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Russia expects to see an increase in vehicle scrappage fees despite a drop in sales
A document reviewed by shows that the Russian government expects its budget revenue from scrapping fees to increase sharply in this year and the next, despite a steep decline in vehicle sales. The draft budget forecasts scrappage fees revenues of nearly 1.65 trillion Russian roubles (19.71 billion dollars), an increase of 46.7% over the 1.12 trillion roubles expected for 2025. Government has collected only a fraction of this total so far in 2018, at 267 billion Rubels, as of 23 September. However, the government said that future revenue growth will be driven both by an annual indexation of fee rates and a recovery of vehicle production. The Russian Finance Ministry said that revenues from car scrappage will be well below budgeted levels for this year. As a result, state funding may not be available to support some industrial development programs. Analysts and automakers predict that car sales will fall by a quarter around 2025, following a market recovery of two years which began in 2023. The sales in the first eight-months of this year are already down by 23% compared to last year, at 773,264 vehicles. Some Russian automakers have switched to a four day work week due to poor demand. Scrappage fees are imposed on both domestic and imported vehicles. The amount varies depending on the type of vehicle. The Russian industry ministry proposed a new method for calculating scrappage fees starting in November. This could result in further price increases on some expensive cars. As compensation, Russian automakers receive state subsidies. This has led to a rise in car prices and a shrinking of the market.
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Zelenskiy seeks to expand Ukraine's drone sector by wooing US companies
His office reported that President Volodymyr Zelenskiy discussed Ukraine's plans for boosting drone exports and expanding tech partnerships with the top management from a number of U.S. companies. Since the Russian invasion of Ukraine in February 2022 all weapons produced on the Ukrainian production lines are diverted for national defence. "Our country is home to a strong drone industry, and over 300 technology companies." Zelenskiy stated that he believes this will be a new direction in our economy and business in the future. He added, "I believe this year we will only open exports of new technologies to countries we can count on." Zelenskiy's office reported that Zelenskiy had met with representatives of Amazon, Bank of America and Chemours. He also met with Fairfax, GE Vernova. Jacobs, JPMorgan Chase. Lazard. Logistics Plus. Marsh McLennan. TechMet. Westhouse. Some of these companies are already operating or investing in Ukraine. Zelenskiy stated that Kyiv is ready to expand new areas for partnership and investment. UKRAINE'S Drone Output Soars During the war, Ukraine's domestic weapon production and drone output have risen dramatically. Hundreds of companies have manufactured millions of drones which have been tested in the battlefield. Zelenskiy stated that Ukraine plans to establish export platforms throughout the United States, Europe and the Middle East. Kyiv, which is trying to rebuild its economy after the war, has been offering potential investment opportunities to American companies. Ukraine and U.S. International Development Finance Corporation have launched a joint investment fund of $150 million as part of Kyiv’s mineral deal with Washington that was first signed in April. According to Ukrainian officials, Prime Minister Yulia Syrydenko plans to visit the United States by the end of this month for more in-depth talks with U.S. companies. (Reporting and editing by Yuliia Dysa, Olena Harma; Hugh Lawson).
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Investors watch key inflation report as gold pares gains after weekly jobless claims decline
Gold lost ground on Thursday as U.S. jobless claims declined unexpectedly. Investors waited for key inflation data which could influence the Federal Reserve’s next interest rate decisions. As of 9:33 am, spot gold was up by 0.1%, at $3,741.88 an ounce. ET (1333 GMT), after a rise of up to 0.5% in the earlier session. On Tuesday, prices reached a new record of $3.790.82. U.S. Gold Futures for December Delivery rose by 0.1% to $3.771.60. Last week, the number of Americans who applied for unemployment benefits dropped. However, due to a slow pace of hiring on the job market, it has become less vibrant. The U.S. economic growth was faster than originally thought during the second quarter. Peter Grant, senior metals analyst at Zaner Metals, said that "Jobless Claims came in at 218,000 against expectations of 235,000. This slightly hawkish print may temper some expectations (rate)easing, but not enough to change the overall trend." The biggest risk to gold in the short term is a PCE reading that is higher than expected. If inflation surprises to the upside, this could boost the dollar temporarily and weigh down on gold. According to a poll, Friday's Personal Consumption Expenditures (PCE) Price Index, the Fed’s preferred inflation measurement, will show an increase of 0.3% for August compared to last month and 2.7% compared to this time last year. According to CME FedWatch, the markets currently expect a Fed rate reduction in October. This is down from 90% prior to the release of jobs data. Mary Daly, the president of San Francisco Fed Bank, reiterated that she "fully supports" last week's rate cut by 25 basis points and indicated her openness to further reductions. Fed Chair Jerome Powell, on the other hand, maintained a cautious stance Tuesday. In an environment of low interest rates, safe-haven bullion is likely to flourish. (Reporting by Sherin Elizabeth Varghese in Bengaluru; Editing by Leroy Leo) (Reporting from Sherin Elizabeth Varighese, Bengaluru. Editing by Leroy Leo.)
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Poland: EU's proposed 19th Package of Russia Sanctions closes LPG Loophole
The 19th package against Russia for its full-scale invasion in Ukraine will close the loophole that allowed Russia to bypass an EU import ban on liquefied petrol gas (LPG), said Polish energy minister, Thursday. The 12th package of sanctions, which was to be implemented in 2024, excluded certain types of LPG such as butane or isobutane. These are primarily used as feedstocks for the production of other petrochemicals. Other types of LPG mainly are used for heating and cars. Prior to the imposition of sanctions, Poland was the biggest importer Russian LPG. The Polish Liquefied Gas Organization's (POGP) data showed that while Sweden was the largest supplier of LNG in Poland during the first half 2025, Russian imports were down but not eliminated. POGP data revealed that the remaining Russian imports were butane and Isobutane fractions with a purity greater than 95%. These fractions are also used in aerosol production. The addition of butane as part of the sanctions will eliminate the possibility that it can be imported from Russia or Belarus to create a mixture of liquefied petrol gas, closing a loophole within the current ban on LPG imports," said Polish Energy Minister Milosz Motyka in a press release.
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China's net gold imports through Hong Kong in August fell 39% compared to July
Hong Kong Census and Statistics Department figures released on Thursday show that China's net imports of gold via Hong Kong fell by 39.11% in August compared to July. Why it's important China is the largest gold buyer in the world. Its buying activities can have a significant impact on global gold markets. Hong Kong's data might not be a complete view of Chinese gold purchases as it is also imported through Shanghai and Beijing. By the Numbers The net imports from Hong Kong into China in August were 26.746 tons compared to the 43.923 tons imported via Hong Kong in July. China's total imports of gold via Hong Kong fell by 29.85% in August from 58.296 tonnes in July. Customs data released on Saturday showed that China's gold imports fell by 3.4% in August compared to July. Last week, dealers in China's top gold-consuming country offered discounts of between $21 and $36 per ounce compared to global benchmark spot prices The previous week, gold prices ranged between $17 and $24, a significant increase from the previous $7-$24. China's central banks added gold to their reserves in August, continuing purchases for a 10th consecutive month, according to official data. The spot gold price hit a new record of $3,790.82 this past week. KEY QUOTE According to StoneX analyst Rhona OConnel, the drop in net imports through Hong Kong was caused by the "continued stress" in the economy that has a negative impact on jewellery demand. She also noted that the price difference between platinum and gold jewellery had led to a partial shift in favour of platinum jewellery. The World Platinum Investment Council has predicted that global demand for platinum jewellery will increase by 11%, to 2.2 millions troy ounces by 2025. O'Connell stated that "the weakness in offtake" has caused Shanghai gold prices to drop to a significant discount compared to prices offshore. (Reporting and editing by David Goodman in Bengaluru, Kirby Donovan.)
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Barclays reports that nature loss could reduce mining and power earnings by up to a quarter
Barclays warned that company earnings could drop by up to 25% in five years as a result of nature degradation. This is due to rising input costs, operational disruptions caused by policy changes, and worsening conditions. Barclays Bank conducted an exploratory stress testing on a portfolio mining and power companies. According to the results, transitional risks such as higher water costs, stricter pollution control and the expansion protected areas along with droughts, flooding and increased water prices pose a greater risk for operations. Barclays analysed around 9,000 facilities for power generation from 40 European clients and 250 mines in operation linked to 30 mining companies. Both sectors experienced significant earnings declines during the past five years. Mining earnings fell by around a quarter due to transition risks. The impact on power companies was about 10%. This is mainly because of physical risks, such as floods and droughts. These are more severe when landscapes have been degraded. Barclays stated that the rapid loss of biodiversity, and degradation of ecosystems are now widely recognized as systemic risk. Marie Freier is Barclays Group Head of Sustainability. She said: "These risks are increasing materializing across our client's operations." Despite the fact that nature is responsible for over half of the global GDP, attempts to quantify its benefits, from pollination to food production to water supply are still in their infancy. Barclays says that financial risks associated with its work are not well understood. The bank developed its own method for calculating financial risks related to nature across large portfolios using the Taskforce on Nature Related Financial Disclosures LEAP framework. A team of experts in technical risk, nature and environmental issues from across the banks spent an entire year analysing client impacts and dependencies. This included land use, air pollution, and water usage. Barclays' nature work will also help identify funding opportunities, as the estimated biodiversity financing gap is $700 billion per year.
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Minister: Chile will curb budget growth while Codelco accelerates recovery
The new Chilean finance minister said on Wednesday that the country will have a budget for 2026 with a "responsible increase" while the state-run Codelco tries to recover from production problems. Nicolas Grau, who was appointed by President Gabriel Boric in August, told reporters in his Santiago office that the budget for 2026, which is due to Congress, will have a "limited" increase in spending. Boric will announce the exact amount, but budget increases have been declining since 2023, when they grew by 4.2%. Grau stated that the average annual growth rate would be around 2% with this budget. He said that a responsible budget would be developed with Congress, which would address the needs of the country and provide enough flexibility for the next administration. Chile will hold a presidential vote in November, and Boric is not eligible to run again for reelection. CODELCO’S RECOVERY OF COPPER Chile is the largest copper producer in the world, and its primary source of revenue. Codelco, the state-owned company, has struggled to increase production for many years. It cut its production target in August due to an accident that killed a worker at the mine's flagship El Teniente. Grau reaffirmed his confidence in Codelco’s strategy to close the production gap in previous years and highlighted initiatives such as its partnership with Anglo American for two adjacent deposits. Grau stated that "Codelco is creating public-private partnerships to allow it maintain its leadership in copper." SPEEDING UP PERMITTING WILL BOOST INVESTMENT According to Grau, he is confident that the economy will grow by 2.5% this coming year. This growth will be boosted by a 5% increase in investment for carbon-neutral initiatives such as clean energy and digital infrastructure. Grau has made reducing unemployment a priority for his final months in office. Jeannette Jara is the coalition candidate for the leftist government in the upcoming elections. "Although unemployment has decreased slightly in the most recent data, 8.7% remains a high rate. Grau stated that "we believe this rate must be lowered". He said that policies such as pension reform and better permitting, a demand of large miners like BHP or renewable energy companies like TotalEnergies, have led to greater economic growth. He acknowledged, however, that environmental permitting reform has made less progress than other categories. He said that although the executive branch made "significant" efforts to advance the reform, he could not predict if it would be approved under this administration. (Report by Fabian Andres Cambero, Editing by Alexander Villegas & Richard Chang)
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Israel Police arrests man who threatened to kill Netanyahu
Israeli police announced on Thursday that they had arrested an individual for threatening Prime Minister Benjamin Netanyahu. A man in his 40s from Kiryat Gat, a southern town, entered the police station on Monday night just before the Jewish New Year began. He said he was going to kill Netanyahu. The police reported that the suspect had told them he intended to buy a gun and shoot Prime Minister Stephen Harper three times. A man has been arrested, and an indictment is expected on Thursday. The police want to keep him in custody until all legal proceedings are completed. According to polls, Netanyahu has lost public support due to the two-year Gaza War against Hamas militants. This has caused Israel's isolation in the world. The Israeli government has been urged to negotiate a deal to bring the 48 hostages back home. Of those, 20 are believed to be still alive. (Reporting and editing by Hugh Lawson; Reporting by Steven Scheer)
Niger wants to build nuclear reactors with Russia
Ousmane Abarchi, the mining minister of Niger, said that Niger is interested in building two nuclear reactors with a combined power of 2,000 megawatts.
Abarchi stated that Niger also proposed to work with Russia on developing uranium resources in the west African nation.
He said, via a translator, at a Moscow nuclear forum: "Please let's jointly develop our uranium reserves."
Alexei Likhachev, the Rosatom chief, described the proposals as being "extremely intriguing".
Niger is one of a number of African nations with whom Russia has developed close ties. This includes in the security area.
According to the World Nuclear Association (WNA), Niger will be the eighth largest producer in terms of uranium mined by 2024.
Abarchi stated that the nuclear plants proposed would be developed by the U.N. nuclear watchdog International Atomic Energy Agency.
"Yes, this is important to us. "This is important for the entire African region," he said.
Egypt is currently building reactors to replace the South African nuclear power plant.
Other countries, such as Ghana, Algeria and Ethiopia, Kenya, Morocco Nigeria, Rwanda, Sudan, have also proposed building nuclear power plants. (Reporting from Anastasia Lyurchikova in Moscow, writing by Mark Trevelyan and editing by Ed Osmond.
(source: Reuters)