Latest News
-
Official: Nepal monitors two lakes; flood risk will remain until the lakes are fully drained.
An official with Nepal's Disaster?Management Authority confirmed that Nepal monitors two lakes a few miles upstream from the flood zone, where hundreds of people died on Wednesday. The official said that flood risks would continue until both lakes are completely drained. One of the lakes started overflowing Friday. Satellite images showed two lakes near the site of a glacier slide that pushed debris, rock, ice and mud into rivers on Wednesday. This caused flood waves which destroyed houses and destroyed bridges. A Chinese rescue team captured aerial footage of the formation of 'one of the two Lakes on Thursday. On Thursday, footage showed brown water in large quantities accumulating within a basin. According to satellite images, the water had drained from this lake by Friday. Images also showed that a second lake was growing upstream, and that its surface area was larger than the first one. There were no visible outlets as of Friday morning, which means that water pressure is still building. The Nepalese official stated that the Nepalese authorities rely on satellite imagery for monitoring the conditions. However, this is only possible because of the limited availability of images. He said that Nepal is planning to install 'cameras and sensors downstream, including near a border town called Timure. They are also evaluating helicopter deployment options. (Reporting and editing by Rick Noack; Sarita Chaganti, George Sargent)
-
Gold drops ahead of Fed chair Warsh's Jackson Hole remarks
Gold prices fell on Friday as investors awaited Federal Reserve Chair Kevin Warsh's remarks later that day at the Jackson Hole symposium to gauge the direction of the central bank's money policy. By 1203 GMT, spot gold had fallen 0.1% to $4,594.61 an ounce. The price of gold reached a three-month-high of $4,696.18 after the U.S. Treasury announced support measures for bonds with long-term maturities. U.S. Gold Futures fell?0.4% to $4,647.20. Kyle Rodda is a senior financial market analyst at Capital.com. He said, "I believe price action has been fairly constructive in recent months, and we are not seeing much movement because we're awaiting Warsh's Jackson Hole speech." Fed officials expressed their concerns regarding the U.S. inflation landscape as central bankers met in Jackson Hole on Thursday. The Kansas City Fed President Jeffrey Schmid, and the Cleveland Fed President Beth Hammack, reiterated their belief that the central bank must raise interest rates in order to curb inflation. The policymakers' comments came a day after the Personal Consumption Expenditures price index, the main inflation gauge of the central bank, showed a reading of 3.7% for the 12-month period ending in July. According to CME FedWatch, traders see a 36% probability of an increase in U.S. interest rates in September and 74% by December. Fed Chair Warsh will speak at 1400 GMT. In an environment with high interest rates, gold tends to lose its appeal as it provides no return. It's possible that gold will reclaim the $5,000 mark by the end the year. Rodda said that it depends on the Fed's policy and how they change their language. In India, gold discounts plunged as the market grew increasingly concerned that a recent increase in import duties could be reversed. Silver spot rose by?1.5%, to $70.32 an ounce. Platinum was up by 2.6%, to $1,894.85; and palladium jumped 4.4%, to $1,409.74 per ounce. All metals are on course for a gain this week. (Reporting from Pablo Sinha, Bengaluru. Editing by Mrigank Dahniwala Ronojoy Mazumdar Elaine Hardcastle.)
-
India's market regulator has approved Jio Platforms $3.8 billion IPO
India's'markets regulator' approved Mukesh Ambani's Jio Platforms $3.8 billion initial 'public'?offering Friday, paving the way for what could be India's largest listing. Reliance Jio, the largest mobile operator in terms of subscribers by country after China Mobile, had 524.4 millions subscribers at the end of March. In recent weeks, several IPOs attracted a large number of retail and wealthy investors. In less than two weeks since July 1, more than two dozen IPOs were launched or announced, nearly matching the 28 IPOs in the first half 2026. Jio Platforms intends to 'use the majority of the IPO proceeds in order to pay off debts at its telecoms -unit, Reliance Jio Infocomm. The firm said proceeds would be used to pay off about 275 billion rupees (about $3 billion) in debt at Reliance Jio Infocomm. The company reported a 21% drop in the number of employees to 27,935 during the year ended March 31, even though revenue and subscribers numbers continued to increase. (Reporting and editing by Shilpi Magumdar in Bengaluru)
-
India's industrial output growth in July slows down to 6.7% year/year as mining contracts
Data released on Friday showed that India's industrial output growth in July slowed down to 6.7% year-on-year, as mining activity declined. Manufacturing and electricity outputs also saw a decline. Economists surveyed by expected that industrial production growth would slow in July to 6% from an 8.8% revised month earlier. In?May the government had switched to using producer prices instead of wholesale prices when calculating factory output. KEY NUMBERS * The manufacturing output increased by 7.3% on an annual basis in July, compared to a growth rate of 9.5% that was revised in June. * The generation of electricity increased 8.7% on a year-on-year basis in July, compared to a revised increase of 11.3% one month earlier. The mining activity decreased 0.9% in July compared to a growth of 1.6% revised in June. Consumer durables such as cars and phones grew by 10.5% on an annual basis in July, against a revised 10.3% rise a month earlier. Consumer non-durables such as toiletries and?food?items fell 1% in July compared to a 5.6% increase?in June. * Capital goods output increased 16.1% on a year-on-year basis in July, compared to a 17.9% increase in June. * The industrial?output from April to July grew by 6.3% compared with a 4% increase a year ago.
-
Mizuho Bank files a case against Radiant World, Singapore
According to the website of the Supreme Court in Singapore, Japan's Mizuho Bank Ltd has filed a lawsuit against the Singapore-based operating entity 'Radiant World' that trades iron ore. A court listing on Friday showed that Mizuho Bank is the banking division of Mizuho Financial Group and it has filed an injunction to stop Radiant World Corporation from doing business. The court listing didn't provide any details about the injunction that was sought. Bloomberg News, citing court documents, reported that another creditor, the?Singapore-based trade-finance company Incomlend is suing Pinkesh Nahar and his company for $34million. Radiant World has been 'frozen by some banks and cut off from trading houses on suspicion that the commodity trader used invalid invoices in order to raise finance. Singapore Police confirmed that investigations are ongoing and reports have been filed. Mizuho Bank refused to comment. Incomlend didn't immediately respond to an inquiry for comment. Radiant World's spokesperson did not respond immediately to a comment request. Radiant World stated in a July statement that the claims made were unsubstantiated and inaccurate. According to the website of the company, Nahar?founded Radiant World? in the early 2000s. The site states that the company trades more 80 million metric?tons? of iron ore per year. Bloomberg News reported in August that Deutsche Bank and KBC Group NV had frozen certain accounts of 'Radiant World Singapore bank?accounts. Other lenders?had suspended credit lines. (Reporting and Additional Reporting By Anton Bridge, Editing by Jacqueline Wong, Tomaszjanowski and Jacqueline Wong)
-
Why is Radiant World in the news and what is it?
Radiant World, a commodity trader, is being scrutinized by counterparties who have stopped doing business after hearing that the authorities are investigating a report that it provided banks with invalid documents. Radiant called the claims "inaccurate" and "unsubstantiated", and said it conducts its business according to the highest legal and commercial standards. Here are some details about?Radiant World. What is RADIANT World? Radiant World was founded by Indian Pinkesh Nahar in the early 2000s. According to its website, with offices in Britain and China, India, Singapore Switzerland, the United States, and the United Arab Emirates it has become one of the largest iron ore traders in the world, handling over 80 million metric tonnes of this raw material for steelmaking each year. The company has grown its base metals business, including copper and aluminum. Singapore corporate filings show that its operating entity had revenues of $9.6 Billion?in the period from September 2025 to the end of 2018. Why has Radiant World made headlines? Bloomberg News reported in late July that Cargill and Vitol, global trading houses, had stopped trading with Radiant World due to the invalidity of invoices. Bloomberg News reported that Deutsche Bank and KBC Group NV froze Radiant World's Singapore -bank accounts while other lenders suspended credit lines. Glencore, a trading house, has stopped all new business with Radiant World. It said it had taken an?amount related to the firm. Meanwhile, some steelmakers from China, which is the world's largest metals consumer, also stopped dealing with Radiant. On August 19,?reported the U.S. listed broker Marex had frozen Radiant's derivatives trading accounts. Bloomberg reported that the Singapore Police Force announced on August 20 that it was investigating Radiant. The U.S. Department of Justice and Commodity Futures Trading Commission are also looking into the firm's transactions. Who does business with RADIANT World? Radiant purchases minerals, such as iron ore, from mining companies before selling them to customers like steel plants. Trading houses conduct business with one another despite the intense competition in commodities. A merchant might have the exact cargo that a rival needs at the perfect time and place. The banks are also a part of this equation, as they provide letters of credit and loan to allow trading houses purchase cargoes prior to selling them. Radiant has a number of creditors who have registered claims against its assets. These include banking giants like Societe Generale and Macquarie as well as Raiffeisen, Barclays and Deutsche Bank. The Japanese company Mizuho is also among them. According to the website of the Singapore Supreme Court, it has petitioned the court for an injunction on the trading entity's operations in the city state. Previous cases of problematic documents? In 2014, a Chinese trader Dezheng Resources, was found to have duplicated receipts for warehouses and fake documents. The company was able to use copper and aluminum cargoes as collateral for securing billions of dollars in loans from both domestic and international banks. Dezheng's founder, Chen?Jihong, was sentenced to 23 years in prison by a court in 2018. Early in?2023, Indian entrepreneur Prateek Gupta, was accused of delivering low value or worthless cargoes instead of high-grade Nickel to trading house Trafigura. Trafigura sued Gupta at London's High Court, claiming $590 million for what they called a "systematic scam". In February, a court denied Gupta the right to appeal. Reporting by Tom Daly, editing by Barbara Lewis
-
Red Cross: Over 90 000 affected by Himalayan Landslide
The 'Red Cross' said that more than 90,000 people are directly affected by the Himalayan land slide and urgently need humanitarian assistance. Officials from the aid sector expressed their fears about further flooding. David Fisher, the head of the delegation of International Federation of Red Cross and Red Crescent Societies for Nepal, said at a Geneva press briefing: "We think that 93,000 people are affected, and they're in a lot of need." He added, "We are of course concerned about the second flood." Fisher stated that the organisation's trucks containing relief supplies had been?blocked by a lake? formed by the landslide, temporarily stopping rescue operations. Kamal Kishore is the head of the United Nations Office for Disaster Risk Reduction. He warned that "cascading hazards" could occur. In a way, the disaster is still unfolding. He said that the disaster was still unfolding. Tarik Jasarevic, spokesperson for the World Health Organization, said at the same briefing that eight healthcare workers are missing and that six hospitals were damaged by the landslide. He said that after a disaster this size, the displacement of people, overcrowding, and disruptions to water, sanitation, and health services could "increase" the risk of infectious diseases such as diarrhoea, respiratory illness, and other illnesses. (Reporting and editing by Miranda Murray, Thomas Seythal, and Emma Farge from Geneva)
-
Zinc is on course to reach $4,000 in the next month, which will be its biggest monthly increase since January
Zinc reached a four-year peak near $4,000 on Friday, and was on track for its largest monthly gain since January. Available stocks at the London Metal Exchange were shrinking as investors renewed their concerns about market tightness. The benchmark three-month Zinc on the London Metal Exchange rose 1.6% to $3,947 per metric tonne as of 0900 GMT. It had earlier reached $3,955, which was its highest level since May 2022. Zinc is used to galvanize steel and was expected to gain 8.2% in August. This would be its strongest month since January. This week, it is up by 3.2% and heading towards a sixth consecutive weekly increase. The LME will be closed Monday, August 15, for the British bank holiday. LME stock data showed that 19,125 tons of zinc were cancelled on Thursday or ordered to be removed from?warehouses, mainly in Singapore. This reduced the amount of zinc available in LME warehouses 75,600 tonnes, or two days' global consumption. Neil Welsh, Britannia Global Markets' head of metals, wrote that "Zinc’s outperformance reflects an increasingly visible physical shortage" in a recent note. "LME inventories are down sharply, and mine and smelter interruptions have limited refined availability." Time spreads showed a tightening of the market immediately, with the premium for the cash LME Zinc contract being higher than the forward three-month price. Around $245 per ton. Shanghai Futures Exchange Zinc closed only 0.1% higher on Friday in China. The'relatively high' figure of 153,669 tonnes is a slight decrease from the previous weeks but remains high. Exports of Chinese zinc have helped to ease fears about a shortage in other countries. LME copper prices rose 0.6% to $14,363 per ton, aided by a combination of low inventories and cancellations of warrants. This metal is set to achieve a weekly increase of around 4% and a rise of nine straight weeks. SHFE Copper Stocks The?total?of 72,428 tonnes fell?by 19.1% this week. Nickel grew 0.3% at $16,925, while tin climbed 0.4% to $55,425. Aluminium was unchanged at $3,234.50. Lead fell 0.1%, and nickel grew 0.3%. (Reporting and additional reporting by Solomon Cefai, Editing by Subhranshu Sahu; Jan Harvey, Barbara Lewis and Subhranshu Sahu)
Gold ahead of Fed chair Warsh's Jackson Hole remarks
The gold price rose on Friday, as investors awaited the remarks of Federal Reserve Chair Kevin Warsh at the 'Jackson Hole Symposium' later that day. This will help gauge the direction the central bank is taking with its monetary policy.
By 1032 GMT, spot gold had risen 0.1% to $4,606.73 an ounce. The price of gold reached a three-month-high of $4,696.18 after the U.S. Treasury announced support measures for bonds with long-term maturities.
U.S. Gold Futures?were barely changed at $4.660.10.
Kyle Rodda is a senior financial market analyst with Capital.com. He said, "I believe price action has been fairly constructive in recent months, but we are not seeing much movement as we wait for Warsh's Jackson Hole speech."
Fed officials expressed their concerns regarding the U.S. inflation landscape as central bankers met?in Jackson Hole on Thursday. Kansas City Fed President Jeffrey Schmid, and Cleveland Fed president Beth?Hammack both reiterated that they believe the central bank should raise interest rates in order to curb inflation.
The policymakers' comments came a day after the Personal Consumption Expenditures price index, the main inflation gauge of the central bank, showed 3.7% for the 12-month period ending in July.
According to CME FedWatch, traders see a 36% probability of an increase in U.S. interest rates by September. By December, the odds rise to 74%. Fed Chair Warsh will speak at 1400 GMT.
In an environment with high interest rates, gold tends to lose its appeal as it does not offer a?yield.
It's possible that gold will regain the $5,000 mark by the end the year. Rodda said that it all depends on how the Fed changes its policy and the language they use.
In India, gold discounts plunged as the market speculated that the government might consider rolling back a recent increase in import duties.
Silver spot rose by 1.8%, to $70.51 an ounce. Platinum was up 2.2%, at $1,886.02, and palladium rose 3.8%, to $1,402.31. All metals are on course for a gain this week. (Reporting from Pablo Sinha, Bengaluru. Editing by Mrigank Dahniwala and Ronojoy Mazumdar.)
(source: Reuters)