Latest News
-
Three policemen are killed in an ambush by gunmen in Nigeria's Katsina State
Police said that three police officers?were killed and two other police officers wounded in an ambush by suspected armed gangs on a 'routine patrol' in northwest Nigerian state of Katsina on Tuesday. The incident was part a wave of attacks that included mass kidnappings carried out by armed groups operating from hideouts in forests. They have attacked villages, schools, and places of worship throughout the predominantly Muslim Northwest. The ambush on Tuesday, the second one in a row, highlights persistent insecurity in the region, where bandits - gangs of armed robbers - continue to attack rural communities and security forces despite ongoing military operations. Abubakar Sadiq Aliyu, spokesperson for Katsina Police, said that the officers were heavily attacked at 1144 GMT while on patrol along the Guga-Bakori Road. Aliyu stated that the team "responded bravely" to repel the attack, but three officers were killed in the shootout. He said that two wounded officers were being treated in a nearby hospital. Donald Trump, the U.S. president, has accused Nigerian authorities of failing to protect Christians. Nigerian authorities claim that both Muslims and Christians are being targeted by the government.
-
Hong Kong scientists launch AI-based model to better predict extreme climate
Hong Kong scientists have developed a system that uses artificial intelligence to forecast thunderstorms and heavy downpours four hours in advance, as opposed to the current range of 20 minutes to 2 hours. The system will allow emergency services and governments to respond more efficiently to the increasingly extreme weather conditions linked to climate changes, said the team of Hong Kong University of Science and Technology on Wednesday. Su Hui, professor and chair of the civil and environmental engineering department at the University, led the project. Su said at a press conference that the system was designed to predict heavy rains. The work had been published in the Proceedings of the National Academy of Sciences, in December. The model uses generative AI, which injects noise into the training data to teach the system to reverse the process in order to make more accurate forecasts. The team claims that the system, developed in collaboration with China’s weather authorities and updated every 15 minutes, has increased accuracy by over 15%. Scientists said that such work is vital because the number and intensity of typhoons, and wet weather episodes in Hong Kong and southern China in 2025 will be far above the seasonal norm. The observatory reported that the city issued its most severe rainstorm warnings five times in a single year and its second-highest 16 times. The China Meteorological Administration and Hong Kong Observatory are both working on incorporating the model into their forecasts. The Deep Diffusion Model based Satellite Data (DDMS) was trained using infrared brightness temperatures collected by China's Fengyun-4 Satellite between 2018 and 2020. Su said that satellites can detect clouds earlier than other forecasting systems, such as radar. Data was combined with expert meteorological knowledge to capture the evolution and development of convective clouds systems. This was then validated by spring and summer samples taken in 2022 and 2023. (Reporting and writing by Joyce Zhou, Farah master; editing by Clarence Fernandez).
-
The Fed is in the spotlight as the dollar finds its feet.
After a steep sell-off on Wednesday, the dollar found its feet. U.S. president Donald Trump seemed to shrug its recent weakness. Meanwhile, upbeat earnings kept global stocks near record levels?before? a Federal Reserve rate announcement. The U.S. dollar dipped from four-year lows, but sentiment was fragile after the biggest selloff since Trump’s tariffs blitz shook markets in April. European stock markets declined, but U.S. futures indicated a positive opening for Wall Street. Japan's blue chip Nikkei also gained. The MSCI World Stock Index was hovering at record highs. "Last weekend, when it seemed that there was a flight away from the U.S., the dollar fell, Treasuries took a hit, and equities were down. "Now it's more a dollar-story," said Nordea Chief Markets Analyst Jan von Gerich. Powell has resisted all political pressures, but he could now speak more about it. Fed governor Lisa Cook is being targeted for firing and a criminal investigation by the Trump administration will overshadow this meeting. A successor to Powell's position in May will also be nominated. On FX Watch The dollar index (which measures the U.S. currencies against six major competitors) was?0.25% lower at 96.16, after falling over 1% on Tuesday, to reach a four-year-low. When asked if he felt the dollar's value had fallen too much, Trump replied that it was "great". Although this view is not new, traders interpreted it as a signal for them to increase the selling pressure against the dollar. This comes at a moment when the markets are bracing themselves for a possible coordinated currency intervention from U.S. authorities and Japanese authorities in order to stabilize the yen. The dollar's plunge lifted the euro above $1.20, the first time in 2021. It also sent the Australian Dollar briefly above 70 cents, a three-year-high, and lifted gold prices to new peaks. Steve Englander, Standard Chartered's head of global G10 Currency Research in New York said that while officials often push back on abrupt currency movements, when the President shows indifference to the move or even approves it they are encouraged to continue pushing. Earnings are plentiful ASML, the world's largest ?supplier of computer chip equipment, reported stronger-than-expected bookings for the fourth quarter, highlighting resilient AI demand. Its shares rose 5%, beating a flat European market. Wall Street will be awash with big tech earnings, including Meta and Tesla, after the close. The weaker dollar has filtered down to other assets, helping gold reach a new record of $5,280 per ounce. Brent crude futures have also reached a new four-month high at just over $68 per barrel. In Asia, higher-than-expected inflation rates in Australia?in December have led to expectations of a rate increase as early as next week. ANZ, Westpac and all four of Australia's 'Big Four' banks are now predicting a rate rise. Indonesia's stock market plunged 7% as index provider MSCI expressed concern about the opaqueness of ownership and trading. It also halted updating Indonesian entries to its products which are monitored by global investors.
-
Heatwave in Australia records record-breaking heatwave that fuels bushfires and cuts power to thousands
The record-breaking heatwave that swept Australia's south-east for the fifth straight day Wednesday sparked bushfires, strained the power grid and left thousands of properties without electricity. Authorities said that the heatwave in Victoria is expected to continue until the weekend. It is the worst since 2009 Black Saturday bushfires, which killed 173 people. Tim Wiebusch, Victorian Emergency Management Commissioner said: "We have now entered day five of a severe and intense heatwave in Victoria. We are beginning to see some of these impacts." "An extreme heat warning still exists, and we expect to see eight days of extreme heat." David Crock of Australia's Bureau of Meteorology said that climate change was driving the heat and described the temperatures as "very unusual". Crock stated that the severity of the heatwave this year is comparable to January 2009 and the heatwave from January 1939. The data show a long-term rise in heatwave intensity and frequency, especially since the year 2000. This is due to climate change. Crock reported that a number of records were broken for temperatures in Victoria on February 2. He said that about 20 stations in western Victoria had either broken all-time or January records. The highest temperature recorded in the state was 48.9 degrees Celsius. Conditions in Victoria were slightly better on Wednesday. Meanwhile, temperatures in the upper western part of New South Wales state and the south-western region of Queensland state reached 48 C (118 F). In Victoria, around 11,000 homes were without power. This is down from 105,000 the day before. Six major fires were also being fought by firefighters, three of which were out-of-control. The fire at Carlisle River, in the Otways Region, has destroyed more than 11,000 acres (27 181 acres). Chris Hardman said that the fire at Carlisle River was far from being out. We are still in the early summer. "We'll see the heat and wind coming back before this fire is completely contained." Many communities are still struggling to recover from the large bushfires that started the month. These fires were also caused by a severe heatwave. Over 400 homes and 400,000 acres of land have already been destroyed.
-
After winter storm, US supply concerns persist and oil prices are rising
The oil prices rose on Wednesday, as supply concerns remained after a winter storm that disrupted U.S. crude exports and production. Middle?East tensions also contributed to the increase. Brent crude futures increased 11 cents or 0.2% to $67.68 per barrel at 0725 GMT. U.S. West Texas Intermediate crude rose 19 cents or 0.3% to $62.58 per barrel. Both benchmarks rose by about 3% Tuesday. Analysts and traders estimated that the storm had caused the U.S. to lose up to 2,000,000 barrels of oil per day, or 15% of the nation's output, over the weekend. Ship tracking service Vortexa reported that Crude and Liquefied Natural Gas exports from U.S. Gulf Coast port ports fell to zero on Sunday. Toshitaka Takawa, an analyst at Fujitomi Securities said that the rally is also due to a loss of production in Kazakhstan. Tazawa stated that "sales pressure will likely return once the supply concerns ease." He said that a global crude oil supply surplus projected for this year amid geopolitical risk, such as the Middle East tensions could keep WTI around $60 per barrel?for now. Two sources with knowledge of the situation said that Tengiz's largest oilfield in Kazakhstan is expected to?restore less than half its normal production on February 7, as it slowly recovers after a fire and a power outage. This was a counter-argument to comments made by CPC, the pipeline operator that handles around 80% of Kazakhstan’s oil exports. CPC claimed it had restored full loading capacity at their Black Sea terminal following maintenance on one of three moorings. SUPPLY FEARS? REMAIN AMID MIDERAST TENSIONS Two U.S. officials who refused to be named said on Monday that a U.S. aircraft carriers and accompanying warships had arrived in the Middle East. This added to President Donald Trump's ability to defend U.S. troops or take possible military action against Iran. This has increased the likelihood that Trump will 'follow through' on his threat to strike Iran’s senior leadership as a response to the violent crackdown of nationwide protests. ANZ analysts said in a report. At a meeting held on 1 February, three OPEC+ delegates stated that the Organization of the Petroleum Exporting Countries (OPEC+) is'set' to maintain its pause in oil production increases for the month of March. A poll conducted on Tuesday showed that U.S. crude and gasoline stockpiles are expected to have increased in the week ending January 23. However, distillate stocks will likely be down. Market sources cited American Petroleum Institute data on Tuesday to confirm that U.S. crude, gasoline, and distillate stocks all fell last week while the latter rose. (Reporting from Yuka Obayashi, Tokyo; Emily Chow, Singapore; Editing and Neil Fullick.)
-
Steelmaker SSAB exceeds earnings forecast aided to improved Americas business
SSAB, a Swedish steelmaker, reported a 'bigger than anticipated rise in its operating 'profit 'in its fourth quarter on Wednesday. This was aided by an improved performance from its Americas division. Operating earnings increased to 756 billion Swedish Crowns ($86 billion), from 487 millions crowns during the same quarter in 2024. A poll by SSAB revealed that analysts expected a median of?606.1million crowns. The company produces high-strength, specialized steels for cars, construction equipment and agricultural machinery, and has production facilities both on the Atlantic and in Europe. In the earnings report, CEO Johnny Sjostrom stated that "there have been few direct effects" of the US steel tariffs because SSAB has a premium strategy, and significant local production in the US. The first trade measures of Donald Trump were aimed at steel and aluminum. Since June, these imports from the majority of countries have been subjected to a 50% increase in?duties. SSAB delivered 1.5 million tonnes in the last quarter of 2014 and stated that it expected shipments to be higher in the first three months of 2015 due to a better season. The company also said it expects the European Union’s Carbon Border Adjustment mechanism, which tightens the rules on high emission imports like?steel, and cracksdown on attempts to avoid the levy to improve supply-demand balance in the European Market. The proposed dividend was 2 crowns, or 23% less than the 2,60 crowns that it paid last year.
-
Demand for iron ore falls as construction stops weigh down on demand
The price of iron ore continued to fall on Wednesday as the Chinese Lunar New Year dragged down the demand for steel, and feedstocks. The most-traded contract for May iron ore on China's Dalian Commodity Exchange ended the daytime trading 0.7% lower, at 783 Yuan ($112.74) per metric ton. As of?0705, the benchmark March iron ore traded on Singapore Exchange was down 0.79% at $103 per ton. According to Chinese?broker Everbright Futures, the downstream steel demand has shrunk with the cessation in construction projects as we approach the Chinese Lunar New Year Holiday. The company Vale announced on Tuesday that its iron ore production would reach 336.1 million tonnes in 2025. This is the first time that Vale has surpassed the Pilbara operations of Rio Tinto in Australia. According to a late-Monday filing, the company had halted its operations after water overflowed on the sites. The units are estimated by analysts to account for 2% of the iron ore production forecast for this year. Iron ore exports from Brazil are expected to increase, putting downward pressure on the price of Chinese iron?ore. Brazilian shipments will experience a seasonal drop as the country enters its rainy season. According to a Shanghai Metals Market (SMM) note, however, the high port inventories will offset any potential gains from reduced shipments. Coking coal was up by 0.44%, while coke fell by 0.12%. The benchmarks for steel on the Shanghai Futures Exchange are mostly lower. Hot-rolled coils fell 0.39%, rebar 0.32% and stainless steel 1.5%. Wire rod, meanwhile, gained 0.17%. $1 = 6.9450 Yuan (Reporting and editing by Rashmi aich, Janane Venkatraman).
-
Draft document: EU and Vietnam agree to increase work on minerals, chips, and "trusted" (5G), draft document says
According to a draft of a joint statement that will be adopted by the two sides on Thursday, they want to increase trade and investments in critical minerals, semiconductors, and infrastructure. The document is eight pages long and subject to changes. It states that the EU will explore a possible transfer of defence tech to Hanoi as both sides strive for closer cooperation in "trusted" networks, at a moment when Chinese companies are winning contracts to develop 5G technology in Vietnam. The statement will be signed by the European Council's President Antonio Costa when he meets Vietnam's leaders on Thursday in Hanoi, just days after To Lam was reappointed as Vietnam's top leader by the ruling Communist Party. Both countries will raise their diplomatic relations to the highest level in Vietnam, comparable to that of the United States, China, and Russia. In 2020, an EU-Vietnam?free trade agreement came into effect. The document is not legally binding but it has political significance and contains indirect criticisms of the United States', China's and Russia's international strategies. The European Council refused to comment on this draft document, and the Vietnamese government didn't respond to an inquiry for comments. CRITICAL MINERALS and SEMICONDUCTORS Vietnam is home to significant, but mostly untapped, reserves of rare earths and gallium. Hanoi has expressed interest in developing the processing capacity of rare earths. The global supply and refinement is dominated by China. The progress of Vietnam has been slow, partly because it lacks the necessary technology to fully exploit its natural resources. Document: The EU and Vietnam are looking to increase their cooperation in this sector by promoting "trade and investments in goods, technologies, and services that support sustainable mining, processing, and production" of critical minerals. Vietnam is a leading supplier of tungsten (a hard metal that's used in electronics and defence), and Western diplomats warned against the possibility of Chinese involvement in a large mine in Vietnam. China's Foreign Ministry did not reply to a comment request. The draft statement also identifies supply chains as a priority area to deepen cooperation. Vietnam is a key player in the chip packaging, testing, and assembly industry, and hosts operations from Intel, Amkor Technology, and others. Vietnam started building its first semiconductor manufacturing facility earlier this month. The Vietnamese government announced earlier this month that ASML, a Dutch company and global leader in chipmaking machines has moved some of its production to Vietnam. It is also exploring ways to expand its supply chain there and provide potential customers with goods, according the Vietnamese government. This was after a meeting at a high level held in Hanoi. ASML did not respond to a request for comment. 5G, DEFENCE, INFRASTURCTURE The document cites 5G connectivity and expanding cooperation on "trusted communication infrastructure" as priorities. The 5G network in Vietnam is being developed by European companies Ericsson, Nokia, and Nokia. Last year, Hanoi awarded smaller contracts to Chinese firms, including Huawei. The document stated that both sides will increase security cooperation while the EU would consider transferring "non sensitive technology and know-how". According to the document, EU nations are interested in investing in Vietnamese railways and infrastructure. Vietnam is building its largest project to date, a nationwide high-speed rail network. U.S.A., CHINA and RUSSIA In an opinion piece published on Wednesday by Vietnam's official news agency, EU President Costa warned against "coercive trading practices" and "challenges of sovereignty and international laws". The draft statement reaffirmed its support for an "international order based on rules" and for the strengthening of the World Trade Organization at a moment when the U.S. is imposing tariffs and undermining multilateral organizations. Vietnam called for respect of "territorial integrity" and a "just peace in Ukraine", a country that is being attacked by Russia, which has been a close partner for many years. The report said that the two countries had agreed to explore a deeper level of maritime security co-operation, in order to achieve stability in the South China Sea where China's claims and Vietnam's conflict. (Reporting and editing by Francesco Guarascio)
Why India could increase duty on gold and silver imports
India's imports of gold and silver reached record levels in the past year. This has caused concern among policymakers. The government lacks effective tools to stop the inflows, which have been resilient despite the sky-high price for precious metals.
Gold imports in the country rose by 1.6% compared to a year ago, reaching $58.9 Billion. Silver imports increased by 44%, hitting $9.2 Billion, as both metals reached record highs.
Why Target Gold and Silver Imports?
India is the second largest consumer of gold in the world and the biggest silver market. However, it imports almost all of its gold needs and more than 80% silver.
In 2018, the country spent almost a tenth its total foreign currency reserves on gold and other metals. The import bill will continue to increase in 2026, as both metals' prices continue to soar.
The rupee has been under pressure this month due to the rising imports, which have increased the trade deficit.
Gold is used primarily for investment and jewellery, unlike silver which has industrial uses ranging from electronics to solar power. The government considers such demand non-essential, and has repeatedly tried to curtail it by increasing import duties. This makes the metal more costly for buyers.
Why are traders speculating about a duty hike?
Gold and silver prices are at record levels. This could cause import values to rise even though volumes may not. This would raise concerns over a growing trade deficit, and a further deterioration of the rupee against the dollar, which is already falling.
Officials from the trade and industry sector say that these concerns could lead the government to increase import duties on silver and gold in the next few weeks.
In 2012 and 2013 the government raised import duties dramatically to stabilize the rapidly depreciating rupia. Since the rupee has been losing ground recently, traders speculate that a new duty hike could be on its way in the coming weeks. This would reverse duties cuts made in 2024. India reduced import duties for both metals from 15% to 6% at that time in order to reduce smuggling.
As markets factor in the possibility of an increase in duty, gold and silver are already trading at a premium compared to global benchmarks.
Why has the demand for Indian gold not slowed down despite high prices?
In India, jewellery accounted for over three-fourths (74%) of the total demand up until 2023. The gold price on the international market has increased by 98% since 2025. While this has affected jewellery purchases in India, the overall demand for gold has not dropped because of the increase in investment demand.
Indians are buying more coins and bars on the physical market. Meanwhile, a growing number are investing in exchange-traded fund. ETF inflows increased 283% from a year ago to a new record of 429.6 billion rupies ($4.69billion). In 2025, India's gold consumption increased by 40% as a result of the investment demand. This is expected to continue in 2026.
Gold and Silver ETFs are investments funds that are traded on stock exchanges just like shares. They are backed up by gold and silver bars stored in secure vaults.
Can a duty hike reduce gold demand?
India has tried to reduce gold imports repeatedly by increasing duties, but without much success. New Delhi increased the import tax for gold from 2% to 10% in August 2013 but demand remained the same.
The domestic gold price has risen from 8,000 rupees for 10 grams at the beginning of 2006 to 162,000 rupees today, but this rally failed to reduce annual demand. The new duty increase of 4 to six percentage points will not deter buyers who have already absorbed the 76.5% price jump in 2025.
However, higher duties could increase investor returns and smuggling. Gold ETFs are expected to continue to see strong inflows as investors look to gold amid weak equity returns.
A sharp drop in price could weaken the investment demand, but increase jewellery sales because buyers who were waiting for a price correction are now returning.
Why are silver imports also a cause for concern?
India's import bill has increased as silver prices have risen more rapidly than gold. Silver demand had been primarily driven by industrial demand until last year. However, in recent months, investment demand has supported imports.
In 2025, silver ETFs will see inflows of 234.7 trillion rupees. This is up from 85.69 trillion rupees just a year ago. Silver ETFs are becoming more popular, and imports could increase if prices continue to rise.
(source: Reuters)