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UN reduces its aid appeal to 2026 despite rising need
The United Nations called on Monday for an aid budget for 2026 that was only half of what they had hoped to receive this year. They acknowledged a drop in funding from donors at a moment when the humanitarian crisis is more urgent than ever. The U.N. admits that its $23 billion appeal will exclude tens millions of people who are in dire need of assistance. Falling support has forced U.N. organizations to prioritize only the most desperate. These funding cuts are on top of the other challenges facing aid agencies, including security threats to staff in conflict zones as well as lack of access. U.N. MAKES 'TOUGH CHOICES BRUTAL' Tom Fletcher, U.N. Aid Chief, told reporters that "it's ultimately the cuts that force us to these tough, hard, brutal choices we're forced to make." He said, "We're overstretched and underfunded. We are also under attack." "And we drive our ambulance toward the fire." In your name. We are now also asked to extinguish the fire. There isn't enough water in the tank. And we're being shot at." The U.N. had requested $47 billion in aid for 2025, but this figure was drastically reduced as President Donald Trump and other major Western donors like Germany started to reveal their scale of cuts. The figures for November showed that it has received just $12 billion, the lowest amount in 10 years. This is only a little over a quarter. The $23 billion plan for next year identifies 87 millions people as priority cases, whose lives are at risk. It says that a quarter billion people are in need of urgent help, and it plans to provide 135 million with assistance at a cost $33 billion. The occupied Palestinian territory is the recipient of the largest single appeal, $4 billion. Gaza is the main beneficiary of this appeal, as it has been devastated by two years of Israel-Hamas violence, leaving nearly all its 2.3m inhabitants homeless and dependent upon aid. Sudan is second, followed by Syria. STRETCHED HUMANITARIAN RESPONSES The Norwegian Refugee Council (NRC), a major NGO that operates in dozens humanitarian crises including Gaza and Sudan said Monday that the funding limitations would push humanitarian response to its limit. Maureen Magee said, "We are concerned that a lack of funds will prevent millions of people in crisis in places such as the Democratic Republic of Congo (DRC), Myanmar, and Syria from receiving aid." The International Organization for Migration (IOM) is also reducing its budget. The organization requested in its 2026 Global Appeal, released on Monday half of the money it had asked for the previous year. The request is for $4.7 billion in order to help 41 million people who are forced to leave their homes because of climate change or conflict. It also includes assistance with their return. The company said that it had already raised $1.3 billion. It asked for $8.2 Billion last year to help 101 Million People. U.N. agencies that provide humanitarian aid rely largely on donations from Western donors. The United States is by far the largest donor in history. U.N. figures showed that despite Trump’s cuts, it would still be the top country in 2025. However, its share of the total had dropped from more than a third to just 15.6%. (Reporting and editing by Aidan Lewis, Frances Kerry and Emma Farge)
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Gold prices rise on Fed rate cuts and a weaker dollar
Gold prices increased on Monday due to growing expectations that the U.S. will cut interest rates, which pushed up the dollar ahead of this week's Federal Reserve policy meeting. By 1252 GMT, spot gold had risen 0.4% to $4214.41 an ounce. U.S. Gold Futures for February Delivery were unchanged at $4.243.50 an ounce. Dollar-priced Gold is now more affordable to overseas buyers thanks to the dollar index, which has been trending lower since December 4. The gold price is rising due to a lower dollar, and the market expects that the Fed will cut rates this week. This was stated by UBS analyst Giovanni Staunovo. Last week, data showed that U.S. consumers spent more in September. This reflected a slowdown of the economic momentum, despite rising costs and weakness on the labour market. Private payrolls in November saw their biggest decline in more than two-and-a half years. CME's FedWatch tool shows that markets have priced in a 87% chance of a rate cut of 25 basis points at the Fed meeting on December 9-10, after the release of weak data and the dovish comments of several Fed officials. Gold is a non-yielding asset that tends to be in high demand when interest rates are low. Staunovo added, "We are still looking for rate cuts in the coming year. This should push gold up to $4,500/oz." Silver rose 0.4% to $58.48 an ounce after reaching a record-high of $59.32 per ounce on Friday. Silver is also benefiting from this factor. Staunovo added that the expectation of improved industrial demand due to monetary and fiscal stimuli helped silver outperform gold over recent weeks. White metal prices have doubled this year due to supply shortages and the designation of this mineral as a critical one by the U.S. Palladium increased 1.2%, to $1474.38, while platinum rose 1.2%, to $1661.05. (Reporting and editing by Susan Fenton in Bengaluru, and Louise Heavens.)
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Indonesia fines palm oil and mining companies $2.3billion for operating in forests
A government task force in Indonesia has fined dozens of palm oil companies and mines a total of 38.62 trillion Rupiah (2.31 billion dollars) for illegally operating in forest areas. An official confirmed this on Monday. The forestry taskforce of President Prabowo, which is made up by military personnel and officials from law enforcement, has cracked down this year on a scale that was unprecedented on illegal plantations and mines in forest areas. The task force has seized 3.7 million hectares (9.1million acres) of plantations, and more than 5300 hectares (more than 6,000 acres) of mining operations. Its goal is to reach 4,000,000 hectares before the end of this year. Barita Simanjutak, a member of the task force and an official in the Attorney General's Office, confirmed that following the seizures, the Attorney General's Office issued fines to 22 mining companies totaling 29.2 trillion Rupiah and 9.42 trillion Rupiah. He said that they were some of the former owners of the assets, but refused to disclose their names. He said that palm oil companies would be expected to pay 25,000,000 rupiah for each hectare of land per year. However, he did not explain how the fines are calculated. Simanjuntak stated that some companies had paid and others had objected. He said the task force would listen to any dialogue, but enforce the law with strictness. He said, "We encourage companies to cooperate." He added that "it is not impossible" for the taskforce to take legal actions if compliance was not observed. The task force handed over 1.5m hectares to Agrinas Palma Nusantara. This state-owned firm was established early this year and is now the largest palm oil company in the world. The palm oil industry has been shaken by the military-backed seizure. Analysts have predicted that the military-backed seizures, along with Indonesia's plan to produce biodiesel, would put upward pressure on prices globally, as they were expected to disrupt productivity. Indonesia is the largest exporter in the world of palm oil and thermal coal. It also produces nickel, tin, and tin.
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REalloys joins forces with Canada's Rare Earths Council
REalloys, a U.S. startup that produces heavy rare-earth magnets, announced on Monday that it will partner with Saskatchewan Research Council (Canada's unit for technology innovation) to expand a processing plant for heavy rare earths, which is expected to begin operating in 2027. REalloys said it would invest around $21 million to expand the production of heavy rare Earths in exchange for a long term offtake agreement that covers 80% of its annual production. The announcement is made as the U.S. Government seeks to diversify the risk away from China, the top supplier of magnets, by developing an alternative supply line for the materials used in wind power and defense industries. REalloys of Ohio, formed in 2023 plans to convert rare earths into metal in Saskatchewan, either from mined ore, or recycled electronics. It signed an earlier agreement to source ore for a Greenland-based project that Critical Metals Corp hopes to develop. The Saskatchewan facility initially will produce 30 tons of dysprosium, 15 tons terbium, and 400 tons neodymium (NdPr). This will increase to 600 tonnes per year once the expansion is completed. REalloys is developing a mining project in Saskatchewan that will support the magnet rare-earths supply chain. In September, the U.S. Export-Import Bank sent a letter of intent for a loan up to $200,000,000 to fund processing and magnetic facilities. (Reporting by Melanie Burton in Melbourne; Editing by Jamie Freed)
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Gold prices rise on Fed rate cuts and a weaker dollar
Gold prices increased on Monday due to growing expectations that the U.S. will cut interest rates, which pushed up the dollar ahead of this week's Federal Reserve policy meeting. By 1127 GMT, spot gold had risen 0.2% to $4206.36 an ounce. U.S. Gold Futures for February Delivery fell 0.2% to $4235.60 an ounce. Dollar-priced Gold is now more affordable to overseas buyers thanks to the dollar index, which has been trending lower since December 4. The gold price is rising due to a lower dollar, and the market expects that the Fed will cut rates this week. This was stated by UBS analyst Giovanni Staunovo. Last week, data showed that U.S. consumers spent more in September. This reflected a slowdown of the economic momentum, despite rising costs and weakness on the labour market. Private payrolls in November saw their biggest decline in more than two-and a half years. CME's FedWatch tool shows that markets have priced in a 87% chance of a rate cut of 25 basis points at the Fed meeting on December 9-10, after the release of weak data and the dovish comments of several Fed officials. Gold is a non-yielding asset that tends to be in high demand when interest rates are low. Staunovo added, "We are still looking for rate cuts in the coming year. This should push gold up to $4,500/oz." Silver rose 0.3% to $58.43 an ounce after reaching a record-high of $59.32 per ounce on Friday. Silver is also benefiting from this factor. Staunovo added that the expectation of improved industrial demand due to monetary and fiscal stimuli helped silver outperform gold over recent weeks. White metal prices have doubled this year due to supply shortages and the designation of the mineral as a critical one by the U.S. Palladium rose by 1.2% and platinum was up 0.9% at $1,656.61. (Reporting and editing by Susan Fenton, Louise Heavens and Pablo Sinha from Bengaluru)
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Copper reaches record high on supply concerns ahead of Fed decision
Prices of copper reached record levels on Monday, as the lower dollar in anticipation of the Federal Reserve meeting this week led to a rush of purchases. Concerns about future shortages also fueled optimism. Benchmark copper at the London Metal Exchange rose 0.3% to $11,657 per metric ton by 1057 GMT, from a previous peak of $11,771 per ton. This represents a gain in excess of 30% for this year. The U.S. Central Bank is expected to reduce rates. The U.S. dollar will be affected, and when it falls the price of metals priced in dollars becomes cheaper for holders other currencies. This relationship is used by funds as a way to generate buy-and-sell signals based on numerical models. The mine supply disruptions of recent years, such as the accident at Freeport-McMoRan's giant Grasbery Mine in Indonesia, are partially responsible for the expected deficits. The rest of the world has also seen a tightening of supplies as traders have shipped copper to the United States due to higher Comex prices ahead of U.S. president Donald Trump's proposed import tariffs. The U.S. tariffs on metals used in construction and power remain under review. An update is due by June. The copper inventories at the Comex-approved warehouses are now a record 436,853 metric tons or short tons. On Friday, the number of people who attended church has increased by more than 300% compared to March. Macquarie analysts estimate that there are roughly 335,000 additional tons of metals sitting in storage in the U.S. Macquarie stated that the metal had been transferred into Comex warehouses, and November imports were lower than usual before Section 232. The market surplus is 400,000 to 600,000 tonnes per year, if you allow for the transfer of stocks. It's a problem that the majority of this stock is in America, causing artificial shortages elsewhere. Other metals saw aluminium slip 0.1%, to $2.895 per ton. Zinc gained 0.4%, to $3.110. Lead added 0.4%, to $2.011, while tin rose 0.3%, to $40.175. Nickel slipped by 0.1%, to $14.930. (Reporting and editing by Leroy Leo; Pratima Dasai)
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Draft document shows that EU will delay proposals on carbon border tax for auto industry
By Kate Abnett and Philip Blenkinsop BRUSSELS - According to a draft agenda of the European Commission, seen by, the European Union intends to delay until December 16 legal proposals for expanding its carbon border levy, and possibly weakening a ban on new CO2-emitting vehicles in 2035. Carmakers and governments are closely watching the plans, including Germany, Italy and others, who have asked that the EU revise their 2035 auto CO2 emission policy, as it currently stands, would effectively ban new combustion engine vehicles. The original publication date for the proposals was Wednesday. On Monday, officials from the Commission were still negotiating timings and the draft agenda may still change before publication. Some EU officials have suggested that the proposals for autos could be further delayed, possibly into 2026. The spokesperson for the Commission declined to comment on a draft agenda that was seen by. Brussels is working on proposals to extend its carbon border tariff, which will be implemented in the near future, to include more downstream products like washing machines. This would prevent foreign companies from avoiding this world-first measure. The proposals for autos are being developed amid lobbying by European carmakers to allow greater flexibility in the 2035 policy. This includes allowing plug-in hybrids and combustion engine vehicles that run on so called CO2-neutral gasolines, continue sales beyond this deadline. The European auto industry needs flexibility to deal with the slower-than-expected electric vehicle sales and the fierce competition from China. The EU's climate goals could be compromised if the policy is weakened. This would result in more CO2-emitting vehicles on the roads of Europe by 2050 when it has committed to achieving net zero emissions for its entire economy. Reporting by Kate Abnett and Philip Blenkinsop. Editing by Louise Heavens.
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Sudan's RSF paramilitary RSF claims it has taken control of the strategic Heglig Oilfield
The Sudanese paramilitary Rapid Support Forces, or RSF, announced on Monday that they had taken over the strategic Heglig Oilfield in South Kordofan Province. Heglig is the largest processing plant for South Sudanese crude oil. This makes up a large part of the government's revenue. Sources from the government said that the workers and the government forces at Heglig oilfield retreated on Sunday in order to avoid any clashes which could have damaged oil facilities. Sources at the Heglig Oil Field said that oil workers and the army had left the oil field for South Sudan. The Greater Nile Pipeline System transports oil to Port Sudan at the Red Sea, where it is exported. This makes the Heglig site crucial for both Sudan's hard currency earnings and South Sudan which is landlocked, and relies on pipelines mostly through Sudan. The conflict that broke out in April 2023, between the Sudanese Army and the RSF, has disrupted South Sudan’s oil flow. Before the conflict, South Sudan exported between 100,000 and 150.000 barrels of crude oil per day via Sudan. (Reporting and editing by Bernadettebaum)
The Gulf markets are gaining on US rate cuts
The Gulf's major stock exchanges rose early on Tuesday. This was aided in part by the rising expectations of a Federal Reserve rate cut in December and signs that the U.S. shutdown may be nearing its end.
The U.S. economy lost jobs last week. Retail and government sectors were the main culprits.
A survey released on Friday showed that the U.S. consumer's sentiment had fallen to its lowest level in 3-1/2 years at the beginning of November, due to concerns about the effects the shutdown would have on the economy.
The shutdown has delayed important economic metrics including the non-farm employment report.
Saudi Arabia's benchmark stock index rose 0.1%. This was helped by Al Rajhi Bank, which rose 0.7%, and Dar Al Arkan Real Estate Development (which jumped 4.9%). Both are on track to extend their gains after a sharp rise in quarterly earnings.
Kingdom Holding, the investment company controlled by billionaire prince Alwaleed Bin Talal, saw its shares jump 3% after a 129% rise in profit for the third quarter.
Saudi Aramco, the oil company, fell by 0.2%.
In Asian trading, oil prices fell as concerns about oversupply outweighed the uncertainty surrounding U.S. sanctions against Russian oil giants Rosneft & Lukoil.
Saudi Advanced Industries fell 6.4%, its largest decline since August. This was after it reported a 99% drop in the third-quarter profits.
Dubai's main stock index rose 0.5% with Emaar Properties, a blue-chip developer, rising 1.9%.
According to CME Group’s FedWatch tool, traders are pricing in an approximately 64% chance that the Fed will reduce rates by 25 basis point next month.
The U.S.'s monetary policy changes have an important impact on Gulf markets where the majority of currencies are pegged with the dollar.
Abu Dhabi's Index was flat.
The Qatari Index rose 0.4% led by the 1.5% increase in Qatar Islamic Bank. (Reporting from Ateeq Sharif in Bengaluru, Editing by Thomas Derpinghaus.)
(source: Reuters)