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Mount Fuji in Japan sees snowfall 21 days later than normal
The top of Japan's Mount Fuji received snow on its summit for the first winter time ever, according to the Meteorological Agency. This is 21 days later than average, since records started in 1894. The snowfall this year was two weeks earlier than in 2024 when the snow fell on the 3,776 metre (12,388 ft) peak only on November 7 - the latest date since records began. The sacred mountain has been a symbol of Japan for centuries. Its snow-capped summit inspired many of Japan's greatest artworks, including Katsushika's "Great Wave Off of Kanagawa", which is now featured on the backside of the 1,000 yen note. Mamoru Mamatsumoto, of the Kofu Observatory office of the Meteorological Agency, told last year that the cause of the snowfall was unknown. In August, Japan's highest temperature ever was recorded in Isesaki, a city located northwest of Tokyo. It reached 41.8 degrees Celsius (107.8 Fahrenheit). According to the Kofu Observatory office of the Meteorological Agency, Fuji's first snowfall is the point in the summer when all or part the mountain is covered with snow or "white looking solid precipitation", as observed from below. (Reporting and editing by Kate Mayberry; Anton Bridge)
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World Diamond Council chief says that lab-grown gemstones are losing their sparkle
Feriel Zerouki, President of the World Diamond Council, said that lab-grown diamonds have lost their appeal because they are oversupplied and consumers are beginning to prefer natural stones. Natural diamond prices have been falling since mid-2022, after a peak earlier in the year. This is mainly because of the growing popularity of lab-grown gemstones among young jewellery buyers. Zerouki said in an interview on Wednesday at a mining convention in Luanda that a fall in lab-grown gem prices, due to increased production in China, India and other countries, had begun to undermine the confidence in synthetic gemstones. If you follow the latest trends, prices for lab-grown diamonds are falling. Zerouki stated that this is affecting consumer confidence in laboratory-growns. According to Edahn Golan, a diamond industry analyst, the wholesale price for one-carat or two-carat laboratory-grown stones has dropped by up to 96% in 2018. Experts warn that lab-grown diamonds' price could fall so low, that they will no longer be able to compete with diamonds in the bridal market. "I think that the bubble of lab-grown diamonds has burst. She added that there was a trend in the industry, even on a retail level, towards natural diamonds. Zerouki is Vice President for Trading and Industry of global diamond giant De Beers. He said that a recovery in the demand for natural stone would not occur by itself but will require initiatives like the Luanda Accord. This is an agreement between diamond-producing nations and companies to create a marketing fund for natural stones. According to the agreement, Angola and Botswana have agreed to dedicate 1% of the annual revenue from diamond sales to a promotion of natural diamonds.
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Source: Turkey will buy fighter jets from abroad until it has its own fighter planes ready.
A Turkish Defence Ministry official said that Turkey will buy necessary defence systems until its own fighter jet KAAN can be delivered. Reports on Wednesday said that Ankara has proposed ways to acquire advanced fighter jets to its European and American allies, amid discussions to purchase 40 Eurofighter Typhoons and U.S. F-16s or F-35s. This is happening as President Tayyip Erdoan makes a regional trip to Kuwait, Qatar, and Oman. According to a person with knowledge of the situation, under the deal that Britain is close to signing with Turkey on Typhoons the country would receive 12 aircraft, even if they were used, immediately from Qatar and Oman, in order for it meet its immediate requirements. When asked about the reports surrounding Erdogan's visit, the source stated that work on the Typhoon jets continues and the process is expected to be completed in a "suitable time." The source said at a briefing held in Ankara that until the domestic and national fighter plane KAAN is delivered, systems needed to fulfill the tasks assigned to Turkish Armed Forces will be purchased from other countries, primarily allies. (Reporting and editing by Jonathan Spicer; Tuvan Gumrukcu)
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Stocks surge on positive earnings; sanctions against Russia boost oil
The global stock market got a boost Thursday thanks to a series of positive earnings reports that helped offset some of the gloom in Wall Street due to a lacklustre performance by tech megacaps. Oil prices also rose following U.S. sanction against Russia. After the U.S. placed sanctions on Rosneft, and Lukoil, two major Russian oil companies over the Ukraine conflict. The STOXX 600 index rose 0.3% for the day, as positive earnings helped to boost the domestic indexes. The MSCI All-World Index, however, has slipped into the negative zone, and is on its way to its third consecutive day of decline. Chinese stocks dropped as much as 1,1% after sources reported that the White House was considering a plan aimed at curbing a range of software-powered products exported to China as retaliation against Beijing's recent round of restrictions on rare earth exports. Investors are on the defensive as Trump's Asia trip (next Monday) is causing geopolitical tensions, according to Charu Chanana of Saxo Bank, Singapore. The talk about U.S. software import curbs to China is hitting tech sentiment where it hurts. And renewed sanctions against Russia are a reminder of geopolitical risk that's not going away. Positive Earnings Surprises As earnings season begins, global equity markets are beginning to ease off their record highs. Although there have been some disappointing results or outlooks for megacaps, the majority of companies have so far surpassed analysts' expectations. Futures for the S&P 500, Nasdaq and Dow Jones were up between 0.1-0.2%. Tesla shares fell around 4% on Thursday morning after the company missed profit expectations despite a record third quarter revenue. There was still plenty of tech to be excited about. Shares of IonQ Computing, Rigetti Computing, and D-Wave Quantum jumped more than 20% after a report in the Wall Street Journal stating that the U.S. Government is in negotiations with several quantum-computing firms to exchange stakes for federal funding. After U.S. president Donald Trump imposed sanctions on Ukraine for the first time during his second term, oil rose by 3% to $64.68 per barrel. On the same day, EU member states approved a 19th set of sanctions against Moscow which included a ban on Russian imports of liquefied gas. Kyle Rodda is a senior analyst at Capital.com, in Melbourne. "Most Asian countries are net energy consumers, which is just a way to slow down growth and drive inflation." Reliance Industries, India's largest importer of Russian oil, plans to drastically reduce its imports in response to EU and U.S. sanction. Other Indian refiners are also expected to make significant reductions. DO NOT UNDERESTIMATE THE MAGIC OF RATE CUTS Investors' firm belief that the Federal Reserve will soon be on a rate-cutting frenzy helps to ease some of the anxiety over geopolitical tensions and trade conflicts. The markets show that traders expect U.S. interest rates to fall from 4% at the moment to 3% in June. "Never underestimate a Fed which cuts rates, and also the magic word: ending QT", IG Chief Market Analyst Chris Beauchamp, referring the central bank's programme of quantitative tightening, in which it reduces its holdings of Government Bonds to tighten up credit conditions. The dollar index which compares the U.S. dollar to six other currencies, rose 0.1% last week. It has been steadily rising since August when it hit a three-and-a half year low. Investors are more confident that the Fed will protect the economy. Gold, on its way to its largest weekly decline since May, rose 0.4% per day, reaching $4,110 for an ounce. Overnight, the price briefly approached $4,000 as investors took profits in anticipation of U.S. Inflation data this week.
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Shanghai copper prices surge on expectations of a bullish five-year plan in China
Shanghai copper recorded its biggest intraday gain for two weeks on Friday, thanks to bullish expectations about China's 15th five-year plans. This helped the market shrug off concerns over renewed tensions between the United States, China, and other countries. The Shanghai Futures Exchange's most active copper contract closed the daytime session up by 1.27%, trading at 86070 yuan per metric tonne, the largest gain in one single session since the 9th of October, when it reached a record high. The benchmark copper for three months also increased, rising 0.26% and trading at $10,691 Yuan per ton. Market attention is focused on the ongoing Fourth Plenum of the ruling Communist Party, which will approve a proposal for the 15th five-year plan outlining the goals of economic and social growth. The meeting will conclude on Thursday. Analysts and observers expect that these goals will focus on consumption, industrial upgrading and technological advancements. According to National Bureau of Statistics data released on Wednesday, China's output of copper in September fell 2.7% from month to month, despite an increase of 10% year over year. The decline month-over-month was in line the market expectations. Traders expect further declines in October. Copper's gains shrugged off renewed trade tensions following reports Washington may bar exports of items made using U.S.-made software to China in response to China’s new rare Earth curbs. Sources say that the plan could not go ahead. Details are unclear. Lead closed 2.68 % higher at 17,615 Yuan per ton, atop the SHFE's base metals. Heavy metals surged up to 17,760 Yuan in the early part of this session. This was a new seven-month record since late March. According to the Chinese information service Shanghai Metals Market, the surge was caused by Hebei Province in Northern China restricting trucks with high emissions from entering factories and delaying lead delivery. Traders said that the move would reduce regional supplies of heavy metal. Nickel grew by 0.19% and tin by 0.10%. $1 = 7.1230 Chinese yuan renminbi $1 = 7.1230 Chinese Yuan Renminbi (Reporting and editing by Dylan Duan, Lewis Jackson)
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Mixed earnings in the Gulf as investors are disappointed
Early Thursday morning, the Gulf stock markets were mixed as investors disappointed by corporate earnings and oil prices rose. Dubai's main stock index rose 0.2%. This was aided by the 0.7% increase in Emaar Properties, a blue-chip developer. ENBD, Dubai’s largest lender by assets reported a 23 percent increase in its third-quarter net income to 6.4 billion Dirhams ($1.74 billion), exceeding analysts' expectations by 5.54 billion Dirhams. Separately classifieds company Dubizzle Group announced on Wednesday that it had delayed its IPO at the Dubai Financial Market. Saudi Arabia's benchmark stock index fell 0.2%. Oil giant Saudi Aramco lost 1% after a 3.8% jump the day before. The crude oil prices increased by more than 3% in the last session as India buyers started to review their Russian oil purchases following the U.S. sanctions against major suppliers Rosneft & Lukoil for the Ukraine War. Electrical Industries Company grew by 4.2% following a dramatic increase in net profit for the quarter. Abu Dhabi's index fell 0.2% due to a decline of 3.1% in Abu Dhabi Islamic Bank, despite the bank reporting an increase in its third-quarter profits. Industries Qatar, a petrochemical manufacturer, rose 0.8%.
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The palm oil industry in Indonesia is gripped by fear as the military seizes plantations
In late June, Indonesian soldiers wearing fatigues entered a palm oil plantation in Borneo and displayed a sign declaring that the estate was under government control. The Melati Hanjalipan Plantation is a perfect example of a military-backed takeover which has shocked the 16 million-strong workforce and the world's largest palm oil producer. Agrinas Palma Nusantara is the new state-owned palm oil firm that has a land area of 9.1 million acres. Nearly half was transferred to it, making it the largest palm oil company in terms of size. This crackdown, ordered by the President Prabowo Subianto, is the largest structural change to Indonesia's palm oil industry. It has put a total 5 million hectares of land under military surveillance. This is approximately 30% of Indonesia's palm oil land and is larger than the Netherlands. Agrinas could be given the territory, but industry experts claim that they are not equipped to manage it. Agrinas and the president's office did not respond when asked for comments. Prabowo, who has been in power since October 2024, told his cabinet that he was determined to eliminate corruption cases that could not be investigated. COMPANIES UNDER SIGE Former special forces commander Prabowo has expanded the role of the military in civil affairs, reigniting fears that Indonesia will return to its authoritarian Suharto era. He appointed retired generals to Agrinas board, and created a taskforce of soldiers, police, and prosecutors, which will target plantations that operate in areas designated as forests, according to a presidential decree from January and the company website. Questions about the seizures were not answered by the task force, the Indonesian defence ministry or the military. In interviews with 12 company executives, growers in Indonesia, and five industry observers, including the most respected analysts of the sector, there was widespread concern about the future of their operations and the impact the crackdown would have on the global supply. Sources at three of Indonesia’s largest palm oil producers have confirmed that they have reduced their fertiliser usage and regular upkeep of areas at risk of takingover. This could affect future yields. Agrinas was formed by Agrinas, a company that has been seized of assets. The executives have requested anonymity out of fear of government reprisals. What can a business do if the government uses military or police? Who do we protest to? "Do you think we'll dare?" One executive replied: One executive said. Eddy Martono, chairman of the industry group GAPKI, said that the "uncertainty" could cause a drop in production as early as this year. 'KING OF THE THIEVES Melati Hanjalipan is two hours away from Sampit, through remote terrain with poor mobile reception and dust clouds following passing trucks. Sabarani, the cooperative's head, said that under state control there is a bleak future for this 106-hectare plantation, as monthly fruit bunches production has already dropped to 23 metric tonnes from an average of 80-100 tons. He said that their caretaker partner did not want to maintain the plot because of its legal dispute. Why is the state turning into the kings of thieves? He asked. Sabarani admitted to managing the plot, which was cleared by a Dutch timber company for 20 years without any proper documents. The cooperative had an expired local government permit, but when the central government reclassified it as forest they did not secure a Forest Area Utilisation Permit. This is similar to the experience of smallholders, who began planting on ancestral land before they were told that they were invading forests. An association that represents them reported that seizures have also affected tens and thousands of small plantations operated by transmigrant farm workers resettled in the country under former strongman leader Suharto. Sabarani stated, "We do not want to join Agrinas if we aren't legal." "We do not want to be used to work for Agrinas but be illegal," Sabarani said. MILITARY RUN PLANTATIONS Prabowo believes that the military-run plantations are essential for achieving food and energy independence within five years. Agrinas has been tasked to achieve his ambition of producing a diesel made entirely of palm oil, and controlling at minimum 30% of the domestic market for cooking oils. Agrinas, a newly formed company, was given the palm brief by Prabowo in March. It had no prior experience. The lawyer for the company showed pictures and videos of armed troops arriving at Duta Palma Group plantations, which were the subject of a money laundering case. Agrinas was given the lands. Sutomo stated that it plans to manage three million hectares by 2029. In September, he said, "My job used be to run around and go undercover. But now I'm told to take care palm oil." "This is an honor, a mandate even though I know nothing." INDUSTRY’S BIGGEST NAME The task force has focused its attention on some of the biggest names in the industry. The forestry ministry listed subsidiaries of Singapore-based Wilmar as well as SD Guthrie and Sinar Mas Group. Wilmar reported that despite challenges, the company had seen a 5% rise in production of fresh fruit bunches during the first half. However, full-year results are dependent on "resolutions to various issues" between Indonesian authorities. The company said it had engaged with Agrinas in a few plantations, and supported the regulation of illegal plants. Cargill stated that it was aware of the ongoing reviews and is in a constructive dialogue with authorities. SD Guthrie declined to comment on requests, but said in August that 3% of their planted area had been affected. First Resources and Musim Mas declined comment. Golden Agri, parent company of Sinar Mas did not respond. COMPLEX LEGAL MAZ Seizures bring to light decades of murky legality in land. Deforestation, unclear rights to land, changing rules, and inconsistent enforcement have plagued Indonesia's palm-oil sector since the 1990s boom. Three senior executives say many growers have documents relating to Jakarta disputes, and are faced with opaque processes for regularising permits. Investors are increasingly concerned about companies that have been certified as sustainable. This could have a long-term impact on production, especially since growth has already slowed down due to the ageing of trees and the moratorium on new permits for primary forests. Globally, a significant production shortfall could have repercussions on the global edible oil market. The markets are already constrained as Jakarta converts more palm into biodiesel. Sjafrie Sjamsoeddin is the leader of the task force and has stated that Agrinas must be prepared to ensure production does not decrease, but should actually increase. Top analysts at an industry event in Mumbai warned that seizures will continue to decline if they continue. Thomas Mielke, a forecaster at Oil World, said: "We assume Indonesia's production to rise by 0.7 millions tons next year. However, I wouldn't be surprised if it turns out that the increase is much smaller because investments are being cut." Dorab Mistry, an industry analyst, echoed these concerns: "The threat to nationalisation leads immediately to lower yields."
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The Russian-controlled Zaporizhzhia Nuclear Plant says it has power again after a 30-day interruption
The Zaporizhzhia Nuclear Power Station in Ukraine has been reconnected to external power by engineers who repaired a damaged line of high voltage, the station's Russian-installed managers announced on Thursday. In the first weeks after the Ukraine war, Russian troops seized the plant, Europe's biggest with six reactors. The plant currently does not produce electricity but it needs external power in order to cool down the nuclear fuel, avoiding the possibility of a meltdown. The International Atomic Energy Agency, U.N. nuclear watchdog, has prioritized the safety of this site, given the nearby fighting. Russia and Ukraine have often accused each other and blamed the latest power cut on the other for shelling. The plant was reliant on diesel backup generators for the last 30 days. The IAEA published a statement on X that stated, "Returning power is a key step in nuclear safety." In a press release, the Russian management expressed its gratitude to the IAEA for assisting in arranging a local ceasefire that allowed the repairs to be completed. It expressed its hope that the ceasefire will continue, so that repairs can be made to a second electricity line which has been down since May 7. Mark Trevelyan, Alexanra Hudson and Mark Trevelyan contributed to the report.
Libya still cut off from foreign banks, ousted main banker says
Libya's reserve bank, at the centre of a weekslong crisis that has actually slashed oil output, stays cut off from the global monetary system, its seasoned governor who was removed by political factions in a. objected to relocation informed Reuters on Thursday.
Sadiq al-Kabir, speaking from self-imposed exile in. Istanbul, stated the Central Bank of Libya (CBL) board designated. by western Libyan factions to change him controls the country's. internal payments system however foreign banks are not handling. it.
All worldwide banks that we deal with, more than 30. significant international organizations, have suspended all. deals, he said, adding that he likewise remained in contact. with other organizations including the International Monetary. Fund, the U.S. Treasury and JPMorgan.
All work has been suspended at the worldwide level. Therefore, there is no access to balances or deposits outside. Libya, he stated.
The U.S. Treasury did not instantly respond to requests. for comment. JPMorgan decreased to comment, stating it could not. talk about customer relationships.
An IMF spokesperson said the fund was closely following. advancements on the Reserve bank of Libya's management which. it supports the United Nations Assistance Mission in Libya's. efforts to reach a contract to end the standoff.
Kabir stated the board designated by the western factions had,. nevertheless, gained control over Libya's internal deals. systems, including wage payments.
The internal part, the workers have actually returned and the. systems are working, he said.
The contested board designated by Presidency Council head. Mohammed al-Menfi last month has said it has approved letters of. credit in dollars and euros to a number of companies and has. previously rejected that foreign banks are not handling it.
Kabir hopes to be reinstated as governor through U.N.-backed. negotiations between the House of Representatives parliament in. eastern Libya and the High State Council (HSC) based in Tripoli. in the west, to resolve the crisis.
He stated he is in touch with both the parliament and the HSC,. but not with Menfi or Prime Minister Abdulhamid al-Dbeibah.
Both the parliament and HSC have opposed Menfi's sacking of. Kabir, stating it breached a 2015 contract backed by the. global neighborhood that forms the legal basis for Libyan. politics.
The U.N.-backed talks are targeted at establishing a mechanism. for appointing the central bank governor and for managing a. brief interim duration.
According to contacts with the parliament and the High. State Council, both are insistent on executing the laws in. force and the political contract. This implicitly indicates the. inescapable return of the governor, he said.
While the parliament and HSC both opposed Menfi's termination. of Kabir, the 2 bodies have actually been lined up with competing forces for. most of the past decade and may find it difficult to settle on a. long-lasting service, analysts say.
(source: Reuters)