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At least 32 people are killed and hundreds injured in Venezuela after a series of earthquakes
Interim President Delcy Rodriguez confirmed that two powerful earthquakes hit Venezuela on Wednesday. At least 32 people were killed and 700 others injured as buildings in and around Caracas collapsed. According to the U.S. Geological Survey, a magnitude-7.2 earthquake struck about 160 km (100 mi) west of Caracas. It was followed by a magnitude-7.5 tremor less than a second later. The USGS used predictive modeling to estimate that the death toll would "most likely" be in the thousands with a high probability of exceeding 10,000. Rodriguez stated that the initial numbers 'do not include casualties in La Guaira, near Caracas, home to Caracas airport and the state most affected by the disaster. She said this in an interview with state television shortly before 1 a.m. local (0500 GMT), on Thursday. "I would also like to add that this is an absolute tragedy." We send our message to show our solidarity. To the families that have lost loved one, we reiterate our condolences. She thanked the leaders, including U.S. president Donald Trump, for their support. Trump stated in a social media post that the U.S. is ready, willing and capable to assist in the disaster. "The two earthquakes that have just struck the people of Venezuela were both massive in size and have left behind a number of devastating deaths," said Trump. He was the one who ordered the capture in January of Venezuelan president Nicolas Maduro during a violent raid. The district mayor of Caracas posted on social media that two buildings had collapsed in the Baruta District in Caracas, resulting in three deaths. Gustavo Duque told journalists that four buildings completely collapsed and one person died in the Chacao district of the capital. On state television, Interior Minister Diosdado Cabello said: "We are dealing with the collapse of buildings, homes and houses, and we're doing everything we can to provide security and civil assistance." As night fell, video footage showed emergency workers climbing the ruins of an erupting building in the capital while distraught family members sought help for loved ones they believed were trapped. "When we went down, it was like a horror film," said Maria Alejandra from a nearby apartment building. She did not reveal her name. "We had to climb through the rubble. The baby, the building's?superintendent and the surrounding neighbors were all falling down. "But from that building, I saw only one family get out." Residents rush into the streets The tsunami warning was quickly canceled once the danger had passed. The quakes hit during a holiday in Venezuela, and many Venezuelans were home. "There was an extremely loud crash. The refrigerator was filled with jugs and things fell into the house. Coro Martinez, 56 and a resident of eastern Caracas, said, "I've never seen anything like it." As buildings began to shake, residents in Caracas, also affected by a deadly earthquake of magnitude 6.3 in 1967, fled. Astrid Ramirez is a 41-year old publicist from western Caracas. "Everyone ran down the stairs." Maria Romero (80) a pensioner from southern Caracas said that police helped her to get out of her house. She said, "This earthquake is worse than 1967." A 41-year old office worker, who refused to be identified, also said that she received a quake alert on her phone, just before the shaking intensified. As I started to listen, I felt a light shaking. In less than two second, everything began moving. The U.S. State Department announced that it is in contact with Venezuelan authorities, and has mobilized assistance. Rodriguez, who has run the country since the U.S. ousted Maduro, has said that she has ordered the Foreign Ministry to coordinate the assistance offers. The U.S. Embassy in Caracas stated that it closely monitored the aftermath of this quake, and encouraged citizens to seek shelter. Venezuela is located in an earthquake-prone zone, where the Caribbean Plate and the South American Plate meet. According to the USGS, a powerful earthquake in 1812 caused extensive destruction in Merida and Caracas. HOSPITALS BRACE FOR THE INJURED A worker at the Hospital de Clinicas in Caracas said that staff was asked to work double shifts to treat injured patients. Rodriguez reported that the damage to Venezuela's biggest airport in Maiquetia, on the coast north from Caracas, has caused it to be closed. As authorities started to assess the damage, classes were cancelled for the remainder of the week. The tremors did not appear to have affected Venezuela's oil-related infrastructure. Civil protection authorities near Lake Maracaibo in Maracaibo reported no injuries. A worker at El Palito near Moron, the epicenter of the earthquake, also confirmed that there was no damage. Shell UK, which is evaluating the development of gas fields in Venezuela said that all its employees are in Venezuela and have not been injured. Sources have noted that a prolonged loss of electricity could affect crude production levels until service is restored. Venezuela's oil minister, the state-run PDVSA, and its main partner abroad, Chevron did not immediately respond to requests for comments.
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South Korea's KOSPI recoups its losses with SK Hynix led tech rally
South Korea's benchmark index continued its recovery for a second session on Thursday as investors returned to the market after a historic tech crash earlier in the week. As of 04:18 GMT, the benchmark KOSPI was up 466.67 or 5.51% at 8,937.69. The?rise has now reached 9% in two sessions. The?drop of nearly 10% on Tuesday was the biggest since March. The movements underscore a 'volatile tug-of war between rising interest rates anxiety and opportunistic buying of Korean tech shares at dips. SK Hynix, a?peer company, gained 12.17%, tagging a rally among U.S. chips stocks following Micron's earnings report and outlook. Hyundai Motors and its sister company Kia Corp both saw their shares fall by 0.59%, while rising by 1.15%. Steelmaker POSCO Holdings shed 2.26%, ?while drugmaker Samsung BioLogics rose 0.94%. Out of the 915 shares traded, 402 advanced and 475 declined. The 'KOSPI', the world's top-performing equity index is up 112.09% this year, thanks to the phenomenal demand for semiconductors at Samsung Electronics & SK Hynix. The dollar was quoted at 1,542,2?per won on the settlement platform onshore. This is 0.23% lower than its previous closing of?1,542.7. In non-deliverable futures trading, its one-month forward contract was quoted at 1,555.9. Harikrishnan Nair, Harikrishnan Kim and Cynthia Kim report.
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Shanghai Aluminium hits 2026 Low on Lower Middle East Risk Premium
Aluminum prices fell on Thursday as the Middle East war-risk premium faded, as the fragile peace in?region continued to hold. The Shanghai Futures Exchange's most traded aluminium contract fell 2.75% to?22.825 yuan (3,354.55) per ton after?falling?to an earlier 2026 record low price of 22.665 yuan per ton. The benchmark three-month aluminum on the London Metal Exchange was up 0.13% to $3,126.5 per metric ton at 0339 GMT. This marks an 8% decline since the beginning of the week. As ships passed through the Strait of Hormuz, prices for the light metal fell this week. A fragile peace seemed to hold. The aluminium market had a sharply increased risk premium due to disruptions in freight and higher energy prices from the Middle East conflict. Brent crude oil fell by 1.82%. Middle East supply is increasing quickly, and Iran is expected to boost its sales after a temporary reprieve of U.S. sanctions. Aluminium's production cost is also expected to decrease due to lower energy costs. For its high energy intensity, the metal is often called "congealed electric". Base metals were impacted by global economic headwinds. The U.S. Federal Reserve is expected to increase interest rates in this year due to persistent inflationary pressures. Investors are now waiting for the U.S. Personal Consumption Spending data?will provide further clues about monetary policy. As they dampen economic activity, higher interest rates hurt industrial minerals that are dependent on growth. This week, the outlook for growth was also clouded by the underperformance of technology stocks. Copper has been able to benefit from the projections that demand will increase due to AI infrastructure, grid investments and electric vehicles. Benchmark LME 3-month copper rose 0.35% while the most traded SHFE?contract fell by 1.82%. Zinc fell 0.09% on the LME, while lead rose?0.29%. Nickel gained 0.64%, and tin grew 1.65%. The SHFE saw a drop of 1.64% in zinc, 0.72% in lead, 0.92% for nickel and 1.76% for tin. ($1 = 6.8042 Chinese Yuan Renminbi) Reporting by Solomon Cefai, Editing by Ronojoy Mazumdar
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Oil extends decline on rising Middle East supply
The oil prices continued to fall on Thursday, dipping near the levels seen just before the Iran War. This was due to a 'rising'?supply expectation from the Middle East that outweighed the demand concerns. Brent crude futures, for delivery in August, fell by $1.22 or 1.65% to $72.52 a barrel as of 0337 GMT. U.S. West Texas Intermediate dropped $1.02 or 1.45% to $69.32 a barrel. Both contracts have reached their lowest levels since February 27, Brent for August was cheaper than September at $73.59, indicating ample supply in the short term. In a recent note, IG analyst Tony Sycamore stated that "the speed of this drop has?caught many off guard" as the markets have priced in a faster return of Middle Eastern crude barrels than what most people had expected just a 'fortnight ago." Brent fell more than $3 Wednesday, as concerns about supply eased. WTI also settled down nearly $3. U.S. Energy Sec. Chris Wright said on Wednesday at a forum that the flow of oil through the Strait of Hormuz was close to the level before the start of the Iran War. He added that 20 million barrels of oil had left the strait within the past 24 hours. Wright said that a return to "complete normalcy" would take several weeks due to the need to demine the Strait of Hormuz. The price of crude oil around the globe has been driven down by a combination of rising Middle Eastern supply and Iran's plans to increase sales after a temporary reprieve in U.S. sanction. The U.S. and Israel war against Iran that began on February 28 has been ended by an initial agreement last week. This allowed the traffic to resume through the Strait. The agreement established a 60-day period of negotiations in order to address more complex issues, such as Iran's nuclear program. Wright stated that oil would flow through the Strait even if it did not hold and that Iran "would not be able" to close it. Oman opened Wednesday temporary routes for tanker departures 'from the Strait?of?Hormuz. The International Maritime Organization (IMO) and Omani authorities coordinated movements. Qatar's Prime Minister visited Oman to discuss the beginning of negotiations with Iran, Iraq and Gulf States over future management of the Strait. Macquarie analysts predicted oil prices to return quickly to pre-war levels, as supply chains adapt and the Strait of Hormuz is reopened. Brent and WTI are expected to average $62 and $67 per barrel respectively in the third quarter. This is down from $94 and $87.50 per barrel for the second quarter. Energy Information Administration reported that U.S. crude oil stocks fell to their lowest level since 1984 on Wednesday. This was due to strong refinery demand and the government's release of emergency reserves. The markets, however, seemed unfazed as traders concentrated on the Strait of Hormuz. Reporting by Colleen Waye in Beijing, and Siyi Liu from Singapore; editing by Jacqueline Wong
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Bankers claim that Vedanta Resources returns to the dollar bond market in order to purchase high-cost notes.
Two merchant bankers confirmed on Thursday that Vedanta's wholly owned subsidiary is returning to the dollar bond market in nine months with a three tranche issuance. The issuance will primarily be used to fund Vedanta's buyback of high yielding notes. The bankers said that Vedanta Resource Finance II will raise money through bonds with a coupon of 7.25, 7.6250%, and 8.0%. The company didn't respond to an email asking for comment. They asked to remain anonymous because they aren't authorised to talk to the media. The bonds will be guaranteed by the parent company as well as its subsidiaries Twin Star Holdings and Vedanta Holdings Maritius II. The notes will be rated according to the issuer. The proceeds will primarily be used for refinancing higher yielding debts worth over $2 billion. The company plans to buy back $550'millions of 9.475% 2030 bonds, $500'millions of 11.25% paper in 2031, $500?millions of 9.125% 2032 bonds, and $550 -millions of 9.85% notes. The unit raised $500 million in October by?selling seven year dollar bonds with a coupon of 9.1250%. This is one of the documents that it plans to repurchase.
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China's coking coal production rises due to strict safety inspections
Chinese coking prices rose on Thursday, as the recovery of production slowed down in the province of Shanxi. This was in response to a fatal mining accident that occurred in late May and the ongoing strict safety inspections in this coal-rich area. As of 0333 GMT, the most traded coking coal contract at Dalian Commodity Exchange increased by 0.12% to 1,251 Yuan ($183.72 per metric tons). The DCE coke contract that was most active gained 0.33%, to 1,953.5 Yuan per ton. According to a report by Mysteel, the pace of recovery of the production in Shanxi is slowing down, even though the number of coal mines in certain areas that have halted production has increased. After the fatal?mine accident, which prompted broad and strict safety inspections throughout?China's leading coal production hub?, supply concerns grew. Prices fell as local coal mining reports indicated that production had gradually returned, easing fears of a shortage. Investors weighed the prospects of weakening economic fundamentals against firm demand in the short term. Rising supply coincides with faltering consumer demand. The DCE contract, the most traded iron ore, was up by 0.13% to 744 yuan per ton. As of 0323 GMT, the benchmark 'July' iron ore price on the Singapore Exchange had remained largely unchanged at $98.3 per tonne. The benchmarks for steel on the Shanghai Futures Exchange are mixed. The benchmarks for steel on the Shanghai Futures Exchange were mixed. Analysts at Lange Steel said that the daily crude steel production in June will be around 2.7 million tons, as compared to 2.72 million tonnes in May, according to official data.
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Fortescue is the latest Australian miner to be sued for sexual harassment
Fortescue, Australia's largest?iron ore mining company, was hit with a class-action lawsuit on Thursday, alleging widespread sexual harassment at its remote mine sites. The lawsuit was filed by the law firm JGA Saddler. They also brought similar class actions against Rio Tinto in 2024. These cases are still making their way through courts. The Western Australian government has recommended that the mining industry undergo sweeping changes in 2022 after describing what they deemed to be horrendous behaviour towards women. In a recent statement, JGA Saddler litigator Paris Hamrey stated that women have repeatedly told her they don't feel secure at Fortescue mines. She said that women told her they couldn't do their laundry because they were afraid their underwear would be stolen. They also claimed they couldn't go to gym because they felt men touching them inappropriately, or following them to their rooms. Fortescue's spokesperson said that sexual harassment and illegal discrimination have no place at the company, which is "committed to providing a safe and respectful workplace for all its employees and contractors." She refused to comment on any allegations or claims. LAW FIRM SAYS REPORTED WOMEN WERE DEMOTED AND DISMISSED JGA Saddler's statement included 45 testimonials of women who worked at Fortescue and described incidents they experienced. One woman wrote: "I found a man in my bedroom one night when I came home." Fortescue announced that it would invest $300 million in improving living quarters?at the sites, with an emphasis on safety. This includes deadlocks and swipe-card systems for access, CCTV, and better lighting. Hamrey stated that women who reported incidents at Fortescue were demoted, dismissed or blacklisted. Australia is the top producer of iron and many of its far-flung mining operations are serviced by FIFO employees. Women now make up 22% of mining workers, compared to 18% in the early 2000s. Fortescue's latest safety report shows that the company reported 22 cases of sexual harassment in 2025 to Western Australia’s mines safety regulator, a 27% decrease from a year ago. It was the only company to have reported a decline. According to Rio Tinto's annual report, the care?hub of Rio Tinto, which assists employees who report a range?of disrespectful and harmful workplace behaviors including harassment, recorded?702 incidents last year, an increase of 24% over the previous year. BHP reported 429 sexual harassment incidents in fiscal 2025. This represents a 3% rise, according to the company's annual report. 100 people were found responsible and either fired or resigned. (Reporting by Melanie Burton; Editing by Edwina Gibbs)
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Fortescue is the latest Australian miner to be sued for sexual harassment
Fortescue, Australia's largest iron ore mining company, was hit with a class-action lawsuit on Thursday, alleging widespread sexual harassment at its remote mine sites. The lawsuit was filed by the law firm JGA Saddler. They also filed'similar' class action suits against Rio Tinto and BHP at the end of 2024. These cases are still making their way through courts. The Western Australian government has recommended that the mining industry undergo major changes in 2022. This is after describing what they deemed to be horrifying behavior against women. They also found sexual harassment and abuse were rampant. In a recent statement, JGA Saddler litigator Paris Hamrey stated that women have repeatedly told her they do not feel safe at Fortescue's mine sites. She said: "Women tell us that they are unable to do their laundry because they are robbed of their underwear in the public laundries. They can't even go to the gym, because men touch them inappropriately and follow them back into their rooms." Hamrey stated that when women do report incidents they are demoted, dismissed or silenced from the industry. 45 women who worked at Fortescue described incidents that they experienced in the statement. One woman wrote: "I found a man in my bedroom one night when I came home." FIFO workers service many of Australia's remote mines. Women now make up 22% of mining workers, compared to 18% at the beginning of this decade. Fortescue's latest safety report shows that the company reported 22 cases of sexual misconduct to Western Australia's mines safety regulator during the 2025 financial period, a decrease of 27% compared to a year ago. It was the only company out of the three to have reported a decline. According to the annual report, Rio Tinto’s care hub, that supports employees who have reported a range of disrespectful or damaging workplace behaviours, including harassment, recorded 702 incidents in the past year, a 24% increase from the previous year. BHP reported 429 sexual harassment incidents in 2025. This is a 3% rise, according to the company's annual report. 100 people were found responsible and either fired or resigned. (Reporting by Melanie Burton; Editing by Edwina Gibbs)
Gold to fall by a week's worth on fears of rate hikes and tensions in the Middle East
Gold prices dropped on Friday and were set to?have a weekly loss? as tensions in Middle?East dampened hopes for a U.S. - Iran peace deal amid fears of rising inflation and rate hikes.
As of 0718 GMT, spot gold was down by 0.3%, at $4,461.28 an ounce. It has dropped about 1.6% this week.
U.S. Gold Futures for August Delivery fell by 0.4% to $4487.90.
Israel has said that it will not withdraw its troops from Lebanon, despite the rejection of a ceasefire by Hezbollah's?militia. This undermines President Donald Trump’s efforts to stop fighting in Lebanon to reach a peace agreement with Tehran.
Nicholas Frappell is the global head of institutional market at ABC Refinery. He said that some pessimism about the outcome of the Iran conflict was negative for gold. "I believe the trend is for tighter interest rates, which is also weighing down on gold."
Kansas City Federal Reserve President Jeffrey Schmid stated on Thursday that U.S. Central Bank's options are to be patient and hold interest rates constant or raise rates in order to curb inflation, which has been higher than target for many years.
Mary Daly, the San Francisco Fed president, said that the U.S. interest rate path would depend on how the economy develops. She added that the Fed's monetary policy was "in a great place" and it is ready to respond in "either direction."
Gold is often viewed as a hedge to inflation. However, rising interest rates can weigh down on the non-yielding gold.
According to CME Group's FedWatch, the markets are pricing in an increase by the Fed before year-end. A 51% chance is that it will happen by December.
Investors will now be awaiting the U.S. nonfarm payrolls for May, which is due later today, to gauge the Fed’s monetary policies.
India's gold demand this week was relatively low as buyers were on the sidelines because of volatile foreign?prices. Premiums in China also eased.
Silver spot fell by 1.8%, to $72.53 an ounce. Platinum dropped 0.8%, to $1.885.83. Palladium also declined 0.8%, to $1.309.91. All metals are headed to a loss for the week. (Reporting by Pablo Sinha in Bengaluru; Editing by Subhranshu Sahu)
(source: Reuters)