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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
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Dollar and stocks fall after Trump's threat to increase tariffs on China
The Nasdaq fell more than 2% on Friday, Treasury yields dropped and the U.S. Dollar weakened after President Donald Trump announced that he would be considering a "massive" increase in tariffs for Chinese goods. Trump stated that there is 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. calculates a massive increase of tariffs on Chinese goods. Robert Pavlik is a senior portfolio manager with Dakota Wealth, Fairfield, Connecticut. He said, "He caught the market by surprise again and has thrown more questions into a market which is already being questioned over its high level of enthusiasm, and for being too fluff-filled." The Dow Jones Industrial Average dropped 531.75, or 1.15 %, to 45.826.67. The S&P 500 declined 109.06, or 1.62 %, to 6.626.05 while the Nasdaq Composite lost 525.03, or 2.28 %, to 22.496.64. The MSCI index of global stocks fell 14.33 points or 1.44% to 979.14. The pan-European STOXX 600 fell by 1.22%. The dollar index (which measures the greenback in relation to a basket of currencies) was down by 0.46%, at 98.93. Meanwhile, the euro rose by 0.48%, at $1.1618. The dollar fell 0.93% against the Japanese yen to 151.65. After Japan's recent political and economic changes, the yen is still expected to decline against the dollar for the coming week. The Japanese yen has fallen on fears that the Bank of Japan will 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. The yield on the benchmark U.S. 10 year notes dropped 8.7 basis points from 4,148% to 4.061% on Friday.
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Gold prices jump above $4,000/oz after Trump's tariff warning against China
Gold rose above $4,000 an ounce on Friday. This is the eighth consecutive weekly gain after U.S. president Donald Trump's warning about possible new tariffs against China. As of 11:18 AM ET (1518 GMT), spot gold was up 0.8%, at $4.007.39 an ounce. This metal is up 3.2% this week. U.S. Gold Futures for December Delivery rose by 1.3% to $4 024.40. 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. 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. Tai Wong, a metals trader, noted that Trump's tweet has caused stocks to drop a percentage in just minutes, while gold is surging above $4,000 again. "Heating up trade war will cause the dollar to tank and is good for safe havens." 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. "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. The U.S. Dollar fell by 0.6% and made greenback-priced gold cheaper for overseas buyers. 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 2.2%, to $50.21 an ounce. This is a day after it reached a record-high of $51.22. This year, it has gained 70 percent. Silver futures for December 2025 on Comex were trading at $48.03. "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 very possible. Backwardation occurs when the spot price of a commodity is higher than its forward price. Platinum was up 0.3% to $1,622.61 while palladium rose 2.8% to $1445.00. Both metals were on track for gains this week.
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Gold Reserve disqualifies judge and advisers at Citgo parent auction
Gold Reserve, a Toronto-listed company, said that it filed motions on Friday to disqualify the court officer overseeing the auction of shares of Citgo Petroleum's parent company in Venezuela as well as the two advisory firms for the Delaware court. The miner is trying to stop the court from declaring the $5.9billion bid of rival Amber Energy, a hedge fund affiliate, Elliott Investment Management as the winner of the auction, since its own $7.9billion bid was not recommended by the court in August. Gold Reserve is among 15 creditors who are lining up for the cash proceeds of an auction of shares of PDV Holding (a unit of Venezuelan oil company PDVSA) as compensation for Venezuelan debt defaults and expropriations. GOLD RESERVE ALLEGES CONFLICTS of INTEREST Gold Reserve also asked for a temporary stay on all decisions regarding any bids made in the process of sale pending resolution of their disqualification motion. In a press release, Gold Reserve said that it wanted to provide full transparency for its investors on these matters. The company wants to disqualify Leonard Stark (the Delaware judge who is overseeing the case) and Robert Pincus (the court officer), for switching his recommendation that Elliott's Amber be the winner of the auction from Gold Reserve. Stark could not be reached for a comment immediately. Pincus's counsel did not respond immediately to a comment request. In September, lawyers representing Venezuela requested the suspension of a major sale hearing because of an alleged conflict involving Weil, Gotshal & Manges, a consulting firm. Stark, however, denied the motion. Gold Reserve has now requested that Weil be disqualified for an allegation that it was representing Elliott during the Citgo sale. Elliott also stated that Weil and Evercore - which are helping the court to evaluate the bids - have relationships with bondholders who could receive auction proceeds if Elliott's bid is accepted. Weil and Evercore didn't immediately respond to comments. On Thursday, the Venezuelan parties filed motions under seal to disqualify Pincus Weil and Evercore. Judge Stark set the court date for 21st October to hear from the parties about the conflicts that have arisen since Pincus changed his recommendation. After that, he is expected to make a final decision on the winner.
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In a TikTok video, an Afghan man is found guilty of threatening to kill Reform UK leader Farage
A British court found an Afghan man guilty on Friday of threatening to kill Nigel Farage in a TikTok clip. Farage is the leader of Reform UK, a populist party that leads the opinion polls of Britain. Fayaz, Khan was found guilty by a London jury of one count of making an explicit threat to kill Farage through a video that he posted in October of 2024. The prosecution said Khan, who has an AK47 assault rifle tattooed across his face, posted a response video to Farage's in which he said "pop, Pop, Pop" while making gun gesticulations. Farage testified on Tuesday that Khan's threats made him "genuinely concerned". He described the video as being "chilling". Khan will be sentenced for making a death threat and an additional charge, of entering Britain without permission. He previously pleaded to this charge. FARAGE IN A WITNESS BOX Farage posted a YouTube video in which he talked about "young men of fighting age" coming to our country. Khan's videos of his journey between Sweden and Britain were also included. Khan responded two days later with a post in which he said "Englishman Nigel don't talk sh*t about me", made gun gesticulations and headbutted to the camera. Farage claimed that being a prominent politician made him the target of criticism: "Abuse (is) part of public life. But, that's something I'm not used to seeing." "Given that he was so close to guns, and loved guns, I felt genuinely concerned." Farage's lawyer Charles Royle told Khan that Khan's video "suits [his] narrative", but Farage responded: "It does not suit my narrative. It's a truth." Khan had pleaded guilty, and told the police that after his arrest his video was not an actual threat. He also said that he was playing a role in his posts on social media. The jury found him guilty by a majority of 10-2. (Reporting and editing by Hugh Lawson; Sam Tobin)
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Gold on track for 8th straight weekly gain as demand for safe-havens and rate cuts bets sets gold on course to increase its value
Gold prices rose Friday, and are on track to reach an eighth consecutive weekly gain. This is due to expectations that the U.S. Federal Reserve will cut rates this month. Meanwhile, economic and political uncertainties have added to gold's appeal as a safe-haven. As of 8:41 AM ET (1241 GMT), spot gold had risen 0.3%, to $3.985.60 an ounce. This week, the metal is on track to gain 2.6% in a single-week. U.S. Gold Futures for December Delivery rose by 0.7% to $4001.50. Bullion that does not yield, which reached a record-high of $4,059.05 Wednesday, has traditionally been considered a hedge in times of greater uncertainty. Gold's recent rally has been attributed to geopolitical risk, central bank buying of gold, inflows of exchange-traded fund, U.S. interest rate cuts expectations, and tariffs. Hamad Hussain is a climate and commodities economist with Capital Economics. He says that the gold price has been supported by investor concerns about fiscal sustainability in general and expectations of US Fed rate reductions. The minutes of the U.S. Federal Reserve meeting in September revealed that policymakers were willing to cut rates to address risks on the labour market, but inflation concerns continued. Investors expect two Fed rate reductions of 25 basis points in October and December. The markets are closely watching the risks associated with the possible collapse of the French Government and the current government shutdown in the United States. Bullion priced in greenbacks is now cheaper for foreign buyers. "Overall, there's a chance of a temporary price drop given the rapid rise in gold prices in recent weeks." Over the next two years, Hussain said that gold prices will likely continue to rise. Silver's rise is fueled by the same factors that have driven gold's price up, as well as concerns over a shortage of silver and rising demand. After reaching a record-high of $51.22, silver rose by 1.7%, to $49.95 an ounce. This year, it has gained 73%. Silver futures for December 2025 on Comex were trading at $48,25. Alex Ebkarian is the COO of Allegiance Gold. He said, "Silver’s backwardation sends a clear message: physical demand is crushing paper supplies ....If physical demand continues to rise, breaking and maintaining above $50 silver is very possible." Backwardation occurs when the spot price of a commodity is higher than the futures price. Palladium, meanwhile, gained 3.8% and platinum 0.6%, respectively, to $1.464.51. These metals are both headed for gains this week.
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After a rally to $11,000/t, copper prices fall on the back of profit-taking
The copper price fell on Friday, as investors took profits after the metal had rallied to its highs in 16 months the previous session. This was due to concerns over tight supply. In official open-outcry trade, the price of three-month copper at the London Metal Exchange fell by 0.9% to $10.765 per metric ton. On Thursday, it reached $11,000 and moved closer to the all-time high of $11,104.50 in May 2024. After Freeport declared force majore at its Grasberg mine, in Indonesia, at the end September, investors have piled into copper. Data released on Thursday showed that the copper production of Chile's Codelco fell 25% in August following a deadly mine collapse. Discounts on the LME Cash Price to the 3-month Copper Contract The price of a ton dropped to $26 from $57 one month earlier. Copper, which is used in construction and power, has been unable to rally due to a lackluster demand. David Wilson, BNP Paribas' analyst, said that demand for industrial metals is generally not very good. To have a bull cycle that lasts, industrial commodities need to be characterized by a strong demand story. Copper inventories in China's top metals consumer, China, have risen 15% since late September. The Yangshan premium on copper has also increased. The price of copper, which reflects the demand for imports, remained at $49.50 per ton. This is its lowest level since August 19. In official activity, lead was down 0.8% at $2,013 per ton, disregarding the LME data that showed 118,000 tonnes of the metal marked as ready for delivery from LME-registered storage facilities, which brought the cancelled stock to 70%. LME aluminium dropped 0.4% at $2,786.5. Zinc rose 0.4% at $3,022.5. Nickel was down by 0.9% to $15,350. Tin fell 1.4% to 36,550. (Reporting and editing by Kirsten Doovan, Vijay Kishore, and Polina Devitt)
TotalEnergies Grows Stake in Two Blocks Offshore Namibia
Africa Oil has completed the farm down of its interests in blocks 2912 and 2913B offshore Namibia, containing the Venus field, to TotalEnergies EP Namibia.
The farm down was conducted via Africa Oil’s investee company Impact Oil & Gas Limited, which has received a payment of $99 million, as reimbursement for its share of costs incurred on the blocks net to the farm down interests.
Impact has retained a 9.5% interest in each of the blocks and will benefit from a carry loan for all its remaining development, appraisal and exploration costs on the blocks from the effective date, until the date on which Impact receives the first sales proceeds from oil production on the blocks.
Block 2913B is located in Petroleum Exploration License (PEL) 56, offshore southern Namibia and covers approximately 8,215 km2 in water depths between 2,450 m and 3,250 m.
Following the completion of the farm down, Impact now holds a 9.5% interest in this block.
TotalEnergies, the operator, holds a 50.5% interest, QatarEnergy holds a 30.0% interest and NAMCOR, the Namibian state oil company, holds a 10.0% interest.
Block 2913B contains the world class Venus light oil and associated gas field that was discovered by the Venus-1X well drilled in 2022, which encountered high-quality light oil-bearing sandstone reservoir of Lower Cretaceous age.
The field has been appraised with the testing of the Venus-1X side-track well plus three additional appraisal wells that have also been flow tested. These wells are Venus-1A, Venus-2A, and Mangetti-1X.
Block 2912 is located in PEL 91, adjacent and to the west of block 2913B. It covers an area of approximately 7,884 km2 in water depths between 3,000 m and 3,950 m.
Following the completion of the farm down Impact now holds a 9.5% interest in this block, while TotalEnergies, the operator, holds a 47.2% interest, QatarEnergy holds a 28.3% stake and NAMCOR holds the remaining 15.0%.
Following the 2022 Venus-1X discovery well, four further exploration and appraisal wells have been drilled on the blocks to date. Of the five wells drilled, four have, successfully penetrated and tested the Venus field. As a result, planning is currently progressing for the first development area, with a development scheme expected to be finalized by the end of 2025.
During 2024, two additional 3D seismic acquisition programs were completed to facilitate further exploration over the southern and northern parts of the combined blocks. This has resulted in most of the licensed area now being covered by 3D seismic. This data is currently being processed and interpreted and will help further evaluate prospects and leads in the far northern and southern parts of the Blocks.
On October 20, 2024, the DeepSea Mira spud the Tamboti-1X well, targeting significant additional resource in the north of Block 2913B. Beyond Tambotti-1X, there are a number of prospects in the southern part of the Blocks that are currently being matured by the recent 3D seismic data and create an opportunity for follow-on potential high impact exploration wells, according to Africa Oil.
“The farm down allows Africa Oil to retain a funded interest in the Venus development project that is expected to add significant reserves and production to our portfolio. We also believe there is tremendous exploration upside on the Blocks starting with the recently spud Tamboti-1X well,” said Roger Tucker, Africa Oil President and CEO.