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U.S. pressures Iraq for Iranian influence, as it controls the oil dollars
Sources say that the U.S. is pushing Iraqi politicians to avoid armed groups in the new government Iraqi MPs with Iran links are to be excluded from the cabinet The Federal Reserve Bank controls the dollars of Iraq's oil revenues Maha El Dahan and Humeyra Pauk DUBAI/WASHINGTON - Four sources have confirmed that Washington has threatened to impose sanctions on the Iraqi government if Iran-backed groups were included in the new government. This could include a potential cut-off of the vital oil revenue coming from the Federal Reserve Bank of New York. This warning is the most stark example of President Donald Trump’s campaign to curb Iran linked groups' influence in Iraq. The country has been walking a tightrope for years between Washington and Tehran, its closest allies. Joshua Harris, the U.S. Charge d'Affaires at Baghdad's Embassy, has repeatedly warned Iraqi officials, influential Shi'ite leadership, and even'some heads of Iran linked groups' via intermediaries in the last two months, according to three Iraqi official sources and one source who is familiar with this matter. This story was written by a source familiar with the matter and three Iraqi officials. Harris and the Embassy did not respond to comments. Sources?requested anonymity in order to discuss private conversations. Since taking office one year ago, Trump has taken steps to weaken Iran's government, including through its neighbor Iraq. U.S. officials and Iraqi officials claim that Iran has used Baghdad's bank system for years to avoid the sanctions. In an attempt to choke off this dollar flow, successive U.S. Administrations have placed sanctions on more than a dozen Iraqi Banks over the last years. The New York Fed has never stopped sending dollars to the Central Bank of Iraq. "The United States support the sovereignty of Iraq and every country in the area." This leaves no place for Iran-backed groups that spread sectarian rifts, pursue malign objectives, or cause terrorism in the region. The spokesperson refused to answer any questions regarding the sanctions threats. Trump, who bombed Iran’s nuclear program in June, threatened to intervene militarily again in the country when protests took place last week. The office of Iraqi Prime Minister Mohammed Shia al-Sudani, the Central Bank of Iraq, and the Iranian mission to the United Nations have not responded to requests for comments. (Reporting and editing by Frank Jack Daniel; Additional reporting and reporting by Ahmed Rasheed.
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Andy Home: The nickel market in Indonesia plays the numbers game.
The nickel price has been rocketing as investors bet that Indonesia, which is the world's biggest producer of battery metals, will slow down its explosive output growth. The London Metal Exchange's (LME) 3-month metal price has risen from a low in mid-December of $14,235 to a high of $18,905 on January 14, a level that was last traded in 2022. Indonesia's Energy and Mineral Resources Minister Bahlil?Lahadalia, mid-December, sparked the nickel revival with a promise of reducing production. An official from the Energy Ministry confirmed that this year's annual "mining" permits will be reduced to 250-260 millions wet tons ore, down from 379,000,000 tons in 2025. This is a big deal, given that Indonesia supplies 65% of the global nickel and has been the cause of the glut in the past two years. This is why the market reacted. There's much more to the headline figures than meets the eye. NUMBER-CRUNCHING First, Indonesian mining quotas refer to wet tons. Macquarie Bank analysts point out that the headline figures are "difficult" to convert to "actual recoverable units of nickel due to the wide range of moisture content in ores. The moisture content of ores can reach up to 40%. The bank says that neither the operators nor the government report formally quotas and production levels. This makes it difficult to understand what's happening in Indonesia's nickel industry. It is clear, however, that the quota set for last year was much higher than the actual production. According to the nickel smelter associations of Indonesia, FINI, last year's total ore demand was just 300 million wet tonnes. According to the World Bureau of Metal Statistics, imports of ore from the Philippines reached 14 million tonnes in the first eleven months of 2025. The'slashing' of the quotas this year will not mean the production reductions implied by "slashing". FINI predicts that the demand for ore by smelters will rise to 340 to 350 million tons in this year. This gap is significant and can only be partially filled by imports. Come back in June The FINI ore demand forecast shows you the amount of processing capacity that is still ramping-up in Indonesia. The government is faced with a difficult problem: How to limit ore production without harming existing smelters or those that are in the process or construction? Indonesian resource policies is aimed at creating greater value through the processing of ore, intermediate products and finished nickel. It won't help to deny new projects feed. Jakarta's stated goal is to match the ore supply and smelter demands, but both are still increasing fast. A mid-year review will provide a safety valve if tensions grow between ore production capped by quotas and the smelter's demand. In other words, the headline annual mining permits number may change as the year progresses. Take back control It's clear that Jakarta wants to take more control over a sector?that is growing too large too fast. The government has cracked down on illegal mining, as well as on operators who violate environmental rules. In November, it stopped the approval of new smelters that produce intermediate products like nickel pig iron or matte. These are primarily used by the stainless steel sector and not the electric vehicle batteries. Reduced annual quotas are?another aspect of the strategy, but don't expect Indonesian nickel to suddenly come to a halt. It could take a while for this to happen and it is likely that the numbers will change again. Andy Home is an author and columnist. Andy Home is a columnist. You like this article? Check it out Open Interest (ROI) Your essential source for global financial news. Follow ROI on LinkedIn, Listen to the song Morning Bid daily podcast Spotify Or the . Subscribe to the podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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Gold steadies after record run, silver hovers near $100/oz
Silver prices were just shy of $100, with momentum buying and solid fundamentals boosting silver prices. At 1332 GMT the spot gold price was unchanged at $4,931.28 per ounce, after reaching a record of $4,967.03 an ounce earlier in day. U.S. Gold Futures for February Delivery increased by 0.4% to $4934.20. Gold's role as an asset and diversifier during highly uncertain political and economic times makes it a necessity for portfolios. Tai Wong, a metals trader, said that it is more than just a perfect storm which will not last. It is a sign of fundamentally changing times. The?demand for safe haven assets has risen since the beginning of the year due to friction between the U.S., NATO, and Greenland over Greenland. Also, there are concerns over the independence of the Federal Reserve and the uncertainty surrounding tariffs. The rise of gold has also been attributed to central bank purchases and a general move away from the dollar. Analysts at SP Angel stated that "we also consider the White House’s increasing aggravation with Fed policy by pushing for lower interest rates and a dovish Fed chair as reducing trust in U.S. Government debt." Markets still expect two more rate cuts to occur in the second half of 2026. Gold is a popular asset during low-interest rate periods because it does not yield any income. After hitting a new record of $99.65, spot silver jumped by 3.1% and now stands at $99.19 per ounce. Silver prices rose by 147% in 2012, mainly due to a strong?demand for the metal. Wong said that "silver has been helped by anecdotal reports of long lines in Shenzhen, and the huge retail demand in Turkey and Dubai." After hitting a record of $2,718.40, spot platinum rose 2.6%, to $2,696.57 per ounce. The metal has risen by?31% in the first three months of this year. HSBC stated in a report that platinum "attracts investor demand as a more affordable alternative to gold." "We expect the production/consumption deficit to widen to over 1.2 moz in 2026," the note added. Palladium prices, on the other hand, rose by 2.3%, to $1,963.18. (Reporting and editing by Tasim Zaid in Bengaluru)
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Vittangi graphite mine in Sweden gets zoning plan approval
The government of Sweden approved a zoning for the Nunasvaara graphite mine in Kiruna, as it aims to accelerate the opening of more mines. The mine is operated by the 'Australian Talga Group. It will produce approximately 100,000 metric tonnes of graphite ore per year, which will then be processed to about 20,000 metric tons battery anode materials. In a recent statement, Deputy Prime Minister Ebba busch stated that Sweden is in a unique situation when it comes to supplying...Europe with an?independent supply of critical raw material. "Graphite plays a vital role in many industries, including the production of cars, steel and batteries. Swedish mining is also the most sustainable on the planet." Amid 'growing geopolitical tensions, the European Union is looking to increase?domestic mineral production and reduce its dependence on?China. Talga stated that its current focus was on the construction of its graphite-processing plant in Lulea, and it hoped to start mining at Vittangi around 2029. Talga's Cen Rolfsson, a Talga spokesperson, said that the last major hurdle had been removed. He added that minor permits were still required before production could begin. Rolfsson stated that the Nunasvaara Mine would produce around 2 percent of Europe's graphite demand by 2030. However, production could be increased. Sweden has a wealth of?minerals, which are used for everything from telephony to missiles. The biggest project in Sweden is the LKAB Per Geijer Iron Ore and Rare Earths Mine, which has been designated a Strategic Project by the EU for 2025. Busch stated that mining policy was no longer a question of economics. It has now become a matter of national security. We must strengthen our strategic autonomy, and make Sweden strong."
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Poland's Pepco won't raise prices because margins are driven by efficiency, says executive
The finance director of 'its main brand' said that Pepco, a European discount retailer, does not intend to increase prices in order to boost margins. Instead, it will rely on increased efficiency due to the lowered consumer sentiment. Pepco has a strategy centered around its name brand, after selling Poundland to Britain last year. This was done in order to simplify the group and focus on their higher-margin continental European operations. Hugo van Santen said in an interview that "our model is not to raise prices." "We want margins to improve while we are price leaders." Van Santen stated that the?Warsaw listed group will rely on its scale benefits, new stores, logistic improvements, and vertically integrated sourcing in Asia, to maintain its price leadership. Pepco's focus of low-cost essentials has helped it report a 4.3% increase in revenue in its first fiscal quarter that ended in December. Van Santen stated that the company is strengthening its position on the discount market, against competitors such as LPP's Sinsay. This is due to a dense network stores in smaller towns. The company plans to expand into North Macedonia this year. It currently 'opens five new stores per week. The company is also hoping to take advantage of its expansion into Western Europe, after its model was successful in Spain Portugal and Italy. (Reporting and editing by Milla Nissi-Prussak, Marta Maciag)
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Gold prices fall after record high near $5,000
Investors booked profits after gold prices reached another record high of near $5,000 per ounce due to a?uncertain geopolitical outlook. Silver and platinum have also reached record highs. Spot 'gold' was steady at $4.935.39 per ounce at 1228 GMT. It had touched a record of $4.967.03 earlier that day. U.S. Gold Futures for February Delivery increased by 0.5% to $4.935.60 per ounce. Prices have increased by 14% in the first quarter of this year. This is partly due to concerns about President Donald Trump's threats to impose tariffs against European allies over Greenland. The removal of Trump’s tariff threats and the emergence of an agreement framework should have, in theory? seen those gold hedges unwound. Instead, gold has pushed to new heights," said Chris Weston. "Perhaps the market has had enough and gold is looking more and more like a hedge to protect against Trump's presidency and the utter?unpredictability it brings." Trump announced on Thursday that the U.S. had gained permanent access to Greenland through a NATO deal. The central bank buying also drives the rally Gold prices have risen as central banks buy gold and investors flee global volatility and policy risks. The U.S. Federal Reserve will likely hold interest rates at the same level during its meeting on January 27-28, but markets expect two more rate cuts to occur in the second half 2026. Gold is a non-yielding asset that has historically been favored by low interest rates and economic insecurity. The gold premium in India rose this week, reaching its highest level in over a decade. This was due to a surge in investor buying, fueled by expectations of an increase in duty in the upcoming budget. Premiums in China, however, fell. After hitting a high of $99.37 on September 27, the price of spot silver jumped by 2.8%, to $98.90 per?ounce. This brings this year's gains to 38%. Silver has not been traditionally a safe-haven asset, but its role may be changing, said WisdomTree commodities strategist Nitesh. He added that the prices could fall if industrial demand shrinks due to the recent surge. After hitting a record of $2,718.40, spot platinum rose 3%, to $2,707.85 per ounce. Metal is up by 31% since January. Palladium, on the other hand, rose by 2.6%, to $1,969.70.
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France investigates the link between milk formula and two infant deaths
The French Health Ministry announced on Friday that French investigators were investigating the deaths of two infants after they consumed baby formulas which had been recalled as a precaution earlier in the month. The Bordeaux prosecutor revealed that one of the babies who died in Pessac, southwest France, was fed Guigoz powdered milk by Swiss company Nestle. An investigation is underway to determine the cause of death. The ministry stated that there was?no evidence to date' linking the deaths with the baby formula. Nestle and privately-owned French group Lactalis recalled batches sold in France this month due to possible contamination by cereulide. This?toxin can cause nausea and vomiting. It was not possible to determine immediately what formula the second child had consumed. Nestle has said that it is taking note of the ongoing investigations. In an email, it stated that "At this stage nothing indicates a link between these tragic events and consumption of our products." Lactalis stated that it has not received any reports of health authorities. MINISTRY ANNOUNCES ANALYSIS IS UNDERTAKEN Two reports of infant death have been brought before the attention of health authorities. The children involved were said to have consumed infant formula that was affected by recalls. The health ministry stated that no causal connection has yet been "scientifically" established. The report added that "further analysis is underway and the cases are being investigated" by the appropriate public prosecutors. It is standard practice to launch an "inquiry" after a suspicious death of a child. The office of the public prosecutor at?Angers in western France where the other death took place did not respond to a request for comment. Nestle and Lactalis, two of the largest dairy groups in the world, have recalled baby formulas from dozens of countries. Danone, another French group, also blocked a batch of infant formula manufactured specifically for the Singaporean Market. All three companies stated that the precautionary measures were taken by all three companies. On Wednesday, the French Ministry of Agriculture announced that the first judicial investigation results would be available in 10 days. The French farm ministry said that its investigations identified an arachidonic oil, or ARA produced by a Chinese provider as the source. (Reporting and editing by Richard Lough, Barbara Lewis, Alexander Marrow)
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Sources: Adani Power's mega-debt sale is backed by Indian lenders and mutual fund bids
Three sources familiar with the matter confirmed that Adani Power, an Indian company, sold a 75 billion rupee ($816.58 millions) debt issue to large Indian banks and mutual funds. These buyers bought more than 90% of it. The bankers declined to identify themselves as they were not authorized to speak with the media. Adani Power has not responded to my email asking for details about the bond issue that closed on Friday. The market capitalization of India's Adani Group firms fell by $12.5 billion on Friday after the U.S. The markets regulator requested permission from a court to email founder Gautam Adani, and group executive Sagar Adani about alleged fraud and $265 million bribery. After Hindenburg Research, a shortseller, made allegations about the group's corporate governance practices in 2023, the group focused its borrowings on?the domestic markets. Adani Power raised 28.60 billion rupees through two-year bonds, and 26.90 via a note of three years. The remaining 6.75 and 12.75 billions of rupees was raised via four- and five year papers. Adani will pay coupons of 8.00%, 8.20%, 8.30% and 8-40% for the bonds with a term of two and three years and?four and five year papers. The?bankers stated that SBI Mutual Fund, India's largest in terms of assets managed, was the one to lead the purchase and invested 25 billion rupies, or one third?of the size of the issue. Kotak Mutual Fund purchased 6 billion rupies of debt. ICICI Bank purchased 11 billion rupees in bonds while Axis Bank chose 10 billion rupees worth of notes. SBI Mutual Funds, ICICI Banks and Axis Banks did not respond to emails requesting comment. The issue was arranged by Trust Investment Advisors in conjunction with ICICI Bank, Axis Bank and ICICI Bank. The Trust?Investment Advisors has not responded to an email requesting comment. Crisil and India Ratings have rated the bonds 'AA'. The coupons will increase by 25 basis points with each notch downgrade. $1 = 91.8470 Indian Rupees (Reporting and editing by Ronojoy Mazumdar; Dharamraj Dhutia, Khushi malhotra)
Sources say that China is investing in the Brazil-led Global Forest Fund
Two people familiar with the negotiations said that China had signaled the Brazilian government it would invest in the Tropical Forests Forever Facility. This is a multilateral fund to conserve endangered forests all over the world. China's investment in the fund that Brazil proposed first in 2023 would be a significant shift in climate financing, which relied on funding coming from wealthy nations responsible for global warming up to this point. China's commitment could allow emerging economies to contribute to climate change mitigation financially, going beyond the requirements of the 2015 Paris Agreement that were imposed on developed countries.
This new approach is being adopted as wealthy countries such as the United States back away from their ambitious pledges of funding projects to curb climate change. However, poorer nations are increasing pressure on these nations to do so as they struggle to deal with the effects of a warming climate. Last year, at the United Nations Climate Summit, leaders from developing countries criticized wealthy nations for their $300 billion annual global finance target. This was only a fraction of $1.3 trillion economists claim is needed. Sources say that Chinese Finance Minister Lan Fu'an, who met with his Brazilian counterpart Fernando Haddad, on Thursday, expressed his intention to contribute to TFFF (the Forest Fund for the Future), a fund to support the conservation of forests. The two spoke at a side meeting of finance minsters ahead of the BRICS summit, which begins in Rio de Janeiro this Sunday. One source who was present at the conversation said that Lan told Haddad that he thought the fund idea was important and that China would contribute. The discussion, however, did not include specific values. Sources say that the Brazilian government took the message of China's finance ministry as a sign that Beijing would contribute funds. However, a public announcement will not be made until the U.N. Climate Summit, COP30 in November.
The Chinese embassy in Brasilia, as well as the Brazilian Finance Ministry, did not respond immediately to a comment request. Sources claim that Brazilian President Luiz Inacio Lula da Silva discussed the fund in May with Chinese President Xi Jinping. Brazil is also looking to attract other developing nations with rich resources, especially from the Middle East.
The Brazilian government believes that the TFFF could be the main new deliverable for COP30 in Belem, an Amazonian city.
Policymakers envision TFFF to be a $125 billion endowment fund that combines contributions from the private and sovereign sectors. The fund would be managed as an endowment, with countries receiving annual stipends based upon how much of their rainforests remain standing.
Although sources don't expect the fund will launch at this scale, initial indications of support came from the U.K. France, Germany Norway, Singapore, and the United Arab Emirates.
After President Donald Trump backed out of the Paris Agreement, the initial support from the United States has evaporated.
The TFFF is a good example of the growing attention being paid to the conservation of tropical forests. These forests are rich in carbon that can help combat climate change. They also protect biodiversity. (Reporting from Lisandra paraguassu, Rio de Janeiro. Writing by Manuela andreoni. Editing by Brad Haynes & Chizu Nomiyama)
(source: Reuters)