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Peru's new President faces protests that resulted in dozens of injuries and one death
The state ombudsman’s office reported on Thursday that at least one person died and dozens were injured during widespread protests in Peru overnight against President Jose Jeri who took power only days before. The demonstration on Wednesday night was called by Gen Z protesters and transport workers, as well as civil groups. It was part of a series against rising crime and corruption that culminated in the ouster at midnight of former president Dina Boluarte. Around the country, thousands of protesters gathered. Hundreds clashed with police in front of Congress in Lima. The police fired tear gas, while protesters hurled rocks, fireworks and burning objects. "Everyone must leave!" "Everyone must go!" protesters shouted when they reached Congress, and then tried to tear down the metal barriers protecting it. This led to clashes. Fernando Losada from the Ombudsman office of the country said that a 32-year old man named Eduardo Mauricio Ruiz was killed in the protest. His death will be investigated. The prosecutor's offices in Peru said Ruiz was shot to death. Oscar Arriola, head of Peru’s national police, told reporters later on Thursday that Luis Magallanes was physically assaulted by a PNP member and had committed the shooting. Arriola said Magallanes had been taken to hospital for treatment and was removed from his position. Jeri posted on X that she was sorry for the death and said it would be investigated "objectively". He blamed the violence on "delinquents" who had infiltrated peaceful protests to create chaos. He wrote: "The full force will be on these people." Jeri, who attended a meeting at Congress about protests on Thursday afternoon, told reporters that he would "ask Congress for the authority to legislate" on issues of public safety. Jeri stated that prison reform would be a major focus, but she did not elaborate what these powers would include. Vicente Tiburcio was appointed as the new Interior Minister shortly after the protest. He spoke to Congress and said that the government will push for a comprehensive reform of the national police. The interior ministry didn't immediately respond to an inquiry for comment about the reform of police or Jeri’s request for increased legislative powers. The protests on Wednesday were a good indicator of how Jeri’s presidency could end next July, due to elections scheduled. Jeri has pledged to put crime at the top of his agenda, but he has been involved in a number scandals, including allegations of corruption and an investigation that has now been shelved for sexual assault. Jeri, 38, has expressed his willingness to work with any investigation into corruption. He has denied all wrongdoing and is willing to cooperate. Boluarte was the subject of widespread protests when she took power in 2022. This led to dozens deaths and a drop in her popularity, which fluctuated between 2% to 4% during the days before her removal. Congress, which Jeri led before becoming president, is also unpopular. It has a one-digit approval rating. (Reporting from Marco Aquino, Lima; writing by Alexander Villegas and editing by Deepa Babyington and David Gregorio).
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Italian appeals Court upholds conviction of Milan prosecutors in Eni Nigeria Case
Two Milan prosecutors were sentenced to eight months in prison by an Italian appeals court for not filing documents that would have backed up the position of energy group Eni in an international case of corruption. Eni, Shell and all defendants were acquitted by a jury in March 2021, in what was dubbed the biggest corruption case in the oil industry, which involved the $1.3 billion purchase of an oilfield in Nigeria a decade earlier. The judges in Brescia, a northern city in Italy, confirmed the verdict of last year that Fabio De Pasquale & Sergio Spadaro had failed to comply with their legal obligations by failing to submit documents that would have been helpful to the defence. Spadaro, before Thursday's verdict read to the court a long statement in which he stated that "there was not omission, no refusal" and the prosecution had acted according to "conscience and law". Massimo Dinoia said that the two attorneys for the prosecution would appeal their case to Italy's highest court, The Court of Cassation. De Pasquale & Spadaro are able to continue working during the appeals process. The Milan court which acquitted defendants in Eni and Shell's trial stated that the prosecutors failed to include a video taken by an ex-external lawyer for Eni. This court considered the video relevant to the case. The Brescia Court has jurisdiction over judges in Milan and prosecutors there. (Reporting and editing by Gavin Jones, Emilio Parodi)
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Brazil looks to financial guarantees and tax breaks for strategic mineral deposits
According to the agenda for the first meeting of the National Mining Policy Council, held on Thursday, the Brazilian government plans to offer financial guarantee to fund strategic mining projects and tax incentives to encourage their processing and industrialization. Document stated that the meeting will take place at 3:30 PM (1830 GMT) in Brasilia. The resolution to create a group of experts tasked with developing the supply chain in Latin America's biggest economy is expected to be voted on. The committee was created by President Luiz inacio Lula to promote a new policy that treats strategic minerals as an issue of national sovereignty and aims to limit exports without domestic processing. In August, the Brazilian government said that the framework will help Brazil maintain control over its mineral resources and position Brazil as a leader in the global energy transition. Rare earth elements, abundant in Brazil, are critical minerals that are essential for advanced technologies. They have also become a flashpoint of tensions between the United States and China following Beijing's decision to move its embassy to tighten Export controls were implemented earlier in October. According to the U.S. Geological Survey, Brazil's rare earths production is less than 1% despite having the second largest reserves in the world after China. Brazil is also seeking to engage with the United States again following the aforementioned a Get 50% off Donald Trump's Administration imposed tariffs on its products citing the case of former President Jair Bolsonaro who was later convicted. The sentence is: To 27 years of prison for trying to stage a coup in 2022 after the election was lost. Brazilian officials floated the idea of rare earths in the context of trade negotiations with Washington. However, the dialogue has only recently gained traction. This was notably after Lula briefly spoke to Trump at the U.N. General Assembly on September 30. On Thursday, Foreign Minister Mauro Vieira The meeting is scheduled to take place U.S. Secretary Marco Rubio at Washington. Reporting by Marcela Gregorio; editing by David Gregorio
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Russian rouble falls on concerns about oil exports
On Thursday, the Russian rouble fell sharply in relation to the U.S. Dollar and the Chinese yuan due to market worries about future oil revenues after U.S. pressure was applied on India and China. Donald Trump, the U.S. president, said that on October 15, Indian Prime Minister NarendraModi had promised to stop purchasing oil from Russia. He would then try to convince China to do the exact same thing. The rouble fell by 1.7% against the U.S. Dollar in the over-the counter market and by 2% to 11,20 against the Yuan at the Moscow Stock Exchange where the Chinese currency is the most actively traded foreign currency. The rouble strengthened this week to its highest level since July, on the back of a decline in demand for foreign currencies from importers. Fears of a possible future decline in oil revenues led to some profit-taking, which had a direct impact on the thin Russian markets, said a Russian currency trader who declined identification. Another currency dealer stated that "our illiquid market broke", mainly because there was a general feeling of inadequacy about the recent strengthening the rouble. The rouble has not reacted to the news that Trump is to hold a telephone call with Russian president Vladimir Putin on Thursday evening, just a day before he hosts Ukraine's Volodymyr Zelenskiy at the White House. (Reporting and editing by Gareth Jones, Gleb Brynski)
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Peru's new President faces protests that resulted in dozens of injuries and one death
The state ombudsman’s office reported on Thursday that at least one person died and dozens were injured during protests in Peru overnight against President Jose Jeri who took power only days before. The protest, organized by Gen Z, civil groups and transport workers, took place on Wednesday night. It was part of a series against rising crime and corruption that culminated in the dramatic ouster at midnight of the former president Dina Boluarte, last Thursday. Around the country, thousands of protesters gathered. Hundreds clashed with police in front of Congress in Lima. The police fired tear gas, while protesters hurled rocks, fireworks and burning objects. "Everyone must leave!" "Everyone must go!" protesters shouted when they reached Congress, and then tried to tear down the metal barriers protecting it. This led to clashes. The Ombudsman's Office confirmed that a 32-year old man, Fernando Losada was killed in the protest. It said the death will be investigated. The Peruvian prosecutor's said that Losada died after being shot but didn't say who fired. Jeri posted on X that she was sorry for the death and said it would be investigated "objectively". Jeri had earlier claimed that 55 police officers were injured and 20 civilians in the protest. She blamed "delinquents" who "infiltrated peaceful demonstrations to sow confusion." He wrote: "The full force will be on them." The protests on Wednesday were a good indicator of how Jeri’s presidency could end next July, due to elections. Jeri has pledged to put crime at the top of his agenda, but he has been involved in a number scandals, including allegations of corruption and an investigation that has now been shelved for sexual assault. Jeri, 38, has expressed his willingness to work with any investigation into corruption. He has also denied wrongdoing and a number of scandals. Boluarte was met with widespread protests when she took power late in 2022. This led to dozens deaths and a drop in her popularity, which fluctuated between 2% to 4% during the days before her removal. Congress, which Jeri led before becoming president, is also unpopular. It has a one-digit approval rating.
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Kazakhstan freezes fuel and utility prices amid inflation
Kazakhstan's Government announced on Thursday that it would freeze the price of some diesel and petrol as well as suspend utility tariff increases until 2026. This is due to the double-digit inflation rate continuing to increase. In a Telegram statement, the government announced that price freezes for diesel and AI92 gasoline will remain in effect until inflation stabilizes. It also said it would increase funding for the domestic agriculture to help prevent any price increases on what it called "socially important" food products. The government also claimed that it would reduce the tax revenue collected by small businesses, and make affordable mortgages more available. Inflation rates in Kazakhstan, which is a mineral giant and produces around 2% the world's supply of oil, were 12.9% in September. This was significantly higher than those in Russia, Kazakhstan's neighbour and main trading partner, where the prices have risen since the start of the war in Ukraine. Kazakhstan's central banks raised rates last week to an unprecedented 18%. Since the invasion of Ukraine, inflation has also spiked in other Central Asian countries with economies that are closely tied to Russia. The price of LPG soared suddenly in January 2022, causing the worst unrest in Kazakhstan since 1991 when the 20-million population gained independence from the Soviet Union. The fuel price protests that year grew to widespread unrest and hundreds of deaths. Russian troops were deployed to restore order.
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Gold reaches new records as Fed rate-cut betting drives gold to record highs
Gold reached a record-high for the fourth consecutive session on Thursday as investors flocked into the metal of safety due to brewing U.S. China trade tensions, and the U.S. Government shutdown. Bets on interest rates cuts also fueled the momentum. As of 09:10 am, spot gold was up by 0.8% to $4,242.65 an ounce. ET (1310 GMT), after bullion reached a record high earlier of $4,254.61. U.S. Gold Futures for December Delivery were up 1.3% to $4,256.70. Yellow metal is up over 60% in the past year, thanks to geopolitical tensions and aggressive bets on rate cuts, central bank purchases, dedollarisation, and strong ETF flows. The rate-cut scenario heading into 2026, as well as developments surrounding U.S. China will determine the trajectory of gold. "If no deal is made between the U.S. and China, the relationship will continue to deteriorate. That could be what gold needs to break the barrier of $5000/oz," said Zain Vwda. Analyst at MarketPulse. This week, investors have been focused on the U.S.-China Trade Spat. Washington criticised China's increased rare earth export controls on Wednesday as a danger to global supply chains. Traders have priced in a rate cut of 25 basis points by the U.S. Federal Reserve in October and a second in December with probabilities as high as 98% and 95%. Gold that does not yield is usually a good investment in an environment with low interest rates. Vawda stated that short-term gold pullbacks are likely to be temporary as bullish investors use dips to enter positions. HSBC increased its forecast for the average price of gold in 2025 to $3,355 per ounce, citing geopolitical tensions and economic uncertainty, as well as a weaker U.S. Dollar. The ongoing U.S. shutdown has also halted the release of scheduled economic data. A Treasury official warned that the loss in output could be as high as $15 billion per week. Silver spot fell by 0.2%, to $52.96 an ounce. It had hit a record high $53.60 per ounce on Tuesday. The rally in gold was mirrored and the tightness of the spot market supported this decline. Palladium rose 1.8%, to $1,564.00, while platinum was up 0.7% at $1,665.24. (Reporting and editing by Vijay Kishore in Bengaluru, Sherin Elizabethvarghese from Bengaluru)
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HSBC increases average gold price forecasts 2025 and 26
HSBC raised its forecast for the average price of gold in 2025 to $3,355 from $3,215 because of safe-haven demand fueled by geopolitical tensions and economic uncertainty. In a note from October 15, the bank stated that "sentiment is bullish" as it expects rallies to continue into 2026, aided both by buying from the official sector and demand for gold among institutions as a diversifier. HSBC has also increased its forecast for the average 2026 gold price to $3.950 from $3.125. GOLD HITS A NEW RECORD HIGH HSBC reported that the demand for gold is increasing due to mounting fiscal deficits across major economies, including the U.S. Gold has been traditionally viewed as a safe haven during economic and geopolitical instabilities. Its value has increased by over 60% this year and reached a new record of $4,250.89. China accused the U.S. on Thursday of inciting panic over Beijing's controls on rare earths and said Treasury Sec. Scott Bessent made "grossly distortion" remarks about an important Chinese trade negotiator. The Chinese rejected a U.S. request to roll back curbs. HSBC stated that "central bank demand will likely remain high due to geopolitical risk and dollar diversification but lower than peak levels in 2022-23". HSBC stated that a lower rate cut than the Federal Reserve's current projections for this year or next could dampen the rally. Investors have priced in a rate cut of 25 basis points at the Fed meeting this month, and expect another in December. HSBC stated that the gradual decline in global inflation could also dampen jewelry purchases, which are driven by inflationary fears. The bank also maintained its average 2025 price forecasts of palladium and platinum at $1,100 and $1,215, respectively. Reporting by Noel John, Bengaluru. Editing by Mark Potter
Weak quotes in Citgo auction spurs Venezuela to pitch alternative pay strategy
The highest bid received in a U.S. auction of shares that will decide the fate of Venezuelaowned oil refiner Citgo Petroleum was $7.3 billion, enough to cover only a 3rd of courtapproved claims, two individuals knowledgeable about the matter stated.
A federal court in Delaware is auctioning the shares of a. parent of Venezuela's foreign crown gem, Houston-based Citgo,. that it discovered liable for the South American nation's debt. expropriations and defaults. Creditors have gathered to Delaware. to push claims totaling $21.3 billion in a case first brought. nearly seven years ago by miner Crystallex.
Arise from the first bidding round in January, nevertheless,. reveal a sales process that is unlikely to offer a satisfying. result for lenders or Citgo's existing owners. Offers received. so far in a case that broke brand-new legal ground in sovereign. resistance would leave many claims overdue, sources and analysts. alerted.
The court may need to revamp the sales procedure, or consider. an alternative being prepared by Venezuela, which would use. financial institutions a larger payout with proceeds spread over a number of. years, while retaining a few of Venezuela's stake in the business,. individuals stated.
Judge Leonard Stark, who is overseeing the case, has. decreased to consider Venezuela's payment proposals, the people. stated. If he would reevaluate with the greatest, it is unclear. deal in the preliminary bidding round covering only 14 of the 26. claims that he has actually accepted from 18 lenders.
The weak initial quotes were below the $13 billion to $14. billion value specialists appointed by the court had actually approximated. for the shares. That shortfall is triggering Citgo's parent. companies and boards to repeat a deal provided previously this. year: a $10 billion payment moneyed gradually from Citgo revenues,. equity and loanings.
ADDITIONAL INNINGS
The auction has actually drawn interest from oil giant ConocoPhillips. and systems of corporation Koch Industries, both putting. their claims against Venezuela through credit bids for the possessions.
Other deals came from energy business and personal. investors wanting to acquire the PDV Holding shares to get. control of the seventh-largest U.S. oil refiner by volume, the. individuals stated.
Spokespeople for Conoco, Citgo and boards monitoring the. refiner declined to comment. Koch Industries and lawyers for. the court authorities overseeing the auction did not respond to. ask for remark.
PDV Holding's only asset is Citgo, which owns three U.S. refineries, oil storage terminals and pipelines, and controls a. retail distribution network.
Citgo has actually been highly rewarding, making $4.8 billion in. earnings in the last two years.
The 12 non-binding deals gotten in January, nevertheless,. show concerns over the future worth of refiners with intense. carbon footprints and Citgo's struggling ties with Venezuela's. state oil company PDVSA, which stays under socialist President. Nicolas Maduro's grip, the people stated.
An attorney representing Citgo had actually called the first bidding. round disappointing.
The court is anticipated soon to set a 2nd, binding round,. but potential customers of a deal higher than the non-binding $7.3. billion are slim, individuals added.
Court authorities associated with the case will need to sit down. with Venezuela and get together something that will make good sense,. stated a person close to the auction process.
Venezuela's $10 billion proposition would offer creditors. with a mix of money, securities and shares in Citgo over. a three-year period. It would ultimately permit Venezuela to. keep about half ownership.
We have actually only been doing troubleshooting so far. We want to. move the ball forward, the video game has actually not ended up, one of the. individuals familiar with Venezuela's proposal stated.
POLITICAL ROCKETS
Venezuelan entities supervising Citgo wish to connect the. payment plan to more powerful U.S. defense for the refiner from. financial institutions as Maduro's government refuses to reverse a restriction on. opposition prospect Maria Corina Machado from running for. president, closing what Western nations saw as a path towards. democracy in Venezuela.
The idea includes pulling the Venezuela-related claims out. of the court case and into the U.S. Foreign Claims Settlement. Commission (FCSC), a quasi-judicial independent firm within. the Justice Department, for better dealing with all of Venezuela's. financial institutions.
Plan supporters are expected to discuss the proposition with. U.S. authorities, possibly including Secretary of State Antony. Blinken ahead of the April 18 expiration of a U.S. license that. relaxed sanctions on Venezuela's energy sector.
Unifying Venezuela's fractious opposition around a proposition,. Has actually been troublesome and convincing Washington could be. a lot more difficult, the sources acknowledged. Some. politicians and members of Citgo's monitoring boards believe. that having Machado in arrangement would provide the company a much better. chance of winning U.S. assistance.
Citgo will be much more important in the future, Machado. informed press reporters late Wednesday after a rally in central Carabobo. state. Thus, an organized restructuring process of all debts. and accounts will benefit lenders more than the current. auction.
The plan likewise would require the U.S. Treasury Department,. which last year green-lit the auction, to accept the offer,. and the Delaware court could be required to stop or freeze a sales. procedure it battled hard to advance.
Spokespeople for Gerardo Blyde, who represents opposition. celebrations negotiating with the Maduro administration, did not. supply comment. The U.S. State and Treasury departments did not. instantly provide remark.
We require a bullet-proof effort this time, one of individuals. behind the concepts said describing getting top opposition. politicians well connected to Washington to lead the initiative.
(source: Reuters)