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South Africa and China will push for investment following the increase in US import tariffs
On Tuesday, South Africa and China launched their ninth annual conference for trade promotion. They pushed Chinese investment into sectors like mining, energy, and infrastructure. South Africa, who had not faced any U.S. tariffs on imports of its goods as a result of the U.S. African Growth and Opportunity Act, now faces tariffs of 30% under the Trump Administration, although the country is currently in negotiations to find a better deal. Zhang Chaoyang announced, as chairman of the South Africa China Economic and Trade Association (SA-CETA), that Gold One, a Chinese state-owned company, Baiyin Nonferrous Group Company Ltd. will invest $4 billion ($230 million) into its gold mining operations located in Gauteng. The China-Africa Development Fund, which is a private investment fund, will also bid on South Africa's projects for independent energy transformation, with the aim of increasing electricity through private sector investments. Chaoyang revealed that companies like China State Construction will be increasing local procurements. Zuko Godlimpi, South African Deputy Minister of Trade, emphasized Pretoria's emphasis on Chinese investments, particularly in manufacturing, services and energy transition. He called the partnership a chance to create "a mutually-beneficial future". Chinese companies such as Hisense, BAIC and Sinosteel have already made significant investments in South Africa. This is the continent's largest industrialised economy. According to official data, Chinese direct investments in South Africa will total $13.21 billion by 2024. Meanwhile, South African investments in China will total $8.05 billion. South Africa exports 93% minerals to China while China exports 92% manufactured goods to South Africa. Both countries have expressed their desire to rebalance the trade pattern. Wu Peng, the Chinese ambassador, said that Chinese companies would accelerate their localisation efforts. Peng urged Chinese automakers, "If you want to protect your long-term interest, you should invest in South Africa." He also urged them to accelerate the development of their factories. Beijing announced earlier this year that it would extend zero-tariff treatment for all 53 African nations with ties to China. Peng stated that over 30 countries had signed framework agreements. Reporting by Colleen Goko; editing by Kevin Liffey
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Ribera: New climate targets coming in weeks
A top EU official said during New York Climate Week that the European Union will agree on its new climate goal in the next few weeks. He added that believing that climate action can be delayed is "suicide". Teresa Ribera who is in charge of the bloc's eco-policies spoke live on "Climate Frontlines", a show broadcast from Times Square. She expressed her hope that the bloc would have its updated climate plan ready by the time world leaders gather in Brazil for the climate talks this November. Ribera said that he believes the problem will be resolved in the next few weeks. Ribera is second in line to Ursula von der Leyen as head of the executive branch. She said that the bloc would stick to their climate plans, because they made economic and social sense, even though the United States has backed away from its efforts to curb global warming. She said: "We will fulfill our commitments, and we have a plan. The discussion now is on how to combine competitiveness measures to create a path that leads to the complete decarbonisation by 2050." Ribera stated that some people believed climate change could be delayed, yet, she was "convinced" that it is a mistake. This was not just for reasons of climate, but also for social and economic reasons. It's madness. "It is suicide." Due to disagreements between member countries, the EU has failed to reach a climate agreement in time for this week's U.N. General Assembly in New York. It is also on track to miss the U.N. deadline at the end of the month. As a backup, EU countries agreed last week on a "statement-of-intent" outlining the climate goal that they hope to eventually approve. This will prevent their leaders from being completely empty handed at a U.N. meeting on Wednesday where world leaders should announce new climate goals. France and Poland, among other EU countries, have asked that their leaders discuss the new target climate before it is approved. The next EU summit is scheduled for 23 October. (Reporting and editing by Aiden Lewis, Virginia Furness, Kate Abnett and Simon Jessop)
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Investors await Powell's comments to see gold surge to a new high
The gold price reached a new record high on Monday, helped by the safe-haven flows in response to geopolitical uncertainties and expectations for further Federal Reserve rate reductions. Investors were also focused on Jerome Powell's later speech. As of 10:18 am, spot gold was up 0.7% at $3,771.94 an ounce. After hitting a new record high of $3.790.82 in the earlier session, gold prices rose 0.7% to $3,771.94 per ounce at 10:18 a.m. ET (1011 GMT). U.S. Gold Futures for December Delivery rose by 0.8% to $3.804.30. The 10-year Treasury yields benchmark fell by 0.2% while the U.S. Dollar was mostly stable. Powell's remarks, scheduled to begin at 12:35 pm ET (1635 GMT), will be closely examined for further clues on the central bank's policy path. The central bank will be closely scrutinized to get more clues about its policy direction. Powell's comments, scheduled for 12:35 p.m. ET (1635 GMT), are expected to provide further information. Investors currently price in two 25 basis point cuts in October and December with 92% and 77% probabilities, respectively. "I believe Powell will reiterate some of what he stated at the meeting last weekend. This will give clues about upcoming rate cuts in the United States that are going to support gold," said RJO Futures Market Strategist Bob Haberkorn. The U.S. The Fed's preferred inflation measure is the Personal Consumption Expenditures Index (PCE). NATO has warned Russia it will use "all necessary non-military and military tools" to defend themselves, while condemning Moscow's violation of Estonian airspace as "a pattern increasingly irresponsible behavior". Commerzbank reported on Tuesday that gold prices are likely to be boosted by the strong buying interest of ETF investors, driven by expectations for rate cuts and concerns about the Fed's independence. Bloomberg reported Tuesday that the People's Bank of China uses the Shanghai Gold Exchange as a tool to encourage central bankers from friendly countries to buy and store gold within China's borders. The report was based on people familiar with this matter. Silver spot rose by 0.4%, to $44.24 an ounce. This is near the 14-year high. Platinum rose 4.1% to $1,475.51 while palladium climbed 2.7% to $1211.25. (Reporting and editing by Leroy Leo in Bengaluru, Noel John)
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Lithuania authorizes army to shoot drones that violate its airspace
After two Russian drones were reported to have crashed onto its territory, the Lithuanian parliament gave its armed forces the power to shoot down any drone that violates its airspace. Lithuanian army can only target drones if it is determined that they are armed, or pose a threat to state-owned objects. A law passed under emergency procedures by 117 out of 141 members in the Lithuanian Parliament will make this change. It will become effective for the NATO member and European Union state as of October. Violations of NATO Member States' Airspace Dovile Sakaliene, Minister of Defence, said: "Now we can react quickly in any way including the destruction drones." "Our laws and processes were not adapted for current threats... We can now respond at lightning speed". Lithuania's new law allows the chief of defense to shut down certain parts of Lithuanian airspace, and shoot down any drones inside that "violate rules established by him". NATO announced on Tuesday that it will use "all necessary non-military and military tools" to defend themselves after a "pattern of increasing irresponsible behavior" by Moscow in response to recent violations of NATO members' airspace. Lithuania requested more air defenses from NATO in August after two military drones crashed into its territory. Denmark also said that drones which disrupted flights on Monday at its main airport were connected to a number of suspected Russian drone incursions as well as other disruptions throughout Europe. Estonia reported on Friday that for 12 minutes, three Russian MiG-31 jet fighters violated the airspace of Estonia before being escorted away by NATO fighter aircraft. Poland reported that 20 Russian drones had entered Polish airspace between September 9-10. NATO jets shot down some of the drones and the alliance stepped up its defences on Europe's east flank. (Reporting by Andrius Sytas in Vilnius)
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TSX reaches new record highs on gold and energy stocks
Gold mining and energy stocks helped Canada's main index to scale a new intraday record on Tuesday as gold prices reached new peaks. Toronto's S&P/TSX Composite Index, which is heavily influenced by commodities, rose 0.2% at 10:03 a.m. to 30,021.01 index points. ET (1403 GMT). Allan Small, Senior Investment Advisor of the Allan Small Financial Group at iA Private Wealth said: "Gold prices continue to reach all-time highs. Gold has been carrying the weight and will continue to carry it." The TSX has risen by close to 20 percent for the entire year. This is the highest we've ever seen. It's been a long time coming because the U.S. equivalents have consistently underperformed for years." Gold miners gained 1.5% after the asset, which is a safe haven, hit a record high earlier in the day of $3.790.82. Perpetua Resources was up 1.2% while Novagold, B2Gold, and B2Gold all rose 4.4% to 3.7%. As oil prices increased, the energy sector gained 1,9%. Vermilion Energy and Baytex Energy both rose by 4.5% and 3.9% respectively. Shopify, the heavyweight in e-commerce, fell 3%. Bloomberg reported that Lithium Americas, among other stocks, dropped 2.7% when the Trump administration announced it would re-evaluate a $2.3billion loan for the development a Nevada Lithium deposit. MDA Space's stock rose 3% following the announcement of a multi-year agreement with Ottawa Senators. Kinross Gold gained 2.1% following the sale of a portion its Asante Gold shares at a price of C$73million. The Canadian banking regulator announced on Monday that it was open to adjusting capital rules to help achieve this goal. Reporting by Twesha Dhikshit, Editing by Shreya Biwas
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Taiwan: Two dead and 30 missing after typhoon in the east of the island
Taiwan's Fire Department said Tuesday that thirty people are missing and two have died in eastern county Hualien where a barrier mountain lake bursts its banks during a typhoon. Super Typhoon Ragasa is currently on its way southwards to China's coast. The barrier lake formed by landslides caused by heavy rains in the sparsely-populated east of Taiwan bursts its banks Tuesday afternoon, sending a wall into Guangfu Township. According to the fire department, 30 people are still missing in Hualien after the flooding. Two deaths have been reported in Guangfu. Rescuers are headed to Guangfu from all over Taiwan. Taiwan recorded almost 60 cm of rain (24 inches) in its east because of the typhoon. Reporting by Ben Blanchard Editing Mark Potter
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Top cases heard by the US Supreme Court in 2025-2026
The U.S. Supreme Court is preparing to decide a number of cases during its upcoming term that begins in October. These cases include issues like tariffs, transgender, campaign finance, crisis pregnancy centers and religious rights. The following are some of the cases that will be heard during the upcoming court term. Separately, the court has also acted in emergency cases involving challenges against President Donald Trump's policy. TRUMP TARIFFS On September 9, the court agreed to rule on the legality Trump's sweeping tariffs around world, a test that will be a major part of his agenda for economics and trade. The court heard the Justice Department appeal against a lower-court ruling that Trump had overstepped his powers in imposing his tariffs, which were imposed under a federal emergency law. This case could result in trillions of dollars worth of customs duties for the next decade. The U.S. Court of Appeals in Washington ruled Trump had overreached by invoking a 1977 act known as the International Emergency Economic Powers Act in order to impose tariffs. This ruling was made in response to challenges from five small businesses as well as 12 U.S. States. A toy manufacturer will also be bringing a separate case. Arguments will be held on November 5. Federal Trade Commission Firing The court allowed Trump to fire a Democratic Member of the Federal Trade Commission on September 22, while agreeing to listen to arguments in the case next December. This is a major test for presidential power in government agencies that Congress intended to be independent. The court granted the Justice Department's request to block an order by a judge that protected Rebecca Slaughter from being fired from the consumer protection agency and antitrust agency, before her term ends in 2029. The conservative justices of the court have a chance to overturn a 90-year-old precedent that upholds job protections enacted by Congress in order to give heads of federal agencies some independence from presidential control. U.S. district judge Loren AliKhan blocked Trump's firing Slaughter in July, rejecting the argument of the administration that tenure protections illegally encroached on presidential powers. On September 2, the U.S. Court of Appeals of the District of Columbia Circuit upheld the judge's decision. TRANSGENDER SPORTS PARTICIPATION On July 3, the court decided to hear Idaho and West Virginia's bid to enforce state laws that prohibit transgender athletes in female sports teams of public schools. This is another civil rights challenge against Republican-backed restrictions for transgender individuals. Idaho and West Virginia appealed lower court decisions siding with transgender plaintiffs. Plaintiffs argued the laws discriminate based upon sex or transgender status, in violation of U.S. Constitution 14th Amendment equal protection guarantee and Title IX civil right statute which prohibits sex discrimination in schools. The arguments have not been scheduled. CAMPAIGN-FINANCE On June 30, the court agreed to hear a Republican challenge, based on free speech grounds, to a federal campaign finance provision that limits spending by parties in coordination and cooperation with candidates for office. The case involved Vice President JDVance. Vance and two Republican committees, both of whom were running for U.S. Senate at the time the litigation started, appealed the ruling by a lower court that upheld the restrictions on how much money political parties could spend on campaigns, with the input of candidates they supported. The question is whether the federal restrictions on coordinated campaign expenditures violate First Amendment protections against government abridgment. The arguments have not been scheduled. GAY "CONVERSION THERAPEUTY" The Justices agreed on March 10 to hear a Christian Therapist's challenge to a Democratic Colorado law that bans "conversion therapy", which is intended to change a child's sexual orientation. Kaley Chiles, a licensed counselor, appealed the decision of a lower court that rejected her claim that a 2019 statute violated the First Amendment by censoring her communications with her clients. The state claims it regulates professional conduct and not speech. Chiles, a Colorado-based Christian therapist who believes that "people flourish when they live in accordance with God's plan including their biological gender," according to court documents. Arguments will be held on October 7. CRISIS PREGNANCY COUNTER The court agreed on June 16 to reconsider reviving the operator of a New Jersey crisis pregnancies center's attempt to stop the Democratic-led attorney general's investigation into whether the Christian faith based organization misled women to believe it offered abortions. First Choice Women's Resource Centers has appealed the ruling of a lower court that said the organization had to contest the attorney general's summons in state court prior to bringing a lawsuit against it. Crisis pregnancy centers offer services to pregnant women in order to prevent them from getting an abortion. Abortion rights activists have criticized them for not advertising their anti-abortion position. First Choice argues that it has the right to take its case to federal court, because it alleges a violation of First Amendment rights for free speech and freedom of association. The arguments have not been scheduled. RASTAFARIAN INMATES The Justices took up on June 23, a Rastafarian's lawsuit against state prison officials in Louisiana for holding him down and shaving him bald, in violation of their religious beliefs. Damon Landor's religion dictates that he let his hair grow. He appealed the decision of a lower court to dismiss his lawsuit filed under a U.S. statute protecting against religious infringements by state and local government. Landor was not allowed to sue officials individually for damages under this law, according to the lower court. The law in question protects religious rights for people who are confined in institutions like prisons and jails. The arguments are scheduled for 10 November. DEATH ROW INMATES The court decided on June 6 to hear the appeal of Alabama officials against a ruling that an Alabama man convicted of murder in 1997 was intellectually disabled. This finding spared him the death penalty, but the Republican-governed State is still pushing to execute him. According to the lower court's analysis of Joseph Clifton Smith's IQ scores and expert testimony, he was deemed intellectually disabled. According to a Supreme Court decision from 2002, the Eighth Amendment's prohibition on cruel and unjust punishment is violated by executing a person with intellectual disabilities. Arguments will be held on November 4. LOUISIANA ELECTORAL DISTRECTS The court will again hear arguments in a dispute involving a Louisiana election map that increased the number of U.S. Congress districts with a majority of Black people in the state. The court announced on August 1, that it would assess the legality a key component in the landmark Voting Right Act. This could give its conservative majority the chance to eliminate a provision that was enacted 60-years ago to prevent racial bias when voting. Justices heard arguments on March 24, but ordered on June 27 that the case be argued again. State officials and civil right groups appealed an earlier court ruling which found that the map of Louisiana's six U.S. House of Representatives district - now with two Black majority districts instead of one - was in violation of the Constitution's equal protection promise. Arguments will be held on October 15. COX COMMUNICATIONS PIRACY VERDICT On June 30, the justices took up a dispute over copyright between Cox Communications, an internet service provider, and a group music labels. This was in response to a court decision that had thrown out a $1 Billion jury verdict against Cox Communications for alleged music piracy by Cox users. Cox Communications appealed the lower court decision that it was still responsible for copyright violations by its customers despite the ruling overturning the verdict. Sony Music, Universal Music Group, and Warner Music Group are among the labels. The arguments have not been scheduled. CHEVRON AND XXON COASTAL POLLLUTION On June 16, the court agreed to hear an application by Chevron and Exxon Mobil, as well as other oil and gas firms to move lawsuits filed by two Louisiana municipalities accusing them of damaging the state's coastline over a decade-long period to federal court. The companies appealed the lower court's decision rejecting their claim that the lawsuits should be heard in federal court, because the parishes Plaquemines & Cameron were suing for oil production undertaken during World War II to fulfill U.S. Government refinery contracts. Federal court is a more friendly venue for such litigation. Arguments have not been scheduled. ENBRIDGE PIPELLINE DISPUTE On June 30, the justices decided to hear Enbridge’s request to change the venue of Michigan’s lawsuit to force the Canadian pipe-line operator to cease operating a line beneath the Straits of Mackinac (waterways connecting two of the Great Lakes) due to environmental concerns. Enbridge appealed the lower court's decision rejecting its request to transfer the case from state to federal court. Federal court is considered to be more favourable to defendants. The arguments have not been scheduled.
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Ugandan Museveni is cleared to run for re-election and is looking at a near half-century of rule
Uganda's Electoral Commission cleared octogenarian president Yoweri Mugabe to run for reelection at the polls scheduled to take place early next year. This could extend his reign in East Africa to almost half a century. Former rebel Museveni is credited for stabilising Uganda, promoting growth and fighting HIV/AIDS. Critics, however, criticise his government for its suppression of political opposition and human rights violations. Museveni, who seized power in 1986 said that the problem Africa faced was not its people, but "leaders" who wanted to stay in power for too long. Museveni, Africa's fourth-longest-ruling leader and his government amended the Constitution twice to remove term and age limits. This allows him to stay in office. WINE IS EXPECTED to Fight Against Opposition Leader In 2026, the incumbent, who is 81 years old, will likely face his main rival, Bobi Wine (43), a pop singer, who has used his fame to gain a lot of support among younger voters. Museveni, whose real-life name is Robert Kyagulanyi (Wine), defeated Wine in 2021 with a large margin. Wine claimed that his victory had been stolen by ballot stuffing, security force intimidation, and other irregularities. Museveni was the first candidate to have his candidacy cleared by the electoral body. The elections body is responsible for evaluating whether candidates meet the legal requirements. Wine's candidature is expected to be assessed on Wednesday. Museveni, at a press briefing on Tuesday, said that he would be able to focus his efforts in restoring public security, improving the transportation infrastructure and expanding free health care and education. He said that there was a certain amount of crime and impunity, in reference to the public's concern about an increase in crime in urban areas. He said that his National Resistance Movement, the party he leads in government, would work to "get rid of corruption". Museveni’s government expects an economic boom once the country starts shipping crude oil in 2019. Growth is expected to reach double-digits by next financial year. He denies these claims. The president has been accused by his opponents of abusing state patronage, the military, and kidnappings to keep power. Muhoozi Kaineruaba, Museveni's youngest son and Uganda's top military official, confessed to holding an opposition activist hostage in his basement, threatening Wine as the next victim. (Reporting and editing by Hereward Holland; Ammu Kanampilly, Joe Bavier and Elias Biryabarema)
Argentina markets continue to rise ahead of Trump-Milei Meeting
Argentina's bonds and stocks soared on Tuesday, extending gains from the previous session. The expected meeting between U.S. president Donald Trump and Argentinean leader Javier Milei is expected to take place. Dollar bonds, the stock market, and the peso all rose on Monday, after U.S. Treasury secretary Scott Bessent stated that "all options" were available to Argentina. This included swap lines and direct currency purchase from Washington.
MarketAxess data showed that Tuesday's bond moves lifted them up by as much as 2.3c before they began to retrace some of their gains. They were still more than one cent higher on the dollar.
In premarket trading, shares of Argentine firms listed in the U.S. also increased. Banco BBVA Argentina jumped 6% while Grupo Financiero Galacia climbed 2%. Energy firm YPF gained a further 2.5%. The gains on Monday were 15% for an index of Argentine shares trading on U.S. markets.
What will the US support look like?
The embattled currency of Argentina, the peso, has gained nearly 5% against the dollar. This is a dramatic reversal, after the Argentinean central bank burned through over $1 billion in reserves last week to defend the currency.
Investors speculated on the size and shape of the Trump administration's support for Argentina due to the lack of details.
Simon Waever is a Morgan Stanley strategist and said that the U.S. announcement of support was significant.
"A loan tied to future U.S. investment seems more realistic than buying ARS or a swap. Argentina renewed a swap line of $5 billion with China's central banks earlier this year. This is part of a $18 billion overall facility with the PBOC, which has helped Argentina shore up its reserves but also attracted ire from Washington.
Concerns over MILEI’s ability to keep reforms on track
In recent years, the financial assets of Argentina have experienced a rollercoaster ride. Argentina is a serial defaulter.
Since Milei took office as president in December 2023, and began an ambitious reform program, investors have generally warmed up to Argentina.
The markets have been falling sharply over the past few weeks. International bonds are still near 10% down for the year, and the peso is under pressure due to corruption allegations within Milei's inner-circle and a bigger-than-expected defeat in a local Buenos Aires election that raised concerns about his ability reshape an economy. (Reporting and editing by Marc Jones; Additional reporting by Nikhil Singh; Reporting by Karin Strohecker)
(source: Reuters)