Latest News
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In India's Indore, contaminated water causes 9 deaths and 200 hospitalizations
Nine people are dead and over?200 hospitalised after a 'diarrhoea outbreak' in central Indian city of Indore, officials say. The cause is contaminated water. Kailash Vijayvargiya is a legislator who said that nine people died in Indore. Madhav Prasad hasani, Indore's chief medical officer, said by phone that drinking water in the Bhagirathpur district of the city is contaminated because there was a leak. A water test confirmed the presence of bacteria in the pipeline. "I can't?say anything about the?death count but yes, over 200 people are being treated at different hospitals in the city. Hasani stated that the final report on the water sample taken from the affected area is still awaited. Shravan Verma is the district administrative officer. He said that authorities have deployed teams of doctors to do door-to-door screenings and are distributing tablets of chlorine?to purify water. Verma stated that the officials had tested 8,571 people and identified 338 mild symptoms. Indore in Madhya Pradesh has been ranked India's Cleanest City and has led the rankings of national cleanliness for the last eight years. (Editing by Raju Gopikrishnan).
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Australian gold miner Northern Star falls 11% after production forecast is cut
The shares of Australia's Northern Star Resources dropped more than 11% Friday, kicking off the?New Year in a gloomy manner, after claiming unplanned maintenance as well as operational challenges. The shares of Australia's largest listed gold producer fell as much as 11.5%, to A$23.67. This is their biggest intraday decline since late June?2022. As of 0230 GMT the stock was trading at A$24.130 and was the biggest loser on the ASX 200 index, which was up by 0.2%. Northern Star has lowered its production forecast for fiscal 2026 to between 1,600 - 1,700 kiloounces (koz), down from its previous guidance of between 1,700 and 1,850 koz. The midpoint of the new range is significantly below the Visible Alpha consensus of 1,720.3 kg, but it's slightly higher than last year's production of 1,634 kg. Perth-based Western Australia-based company has been facing a number of problems across its sites in the last quarter. These include carbon-in leach tank failures and reduced mining fleets. The company will reopen its Kalgoorlie?production?centre in January. However, throughput will remain uneven in the second half of the year as it?shifts to the expanded mill. This is scheduled to be completed in the first quarter of fiscal 2027. Northern Star's quarterly results, which will be released on the 22nd of January, will include its costs for the December quarter and a forecast for annual costs. (Reporting by Shivangi Lahiri in Bengaluru; Editing by Subhranshu Sahu)
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Oil prices rise after biggest annual decline since 2020
The oil prices rose on the first trading day in 2026, after they had suffered their worst annual decline since 2020 last year. This was due to Ukrainian 'drones' targeting Russian oil installations and a U.S. blockade that impacted Venezuelan exports. Brent crude futures rose 14 cents to $60.99 per barrel on Friday by 1:46 GMT. U.S. West Texas intermediate crude crude was up 14 cents at $57.56 per barrel. Russia and Ukraine traded accusations of attacks on civilians New Year's Day, despite intensive talks overseen?by U.S. president?Donald Trump aimed at ending the nearly four-year old?war. In recent months, Kyiv has intensified its strikes against Russian energy infrastructure to cut off Moscow’s sources of financing for the military campaign in Ukraine. Washington imposed sanctions Wednesday on four oil tankers and companies that it claimed were involved in Venezuela's oil industry. The U.S. Blockade is designed to prevent sanctioned oil tankers from entering Venezuela or leaving the country. This has forced PDVSA, Venezuela's state-owned energy company, to take extreme measures to avoid closing down refineries as fuel inventories increase. Brent and WTI benchmarks experienced annual losses of almost?20% in 2025. This was the largest since 2020 as concerns over supply and tariffs trumped geopolitical risk. Brent lost money for the third consecutive year, which is the longest streak in history. According to the Energy Information Administration, Wednesday, the United States' oil production reached a record of 13.87 million barrels a day in October. The EIA reported that last week, crude stocks dropped while gasoline and distillate inventory rose due to a robust refining industry. Reporting by Florence Tan, Editing by Tom Hogue
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Nickel Industries Australia says South Korea's Sphere will buy 10% of the Indonesian project
Nickel 'Industries, Australia's Nickel?Industries, announced on Friday that South Korea's 'Sphere Corp' will purchase a '10% stake' in the Excelsior Nickel Cobalt High-Pressure Acid Leach Plant (HPAL) Project in Indonesia for $2.4 billion. Nickel Industries, an Australian company, said that the South Korean materials manufacturer would acquire the stake in the project from Hong Kong's?Decent Resource. Nickel Industries, however, will keep its 44% stake in the project. Sphere, a supplier of special alloys to Elon Musk's SpaceX, has agreed to sell its 10% share of nickel as cathode. It also entered into a contract for the sale of additional volumes at market prices above 10%. According to Nickel Industries, the ENC HPAL Project, which is being built in Indonesia’s Central Sulawesi will be the first HPAL project with the ability to produce three Class-1 Nickel?products: mixed hydroxide?precipitate (MHP), Nickel sulphate, and Nickel cathode. The deal is made at a time when nickel prices are soaring, as Indonesia plans to reduce its mining output quotas in order to boost commodity prices. Nickel?Industries anticipates that funding will be completed in the first quarter 2026. Nichiket Sunil reported from Bengaluru, and Chris Reese edited the story.
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Three dead, seven missing after New Year's Eve attack in Peru on informal miners
A?local?mayor announced on Thursday that at least three people had been killed and seven more missing following a New Years Eve attack on informal gold miners. This was the latest in a series attacks against small-scale miners of the Andean nation. Aldo Marino, the mayor of Pataz, told local TV that the attack occurred in a city in northern La Libertad. In 'May of last year, police reported that 13 miners were killed in the same area as criminal gangs tried to gain control. Marino, who spoke to Canal N on the subject, said that he had received information from police indicating three people died in a mine entry, and seven others are still missing. He added that reports from other people living nearby suggested a higher death toll. The attack was not confirmed by the police and no government officials could be reached for comment. Pataz is now the main gold producing area in Peru, thanks to small-scale informal or artisan mines that operate under temporary government permits called REINFO. Illegal miners, who are said to be stealing the output of other miners in collaboration with criminal gangs according to sources from police and industry, exploit thousands of permits. The Peruvian government extended REINFO permits by one year in December, marking the fifth extension in the last decade. In July, it kicked out over 50,000 small scale miners, or more than half of them, and kept just over 30,000 to go through a formalization procedure. In 2024, Peru exported gold worth $15.5 billion. This is a dramatic increase from the $11 billion recorded in 2018. According to local industry estimates and the country's financial regulator, about 40% of gold in Peru is illegal. Reporting by Marco Aquino, Editing by Ros Russel and Nick Zieminski
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Two people are killed in fireworks accidents in the Netherlands. A historic Amsterdam church is destroyed by fire.
In the Netherlands, two people were killed by fireworks and there was a "scattered" outbreak of violence during the New Year celebrations. A historic church in Amsterdam also caught fire. In the Netherlands, people set off fireworks to celebrate New Year's Eve. This causes thousands of injuries every year and damages of millions of Euros. Police said that this year 250 people were arrested on New Year's Eve, and riot police in various towns were deployed. The impact of the heavy fireworks and arson on New Year's Eve was devastating in some areas. "The targeted violence against the?emergency service and?police were intense again," said police in a Thursday statement. Police reported that fireworks accidents had killed a man aged 38 in Aalsmeer (near Amsterdam) and a boy in Nijmegen in the east. A fire in Amsterdam's Vondelpark destroyed the neogothic Vondelkerk. The fire started shortly after midnight. Amsterdam's police and fire departments said that they were investigating the cause of the fire in the 1872-built?church and have not yet made any comments. The ban on fireworks sales to consumers nationwide will be in effect by 2025. Years ago, emergency room doctors, local and national politicians, and police and firefighters have been campaigning for the ban. (Reporting by Stephanie van den Berg Editing by Frances Kerry)
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Petroperu, the state-owned company in Peru, is now open to private investors after a reorganization
Late Wednesday, Peru issued an urgent decree approving the restructuring of?state owned oil firm Petroperu and allowing private investments in key company assets. According to the decree signed by?Peruvian President Jose Jeri, the company may be divided into one or several asset blocks. This includes the Talara refinery which the company has spent $6.5 billion upgrading. Petroperu also operates or has concessions on six crude oil blocks that have limited production. It has a fuel marketing and distribution chain. The Peruvian ministry of energy and mines stated that the decree is intended to "?ensure compliance with financial obligations through the technical management of their assets, laying a foundation for Petroperu's self-sustainability." The ministry stated that the company's "situation is particularly sensitive" with losses accumulating to $479 million between January and 2025 and debts to vendors of $764 millions through December. This is in addition to the $774 million reported losses last year. The company's financial problems are partly due to the debt from the Talara refinery upgrade, which cost more than double the original estimate. This led to the company losing its investment grade rating in 2022. Petroperu has received government financing totaling $5.3 billion from 2022 to 2024. (Reporter Marco Aquino, Editing by Alexander Villegas & Nick Zieminski).
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Ukraine condemns Russian New Year drone attack on power Infrastructure
Volodymyr Zelenskiy, the President of Ukraine, said that a Russian drone had damaged power infrastructure overnight in several Ukrainian regions. Meanwhile, Moscow accused Ukraine of a "deadly" new year's attack on a part of Ukraine under Russian control. "Russia deliberately starts war on the New Year. Zelenskiy posted on Telegram that "over 200 drones attacked Ukraine during the night." Zelenskiy stated that energy infrastructure in seven different regions of Ukraine was targeted. Russia has accused Ukraine of killing 24 people in a drone attack on a cafe and hotel where civilians were celebrating the New Year. The strike took place in an area of southern Kherson controlled by Russia. The Ukrainian military did not respond immediately to a question about Moscow's accusations. Zelenskiy stated that Russia's "holiday season" attacks demonstrated Ukraine could not afford delays in its air defence supply. "(Our) Allies have names of equipment that we lack. "We expect everything that was agreed upon with the United States for our defense at the end December will arrive on schedule," he stated, without elaborating. Zelenskiy has met with President Donald Trump in Florida on Sunday to negotiate a peace framework that will end the nearly four-year war. Donald Trump met with Zelenskiy in Florida, on Sunday, to discuss a framework for peace to end the almost four-year conflict. Both leaders have said that they are close in reaching an agreement. However, there remain thorny questions regarding the post-war control of territories. Ukrainian energy minister said that a "significant" number of households in Volyn, Odesa, and Chernihiv regions, located in western and southwest Ukraine respectively, were cut off from electricity by the overnight strikes. Volant's governor said that more than 103,000 households had lost electricity as a direct result of the attack. The Volyn region lies several hundred kilometers from the frontline and borders NATO-member Poland. (Reporting and editing by Gareth Jones, Ros Russell and Max Hunder)
Grains for gold: Indian export curbs drive boom in barter smuggling
Guards on either side of a border checkpoint in between India and Bangladesh search automobiles and frisk travelers in a hunt for illicit consignments of gold and drugs, in addition to food staples such as sugar, grain and even onions.
We caught smugglers in August who were transferring sugar hidden beneath a layer of sand in their vehicle, stated an officer of India's Border Security Force (BSF) in the northeastern city of Shillong, who looked for anonymity.
In spite of such efforts, unlawful barter trade of gold for food products has actually risen since mid-2022, as India's export curbs fuelled a vast variation with rates in Bangladesh, triggering combined government earnings losses of billions of dollars.
The smuggling distorts India's bullion trade with discounts from main costs, hides unaccounted wealth, and weakens New Delhi's efforts to suppress food inflation by limiting exports.
At the exact same time it undermines Bangladesh's import reduction measures aimed at enhancing regional farmers' production.
The practice of smuggling gold to purchase grain has continued even after India, the world's second-largest gold customer, slashed 9 percentage points from its import responsibility in July, taking it to the lowest in more than a years.
It is driven by considerably greater food rates in Bangladesh, which traditionally relies greatly on Indian supply.
However instead of merely making use of the price distinction between Indian and abroad gold, grey market operators utilize gold to barter for products such as sugar, wheat, and onions smuggled into Bangladesh.
The items are concealed, stated a BSF officer, citing the example of a smuggler in India's West Bengal state, apprehended in October with 4.7 kg (10.3 lb) of gold worth 35.1 million rupees ($ 414,000) stashed in his motorbike's air filter.
He had been used simply 10,000 rupees to ferry 18 gold biscuits into India to pay for food products already smuggled into Bangladesh, said the officer, who spoke on condition of privacy.
On India's border with Bangladesh, the BSF follows a. non-lethal policy that reduces deterrence, unlike the western. border with Pakistan, where officers carry guns to block. unlawful entry, the officer included.
REWARDING ARBITRAGE
Generally the most significant supplier of grains to Bangladesh,. India enforced curbs on exports of staples such as wheat, sugar,. rice, onions and pulses to check food inflation from 2022.
But gold costs have actually rallied more than 50% because the middle. of that year, encouraging broader activity by grey market. operators to exploit the arbitrage opportunity as food rates in. Bangladesh spiked as much as 150% over those in India.
The gold-for-grain trade grew as India gradually. tightened up curbs on food exports over the past 2 years, said a. grains dealer in the eastern city of Kolkata, who spoke on. condition of privacy.
More than 2 million metric lots of staples have actually been. smuggled into Bangladesh each year in exchange for gold, up from. less than 300,000 loads before India's curbs, authorities estimate.
The federal government limits farm exports to rapidly lower local. prices. But smuggling deteriorates that method, and farmers wind up. bearing the force of the constraints, said Balwant Holkar, a. trader in Lasalgaon in the western Indian state of Maharashtra.
Meanwhile, India's prohibited imports of about 156 metric heaps. of gold in 2015, worth about $9 billion, were up from 100 lots. in 2022, the World Gold Council (WGC) says.
Almost a 3rd originated from Bangladesh, say industry and. federal government sources, with the bulk utilized to settle payments for. smuggled grain, the BSF and India's Directorate of Income. Intelligence (DRI) authorities informed Reuters.
New Delhi lost an approximated $1.6 billion in overdue taxes. last year to gold smuggling, industry authorities estimate from. WGC information.
IMPORT DEPENDENCE
India banned exports of wheat in mid-2022 and curbed those. of white rice and sugar in 2023, while imposing high taxes on. deliveries of onions and parboiled rice.
But Bangladesh kept import taxes high, making it even more. attractive to smuggle grain throughout a permeable border stretching. more than 4,000 km (2,500 miles), stated a Dhaka-based grains. trader, who looked for anonymity as the matter is delicate.
In 2012, when India increased gold import duties, smugglers. made a margin of 54,000 rupees a kg, which increased to a. peak of 1.3 million rupees in mid-2024, industry quotes show.
Despite the July tax cut, margins remain profitable, at. 700,000 rupees per kg.
Even after representing operational expenses, grey market. operators still realise considerable earnings, stated James Jose,. secretary of the Association of Gold Refineries and Mints. This. is why smuggling continues, even after the task decrease.
Gold refining in India yields very thin margins, however grey. market operators offer large discounts because they avert taxes,. stated Harshad Ajmera of wholesaler JJ Gold House in Kolkata.
You can't take on them, Ajmera said. You simply lose. market share.
India's sugar export restriction drove a rise in international rates,. roughly doubling the rate of the sweetener in Dhaka over its. cost in eastern India, tempting grey market gamers.
To pay for items from India, Bangladeshi buyers utilize cartels. to provide the gold throughout the border, where Indian suppliers. exchange it for money in Kolkata to begin a brand-new trade cycle.
After India banned exports, Bangladesh's main imports of. raw sugar dropped 25% in the fiscal year ending in June, to. 1.386 million metric tons.
That gap was bridged with about 450,000 tons of smuggled. sugar, mainly spent for with gold, said some individuals in. official trade.
For the last few years, there's been no scarcity of. work, stated an Indian courier living near the border, adding. that he got paid right away on providing gold from Bangladesh. at a day's notice. ($ 1= 84.6825 Indian rupees)
(source: Reuters)