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Caribbean Island residents ask the court to order Dutch State to take climate action
Residents from the Dutch Caribbean told a court Tuesday that the climate change has made the island of Bonaire unbearably dry and hot. They asked the judges to order Dutch state to reduce greenhouse gases faster. Onnie Emerenciana (a farmer in his sixties) told the court the heat was bad for the elderly, the droughts were bad for the crops, and rising sea level could wipe out the historically important slave huts that once dotted the beaches of the island. Emerenciana, a district court judge in The Hague, said: "We are suffering under the effects" of greenhouse gas emission to which we barely contributed. Bonaire, in the southern Caribbean, is an ex-Dutch colony that became a Dutch special municipality in 2010. Around 20,000 of its residents are Dutch. Eight plaintiffs in this case are demanding that the Netherlands reduce its greenhouse gas emissions to zero, 10 years earlier than its current plans. They also claim the Dutch government is not doing enough to protect the island from rising sea levels. The case only has eight plaintiffs, as it is expensive and time-consuming to travel to the Netherlands to hear the case. However, any decision will be applicable to the entire island. Greenpeace, an environmentalist group, has backed the case by stating that parts of Bonaire are likely to be permanently submerged in 2050. Michael Bacon, a plaintiffs' attorney, said that the problem was that "the state doesn't do what it says and keeps stalling climat policies", even though it is predicted it won't meet its goals. Later on Tuesday, lawyers for the Dutch government will speak. They have submitted written arguments in which they insist that judges can't set government policy. The Dutch have said that the problem of greenhouse gas emissions is a global one and the Dutch contribution to it is only a small fraction. (Reporting by Stephanie van den Berg; Editing by Alison Williams)
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Draft shows that EU will push for climate-focused development banks despite US opposition
A draft EU document revealed that the European Union would increase its support for reforming international development banks in order to combat climate change. This stance puts Brussels at odds against the U.S. before World Bank and IMF meeting this month. The International Monetary Fund (IMF) and World Bank Group prepare for their annual meeting in Washington, against the backdrop of Trump's climate change scepticism and aid cuts. In April, U.S. Treasury Sec. Scott Bessent stated that the institutions need to refocus their efforts on their core mandates. They were spending too much time and money on topics such as climate change. The draft conclusions of a meeting of EU Finance Ministers, held on Friday, revealed that the EU would reiterate its support for the work of development banks to combat climate change, and will push for reforms in order to unlock more funding. The draft stated that the EU "calls upon all shareholders to support necessary strengthening of MDBs (multilateral Development Banks) in order to deliver at scale, and to align themselves with the Paris Agreement goals for accelerating global climate action." The United States has the largest shareholding in both the World Bank and IMF. EU members, including Germany and France, have smaller voting rights in the institutions. The EU document could change before it is adopted by ministers. It stated that the bloc supported reforms for de-risking projects, offering local currency financing, and making credit risk data more visible, in order to unlock greater private investment. The report said that multilateral development bank should stop financing fossil fuels and "report comprehensively on their efforts and progress". In the past few years, World Bank and MDBs began reform processes that could lead them to increase funding or accept more climate-related risks. Barbados and other countries vulnerable to extreme weather have been leading the call for reforms in order to tackle developing nation's challenges such as high debt levels, slow growth, and climate change. The World Bank's annual meeting is scheduled for 13-18 October. Despite the fact that the United States under Trump has withdrawn from the global effort to combat climate change, campaigners have called on the World Bank not to abandon this path. The European Investment Bank has made climate change a priority. It aims to double its investment in climate change adaptation to 30 billion euro by 2030. (Reporting and editing by Peter Graff, Simon Jessop)
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Stocks and bonds gain some poise as 'political sound' dampens the underlying optimism
The global stock and bond markets gained some stability Tuesday as the political turmoil in France, Japan, and the U.S. reverberated through the market. However, this did not overshadow investor optimism about a possible boost due to lower U.S. rates. The euro dropped for a second consecutive day in Europe. Stocks also fell, but volatility was contained as investors awaited the developments in France. There, the shocking resignation of Sebastien lecornu, France's Prime Minister, on Monday plunged the second-largest economy in Europe deeper into crisis. The U.S. Government shutdown The impasse continued, but there was little sign that it would be broken. In Japan, investors bought up a lot of shares in a sale. government debt In a gesture of easing nerves after Sanae Takaichi was elected as the leader of the ruling coalition. She is a supporter of low interest rates and large spending. This led to a drop in the value of domestic bonds and currency, and sent stocks to new highs. STOCKS NEAR REPORT HIGHS The world stock market is still hovering near records, boosted by the optimism that the U.S. Federal Reserve will cut rates and by the euphoria over AI following the multi-billion dollar AI deal. chip-supply Deal between AMD and OpenAI Chris Scicluna, economist at Daiwa Capital, said: "The Fed rate cut narrative will likely continue throughout the rest of this year and next year." He added that "coupled with the AI story, and the boost in demand that will be associated with it... this should sustain the demand for risk assets." "You may have political noise interrupting it, but at this time, it is not a show-stopper." The dollar gained 0.3% versus a basket currency, led by gains against the euro and yen. Both currencies struggled to two-month lows, on the weaker side 150 per dollar. This prompted a warning Finance Minister Katsunobu Kato on excess volatility The yen is likely to continue under pressure for a while. "The political shift under Sanae Takaichi reinforced expectations that fiscal stimuli will take priority over monetary tightening. This reduces the odds of an imminent BOJ rate increase," said Tareck Horchani, Maybank Securities' head of prime brokerage. "Fiscal growth financed by increased bond issuance also steepens the yield curve, and weighs further on the sentiment towards the currency." The STOXX 600 fell by 0.2% on the European market. It had reached record highs the previous week. Paris' CAC-40 fell 0.3% after its biggest one-day drop since late August. Lecornu has been given the chance by President Emmanuel Macron to have last-ditch discussions with various parties to find a solution to the crisis on Tuesday. The yield on French bonds increased by 2.4 basis points, to 3.59%. This is the same as Monday's peak. Meanwhile, the euro was under pressure and fell 0.3% to $1.168. The World Bank's China Growth Forecast for 2025 The U.S. Stock Futures fell just 0.1%, suggesting a lower opening for the benchmark indices that hit record highs on Monday. World Bank The company also raised its estimates for the growth of China in 2025, as well as those of other parts of the world, but warned that momentum would slow down next year. Brent crude futures rose 0.17% on Tuesday to $65.58 per barrel. Gold reached a new record high of $3977.19 per ounce. Bitcoin hovered below the $126,223 mark.
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Indonesia reduces the validity of mining quotas by one year
Indonesia announced on Tuesday that it has shortened the validity period of the mining production quotas from three years to one year as of October 3. The government is seeking to control output levels in order to support prices for commodities such as coal and nickel. Mining Minister Bahlil lahadalia had announced the move in July. The ministry stated that quotas issued in 2026 and 2027 will still be valid, but miners must reapply to receive quotas. It added that RKAB proposals - documents used by companies to request the amount of gold they can mine in a given period - should be submitted every year between October 1st and November 15th. The coal miners association APBI expressed its hope that the short time remaining for RKAB approval and submission for 2026 will not affect miners operations. Gita Mahyarani, executive director of APBI, said: "This is closely linked to the certainty in business sustainability from investment to contract fulfilment." According to the new rules miners must also provide proof of their ability to pay for the rehabilitating the land after mining. State media Antara reported that the ministry suspended 190 mining licenses last month after companies failed their obligations to repair mine-damaged land and comply with production quotas. (Reporting and editing by John Mair, Edwina Gibbs and Bernadette Cristina Munthe)
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The dollar is under pressure as copper prices rise due to supply problems
The copper price rose on Tuesday due to concerns about supply from the top producers Chile and Indonesia. However, a stronger U.S. Dollar kept gains in check. The London Metal Exchange reported that the price of three-month copper rose by 0.3%, to $10.679.50 per ton at 0717 GMT. The metal reached its highest level since May 2024 on Monday before easing. Freeport Miner said that five workers who had been missing following a mudflow disaster at the Grasberg Copper and Gold Mine in Indonesia, last month, have now been found dead. Fawad Rasaqzada is a market analyst for City Index and FOREX.com. He said that the tragic incident, coupled with tightness in other major copper producing sites, had pushed prices down. The traders are confident that the near-term supply constraint could offset this. Grasberg, the second largest copper mine in the world, accounts for 3% global concentrate production. Supply concerns will likely persist in this year, given the operational suspensions at Grasberg and disruptions at Kamoa Kakula mine in the Democratic Republic of Congo, as well as El Teniente in Chile. Analysts have estimated that disruptions in the copper industry could lead to a loss of 591,00 tons of output between September 2025 through 2026. This has led Goldman Sachs Citi and Bank of America, among others, to increase their price predictions. Indonesia's Mining Ministry issued a new regulation on Tuesday that reduces the validity period of mining production quotas from three to one year. The move is intended to give the government greater control over the output levels, and to support commodity prices. After an accident on July 31, the copper production in Chile fell by 9.9% compared to last year. The dollar index continued to gain against its competitors, despite the gains being capped. A stronger dollar makes greenback-denominated assets more expensive for holders of other currencies. Other London metals include aluminium, which fell by 0.4% to $2.714 per ton. Nickel was down 0.2% at $15,450. Lead remained flat at $2.004.5. Tin lost 0.3%, to $36,615. Zinc dropped 0.2%, to $3,001.50. Golden Week, which runs from 1-8 October, is a time when Chinese markets will be closed. Click here to see the latest news in metals, and other topics. (Reporting and editing by Sumana Naandy and Subhranshu Shu in Bengaluru).
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Schools in boats are keeping learning afloat on the floodplains of Bangladesh
Solar-powered "floating school" in flood-prone areas of Bangladesh ensures children don't miss class when rising water cuts off roads and villages. Safikul, a 10-year-old boy, is one of the victims. He waits each morning on the edge his flooded village of Bhangura in western Bangladesh for the solar powered classroom that sails straight to his door. His home is located in Chalan Beel, an expansive 26 square kilometres (10 sq miles) of wetland. Seasonal floods can often submerge villages and cut off roads. Education floats for Islam, and hundreds of children. The initiative was launched by architect Mohammed Rezwan in 2002 using $500 from his scholarship fund. It has now grown to a national model operated by the non profit Shidhulai Swanirvar Sangstha. More than 100 boats now serve as libraries, schools, and clinics. This project has educated more than 22,000 students, and it won a UNESCO Confucius Prize for Literacy for its work this year. Around two dozen boats are used as classrooms in Chalan Beel. They visit riverside villages on six days of the week. The school boats, made from local wood, are equipped with blackboards, bookshelves, and benches. Solar panels provide electricity for computers and lights. Madhusudan Karmaker is a senior manager with SSS. "Right away, we have 2240 pupils enrolled into 26 boat schools," he said. "More than 22,500 students graduated to date, and these boats doubled as shelters during severe flooding." Many other NGOs are using similar models to work on the wetland areas of the country. Three shifts of three hours are held each day. Teachers use narrow waterways for collecting students and teaching Bengali, mathematics, or general knowledge. Sufia, a parent waiting by the riverbank to see her son Islam return, said: "We never got the chance to learn." "But this boat allows my children to dream of a brighter future." Sakhina Khatun, a teacher with SSS who has worked for more than a decade, says that similar floating school projects have inspired projects in other countries such as Nigeria, Cambodia and the Philippines. She said, "These schools don't close, not even in floods." "That is what makes them so special." Rezwan, the founder of the organization and a World Fellow from Yale University, stated: "I've not had much in my life, nor do these children." Giving them access to education and healthcare, as well as seeing this replicated across the globe - that's what motivates me. (Reporting from Sam Jahan in Bhangura, and Ruma in Dhaka. Editing by Neil Fullick.)
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Sumitomo Metal predicts that the global nickel market will remain in surplus by 2026
Sumitomo Metal Mining, Japan's largest nickel smelter, said Tuesday that the global nickel market will remain in surplus for a third straight year next year because of Indonesia's continuing production growth. SMM's half-year outlook for the market projected a surplus of 256,000 metric tonnes in 2026. This is slightly less than 263,000 tons this past year. The production of low grade nickel pig iron in Indonesia is expected to increase 4.1%, to 1.76 millions tons. The nickel pig iron produced in Indonesia is expected to increase by 10.3% between 2025 and 2025. SMM predicts that global nickel demand will grow by 2.4% annually to 3.52 millions tons in 2026. This is due to the steady consumption of stainless steel, and supply is expected to rise by 2.0% to 3,78 million tonnes. Shirou Imai told reporters that the forecast does not assume a significant impact of U.S. Tariffs on Demand, as this has only been a limited effect in 2018. Imai stated that the growth of demand for batteries is expected to remain modest. Nickel is used primarily in stainless steel but also in the lithium-ion battery that powers electric vehicles (EVs). However, demand growth has slowed as lithium-iron-phosphate (LFP) batteries, which are cheaper and contain no nickel or cobalt, gain market share, accounting for two-thirds of EV sales in China in 2023, according to the International Energy Agency. SMM, a supplier of cathode material for Panasonic lithium-ion battery used in Tesla electric vehicles, anticipates that the global demand for nickel for batteries will rise to 470,000 tonnes next year. This is only a 10,000 ton increase from 2025. Imai stated that "China is restricting the export of LFP technology, which will increase demand for conventional EV batteries with nickel." Yuka Obayashi reported.
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Indonesia concludes search for victims after boarding school collapse. 61 dead
Indonesian rescuers finished their search for victims under the rubble in East Java province on Tuesday after recovering more than 60 corpses, according to disaster authorities. Last week, the small town Sidoarjo was engulfed in grief and confusion after the Al Khoziny School collapsed on hundreds of people - mostly teenagers - while they were praying. Most escaped. In a statement the disaster mitigation agency announced that all 61 bodies in the building had been located, along with seven body parts police are trying identify. The search was halted for the worst disaster of the year, which it called. Mohammad Syafii is the chief of the Search and Rescue Agency. After authorities removed the debris, he said, "Operations due the collapsed structure at the Al Khoziny School... are now officially closed." Budi Irawan is the deputy chief of the agency. The rescuers used cranes and excavators to lift huge chunks of concrete. As they dug through the tunnels, rescuers shouted names of those presumed still alive. Al Khoziny, also known as a pesantren in Arabic, is one of over 42,000 schools of this type across the country. Only 50 have building permits, according to the Public Works Ministry. It was impossible to determine if Al Khoziny possessed a permit or contact school authorities. Media reported that Sidoarjo Chief Subandi said last week the school allegedly did not have a permit. (Reporting and editing by Clarence Fernandez; Stanley Widianto)
Gold reaches record high due to broader uncertainty and rate-cut bets
The gold price reached another record on Tuesday, driven by a strong investment demand in the face of broader geopolitical uncertainty and economic instability. Expectations for further U.S. rate cuts also helped.
Gold spot held steady at $3.956.02 an ounce as of 0745 GMT after reaching a high of $3.977.19 earlier.
U.S. Gold futures for delivery in December were unchanged at $3,972.20. Ole Hansen is the head of commodity strategy for Saxo Bank. He said that strong ETF demand, driven by FOMO and eroding confidence in traditional safe-havens, remains key.
The White House backed off President Donald Trump on Monday from his claim that the shutdown was causing layoffs in the government, but warned that there could be job losses as the shutdown enters its seventh day.
The shutdown has delayed the release of important economic indicators. This forces investors to rely upon secondary data, which is not government-issued, to determine the timing and magnitude of Fed rate reductions.
The markets continue to price a 25 basis point cut for this month's meeting, and a reduction of a similar size in December.
Gold that does not yield is a good investment in low-interest rate environments and economic uncertainty.
The gold price has increased by 51% this year, thanks to strong central bank purchases, increased demand for exchange-traded products backed by gold, and a weaker US dollar. Retail investors are also becoming more interested in the metal, as they seek to protect themselves from rising geopolitical and trade tensions.
"I see gold rising to $4,300/oz in the next six months." Michael Langford is chief investment officer of Scorpion Minerals. He said that the USD will continue to depreciate, and this is good for the gold price.
Goldman Sachs raised its December 2026 gold price forecast to $4.900 per ounce, up from $4.300.
Data from the People's Bank of China revealed that China's central banks added gold to their reserves for the 11th consecutive month in September.
On Tuesday, currency and bond market volatility in Japan and France continued to grip the markets.
Other than that, silver spot was down by 0.9% to $48.11 an ounce. Platinum fell 1%, while palladium remained at $1,317.50. (Reporting from Anmol Choubey, Bengaluru. Editing by Kate Mayberry.)
(source: Reuters)