh near Hasbaiyaa.
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TSX increases as mining stocks rise
Canada's main index of stocks rose on Monday. The gains were boosted by mining shares as precious metals prices continued to rise and helped?the commodities heavy benchmark climb for the second consecutive session. As of 10:28 a.m., the S&P/TSX composite index was up 0.6% to 32,667. ET. On Friday, the index posted its largest daily gain in four months as miners advanced after a "recovery" in precious metals prices supported by a weaker U.S. Dollar. The spot price of?gold and silver rose by 1.8%, respectively, and copper prices also increased. TSX gold index grew by 2.3% while materials index, including mining shares, grew by 2%. Analysts said that despite recent volatility in the gold price, investors remain optimistic about long-term gold prices. Brian Madden is the chief investment officer of First Avenue Investment Counsel. He said, "Volatility may have increased, but we still hold a fairly?core position. We think that gold's path of least-resistance will be higher." Financials, which is the sector that has the most weight, gained 0.5%. Oil prices fluctuated as traders assessed the U.S.?and Iran's commitment to continue discussions following Friday's positive talks in Oman and slowed Russian flows into Indian refineries. TSX energy index was up by 0.1%. However, technology shares fell by 0.6% while industrials dropped 0.3%. Investors now await ?U.S. Investors are now awaiting?U.S. This week, a slew corporate?results will be released. Vizsla's shares fell 14% when the miner announced that workers abducted from its Concordia project site, Mexico, had been found dead. (Reporting and editing by Jonathan Ananda; Utkarsh Tushr Hathi)
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Eramet shares drop as CFO's suspension deepens management crisis
Eramet shares fell on Monday after news broke that the French mining group's finance chief was temporarily suspended. This exacerbated a management crisis triggered by the removal of the former CEO a few days earlier. Eramet?said earlier in a press release that the suspension of Abel MartinsAlexandre pending an investigation of his management methods was not connected to the firing Paulo Castellari from the CEO position on February 1. Maxime Kogge, an analyst at Oddo BHF, said that the timing of this announcement was not ideal. "Eramet faces the risk of being downgraded by rating agencies because of its stressed financial situation." Eramet’s?stock dropped 6% in Paris by mid-afternoon, making it one of the largest losers on the SBF 120 index. The Nickel, Manganese, and Lithium miner attributed the dismissal to "operating methods", particularly coordination with the company's board and teams. Analysts worry about the'management upheaval' after praising Castellari for his early efforts to overhaul the company, which has seen its results fall and debt rise in the last year due to the weak metal markets and investments made in lithium. Eramet will announce its?annual results, with a market cap of almost 2 billion euros (2.38 billion dollars), on February 18. Christel Bories, the chairwoman of Eramet and former CEO, is now acting CEO. She has taken over the role that she handed to Castellari in 2017. The 'group' said that MartinsAlexandre was temporarily relieved from his duties to "allow for the proper conduct of an independent investigation which has been launched following a warning by several employees of?the finance department regarding?the department management." The Financial Times reported that the company initially confirmed the suspension of the CFO late Friday night. The French state and the Duval?family are its largest shareholders, with approximately 27% each. The Duval family and the French Finance Ministry did not immediately respond to comments. Reporting by Gus Trompiz, Dominique Vidalon and Gianluca Nostro. Additional reporting by Gianluca. Editing by Inti and Anil D’Silva.
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Mining chamber: Three of ten kidnapped miners found dead in Mexico
The country's mining chamber announced on Monday that three of the 10 miners kidnapped from a mine in Mexico's northern Sinaloa state last month by Vizsla's Silver Corp. were found dead. Local authorities confirmed the death of Ignacio Aurelio Salazar and Jose Manuel Castaneda, according to a statement by Mexico's mining chamber Camimex. Camimex demanded an investigation in order to determine who was responsible. Camimex said that it was important to find our missing coworkers alive and return them home where they belong. The group was taken at the end January from a mine of silver in an area that security authorities claim is controlled by the Chapitos. This faction of the Sinaloa cartel is led?by sons of former Mexican drug lord Joaquin 'El Chapo' Guzman. Vancouver-based Vizsla said that it was focused on the safe return of those who are still missing and support the affected families. Michael Konnert, CEO of the company, said: "We are deeply saddened by this tragic outcome and the tragic death. Vizsla Silver said that it would provide updates once it received confirmations from Mexican officials. Since the kidnapping, its Panuco Mine has been closed and company shares are down almost 6% on Monday. The Attorney General's Office of Mexico did not respond immediately to a comment request. Mexican authorities announced on Friday that a body found in a secret grave near Mazatlan, some 45 kilometers (28 miles) away from Concordia, matched the description for one of the missing miner's. Mexico sent more than?1,000 troops to the area, including elite Marines, over the weekend, in an effort to find the missing miners. Four suspects were arrested Thursday in the case. In a Monday press conference, President Claudia Sheinbaum stated that the federal government is 'in close contact with workers' families and mining companies. She said, "We're examining everything that might have led to this situation." "We hope that a situation such as this never happens again." The relatives of four kidnapped miner families said they were not asked to pay a ransom. However, workers told them that the area is dangerous because of local criminal groups. Reporting by Pranav Mathematics in Bengaluru; Sarah Morland, Raul Cortes and LizabethDiaz in Mexico City. Editing by Arun K. Koyyur and Mark Porter.
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Israeli forces kill four militants and a farmer in Gaza
Israel's military said that Israeli forces killed four militants on Monday in Rafah, in the southern Gaza Strip. They opened fire after they emerged from a tunnel underground and fired on troops. The attack was a violation, according to the US government, of the ceasefire that had been negotiated by the U.S. with the Palestinian Islamist Hamas and that came into effect in Gaza last year. It viewed the incident as "extremely grave". Hamas did not immediately comment, but sources close to Hamas identified Anas Annashar as the son of Issa, a senior Hamas official who was also the co-founder of the group. Israel has responded to similar incidents by airstriking the entire enclave where dozens of people were killed in recent months. Health officials reported that an Israeli airstrike on Monday killed three Palestinians inside an apartment in Gaza City, located north of the enclave. No immediate comments were made by the Israeli military. However, a security source told the?that the Israeli army "striked in retaliation to Hamas' breach of the ceasefire". Since the ceasefire, dozens of Hamas fighters have been trapped underground in tunnels. Some have been killed by Israeli forces in subsequent clashes. According to local health officials, Israeli forces also shot and killed a Palestinian in Deir Al-Balah, a central Gaza Strip town. Israel has not commented on the incident immediately. The ceasefire has been repeatedly violated by violence and both sides have blamed each other for truce violations. Washington is pressing them to move on to the next phases in the ceasefire agreement, which is meant to end the war 'forever'. The next phase in President Donald Trump's Gaza Plan calls for the resolution of complex issues, such as the?Hamas de-armament which the group has rejected for years, an additional Israeli withdrawal from Gaza, and the deployment of a international peacekeeping force. Gaza's health ministry reported that at least 580 Palestinians have been killed by Israeli fire since October's ceasefire agreement. Israel claims that militants in Gaza have killed four soldiers during the same time period. Gaza's war began with Hamas' attacks in southern Israel on October 7, 2023, which killed over 1,200 people. According to the Palestinian Health Ministry, the death toll for Palestinians in Gaza has now exceeded 71,000. (Reporting and editing by Timothy Heritage, Kevin Liffey, and Emily Rose; Additional reporting by Nidal Al-Mughrabi)
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South African rand begins week stronger as gold rebound
The South African rand started the week on Monday?stronger, thanks mainly to the?renewed rise in its core export gold. At 1508 GMT the rand was trading at 15.9150 per dollar, up roughly 0.8% from Friday's closing price. ETM Analytics stated in a research note that "gold and platinum prices are recovering from their lows. This gives some comfort that the ZAR will enjoy renewed commodity price benefits through the coming week." The U.S. Dollar last traded 0.7% lower against a basket?of currencies. Investors awaited the upcoming?jobs data and inflation data to gauge the direction of U.S. rates. In Cape Town, the annual mining conference, which runs until Thursday, brings together government officials, mining executives, and investors from around the world. South Africa's Statistics Agency will also release December manufacturing and mining figures on Thursday. "For the moment, South Africa's trade terms remain favorable, and the outlook for the ZAR remains similarly positive, especially if foreign investors are continuing to position themselves with a lower risk profile," ETM Analytics stated. The yield on South Africa's 2035 benchmark government bond fell by 3 basis points, to 8.025%. Reporting by Sfundo parakozov, Editing by Harikrishnan Nair & Andrew Heavens
Japanese takeover might spell long-lasting decrease of U.S. Steel, union chief states
The head of a powerful labour union opposing U.S. Steel's sale to Japan's Nippon Steel said he has actually not received guarantees that the wouldbe owners are devoted to making sure the enduring success of the strategic U.S. company.
Nippon Steel's $15 billion takeover quote has actually been criticised by both President Joe Biden and President-elect Donald Trump and undergoes a nationwide security evaluation later on this month by the deceptive federal government panel CFIUS.
David McCall, the head of the United Steelworkers union, spoke with Reuters on Monday as Nippon Steel published details of the various commitments it has made to get the union's support consisting of on job security and financial investments in centers.
One of McCall's leading concerns is that Nippon might import steel into the U.S. from its international mills, a relocation he worries would wear down a company that helped develop the Empire State Structure and arm allied forces in World War 2.
When we've had discussions with them there's been absolutely nothing that would assure us that there's a long-term practicality in the operations, McCall informed Reuters via video call from his office in Pittsburgh, Pennsylvania.
They (Nippon Steel) want a return on that financial investment and I. comprehend that but it can't be collecting our centers and. letting them slowly however surely over an amount of time degrade. so that they can then bring product in from their other. centers worldwide and have access to our market.
Nippon Steel has actually formerly denied it will import steel from. its worldwide mills after it seals the deal and consistently. said it intends to end up being an insider in the U.S., a market. critical to its future growth.
Nippon Steel and U.S. Steel did not right away react to a. ask for comment for this short article.
McCall also criticised the Japanese suitors for not trying. to stop or intervene in what he called bullying from U.S. Steel CEO David Burritt to seal the deal.
Burritt informed the Wall Street Journal in September that the. firm would close steel mills and most likely relocation its head office. out of Pittsburgh if the sale stopped working.
He's like a schoolyard bully requiring your lunch money,. he stated of Burritt, including the risks had actually terrified the hell out. of some of his members.
Nippon Steel is racing to close the deal before Trump - who. has actually pledged to block the deal - takes office on Jan. 20.
(source: Reuters)