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Weather service: UK to record hottest year and most sunny ever in 2025
The National Weather Service announced on Friday that Britain had its sunniest and hottest year ever in 2025. This was a record-breaking high, exceeding the previous one set in '2022. The?Met Office reported that the average annual temperature in 2018 was 10.09 degrees Celsius. This is higher than the previous average of 10.03 C. It's only the second time since 1884, when detailed records were first kept, that the annual average temperature has exceeded 10 C. Met Office first announced the possibility of setting a new record last month. The reading placed four of the five most recent years among the top five warmest since 1884. Mark McCarthy, the head of climate attribution for the Met Office, said: "Although not every year is going to be the warmest ever, it's?clear that global warming caused by humans is impacting on the UK's weather." Since the beginning of the 21st Century, the UK has set records for the annual mean temperature on six occasions - 2002, 2003, 2006. 2014, 2022, and 2025. The data is consistent with global trends. In 2025, the World Meteorological Organization will say that the last 10 year have been the 10 "warmest" since records began. As extreme weather hit many regions of the world last year, the European Union's Climate Change Service (C3S), predicted that 2025 would be the second or third warmest date in history. Europe, the fastest-warming continent on the planet, experienced the world's hottest year ever in 2024. (Reporting and editing by Paul Sandle, Sam Tabahriti and Muvija M)
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Gabon's Finance Minister is replaced as debt concerns mount
According to a decree issued by the President of Gabon, Brice Oligui Nguema, Henri-Claude Oyima was replaced as Finance Minister. The Central African oil-producing?country is grappling with a lack of liquidity and a rise in arrears. Fitch, the ratings agency, said that Gabon's long-term currency issuer default rating has been downgraded. Oyima was appointed finance minister after Nguema's victory in the first presidential elections since his coup in 2023. According to a presidential?decree issued late Thursday, technical adviser Thierry Minko will?take over as the "minister of finance, economy, debt, and shareholdings" responsible for fighting high living costs. According to the decree, Marc Abeghe will be a senior official in charge of budgets at the ministry. Fitch cited an increasing fiscal deficit and a lack of creditor funding as reasons for downgrading Gabon's foreign currency issuer default ratings. The agency stated that it expected the government debt to rise from 72.9% in 2024 to 80.4% by 2025, and then to 85.5% by 2026. By 2027, they expect the debt to reach 86.7%. The Gabon presidency announced in December that it planned to introduce a housing tax by 2026 in order to improve road maintenance, public lighting and city cleanliness. (Reporting and writing by Gerauds Wifried Obangome, Anait Miridzhanian, Editing by Robbie Corey Boulet and Gareth Jones).
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Nickel reaches 14-month high following Vale Indonesia's halt to mining
Nickel reached its highest level in over 14 months Friday, 'after Vale Indonesia suspended mining operations. Aluminium crossed the $3,000 barrier for the first time since 2022. The London Metal Exchange's three-month nickel rose as much as 1,8% to $16,945 per metric ton, its highest level since October 2024. By 1037 GMT, the metal used to make stainless steel and batteries had risen 1.4% to $16,875. PT Vale Indonesia Tbk said it was unable to?conduct mining operations due to a delay in the approval of its annual production plan. The company said that it believes this delay won't?disrupt the overall sustainability of operations and that they expect the approval to be given in the near term. Nickel, which had been in a rut due to an oversupply of nickel for?months, gained 12.3% after Indonesia announced that it would?cut its ore production by a third by 2026. Mining Minister Bahlil Lahadalia announced this week that government will reduce mining output quotas in order to support commodity price. Exchange data indicates that one entity owns between 30 and 40 percent of LME Nickel warrants (0#LMEWHL>), while the LME futures banding reports indicated a "significant long position" on the January nickel contract - equivalent to at least 40 percent of open interest. Aluminum climbed 0.3% to $3,000, surpassing $3,000 for the first time in over 3-1/2 years. This is due to the impending shutdown of the Mozal Smelter in Mozambique and the carbon tax on aluminium imported into Europe. Copper, which is expected to be the best performer in 2025 on 'the LME with a 42% gain per year, rose 0.6% to $12,497/ton after reaching a record high price of $12,960/ton on December 29. It was on track to finish the week with a 2.9% gain. Zinc rose by 0.4%, to $3,130 per ton. Lead fell 0.1%, to $2,009.50, and tin rose 1%, to $41,080. Shanghai Futures Exchange closed for the public holiday on Friday. (Reporting and editing by David Goodman. Additional reporting by Naveen Thkral in Singapore)
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Investors bet on earnings recovery to drive India's Nifty fifty to record high.
India's Nifty 50 index reached record highs in a broad rally on Friday, led by metals, financials and automobiles stocks, on the?prospects for a strong growth in earnings in the December quarter. The?Nifty50 reached a new record of 26,340, before closing at 26,328.55. This is a 0.7% increase. The BSE Sensex rose 0.67%, to 85,762.01. The indexes rose by 1.1% and respectively 0.9% for the week. India's stock exchange reached new heights in a day when European and U.K. shares also marked record levels, in a positive start to trading in the new year. The top 16 sectors all rose, with sub-indices of metals, automobiles, and banks also reaching record highs. The small-caps, mid-caps, and broader indexes rose by 0.8% and 1.7% respectively. We?saw benchmarks struggle in November and early December to maintain near record high levels. The quarterly earnings and Union Budget will determine if they can hold these levels. The heavyweight bank stocks gained 1.9% in the past week, on the back of optimism about strong loan growth and asset-quality. Metal stocks rose 5.7% in the past week. This was due to the government's safeguard duties on certain steel products, which is intended to limit cheap imports from China, and the rising prices of commodities. Stocks in the automobile industry rose?3.8% on strong December sales. Ashok Leyland, a maker of commercial vehicles, jumped by 8.1%. Two-wheeler manufacturers Hero MotoCorp, Bajaj Auto and TVS Motor also gained between 4.8%-5.9%. ITC dropped 3.8% for the day, and 13.4% over the week as investors were worried about the earnings pressure that higher taxes on cigarettes would cause. The stock pulled the fast-moving consumer good index down by 3.7% through Friday. Coal India gained 6.9% and was the highest gainer on the Nifty after it allowed foreign coal buyers to participate directly in its electronic auctions, despite a drop in the local demand for electricity generation.
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JSW Poland urges unions in Poland to accept cost reductions to secure state assistance
JSW, a state-controlled Polish mining company, warned employees on Friday that they would suffer irreversible consequences should unions not accept a rescue plan which includes cost-cutting in order to ensure government assistance. Union leaders said that the cuts would place 80% of the financial burden onto employees. Talks between the management board, and the unions, on Tuesday, ended in deadlock. JSW management wrote to unions on Friday to explain that a "temporary limit of the level?of labour costs", was intended to help the company return to profitability after financial losses were incurred in 2025 due to a drop in the price of coking coal and a low demand. The letter didn't specify if costs would be reduced?by cutting positions, by reducing salaries, or both. The unions claim that the cuts are unfair and punish workers for a problem they didn't create. Slawomir?Kozlowski, the head of the NSZZ Solidarnosc at JSW union, stated in a social media post on?Tuesday that the proposed deal would put 80% of financial burden on the employees. Slawomir Kozlowski, head of the NSZZ Solidarnosc union at JSW, said in a social?media post on Tuesday that the proposed deal would place 80% of financial burden on employees. The company said the government would provide assistance if "social partner" cooperation on a restructuring plan. The fragmented worker representation system, which includes dozens of unions at the company has complicated discussions.
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Rights groups claim that Indonesian government critics have received a Molotov Cocktail and dead chickens.
Rights campaigners warned on Friday that the threat to freedom of expression in Southeast Asia is growing. A Molotov Cocktail was thrown into the home of a?government? critic from Indonesia, and other people received intimidating messages. Campaigners have recently criticized the government's response to severe floods in northern Sumatra province that occurred in November and killed over 1,000 people. Acts of intimidation are "an attack on democratic values" The acts of intimidation "constitute an attack on democratic values" The Jakarta Police nor the Indonesian Presidential Office responded to requests for comment immediately. Indonesian President Prabowo Subito has said repeatedly that criticism is permitted, but must be constructive. MOLOTOV COCKTAIL FAILS to Erupt Ramond Donny Adam, a member of the Indonesian Democratic Party of Struggle and a popular social media personality, revealed on Friday that a Molotov Cocktail was sent to his house early on December 31, Adam, also known as DJ Donny said that the bomb did not explode. However, the attack occurred two days after Adam received a printed image of his face, with a red mark on his neck and another note stating, "You'll end up like this bird...Don't mess around". "I've reported these two incidents to police, and the government should reveal who is behind it," said Donny. Donny has over a million Instagram followers and frequently posts messages critical of the government. The incident was not clear. Greenpeace Indonesia's Leonard Simanjuntak stated that a dead bird was found on the 30th of December in front of the home of a Greenpeace activist with a note attached to its leg reading, "Watch what you say if want to protect your family. Your mouth is your weapon." Simanjuntak believed the intimidation was connected?to Greenpeace’s criticism of the government policies around the Sumatra flooding and landslides. Greenpeace has criticised the government’s forestry management. This includes the issuance mining and palm oil plantation permits, which some critics claim have caused widespread deforestation. Influencer Sherly Annvita posted on her Instagram that her car had been spray-painted and rotten egg were thrown in her house. Annavita has over two million followers and recently wrote posts criticizing Jakarta's response to the Sumatra flooding. (Reporting and editing by Gayatri Sroyo, Sharon Singleton, and Ananda Teresia)
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Maduro extends olive branch to US and suggests serious talks
Venezuelan President Nicolas Maduro extended an olive branch towards U.S. president Donald Trump by proposing serious discussions on fighting drug?trafficking, and offering U.S. firms ready access to Venezuelan crude oil. Maduro called Venezuela a "brother" country and friendly government to the United States. He noted that, when they last spoke in November the U.S. President acknowledged his authority and addressed him as "Mr. President." An interview with the long-time Venezuelan leader was filmed New Year's Eve, and aired by Venezuelan state TV in the evening of New Year's Day. Maduro, his interviewer and the journalist walked through a militarized area of Caracas in the broadcast. Maduro then takes the wheel with a journalist sitting in the front and Cilia Flores at the rear. Commentators interpret this as a show of confidence in the face of fears of an American strike. These comments show a change in Maduro’s attitude towards the United States, since the latter began a massive military buildup on the southern Caribbean. Trump accused Maduro, the "illegitimate", of running a drug-state and has threatened to remove him. Maduro denies any links with crime, and claims that the U.S. wants to remove him from power to seize Venezuela's oil reserves and rare-earth mineral deposits. Maduro said at an event held shortly before Christmas that Trump should focus on domestic issues. "Honestly, if we speak again, I'll tell him to?attend to his internal affairs. Maduro said in his latest remarks: "To the American people, I repeat what I've always said. Venezuela is a friend country...a friendly government. "We need to start speaking seriously with facts at hand. We have told our interlocutors that the U.S. Government is ready to talk seriously about this 'agreement' to combat drug trafficking. If they want Venezuelan oil, Venezuela will accept U.S. investment, like Chevron's, whenever, wherever and however they choose. (Reporting and writing by Aislinn laing, Emma Pinedo added reporting, editing by Ros Russell).
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European stocks soar again, precious metals continue their sparkling rally
Investors braced themselves for the year 2026, which would test the AI-led rally and usher in more government spending, as well as more turmoil under Donald Trump's presidential term. The blue-chip London FTSE 100 index?index?hit 10,000 points for the first time for the first Friday. Meanwhile, the pan-European STOXX 600 Index hit another peak on its way to its third consecutive week advance. STOXX Index finished 2025 at its highest level since 2021, thanks to falling interest rates, Germany’s fiscal boost and a rotation away from lofty U.S. technology names. Asia saw Hong Kong stock prices start 2026 with a 1 1/2 month high. Taiwan, South Korea, and Singapore also hit record highs. Japan and China closed their markets. The precious metals continued their explosive rally of last year. Spot gold rose 1.6% to $4384 per ounce and spot silver increased 4.3% to $74.37 an ounce. The 2025 gold price increase was the largest in 46 years. Silver and platinum also saw their biggest gains ever. This was due to a combination of factors, including Fed rate cuts, geopolitical tensions, central bank purchases, and ETF flows. Vishnu Varathan of Mizuho, head of Asia ex-Japan macro research, said that the rally was also a "hedge against entrenching USD debasement risks." S&P futures increased by 0.6% while Nasdaq's futures gained 1%. Stocks grew strongly in 2025, as the markets weathered an entire year of tariff wars, longest government shutdown in U.S. History, geopolitical strife, and threats to central banks' independence. Saira Malik is the chief investment officer of Nuveen. She said that "the 2025 U.S. Equity Market rally has been fueled by AI euphoria and robust corporate earnings. Share buybacks have also been strong." Investors should expect to see more volatility in the equity markets in 2019. Eyes on the FED Investors will be focusing on the U.S. economic strength and the Fed policy direction this year. In the next few days, a slew economic data that was delayed by the U.S. shutdown will be released. This could determine how far the Fed can cut rates. The traders have priced in a 15% probability that the U.S. Central Bank will cut rates this month. They expect two additional cuts this year. Sterling gave up its early gains and remained steady at $1.3456, while the dollar was unchanged. The euro fell very slightly to $1.1735. The yen also remained steady at 156.79 dollars, which is not far off the levels that made investors nervous about possible intervention by Japanese authorities to shore-up the ailing currency. The Fed is expected to ease further this year, even as its peers are set to increase, and that has dragged down the dollar. In 2025, the dollar saw its largest annual decline in eight years. Trump's chaotic policies on trade and concerns about Fed independence have also impacted the greenback. This issue will be brought to the forefront this year when the U.S. President announces the replacement of Chair Jerome Powell later this month. Oil prices fell a little on Friday, after their largest annual loss since 2020. Brent crude futures fell by 0.3% to $60.62 a barrel while U.S. Crude dropped 0.4% to $57.20 per barrel.
Dubai, the benchmark for Middle East crude oil, slips into discount for the first time since 2023
Data showed that the Middle East crude oil benchmark Dubai fell into a discount on Friday, for the first since December '2023. This was due to an excess of supply and low demand during 'the earliest day of trading for 2026.
According to trade sources, the Dubai cash price for a barrel was $60.30, or a 13-cent discount to Dubai swaps. There were only two partials of March loading during the S&P Markets On Close price?assessment.
Sources said that the immediate January-February Dubai crude price spread was converted into a contango on Friday of approximately 17-20 cents a barrel.
In a market with a high level of supply, prompt?prices will be lower than future months.
The 'price weakness' was attributed by traders to the unsold cargoes that were loaded in February, and to a lack of interest from traders to take bullish positions during this month.
Cash Dubai's premium over swaps has been declining on the spot market since October, amid an abundance of supplies. In December, it averaged 62c, down from 88c in November and about half the average of October.
The Organization of the Petroleum Exporting Countries (OPEC+) and its partners have increased their output, as has the production of the U.S.
Eight OPEC+ -members have halted their oil production increases for the first quarter 2026, after releasing 2.9 million 'barrels of crude per day to the market since April 20,25.
The Middle East market was also affected by a 'flood of barrels sanctioned for Asia, which is the largest oil consumer in the world.
India's stubborn imports of Russian oil at a low price also shattered hopes that it would buy more oil in the Middle East. Reporting by Siyi Liu in Singapore and Florence Tan; editing by David Goodman, Susan Fenton and Susan Fenton
(source: Reuters)