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China's crude steel production in September hits a 21-month low due to sluggish consumer demand
China's crude output of steel fell to a 21-month low last September as mills struggled with a sluggish market and declining margins. Data from the National Bureau of Statistics revealed that the world's biggest producer of crude steel produced 73.49 millions metric tons of it last month. This is the lowest level recorded since December 2023. This was a 4.6% decrease from the previous year and a 5% drop compared to August's 77.37 millions tons. Calculations based on data show that the average daily production in September was 2,45 million tons. This is down from 2.5 millions tons in August. China's steel demand usually peaks in September, due to the construction boom. However, a series of powerful typhoons struck several coastal areas last month and slowed down outdoor operations, reducing the demand. Analysts said that the lower-than-expected steel demand coupled with shrinking margins deterred manufacturers from increasing production. According to Mysteel's data, mill profitability fell. Around 57% of steelmakers were operating at a loss by the end September. This is down from 64% late in August. The cost of raw materials like iron ore also increased. Pei Hao is an analyst with international brokerage Freight Investor Services. She said that the lower output was partly due to a temporary ban on mill operations in northern areas in order to reduce pollution in advance of a military display last month. Pei stated that "a shaky confidence regarding steel demand in the midst of a prolonged property market decline prompted mills to maintain an cautious production pace." The first three-quarters of this year saw a total production of 746.25 millions tons, a 2.9% decrease from the previous year. Reporting by Amy Lv, Colleen Waye and Thomas Derpinghaus.
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India's benchmark stock indexes will open higher thanks to strong earnings by lenders and global cues
Investor sentiment is expected to be boosted by better-than-expected earnings of top lenders, as well as positive global signals on the easing of China-U.S. Trade tensions. Gift Nifty futures traded at 25,980.5 as of 7:56 am IST. This indicates that the benchmark Nifty will open above its one-year close of 25,709.85. HDFC Bank, India's largest private sector lender, and ICICI Bank, India's second-largest private sector lender by assets, reported on Saturday that they had achieved higher profits than expected for the third quarter. Reliance Industries, on the other hand, missed its quarterly profit forecasts due to weakness in its oil-to-chemicals legacy segment. However, revenue was above expectations. Jefferies, a brokerage firm, said that a report stated: "Revival of retail growth and increasing visibility on low teens consolidated EBITDA in FY26 growth should help Reliance Industries" stock to re-rate. Benchmark Nifty 50 closed last week at an all-time high, as expectations for a rate cut in December and optimism about a rebounding earnings market boosted sentiment. According to preliminary data, foreign investors purchased Indian shares valued at 3.09 billion Indian Rupees ($35.14 millions) on Friday. It was the sixth time they bought in nine days. Other markets in Asia were led higher by China and Hong Kong after a massive selloff last weekend, buoyed up by signs of easing Sino U.S. Trade tensions. U.S. Treasury secretary Scott Bessent announced on Friday that he will meet with Chinese Vice Premier He Lifeng this week in Malaysia. He said he was hoping to prevent an escalation in U.S. Tariffs on Chinese Goods, which President Donald Trump has said is unsustainable. STOCKS TO WATCH ** Middle Eastern Bank Emirates NBD is buying a 60% stake of Indian private lender RBL Bank at $3 billion ** UltraTech Cement reports a 75% increase in its consolidated net income on the back of a 20% revenue growth for the third quarter Punjab National Bank reports higher profits for the second quarter while its asset quality is improving
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Trump says he will keep imposing'massive tariffs' on India until Russian imports of oil cease
U.S. president Donald Trump said on Sunday that Indian prime minister Narendra Modi had told him India would stop buying Russian crude oil. He also warned that New Delhi will continue to pay "massive tariffs" if it does not. Trump told reporters on Air Force One: "I spoke to Prime Minister Modi from India and he said that he would not be doing anything about the Russian oil." When asked about India's claim that it wasn't aware of any conversations between Modi and Trump's response was: "But, if they say that, they'll continue to pay massive duties, and they don’t want to do this." Trump has been irritated by Russian oil purchases in his trade negotiations with India. Half of his tariffs of 50% on Indian goods is in response to these purchases. U.S. officials have said that Russia uses petroleum revenue to fund its war in Ukraine. India is now the largest buyer of Russian oil shipped by sea at a discounted price after Western nations boycotted it and imposed sanctions against Moscow over its invasion of Ukraine in 2022. Trump said on Wednesday that Modi assured him the day before that India would cease its Russian oil purchases. India's Foreign Ministry said it had no knowledge of a telephone conversation between leaders on that day but that New Delhi was primarily concerned to "protect the interests of Indian consumers." An official at the White House said that India had halved their purchases of Russian crude oil. However, Indian sources stated that no reduction was immediately seen. Sources said that Indian refiners had already placed orders to load in November, with some of them slated for arrival in December. Any reductions could start to show up as a drop in imports for December or January. India's imports will increase by about 20% to 1.9m barrels a day this month, according to Kpler estimates. This is because Russia has increased its exports since Ukrainian drones attacked its refineries. (Reporting from Jeff Mason aboard Air Force One, Kanishka Singh in Washington and David Brunnstrom at the Pentagon; editing by Kim Coghill & Sonali Paul).
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Oil prices drop on worries about US-China trade tensions
Oil prices fell on Monday as a result of concerns over a global surplus. The escalating U.S. China trade tensions also added to worries about an economic slowdown. Brent crude futures dropped 24 cents or 0.4% at $61.05 a bar at 0032 GMT. U.S. West Texas intermediate futures were also down 21 cents or 0.4% at $57.33, erasing Friday's gains. The International Energy Agency has forecast a growing glut of supply in 2026, which is partly responsible for the declines. Toshitaka Takawa, an economist at Fujitomi Securities, said that fears of a slowdown in the economy due to escalating U.S. China trade tensions are driving selling pressure. The upcoming summit between U.S. president Donald Trump and Russian president Vladimir Putin will add uncertainty to the outlook. This makes it hard for some investors adjust their positions. Last week, the World Trade Organization's head said that she had urged both the U.S.A. and China de-escalate their trade tensions. She warned that a decoupling of the two world's largest economies over time could result in a 7% reduction in global economic output. Two of the world's largest oil consumers recently renewed their trade conflict, adding port fees to ships that carry cargo between them. This could cause global freight flow disruptions. Trump and Putin also agreed to meet again on Thursday, despite Washington's pressure on India and China not to buy Russian oil. After talks with Ukrainian president Volodymyr Zelenskiy on Friday at the White House, Trump implored Ukraine and Russia to stop the war "immediately," even if that meant Ukraine conceding territories. Trade sources and analysts say that the pressure from the United States and Europe on Asian buyers to reduce their Russian energy imports could result in India's oil imports being restricted as of December, resulting in cheaper supplies for China. Baker Hughes, a leading energy services company, said that the United States added oil and gas rigs last week for the first time since three weeks. (Reporting and editing by SonaliPaul; Yuka Obayashi)
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Telegraph: British troops can now shoot drones down on sight
The Telegraph reported that British troops would be given new power to shoot down drones that threaten UK military bases. This was based on an announcement made by British Defence Minister John Healey on Monday. The newspaper reported that Healey would reveal his vision for how Britain can protect its most important military bases as a response to the growing threat from Russia. The Telegraph, citing an anonymous source, reported that the British government "was not ruling out" extending the powers to other sites of importance, such as airports. According to The Telegraph, troops are currently able to use counter-drone specialist equipment that can track drones coming in, hijack their signals and divert them. The Telegraph added that the new proposal would give soldiers and Ministry of Defence Police an "kinetic option" of shooting them on-site, something they could only do in extreme situations. Healey's Office did not respond immediately to a comment request. The British defence ministry was not immediately reachable. In October, Britain announced that two Royal Air Force planes were flying a Twelve-hour Mission The U.S. and NATO troops will patrol the border with Russia alongside U.S. forces, claiming that this operation follows incursions in the airspace of NATO countries such as Poland, Romania, and Estonia. Drones are becoming more popular. Airspace disruption In recent years, unmanned aerial vehicles have repeatedly invaded Europe, causing airport closures and flight cancellations. As tensions between the West and Russia have increased over its actions, fingers have been pointed in Russia's direction. Despite Moscow's denials, there is evidence of Russian involvement in Ukraine. Monitoring service Enigma has detected at least 18 drones in Denmark, Sweden Norway and Germany since September 16. Many, but not all, were in close proximity to airports.
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Reports: Doug Martin, 36, former All-Pro running back Doug Martin has died
Multiple outlets reported that Doug Martin, a former NFL All-Pro runningback and Boise State standout who was 36 years old when he died, had passed away. TMZ, FOX and other media outlets confirmed the news to Martin's family members on Sunday. His family released a statement to FOX that read: "It's with great sadness that I inform you all of Doug Martin's passing Saturday morning." The cause of death has not yet been confirmed. Please respect our privacy during this time." On Sunday, the Tampa Bay Buccaneers - where he spent most of his career - released a statement: We are deeply saddened by the sudden and untimely death of Doug Martin. Doug Martin's impact on the Buccaneers franchise was profound. From his record-setting 2012 rookie season to his numerous Pro Bowl selections over his six seasons with the Buccaneers. After being selected No. Martin was selected No. 31 in the first round 2012 NFL Draft. As a rookie, he made a huge impact on the Buccaneers, earning a Pro Bowl spot after a season of 1,454 yards and 11 touchdowns. Martin was plagued by injuries for the remainder of his career. He spent most of it in Tampa Bay. However, he did make a second Pro Bowl and had a 1,400 yard season in 2015. In 2015, he made first team All-Pro. Martin was able to run more than 400 yards in every season of his career, despite the injuries. This consistency has allowed Martin to finish fourth in Tampa Bay's list of all-time rushing yardage with 4,633 over six seasons. With 26 rushing touchdowns he is also the third-most prolific Buccaneers rusher of all time. In 2018, he played one season for the Oakland Raiders, ending his seven-year NFL career. Martin is also a Boise State legend. He rushed for 3,431 yard between 2007 and 2011, placing him eighth in the school's history of rushing. He also ranks sixth in career rushing touchdowns. Field Level Media
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Israel announces a ceasefire after 26 people are killed in Gaza.
Israeli military announced on Sunday that the ceasefire in Gaza was resumed following an attack in which two Israeli soldiers were killed. This attack prompted a wave airstrikes in which 26 people died, making it the most severe test of this month's U.S. mediated truce. An Israeli security source confirmed that aid to the enclave would resume on Monday after U.S.-led pressure. This was shortly after Israel had announced a suspension of supplies as a response to Hamas's alleged "blatant" breach of the ceasefire. According to local residents and medical authorities, the Israeli strike killed at least 26 Palestinians in Gaza, including one woman and one infant. Steve Witkoff, the envoy of U.S. president Donald Trump and his son-in law Jared Kushner are expected to visit Israel on Monday. Both an Israeli and U.S. official confirmed this. After militants fired an anti-tank rocket and launched a missile at its soldiers, Israel said that it had struck Hamas' targets in the enclave. These included field commanders and gunmen as well as a tunnel, weapons depots and a weapon storage facility. Residents said that at least one strike struck a former Nuseirat school which housed displaced people. The Hamas armed wing said that it was committed to the ceasefire accord, unaware of clashes at Rafah and had not been contacted with groups in Rafah since March. Benjamin Netanyahu, the Israeli prime minister, said that he ordered the military forcefully to respond to Hamas violations of the ceasefire. The path to peace is uncertain A senior Israeli official said that aid transfers to Gaza were halted after Hamas violated the ceasefire agreement in a blatant manner. After U.S. pressuring, another Israeli official confirmed that the aid would resume Monday. After airstrikes in Khan Younis, families fled their homes after fearing that the truce would collapse. The strikes resembled Israel's response in late 2024 to what it saw as serious violations of a ceasefire it had signed with Hamas and its Lebanese allies, Hezbollah, less than one week after the ceasefire was implemented, after several days of accusations from both sides of breaching truces, although that ceasefire is still largely intact. There are still formidable obstacles to a lasting peace in Gaza. In March, after two months of relative quiet, Israel launched a barrage airstrikes that triggered a ceasefire. DISPUTE OVER THE BODIES DECEASED HOSTAGES The ceasefire was officially declared on 10 October, ending two years of conflict. However, the Israeli government has been accusing Hamas of violating the ceasefire since days. Defense Minister Israel Katz announced that the "yellow lines" where Israeli forces have pulled back in accordance with the ceasefire agreement will be marked physically and that any attempt to violate the ceasefire, or cross the line, would be met by fire. Hamas outlined what it called a series violations by Israel, which it claims has resulted in the deaths of 46 people and prevented essential supplies from reaching enclave. Israel announced on Saturday that the Rafah crossing between Gaza, Egypt and Israel, which was expected to reopen this week, will remain closed. Its reopening depends on Hamas meeting its obligations under the ceasefire. Israel claims that Hamas has been too slow to deliver the bodies of dead hostages. Hamas released last week all 20 of its hostages and has since handed over 12 bodies. More Aid is Needed The group claims it does not want to keep the bodies of hostages who are still alive and that special equipment will be needed to retrieve corpses from under rubble. Rafah has been largely closed since May 2024. According to IPC's global hunger monitor, hundreds of thousands people in Gaza were declared to be suffering from famine by the IPC Global Hunger Monitor. In previous ceasefires, the crossing was a major conduit for humanitarian aid into the enclave. The United Nations claims that despite the fact that the flow of humanitarian aid through a second crossing has increased since the ceasefire was declared, it is still insufficient. The key questions of Hamas' disarmament, the future of Gaza, and the composition of an international "stabilization" force, as well as the steps towards the creation a Palestinian State, have not yet been resolved. Reporting by Nidal AlMughrabi; Writing by Andrew Mills; Maayan Loubell; and John Kruzel. Editing by Philippa Fetcher, David Holmes, and Deepa Babington.
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Companies claim that Russia has attacked a second energy site in Ukraine, a coal mine.
The operators of these sites reported that Russian forces attacked on Sunday a coalmine in southeast Ukraine and a site unidentified in the north, near the Russian border. This is the latest in a string of attacks on Ukraine's power network. DTEK, a private Ukrainian energy company, said that Russian forces attacked a colliery located in the Dnipropetrovsk Region. The company reported that 192 miners had been safely brought up to the surface without any injuries. The company stated that this was the fourth Russian attack in two months against coal mining operations in Ukraine. Chernihivoblenergo said that an attack in the Chernihiv region, on the border with Ukraine, caused extensive damage. It also cut electricity to over 55,000 customers. It said that emergency crews will restore power to the area as soon as it is safe. In recent weeks, Russian attacks have targeted Ukraine's electricity grid and other energy sites. In the wake of an attack that affected more than a million customers earlier in the month, power cuts have been imposed in a number of areas. (Reporting and editing by Edmund Klamann; Ron Popeski)
Why are NDCs crucial in international environment talks?
On the planet's struggle to halt and reverse climate modification, nations regularly report on their strategies and development in lowering national levels of planetwarming carbon emissions.
These strategies are called Nationally Determined Contributions, or NDCs for brief.
WHAT IS AN NDC?
A nation's NDC explains its national policies or decisions toward reaching net-zero emissions, and was upgraded every five years until delegates at the 2021 U.N. climate top, COP26, in Glasgow called for more regular updates every couple of years.
Altogether, these reports help nations collaborate their environment policies action with one another. More right away, they can tell us if the world is on track with its environment objectives.
In a report released on Monday, the group Net-Zero Tracker, which assesses the global climate commitments, found with 93% of worldwide GDP covered by targets the world is on the road to internet no, but advised that action is required to turn promises into trustworthy plans.
WHY WOULD WE BE HEARING ABOUT NDCs NOW?
The next round of NDC updates are due in February 2025, although some countries might announce strategies throughout today's. U.N. General Assembly in New York City.
Others may opt to share their latest strategies during the. upcoming U.N. climate summit, COP29, being held in Azerbaijan.
WHERE DID THE NET-ZERO OBJECTIVE COME FROM?
To prevent devastating climate extremes, countries concurred. under the 2015 Paris Agreement to collaborate in limiting. international warming to within 2 degrees Celsius of pre-industrial. temperatures.
For that result, the world not just requires to reach net-zero. emissions by 2050, but likewise requires to move quick in getting there. - by cutting emissions approximately in half from 2005 levels within. the next 6 years.
Rather, since the Paris pact, worldwide emissions have. continued to rise.
WHY ARE NDCs essential?
While the Paris Contract sets shared international emissions. targets, each country decides for itself how to arrive. They. might think about policies for moving how individuals power their. homes, or how food is produced or cities created.
More than 170 of the world's countries satisfied the last NDC. due date ahead of COP26 in early 2021 with countries usually. appreciating the procedure - even if they are not similarly ambitious. and robust.
For this next round of NDCs, nations have actually been asked to. concentrate on setting more ambitious near-term emissions targets for. 2030 and for 2035.
WHAT ELSE SHOULD WE LOOK FOR IN THE NDCs?
In general, an NDC is considered strong if it is detailed,. enthusiastic, and reliable. They need to set emissions reductions. targets for crucial polluting sectors, such as energy and. transport, while reconciling nationwide policies that might. frustrate development in transitioning to clean energy, such as. fossil fuel subsidies.
There need to also be prepare for how a nation will monitor. development towards its NDC pledges.
The reports can also cover plans for adapting to the. conditions of a warmer world and keep people safe from increased. flooding, heatwaves and other climate extremes.
An NDC can information projects to be released, or prepare for. producing jobs in clean innovation markets. It could consist of. plans for public health measure amidst increasing temperatures.
Nations with more developed NDCs that describe jobs,. policies and funding requirements can help to draw in funding.
However NDC reports can likewise describe backsliding on. climate-friendly policy.
Last year, Britain's environment efforts were described by. non-profit Climate Action Tracker as insufficient after the. country's then government
backtracked
on essential environment policies such as the near-term phase-out of. brand-new fuel vehicles and gas boilers in homes.
WHAT IF A COUNTRY FALLS SHORT?
Pledges made within an NDC are thought about voluntary, with. nations dealing with no legal penalty if they fail to satisfy their own. goals.
Nevertheless, they are bound under the Paris Agreement to. display development and report on any failures.
Some countries like Britain and Chile have included. their NDCs into nationwide law, making their climate commitments. legally binding at a nationwide level.
But while NDCs are not designed to be lawfully binding,. nations can still face litigation for falling short.
Europe's top human rights court concurred in April with a group. of Swiss ladies stating their federal government had actually violated their human. rights by refraining from doing enough to fight climate modification.
(source: Reuters)