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Alaska sues over aerial bear hunting to protect caribou
On Monday, environmental groups sued Alaska’s wildlife authorities to stop a predator-control plan that allows game wardens to hunt an unlimited number of bears using helicopters in a vast area where a protected herd of caribou roams. The groups claim that the Board of Game reinstated the program, without taking into account the impact on grizzly bear and black beaver populations. This is a violation of Alaska's wildlife conservation provisions. The suit was filed in the state district court of Anchorage. It claimed that state fish and games agents had killed 175 black bears and 175 grizzlies since 2023 under two previous versions of the program, which were struck down by courts. Officials from the state wildlife departments have denied that efforts to protect caribou threaten bear populations. In a July statement, state Fish and Game commissioner Douglas Vincent-Lang stated that the new regulations would not jeopardize the long-term survival of bears. A law suit seeks to ban aerial bear hunting The Center for Biological Diversity and Alaska Wildlife Alliance filed a lawsuit against Vincent-Lang on Friday, as well as the Alaska Department of Fish and Game and Board of Game that sets policy. The plaintiffs seek a court order to block a renewed aerial bear hunt before the next round, which will be in spring 2026. This is due to the caribou calves season and the appearance of mother bears out of dens with their newborn cubs. The program was created to reduce bear predation, which state wildlife officials attribute for reducing the Mulchatna Caribou population. The herd has been estimated to be less than 15,000. This is well below the goal of 30 to 80 thousand animals deemed necessary for subsistence and traditional hunting. The lawsuit claims that the number of bears is not as clear. It cites a range between 2,000 to 7,000 grizzlies, which it states the Department has estimated for the entire southwestern Alaska region, based on outdated research. It said that the department did not provide any estimates of black bear populations. GROUP SAYS BEAR CONTROL IS MISTAKEN Environmental groups have said that the program to control bears is a misguided one, which has for years prioritized the protection of large-game species over bears and predators who are needed to maintain a healthy ecosystem balance. Cooper Freeman is the Alaska director of Center for Biological Diversity. He said that the Department of Fish and Game wanted to turn Alaska into a "game farm" and treat wolves and bears as disposable. Freeman, in contrast to the state wildlife officials who claim that caribou calves being eaten by bears is the main threat to their recovery, said that disease and lack food resources exacerbated by climate changes are key factors. Officials from the state also claim that the bear control program was limited to an area of approximately 1,200 square miles (3,100 square kilometers), while environmentalists assert that the predator control plan is applicable to an area of 40,000 square miles (104,000 km) adjacent wildlife refuges.
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Gold nears 3-week high on rate-cut bets and end of US shutdown
Gold reached a three-week high Tuesday. This was helped by the growing expectation of another interest rate reduction in December from the U.S. Federal Reserve and signs that the U.S. Government shutdown will be over. Gold spot was up 0.7% to $4,142.83 an ounce at 0314 GMT. This is its highest level since October 24. U.S. Gold Futures for December Delivery rose by 0.7% to $4148.50 an ounce. Late on Monday, the U.S. Senate approved a deal to restore federal funding in the United States and end this longest-running shutdown. The federal government shutdown has delayed the release of key economic indicators, such as the U.S. Non-Farm Payrolls Report. The end of the government shutdown in the next few days will provide more clarity about the U.S. economy and the Fed interest rate path. Ilya Spirak, global macro head at Tastylive said that "the idea that the U.S. government shutdown was ending" was more viewed as a lifting of an uncertainty level that allowed markets to engage with what had been one of the most important speculative stories this year. The bias for the remainder of the year still favors the upside. The path of least resistence for gold at this point is back to the October high and we may be heading higher after that. Data released last week showed that the U.S. economy lost jobs in October, mainly due to losses in the retail and government sectors. A survey released on Friday showed that the U.S. consumer's sentiment fell to its lowest level in 3-1/2 years at the beginning of November, amid concerns about the economic impact from the U.S. shutdown which was the longest ever. According to CME Group’s FedWatch tool, traders are pricing in an approximately 64% chance that the U.S. Central Bank will reduce rates by 25 basis point next month. Fed Governor Stephen Miran stated on Monday that a rate cut of 50 basis points would be appropriate in December. He noted that the inflation rate was falling, while the unemployment rate was rising. Gold that does not yield tends to perform well when interest rates are low and economic uncertainty is present. The price of spot silver rose by 0.5%, to $50.80 an ounce. Platinum increased 0.3%, to $1.581.60 and palladium gained 1.2%, to $1.431.45. (Reporting and editing by Rashmi aich in Bengaluru, Brijesh patel from Bengaluru)
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Copper prices rise on US shutdown and tight supply
The copper price rose on Tuesday as the market grew more optimistic about a possible resolution of the U.S. government shutdown. Meanwhile, new production data confirmed expectations for a tighter supply in 2013. As of 0240 GMT, the most traded copper contract at the Shanghai Futures Exchange had risen 0.42% to 86,690 Yuan ($12,170.43) a metric tonne. The benchmark copper for the three-month period was up by 0.24% to $10,822 per tonne. The U.S. Senate passed a bill to end the longest government shutdown on Monday, pending approval from the Republican-controlled House of Representatives. Speaker Mike Johnson said that he would pass the bill as early as Wednesday, and then send it to U.S. president Donald Trump to sign into law. The agreement will fund federal agencies until January 30. This will provide temporary relief for federal workers who are not paid, food assistance programs that have been disrupted and travel services that are strained. The market also responded positively to the resolution. Investors will now be waiting for a backlog in key economic data that has been delayed by the shutdown of the federal government. This information should provide new insight into the U.S. Economy once federal operations resume. According to Cochilco's data, the copper prices were also supported by the reduced production of Chile's state owned miner Codelco. The company produced 7% less in September. The production at the mine operated jointly by Glencore, Anglo American and BHP fell by 26% while Escondida's output rose 17%. The prospect of a short supply in the coming year has supported copper prices, as several mine disruptions are expected to affect copper concentrate production. Aluminium was up by 0.30% among other SHFE metals. Zinc gained 0.27%. Tin added 0.52%. Lead dipped by 0.26%. Nickel edged down 0.20%. Aluminium, tin, zinc, and lead all fell 0.22%. Tuesday, 11 November DATA/EVENTS - GMT 0700 UK Claimant Court Unemployment Chng October 0700 UK Unemployment Rate September 200700 UK HMRC Changes in Payrolls October 1000 Germany Economic Sentiment November 1,000 Germany Current Conditions November
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Indian state-run companies prepare for $1 billion debt rush as rates fall
Three Indian state-run firms are planning bond offerings in the next few days. They aim to raise up to $1 billion through medium and long term bonds, according three bankers on Tuesday. The bankers stated that the National Bank for Financing Infrastructure and Development, Power Grid Corp and Housing and Urban Development Corp would raise an aggregate amount of 90 billion rupees by issuing notes with a maturity between five and 15 years. The yields on Indian corporate bonds have fallen in the last few days due to a lack of supply from state-owned companies and a decline in government bond yields, which is believed to be the result of central bank purchases. According to data compiled from LSEG, AAA-rated short bonds yields have fallen more than 15 basis point since the beginning of October. Long-end yields also fell by over 10 bps. The bankers stated that NaBFID intends to raise 55 billion rupees via five-year and fifteen-year notes. HUDCO will likely opt for a 5-year issue in order to raise between 15 and 20 billion rupees. Power Grid Corp. may be able to tap the 10-year portion of the curve in order to raise approximately 20 billion rupees. Companies did not reply to emails asking for comment. The bankers asked for anonymity because they are not authorized to speak with media. Last week, NTPC Green Energy issued bonds for 10 years with a coupon rate of 7.01%. This was more than 10 basis points lower than the current AAA-rated bond yield. The strong response from investors to NTPC Green Energy’s debut issue reflects the growing appetite for high-quality, long-term corporate bonds, said Venkatakrishnan Shrinivasan. He is founder and managing director of debt advisory firm Rockfort Fincap. The market is experiencing a severe shortage of AAA-rated long-term paper, as most issuers have chosen shorter maturities this fiscal year. This has led long-term investors, who normally increase their allocations between December & January, to move up to November. $1 = 88.6950 Indian Rupees (Reporting and editing by Mrigank Dhaniwala).
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Iron ore prices on the rise as investors weigh up stimulus plans against falling demand
Iron ore futures were traded in a narrow range on Tuesday as investors weighed the hopes for fresh stimulus coming from Beijing in the next month with signs of a softening in demand in China, which is regarded as arguably its biggest consumer. As of 0235 GMT, the most traded January iron ore contract at China's Dalian Commodity Exchange increased by 0.46% to $765 yuan (US$107.40) per metric ton. As of 0225 GMT, the benchmark December iron ore traded on Singapore Exchange was down 0.12% to $102.05 per ton. Steven Yu, senior analyst at Mysteel, stated that the recent price drop had caused a divergence in the market outlook. This has led to a convergence in prices. Yu said that bulls believed that a fall in crude steel production year-to date would reduce the pressure to cut production in the remainder of the year. Also, there is hope for stimulus measures which will be announced at the politburo in December. Last month, data from China showed that the country's crude steel production fell by 2.9% in the nine months leading up to September. October figures are due this Friday. Beijing announced in March that it would restructure the vast steel industry by cutting output. As part of its goals to reduce carbon emissions, China has set a cap on the growth in crude steel production every year since 2021. Mysteel’s Yu stated that bears are betting on lower production as some mills continue reducing their production. Steelmakers are cutting back production due to a decline in steel demand, and high raw material costs. The coke and coal used in steelmaking are largely unchanged. The Shanghai Futures Exchange steel benchmarks were mixed. Rebar rose by 0.13%. Hot-rolled coil increased by 0.52%. Wire rod fell 0.03%. Stainless steel dropped 0.4%. ($1 = 7.1230 Chinese Yuan) (Reporting and editing by Sumana Niandy; Amy Lv, Lewis Jackson)
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Gold stocks are upbeat after US shutdown agreement passes Senate
Asian stocks rose Tuesday, while gold and Nasdaq enjoyed their biggest gains in months due to signs that the U.S. shutdown is about to end. Gold rose by nearly 3% over night and was comfortably above the $4,100 mark in Asia's morning. The Nasdaq gained 2.3%, recovering much of the losses caused last week by nerves about the valuation and profitability for AI firms. South Korea's Kospi recovered from last week's losses and gained 1.3% early in trade. Japan's Nikkei also rose 0.4%. Hong Kong and China's markets were lower at mid-morning. S&P futures were stable. Late on Monday, the U.S. Senate approved a deal to restore federal funding in the United States and end this longest-running shutdown. Now it heads to the House where Speaker Mike Johnson said he wanted to pass it by Wednesday, and then send it to President Donald Trump for him to sign. Prediction markets such as online Polymarket have nearly reopened with prices set for the week's end. Vasu Menon is the managing director of investment strategy for OCBC Singapore. He said that markets are breathing a huge sigh after the shutdown has ended. He said that the reopening of the government will result in the publication of data, which could pave the way for interest rate reductions and provide extra support to gold prices. The Nasdaq closed the day with its biggest daily gain since the middle of October, while the S&P 500 posted its biggest percentage gain in a single day since mid-October. The Yen has fallen to its lowest level in nine months. At first, safe havens like the Japanese yen or U.S. Treasuries retreated as risk-taking was the prevailing mood. The yen is under pressure, at 154.49. This is its lowest level since February. Bonds recovered some ground, but Federal Reserve speakers cast doubt on the rate reduction that markets tentatively expect for December. The 10-year Treasury yield reached a high of 4,147% on Sunday, but ended the session at just 4.11%. Traders are already looking past reopening. The bond market closed for Veterans Day on Tuesday. "We don’t think that (reopening) is going to result in a sustained sale of rates, because markets didn't respond negatively to the shut down in the first instance," said Jack Chambers senior rates strategist, ANZ, in Sydney. Markets assumed that it would end." (Additional reporting from Gregor Stuart Hunter, Singapore; Editing done by Shri Navaratnam).
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Ethiopia approved to host COP32 Climate Summit in 2027
Ethiopia will be the host country of the COP32 Climate Summit in 2027. This was confirmed by the President of this year's COP30 meeting. Australia and Turkey are both vying to host the COP31 event in 2026. Australia's COP31 bid was made in partnership with Pacific Islands which are considered among the most vulnerable areas to climate change. COP30 president Andre Correa do Lago announced that the participating countries had agreed to the principle of holding the 2027 Conference in Addis Ababa in Ethiopia, on the first day the Brazil's COP30. It is still necessary to formally adopt the choice, which should happen on Tuesday. One delegate from a developed country said they couldn't imagine there being a problem. Ethiopia began its bid to host the World Cup in September and competed with Nigeria. Sources said that the Bureau of African Countries unanimously decided to promote Ethiopia as the host country. The COP summits are rotated around the globe. The conference will be held in the Amazonian town of Belem this year. The choice of the next year's host within the "Western Europe & Others" group is still a mystery. Neither Turkey nor Australia has backed down. Correa do Lago called on the countries of Western Europe to end their impasse in the shortest time possible. The U.N. Climate Agency is located in Bonn, Germany. If the impasse cannot be resolved the conference will be held there. Reporting by Lisandra paraguassu in Belem Brazil, Valerie Volcovici, and Simon Jessop; editing by Katrin Daigle and Thomas Derpinghaus
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Gold stocks are upbeat ahead of US shutdown
Asian stocks rose Tuesday, while gold and Nasdaq enjoyed their biggest gains in months on signs that a deal would be reached to end the U.S. Government shutdown. Gold rose by nearly 3% over night and was comfortably above the $4,100 mark in Asia's morning. The Nasdaq gained 2.3%, recovering much of the losses caused last week by nerves about the valuation and profitability for AI firms. South Korea's Kospi also recovered from last week's losses and gained 2.1% early in trade. Japan's Nikkei increased 0.7%. Hong Kong and China's markets opened higher. S&P futures rose 0.1%. The Senate cleared the first hurdle for a deal to restore U.S. funding and end this longest shutdown in history late Sunday. The final approval of Congress was not clear, but there were still a few Senate hurdles to overcome before the House could vote on the agreement and send it to Donald Trump. The deadline is short and the gains of markets may be affected by delays. Vasu Menon is the managing director of investment strategy for OCBC, Singapore. He said that the reopening of the government will result in the publication of data, which could pave the way for interest rate reductions and provide extra support to gold prices. The Nasdaq closed the day with its biggest daily gain since the middle of October, while the S&P 500 posted its largest one-day percentage increase since mid-October. The Yen has fallen to its lowest level in nine months. At first, safe havens like the Japanese yen or U.S. Treasuries retreated as risk-taking was the order of the day. The yen is under pressure, at 154.49 it's lowest level since February. Bonds recovered some ground, but Federal Reserve speakers cast doubt on the rate reduction that markets tentatively expect for December. The 10-year Treasury yields reached a high of 4,147% on Sunday, but ended the session at just 4.11%. Traders are already looking beyond reopening. The bond market closed for Veterans Day on Tuesday. "We don’t think that (reopening) is going to result in a sustained sale of rates, because markets didn't respond negatively to the shut down in the first instance," said Jack Chambers senior rates strategist, ANZ, in Sydney. Markets assumed that it would end." (Editing by Shri Navaratnam, with additional reporting by Gregor Stuart Hunter from Singapore)
Sri Lanka to propose 18% power tariff cut to regulator, minister states
Sri Lanka's government will propose an 18% cut in electricity prices for households on Thursday, a top authorities stated, aiming to alleviate high living expenses for millions residing in the grip of the nation's worst monetary crisis in years.
The island nation of 22 million individuals is coming to grips with a. serious scarcity of forex reserves that pressed its. economy into freefall in 2022, shrinking it by 7.8% that year.
Sri Lanka increased power costs by 75% in September 2022. and by another 66% in February 2023 to fall in line with energy. price changes needed under a $2.9 billion bailout from the. International Monetary Fund (IMF).
The power tariff rises together with greater taxes and fuel. cost hikes pressed inflation to a record high of 70% in September. 2022, later decreasing to 6.5% in January 2024.
The tariff reduction to be proposed to the power regulator. is possible due to increased rains, the gratitude of the. rupee and lower rate of interest, Power and Energy Minister. Kanchana Wijesekera told parliament on Wednesday.
We will minimize tariffs by 18% on households and spiritual. organizations. A decrease of 12% will be given to factories, he. stated.
We wish to hand down as much relief as possible to the. people, as quickly as possible.
In October, the power regulator authorized an 18% electrical energy. tariff hike for homes as part of efforts to improve the. profits of state-run power monopoly the Ceylon Electrical energy. Board. A decision about the proposed tariff cut announced on. Wednesday is gotten out of the regulator in the next number of. weeks.
The four-year Extended Fund Center with the IMF, finalised. in March last year, features conditions that include raising. taxes, removing subsidies and cutting public sector debt.
Sri Lanka's reserve bank expects inflation to go back to the. government's 5% target from the last two quarters of the year. but warned that it might be impacted by greater international and regional. energy prices.
(source: Reuters)