Latest News
-
Houthi attacks kill 30 Yemeni troops
Government sources reported that at least 30 Yemeni troops died in attacks on military camps on Thursday in Yemen's Hadramout and Marib provinces. They added that the death toll 'could?rise. Later, the Iran-aligned Houthis?claimed? responsibility for drone and missile strikes against what they called Saudi military deployments within two provinces. Houthis claimed to have struck Saudi troops in Al Ruwayk and Al Abr areas with drones and ballistic missiles. The group claimed that hundreds of Saudi-aligned militants were killed or wounded and that military camps and weapons depots, as well as vehicles, were destroyed. Could not immediately verify the Houthi Account. The Houthis claimed they began the operation when they detected what they called a large Saudi buildup in anticipation of a military escalation towards?areas they control. Yemen's health minister has ordered that medical facilities in Marib, Hadramout and Hadramout be more prepared to treat soldiers who are injured. He said that the attacks targeted military positions located in Al Ruwayk, Al Abr and the surrounding areas. The U.S. Mission in Yemen sent condolences and expressed its regret to the families of Yemeni soldiers killed at Marib and Hadramout. It said that the attacks were "yet again" an example of the "terrorism" perpetrated by the Houthi against the Yemeni people. Since last month, the Houthis have declared an international naval blockade against Saudi Arabia in the Red Sea in response to their accusation that Saudi Arabia is waging a siege in Yemen. Riyadh denies this allegation. Saudi Arabia has been leading a coalition of armed forces in Yemen to support the internationally recognized government since 2015. This was after the Houthis had seized the capital Sanaa, in 2014. The conflict in Yemen has devastated the country and caused a severe humanitarian and economic crisis.
-
Ariana Resources targets gold production of 2028 from rare Zimbabwe greenfield mining
Kerim Sener, Managing Director of Ariana Resources (a London-listed company), said that the company expects to begin producing gold in Zimbabwe from its "greenfield" project by 2028. Ariana Resources' Dokwe Project, located about 110 kilometres north-west from Bulawayo (Zimbabwe’s second largest city), is a 'large-scale greenfield' project. South Africa has a rich history of gold mining, but it has been unable to attract substantial investment after international mining companies such as Rio Tinto, Delta Gold, and Kinross left the country more than 20 years ago due to a political crisis and economic crisis. A few mid-tier miners and many small-scale operators have helped Zimbabwe increase its annual gold production from 3 tons in 2008 to 46,7 metric tons by 2025. This was mainly achieved by revitalizing and expanding older mines. Among the top mining companies in the country are the Caledonia Mining Corporation, a foreign listed company; Namib Minerals; the state-backed Mutapa Gold Resources; and a unit of Padenga. According to a prefeasibility report, Ariana expects the open pit mine to produce 100,000 ounces annually over a project life of 20 years. The definitive feasibility study should be completed by the first quarter of 2027. Sener? told. Ariana is attracted to the greenfield deposit of Dokwe, he says, "bucking the established trend" of buying brownfield assets. Sener stated that "Dokwe presented an opportunity to take on what is currently the largest undeveloped deposit of gold in Zimbabwe." The other thing is the metallurgy. He added that it appears to be a fairly simple process, as a significant portion of the gold can be recovered by gravity. Sener stated that there was a 'continuing shift' in foreign investor sentiment toward Zimbabwe under President Emmerson Mnangagwa. He took over the long-time leadership of Robert Mugabe following a coup in 2017.
-
Constellation Energy sells gas plant to LS Power and raises profit forecast
Constellation Energy, a power company, announced?on Thursday that it would sell a?gas?plant in Texas to LS Power, for $860 millions, and increased its current-year earnings forecast due to robust demand. Shares rose 1.3% in the morning trading. Constellation has completed its $16.4 billion acquisition of Calpine assets by selling Brazos Valley Energy Center to LS Power. Constellation is the largest nuclear power company in the U.S. Constellation has been expanding its fleet beyond nuclear, and its Calpine purchase adds a large portfolio of gas-fired generators, which gives it greater flexibility in markets with high demand, such as Texas. On a conference phone, executives said that a large portion of the?data centers in Texas are still under construction and have not yet been?connected to the grid. In a separate statement, LS Power stated that its deal to purchase the Texas plant is expected to close before the end of the year. This will increase its capacity to 14,100 MW and enhance its presence in ERCOT - one of the fastest growing power markets. LIFTS FORECAST ROBUST POWER REQUEST Constellation has said that most of its current generation output will be contracted until 2050 or beyond. This provides long-term revenue certainty. The company announced on Thursday that it had signed agreements for the supply of 'an additional 920 Megawatts (MW), of nuclear energy to a variety of 'investment-grade clients, over a period of 15 to 20 years. Supply is expected to start in 2029 and 2032. The company has also submitted applications to the 'Nuclear Regulatory Commission' to extend its operating licenses for the 'Ginna Clean Energy Center in New York and the Nine Mile Point Unit 1 Reactor to 2049. This would be a 20-year expansion if approved. According to data compiled and analyzed by LSEG, the company reported operating earnings?of 2.55 per share, exceeding analysts' average esti?ations of $2.28. It increased its forecast for annual operating earnings from $11.00 to $12.00 per share. (Reporting by Dharna Bafna in Bengaluru; Editing by Leroy Leo)
-
Bosnia's UNESCO Vjetrenica wind cave' offers relief from heatwave
The UNESCO listed Vjetrenica Cave is a refuge for tourists in spite of the 40 degree Celsius heat in southern Bosnia. Vjetrenica (wind cave) is situated in the south part of Bosnia-Herzegovina, approximately 25 km (15 miles) north of Dubrovnik. In high season, cruise ships arrive daily with thousands of tourists. The cave is only open to a limited number of people due to the sensitivity of its environment. The cave's constant temperature of 11 degrees Celsius (52 F), year-round, has made it a haven for biodiversity and humans alike. Visitors groups up to 80 people can explore the labyrinthine 7.5 km of dark corridors, spacious chambers and eerie caverns. According to legend, fairies once danced all the way to the Adriatic Sea. "At first, when we enter the cave, there's a nice breeze. Then it gets very cold, and not only does it cool your eyes, but it also cools your body," said Ranjithkumar rajendran, a German neurobiologist who visited the cave with his family. "It is literally free air conditioning," said Mila Jankovic a young Serb who lives in England. Davor Bakovic is the director of Vjetrenica, the public institution which manages the cave. He said that the intense summer heatwaves meant that over half of last year's visitors arrived in the summer. He said that Vjetrenica is also working with scientific organisations in order to protect the biodiversity of the cave, which was home to hundreds organisms. Proteus Anguinus is the European Blind Cave Salamander, which can live for up to 100 Years. (Reporting and editing by Barbara Lewis; Daria SitoSucic)
-
Constellation sells gas plant to LS Power and raises operating profit forecast
Constellation Energy, a power company, announced on Thursday that it would sell a 'gas plant' in Texas to LS Power. It also increased its forecast for current-year earnings on the 'back of robust power demand. In premarket trading, shares of 'the company' were up 5%. Constellation must complete its $16.4 billion acquisition of Calpine assets by selling the Brazos Valley Energy Center to LS Power. Constellation is expanding beyond its nuclear fleet. Its Calpine purchase has given it a gas-fired portfolio, which gives them more flexibility in markets with high demand like Texas. Joe Dominguez, CEO of the company, said: "We are strengthening our nation's energy infrastructure to meet growing demand. In a separate press release, LS Power stated that its deal to purchase the Texas plant is expected to close by the end this year. This will increase its 'total capacity of 14,100 MW after completion' and enhance its presence in ERCOT - one of the fastest growing power markets. LIFTS FORECAST ROBUST POWER REQUEST Constellation is the largest nuclear operator in the U.S. and has benefited from the robust power consumption across the country. The company announced on Thursday that it had?signed agreements for an additional 920 Megawatts (MW), of nuclear energy to a variety of investment-grade clientsfor 15 to 20 years, with the supply to begin in 2029. The company has also?filed?applications to the Nuclear Regulatory Commission for the extension of the operating licenses at its Ginna Clean Energy Center in New York and?Nine Mile Point Unit 1, a reactor located there, to 2049. This would be a 20-year expansion if approved. According to LSEG, the Baltimore, Maryland based company reported operating earnings of 2.55 per share. This was higher than analysts' average estimates of $2.28 per shares. The company increased its operating earnings forecast to an estimated range of between $11.50 and $12.50 per shares, up from the previous $11.00 to $12.00 per share. (Reporting by Dharna Bafna in Bengaluru; Editing by Leroy Leo)
-
Wall Street to open mixed after European trading sentiment improves
Investor sentiment was boosted during European trading Thursday by optimism over company earnings. However, Wall Street is set for a mixed start, with Nasdaq Futures down following disappointment from traders. The markets were also awaiting the U.S. response to a proposed 'deal' between?Iran, Oman and traders who interpreted it as a step towards resolving the U.S. - Iran conflict. Investors turned cautious on AI spending and earnings from Western Digital, Sandisk, Advanced Micro Devices, and Sandisk failed to meet expectations. The rally continued as European markets opened. The pan-European STOXX600 reached a new high, fueled by media and telecommunications stocks. By 1102 GMT it was up by 0.4%, while London's FTSE '100 was up by 0.2%, France’s CAC 40 increased 0.7%, and Germany's DAX rose 0.2%. Wall Street futures are mixed. S&P 500 E-minis have a slight increase of 0.1%, but Nasdaq E-minis have a 0.7% drop on the day. Hani Redha of MetLife's multi-asset portfolio management said that the overnight losses are a natural correction for a rally which is set to continue. Wall Street has been pushed to new highs by strong earnings and renewed enthusiasm for AI-related tech shares. He said: "This is part of a general hangover after a great party we had in the markets over the last few sessions." "We are still pretty positive...I do not expect the same pace of returns as we have seen in the past few weeks but I think we're still in an?environment that is conducive to risk assets and equities?in particular." The oil prices initially remained below $80 a barrel after reports of a proposed agreement between Iran and Oman that could help end the U.S. - Iran conflict. This deal would give Tehran control of ships entering the Gulf via the Strait of Hormuz. The U.S. has not commented on the proposal. It would be the largest concession to Iran so far. Prices rose during the European session. Brent crude futures last were up 1.1% for the day, at $80.34 per barrel, while U.S. West Texas intermediate futures were up by 1%, at $75.93. Gold briefly reached its highest level in seven weeks. MetLife's Redha stated that the U.S. - Iran conflict, along with AI expenditure, has been a major factor influencing the markets this year. However, the market is becoming less sensitive. "Overall, I would say that we have been less concerned about what appears to be negative developments in?that area. "It is a negative when oil prices spike, but I don't believe that it will derail the cycle," said?he. MARKETS ARE WAITING FOR PAYROLLS DATA The yields on government bonds in the Euro?zone were stable, with the benchmark German 10-year yield increasing by 1 basis point to 3.1159%. Currency markets are also quiet. The U.S. Dollar Index was also'steady' at 99.744. The Japanese yen is at 157.91 to the dollar. It has declined slightly in the last two sessions, and it has given back some of the gains that were made after the U.S. government and the Japanese government intervened on Friday. The report is scheduled for 1230 GMT and will show that the number of jobless claims increased from 197,000 to 202,000 in the week ending August 1. On Friday, the non-farm payrolls for July will be released. Mary Daly, the President of the Federal Reserve Bank of San Francisco (who is not a member of the Federal Open Market Committee) said that she "completely supported" the decision made last week by the central bank to keep interest rates unchanged while it gathers additional data on how to respond to an inflation rate well above the 2% target.
-
Tata Sons, India's Tata Group, is being pushed to list following central bank classification
The Reserve Bank of India announced on Thursday that it has included Tata Sons on its list of "upper-layer nonbanking financial companies", a category which faces stricter regulations. This will keep pressure on one the country's largest holding firms to go public, unless they receive an exemption. The?RBI stated that the classification will not affect Tata 'Sons' pending request to give up their NBFC registration. Tata Sons in India, which is the umbrella organization for 31 companies, including TCS and Tata Motors Passenger Vehicles, is under pressure to go public. This, despite the fact that the two-thirds of its conglomerate controlled by the charitable trust are battling internal disagreements. The RBI has designated large, systemically important nonbank lenders as upper-layer NBFCs. These are subject to stricter regulation. Tata Sons was not listed until now. The pressure to list from its internal stakeholders, such as the Shapoorji Pallonji Group, is increasing. The RBI has not stated explicitly whether Tata Sons will be required to comply only when its deregistration application is decided.
-
Gold nears seven-week high amid easing concerns about rate hikes
Gold rose to a seven-week high Thursday, continuing gains into a fourth session as the hopes of reopening the Strait of Hormuz helped ease fears of inflation and rising interest rates. Gold spot was up 0.4% to $4,261.86 an ounce at 1125 GMT after hitting its highest level in June 18 earlier. Gold bullion rose to $4,267.24 an ounce on Wednesday, its highest daily gain since February. U.S. Gold Futures increased 0.4% to $4321.40. Gold tries to hold on to its recent gains amid increasing optimism surrounding the Strait of Hormuz. The hope for a diplomatic victory that restores oil flow is easing inflationary concerns and reducing aggressive Fed tightening betting, said Nikos Tzabouras. According to a senior Iranian official and two regional officials, the proposed deal between Iran & Oman would allow Tehran to control ships entering the Gulf via the Strait of Hormuz. The market expectations of a rate increase in September have dropped to 55%, from 67% just two days ago. Gold is often seen as an inflation hedge, but it can lose its appeal when interest rates are high. Mary Daly, President of the Federal Reserve Bank of San Francisco said that she "completely supported" the central bank's decision to keep interest rates at the same level as it gathers data on how to respond to inflation well above the 2% target. Investors await the release of the U.S. July nonfarm payrolls data on Friday. The ADP National Employment Report showed that U.S. Private Payrolls Growth?slowed down in July. Gold remains vulnerable to new pressures and 2026 lows. Tzabouras added that lingering pressures on prices keep rate-hike dissenters in the forefront and geopolitical risks are finely balanced. Any diplomatic setback could quickly revive those negative dynamics. Silver spot fell 0.6%, to $61.69. Palladium rose 1.4% to 1,382.87 and platinum was up 1% at $1,752.73. Both metals were up for the third session in a row. (Reporting and editing by Devika Syamnath in Bengaluru, Joyjeet Das and Joyjeet Sinha)
Metals like copper and industrial metals are falling as Middle East conflict weighs on the demand outlook
Copper and the base metal complex as a whole fell on Friday due to deteriorating risk sentiment from the Middle East conflict. This prompted inflation fears and cast a shadow on the demand outlook.
Benchmark three-month copper on the London Metal Exchange fell 1.01%, to $13,461 per metric ton at 0715 GMT. Shanghai Futures Exchange's most traded copper contract fell by 0.73%, to 103 550 yuan (15,284.13) per ton.
Copper, also known as "Dr Copper", fluctuated throughout the week. In London, it is expected to end the week with a marginal gain of 0.08%.
As a result of the breakdown of the peace talks, and the increasing fighting between Iran and the U.S., shipments have been disrupted through the Strait of Hormuz. Brent crude prices have risen by nearly 12% in the last week, a result of the breakdown of peace talks and the escalation?of fighting between Iran and America.
Gold, which does not yield, was on track for its worst weekly loss in the past six weeks despite a slight?uptick on Friday. This is because of bets that rising inflation would keep rates high for longer.
The economic activity of industrial minerals is dampened by higher interest rates.
The market's sentiment was boosted by a series of economic data that showed a softer June.
The demand for copper is also being supported by the recent withdrawals of LME stockpiles and by a?good interest in buying from China, which is the largest consumer. The Yangshan premium
LME Nickel fell?2.26%, while SHFE nickel dropped 1.57%.
Nickel's decline erased a large part of the rally that occurred on Monday, when prices rose due to concerns about raw material supplies.
Aluminium, zinc, and lead all fell in value on the?LME. Tin also dropped by 1.76%.
Aluminium ticked up 0.09% on SHFE. Zinc fell 0.73%. Lead rose 1.8%. Tin lost 1.49%.
(source: Reuters)