Latest News
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Israel's strikes on Gaza have killed 10, including Hamas and Islamic Jihad leaders
Local sources report that a Hamas senior leader, a Hamas policeman and a militant from Islamic Jihad were among the 10 people who died in an Israeli strike on Gaza. Local medics and residents confirmed the death of Ashraf al-Khatib, a senior Islamic Jihad operative in Nuseirat. A Hamas officer was also killed in Gaza City. Hamas sources said local commander Mohammed Al-Holy had been killed earlier in the day in Deir al-Balah. The Israeli military didn't immediately respond to inquiries about the incident. Hamas has condemned the attacks on the Al-Holy Family in a public statement, but did not mention Mohammed or his role within the group. Israel was accused of violating a ceasefire agreement in place since October and trying to "reignite" the conflict. Officials from the Department of Health confirmed that one 16-year old was among those who died. The Israeli strikes come a day after the United States announced that the second phase of the ceasefire agreement had begun on Wednesday. Israel and Hamas are far apart on major issues and have blamed each other for violating the ceasefire. Since the ceasefire came into effect in October, more than 400 Palestinians as well as three Israeli soldiers were reported dead. Israel has ordered the residents of Gaza to leave more than half of Gaza, where it still has troops. More than two million Gazans now live in damaged or makeshift buildings, in an area where Israeli troops are no longer present. Hamas is in control. On?Tuesday, the United Nations Children's Agency said that more than 100 children had been killed in Gaza since the ceasefire. This includes victims of quadcopter and drone attacks. Israel began its operation in Gaza after an attack in October 2023 by Hamas-led militants that killed 1,200 people according to Israeli statistics. According to the health authorities of Gaza, Israel's attack has left Gaza in ruins and killed 71,000 people. Reporting by Nidal al-Mughrabi, Writing by Pesha Magd, Editing by Peter Graff & Alistair Bell
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Brazil closes Sigma Lithium waste heaps due to safety concerns
According to documents obtained by the. Sigma continues to struggle to restart Brazil's largest lithium mine with a capacity of 270,000 tons of lithium concentrate per year. The documents indicate that it has not been active since October. Sigma said in a press release that the restrictions would not impact its ability to continue operations or affect its timeline for restarting production. The miner said that there were no safety risks, and the piles contained only soil. In a statement the ministry stated that the piles are still a concern despite the closure. It added that an erupted waste pile could spill over nearby homes or into the Piaui River. SHARES DROP AFTER DOWNGRADE In November, during a conference call to discuss earnings, the company said that production would resume in the mine within two or three weeks. Bank of America downgraded shares of the company last week, when the mine was still 'non-operational'. They cited a lack of clarity about the date of production. Their assessment sent shares plummeting 15% in just one day. The Toronto-listed company announced on Tuesday that it is advancing with its plan to restart production. On December 5, the Labor Department issued a decision that the piles would be closed to access. They rejected the appeal of the company on Tuesday. Sigma is unsure if it could produce lithium in the Grota do Cirilo, its sole productive asset, if the miner did not use the three prohibited heaps where they stack waste after processing. Documents show that Sigma informed inspectors of the "significant economic and operational impacts" of losing access to the piles, as well as the risk to the continuation of mining activities. INDUSTRY LEADER NOW IN TROUBLE Sigma, once the largest player in Brazil's fledgling industry for lithium, has been struggling with lower lithium prices since 2023 and difficulties expanding its mining operations. Sigma has also had a tiff with Calvyn Gardner's ex-husband, the current CEO Ana Cabral. Gardner has filed a lawsuit against the company for mining rights, and expressed concerns about safety in Grota do Cirilo. According to a Labor Ministry report, Sigma must present documentation proving that it has corrected the issues identified by inspectors before they can resume using the prohibited waste piles. On November 12, a labor inspector visiting the mine site reported a "partial fracture" of one of a piles near an?academy in the small village of Poco Dantas. He cited this as evidence of structural problems. In a report dated January 6, a labor inspector dismissed Sigma's claim that the piles were safe. Sigma has confirmed that the piles meet the safety standards established by the authorities. It is showing this to the Ministry. (Reporting and editing by Brad Haynes, Rod Nickel and Fabio Teixeira)
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South Africa's Kruger National Park shuts after severe floods
Authorities in South Africa closed Kruger National Park to day visitors on Thursday after heavy rains caused a number of rivers to burst their banks. South African National Parks stated that tourists already staying in lodges within the park could stay there, except for areas around the Letaba?river, which were evacuated. The TV footage showed a vast area of the park being submerged in fast-flowing floodwater, with hippos swimming and trees poking through. Roads were closed. Climate change has made storms in Indian Ocean, which is adjacent to southeastern Africa, more powerful. This has led to more flooding in this region. Reynold Thakhuli, Kruger's spokesperson, told reporters on the spot that the water was moving fast. The road had been closed and half-submerged in water. Authorities had also shut down the Phalaborwa Gate, near the Kruger Airport. We'll shut it down for 24 hours to?monitor the situation." He said: "We're not worried about the animals" because they tend to move higher up in such situations. South African tourist Gerhard Ackerman was sitting on the veranda overlooking the flooding with a glass of wine in his hand. He said, "It is God's way to put water back in the earth." "We are enjoying it." (Writing and editing by David Gregorio; Tim Cocks).
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NATO Secretary General: Zelenskiy discussed Russia's attacks with NATO Secretary general
Mark Rutte, NATO Secretary-General, spoke with Ukraine President Volodymyr Zelenskiy Thursday about the latest Russian attacks in Ukraine that have caused widespread power outages. "Spoke to @ZelenskyyUa on the energy situation in Ukraine. Russia's attacks are causing horrific human suffering. Also,?on ongoing efforts to end the war." Rutte wrote on X Thursday. "We are committed to ensuring that Ukraine receives the 'crucial support it needs to defend itself today and secure a lasting peaceful future." Zelenskiy reported that he and Zelenskiy discussed "serious issues" raised by the recent Russian strikes, as well as the need to strengthen Ukraine's air defenses. Zelenskiy wrote on Telegram that he hoped the amount of supplies sent to Ukraine by its European allies through PURL (Prioritized Ukraine Needs List) would increase in January. Zelenskiy stated that "considerable progress" had been made in diplomatic efforts to resolve the war, which has lasted for nearly four years. He also pledged to not "ease up the pace". (Reporting and editing by Benoit van Overstraeten, Ron Popeski, and Sudip Kar Gupta)
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Spain launches sovereign wealth fund in order to extend the benefits of EU funds expiring
Pedro Sanchez, the Prime Minister of Spain, announced on Thursday that Spain would create a sovereign wealth fund owned by the state to boost various sectors such as housing and national security. The "Spain grows" fund aims to extend a?economic stimulus provided by the NextGenerationEU Funds of the European Union, which played an important role in helping the country recover from the COVID-19 Pandemic, beyond 2026. Sanchez added that more details will be revealed next week. The initial drawdown from EU funds is 10.5 billion euro ($12.2 billion). Sanchez stated that the fund would prioritise investment in housing, renewable energies, digitalisation and AI, industrialisation, infrastructure, water, health, circular economy, security, and?infrastructure. Sanchez stated that "this fund will not only serve as an exercise in national sovereignty, but it will also prove that there are other ways to do things when a narrative is being pushed that challenges diversity, equality and commitment to sustainability." He said that not only would the large cities benefit from these investments, but so too would those areas which had been left out of industrialisation. Spain was one of the major recipients of EU pandemic relief funds. It received about 160 billion euro - approximately half as grants and half as loans. According to the latest figures released by the Economy Ministry in mid-December, the country has issued tenders worth?86.6 billion euro, allocated 79.8 milliards euros and paid 62.9 billion according. The country has also requested loans of 22.8 billion euro. It renounced?loans of around 66 billion euro in December. This decision was attributed to the strong position it has on capital markets, which allows it to raise funds independently. Daniel Calleja, an official of the European Commission, said that the decision was due to the failure of the Commission to implement certain reforms.
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Brazil closes Sigma Lithium waste heaps due to safety concerns
According to documents seen by the. Documents show that the order is part of Sigma's ongoing efforts to restart the mine. The mine was previously Brazil's biggest lithium producer with an annual capacity of 270,000 tons of lithium concentrate. It has been inactive for the last month. The ministry and miner did not immediately respond to comments. The firm stated in November that production would resume?in two or three weeks' time during a earnings call. SHARES DROP AFTER DOWNGRADE Bank of America, citing a lack of certainty about when production will resume, downgraded the company's?shares last week. The shares fell 15% in one day after the Bank of America's assessment. The Toronto-listed company announced on Tuesday that it is advancing with its plan to restart production. On?December 5th, labor officials made the decision to close access to the piles. They rejected the company's request to lift this order on Tuesday. Sigma's only productive asset at the Grota do Cirilo Mine, is unlikely to produce lithium without the three prohibited stacks where it stores waste after processing. Documents show that Sigma informed inspectors of the "significant economic and operational impacts" that would result from losing access to piles, as well as jeopardizing "the continuity of mining activities". Sigma, once the largest player in Brazil's fledgling industry for lithium, has been facing challenges since 2023. Lower lithium prices have made it difficult to expand its mining operations. The company has also had a tiff with Calvyn Gardner's ex-husband, the current CEO Ana Cabral. Gardner has filed a lawsuit against the company for mining rights, and expressed concerns over safety at Grota do Cirilo. Sigma must present proof that it has addressed the issues identified by inspectors in order to resume the use of the prohibited waste piles. On November 12, a labor inspector visiting the mine site reported a "partial rupture" of one of its piles near the school in Poco Dantas. He cited this as evidence that structural problems existed. In a report dated January 6, a labor inspector dismissed Sigma's claim that the piles were safe. (Reporting and Editing by Brad Haynes and Rod Nickel.)
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India and EU are closing in on a trade agreement as US trade negotiations drag on
India expects to close a long-awaited trade agreement with the European Union this month. Trade Secretary Rajesh Agrawal announced on Thursday that it would be New Delhi’s “largest” agreement as it searches for new markets in response to U.S. Tariff pressures. Both sides see the deal as an opportunity to strengthen economic ties, and reduce their reliance on China or Russia. In 2024, bilateral trade between India an the EU will total 120 billion euros (140 billion dollars), making the EU India's largest trading partner. Agrawal stated that the two sides are "very close" in finalising the agreement and they were exploring if it could be completed before the leaders meet at New Delhi later this month. He said that talks were ongoing on a U.S. Trade Pact and that a deal will be reached once both sides are ready. Negotiations broke down last year due to a breakdown in communication between both governments. India's Foreign Ministry announced that Antonio Costa, the president of the European Council and Ursula von der Leyen, President of European Commission, will visit India from January 25-27. They will also co-chair an India-EU Summit on January 27. According to sources familiar, the European Commission, who is negotiating for the 27 EU members, expressed cautious optimism to EU envoys on Wednesday evening. They said that the main issue is steel and cars. India wants to reduce import duties that are as high as 100% on EU cars, but the EU wants India's steel exports to be restricted by the EU. carbon border levy Safeguards Imports of steel from the EU as a whole will be reduced. The deal, if concluded, would open India's huge and heavily protected consumer markets of over 1.4 billion people up to European goods. It could reshape the global trade flow as protectionism increases and a U.S. India pact is still stalled. Both sides are pushing for a broad deal after von der Leyen, and Indian Prime Minster Narendra Modi, agreed to speed up negotiations to reach a deal by 2025. The talks, which were relaunched by the United States President Donald Trump in 2022 and gained momentum when he imposed tariff increases on trading partners, including India, have gained momentum. Brussels recently signed agreements with Mexico and Indonesia, and intensified talks with India. New Delhi reached agreements with Britain, Oman, and New Zealand. Brussels has welcomed the India agreement, even though it is less ambitious in scope and extent of tariff reductions than other free trade agreements. Agriculture Off the Table An official from the Indian Trade Ministry said that certain sensitive agricultural products have been excluded. Officials have stated that India will not include its dairy or agriculture?sector in any trade agreement, citing the necessity to protect millions subsistence farmers. The EU wants to see steep tariff reductions on medical devices, cars, wine, spirits, and meat. It also wants stronger rules for intellectual property. India wants duty-free access to labour-intensive goods, and faster recognition of the auto and electronics sectors. The agreement will also expand trade in services, digital trade and intellectual property, and foster cooperation in green technologies. It is also expected to spur European investment into Indian manufacturing, renewable energies and infrastructure. The challenges of regulatory alignment and protection of sensitive industries remain. In addition, the EU insists on trade partners adhering to international labour and environmental standards. The Paris Climate Change Agreement has yet to be finalized. Reporting by Shivangi Asharya and Manoj Kumar Editing by Aidan Lewis Mark Potter and Ed Osmond
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Local health officials confirm that Israeli strikes have killed five people in Gaza
Local health officials reported that two Israeli airstrikes on Deir al-Balah killed five people including a 16-year-old. The Israeli military did not immediately respond to an inquiry?for?comment about the incident. The attacks in the Gaza Strip were not under the control of Israeli troops. Since a fragile ceasefire came into effect in October, more than 400 Palestinians have been killed and three Israeli soldiers. Israel has ordered the residents of Gaza to leave more than a half of Gaza, where it still has troops. More than?2million people in Gaza now live in damaged or makeshift buildings, in an area where Israeli troops are no longer present. According to the United Nations Children Agency, over 100 children were killed in Gaza after the ceasefire. This includes?victims from drone and quadcopter strikes. Israel and Hamas are still far apart on important issues, even though the United States announced the second phase ceasefire on Wednesday. Israel began its operations in Gaza after an attack on October 20, 2023 by Hamas-led militants that killed 1,200, according to Israeli statistics. According to the health authorities of Gaza, Israel's attack has left Gaza in ruins and killed 71,000 people. Reporting by Nidal al-Mughrabi, Writing by Pesha Magid, Editing by Peter Graff
Gold falls as US job data boosts the dollar and Trump's rhetoric on Iran is softer
Gold prices fell on Thursday, as weaker than expected U.S. weekly jobless claims data increased the dollar. U.S. president?Donald? Trump's more moderate tone towards Iran also weighed on the demand for gold as a safe haven.
As of 01:30 pm, spot gold was down by 0.1%, at $4,614.93 an ounce. ET (1830 GMT). On Wednesday, gold reached a new record of $4,642.72. U.S. Gold Futures for Delivery in February settled at $4,623.70, a 0.3% decrease.
The dollar index rose to its highest level in December 2, and bullion became more expensive for overseas buyers, according to data showing that new claims for U.S. unemployment insurance unexpectedly dropped last week.
"Recent data keeps expectations for Fed on hold for perhaps the first half of the year. The dollar index is at an all-time high, and this is causing a little headwind for gold at this point," said Peter Grant.
Trump said Wednesday that he has no plans to terminate Jerome Powell, despite an investigation by the Justice Department into the Federal Reserve Chair. However, it is "too soon" to predict what he will do.
Trump has called for interest rate cuts, but the Fed is expected to keep rates steady at its meeting on January 27-28. The markets, however, expect at least two 25 basis-point rate cuts later in the year.
Trump said that he was told the killings were easing in Iran's crackdown against protests and that he did not see any immediate plans for large-scale executions. This is a sign of a wait-and -see attitude after previous threats of intervention.
Grant stated that easing geopolitical pressures had a slight impact on gold prices. However, he viewed the move of gold as a corrective one and predicted traders would treat any downturns as opportunities to buy.
Gold is a safe-haven asset that tends to do well in times of economic and geopolitical uncertainty as well as low interest rates.
Adam Glapinski, the governor of Poland's central banks, said that by 2025 they will have 550 tons gold and want to increase their reserves to 700 tonnes.
Silver spot fell 0.3%, to $92.50 an ounce. It had earlier reached a session high of $93.57.
The spot platinum price fell 0.8%, to $2,404.18 an ounce. Palladium remained at $1,826.32 an ounce. (Reporting and editing by Sharon Singleton, Shalesh Kuber and Anmol Choubey from Bengaluru)
(source: Reuters)