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Guinea charges 60 people over deadly gold mine riot
Guinea charged 60 people on Friday with arson theft and murder following a deadly riot in the gold-producing Siguiri area of the northeast. Ibrahima I. Camara, the public prosecutor of Siguiri, said that unrest erupted on 4 October after locals demanded 17 people be released from detention over an earlier vandalism at the same location. Ten buses, two pickups trucks, including one that belonged to the gendarmerie, and two buildings were set ablaze by protesters as they stormed the mine. It was reported that two people died and many others were injured. Charges include arson, destruction and murder of property. Weily Mining did not respond immediately to a comment request after it announced that its first gold was exported from the Niagassola Mine in September 2024. The violence is a sign of the growing tensions that exist in Siguiri. This area, which hosts multiple open-pit gold mines owned by AngloGold Ashanti and is plagued with illegal artisanal mining, has seen a rise in violence. Guinea, home to the largest bauxite reserve in the world and huge iron ore deposits, at Simandou has experienced a rise in unrest on mining sites due to a crackdown by regulators. The military junta has been in power since 2021 and is trying to increase economic growth through renegotiating mining agreements, speeding up project development, as well as increasing the state's earnings from Guinea’s natural resource wealth. The authorities said that the police and the gendarmerie will conduct joint investigations into the riot. Saliou Samb, Maxwell Akalaare Adombila and Louise Heavens edited the article.
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Gold's price drops after a brief rise above $4,000/oz due to Trump's China Tariff Warning
Gold lost some of its gains after briefly rising above $4,000 per ounce for the second time in this week, as U.S. president Donald Trump's warnings about possible new tariffs against China accelerated a rush to safe-haven investments. As of 1:40 pm, spot gold rose 0.4% to $3,989.49 an ounce. ET (1740 GMT). This week, the metal saw a 2.7% increase. U.S. gold futures for December delivery settled 0.7% higher at $4,000.40. Donald Trump, the U.S. president, said that there was no reason for him to meet China's President Xi Jinping as scheduled in South Korea in two weeks. In a Truth Social posting, Trump said that the U.S. was calculating a massive rise in tariffs for Chinese imports. Gold briefly broke the $4,000/oz barrier, reaching a high of $4 022.52 in the session. Tai Wong, a metals trader and independent said that escalating the trade war would cause the dollar to tank. This will be good for safe havens. Bullion priced in greenbacks is now cheaper for foreign buyers. The markets are also closely watching the risks associated with the possible collapse of the French Government and the ongoing shutdown of the United States government. Investors expect the U.S. Federal Reserve will cut interest rates in both October and December by 25 basis points. Bullion that does not yield, which reached a record-high of $4,059.05 Wednesday, has traditionally been considered a hedge in times of uncertainty. Gold's recent rally has been attributed to geopolitical risk, central bank purchases of gold, inflows of exchange-traded fund, U.S. interest rate cuts and tariff-related economic uncertainty. "Overall, there's a risk that gold prices will fall in the short term given how rapidly they have risen over the past few weeks." Over the next two years, however, it is likely that gold prices will continue to rise," said Hamad Hussain of Capital Economics. Silver also benefits from the same factors that are driving the gold rally, along with concerns about the supply deficit and increasing demand for the metal. Silver rose by 2.1%, to $50.13 an ounce. This is a day after it reached a record-high of $51.22. This year, it has risen by more than 73%. Silver futures for December 2025 on Comex were trading at $47.32. "Silver’s backwardation sends a loud message -- physical demand is crushing the paper supply... Alex Ebkarian said that if the backwardation continues and physical demand rises, breaking and maintaining silver above $50 is a very realistic goal. Backwardation occurs when the spot price of a commodity is higher than its forward price. Palladium, meanwhile, rose 12.6% in a week, despite a 0.3% decline.
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Zelenskiy: Russia waited until bad weather to attack energy sites
Volodymyr Zelenskiy, the Ukrainian president, said that Russia deliberately waited until bad weather conditions existed before launching a massive attack on Ukraine's power system. He added that the bad weather conditions had reduced the effectiveness of Ukraine's air defences between 20 and 30 percent. Zelenskiy, a reporter in Kiev, said that the main assault took place in four areas. I believe the weather conditions have affected our ability to repel by about 20-30%. Overnight, Russian drones and rockets attacked Ukrainian energy facilities, plunging Kyiv in darkness, cutting off power and water for homes, and stopping a metro line across the Dnipro River. Ukraine's Energy Ministry said that 380,000 customers remained disconnected as of Friday afternoon. He said that the strike was "strong, but not fatal". Zelenskiy stated that there are 203 energy installations in Ukraine which need air defences for protection from Russia. He said that Russian forces attempted to launch a new attack near Dobropillia, in the eastern Donetsk Region, where Kyiv reported success in recent weeks. But they were repelled. He said that the Russians had tried to launch offensive actions. "They tried to unblock their forces, but they lost and retreated." Zelenskiy said that Ukraine is also waiting to clarify the status of ten air defence systems provided by the U.S. He expressed his hope that the "coalition" of willing countries, a group of nations pledged to increase support for Ukraine would meet again this month. (Reporting and Editing by Sharon Singleton Ron Popeski David Gregorio).
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CORRECTED: Trump's crackdown against EVs hits the Battery Belt
Stanton in Tennessee, population 450, welcomed two massive new neighbors a few decades ago: A Ford electric-truck plant and a joint venture battery factory that was to employ 6,000 people. Ford's 2022 groundbreaking has triggered a construction boom in the former cotton and soybean farmlands near Memphis. Hard-hatted construction workers filled the local restaurants. Developers scrambled for homes and fire stations. Stanton has become quieter. Ford has repeatedly delayed phases of this project over the last 18 months. The EV plant will start initial production in 2027, and begin sending out deliveries the following year. This is several years behind the original schedule of 2025. Ford stated that it will "be nimble and flexible in adjusting the timing of our product launches to meet market demands and customer demand, while aiming for improved profitability." Ford's complex is a part of the Battery Belt - a belt of factories that stretches across the heartland of the United States, from Georgia to Indiana. About two dozen battery projects, worth tens billions of dollars in investment, have been announced in the last decade. They promise to create tens thousands of jobs across Republican-dominated states such as Georgia and Kentucky. Last year, however, the waning interest in electric cars among Americans led to automakers delaying or cancelling some factory projects. The Battery Belt is now feeling the fallout of President Donald Trump's recent changes to policy. Ford CEO Jim Farley predicted last week that sales of electric cars could drop by 50% after the expiration on Sept. 30, 2015, of the $7,500 tax credits for buyers. This prediction echoed other gloomy predictions for the EV industry. The uncertain future of these high-tech factories, and the employment they provide, has shaken small rural communities who have spent years tying their economic future to these projects. Allan Sterbinsky retired in December as the mayor of Stanton, and he had been a proponent for Ford's site for many years, even before Ford arrived. Former mayor Allan Sterbinsky says that some residents are worried Ford won't follow through with the plant. Some residents hope that Ford will repurpose its 3,600-acre plant site if the demand for EVs doesn't rise. Ford's spokesperson emphasized the company's work with the community in Stanton. This included grants to public safety groups as part of an overall $9 million commitment. Reviewing the U.S. investment plans for batteries shows that these concerns are well-founded. If all these projects proceed as planned, the industry is headed for a glut of factory capacity. Benchmark Mineral Intelligence, a research firm, has provided figures that indicate by 2030, battery plants planned for 2030 will have the capacity to produce between 13 and 15 million EVs per year. The industry may only require a quarter of the factory space. S&P Global Mobility estimates that only 3 million EVs would be produced in the year 2020, with some likely using batteries imported from abroad. The excess battery capacity of roughly 10 million EVs would be used to power hybrids, extended-range EVs, and the booming energy-storage industry. But there is still a large gap, according to Stephanie Brinley. She's an automotive analyst at S&P Global Mobility. Trump's administration has taken several anti-EV initiatives, but the elimination of the $7500 tax credit – which was in place for over 15 years – is the most prominent. Experts say that when taken together, these measures will further undermine battery projects and investments in electric cars. Several automakers have canceled or delayed EV projects in the past few months. The federal government has also tightened the restrictions on a pot worth tens or hundreds of millions of dollars that is available to domestic companies that manufacture EV batteries. This will reduce the amount that goes to battery manufacturing sites. Jennifer Stafeil is the tax auto sector leader at KPMG. Trump said he was not anti-EV but preferred that the consumers choose their cars without government interference. Trump also criticized EV friendly regulations that were implemented by former president Joe Biden. Trump said they were expensive and threatened American jobs. Hyundai Motors' $12.6 billion joint-venture assembly plant near Savannah, Georgia and its battery factory, one of the country's biggest EV projects is progressing. The project was hampered by a federal raid last month. Hyundai said that the fallout will delay the battery factory by at least 2 to 3 months. Since Hyundai announced its megasite three years ago, 21 suppliers have established operations nearby. Hyundai is committed to offering an extensive product line, which includes internal combustion, hybrids, plug-in hybrids, and electric vehicles. A spokesperson stated that we understand every customer has unique needs and strive to meet them. Trip Tollison is the president of the Savannah Economic Development Authority. He said that the complex plans to hire 8,500 people by 2031 and pay wages 25% higher than the average for the county. Tollison acknowledged some community members are concerned about the future of the nascent EV sector that is driving all this development. He hopes that Hyundai will be able to switch from EV production to hybrid production in the event of a failure by the EV market. He said, "That's the way you give people opportunities like these to lift them out of poverty." (Editing by Mike Colias & Anna Driver)
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Multiple dead and missing after explosion at Tennessee explosives factory
According to the Tennessee law enforcement, multiple people were killed and others remain unaccounted for following a Friday morning explosion at a military explosives factory in Tennessee. Humphreys Sheriff Chris Davis said at a press briefing that the explosion occurred at Accurate Energy Systems, located about 80 km (50 miles) west of Nashville at 7:45 am local time (1245 GMT). He said that "we have several people who are not accounted for at this point in time," without giving specific figures. "We have some who are deceased." The company or local authorities were not reached immediately. According to its website, Accurate Energetic Systems manufactures explosives and stores them for the "military aerospace and commercial demolition markets." The headquarters, located in Bucksnort (Tennessee), includes eight production facilities and a lab. Hickman County mayor Jim Bates said to CNN that the plant had no history of safety issues, despite a small explosion in 2014. Tennessean reported that the incident resulted in one death and three injuries. Reporting by Costas Pitas; Bhargavacharya; Andrew Hay; Rich McKay, Writing by Joseph Ax, Editing by Frank McGuire
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As Trump threatens to increase tariffs on China, stocks, US yields and the dollar all fall.
The Nasdaq fell more than 2% on Friday, Treasury yields also dropped, and the U.S. Dollar weakened after President Donald Trump announced that he would consider a "massive" increase in tariffs against Chinese goods. Wall Street saw a decline in shares of technology companies, including semiconductors. An index of these stocks fell by 3.7%. U.S. listed shares of Chinese companies also fell. Alibaba Group Holding fell about 7%, and JD.com Inc. dropped 5.6%. Trump said that there was no need to meet China's President Xi Jinping as scheduled in South Korea in two weeks. He added in a Truth Social posting that the U.S. has calculated a massive increase of tariffs on Chinese products. This could re-ignite a destabilizing trade war between Washington and Beijing that was halted earlier this year after painstaking diplomatic efforts. "He has caught the market by surprise and added more questions to a market which is already being scrutinized because of its high level of enthusiasm, and for being too fluff-filled," said Robert Pavlik senior portfolio manager of Dakota Wealth, Fairfield, Connecticut. The Dow Jones Industrial Average dropped 461.84 points or 1.00% to 45,896.58, while the S&P 500 declined 97.67 or 1.45% to 6,637.44, and the Nasdaq Composite dropped 466.51 or 2.03% to 22,558.12. This sell-off is an indication of nervousness, as equities are valued at high levels. "Everything is priced to perfection, so the uncertainty increases the market jitters," Gene Goldman said, chief investment officer of Cetera Investment Management in El Segundo. The U.S. indexes have been reaching record highs in the last few days. The MSCI index of global stocks fell by 12.63 points or 1.27% to 980.84. The European stock market closed down 1.25%, wiping out the gains made over the past week. This was due to the new threats by Trump. The benchmark STOXX 600 experienced its biggest intraday decline in more than a month. After Trump's comments, benchmark U.S. yields continued to fall from earlier in session. The 10-year Treasury yield hit its lowest level since September. The U.S. government shutdown that began on October 1 had slowed the production of important economic indicators. The yield on the benchmark U.S. 10 year notes fell 7.9 basis points to 4.069% from 4.148% at late Thursday. The dollar index measures the greenback in relation to a basket including the yen, the euro and other currencies. The dollar fell by 0.41%, to 98.98. The euro rose 0.41%, to $1.161. The dollar fell 0.71% against the Japanese yen to 151.98. After Japan's recent political turmoil and uncertainty about the rate outlook, the yen is expected to decline against the dollar for the coming week. The Japanese currency dropped due to concerns that Bank of Japan might not raise interest rates this year following the surprise victory of fiscal dove Sanae Takayi as leader of the ruling party. Katsunobu Kato, the Japanese Finance Minister, said that the Japanese government is concerned by the excessive volatility on the foreign exchange markets. In France, President Emmanuel Macron invited mainstream politicians to a crucial meeting at the Elysee before a deadline he set himself to name a prime minister on Friday evening. French blue-chip stocks fell 2% in this week after the markets were shook on Monday when Sebastien lecornu announced his resignation and that of his government just hours after announcing his cabinet.
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Denmark will buy 16 F-35s to increase its Arctic defense by $4.26 billion
Denmark plans to invest 27,4 billion crowns (4.26 billion dollars) in a military presence boost in the Arctic, and will buy 16 F-35s, it announced on Friday. The country was trying to counter criticism from the United States over Greenland’s defence capabilities. Danish Defence Minister Troels Poulsen said that the 16 F-35s would be an addition to Denmark's initial commitment to buy 27 F-35s. The Nordic country is continuing to increase its national defense. Poulsen, a reporter, said: "These investments are necessary during difficult times when war has unfortunately broken out again on European soil." VESSELS OF INSPECTION AND DOG SLED PATROLS ARE AGEING Donald Trump, the U.S. president, has stated that he would like to take control of Greenland. This is a Danish territory. He argues that this Arctic island is essential for the U.S. army and its early-warning ballistic missile system as it's the shortest way from Europe to North America. Both the Danish and Greenland government have ruled out a transfer of the vast, resource-rich Island to the United States, though Denmark has admitted that it neglected the territory's capabilities in terms of military. Poulsen stated that the investment in Greenland will fund two Arctic ships, in addition to the three vessels previously agreed upon, as well as a maritime surveillance aircraft, icebreaker capability, improved radar systems, drones and enhanced radar systems. He said that a new military HQ will be established in Nuuk. Denmark is responsible for Greenland’s security and defense, but has only limited military forces in the island. These include old inspection vessels and dog-sled patrols. Dog sleds are used to patrol Greenland - a land four times larger than France - since World War Two. They remain a special unit of the Royal Danish Navy. The U.S. maintains a presence permanently at the Pituffik Space Base, located in Greenland’s northwestern region. ($1 = 6,4341 Danish crowns). (Reporting and editing by EssiLehto, Aidan Lewis).
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US SEC: India has not yet served summons on Adani executives for a bribery case
A court filing on Friday showed that the U.S. Securities and Exchange Commission said Indian authorities had not yet acted upon its requests to serve summons and complains to Adani Group executives regarding alleged securities fraud and $265 million bribery schemes. This is one of the highest-profile cases in which a U.S. regulator has attempted to get cross-border cooperation with Indian authorities on a matter that involves one of India's largest conglomerates. The SEC informed a New York District Court that it had been in contact with India's Law Ministry in an effort to serve legal papers to Adani Group founder Gautam Adani His nephew Sagar Adani . The most recent communication it had with the Ministry was on 14 September, but there has not been a confirmation of delivery. The filing stated that "The SEC continues to communicate with the India Ministry of Law and Justice and will pursue service of defendants via Hague Service Convention." Both Adani Group executives are in India and neither is currently in U.S. custody. Adani was accused of stealing millions from the Adani Group in an indictment that was unsealed by U.S. prosecutors last year in Brooklyn. Bribing Indian officials Convince them to purchase electricity produced by Adani Green Energy. The SEC complaint claimed that executives misled U.S. shareholders by giving reassuring statements about the anti-graft policies of the company. Adani Group and India’s Ministry of Law and Justice didn't immediately respond to comments. The Adani Group called the accusations "baseless" in the past and has said that it will pursue "all legal remedies." Adani Green Energy announced in January that it had hired independent law firms to examine the U.S. allegations. Reporting by Kanjyik and Nishit Ghosh from Barcelona, Bengaluru and Barcelona; editing by Louis Heavens
Germany's Amprion increases grid investment strategy by 25%.
Germany's Amprion on Thursday announced a 25% increase in its rolling fiveyear investment plan for its power transmission network with a view to handling more renewable electrical energy.
The 27.5 billion euros ($ 29.54 billion) allotted through 2028 is up from 22 billion in its previous five-year plan to 2027 which was released in 2015.
We are moving into the implementation phase and will complete key projects ahead of time, CEO Hans-Juergen Brick said mentioning the effect of legal procedures to accelerate the expansion of networks.
Financial investment in 2024 is expected to amount to 3.9 billion euros after more than doubling to 3.1 billion euros in 2015 at Amprion, one of four transmission grid companies (TSOs) in Europe's most significant economy.
Amprion, 25.1%- owned by energy RWE, runs 11,000 kilometres (6,835 miles) of high-voltage lines extending from the North Sea to the Alps in the west.
Berlin wants the power sector to be 100% green by 2035.
To accomplish that, TSOs need to extend their facilities to reach green energy sites and transfer their output, crucially connecting Germany's industrial south to northern wind power, and to link new electrolysis plants which will produce green hydrogen from electrical energy.
The TSOs' expenses are generally carried by consumers through grid usage fees which are part of retail energy costs in addition to via external finance.
Their incomes and costs are managed by the nationwide grid regulator.
Amprion advanced the start of building of a brand-new north-to-south corridor, called Korridor A, and its extension line to the south, called Ultranet, by one year with a view to starting operations in 2027, Brick said.
Amprion in 2015 published a 27% increase in adjusted earnings before interest and taxes to 980 million euros.
(source: Reuters)