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Cove Capital will mine Kazakhstan tungsten under a deal announced by Trump
Under a deal that will be announced on Thursday by the Trump Administration, Cove Capital Mining Investments and the JSC Tau-Ken Samruk state mining company will jointly develop a large deposit of tungsten in Kazakhstan. The agreement is one of several announced deals between Washington and Astana aimed at strengthening economic ties between the two countries. According to a document obtained by, Cove Capital would control 70% of the joint venture, and the sales of metal. Tau-Ken Samruk would hold the remaining 30%. The cost of developing the Northern Katpar project and Upper Kairakty project in the east is estimated to be $1.1 billion. Meanwhile, the U.S. Export-Import Bank issued a letter expressing interest in funding $900 million. The U.S. government considers tungsten, which is used to harden the steel in a variety of industries, a vital mineral. The U.S. stopped mining the metal in 2015, and China is the largest producer. According to the document, supplies of metal from the Kazakhstan project will be used to "prioritize U.S. commercial and government needs." Cove CEO Pini Alhaus said: "This is a win for generations to come in the U.S., and its vital minerals needs." Althaus, the former CEO of USA Rare Earth, stated that U.S. President Donald Trump, and Commerce Secretary Howard Lutnick personally negotiated the deal in order to prevent Chinese firms from developing the asset. At a C5+1 conference at the Kennedy Center, Christopher Landau, Deputy Secretary at State, said that the United States and Kazakhstan had both underexplored this part of the globe. Althaus stated that mine construction should begin within two years, and production within three-and-a half years. Refining should also occur in Kazakhstan.
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What are the world leaders saying in Brazil at the climate summit?
Brazil hosted world leaders on Thursday for a summit ahead of the COP30 Climate Conference in the rainforest city Belem. Leaders have made some interesting comments. U.N. SECRETAIRE-GENERAL ANTONIO GUTERRES We can either choose to lead or we can be led into ruin. "Too many companies are making record profits by destroying the climate, while spending billions on lobbying and deceiving public opinion and obstructing advancement. And too many leaders continue to be captive to these entrenched interest." BRAZILIAN PRESIDENT LUIZ INACIO LULA DA SILVA We need a road map to plan an equitable way to undo the deforestation and overcome fossil fuels, as well as mobilize resources to achieve these goals. "Extremists invent lies to gain electoral advantage and imprison the future generation in an outdated system that perpetuates economic and social disparities, and environmental degradation." CHINA VICE-PRESIDENT DING XUEXIANG VIA TRANSLATOR "It's imperative that all parties uphold true multilateralism and strengthen coordination and solidarity in order to make sustainable progress on global climate governance. We need to improve international collaboration in green technology and the industry. Remove trade barriers, and allow the free flow quality green products. BRITAIN'S PRINCE WILLIAM "We are gathered here, in the Amazon, at a pivotal time in human history. A moment that requires courage, cooperation, and an unwavering commitment for the future of our planet, one that does not belong to us but to our grandchildren and children. We all know that we are dangerously close to Earth's tipping points. Beyond these thresholds, the natural systems on which we rely may start to unravel. TRANSLATOR: CHILE'S President GABRIEL BORIC "Now is the time when voices are raising that decide to ignore or deny scientific evidence about the climate crisis. "The President said that the climate crisis does not exist at the U.N. "The President of the United States at the last U.N. BARBADOS PRIME MINISTER MIA MOTTLEY "All of us are to be ashamed, as we established this fund (for loss and damage) a few year ago in Sharm el-Sheikh. Its capital base is under $800 millions, while Jamaica has suffered damage of over $7 billion US dollars, let alone Cuba, Haiti, or the Bahamas." "The world has never changed, my friends, by spectators or naysayers. People who take action change the world. Is it necessary for everyone to act at the same moment? It would be ideal. If we do not, we will need to build a coalition and show all the benefits. ESWATINI RUSSELL DLAMINI, PRIME MINISTER Collaboration is vital. We must actually go beyond just collaboration and increase our ambition, aligning ourselves with scientifically-determined emission reduction targets. "For Africa, this struggle isn't about environmental policy. It's about justice and survival. Africa is responsible for less than 4% global greenhouse gas emissions. "Yet we suffer the most severe consequences." IRISH PRIME MINISTER MICHEAL MARTIN Belem has fewer people. "In a time of political leadership that is more important than ever, we are fewer. Fewer leaders willing to say it like it is. Climate change is irrefutable. Science is unquestionable. The clock is ticking, temperatures are rising. We are failing our citizens and the planet in the deepest way if we don't tell them the truth. (Reporting and editing by Nia William, Cynthia Osterman and William James)
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Sterling rises as BoE rates remain unchanged, but stocks fall due to tech shares
The major stock indexes dropped sharply Thursday. Technology and consumer discretionary stocks led the losses in the S&P 500. Meanwhile, the British pound strengthened after the Bank of England decided against a rate cut. The shares of U.S. semiconductor company Qualcomm fell after it warned that its chips may not be as dominant in future Samsung devices. Shares Legrand's stock dropped after the French data center equipment company reported sales growth in the first nine month of the year of 11.9%, which was slightly below expectations and hit by U.S. Tariffs. The pound rose 0.64%, to $1.3132. The BoE Monetary Policy Committee, in anticipation of possible tax increases in UK Chancellor Rachel Reeves budget due later this month (later this month), voted by 5-4 to maintain the benchmark bank rate for the central bank at 4.0%. This close vote maintained expectations of a reduction before the end of the year. Investors on Wall Street continue to focus their attention on the stretched valuations of stocks, the U.S. shutdown, the trade tariff rulings, and the influx of corporate earnings. This earnings season will not be defined by the past. "The market is looking for guidance, and with tariffs, shutdown, and possible peak AI, it could be bleak in the future," said Jake Dollarhide. He is the chief executive officer at Longbow Asset Management, located in Tulsa. Some U.S. chief executives of banks warned earlier this week about a possible market pullback. The S&P 500 Technology Index was down by more than 1%. Investors digested a Challenger, Gray & Christmas report that revealed employers in the United States cut more than 150.000 jobs in October, the largest reduction for more than 20 year. Investors have been more interested in private economic data due to the lack of official data. This is because the U.S. Government has been shut down for the longest time. The Dow Jones Industrial Average dropped 231.32 points or 0.49% to 47,080.37. The S&P 500 declined 45.36 points or 0.67% to 6,750.93. And the Nasdaq Composite lost 311.21 or 1.32% to 23,189.74. The MSCI index of global stocks fell by 2.62 points or 0.26 percent to 995.27. The STOXX 600 Index fell by 0.7%. Overnight, Japan's Nikkei rebounded 1.4% after sliding 2.5% on Wednesday. Shanghai's benchmark index, which is a psychologically significant level of 4,000, regained the psychologically-important 4,000 mark in China as optimism about tech self-sufficiency drove its semiconductor and AI related shares. Dollar falls after poor U.S. employment data increases market expectations for another Federal Reserve rate reduction this year. The dollar index (which measures the greenback in relation to a basket of currencies, including the yen, the euro and others) fell by 0.41%, while the euro rose by 0.47%, reaching $1.1544. The dollar fell 0.65% against the Japanese yen to 153.11. After the BoE's decision, yields on euro zone benchmark Bunds fell from their previous four-week high. Germany's 10-year bond yields are down by 2 basis points to 2.65%, after reaching 2.676% in the early session. This is the highest level seen since October 10. Investors were concerned about the U.S. labor market, and the uncertainty caused by the government shutdown. The yield on the benchmark U.S. 10 year notes fell 6.6 basis points from 4,157% to 4.091% late on Wednesday. U.S. crude oil eased 17 cents, settling at $59.43 per barrel. Brent dropped 14 cents, settling at $63.38.
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Gold prices rise as US tariffs and shutdown uncertainty boost demand
Gold prices rose on Thursday due to a weaker US dollar, a renewed demand for safe-haven assets and concerns about a long U.S. shutdown as well as uncertainty regarding tariffs. By 1:40 pm, spot gold had risen 0.2% to $3,989.91 an ounce. ET (1840 GMT). U.S. Gold Futures for December Delivery settled at $3.991 with little change. Dollar fell by 0.5%, after reaching a four-month peak in the previous session. This made gold more affordable for foreign buyers. Peter Grant, senior metals analyst at Zaner Metals and vice president, said that the U.S. shutdown of government and the doubts of U.S. Supreme Court Justices about the legality President Donald Trump's sweeping Tariffs are causing a "revival of the haven bid". "Gold is on track to have a decent end to the year. I would say that a target of $4,300-$4,400/oz seems reasonable." Markets expect another rate cut in December, after the U.S. Federal Reserve lowered interest rates last week for the second consecutive time this year. Beth Hammack, President of the Fed Bank of Cleveland, said that on Thursday high inflation rates continue to be a concern. The following are some examples of the use of The U.S. Central Bank has cut interest rates once again. Gold is a good hedge in times of uncertainty. Gold is a non-yielding investment that also performs well in environments with low interest rates. Traders are cautious and watching out for the fallout of U.S. president Donald Trump's policies on trade as well as risks associated with a prolonged U.S. shutdown. SP Angel wrote in a report that it would be surprising if gold remained rangebound at $4,000/oz, as speculative money exits the market. Central bank purchases will remain the main positive tailwind for gold going forward. Other than that, silver spot rose 0.3%, to $48.22 an ounce. Platinum was down 1.8%, at $1,533.93, while palladium dropped 2.7%, to $1,381.18. (Reporting from Noel John in Bengaluru and Pablo Sinha, with additional reporting by Kavya Baliaraman. Editing by Sahal Muhammad and Tasimzahid.
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Norway invests about $3 billion into forest conservation fund
The Norwegian government announced on Thursday that it would contribute around $3 billion to the Tropical Forests Forever Facility. This multilateral fund is intended to support the global conservation of endangered forest. The largest donation announced to date for the new fund proposed in Brazil by the summit's host is this first-reported gift. In a statement, the Norwegian government confirmed that it will contribute up to 30 billion crowns (2.99 billion dollars) to the fund by 2035. The fund aims to use contributions from government to raise more private funding. Brazil and Indonesia each contributed $1 billion to the fund. Fernando Haddad, the Brazilian Finance Minister, said that he believes $10 billion in public money is an ambitious but achievable target for the first year of the fund. The TFFF is envisioned by policymakers as a $125 billion fund that combines contributions from the private and sovereign sectors. It would be administered like an endowment. Countries would receive annual stipends based upon how much of their rainforests remain standing.
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What are the world leaders saying in Brazil at the climate summit?
Brazil will host world leaders at a summit in Belem, a rainforest city, on Thursday before the COP30 Climate Conference. What the leaders have to say U.N. SECRETAIRE-GENERAL ANTONIO GUTERRES We can either choose to lead or we can be led into ruin. "Too many companies are making record profits by destroying the climate, while spending billions on lobbying and deceiving public opinion and obstructing advancement. And too many leaders continue to be captives of these entrenched interest." BRAZILIAN PRESIDENT LUIZ INACIO LULA DA SILVA We need a road map to plan an equitable way to undo the deforestation and overcome fossil fuels, as well as mobilize resources to achieve these goals. "Extremists invent lies to gain electoral advantage and imprison the future generation in an old model that perpetuates economic and social disparities, and environmental degradation." CHINA VICE-PRESIDENT DING XUEXIANG VIA TRANSLATOR "It's imperative that all parties uphold true multilateralism and strengthen coordination and solidarity in order to make sustainable progress on global climate governance. We need to improve international collaboration in green technology and the industry. Remove trade barriers, and allow the free flow quality green products. BRITAIN'S PRINCE WILLIAM "We are gathered here, in the Amazon, at a pivotal time in human history. A moment that requires courage, cooperation, and an unwavering commitment for the future of our planet, one that does not belong to us but to our grandchildren and children. We all know that we are dangerously close to Earth's tipping points. Beyond these thresholds, the natural systems on which we depend may start to unravel. TRANSLATOR: CHILE'S President GABRIEL BORIC "These are the times when voices are rising to deny or ignore the scientific evidence about the climate crisis. "The President said that the climate crisis does not exist at the U.N. "The President of the United States at the last U.N. ESWATINI PRIME MINISTER DLAMINI RUSSELL Collaboration is vital. We must actually go beyond just collaboration and increase our ambition, aligning ourselves with scientifically-determined emission reduction targets. "For Africa, this struggle isn't about environmental policy. It's about justice and survival. Africa is responsible for less than 4% global greenhouse gas emissions. "Yet we suffer the most severe consequences." IRISH PRIME MINISTER MICHEAL MARTIN Belem has fewer people. "At a moment when leadership in politics is more important than ever, we are fewer. Fewer leaders willing to say it like it is. Climate change is irrefutable. Science is unquestionable. The clock is ticking, temperatures are rising. We are failing our citizens and the planet in a profound way if we don't tell them the truth. (Reporting and editing by Nia Williams; William James)
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Sudan's RSF accepts US proposal for humanitarian cessation of fire
The Sudanese paramilitary Rapid Support Forces have agreed to the United States' and Arab countries' proposal for a humanitarian truce and are open to discussions on a cessation in hostilities. Both the RSF and the Sudanese army have agreed to various ceasefire proposals during their two-and-a-half-year-old war, though none have succeeded. The administration of U.S. president Donald Trump has stated that it is working to end fighting in Sudan. The Sudanese Army did not respond immediately to the announcement. It comes less than two week after the RSF had taken over the famine-stricken town of al-Fashir and consolidated its control of the vast western region of Darfur. The Rapid Support Forces (RSF) also look forward to implementing this agreement and starting discussions immediately on arrangements for the cessation and the basic principles that guide the political process in Sudan." An RSF statement stated. The army-led Security and Defense Council held a meeting earlier this week but failed to give a definitive response to the proposal. However, influential leaders and allies in the army expressed their disapproval. A spokesperson for the U.S. State Department said on Thursday that the United States continue to work directly with all parties to facilitate an humanitarian truce. The spokesperson stated that "we urge both sides to respond to the U.S. led effort to conclude an humanitarian truce given the urgency to de-escalate the violence and end the suffering of Sudanese citizens." In September, Saudi Arabia and the United Arab Emirates, as well as Egypt, called for a three month humanitarian truce to be followed up by a permanent ceasefire in Sudan. Witnesses claim that the RSF abducted and killed civilians both during and after their capture of al-Fashir. This includes summary executions. The leader of the group called for all fighters to protect civilians, and warned that any violations will be prosecuted. In April 2023, the war between the Sudanese Army and the RSF broke out when the forces clashed about plans to integrate forces. The conflict in Sudan has caused a devastation that has killed tens and thousands of people. Hunger has spread throughout the country, and millions have been displaced. Reporting by Khalid Abdelaziz, Nafisa eltahir and Daphne Psaledakis; Additional reporting in Washington by Enas alashray; Editing and writing by Alex Richardson; Aidan Lewis; and Diane Craft
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Report: Power supply issues slow EMEA data center rollout
A Savills report found that data centre capacity growth in Europe, the Middle East, and Africa has slowed since 2025 compared to last year's same period, despite a surge in demand. This is due to a lack available power, which delays project timelines. Since ChatGPT's release in late 2022 the global data centre demand has risen and projects are being planned. Investors and governments have bet that generative artificial intelligent will revolutionise how we all work and live. The demand for electricity to power these centres has increased. Savills, a global provider of real estate services, reported that since January, new data centres have added 850 megawatts of power, which is 11% less than the same period in 2024. Megawatts are the main metric for sizing a data centre. This is the maximum power that a data center can provide to its servers, cooling systems and other infrastructure. Savills reported that overall data centre capacity has increased by 12% to 11,400 MW, from 10,140MW a year ago. The report stated that the decline in power delivered year-to date is largely due to persistent energy supply constraints which have delayed projects, and not because of a decrease in demand for data centers. Savills stated that the demand for these centres continues to surge, resulting in an imbalance and a restricted supply of power. The actual amount of new capacity that was occupied fell to just 845 megawatts. This is only half the power capacity leased by 2024. The figures include also pre-lets, which are leases for future data centers. The total contracted power capacity, which includes both the live and future contracted capacity, grew by 12% on an annual basis to 14,500MW. This shows a strong under-demand. In the third quarter 2025, 91% all data center capacity was leased. This is up from 87% during the same quarter in 2022. This also reflects a strong demand. (Reporting and editing by Amanda Cooper, Emelia Sithole Matarise and Lucy Raitano)
Environment change to have long-term financial impact: SF Fed paper
A boost in the number of hot days as environment modification warms the globe would most likely damage the U.S. economy over the longterm, according to research study released on Tuesday by the Federal Reserve Bank of San Francisco.
Our findings suggest that, under a scenario without any massive efforts to minimize carbon emissions, future increases in extreme heat would lower the capital stock by 5.4% and yearly consumption by 1.8% by the year 2200, wrote Stephie Fried, a senior financial expert at the San Francisco Fed, and co-authors Gregory Casey and Matthew Gibson, both professors at Williams College.
The scientists used scientists' best price quotes for the number of days per year where working outdoors would cause heat tension, approximated to rise from 22 days in 2020 to 80 in 2100.
They then projected the likely drain on labor performance in building and construction, where - unlike most of the services and manufacturing sectors - air-conditioning can not counter the impact of hot days.
They concentrated on building because it makes up a larger share of general economic output and U.S. investment than other sectors like farming or mining where employees are likewise susceptible to heat.
Decreases in building efficiency slow capital accumulation and for that reason have long-lasting impacts on macroeconomic outcomes, they composed.
Using a less-likely option circumstance under which the variety of extreme-heat days increases to 125 in 2100, the authors found much bigger consequences from a decline in construction performance, with capital accumulation forecasted to fall by 18%. and usage by 7% in 2200.
(source: Reuters)