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Sources: MOL Hungary is interested in Lukoil assets
Three sources with knowledge of the matter have confirmed that MOL, a Hungarian oil company, has informed U.S. officials of its interest in purchasing international assets from sanctioned Russian oil giant Lukoil. This adds to a growing number of potential buyers. In October, the United States imposed sanctions against Russia's largest private oil producer as part of its efforts to press Moscow to end their war in Ukraine. This forced Lukoil into announcing the sale of foreign assets. Sources have confirmed that Lukoil has been in talks with oil majors Exxon Mobil, Chevron, and Middle Eastern investors before the December 13 deadline set by the United States. Washington had rejected Gunvor, a Swiss commodity trader, as a potential buyer. Lukoil, based in Vienna, has an international division that owns refineries and oilfields throughout Europe, as well as shares in Kazakhstan, Uzbekistan Iraq, Mexico, and hundreds of retail fuel station around the globe. One of three sources stated that MOL, the oil and gas company, would like to purchase Lukoil’s refineries and fuel station in Europe and its stakes in producing assets located in Kazakhstan and Azerbaijan. Due to the sensitive nature of the issue, the sources refused to identify themselves by name. The U.S. Treasury Department refused to comment. MOL and White House didn't immediately respond to comments. One source said that Viktor Orban (the Hungarian prime minister) and Donald Trump (the U.S. president), who have been long-time allies, had discussed MOL plans when they met in November. Hungary was granted a waiver of U.S. sanctions for a year to allow it to continue using Russian gas and oil. Budapest is heavily dependent on Russian energy, and Orban has been in power for 15 years and has tried to maintain good relationships with Moscow and Washington. MOL is trying to purchase the Serbian refinery NIS owned by Russia, which has also been sanctioned by the United States. Dmitry Zhdannikov reported from London, Marek Stzelecki from Warsaw; Timothy Gardner, Krisztina than, and Kirstina Donovan contributed additional reporting. Alex Lawler edited the piece.
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Investors look forward to the next Fed meeting as they lower gold on the back of stronger stocks
Gold prices fell on Thursday, as the gains made in Asian and European equities markets weighed down on demand for safe-haven assets. Investors turned their attention towards next week's U.S. Federal Reserve Meeting and to upcoming U.S. economic data that may influence interest rate outlooks. As of 1141 GMT, spot gold was down 0.2% at $4,199.06 an ounce. U.S. Gold Futures for February Delivery were down by 0.1% to $4,229 an ounce. Gold bulls are on the sidelines awaiting tomorrow's PCE figures. "This, along with an increase in risk appetite on equity markets, limits the upside of gold prices," ActivTrades Analyst Ricardo Evangelista stated. Global shares rose on Thursday as investors hoped that the U.S. will cut rates next week to support its largest economy, after a series of data revealed a slowdown in employment. The ADP report on Wednesday showed that private payrolls in the U.S. fell by 32,000, the largest drop in over two and half years. However, the low number of layoffs may have led to an overestimation of the labor market's weakness. Investors now focus on U.S. Weekly Jobless Claims due later today, and Friday's delayed Personal Consumption Expenditures Index (PCE), the last important data points before FOMC's meeting next week. According to CME's FedWatch, the markets expect an 89% probability of a rate reduction next week. Major brokerages are also expecting a rate cut at the December 9-10 gathering. Gold is a non-yielding asset that tends to be favoured by lower interest rates. Silver fell by 1.7%, to $57.5, after reaching a record-high of $58.98. Silver prices have risen by 101% this year, mainly due to the concerns over market liquidity following outflows from U.S. stocks and its inclusion on the U.S. Critical Minerals list. MarketPulse analyst Zain Vawda said, "Market participants are likely to be ahead of the game given the massive capex that is expected in regards to AI and Data Centers, which will both lead to an increase in demand for silver, and increase the supply/demand imbalance heading into 2026." Palladium fell 1.8%, to $1,434, while platinum dropped 1.8%, to $1641.95. (Reporting from Bengaluru by Pablo Sinha. Jane Merriman, Louise Heavens and Jane Merriman edited the article.
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Burberry and the UK's FTSE100 are rising as investors evaluate corporate updates
The UK's FTSE 100 rose on Thursday as investors assessed corporate updates and data that suggested potential weakness. Burberry also gained following an HSBC increase in price target on the luxury goods manufacturer. The blue-chip FTSE 100 rose 0.1% at 11:15 GMT Thursday, and the midcap FTSE 250 gained 0.3%. The S&P Global monthly purchasing managers' Index showed that British construction activity has contracted at the fastest rate since May 2020. The employment index fell to its lowest level since August 2020, as the pace of job losses accelerated. The survey's measure of optimism fell to a three-year low. Cost pressures also increased slightly. Personal goods stocks led the sectoral gains with an increase of 2.8%. Burberry rose 3.5%. Aerospace and defense shares are on track to rise for a third session in a row after the Russia-Ukraine talks broke down. Rolls-Royce, BAE Systems and other aerospace companies were all up over 1%. The precious metal mining sector fell 1.4% in line with the bullion price, with Fresnillo Mining and Endeavour Mining each falling more than 1.4%. Ofgem, the British energy regulator, announced on Thursday that it had approved an investment of 28 billion pounds to upgrade grid capacity in the country. Utilities fell led by SSE's 2.1% drop, but also United Utilities and National Grid, as well as Severn Trent. AJ Bell, a stock that is traded by individuals, fell 6.7% in value after the investment platform warned about increased costs and stated the budget will complicate the landscape of individual savings accounts. Diageo's share price fell by 0.8% after UBS reduced the company's price target from 2,250 to 1,850 pounds. AstraZeneca, the world's largest pharmaceutical company, fell by 0.7% while Barclays, a lender rose by 1.2%. Calastone data shows that British investors sold shares worth 3 billion pounds during November. This is the sixth month in a row where net sales have occurred. (Reporting by Utkarsh Tushar Hathi in Bengaluru; Editing by Vijay Kishore)
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Energy Minister: Britain is looking for new locations to build large nuclear power plants
The energy minister announced on Thursday that Britain will identify sites suitable for a large-scale nuclear power plant across the country, including Scotland. The Labour Party in Britain has stated that nuclear plants are important to help the country achieve its climate goals, decarbonise their electricity sector and create new jobs. Ed Miliband, Energy Secretary at a Thursday industry event, said: "I have commissioned Great British Energy-Nuclear to identify suitable locations across the UK which could potentially host another nuclear large-scale project. This includes Scotland." The Scottish National Party is opposed to any new nuclear projects, and can block them using its devolved powers. "At the end of the day, this is going to be a decision for a Scottish government." Miliband stated that he wanted to maximize the opportunities available for the entire United Kingdom. Currently, eight sites have been approved in Britain for the development of nuclear power. The government chose the Wylfa nuclear site in North Wales last month as the first small power plant. The United States was angered by the decision. They wanted to build a large plant in the UK, led by the United States as part of their increased involvement in the UK energy sector. Miliband stated that any plans for large nuclear projects will be subject to the financial decisions made in future government expenditure reviews. The UK has committed almost 18 billion pound ($24.02billion) towards the construction of the massive Sizewell C nuclear power plant in eastern England. This project is estimated to cost 38 billion pound. Great British Energy-Nuclear, a UK-owned organization focused on coordination and advancement of the nuclear energy industry. Miliband stated that the organization would be reporting back on possible new sites in the autumn of next year.
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Copper's peak declines as the tightness panic fades
The price of copper fell slightly on Thursday, as traders reported that the panic caused by tight supplies this week has begun to subside. As of 1030 GMT, the benchmark three-month copper price on London Metal Exchange had fallen 0.7% to $11,402.50 a metric tonne. It reached $11,529 in the early part of the session. This was just a few cents away from the high of $11,540 that it achieved on Wednesday. LME data showed that on Thursday, 7,775 new warrants were cancelled in South Korea (0#MCUSTXLOC>), following a previous day's cancellation of more than 50 725 tons in Asia. The spread between the LME Cash Copper Contract and the Three-Month Forward contract was reduced due to the cancellations or orders to remove metal from the warehouses On Wednesday, metal prices blew out to around $88 a ton, the highest level since mid-October. This indicates a strong demand for metals. One trader said that the spread between March and now shouldn't be so tight, attributing Wednesdays rally to panic-buying. Sucden Financial stated that the copper market balance for 2025 was still in a small surplus. However, even minor disruptions can now turn this into a deficit. The brokerage believes that the $10,830 mark will be the important floor for copper prices through the end of this year. "Liquidity will continue to deteriorate into the holiday season." This, combined with increased speculative activity across the complex, increases the risk of large or disorderly movements, especially in thin markets, where spreads are tight, Sucden said. Goldman Sachs has raised its forecast of the average LME copper prices for the first half 2026 from $10,415 to $10,710. Other metals include tin, which fell 1.5%, to $40,105 per ton after reaching its highest level since April 2022 in earlier sessions. Aluminium dropped 0.4%, to $2,884.50, and zinc lost 0.6%, to $3,047.50. Nickel increased by 0.3%, to $14,910. Lead rose 0.1%, to $2000.50. (Reporting and editing by Subhranshu Sahu, Harikrin Nair and Harikrin Nair; Additional reporting by Dylan Duan; Lewis Jackson and additional reporting by Dylan Duan)
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Trump hosts Congo and Rwanda leaders in latest peace push
Donald Trump, the U.S. president, will meet with leaders of the Democratic Republic of Congo (DRC) and Rwanda in Washington to sign new agreements aimed at stabilizing war-torn region and attracting Western investment. The Rwandan president Paul Kagame, and the Democratic Republic of Congo president Felix Tshisekedi will be expected to declare their commitment to a economic integration compact that has already been agreed. Last month, As well as an U.S.-brokered peace deal Reached in June, but not yet implemented Analysts claim that U.S. diplomatic efforts have halted the escalation in fighting in eastern Congo, but failed to resolve fundamental issues. M23 rebels, supported by Rwandan troops, took control of the two biggest cities in eastern Congo in an explosive advance earlier this year, raising fears of a wider conflict. Trump is eager to polish his diplomatic credentials. Since January 2017, his administration has intervened across conflicts, from the Middle East and Ukraine to beyond. These efforts have produced mixed results. They include a deal with Gaza, and criticisms that the president should concentrate on increasing discontent in the United States over his handling of cost of living issues. Before the meeting, the name of the president was added to an outside sign of the United States Institute of Peace. This is a nonprofit founded by the government that his administration attempted to take control of earlier in the year. The deal will be signed at the Institute. However, the agreement may not immediately resolve the humanitarian crisis. In dueling speeches on Tuesday, Congo’s army and the M23 rebels both accused each other in separate statements of violating ceasefire agreements which were renewed last week. Patrick Muyaya, a Congolese official who spoke at a Washington news conference on Wednesday, blamed M23's recent violence and said that it was "proof Rwanda doesn’t want peace." M23 will not be attending the Washington meeting. The M23 is not bound to any Congo-Rwanda agreements. Jason Stearns is a professor and regional expert at Canada's Simon Fraser University. He said that the U.S. has succeeded in putting a pin on the conflict, so that it does not escalate. "They've only done a little bit, which is to put a pin into it. The core issues are still not resolved." It doesn't seem like the issues are getting any closer to resolution. Rwanda denies backing M23. Kigali claims that its forces acted in defense of themselves against ethnic Hutu militiamen connected to the Rwandan genocide. In a report published in July, a group of United Nations specialists said that Rwanda exerts command and control over rebels. M23 claims it is fighting to protect the ethnic Tutsi in eastern Congo. The advances of the rebel group mark the latest episode of an ethnic rivalry that has been raging in the eastern borderlands between Congo and Rwanda for over 30 years. Between 1996 and 2003, two devastating wars in Africa's Great Lakes region cost millions of people their lives. The latest round of fighting has resulted in thousands of deaths and hundreds of thousands of displaced people. A MINERAL-RICH REGION The Trump administration discussed the possibility of facilitating Western investments worth billions of dollars in a region that is rich in minerals such as tantalum and tungsten. It also has copper, gold, cobalt and lithium. Washington is scrambling to gain access to vital minerals controlled by China, its main rival. According to the agreement backed by Trump, Congo would have to crackdown on an armed opposition group to M23 - the Democratic Forces for the Liberation of Rwanda(FDLR). Rwanda would have to withdraw its troops from Congo. Since the signing of the agreement in June, there has been little progress made towards either commitment. In an interview on Wednesday, Rwandan Foreign Ministry Olivier Nduhungirehe said: "We hope to see improvements on the ground after the signing."
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New Delhi and Moscow want to increase Indian exports to Russia
India and Russia announced on Thursday they wished to expand their trade, and the items that they deal in. This was just hours before Russian President Vladimir Putin arrived in New Delhi for a state visit. On Thursday, Putin begins a two-day trip to India, his first visit in four years. He hopes to increase sales of Russian oil and missile systems, as well as fighter jets, and to expand business relations between India and Russia beyond energy and defence. India and Russia are aiming to increase their two-way trade from $13 billion to $69 billion by 2030. This is after the trade increased more than five times, from around $13 billion to nearly $69 billion between 2024-25. The growth was almost exclusively driven by India's imports of energy. The bilateral trade fell to $28,25 billion from April to August 2025. This was due to a decrease in crude oil imports as a result of punitive tariffs imposed on Indian products and Washington's sanctions. Maxim Oreshkin, deputy chief of staff at the Kremlin, told a New Delhi business conference that Russia wanted to import more Indian products to balance its bilateral trade which is heavily skewed toward energy. "The Russian business delegation has arrived with a specific objective... We are here to buy Indian goods and services." Oreshkin stated that they wanted to increase the Indian purchases by a significant amount. He said that the strategic decision to develop relations between India and Russia was not a mere momentary event. India's share of Russian imports is less than 2%. Oreshkin cited consumer goods, agricultural and food products, medicines and telecommunications equipment as sectors that could see an increase in imports. He also mentioned IT services and spare parts for machinery. Piyush Goyal, the Indian minister of trade, said that New Delhi aims to diversify its exports into Russia by increasing sales of automobiles and electronics, heavy machinery and industrial components as well as textiles and food products. Goyal said at the conference that "Russian businesses have a lot of untapped potential in terms of the demand for industrial products and consumer goods." We need to diversify our exports. We must balance the trade between Russia and India. He said that we need to have more variety. A large delegation of Russian businessmen and senior Russian ministers are in New Delhi to welcome Putin. Putin will meet Indian Prime Minister Narendra modi at dinner on Thursday, and they'll hold summit discussions on Friday. Reporting by Manoj Kumar, Gleb Bryanski and Shilpa jamkhandikar. Writing by YPrajesh and Shilpa.
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Investors look forward to the next Fed meeting as they lower gold on stronger stocks
Gold prices fell on Thursday, as the gains made in the equity markets of Asia and Europe dampened demand for safe-haven assets. Investors turned their attention towards next week's U.S. Federal Reserve Meeting and to upcoming U.S. economic data that may influence interest rate forecasts. As of 0959 GMT, spot gold was down 0.2% to $4,199.30 an ounce. U.S. futures gold for February delivery fell 0.1% to $4,229.50 an ounce. Gold bulls are on the sidelines awaiting tomorrow's PCE figures. "This, along with an increase in risk appetite on equity markets, limits the upside of gold prices", ActivTrades Analyst Ricardo Evangelista stated. Japanese stocks led gains on Asian markets Thursday, as investors bid heavily for government bonds at an auction. The ADP report on Wednesday showed that private payrolls in the U.S. fell by 32,000, the largest drop in over two and half years. However, the low number of layoffs may have led to an overestimation of the labor market's weakness. Investors now focus on U.S. Weekly Jobless Claims due later today, and Friday's delayed Personal Consumption Expenditures Index (PCE), the last important data points before FOMC's meeting next week. According to CME's FedWatch, the markets expect an 89% probability of a rate reduction next week. Major brokerages are also expecting easing during the December 9-10 meetings. Gold is a non-yielding asset that tends to be favoured by lower interest rates. Silver fell by 1.9%, to $57.34, after reaching a record-high of $58.98 on Thursday. Silver prices have risen by 101% this year, mainly due to the concerns over market liquidity following outflows from U.S. stocks and its inclusion on the U.S. Critical Minerals list. MarketPulse analyst Zain Vawda said, "Market participants are likely to be ahead of the game given the massive capex that is expected in regards to AI and Data Centers, which will both lead to an increase in demand for silver, and increase the supply/demand imbalance heading into 2026." Palladium fell 1.1%, to $1443.75, while platinum dropped 1.6%, to $1645.30. (Reporting from Bengaluru by Pablo Sinha. Jane Merriman edited the article.
Miners in Indonesia are looking to farming as an alternative to the poisoned gold mines of Indonesia
Illegal gold mining in Indonesia is a threat to human life and the environment
Indigenous villagers are encouraged to return traditional farming
Megadiverse Indonesia accounts for 3% of the global gold output
By Leo Galuh
Illegal gold mining has left a scar on the mountainous region. Workers risk their lives by digging deep into caves and hillsides.
Tempted to mine gold from the traces left by a state-run Aneka Tambang Mine (ANTAM), villagers are now engaging in small-scale, illegal mining. This has led to deforestation, and toxic chemicals such as mercury and cyanide have been used, which pollutes water and kills wildlife.
Critics and environmentalists called for more strict measures to end the practice, and to encourage a return of traditional and less destructive lifestyles like farming.
The recent crackdown by the police and other signs of change such as several former miners switching to farming have given rise to hope that this could be a turning point.
Sukmadi Rukmana is a local agricultural officer who helps miners to transition from traditional livelihoods.
He warned that uncontrolled mining could increase the risk for deadly landslides.
Rukmana said, "The green vegetation surrounding the mountains has been stripped away leaving rainwater to flow downhill without a natural buffer."
Supriadi was compelled to abandon mining after such threats.
"I would rather stay in small-scale agriculture like this, than return to mines." "I'm afraid of being buried, particularly during the rainy seasons," he said.
Citorek Kidul is a town of 1,800 people located 130 km (81 mi) south of Jakarta, on the ancestral land of the Kasepuhan Kidul traditional community.
Residents are digging for gold and leaving deep tunnels and pits that can't be repaired. This threatens the culture of protecting sacred forests and rice harvests.
According to U.S. Geological Survey statistics, Indonesia, which is one of the megadiverse nations with large rainforests, accounts for about 3% global gold production, along with South Africa and Peru.
ANTAM mined gold in Citorek kidul in the 1980s. The site was abandoned shortly after operations ceased.
After ANTAM's withdrawal, villagers were pushed by economic hardships and a lack state oversight to revisit the drilling sites using artisanal techniques without formal monitoring or reclamation.
As word spread, illegal mining increased.
According to local media reports, Banten Regional Police detained 10 suspects in February for mining gold without a permit. This can result in five years of imprisonment and a fine as high as 100 billion Indonesian Rupiah (about $6 million).
Local authorities are challenged to encourage less destructive methods of earning money, such as sustainable agriculture.
Jajang Kurniawan is the head of Banten Kidul Regional Indigenous Council. He said that Citorek villagers have relied for centuries on inland fishing for carp, as well as farming with rice and other types of crops.
He said that the region had no mining tradition, as it was only large mining companies such as ANTAM who began mining in the area. The Indigenous Council also never set clear mining rules.
"It has been happening for a while, and the people won't accept an outright ban." Kurniawan stated that if we tried to enforce a ban, we would end up in conflict with our own people.
He said that "customary leaders have recommended against mining but this is only a suggestion."
According to a study published in Media Ekonomi in 2022, mining is associated with the destruction of forests, the erosion of waterways, and the degradation of soil.
Digging Deep
Sumantri, a stone carver from India, chisels in depths up to 150 metres (492 feet) without wearing protective gear. He is searching for gold-bearing rocks.
He said, "It is dangerous down there. It's prone to collapsing." "We brought in timber to brace up the walls."
He earns only 100,000 Indonesian Rupiah per day.
Supriadi said that he led a team of 15 people who used to dig and chisel rocks, carry sacks weighing over 50 kg (110 pounds) and use dynamite in caves up to 100 meters (328 feet) deep.
Miners who work in deep shafts rely on air hoses made of plastic that are connected to generators powered by fuel above ground.
The air is dense and oppressive.
He said that many of his friends had developed lung and tuberculosis problems, probably due to the dust they inhaled while chiseling or the air from the machines.
RETURNING to the Fields
Plantations for palm oil, commercial crops, and other commercial crops are being built in many parts of Indonesia.
Communities could practice small-scale farming that respects forest areas and natural cycles if they are guided by their customary laws.
Rezki Syahrir is the CEO of Indonesian Initiative for Sustainable Mining, an independent nongovernmental organization.
He said that diversification of the economy into other areas such as agriculture, plantations, or inland fishing was needed.
Rice is considered sacred in local culture and therefore cannot be sold or bought.
They still need money for their children to go to school and to pay electricity. You can't pay your electricity bill with a bag of rice can you? Rukmana said.
He said that 10 illegal miners have recently switched to traditional farming and could produce an excess of vegetables for the local economy.
Supriadi says he's been able earn a steady - and safer-income since he quit mining in 2016. He runs a motorcycle shop.
Gold mining is a demanding job. Your body will be pushed to its limit. He said, "It just drains you."
(source: Reuters)