Latest News
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Kennedy to study environmental factors in autism
Robert F. Kennedy Jr., the U.S. Secretary of Health, said on Wednesday he intends to commission a number of studies in order to identify environmental factors that contribute to autism. He claims these are related to its increasing prevalence across the nation. Kennedy, speaking at his first Press Conference since becoming Secretary of Health and Human Services said that the studies will examine mold, air and water, food, medicine and ultrasounds as well as parental risk factors such age, obesity and diabetes. Kennedy spoke a day after U.S. Centers for Disease Control and Prevention published a data-analysis showing that the prevalence of autism in the U.S. for 8-year olds by 2022 was 1 in 31. The data were published in CDC's Weekly Report. Autism is not known to have a cause, but experts believe it may be a result of combining genetic and environmental factors. The increase in autism rates is attributed by many experts to the widespread screening of children and the inclusion of a wider variety behaviors when defining the condition. Kennedy, a former lawyer for the environment, has promoted a link between vaccines, and autism, which is now debunked. He set a deadline of September for the U.S. National Institutes of Health (NIH) to determine the causes behind the increase in U.S. Autism rates. However, he said that by then, "some of these answers" will be available. Previous reports have indicated that the government plans to study the vaccines for measles, rubella, and mumps, as well as autism. Earlier scientific studies found no connection between vaccines, autism and previous scientific studies. Kennedy said he will also move the monitoring of autism rates from the CDC to the newly formed Administration for a Healthy America that he supervises directly. The CDC has previously enjoyed a degree of independence from HHS. Kennedy referred to the rise in autism as a pandemic, but patient advocates and scientist disagreed. The Autism Society is a patient advocacy organization that says the increasing rates are not an outbreak but rather a reflection of diagnostic progress and the need for screenings to be available at a younger age. The Autism Science Foundation released a press release that said researchers are currently investigating how environmental factors could work both independently and together with genes to cause Autism. Last week, a study confirmed that diabetes during pregnancy increases the risk of neurological and brain problems, including autism, in children. Reporting by Ahmed Aboulenein, Manas Mihsra, Julie Steenhuysen, and Sarah Morland, Washington. Additional reporting by Sarah Morland, Washington. Editing by Caroline Humer and Nancy Lapid.
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EU simplifies reporting requirements for deforestation laws by companies
The European Commission has made changes to the anti-deforestation legislation of the European Union that will take effect in December. The law will prohibit imports of products such as soy, beef and cocoa that are linked to the destruction of forests. Brussels delayed the launch of the policy by an entire year due to complaints from Brazil, Indonesia, and the former Biden administration. The Commission, in response to the industry's demands, published a set of rules late Tuesday that require companies to submit due diligence statements annually rather than each time a shipment or batch is placed on the EU marketplace. By the end June, the EU categorises countries as either high, standard, or low risk. Imports from low-risk countries will be subject to a lighter compliance requirement. In a press release, EU Environment Commissioner Jessika Rosawall stated that "our aim is to reduce the administrative burden for businesses while maintaining the goals of regulation." Brussels also rebuffs calls for more policy change and for easier reporting obligations from firms and some sectors, such as the U.S. Paper industry. Some campaigners criticized the changes, saying they weakened the law's efficacy. "Reducing reporting requirements to once a year from every batch is a pendulum that swings extremely from one end to the other. This raises concerns about the effectiveness of monitoring and enforcement," said Antonie Fontaine, director of VOICE Network. The nonprofit campaigned for reform in the cocoa sector. (Reporting and editing by Richard Chang, Maytaal angel and Kate Abnett)
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Mines ministry: Ghana takes over Gold Fields Damang mine
The Mines Ministry announced on Wednesday that Ghana has taken operational control of Gold Fields Damang after rejecting a renewal request from the South African company. The Johannesburg-based mining company announced on Monday that they had been unable to extend their Damang lease which expires on April 18 and were winding down its operations. The company had promised to end the mining operation in a planned manner, but it was still processing stockpiles in Damang. The Mines Ministry said that the return of Damang Mine to state supervision is a crucial step in Ghana's economic re-set, as it ensures its gold reserves benefit directly citizens. The decision was made to align with the policy of stopping the automatic renewals of mining permits in Ghana's gold-producing country, and to reassess the situation to maximize the national benefit. The ministry said that it was looking for value propositions in the use of our minerals resources which are aligned with this. The smaller of Gold Fields’ two mines, Damang is located in Ghana. Tarkwa is the largest open-pit gold mine in Ghana. Damang produced 135,000 gold ounces in 2024. This is about 6% of Gold Fields' total production of 2.15million ounces. The company is considering selling smaller operations, including the Cerro Corona mine in Peru and Damang in Chile. These are being sold to focus on the newly-commissioned Salares Norte project in Canada and the recently-commissioned Salares Norte in Chile. Reporting by Christian Akorlie, Maxwell Akalaare Adombila; Writing by Sofia Christensen and Editing by Kirsten Doovan
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World Bank's Banga is unsure about US aid for funding poor nations, even though Trump's dialogue was 'constructive.'
Ajay Banaga, the World Bank president, said that he had constructive discussions with the Trump Administration about the development lender. However he didn't know how much money the U.S. was going to contribute to the World Bank's fund which is for the poorest countries in the world. Banga told reporters if European countries reduced their pledged funding and the U.S. did not fulfill the $4 billion International Development Association pledge made by former president Joe Biden’s administration last summer, the $100 billion IDA funding round could be cut to $80 or $85 billion. This would be roughly equal to the $82 billion pledged for IDA support in 2019, but lower than the $93 billion replenishment expected in 2021. "We are having a constructive dialog with the U.S. Administration." Banga told reporters a week before the World Bank and International Monetary Fund's spring meetings in Washington that he didn't know how it would end but had no problems with the dialogue he was having. He added, "They ask the right questions and we are trying to give the right answers." CLIMATE STRATEGY ADAPTION When asked if he still supported the World Bank's goal of devoting at least 45% of annual funding to climate-related project by this year, Banga responded that many of the projects that will be included in the target are merely "smart developments" with climate benefits. He said that half of the funding would be used to help countries adapt and resiliency. Banga explained that the roof of a school was painted white, instead of red. This made it cooler in there. It's a heat-resistant variety of seeds and drip irrigation. Or a school which won't be swept away by a hurricane or a road which will not be washed out in a rainstorm. "Those are the things that are important in development." Banga stated that only a small portion of the total bank financing would be allocated to energy projects. Banga stated that the World Bank board will be considering an "all-of-the above" energy plan in June, "which includes not only renewable energy but also a transition strategy for everyone". He said that the World Bank would continue to finance energy projects using "gas, geothermal and hydroelectric power, solar, wind, and nuclear when it makes sense." This is the strategy that we will discuss with our board. Banga also highlighted the World Bank's reforms since he assumed the presidency in June 2023. These include making the lender more efficient and faster, as well as focusing on better development outcomes instead of financing dollars. Banga stated that by 2024, "nearly half of the public sector funding will be performance-based and linked to results. This is up from just 28% 10 years ago." Banga stated that the bank would make progress in its efforts to attract private sector funding to development projects and emerging market. (Reporting and editing by Mark Heinrich; Andrea Shalal and David Lawder)
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Sources say that the top Turkish refiner Tupras has resumed buying Urals crude from Russia.
According to three trading sources, and shipping data, Turkey's biggest oil refiner Tupras is now buying Russian Urals crude after stopping earlier this year because of stronger U.S. Sanctions against Moscow. Tupras didn't immediately respond to a comment request. Three sources confirmed that Tupras had resumed purchases following the price of Urals crude falling to its lowest level since 2023 earlier this month. The price was comfortably below the $60 per barrel G7 cap. The price cap imposed on Russian oil by the Group of Seven, the European Union, and Australia prohibits the use of Western services like insurance, flagging, and transportation, when the Russian oil is priced at or over $60 per barrel. The U.S. Treasury Department imposed sanctions since October on several tankers suspected of violating the price cap. Tupras was one of the largest importers of Russian crude oil after Moscow invaded Ukraine in 2022. According to data from Turkey’s energy regulator, Russian oil represented 65% of Turkey's total imports of oil in January-November of 2024. In February, the company stopped buying Russian crude oil due to growing concerns about U.S. sanctions after the comprehensive package announced on January 10th. Trading sources familiar with the matter have confirmed that Tupras is expected to receive at least 2 cargoes of Urals in April. Tracking data indicates that one of the cargoes has already been loaded. Kpler, a global provider of real-time analytics and data, showed that the Nissos Christiana had loaded approximately 730,000 barrels (or a little over a million gallons) of Russian Urals oil from Ust-Luga in the Baltic on April 3. It is for delivery to Izmit on April 21, where Tupras operates a 225,800-barrel-per-day capacity oil refinery, the data showed. It was unclear if another vessel had been booked for Tupras to purchase additional cargo. According to LSEG, Tupras has two refineries in Izmit, and Izmir. These refineries have a combined capacity of 467.300 bpd for crude oil processing. Tupras, which had stopped purchasing Russian crude oil, began looking at alternative grades of crude oil, and made its first purchase last month of Brazilian crude. According to Kpler, other sources of crude imports for Tupras in March and April include Guyana (also Nigeria), Libya, and Norway.
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EU abandons idea of sanctions against Russian LNG imports
EU officials say that European officials have given up on pushing for an import ban of Russian liquefied gas in the bloc as part of upcoming packages due to resistance from certain governments and the uncertainty over alternative sources. The Commission instead wants to create a road map that will end the EU's dependence on Russian energy in 2027. The plan will be announced early in May, but there are few details. Officials say that the work on the measures has been slow. The Commission will likely propose a 17th set of sanctions against Russia in June. In January, when the Commission was finalising its 16th proposal package, it floated an idea to ban Russian LNG imports. Donald Trump, the U.S. president, has stated that he wants the EU to purchase more American gas. EU officials view this as a potential negotiation tool for convincing the U.S. government to lower its tariffs. Washington has not yet clearly stated its demands. On Monday, the EU's Trade Chief met with his U.S. counterpart to discuss the beginning of negotiations. The Commission stated that the meeting was part of a "scoping process" and pointed out Washington has not yet clarified its demands. "The EU is doing their part. It is now up to the U.S.A. to clarify its position. "As with any negotiation, there must be two sides to this," said the statement. According to a Commission official, the Commission does not want sanctions to lose Russian LNG and thus surrender its negotiating position. The Commission and EU government are also cautious about creating a dependence on the United States. It is the third largest gas supplier in the EU after Russia and Norway. (Reporting and editing by Matthew Lewis in Brussels)
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Gold surpasses $3,300/oz in a bid to protect investors from tariff war
The gold price broke its record on Wednesday to reach $3,300 an ounce. A weaker dollar, and escalating U.S. China trade tensions, pushed investors toward the safe haven asset. As of 10:52 am, spot gold rose 2.5% to $330817 per ounce. After hitting a session high of $3.319.17, gold prices rose 2.5% to $3,308.17 an ounce at 10:52 a.m. ET (1452 GMT). U.S. Gold Futures rose 2.6% to $3324.50. Gold is heavily supported by the broadly weaker dollar and uncertainty surrounding tariff announcements, as well as fears of a global economic recession, said Lukman otunuga senior research analyst at FXTM. Gold prices are largely determined by psychological levels. Bulls could aim for $3,400 or $3,500 and higher. A bout of profit-taking, or positive U.S. China trade developments, could trigger a selling off." The U.S. president Donald Trump ordered on Tuesday an investigation into the possibility of tariffs on U.S. imports of critical minerals, marking an escalation of his dispute with international trade partners as well as an attempt to pressurize China. Investors have been pushed to gold as a safe-haven asset by the latest tensions between two of the world's largest economies. Gold is more appealing to other currency holders as the dollar has fallen against its rivals and held near a low of three years, which was reached last week. The price of gold has increased by nearly $700 in the past year. This is due to tariff disputes, interest rate reduction expectations, and central bank purchases. "The rally is a little unhinged and at risk of corrections." Since more than a decade, we've seen that corrections are shallow and that underlying bids await any setbacks," Ole Hansen said, head of commodity strategies at Saxo Bank. Investors are waiting for a speech by U.S. Federal Reserve chair Jerome Powell to be delivered later today. This will provide more information on the direction that interest rates may take. Other metals rose as well. Spot silver increased 1.5% to $22.75 per ounce. Platinum gained 1%, to $968.53. Palladium rose by 0.3%, to $974.20.
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Gold prices reach record highs above $3,300/oz
The gold price broke the record of $3,300 per ounce as investors sought refuge from the turmoil surrounding the trade tensions between China and the United States. On Wednesday, spot gold reached a record price of $3,317.90 an ounce, continuing a rally that was fueled by President Donald Trump's policies on tariffs, central bank purchases and the prospect of Federal Reserve interest rate reductions. "Gold is recalibrating itself to reflect current world events... "If the price is saying something, it's a clear warning bell," said Ross Norman, an independent analyst. "High conviction buys that began about a year back - likely unreported by central banks - are being compounded with buying on price strength." Bullion prices have risen by around 26% this year. This is comparable to the 1980 rally that took place during the Iranian Revolution when they soared 118% from November 1979 to January 1980. Trump announced his latest tariff policy on Tuesday, ordering an investigation of potential new levies against all U.S. imports of critical minerals and other goods. Gold has been used for centuries to protect against political turmoil. BullionVault's director of research, Adrian Ash, said that some gold investors are profiting from these new record highs. However, there are also strong inflows. In the first quarter 2025, gold ETFs received 226.5 metric tonnes, or $21.1 billion. This was the highest amount since 2022 when the markets were still dealing with the aftermath of Russia's invasion. Norman added, "ETF demand has been the missing component and is definitely fueling the increase." The lower dollar has made gold a more appealing investment. The next gold milestone is $3,500. Norman said, "Expect that to happen soon." Gold prices have been boosted by central bank purchases, as China's central banks added to their reserves for the fifth consecutive month in March. This year gold reached 25 new highs, including 13 above $3,000 per ounce.
Seven & i Japan saw its Q4 profits fall by 24%, increasing takeover pressure
Seven & i Holdings, a Japanese retailer, is expected to report a 24% decline in its quarterly profit on March 28, as the underperformance of its convenience stores hampers its ability fend off a Canadian takeover bid by Alimentation CoucheTard.
Seven & i will likely book an operating profit of 94.45 trillion yen (US$639.52 millions) for the period December-February. This is according to a LSEG average of eight analyst predictions. This compares to 124.23 bn yen for the same period last year.
7-Eleven's profits have fallen in recent quarters, as its domestic convenience stores underperformed their competitors. Its North American division also suffered due to lower consumer spending amid accelerating inflation.
Seven & i is also trying to block a $47billion bid from Circle-K operator Couche-Tard. It argues that initiatives to revamp its business will increase the value of the company and that U.S. antitrust laws may prevent any deal.
In February, a management buyout led the founding family of Seven & i failed after it was unable to secure financing. Since then, the company has adopted strategies such as selling non-core business and appointing Stephen Dacus CEO.
In March, it announced that its North American convenience-store subsidiary would be listed by the second half 2026.
Analysts said that Seven & i shares, which have traded between 1,850 yen to 2,250 yen in the past few months, are still far below Couche-Tard’s offer of 2,700 yen. This shows investors' scepticism about Seven & i plans.
In their most concrete expression of their engagement, Seven & i & Couche-Tard announced last month that they are working together to find purchasers for around 2,000 convenience stores in the U.S.
Seven & i said a divestiture is needed to pass a U.S. Federal Trade Commission examination. According to sources, private equity firms are the main buyers.
Investors and analysts are now awaiting the outcome of the store-sale negotiations and an update regarding the listing of Seven & i North American subsidiary.
(source: Reuters)