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Ghana's Parliament approves stricter limits on central banks financing
By Emmanuel Bruce ACCRA, Dec. 18 - Ghana’s parliament approved amendments to Bank of Ghana Act on Thursday, imposing stricter limitations on central bank funding of the government in order to safeguard its independence. The Bank?of Ghana Amendment?Bill 2025 bars the central banks from purchasing government securities on the secondary market. It also redefines the emergency provisions which previously allowed officials bypass a 5% loan cap tied to?revenues of the previous year. Emergency situations are limited to those that involve force majeure, such as natural disasters, crises declared by the president or public health emergencies. The reforms come after criticism of the 'heavy central banks support during and after the COVID pandemic, when Ghana lost its access to international capital markets and inflation soared, and the Bank?of Ghana?posted negative equity?after extending overdrafts?and other assistance?to manage fiscal imbalances?. The revised law prohibits direct and indirect loans to government except in exceptional circumstances, such as temporary revenue shortages. These advances will be subject to a?repayment schedule, capped limits, and parliamentary approval. The law also introduces stricter requirements for board membership and enhanced audit oversight in accordance with the International Monetary Fund's programme, which was agreed in 2023, to reduce central bank funding, stabilize inflation, and restore investor trust. Cassiel To Forson, Finance Minister, told the parliament that reforms will "strengthen" the central bank while maintaining its independence. The bill also sets out the framework for joint medium-term inflation target with the government. The amendments, which are subject to presidential approval, include provisions that the state recapitalise its central bank in order to comply with legal requirements. Reporting by Emmanuel Bruce. Colleen Goko is the writer. Mark Potter (editing)
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Britain increases sanctions against Russia's energy sector
As part of its efforts to increase pressure on Moscow over the conflict in Ukraine, Britain imposed sanctions Thursday on additional Russian oil companies and Canadian-Pakistani Murtaza Lakhaani. The government has targeted 24 individuals, entities and companies, including what they describe as Russia's biggest remaining un-sanctioned oil firms: Tatneft, Russneft, NNK-Oil, and Rusneftegaz. The latest measures aim to make it more difficult for Russia to sell its oil globally. In October, Britain sanctioned Rosneft and Lukoil, two of Russia's largest oil companies. On Thursday, the EU sanctioned?41 ships of Russia's?shadow fleet? that tries to circumvent Western trading restrictions. Russia dismissed Western sanctions in the past as political motivated. The package included Lakhani and his companies. According to the British government, they are among the biggest traders of Russian oil in the world since 2022. Lakhani is a 63-year-old trader who began his career at the global trading company Glencore. He now runs a midsized trading firm called Mercantile & Maritime which faces UK sanctions. The company is based in London and Singapore. Britain said that it would also use'sanctions' to crack down on Central Asian cotton pulp supply chains, a component used in ammunition, explosives, and missile fuel, which it claimed Russia could not produce at scale. (Reporting Muvija M. Additional Reporting by Anna Hirtenstein. William James, Mark Potter and Mark Potter edited the story.
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TSX rises as tame U.S. data on inflation supports rate-cut bets
Canada's main index of stocks gained on Thursday after a U.S. inflation report that was lower than expected boosted expectations about Federal Reserve rate cuts. By 10:06 a.m., the?S&P/TSX composite index had risen 1% to '31,567.25?points. ET, after four consecutive days of modest losses. Cannabis companies Curaleaf Canopy Growth and Tilray have jumped between 2% and 21.5%. This is a continuation of their recent rally fueled by the expectation that U.S. president Donald Trump will sign an executive directive easing federal marijuana regulations. After Micron Technology's optimistic forecast, the technology index led gains in all Canadian sectors. The data showed that U.S. consumer price increases were less than economists expected for the year ending November, but they expect a faster increase in December. According to LSEG, investors are 'betting' that the Fed will reduce borrowing costs by 64 basis points at the end of the year. Oil prices are choppy due to geopolitical worries and the sell-off this week on Wall Street has weighed on the sentiment. Toronto's main index of stocks is on track for a weekly loss. The commodity-heavy Index is still on track to have its best year since 2009 with a gain of nearly 27%, driven by an increase in precious metal prices, and signs that the Canadian economy has remained resilient despite the tariff war between the U.S. Orla Mining climbed by 4% to a new record high, after the company confirmed that high-grade gold deposits extended beyond its underground operations at Musselwhite mine. (Reporting and editing by Avinash P in Bengaluru)
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Trump claims that he has cut energy costs. Has he?
In his White House address on Wednesday, Donald Trump credited the reduction of gasoline prices, increased power generation and boost to the coal industry. Here is a fact-check: GASOLINE -PRICES Trump stated: "Gasoline has dropped below $2.50 per gallon across the majority of the United States." By the way, in some states, it's just $1.99 per gallon. According to AAA's daily survey, the national average price for a gallon is $2.896. This is down from $3.034 one year ago. According to AAA, the lowest gasoline prices are found in Oklahoma where the average price is $2.343. The price of gasoline closely relates to its feedstock crude, which was pressured by OPEC's production increase and slowing economic growth in recent months. Power Generation Trump said, "Within 12 months, we will have opened 1600 electrical generating stations." It's a record which, I'd say, will not be broken by anyone, or at least not anytime soon. "Prices on electricity will drop dramatically, and everything else too." Facts: The rise in power prices is due to the proliferation of data centers that are electricity-hungry. This is a major reason why Trump and his predecessor Joe Biden wish to increase America's energy generation. U.S. Energy Information Administration (EIA), the statistical arm of the Department?of?Energy's, predicts that U.S. electricity generation will grow by 2.4% in 2020, and 1.7% more in 2026. This growth reverses the shrinking U.S. electricity generation between 2010 and 2020. During this period, demand for electricity was flat. However, the EIA data indicates that solar and wind power projects are responsible for the largest growth in new generation. These projects were in the pipeline since?years, and benefited from federal subsides that Trump has now cut. Trump's administration wants a reduction in renewable energy and a boost to oil, gas and coal technologies. COAL REVIVAL In his speech, Trump said that his administration is "bringing back beautiful coal and raising take-home pay for?miners". After years of falling incomes at record levels, our policies have boosted take-home pay at an historic rate. For miners, this is $3,300. The facts: According to the Bureau of Labor Statistics, employment in the coal industry in November was 41,200, down from 42,300 a year ago. According to data, the average hourly wage of coal miners in October was $35.72, up from $35.65 one year ago. According to the EIA, coal consumption in the United States is expected to rise by 9% by 2025, driven by an increase of 11% in the demand for electric power. However, coal consumption is expected decline in 2026 due to the increase of electric power generated from renewable sources. (Reporting and editing by Nick Zieminski, Richard Valdmanis)
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Eni and BlackRock’s GIP jointly control a carbon capture unit
Eni announced on Thursday that it had sold a 49.99% share of its carbon storage and capture unit to BlackRock’s infrastructure fund Global Infrastructure Partners. This gives the two groups joint control over the business. This deal is part Eni's plan to spin-off specific businesses, and to bring in partners who can help fund investment for these units. The deal is a larger share than previous deals with its low-carbon units Plenitude and Enilive, where it restricted the'share of partners' to 30%. Eni's CCUS Holding is responsible for the Liverpool Bay?and Bacton project in Britain in addition to the L10 -CCS in the Netherlands. The CCUS Unit?also has a right to purchase the 50% owned by Eni in the 'carbon capture project' it launched in Italy with gas grid operator Snam. The Italian group did not disclose the value of any additional projects that could be added to the portfolio in the medium-term. This strategic partnership will enhance the industrial potential and value of portfolio projects. It will also reinforce Eni's ambitions to be the leading global player in the carbon capture and storage industry. Carbon capture and Storage technology is a way to remove CO2 from the air or store it underground. It does this by capturing it at the point of emissions. International Energy Agency claims that the technology can be a key component in meeting global climate goals. Critics have questioned the commercial viability of this technology and claim that it could prolong fossil fuel use. (Reporting and editing by Barbara Lewis; Francesca Landini)
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Gold prices rise as inflation data drives rate-cut bets
Gold prices held firm on 'Thursday', reversing earlier losses, as U.S. inflation figures were softer than expected, confirming expectations for Federal Reserve rate reductions in 2026. As of 1424 GMT, spot gold was down by 0.1% to $4,333.57 per ounce. U.S. Gold Futures were also down 0.2% at $4,366.80. Data showed that U.S. consumer price index rose 2.7% on an annual basis in November. This was below the 3.1% rise forecast by economists?surveyed. After the data, futures on the federal fund rate increased the probability that the Federal Reserve would lower interest rates during its meeting in January. David Meger said, "The CPI report was dollar negative and gold positive... The Fed will remain in the spotlight going into 2026, as the market attempts to determine how many rate reductions are planned for the 'next year. Gold and other non-yielding investments benefit from a low-interest rate environment. LSEG data shows that traders expect the Federal Reserve to cut rates by 63 basis points next year. Donald Trump, the U.S. president, said that he expects to announce early next year who will be the next Federal Reserve Chair. He stated that a person?who supports dramatically lower interest rates" would be chosen. Silver spot fell 0.4%, to $66.04 per ounce. This is a retreat from the record high of $66.88 set in the previous session. Meger stated that "both gold and silver saw magnanimous moves over the past few weeks. It's therefore not surprising to see a little profit-taking or consolidation on the market." Silver has outperformed the gold market this year. Its price is up?129% on an annual basis due to investment demand and fears over a shortage of supply. Platinum rose by 0.7% to $1.924.05, which is a record high for more than 17 years. Palladium gained 2.9%, reaching a new high of $1.695.68, which is a three-year-old high. Commerzbank stated in a report that "the wave of price increases has now spread from Silver to Platinum... The platinum price is buoyed up by strong demand coming from China."
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Saudi Arabian crude exports reach a two-and-a half year high in October
Saudi Arabian crude oil exports reached their highest level since?two-and-ahalf years in October. Data from the Joint Organizations Data Initiative, or JODI, was released on Thursday. Crude oil exports increased from 6.460 million barrels a day in September to 7.100 millions barrels a day (bpd), their highest level since the beginning of April 2023. Saudi Arabian crude production, on the other hand, reached its highest level since April 2023 in October. Output ?in September stood at 9.966 million bpd. Saudi Arabia and the other OPEC countries submit monthly?export data to JODI which publishes it on its platform. JODI data show that the refinery crude throughput fell to 2.712 mbpd in September, down 7.8% from 2.940 mbpd. Direct crude burning also decreased 92,000 bpd and is now 393,000 bpd. UBS analyst Giovanni Staunovo said that the OPEC+ members of the Group of Eight lowered their production further in October, and with local demand seasonal declining, there was more crude available for export. Eight OPEC+ member countries have agreed to halt production increases for the first quarter of 2026. Other producers such as Brazil and the U.S. are also increasing their supply, which is adding to fears of a glut. OPEC predicted earlier this month that the demand for OPEC+ oil will average 43 millions bpd 'in 2026. This is unchanged from last?month and similar to what OPEC+ was producing in November. If OPEC+ continues to pump at?November’s rate in 2026, and all other factors remain the same, production?would 60,000 bpd more than demand. This calculation is based on an OPEC report. Saudi Arabia's crude oil exports to China will reach a three-month peak in January, according to sources early last week. The kingdom has lowered its official selling price to Asia. Reporting by Sherin Elizabeth Varighese in Bengaluru, Noel John in New York and Anmol Chaubey at Bengaluru. Editing by Kirby Donovan.
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Industry says EU carbon tax changes are not sufficient for metals
Industry representatives say that the proposed changes to the European Union’s carbon border adjustment mechanisms are a step in the correct direction but not an ideal solution for the steel and aluminum sectors of Europe. The European Commission announced Wednesday proposals to extend the scope of CBAM, which will impose carbon taxes on Europe's steel imports and aluminium as well as a few other commodities starting January 1, to include some downstream products that contain a large amount of these?metals. It took into account the warnings of metal industry players from Europe about "carbon leakage", or the risk of industries worried about losing their competitiveness moving operations outside of the region in order to avoid the cost of climate policies. Eurofer, the European steel association, said that the proposals were flawed and failed to provide "a comprehensive?and durable?response to carbon?and jobs?leakage." They described the number of downstream products as being "very limited." Norsk Hydro, a Norwegian aluminium manufacturer, was the leader in lobbying to expand CBAM so that it would cover downstream and scrap. Norsk Hydro claimed that 35% EU aluminium recycling capacities could be closed if remelted aluminum scrap entered the EU without a carbon tax. It stated on Wednesday that the inclusion of preconsumer waste was a "big leap forward". "However,?post-consumer scrap ?must also be ?added to the scope," a company spokesman said. "If we don't, then half the scrap loophole remains open." Post-consumer?metal is the end-of-life metal such as aluminum beverage cans. The industry association European Aluminium agreed on Thursday that CBAM needs more work. Paul Voss said that the direction was right but more adjustments were needed to close the remaining loopholes. "We are committed to working with co-legislators in a constructive manner to produce a CBAM which supports the climate ambitions while maintaining Europe's competitiveness." (Reporting and editing by Barbara Lewis; Tom Daly, Kate Abnett)
Hong Kong's most deadly fire in decades was the result of a year-long safety complaint
The city's Labour Department informed residents of the housing complex that had been engulfed by the deadliest fire in Hong Kong in 70 years that they faced only "relatively small fire risks". This was after residents complained repeatedly about the fire hazards caused by renovation work.
Residents of Wang Fuk Court, in the northern part of Hong Kong, had expressed concerns about maintenance activities in September 2024. They were concerned, for example, about the potential flammability the green mesh that contractors used to cover bamboo scaffolding around the buildings.
The agency that enforces construction standards established by the Building Department, the Department, reviewed the safety certification of the mesh used to catch falling debris and informed residents that the "flame retardant performance" of the material met standards.
Hong Kong Police said Thursday that exterior walls of buildings in the complex "had protective nets and membranes as well as waterproof tarpaulins and plastic sheets which were suspected to not meet fire safety standards." Prestige Construction, a renovation contractor, has been accused of manslaughter.
It is not known what caused the fire that swept through Hong Kong Polytechnic University on Wednesday, which claimed at least 94 people's lives. The fire spread quickly through the exterior scaffolding, according to Jiang Liming, an expert in fire safety at Hong Kong Polytechnic University, who reviewed the video footage.
Prestige, the company that won a HK$330,000,000 ($42.4,000,000) contract to renovate the complex in 2024, has not responded to repeated phone calls. Authorities have not identified the three people arrested. They could not be contacted. When a reporter went to Prestige's offices on Friday morning, metal shutters had been removed from the entrance.
When asked about the Labour Department reviewing the safety certification of the mesh, Hong Kong Police referred to an announcement from Thursday in which they said that it would "gather the evidence and conduct a comprehensive investigation to determine the cause of fire" after the fire was extinguished.
When the Labour Department said that residents faced low fire risk as long as welding processes were avoided, it did not mean they were ignoring potential hazards. The department also stated that it reminded the contractor of fire prevention measures.
The agency also stated that 16 safety inspections were conducted at Wang Fuk Court from July 2024 to November 2025. The department said it issued six improvement notes to the contractor for its work on the complex, and that three prosecutions were initiated.
Could not determine whether the proceedings were successful or the response of the firm.
HONG KONG GRENFELL?
The fire that raged on Wednesday spread with shocking speed.
The first fire alarm was received at Wang Fuk Court at 2:51 pm. In the five minutes that it took to get to the scene, the fire had spread across the scaffolding and into the interior of building, spreading to other towers within the complex.
Seven of the eight 32-story buildings were in flames within four hours. First responders had difficulty reaching higher floors due to thick smoke.
The complex houses 4,600 residents. Hundreds were moved into temporary housing. As of Thursday, almost 300 people were still missing.
Jiang, assistant professor of the Polytechnic University department of building, environment, and energy engineering, likened the fire to London's Grenfell Public-Housing Fire in 2017, which killed 72 people.
The investigation revealed that the British government and construction industry, as well as firms involved with the exterior cladding of the building, had failed to meet safety standards.
He said, "It is a similar type of fire travel mechanism: the fire spread from the façade to the interior of the apartment."
John Lee, the leader of Hong Kong has announced that the government will examine the use bamboo scaffolding. Separately, the Building and Labour departments announced Thursday that they will be conducting emergency inspections on renovation buildings to ensure that scaffolding and safety nets comply with fire-safety regulations.
The police said that they also found foam in the complex, which could have caused the rapid expansion of the fire.
Peter Leung, a Facebook user from September 2024 posted pictures of white material burning on the "Wang Fuk Court Resident Exchange Group" with the caption "the window insulation was flammable."
Leung didn't respond to a message sent via Facebook.
Chau Sze Kit of the Hong Kong Construction Industry Employees General Union said that foam "burns rapidly and produces thick, poisonous smoke".
He said that the material could help to prevent dust and damage to glass windows during construction. But "did management and site supervisors take into consideration this risk?"
Foam installed near the windows of Tommy Au Wai Chi's parents prevented them from noticing giant flames and heavy smoking outside their home.
The 58-year old truck driver said, "They didn't know there was a blaze until I called them." His parents have been rescued, and are currently in stable condition at the hospital.
Chris Wong expressed her anger over the foam that was used to block her apartment windows. She believes her mother, 72, is still trapped and she has not heard anything.
The government has laws but does it enforce them on safety and quality? "I have my doubts."
Additional Fire Safety Concerns
Reviewing the minutes from meetings between building management and homeowners over the last year revealed new concerns about fire safety.
In October 2025, the management informed the homeowners' committee that the items in need of repair or maintenance included fire water inlets and hose components, such as fire nozzles.
The committee also received a report in July 2025 that "some of the hoses within the fire tanks had shown signs of ageing and corrosion during waterproofing works." Participants in the meeting recommended that the hoses be replaced.
In November 2024 the committee expressed concern about the possibility that the number solar panels on tower rooftops "could violate fire safety regulations." The committee suggested that the fire department be consulted.
Could not determine whether any action was taken to address these concerns. The management at Wang Fuk Court has not responded to emails and phone calls.
Residents have also complained that contractors smoke around scaffolding.
Jacky Cheung sent a video that he claimed to have taken, showing a construction worker smoking near the scaffolding. The news agency confirmed that the video was taken at Wang Fuk Court but could not confirm the exact date.
Cheung claimed that he complained to management about smoking incidents in February and sent the video, but they didn't do anything. Reporting by Clare Jim in Hong Kong, James Pomfret in Beijing, Antoni Slodkowski and Claire Fu in Singapore. Writing by Marius Zaharia. Editing by Katerina An.
(source: Reuters)