Latest News
-
Gold prices soar, but Indians prefer coins to jewellery for the festive season
Industry officials said that Indian buyers chose coins and bars instead of jewellery at the Dhanteras Festival on Saturday because they were hoping the gold price rally would continue. Dhanteras marks the beginning of Diwali, a five-day festival of lights. It is considered auspicious to buy gold. In fact, it is the second busiest day for gold purchases in the world. The volume of gold sold during Dhanteras was 10-15% less than last year. However, the total value increased sharply because prices were higher, according to Rajesh Rokde, chairman, All India Gem and Jewellery Domestic Council. Surendra Mehta is the secretary of the India Bullion and Jewellers Association. He said that gold jewellery demand was hit by record-high prices. Prices dropped nearly 30% compared to last year. However, coins and bars flew off the shelves. India's gold jewellery is more expensive than gold coins because buyers pay manufacturing fees of 10-20%. Gold prices in India closed at 127.008 rupees for 10 grams last Friday, after reaching a record high price of 132.294. This represents a rise of over 60% from Dhanteras last year. India's NSE Nifty50 share index rose about 5% over the period. Sachin Jain is the CEO of World Gold Council India operations. This week, Indian dealers quoted a premium. The price of gold can be up to 25 dollars per ounce more than the official domestic prices. This includes 6% import duties and 3% sales taxes. It is the highest it has been in over a decade. Saurabh Gadgil of PNG Jewellers said that the price rise for silver bars, coins and jewellery has been a major factor in driving demand this year. Dealers said investors believe silver will outperform gold. In recent months, the higher returns of precious metals has attracted strong inflows to physically backed exchange-traded gold and silver funds. Rokde, of GJC, said: "With Dhanteras continuing tomorrow afternoon and jewellery stores staying open until midnight, we expect the buying momentum to continue." (Reporting and editing by Jan Harvey; Rajendra Jadhav)
-
New Zealand's Finmin aims to strengthen regional ties as US-China trade war continues
Nicola Willis, New Zealand's Finance Minister, said that regional and bilateral trade relationships would continue to grow in the face of the U.S.-China Trade War. Small countries such as hers will have to adjust to a different reality and maintain their priorities. Willis stated in an interview with The New Zealand Herald on Thursday that New Zealand is acutely aware of geopolitical risks and economic challenges. However, her discussions this week at the World Bank and International Monetary Fund annual meetings showed the strength of international institutions as well as trade agreements among other countries. She said that New Zealand and the European Union have expressed an interest in establishing a partnership under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. This is a free-trade agreement between 11 countries, including Canada and Japan. She said that a separate trade agreement with the United Arab Emirates is also promising. She said: "All those trade relations are very strong. The message we receive from our partners is they want to continue building on them and expanding them rather than going the other direction." "We are cautious and worried about any backsliding in agreements. But we don't see signs that this is happening." IMF and global officials highlighted this week uncertainty and risks associated with a new escalation of the U.S. China trade war. However, they also pointed out that global trade has remained resilient, noting only three countries, the U.S. China, and Canada, had increased tariff rates in the past few months. 72% still adhere to the existing rules. Willis stated that New Zealand was also committed to meeting its emissions reductions commitments under Paris Climate Accord and didn't expect the withdrawal of the U.S. by President Donald Trump from the agreement to derail the country's efforts. Willis stated that "we need to adapt and prepare for the threat and risk of more extreme climate events, not only for ourselves but also for our Pacific Island family who are especially vulnerable to significant climatic event," Willis added. She said that consumers in the U.S. and around the globe would continue to have an interest in the emission profile of countries such as New Zealand. This creates a commercial imperative for climate action. Willis stated that existing trade agreements such as New Zealand’s deal with the EU required continued adherence of climate commitments. There are many bilateral agreements around the world in which countries have agreed to continue their climate action. "I'm seeing many nations continue to honor their commitments." Willis added that New Zealand remained a member of the Five Eyes Group, alongside Britain, Canada, U.S.A., and Australia. It was also increasing its defense expenditure along with other countries amid growing geo-strategic tensions and fragility. (Reporting and Editing by Marguerita Chy)
-
As local ceasefire zones are set, repairs begin on the Zaporizhzhia Power Plant lines
Officials said that after a four-week power outage at Ukraine's Zaporizhzhia Nuclear Power Plant, repair work had begun on the damaged power lines off-site. IAEA Director-General Rafael Grossi stated that the work started after local ceasefire zones had been established to allow the repairs to progress. The plant produces no electricity at the moment, but it needs to produce power in order to keep fuel cool and prevent a meltdown. "Restoring off-site electricity is critical for nuclear safety and secure. Grossi wrote on the social media platform X that both sides had engaged with the IAEA in a constructive manner to allow a complex plan of repair to move forward. The Ukrainian Energy Ministry and the Russian-appointed Management of the Plant both confirmed that the maintenance work. In the first few weeks of Moscow’s invasion of Ukraine in 2022, Russian troops seized Europe’s largest nuclear power plant with six reactors. Both Kyiv, and Moscow accuse one another of regular attacks that threaten nuclear safety. The power plant, located near Enerhodar on the Dnipro River, is in close proximity to the frontline. The plant has been disconnected from the grid many times during the three-and-a-half years of war. However, the most recent outage was the longest. Svitlana Svitlana Hrynchuk, Ukrainian Energy Minister said connecting the plant to Ukraine's grid and having Ukrainian experts ensure its stability were essential to prevent a nuclear accident. The Russian-appointed plant management said that the Russian Defence Ministry will play a crucial role in ensuring safety during the repair works. Reporting by Rajveer Pardesi, in Bengaluru; Filipp Lebedev, in London; and Olena Hartmash, in Kyiv. Editing by Jan Harvey.
-
Iberdrola Puts 49% East Anglia TWO Offshore Wind Stake Up for Sale
Spanish power utility Iberdrola is seeking to sell 49% of its offshore wind farm East Anglia Two in Britain, which has an estimated total value of 5 billion euros ($5.8 billion), newspaper Cinco Dias reported on Thursday, citing unidentified sources familiar with the plans.The company has hired Bank of America BAC.N and BBVA BBVA.MC as financial advisers for the potential sale, the report said.An Iberdrola spokesperson did not immediately respond to a Reuters request for comment.Iberdrola has been shifting its focus from green assets to power networks in regions with maximum legal certainty, such as the United States and Britain.The company continues to see the U.S. as a key market despite opposition from President Donald Trump's administration to offshore wind. But the bulk of its investments are in power networks - regulated at state level - in Democratic-controlled states like New York, Maine, Massachusetts or Connecticut.In September, Iberdrola announced a 30% increase in investment through 2028 to 58 billion euros - two thirds of which are destined to British and U.S. power networks.($1 = 0.8581 euros)(Reuters - Reporting by David Latona; Editing by Jane Merriman)
-
Moody's downgrades Botswana's credit rating to "Baa1" amid a slump in the diamond industry
Moody's, the global credit rating agency, downgraded Botswana's ratings to 'Baa1' (from 'A3') on Friday. The downgrade was attributed to the government's difficulties in adapting to the structural decline in the diamond sector and the increasing government debt. Moody's stated in a press release that "the economy remains heavily dependent on capital-intensive mining of diamonds; diversification efforts are lagging due to reform delays while climate shocks continue to persist." Botswana, long regarded as an African success story in economics, is now in a slump. This is due to the prolonged decline in the global market for diamonds, its main export. The demand has been hurt by the economic uncertainty in the world and the growing popularity of lab-grown gemstones. According to Moody's, the world's largest diamond producer by value has seen its current account deficit increase and reserves fall to an historic low. Botswana is expected to see its economy decline by 6% more in 2025, as the country remains vulnerable to global demand shocks, technological disruptions from lab-grown substitutes and changes in consumer preference. S&P, a peer agency, cut Botswana’s rating last month to 'BBB.' It expects that weak global diamond prices and demand will continue to keep the Southern African nation's fiscal and external flow positions weak. The agency stated that the global diamond slump is not likely to reverse and maintained the country's view as 'negative.' (Reporting and editing by AnushkaChourasia and SfundoParakozov)
-
Hand and foot remains found in Kenya suggest ancient human relatives
Researchers in northern Kenya have discovered fossils of the hand and foot bones of an extinct human relative that dates back to 1.52million years ago. This species was able to manipulate stone tools, and would have been fully bipedal. The fossils were the first to be unambiguously associated with the species Paranthropus boisei. Researchers found a partial skull that contained a large portion of the hand and three foot bones. They also discovered most of teeth, a forearm fragment, a partial tooth, and a fragment of a skull. The new discovery is a revelation, especially when you consider the fragmentary nature previous fossils. This species is a descendant of Homo Sapiens, who evolved much later. Paranthropus bossei had a robust build with massive teeth and strong jaws. The skull of Paranthropus boisei was designed for chewing tough plant food. It had a crest on top to anchor the large jaw muscles. Flaring cheekbones gave it a dish shape. It was difficult to know the species without hand and foot fossils. This included whether it could have made and used simple tools. The study, published in Nature this week, was led by paleoanthropologist Carrie Mongle, a researcher at Stony Brook University, New York. The fossils have been discovered on the eastern shore of Lake Turkana in a place called Koobi Fora. Before this discovery, researchers were only able to study the dental and cranial remains, but very little else was known about this species' skeleton, said Louise Leakey of the Koobi Fora Research Project, a paleoanthropologist who co-authored the study. Mongle stated that the hand bones showed it was able to form precision grips like modern humans. This suggests this species could have made and used stone tools. Leakey stated that the handshake would have been very firm. We can tell that this species' hand was built to be able to hold firmly and for a long time. It would have been similar to gorillas as it would have used the hands to break down tough plant food, such as tearing, crushing or stripping vegetation. This is consistent with their hard and fibrous dietary habits, seen in its robust dentition. Fossils also revealed the species' locomotion. It was well adapted to walk upright on two feet. Leakey explained that "we can tell from its few foot bones that it is fully bipedal and not flat-footed, like a monkey, and that it would have had a similar lateral arch to ours which would have propelled the animal forward as it walked." Hominins are species that have evolved from humans. Paranthropus boisei is one of the four hominins that shared East Africa's landscape between one and two millions years ago. There have been discoveries of stone and bone tools dating from this period, but it is unclear if Paranthropus could have made and used them. Genus is a term used to describe a grouping of closely related species. Our species belongs to Homo. Homo, Homo Rudolfensis, and Homo Erectus are extinct species that lived in East Africa at the same time as Paranthropus. Some of these species literally crossed paths. In a study published in 2013, Paranthropus erectus and Homo boisei left footprints that crossed each other at Koobi Fora, a once muddy lakeshore. This discovery raised interesting questions about the relationship and competition between the two species for resources. Mongle explained that "Conventional Wisdom" has it that, while Homo was specialized in bigger brains and stone tools that allowed them to adapt well to changing climates, Paranthropus became a grass-focused dietary specialist. Leakey stated that the Paranthropus eventually went extinct.
-
US furloughs workers at Nuclear Weapons Agency due to shutdown
Chris Wright, the Energy Secretary of the United States, said that the Trump administration will start furloughing workers next week at the agency responsible for managing the U.S. arsenal of nuclear weapons due to the shutdown. Wright stated in a posting on X, that furloughs would affect National Nuclear Security Administration employees who are "critical for modernizing our nuclear weapons." The NNSA is a semi-autonomous department of energy that also works in Ukraine to protect dangerous nuclear materials as the war against Russia continues. About 2,000 employees supervise 60,000 contractors who maintain and test weapons in national laboratories across the U.S. Wright told USA Today, that due to the shutdown now in its 17th week, there could be up to tens-of-thousands of contractor layoffs and furloughs for staff. Experts in nuclear weapons control have criticized potential reductions. The Arms Control Association's executive director Daryl Kimball said, "If the Trump Administration really believes the NNSA functions are important - and many are essential for nuclear facilities safety and security - I am sure they will find the funding to keep workers on the jobs, or they may want to reconsider their position regarding the federal government shut down." Wright, speaking to Bloomberg Surveillance Friday, said that the agency would not be furloughing people who work in emergency services. Wright said that the nuclear weapons modernization program, which is replacing older weapons with newer ones, could be affected. He said that the modernization program was just starting to gain momentum. "To have everyone unpaid and not come to work will not be helpful." A non-partisan report from the Congressional Budget Office in April projected that costs for operating and modernizing America’s nuclear forces until 2034 would reach $946 billion. This is 25% more than a previous estimate of 2023. The NNSA and Pentagon share the costs of nuclear weapons.
-
A stampede kills two and injures many at the funeral of Kenyan opposition leader Odinga
Doctors Without Borders reported that two people died and over 160 were injured during a stampede on Friday at the funeral of Kenyan Opposition Leader Raila Odinga. Nairobi's Nyayo National Stadium was packed with people for the funeral of Odinga. Heavy security was also in place. Kenyan broadcaster NTV said that some people in the crowd rushed forward to see Odinga's corpse, causing them to crush mourners. It did not provide any further details. Kenya Red Cross spokeswoman said that "our teams are helping to treat and evacuate the wounded" but added that more details were not available immediately. The police did no answer the phone. Doctors Without Borders released a statement saying that two people died in the melee, and that more than 160 other were injured. The exact cause of all injuries, including fractures and blunt trauma, was not immediately known. Three people died on Thursday, when security forces opened fire at mourners at the Kasarani Stadium during a public viewing. Former political prisoner, who ran for president unsuccessfully five times in Kenyan politics for decades. He died on Wednesday, aged 80, in India where he was receiving medical care. Thousands of mourners danced and waved white handkerchiefs at the Friday service. Banners bearing Odinga’s portrait were also displayed. Some blew vuvuzelas and whistles to honour the man whom they called "Baba" or father in Swahili. William Ruto, Kenya's President, attended the service on Friday which included military honours. Since early Thursday morning, people have been taking to the streets to show their respect and to celebrate Odinga. Mourners stormed the main airport of the country when the plane with his body arrived. Flights were suspended for two hours. Odinga will be buried on Sunday at his homestead, in western Kenya. He was particularly beloved by members of the Luo tribe. Many of them believe that he lost the presidency through electoral fraud. Odinga, who is primarily known as an opponent, became Prime Minister in 2008; he also formed a political alliance with the former President Uhuru Nairobitta in 2018 and Ruto in 2018. This has been a career marked by shifting alliances. (Reporting and editing by Toby Chopra, Cynthia Osterman, Vincent Mumo and George Obulutsa)
Trump team listens to pitches on Myanmar's rare Earths
Four people who were directly involved in the discussions confirmed that the Trump administration had heard competing proposals to change the longstanding U.S. foreign policy towards Myanmar. The goal was to divert its huge supplies of rare earth mineral reserves away from China, the strategic rival. Experts say that there are many logistical challenges and nothing has been decided. If the proposals are implemented, Washington will need to make a deal with ethnic rebels who control most of Myanmar's heavy rare earth deposits.
One proposal calls for talks with Myanmar's ruling junta in order to reach a peace agreement with the Kachin Independence Army (KIA) rebels. Another proposes that the U.S. work directly with KIA, without engaging with the junta. Washington avoided direct talks after the military overthrew the democratically-elected government of Myanmar in 2021.
Sources said that a U.S. lobbyist for business, a former advisor to Aung San Suu Kyi and a few outside experts had proposed the ideas to the administration officials in indirect discussions with the KIA.
Conversations that have never been reported before
Rare earths is a grouping of 17 metals which are used to produce magnets, which turn energy into motion. The so-called heavy rare Earths are used in the construction of fighter jets, as well as other high-performance weapons. The U.S. is dependent on imports of heavy rare Earths, as it produces very little. The Trump administration is focused on securing the supply of these minerals in order to compete with China. According to the International Energy Agency, China is responsible for almost 90% of global processing capability. The United States would make a radical change if they engaged the junta, especially given the sanctions Washington has placed on military leaders as well as the violence perpetrated against the Rohingya minority that Washington describes in its report of genocide and crimes committed against humanity. The Trump administration lifted sanctions on several junta ally last week. However, U.S. officials stated that this did not reflect a change in U.S. policies toward Myanmar. People familiar with the matter say that the ideas presented to the U.S. government include the following: easing President Donald Trump's threat of 40% tariffs against Myanmar; reversing sanctions against the junta, as well as its allies; working with India to process heavy rare earths exports from Myanmar and appointing an envoy for these tasks.
A person in Vance’s office confirmed that some of these suggestions were discussed at a meeting held on July 17 in Vice President JD Vance’s offices. Adam Castillo was present, who is the former director of the American Chamber of Commerce of Myanmar and runs a security company in the country. Vance's advisers on Asian trade and affairs were present. Vance was not present, according to the source.
Castillo said he suggested that U.S. officials play a role as peace broker in Myanmar. He also urged Washington, to take a leaf out of China's book by first brokering a bi-lateral self-governance agreement between the Myanmar military KIA.
The ruling junta of Myanmar and the KIA have not responded to a comment request.
Vance's Office declined to comment on Castillo’s visit to White House. However, a person familiar with the matter said that the Trump Administration has been reviewing its policy on Myanmar (also known as Burma) since Trump's inauguration in January and had considered direct discussions with junta regarding trade and tariffs.
The White House refused to comment.
REVIEWING MYANMAR POLITICS
People familiar with the discussions described them as exploratory, in their early stages, and added that the talks could result in Trump not changing his strategy, given his reluctance to intervene in foreign conflicts or in Myanmar's complicated crisis.
When asked about the meeting on July 17, a senior official in the administration said, "The officials met as a favor to the American business community to support President Trump’s efforts to reduce the U.S. trade deficit of $579 million with Burma."
Castillo, who described Myanmar's rare-earth deposits as China's 'golden goose', said he told U.S. official that key ethnic armed group - especially the KIA – were tired of being exploited and wanted to collaborate with the United States.
Heavy rare earths are produced in large quantities by mines in Myanmar's Kachin Region and exported to China.
He said he repeatedly urged Washington officials to pursue a deal that included cooperation with U.S. Partners in the Quad Grouping - India - to process resources and eventually supply heavy rare earths to the United States. The United States, India, Australia and Japan are all part of the so-called Quad Grouping.
The Indian Ministry of Mines has not responded to an email seeking comment.
Unknown to the public, an Indian government official said that he did not know if Trump's administration had informed India of any such plan. However, he stressed that it would take several more years for such a move to become a reality, as infrastructure would need to be constructed to process rare earths.
One pitch was in line with former president Joe Biden's Myanmar policy.
Sean Turnell is an Australian economist who was a former advisor to Suu Kyi's government, which the junta overthrew in 2021. He said that his proposal for rare earths was meant to encourage the Trump Administration to continue to support Myanmar's democratic movements.
Turnell met with officials of the State Department, White House National Security Council, and Congress during a trip to Washington in the early part of this year. He urged them to continue their support for the opposition.
He said that KIA, for example, could provide rare earths to the U.S.
In recent months there have been several discussions on rare earths between U.S. government officials and the Kachin Rebel Group through intermediaries, according to a source with knowledge of these talks. These discussions were not previously reported.
OBSTACLES
Since the coup, Myanmar is wracked by civil war. The junta, along with its allies, has been pushed from much of the borderlands of the country, including the rare-earths mining belt, which the KIA currently controls.
According to a source in the rare earths sector, U.S. officials contacted the Kachin rare Earths mining industry around three months after the Kachin tookover of the Chipwe Pangwa mining belt.
A person said that a new major supply chain for rare earths, which would involve moving minerals from remote, mountainous Kachin State to India and beyond, might not be feasible.
Bertil Lintner is a Swedish author and expert in Kachin State. He said that the idea of China stealing rare earths out of Myanmar was "totally insane" due to the mountainous terrain.
Lintner stated that there was only one way to get the rare earths out of these mines on the Chinese border to India. "And the Chinese will certainly stop it."
The junta, for its part appears eager to engage Washington after years in isolation. Trump, as part of his trade offensive against the world, threatened to impose new tariffs on Myanmar exports bound for the United States this month. He did so personally in a letter signed by Min Aung Hlaing, chief of the junta.
Min Aung Hlaing, in response, praised Trump's "strong leadership", while also asking for lower rates and a lifting of sanctions. He stated that he would be willing to send a negotiation team to Washington if necessary. Senior Trump administration officials claimed that the decision to lift certain sanctions had nothing to do with the general's email.
(source: Reuters)