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Prince William's trip to Brazil leaves the Andrew scandal in the past
Prince William will be in Brazil next week to receive his multi-million dollar environmental prize. He hopes to divert attention from the scandal surrounding his uncle Andrew to the causes of the royal family. William, the British heir, will make his first Latin American visit and will see some of Rio de Janeiro’s most famous sights. The goal is to bring the attention of the public to a number of environmental projects in advance the award ceremony for the Prince's Earthshot Prize. The visit came just days after King Charles stripped Andrew of his princely title and expelled him from his mansion. He also banned his brother from public life in an effort to protect the royal brand against any further damage caused by Andrew's links to Jeffrey Epstein, the late sex offenders. FOCUS IS THE EARTHSHOT PRICE William's three-day visit will be devoted to his main environmental philanthropic cause. This is to find innovative ways to combat climate changes and award five winners with 1 million pounds each ($1.3 million). William will visit Sugarloaf Mountain, the Maracana Soccer Stadium, the Christ The Redeemer Statue and the Copacabana Beach where he will be playing volleyball, according to a Kensington Palace spokesperson. Kate, his wife, is currently in remission following cancer treatment and will not join him. South America is not a common destination for British royals, who prefer to travel to Europe or other foreign lands where they are the head of state. Charles has not been to Brazil, Latin America or South America since 2009. The Earthshot events this year will be held a week prior to the United Nations COP30 Climate Summit, which will also take place in Brazil. The prince will be attending in place of his dad. Earthshot Prize CEO Jason Knauf said that the city was the ideal place to host the biggest and best Earthshot yet. The winners will announced on the 5th of November at a ceremony that will include performances by Australian popstar Kylie Minogue, and Brazilian musician Gilberto Gil. The summit will bring together more than 1,000 world leaders, including global mayors, world-leading scientists and some of the biggest philanthropists. (Reporting and editing by Andrew Heavens; Michael Holden)
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Ukraine condemns attack on vital power substations for nuclear plants
The Ukrainian Foreign Ministry condemned on Friday what they called Russian attacks on critical substations that supply external power to Ukraine's nuclear reactors. A ministry statement released late Friday stated that Russia had carried out "targeted attacks" on these substations. It added that "Deliberate attacks on civilian energy installations which directly affect the safe operations of nuclear facilities bear the hallmarks and are a grave breach of international humanitarian laws." The ministry referred back to a Thursday statement by the U.N. nuclear monitor, the International Atomic Energy Agency. It reported that military activity had "caused damage to critical substations for nuclear safety and security" in Ukraine. IAEA reported that incidents near two nuclear power plants, South Ukraine and Khmelnitskyi, led to each plant losing its external power line. The IAEA added that a third station at Rivne was forced to reduce the power at two of its reactors. The incident did not indicate which party might be behind it. Russia and Ukraine accuse one another of military activities that threaten the safety of Ukraine's four nuclear power plants, especially Zaporizhzhia. In the first weeks of the invasion of Ukraine in February 2022, Russian forces captured the Zaporizhzhia Plant, Europe's biggest with six reactors. In its statement, the IAEA referred to ongoing efforts to connect the second of the two external powerlines to the Zaporizhzhia Plant. This is vital for keeping nuclear fuel cool and preventing meltdowns. The plant does not generate any power right now. The IAEA and the Ukrainian statements were not met with any Russian response. The Zaporizhzhia Plant's external links were unavailable for 30 days between September and October. This forced officials to use emergency diesel generators. Kyiv and Moscow both blamed each other for the outage, and both claimed to have disrupted efforts to fix it. (Reporting and editing by Ron Popeski)
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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.
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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.
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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.
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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.
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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.
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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)
As Trump talks about a deal, Russian forces advance onto Ukraine's vital minerals
Russia, just like U.S. president Donald Trump, is envious of Ukraine's natural resource - its forces are now closing in on an enormous lithium deposit.
Trump told Ukrainian President Volodymr Zelenskiy that he wanted Kyiv's minerals to be handed over in exchange for U.S. support.
Vladimir Putin is gaining control over Ukraine's wealth as Washington and Moscow prepare to negotiate an end to the war that has lasted three years.
According to data obtained from Ukrainian military blog Deep State, Russian forces have seized more than a fifth (including rare earth reserves) of Ukraine and are now less than four miles away from the Shevchenko Lithium Deposit. They are advancing from three angles.
Lithium has become a highly sought-after global resource due to its wide range of applications, from electric cars to mobile phones. According to U.S. estimates, the Ukraine has about 500,000 tonnes of lithium reserves, while Russia has twice that amount.
Shevchenko lies in Donetsk. This is one of the four Ukrainian regions Moscow claims as its territory. Kyiv, and other Western powers, claim that this annexation is illegal. The deposit is one of Ukraine's largest lithium deposits and lies at a depth which would allow for commercial mining.
Konrad Muzyka of Rochan Military Consultancy in Poland said that given the current battlefield pace, the Russians are likely to reach this area within the next few weeks. He had just returned from Ukraine after a research visit.
He stated that the Russian strategic goal was to seize the mineral wealth of Ukraine, even though it wasn't the main war objective.
He added that "Ukrainian Commanders" he spoke with said they could see that the Russians' objective was to capture natural resources.
Vladimir Ezhikov is a Russian official who was appointed in Donetsk. He said that Rosatom's mining division has expressed interest in the Shevchenko Deposit, but that Russia’s Ministry of Natural Resources would issue a mining license when it came time.
He told the local news agency that it was difficult to predict the exact date of the development, because the deposit is currently in a "grey zone" and military action would not allow for its development.
This deposit will find its licensee. "There will be lithium mining and investment, and we'd love to see processing here as well."
'RUSSIA IS Winning the War'
Since months, Russian troops have gained ground in the East. They are investing huge resources in an unrelenting assault.
In an interview with this month, Zelenskiy unfurled on his desk a map that was once classified. It showed a wide strip of land marked in the east as having rare earths. About half of the map appeared to be on Russia’s side of current frontlines.
The Ukrainian leader who rejected a draft of a mineral deal with Trump because it did not contain enough security guarantees has stated that he would like to discuss with Trump the fate of the resources on Russian controlled territory.
He claimed that Russia was well aware of the critical resources in Ukraine, thanks to Soviet-era surveys which were sent back to Moscow after Kyiv's independence in 1991.
Few reliable independent estimates exist about the proportion of Ukraine's mineral resources that Moscow controls. It is a fact that Ukraine has lost control over its mineral wealth.
Vasily Koltashov is an economist and political expert who said that Trump’s desire for a large minerals deal would be academic if Ukraine loses the war.
This month, he said on Russian state TV that "it's not him or his appetite for rare-earth metals" who will decide what. "Russia is winning on the battlefield."
Capturing Ukrainian natural resources is also a prize for many Russians in this conflict that marks its third anniversary next month.
Denis Pushilin - the top Russian-backed official of Donetsk - sparked a flood of headlines last month in the Russian media when he claimed incorrectly that the Shevchenko settlement had been taken, confusing this with another settlement by the same name elsewhere.
The government newspaper Rossiyskaya Gazeta reported, "The largest lithium deposit in Ukraine is now under Russian control."
"MINERALS BEONGE TO RUSSIANS"
The Kremlin has not responded publicly to Trump's attempts to lock Ukraine in a deal which would allow the U.S. to access Ukraine's natural resources and to provide $500 billion to cover U.S. assistance that has already been provided.
Dmitry Peskov, Putin's spokesperson, said that with a Putin-Trump meeting on the horizon and U.S./Russian talks to reset ties and consider how to end the ongoing war, the American president wants Ukraine to pay any future U.S. aid rather than continue receiving it for free.
Maria Zakharova is a spokesperson for the Russian foreign ministry. She has been more direct in her criticism of Zelenskiy, accusing him of offering Washington resources that he does not control anymore due to shifting frontlines. She also made a comparison between Trump's desire to take Ukraine's mineral riches and the Nazis' exploitation of the country in World War Two.
She said at a press conference this month that during the Second World War the Nazis seized the territory of former Soviet Ukraine and began plundering its national economy. They stole cattle and black earth from Ukraine's territory. All this is taking place non-violently because the Kyiv government is giving everything away.
Both Kyiv, and Washington, have rejected the accusations that Washington is unfairly trying to exploit Ukraine's wealth of natural resources. They say a deal on these resources is in both their commercial and security interest.
Russian war bloggers, nationalists and other Russians are not happy with what they see as Trump's grab for resources.
Starshe Eddy, a blogger on Telegram, told his approximately 600 000 followers: "There's only one thing to say about this." Don't open up your mouth to eat someone else's food. The minerals in Ukraine belong to Russia and no one else. Reporting by Andrew Osborn, Editing by Pravinchar
(source: Reuters)