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Putin: Russia will not bow to U.S. Pressure
Vladimir Putin warned on Thursday that Russia will not bow to the pressure of the United States, or any other country. He also said that any attacks deep inside Russia would receive a very serious and overwhelming response. Putin stated that the U.S. Sanctions are "unfriendly". They "will have certain effects, but will not affect our economy in a significant way," he said. He said that the Russian energy sector is confident. Putin stated that "this is, ofcourse, an attempt at putting pressure on Russia." "But no country or people with any self-respect ever makes a decision under pressure." Putin said that a disruption of the global energy market could result in a price hike, which would be unwelcome for some countries like the United States. This is especially true given the political calendar within the United States. When asked about a Wall Street Journal article stating that the Trump Administration has lifted a restriction on Ukraine using some long-range rockets provided by Western Allies and comments by Ukrainian President Volodymyr Zelenskiy regarding domestic missiles capable of reaching a distance of 1,900 miles (3,000 km), Putin replied: "This is a deliberate attempt to escalate." "But, if these weapons are used against Russian territory, then the response will not only be severe, but also overwhelming. Putin said, "Let them think about it." (Reporting and editing by Guy Faulconbridge).
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Prosecutors say that Russian soldiers killed five civilians in Ukraine.
The Ukrainian authorities opened a criminal investigation after a witness claimed that Russian forces killed five civilians at a village located in eastern Ukraine. In a statement released on Thursday, the Donetsk Region's Prosecutor's Office said that on October 20, a man and his two sons, as well as two of their neighbours, were killed in Zvanivka, near the frontline in Donetsk. Russia has not yet commented on the incident. In a statement from the prosecutor's, it was stated that a married couple with one of their sons were hiding in a cellar when Russian soldiers burst into the basement and demanded information on whereabouts of Ukrainian troops. It said that the soldiers who left without receiving any answers returned with automatic weapons and fired. The woman, who had been wounded in the head, was left to die after the man and his son were killed. She went to find her son who was at the neighbour's house to get water before the soldiers arrived. The statement stated that she found her son dead along with the 62-year old woman and 30-year-old boy in the house of the neighbour. The woman who survived, but was not identified, was interviewed by prosecutors at a hospital on territory controlled by Ukraine. The statement stated that "prosecutors interrogated her, and recorded evidence of yet another war crime committed against civilians." In March, President Volodymyr Zelenskiy stated that Ukraine had documented more than 183,000 war crimes since Moscow's invasion in 2022. Moscow denies that its soldiers committed atrocities, and claims the West ignored Ukraine's crimes. Kyiv also denies this charge. (Reporting and writing by Yuliia Dyesa, editing by Ed Osmond).
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Carney: Canada will not allow the US to unfairly access its markets if trade negotiations fail
Mark Carney, the Prime Minister of Canada, told reporters that Canada would not allow unfair U.S. market access if negotiations on trade agreements with Washington fail. Donald Trump, the U.S. president, imposed tariffs against Canadian autos, steel and aluminum earlier this year. Ottawa responded in kind. Both sides have been in discussions for several weeks about a possible deal for the aluminum and steel sectors. The United States, Canada, and Mexico will also be reviewing their continental free trade agreement 2020 next year. Carney said that if the United States does not make progress on these fronts, they will do whatever is necessary to protect their workers. He was referring both to the possible side deals with the U.S. and the review of free trade agreements. If the Americans are gaining access to our market in an unsuitable manner, given the access we already have to theirs, we'll change the terms. "But that's not what we have right now," said the official, without giving any details. Carney on Tuesday was expressed You can also click here to learn more about After a newspaper reported that he could soon sign a steel and aluminum deal with the U.S. he said "I wouldn't play it up." (Reporting and editing by David Ljunggren, Maria Cheng)
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South Africa's Central Bank: Power prices will return to 3% inflation.
South Africa's Central Bank said on Thursday the underlying inflation is well contained but that unexpectedly higher electricity prices will mean a slower recovery to its new 3% goal. The central bank, in a review of its monetary policies every two years, said that the outlook for electricity prices had worsened during the past six months. It now expects it to average 7,9% on a medium-term basis, up from 6,6% in April. The overall inflation rate was much lower at 3.4% in December, after being close to 3% for most of the year. In its policy review, the South African Reserve Bank (SARB), said that increases in administered prices such as power and water are "becoming more difficult to justify" and called for urgent policy changes to align these price increases with the broader trends in prices in the economy. In an effort to "lock-in" low inflation, the government announced that it would target 3% inflation rather than its formal target range of 3%-6% in July. The Bank expects inflation to rise from 3.4% to 3.6% this year, then to 3.1% by 2027. It said that "the slower return to the target is due in large part to an unexpectedly high inflation of electricity prices." SARB predicts that inflation expectations will drop from above 4% to around 3% in 2027. This is influenced by low inflation over the last year, and the SARB's stated preference for a target of 3%. The policy meeting held next month did not include any indication of whether the rate cut would be resumed. Instead, it stated that market expectations are for no more easing. The SARB delivered three rate reductions this year but paused during its meeting in September.
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Oil prices jump after Russian sanctions; stocks and US yields inch up
The oil prices rose by about 5% after Washington imposed new sanctions against major Russian companies for the war in Ukraine. Major stock indexes also edged up as gains from U.S. energy stocks and European energy shares offset some disappointing earnings reports. The sanctions were announced late on Wednesday and targeted major Russian suppliers Rosneft, Lukoil. The U.S. announced it was ready to take additional action, as it urged Moscow to immediately agree to a ceasefire. Energy was the leading sector to gain on Wall Street, according to the S&P 500 index. Energy was the last sector to gain 1.2%. Stocks were also supported by a number of positive earnings reports. International Business Machines' shares dropped 3.7% as the company reported a slowdown of growth in its cloud software segment. Tesla shares were also down 2.5%, after the electric car maker extended its streak in which it missed profits to a fourth-quarter late on Wednesday. "In general the (stock market) is responding to earnings which are for the most part continuing to be good. The market is also applauding Trump's severe sanctions against major Russian oil companies. "You can see it in the energy industry," said Peter Cardillo. Chief market economist at Spartan Capital Securities, New York. The Dow Jones Industrial Average increased 15.86 points or 0.03% to 46,606.27. The S&P 500 rose 20.19 points or 0.30% to 6,719.59, and the Nasdaq Composite gained 111.44 or 0.49% to 22,851.83. The MSCI index of global stocks rose by 2.24 points or 0.23% to 993.01. The pan-European STOXX 600 rose by 0.35%. Chinese stocks ended up 0.3% after recovering from a drop of 1.1%. Sources said that the White House is considering a plan of reducing software exports to China as a retaliation to Beijing's recent round of export restrictions. After the latest Russia sanctions, oil futures became a hot topic. The European Union approved the 19th set of sanctions against Moscow, which included a ban on Russian gas liquefied imports. Last week, Britain imposed sanctions on Rosneft & Lukoil. Brent crude rose 4.89% to $65.65 a barrel. U.S. crude gained 5.2% on the day. U.S. Treasury Yields rose as well following the news of sanctions, and investors prepared for Friday's key inflation reading in the United States. The benchmark 10-year Treasury yield in the United States rose 3.3 basis point to 3.986%, after reaching a session-high of 3.997%. Geopolitical risks have renewed the demand for safe-havens After its recent strong rally, spot gold rose 1.28% to $4,146.01 an ounce. Spot gold increased 1.28%, to $4146.01 per ounce. Investors' firm belief that the Federal Reserve is going to continue cutting U.S. rates of interest helps to ease some of the tensions over geopolitical hotspots and trade conflicts. The dollar index (which measures the greenback versus a basket including the yen, the euro and other currencies) rose by 0.05%, to 98.98. In recent months, the index has been moving higher as investors are more confident that the Fed will protect the economy.
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Gold prices rise on renewed geopolitical risk; US inflation data is in focus
After two sessions of declines, gold prices jumped over 1% Thursday as investors awaited Friday's key U.S. Inflation data. As of 11:05 am, spot gold was up by 1.4% to $4,149.39 an ounce. ET (1505 GMT), following a fall to a nearly two-week low during the previous session. U.S. Gold Futures for December Delivery climbed 2.5%, to $4.165.80 an ounce. The prices reached a record-high of $4,381.21 in the first session, but then experienced their steepest fall in five years during the second. This year, the value of gold has soared. All the fundamentals that drove gold higher in this year are still very much present. "There was some opportunistic purchasing on the dip, and perhaps an uptick in geopolitical and trade tensions which are driving today's bid," Peter Grant said. The gold price has risen by 57% in the past year. This is due to geopolitical tensions and economic uncertainty as well as central bank purchases. U.S. president Donald Trump imposed sanctions against Russia on Wednesday, the first in his second term. The oil companies Lukoil & Rosneft were targeted. In response to Beijing’s recent restrictions on rare-earth-exports, the administration is also examining a plan that would restrict a wide range of software exports to China. The Federal Reserve is now focusing on the U.S. Consumer Price Index report due out Friday, which could be its clearest inflation signal before next week's policy meetings. Data is expected to indicate that core inflation remained at 3.1% in the month of September. The markets have already priced a rate cut of 25 basis points, and another in December. In low-interest rate environments, gold, which is a non-yielding investment, tends benefit. JP Morgan predicted that gold prices would average $5,055/oz in the fourth quarter 2026. This was based on an assumption that central bank purchases and investor demand will average 566 tonnes each quarter. Silver spot rose by 1.5%, to $49.25 an ounce. Platinum gained 0.1%, to $1.623.99. Palladium increased 0.8%, to $1.470.71.
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The victim of the Valencia floods is found buried in mud
Authorities said that the body of a 56 year-old man was found buried under mud, a full year after he had been swept away by deadly flash floods. On October 29, last year, floodwaters inundated homes, underground parking lots and vehicles near Valencia, Spain's 3rd largest city. A local court in Catarroja, one of the worst-hit towns by the flooding, confirmed that the man was among three unaccounted for people who had been declared dead. The man was found on Tuesday, during earth-moving activities in the town Manises. This is about 40 km (25miles) downstream of Pedralba where he had gone missing. In Spain, when a body is discovered, a judge will be called. The same court is conducting a judicial inquiry, under the supervision of Judge NuriaRuiz, into the delays in responding to the flooding, which ranks among the worst natural disasters Spain has ever experienced. The Valencia regional government sent a text message warning people to seek shelter when many buildings had already been submerged and people were drowning. The court summoned on Thursday a journalist from Valencia who had lunch that day with the conservative regional leader of Valencia, Carlos Mazon. (Reporting and editing by David Latona, Andrew Heavens and Emma Pinedo)
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Kuwaiti Minister: OPEC is ready to increase oil production if necessary after US sanctions against Russia
Kuwait's Oil Minister said that OPEC was ready to increase production by rolling back further its oil output reductions if necessary to address the market shortages following new US sanctions against Russian oil majors. In a dramatic policy shift, U.S. president Donald Trump has targeted Russia's two largest oil companies: Lukoil and Rosneft. This is the most aggressive action Washington has taken against Russian business since Moscow invaded Ukraine. The news that India was considering reducing its Russian imports also caused the global oil price to rise by 5%. In response to a query, Kuwaiti Minister Tariq al-Roumi stated: "I anticipate that any decision to implement sanctions will have a positive effect on prices." Al-Roumi said that the sanctions will likely lead to a shift of demand from the Gulf region and Middle East. "We're seeing signs," he said. Kuwait is one of seven OPEC+ members that has gradually increased oil production after years of cutting to support the market, under an agreement between the group consisting of the Organization of the Petroleum Exporting Countries (OPEC) plus Russia and other smaller producers. The group that pumps half the oil in the world has changed its course to regain market shares this year. Trump also demanded OPEC to pump more oil to keep gasoline prices down. This year, it increased its oil production targets by over 2.7 million barrels per day (bpd), which is equivalent to 2.5% of the global demand. OPEC+ announced at its October 5th meeting that it would increase oil production from November by 137,000 barrels a day (bpd).
Singapore firms target South Africa amid global trade shake-up
This week, a delegation of Singaporean firms is visiting South Africa to explore partnership opportunities in manufacturing, logistics and consumer goods. Trade between the two countries has almost doubled in the last four years.
Enterprise Singapore, Singapore's agency for trade and enterprise, stated that this mission was part of the Scale-Up Programme and aimed to link participating firms with South African counterparts, and potential partners, in a variety of sectors including agriprocessing and industrial supplies.
"South Africa is already a close partner of Singapore, and there are many Singaporean firms operating in South Africa," Rahul Ghosh said on Thursday. He was the director for Enterprise Singapore Middle East and Africa.
"In the longer term, this will lead to Singaporean businesses unlocking opportunities for South African business for win-win results, which is particularly important at this critical junction of global trade uncertainty and investment."
REDRAWING GLOBAL TRADE ROUTES
The visit coincides with the redrawing of global trade routes due to shifting tariff regimes, supply-chain disruptions and other factors. Countries are now forging new partnerships or strengthening existing ones to gain access to markets and raw materials.
The delegation is made up of steel infrastructure specialist Mlion Corporation as well as car leasing firm Lumens and snack manufacturer Cocoba.
Meetings with local and regional major players are being planned, including Tolaram Group, Denmark-based FLSmidth and Tolaram Group, to discuss possible collaboration and investment.
Ghosh stated that manufacturing, agriprocessing and logistics were identified as priority industries.
Official data show that the trade in goods between Singapore, South Africa and other countries reached $1.4 billion by 2024. This is almost twice as much as what was recorded in 2010. Colleen Goko is the reporter. (Editing by Anathi madubela and Mark Potter.
(source: Reuters)