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Turkey wants to increase trade with Nigeria by $5 billion
Tayyip Erdoan, the President of Turkey, said that he hoped to increase trade between Nigeria and Turkey to $5 billion. This was after a meeting with Nigerian President Bola Tinubu. Nigeria exports crude oil, agricultural products, and iron and steel to Turkey, while Turkey exports aircrafts, helicopters and machinery to Nigeria. Both countries signed agreements on defence cooperation, infrastructure, trade and investment as well as joint efforts against insurgency within the Sahel region of?Africa. Erdogan didn't give a time frame for reaching the new target, but said that talks had started. We see great potential for trade and investment. He said that in today's meetings, we committed to the $5 billion target for trade volume and discussed the steps needed. Tinubu is promoting foreign investments to spur growth in Africa’s most populous country following reforms introduced soon after he assumed office in 2023. Tinubu stated that "trade, business, and no restrictions" are critical to his growth goals. "How can we work together to build an inclusive economy? How can we include?vulnerables? How can we bring peace to the world? The Nigerian leader asked. Erdogan said that Turkey would support Nigeria in its fight against militant groups, drawing from its own experience. He said that "Terrorist?organisations, particularly those emerging in Africa's Sahel Region, pose a threat to peace on the entire continent." We discussed the possibility of closer cooperation in military training and intelligence. And we are willing to share our significant experience. Erdogan said that Nigerian officials will be expected to meet with the leading Turkish companies in the defence industry during their visit. (Written by Chijioke Ahuocha, edited by Chizu Nomiyama).
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Tether CEO plans to allocate as much as 15% of its portfolio towards gold
Tether CEO Paolo Ardoino announced that the crypto group plans to allocate between 10%-15% its investment portfolio towards physical gold. This is in addition to?the existing bullion backing some of their products. El Salvador-headquartered Tether ?said it has about 130 metric tons of physical gold to ?back ?its products, after adding 27 tons in the fourth quarter. Ardoino said that they have been purchasing around two tons per week. Ardoino did not disclose the exact value of Tether's portfolio of investments or how much gold was in it. It's difficult to choose which one I like best. In a video, he said that it was like having two children and having to choose which one is the most beautiful. Tether does not have an annual target for buying gold bullion. Instead, it will make the decision on a quarterly basis. Ardoino stated that Tether had been buying gold with its profits. It started in 2020, during the COVID-19 Pandemic. Then it continued to purchase as geopolitical tensions increased in its wake. "The world at the moment is not a happy place. Every day, gold reaches new highs. Why? "Because everyone is afraid," Ardoino said. The gold price increased by 64% last year. Tether has said that it purchased large quantities of gold to support the Tether USDT, a stablecoin with circulating tokens worth $186 billion, and the Tether gold token XAUT, which is valued at $2.7 billion. Gold prices are up 22% this year. They reached a record $5,311 per troy ounce in the United States on Wednesday, a result of buying spurred by a falling confidence?in the dollar, and concern about the independence of the Federal Reserve. Ardoino, who said that Tether employs about 250 people, invests in U.S. Treasury Bills and other assets to back up its USDT stablecoin. Ardoino expects Tether to earn more than $10 billion in 2025, and perhaps even $13.7 billion in 2024. Tether also invested in U.S. Treasuries and bitcoins, as well as the tech sector, gold royalties firms, and other assets. (Reporting and editing by Alexander Smith; Polina Devlint)
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India to adjust industrial output for seasonal changes in data revamp
The Indian statistics ministry is proposing to introduce a seasonal version of the closely monitored Index of Industrial?Production data (IIP), in order to reduce any impact that shifting festivals, such as Diwali, have on monthly readings. IIP data includes data from a variety of sectors, including manufacturing, mining and electricity generation. India publishes raw data for the month, without any adjustments. This can be seriously distorted by seasonal patterns and changes in festival dates, as well as differences in working hours. Data is frequently revised to take into account?these disruptions. In a discussion paper released by the Ministry on Wednesday, it was stated that a new "methodology" could be used to improve economic signals, without excessive revisions. According to the proposal, before publishing adjusted numbers, the ministry would remove predictable patterns and fluctuations from the monthly industrial data. It would also separate underlying trends from irregular shocks, temporary fluctuations, and other unpredictability. The proposal is part of an broader federal effort to revamp key economic data series by updating methods and revising base years to better reflect the current economic structure. In May, the base year of IIP data will be changed from 2011-12 to 2022-23. The paper stated that "many official statistical agencies now disseminate seasonally adjusted IIP data in response to an increased demand for such data?and also because multilateral institutions have made explicit recommendations in favor of this practice." The ministry is seeking feedback from stakeholders by the 12th of February on the proposed method, how to treat disruptions during the COVID era, and which holidays should be included in the adjustments. This represents a move towards aligning India’s industrial data to global practices. The?ministry had proposed to overhaul the index. This included replacing closed factories in the survey sample with units that are active to improve accuracy. It also considered more frequent revisions, perhaps annual, to the weights of?sectors to better reflect changes in the industrial structure of the country. India's latest IIP figures showed that industrial production rose at the fastest rate in over two years in December, at 7.8% compared to November's revised 7,2%.
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Drone-backed militants attack Nigerian army base, several soldiers dead
In the early morning hours of Thursday, Islamist militants supported by drones attacked an army base in Nigeria's northeastern Borno State, killing several soldiers. This was the second attack reported in that area this week. According to military spokesperson Lieutenant-Colonel Sani Uba, the use of drones in recent attacks by fighters from Islamic State West Africa Province has marked an escalation of violence in the region. Uba reported that the militants stormed the perimeter of the base and briefly breached a part?of it before dawn. He added that the drones destroyed several military vehicles including an excavator, low-bed trailer and other equipment. Uba stated that the army had regained control following the arrival of reinforcements. They had repelled the attackers and were now pursuing them. He said that some soldiers and members of the Civilian Joint Task Force "paid the ultimate price," without providing any details. According to two security sources, at least nine soldiers and two members of the task force were killed. Around 16 other people were also injured. Nigeria's army has advanced deeper into the insurgent strongholds of the northeast as part a renewed offensive against militant groups. Boko Haram, and its split faction ISWAP, continue to mount large-scale attacks despite repeated operations. They do so by exploiting the difficult terrain, porous borders, and weak state presence in parts of the arid north. Borno remains the epicenter of the 17-year Islamist conflict. Boko 'Haram and ISWAP have intensified their attacks against military convoys and on civilians. Reporting by Ahmed Kingimi in Maiduguri and Kolawole Adewale; Writing by Elisha B. Gbogbo, Editing by Andrew Heavens
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Argentina asks for suspension of YPF's 'illegitimate discovery process' in U.S. courts
Argentina's Treasury asked a New York Court on Wednesday to suspend discovery in the case of nationalization by state-owned oil firm YPF, describing it as illegitimate. Argentina wants to 'overturn' the $16.1 billion award by a U.S. district judge to Petersen Energia Inversora, and Eton Park Capital Management for alleged losses resulting from YPF nationalization. Burford Capital, a UK-based company, is financing the litigation and will receive a large portion of any award. In a shared statement on X, Argentina's Treasury announced that it had filed a formal request with Southern District Court of New York for the suspension of the discovery process as ordered by the court. It also requested the withdrawal of the request for contempt against Argentina made by the plaintiffs. The Treasury said that Burford requested information regarding Argentina's Central Bank gold reserves. The institution stated that "the discovery process initiated and ordered by the Court has been completely distorted, and transformed into a weapon of 'illegitimate harassing' intended to hamper the normal functioning the Argentinean State." The court said that the current discovery requests are intrusive and disproportionate and that the administration of President Javier Milei, who came to power in 2023, had complied?fully with the legal process, delivered all the information requested by the court, and?fully followed the legal procedure. Argentina claims that the U.S. court case brought against it for securing control of YPF, the state-owned oil company, is not the right place to hear the case. Instead the case should be heard by local courts under local laws.
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Cree Nation in Quebec is on lockdown following fatal shooting
On Thursday, the Cree Nation Mistissini was on lockdown in?Quebec?following a shooting which police claimed left two dead. The police also said that it was linked to organized crime and drug trafficking. Chief Michael Petawabano of the 'Cree Community, in a post on Facebook, stated that all community buildings, schools, and offices had been closed, and police were conducting an active investigation. "We ask that all members of the community remain calm and stay inside as police conduct their investigation. He said that he would update the community as more information became available. Quebec Provincial Police spokesperson said two men in their thirties were found dead Wednesday night. The incident seemed to be related to organized crime and drug use. Canada has a stricter gun law than its neighboring U.S., and mass violence and shootings in Canada are rare. The violence levels in Canada's marginalized and remote First Nations are higher than in the rest of the country. In 2022, on a Saskatchewan indigenous reserve, a man 'knifed to death 11 people and injured 17 others before succumbing to a cocaine overdose. (Additional reporting and writing by Doina chiacu, Katharine Jackson. Editing by Scott Malone and Alexandra Hudson.
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French government advisor says Carester, a French company, teams up with Malaco, a Malaysian miner on a rare earths project.
Carester, a French rare-earths specialist, and Malaco Mining Group, a Malaysian miner, have teamed up to create a rare-earths separation plant. They will also work together on rare earths mining. After meeting with Malaysian officials, Benjamin Gallezot (a consultant on strategic minerals) said that the agreement will include both technology transfers and expertise to ensure environmental compliance. Western countries are working to find new sources of rare Earths for electric vehicles, smartphones, and other high-tech items. This is to reduce their dependence on China, which is the world's biggest rare earths producer. Malaysia is seeking foreign partners to develop its rare earths industry. The country is estimated to have 16.1 million tonnes in rare earths but lacks technology to mine them and process them. Gallezot stated that the companies will seek to build a Malaysian facility focused on the separation of rare earths, which is required before the elements can used to make advanced magnets to manufacture electric vehicles and clean technology. Gallezot, refusing to name the companies, said that Malaco had already been in contact with a number of European magnet makers. He said that the Japanese government had also expressed interest in the project. Malaco Mining has not responded to an outside of office hours request for comment. The Japanese embassy also failed to respond immediately to a comment request. Gallezot also said that the G7 countries will 'look to have discussions with foreign partners outside of the group about critical minerals at its meetings this year. He said that international cooperation was key to diversifying the supply chain. (Reporting and editing by David Stanway, Jane Merriman, and Rozanna Latiff)
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Gold reaches record high of $5,300 while the dollar falls
Gold prices surpassed $5,300 an ounce for a first time on Wednesday as weakened confidence in the U.S. Dollar and concerns about?the?independence?of the U.S. Federal Reserve increased demand for this safe-haven. Gold spot jumped by 1.5%, to $5,266.22 per ounce, at 1225 GMT, after reaching a record of $5,311.31. Prices rose by more than 3% during the previous session. U.S. Gold Futures for February Delivery jumped by 3.5%, to $5260.40 per ounce. "Gold is not only rising because of market anxiety but also due to a shift in confidence towards a more 'cautious stance,'" said Linh Tran senior market analyst at XS.com. Dollar-priced gold was more appealing to foreign buyers after President Donald Trump dismissed its recent weakness. Trump said he would'soon announce the choice he has made to lead the Fed, and that interest rates will fall once a new chair is appointed. Nitesh Sha, a WisdomTree commodity strategist, said that "the truth is that any candidate that will be suggested will likely be less resistant to Trump's demand than Powell", which would be in gold's favor. Gold, which doesn't yield interest, usually performs well when rates are low. It is expected that the Fed will hold rates at its current monetary policy meeting in January. Metal has risen by more than 20 percent since the beginning of the year. This is a significant increase on the record gains made last year. Deutsche Bank analysts believe that gold prices could reach $6,000 per ounce in this year due to persistent demand for investment. Retail demand has been strong in Shanghai and Hong Kong despite record prices. Shah added, "On the jewellery side, I believe the prices will soften the demand. But I think that?the high price may, at this moment, be helping a bit of speculation from the retail side." After hitting a record-high of $117.69 an ounce on Monday, spot silver fell by 0.4% and is now at $112.59. It has gained almost 60% this year. The spot platinum price rose 0.4% to $2,651.90 per ounce after hitting a record of $2,918.80 an ounce on Monday. Palladium also gained 1.9%, reaching $1,970.75.
The nickel production of Nornickel Russia in 2026 is expected to be similar to the previous year.
Nornickel of Russia, the largest palladium and refined nickel producer in the world, said on Wednesday that it expected its nickel production to reach 193,000-203,000?metric tons by 2026. This is roughly in line with what was achieved in 2025.
The company said that its 'palladium production?this year will fall between 2.415 and 2.465 millions ounces. This is after producing 2.725million ounces in 2025. This was down 1% on a year-over-year basis, but in line to their forecasts.
The company reported that it would produce 198,521 tonnes of?nickel by 2025. This is a 3% decrease from the previous year. However, this result was within the range projected by the company of 196,000 to 204,001 tons.
Nornickel attributes the decline in production in recent years to depletion of ore and forced switching to alternative mining equipment because of 'Western sanctions.
The company was not directly sanctioned, but the sanctions have restricted access to Western equipment and complicated payment and logistics. Some foreign clients avoided buying Russian metal and the company has redirected sales to Asia.
The company's Chief Operating Officer Evgeniy Fedorov stated that the production of all metals except platinum had been slightly reduced due to a temporary rise in the percentage of disseminated ore, while low-grade ore was sparse.
He added that Nornickel continued to upgrade its mining equipment fleet by acquiring new suppliers after losing access Western equipment.
It said that the company had begun construction on a?deeper level at its Skalisty Mine to bring rich ore from the Oktyabrskoye Deposit into production.
Fedorov stated that "it is this project which will enable us to restore the share of rich ore production in total output by 2020."
Vladimir Potanin, CEO of the company, said that the decline in production is a temporary phenomenon.
Fedorov said that the company does not intend to cut production artificially. (Reporting and editing by Louise Heavens, Jan Harvey and Anastasia Lyrchikova)
(source: Reuters)