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Peru's new President faces protests that resulted in dozens of injuries and one death
The state ombudsman’s office reported on Thursday that at least one person died and dozens were injured during widespread protests in Peru overnight against President Jose Jeri who took power only days before. The demonstration on Wednesday night was called by Gen Z protesters and transport workers, as well as civil groups. It was part of a series against rising crime and corruption that culminated in the ouster at midnight of former president Dina Boluarte. Around the country, thousands of protesters gathered. Hundreds clashed with police in front of Congress in Lima. The police fired tear gas, while protesters hurled rocks, fireworks and burning objects. "Everyone must leave!" "Everyone must go!" protesters shouted when they reached Congress, and then tried to tear down the metal barriers protecting it. This led to clashes. Fernando Losada from the Ombudsman office of the country said that a 32-year old man named Eduardo Mauricio Ruiz was killed in the protest. His death will be investigated. The prosecutor's offices in Peru said Ruiz was shot to death. Oscar Arriola, head of Peru’s national police, told reporters later on Thursday that Luis Magallanes was physically assaulted by a PNP member and had committed the shooting. Arriola said Magallanes had been taken to hospital for treatment and was removed from his position. Jeri posted on X that she was sorry for the death and said it would be investigated "objectively". He blamed the violence on "delinquents" who had infiltrated peaceful protests to create chaos. He wrote: "The full force will be on these people." Jeri, who attended a meeting at Congress about protests on Thursday afternoon, told reporters that he would "ask Congress for the authority to legislate" on issues of public safety. Jeri stated that prison reform would be a major focus, but she did not elaborate what these powers would include. Vicente Tiburcio was appointed as the new Interior Minister shortly after the protest. He spoke to Congress and said that the government will push for a comprehensive reform of the national police. The interior ministry didn't immediately respond to an inquiry for comment about the reform of police or Jeri’s request for increased legislative powers. The protests on Wednesday were a good indicator of how Jeri’s presidency could end next July, due to elections scheduled. Jeri has pledged to put crime at the top of his agenda, but he has been involved in a number scandals, including allegations of corruption and an investigation that has now been shelved for sexual assault. Jeri, 38, has expressed his willingness to work with any investigation into corruption. He has denied all wrongdoing and is willing to cooperate. Boluarte was the subject of widespread protests when she took power in 2022. This led to dozens deaths and a drop in her popularity, which fluctuated between 2% to 4% during the days before her removal. Congress, which Jeri led before becoming president, is also unpopular. It has a one-digit approval rating. (Reporting from Marco Aquino, Lima; writing by Alexander Villegas and editing by Deepa Babyington and David Gregorio).
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Italian appeals Court upholds conviction of Milan prosecutors in Eni Nigeria Case
Two Milan prosecutors were sentenced to eight months in prison by an Italian appeals court for not filing documents that would have backed up the position of energy group Eni in an international case of corruption. Eni, Shell and all defendants were acquitted by a jury in March 2021, in what was dubbed the biggest corruption case in the oil industry, which involved the $1.3 billion purchase of an oilfield in Nigeria a decade earlier. The judges in Brescia, a northern city in Italy, confirmed the verdict of last year that Fabio De Pasquale & Sergio Spadaro had failed to comply with their legal obligations by failing to submit documents that would have been helpful to the defence. Spadaro, before Thursday's verdict read to the court a long statement in which he stated that "there was not omission, no refusal" and the prosecution had acted according to "conscience and law". Massimo Dinoia said that the two attorneys for the prosecution would appeal their case to Italy's highest court, The Court of Cassation. De Pasquale & Spadaro are able to continue working during the appeals process. The Milan court which acquitted defendants in Eni and Shell's trial stated that the prosecutors failed to include a video taken by an ex-external lawyer for Eni. This court considered the video relevant to the case. The Brescia Court has jurisdiction over judges in Milan and prosecutors there. (Reporting and editing by Gavin Jones, Emilio Parodi)
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Brazil looks to financial guarantees and tax breaks for strategic mineral deposits
According to the agenda for the first meeting of the National Mining Policy Council, held on Thursday, the Brazilian government plans to offer financial guarantee to fund strategic mining projects and tax incentives to encourage their processing and industrialization. Document stated that the meeting will take place at 3:30 PM (1830 GMT) in Brasilia. The resolution to create a group of experts tasked with developing the supply chain in Latin America's biggest economy is expected to be voted on. The committee was created by President Luiz inacio Lula to promote a new policy that treats strategic minerals as an issue of national sovereignty and aims to limit exports without domestic processing. In August, the Brazilian government said that the framework will help Brazil maintain control over its mineral resources and position Brazil as a leader in the global energy transition. Rare earth elements, abundant in Brazil, are critical minerals that are essential for advanced technologies. They have also become a flashpoint of tensions between the United States and China following Beijing's decision to move its embassy to tighten Export controls were implemented earlier in October. According to the U.S. Geological Survey, Brazil's rare earths production is less than 1% despite having the second largest reserves in the world after China. Brazil is also seeking to engage with the United States again following the aforementioned a Get 50% off Donald Trump's Administration imposed tariffs on its products citing the case of former President Jair Bolsonaro who was later convicted. The sentence is: To 27 years of prison for trying to stage a coup in 2022 after the election was lost. Brazilian officials floated the idea of rare earths in the context of trade negotiations with Washington. However, the dialogue has only recently gained traction. This was notably after Lula briefly spoke to Trump at the U.N. General Assembly on September 30. On Thursday, Foreign Minister Mauro Vieira The meeting is scheduled to take place U.S. Secretary Marco Rubio at Washington. Reporting by Marcela Gregorio; editing by David Gregorio
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Russian rouble falls on concerns about oil exports
On Thursday, the Russian rouble fell sharply in relation to the U.S. Dollar and the Chinese yuan due to market worries about future oil revenues after U.S. pressure was applied on India and China. Donald Trump, the U.S. president, said that on October 15, Indian Prime Minister NarendraModi had promised to stop purchasing oil from Russia. He would then try to convince China to do the exact same thing. The rouble fell by 1.7% against the U.S. Dollar in the over-the counter market and by 2% to 11,20 against the Yuan at the Moscow Stock Exchange where the Chinese currency is the most actively traded foreign currency. The rouble strengthened this week to its highest level since July, on the back of a decline in demand for foreign currencies from importers. Fears of a possible future decline in oil revenues led to some profit-taking, which had a direct impact on the thin Russian markets, said a Russian currency trader who declined identification. Another currency dealer stated that "our illiquid market broke", mainly because there was a general feeling of inadequacy about the recent strengthening the rouble. The rouble has not reacted to the news that Trump is to hold a telephone call with Russian president Vladimir Putin on Thursday evening, just a day before he hosts Ukraine's Volodymyr Zelenskiy at the White House. (Reporting and editing by Gareth Jones, Gleb Brynski)
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Peru's new President faces protests that resulted in dozens of injuries and one death
The state ombudsman’s office reported on Thursday that at least one person died and dozens were injured during protests in Peru overnight against President Jose Jeri who took power only days before. The protest, organized by Gen Z, civil groups and transport workers, took place on Wednesday night. It was part of a series against rising crime and corruption that culminated in the dramatic ouster at midnight of the former president Dina Boluarte, last Thursday. Around the country, thousands of protesters gathered. Hundreds clashed with police in front of Congress in Lima. The police fired tear gas, while protesters hurled rocks, fireworks and burning objects. "Everyone must leave!" "Everyone must go!" protesters shouted when they reached Congress, and then tried to tear down the metal barriers protecting it. This led to clashes. The Ombudsman's Office confirmed that a 32-year old man, Fernando Losada was killed in the protest. It said the death will be investigated. The Peruvian prosecutor's said that Losada died after being shot but didn't say who fired. Jeri posted on X that she was sorry for the death and said it would be investigated "objectively". Jeri had earlier claimed that 55 police officers were injured and 20 civilians in the protest. She blamed "delinquents" who "infiltrated peaceful demonstrations to sow confusion." He wrote: "The full force will be on them." The protests on Wednesday were a good indicator of how Jeri’s presidency could end next July, due to elections. Jeri has pledged to put crime at the top of his agenda, but he has been involved in a number scandals, including allegations of corruption and an investigation that has now been shelved for sexual assault. Jeri, 38, has expressed his willingness to work with any investigation into corruption. He has also denied wrongdoing and a number of scandals. Boluarte was met with widespread protests when she took power late in 2022. This led to dozens deaths and a drop in her popularity, which fluctuated between 2% to 4% during the days before her removal. Congress, which Jeri led before becoming president, is also unpopular. It has a one-digit approval rating.
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Kazakhstan freezes fuel and utility prices amid inflation
Kazakhstan's Government announced on Thursday that it would freeze the price of some diesel and petrol as well as suspend utility tariff increases until 2026. This is due to the double-digit inflation rate continuing to increase. In a Telegram statement, the government announced that price freezes for diesel and AI92 gasoline will remain in effect until inflation stabilizes. It also said it would increase funding for the domestic agriculture to help prevent any price increases on what it called "socially important" food products. The government also claimed that it would reduce the tax revenue collected by small businesses, and make affordable mortgages more available. Inflation rates in Kazakhstan, which is a mineral giant and produces around 2% the world's supply of oil, were 12.9% in September. This was significantly higher than those in Russia, Kazakhstan's neighbour and main trading partner, where the prices have risen since the start of the war in Ukraine. Kazakhstan's central banks raised rates last week to an unprecedented 18%. Since the invasion of Ukraine, inflation has also spiked in other Central Asian countries with economies that are closely tied to Russia. The price of LPG soared suddenly in January 2022, causing the worst unrest in Kazakhstan since 1991 when the 20-million population gained independence from the Soviet Union. The fuel price protests that year grew to widespread unrest and hundreds of deaths. Russian troops were deployed to restore order.
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Gold reaches new records as Fed rate-cut betting drives gold to record highs
Gold reached a record-high for the fourth consecutive session on Thursday as investors flocked into the metal of safety due to brewing U.S. China trade tensions, and the U.S. Government shutdown. Bets on interest rates cuts also fueled the momentum. As of 09:10 am, spot gold was up by 0.8% to $4,242.65 an ounce. ET (1310 GMT), after bullion reached a record high earlier of $4,254.61. U.S. Gold Futures for December Delivery were up 1.3% to $4,256.70. Yellow metal is up over 60% in the past year, thanks to geopolitical tensions and aggressive bets on rate cuts, central bank purchases, dedollarisation, and strong ETF flows. The rate-cut scenario heading into 2026, as well as developments surrounding U.S. China will determine the trajectory of gold. "If no deal is made between the U.S. and China, the relationship will continue to deteriorate. That could be what gold needs to break the barrier of $5000/oz," said Zain Vwda. Analyst at MarketPulse. This week, investors have been focused on the U.S.-China Trade Spat. Washington criticised China's increased rare earth export controls on Wednesday as a danger to global supply chains. Traders have priced in a rate cut of 25 basis points by the U.S. Federal Reserve in October and a second in December with probabilities as high as 98% and 95%. Gold that does not yield is usually a good investment in an environment with low interest rates. Vawda stated that short-term gold pullbacks are likely to be temporary as bullish investors use dips to enter positions. HSBC increased its forecast for the average price of gold in 2025 to $3,355 per ounce, citing geopolitical tensions and economic uncertainty, as well as a weaker U.S. Dollar. The ongoing U.S. shutdown has also halted the release of scheduled economic data. A Treasury official warned that the loss in output could be as high as $15 billion per week. Silver spot fell by 0.2%, to $52.96 an ounce. It had hit a record high $53.60 per ounce on Tuesday. The rally in gold was mirrored and the tightness of the spot market supported this decline. Palladium rose 1.8%, to $1,564.00, while platinum was up 0.7% at $1,665.24. (Reporting and editing by Vijay Kishore in Bengaluru, Sherin Elizabethvarghese from Bengaluru)
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HSBC increases average gold price forecasts 2025 and 26
HSBC raised its forecast for the average price of gold in 2025 to $3,355 from $3,215 because of safe-haven demand fueled by geopolitical tensions and economic uncertainty. In a note from October 15, the bank stated that "sentiment is bullish" as it expects rallies to continue into 2026, aided both by buying from the official sector and demand for gold among institutions as a diversifier. HSBC has also increased its forecast for the average 2026 gold price to $3.950 from $3.125. GOLD HITS A NEW RECORD HIGH HSBC reported that the demand for gold is increasing due to mounting fiscal deficits across major economies, including the U.S. Gold has been traditionally viewed as a safe haven during economic and geopolitical instabilities. Its value has increased by over 60% this year and reached a new record of $4,250.89. China accused the U.S. on Thursday of inciting panic over Beijing's controls on rare earths and said Treasury Sec. Scott Bessent made "grossly distortion" remarks about an important Chinese trade negotiator. The Chinese rejected a U.S. request to roll back curbs. HSBC stated that "central bank demand will likely remain high due to geopolitical risk and dollar diversification but lower than peak levels in 2022-23". HSBC stated that a lower rate cut than the Federal Reserve's current projections for this year or next could dampen the rally. Investors have priced in a rate cut of 25 basis points at the Fed meeting this month, and expect another in December. HSBC stated that the gradual decline in global inflation could also dampen jewelry purchases, which are driven by inflationary fears. The bank also maintained its average 2025 price forecasts of palladium and platinum at $1,100 and $1,215, respectively. Reporting by Noel John, Bengaluru. Editing by Mark Potter
Sea drone warfare has actually gotten here. The U.S. is floundering.
The U.S. Navy's efforts to construct a. fleet of unmanned vessels are faltering because the Pentagon. stays wedded to big shipbuilding tasks, according to some. authorities and company executives, exposing a weakness as sea. drones reshape naval warfare.
The lethal efficiency of sea drones has been shown. in the Black Sea where Ukraine has actually released remote-controlled. speed boats packed with explosives to sink Russian frigates and. minesweepers because late 2022.
Yemeni-backed Houthi rebels have actually used comparable vessels. against business shipping in the Red Sea in current months,. albeit without success.
These tactics have actually captured the attention of the Pentagon,. which is including lessons from Ukraine and the Red Sea into. its plans to counter China's increasing marine power in the Pacific,. Pentagon Spokesperson Eric Pahon informed .
In a signal of the Pentagon's intent, Deputy Secretary of. Defense Kathleen Hicks revealed an effort in August - called. Replicator - to deploy hundreds of little, relatively inexpensive air. and sea drones within the next 18-24 months to match China's. growing military danger.
This public show of dedication masks years of doubt by. the U.S. Navy to develop a fleet of unmanned vessels regardless of. duplicated warnings this was the future of maritime warfare,. according to interviews with a lots people with direct. understanding of the U.S. sea drone strategies, consisting of Navy officers,. Pentagon authorities, and sea drone business executives.
Two Navy sources and three executives at sea drone. makers stated the most significant impediment to progress has actually been a. Department of Defense (DoD) budget procedure that focuses on big. ships and submarines constructed by legacy defense specialists.
Eventually, you struck the D.C. issue, said Philipp. Stratmann, CEO at Ocean Power Technologies (OPT), a New. Jersey-based firm that provides the U.S. Navy with the WAM-V, an. autonomous surface area drone.
You hit the reality that there is a military commercial. complex that has the very best lobbyists and understands exactly how the. money circulations and contracting works in the DOD.
A Navy spokesperson said it obtains capabilities based on. fleet need signals, describing the messages headquarters. get from commanders at sea.
The Navy has a budget plan of $172 million this year for small. and medium-sized underwater sea drones, being up to $101.8. million in 2025, the spokesperson said. That's a tiny portion. of the $63 billion Navy procurement budget plan proposed by President. Joe Biden's administration for 2025.
Military sea drones can vary from missile-armed speed boats. to minehunting miniature submarines and solar-powered sailboats. equipped with high-definition spy cams, underwater sensing units. and speakers utilized to shriek cautions at enemy ships.
However when the Navy has actually released sea drones on reconnaissance. objectives recently, it hasn't always had the fleet. competence to use them, the 2 Navy sources said, asking not to. be called due to the level of sensitivity of the matter.
There aren't enough Navy sailors trained to pilot drones or. to analyze large swathes of information sent back from the craft's. cameras and sensing units, the sources said.
The spokesperson said the Navy was in the procedure of. enhancing its information collection and analysis from sensing units.
Pentagon representative Pahon stated the DoD has been. laser-focused on speeding up innovation over the last three. years, consisting of using sea drones.
Acknowledging spending plan obstacles, Pahon said the Pentagon was. using ingenious methods to cross the valley of death, a term. utilized to explain the excruciating approval process new innovations. travel through to be acquired in big amounts.
REPLICATOR
One example Pahon cited was the Replicator program: the. short-term, $500 million-a-year project is developed to cut. through bureaucracy and fast track the release of thousands. of inexpensive aerial and sea drones.
These drones will be utilized to match China's rapidly-growing. air and naval power in the Asia-Pacific region, the Pentagon's. Hicks said at the job's launch in August. She stated. Replicator is being moneyed primarily by reallocating funds from the. existing Pentagon budget plan.
As part of the effort, the Pentagon in January released a. solicitation for private business to deliver small sea drones. to the Navy, demanding production capacity of 120 vessels per. year, with implementation beginning in April 2025.
On Monday, the Pentagon
stated the Switchblade
-600, an aerial loitering munition made by AeroVironment Inc. , was the first weapon publicly confirmed to be included. in the Replicator effort. The program's first tranche also. includes concealed maritime surface products, other aerial. drones and counter-drone systems (c-UAS), the Pentagon stated.
Duane Fotheringham, president of unmanned systems at. Huntington Ingalls Industries (HII), the largest U.S. military shipbuilder, acknowledged the Pentagon and Navy had. revealed their intent to speed up the deployment of sea drones. however he stated the industry wished to see long-lasting financing in the. defense spending plan.
We hear the need signal ... however all of us need to work. together very carefully to understand what that need is and when. it will be offered, Fotheringham told .
At an expense ranging in between $1 million and $3 million each,. according to Navy and defense specialist sources, drones use a. relatively cheap and quick way to expand the Navy's fleet,. especially as several large standard shipbuilding projects -. like a brand-new class of frigate warships - are running years behind. schedule.
The U.S. is testing using robot ships in active fight. circumstances. But their more instant use is for missions that are. too expensive and many for manned marine fleets.
This includes maritime monitoring, minehunting, and. securing important undersea facilities, like gas pipelines. and fiber-optic cables, four drone companies informed .
Swarms of small sea drones could also function as a guard for. valuable crewed possessions like attack aircraft carrier and submarines,. and tangle up troop-carrying ships in case China tries to. get into Taiwan, stated Bryan Clark, a consultant to the Navy on. autonomous craft and a senior fellow at the Hudson Institute - a. think tank headquartered in Washington.
Clark estimates the Navy has around 100 little drones for usage. on the ocean surface and another 100 underwater drones, while. China has a similar-sized autonomous force that is growing quickly. The Navy representative declined to comment on how many drones it. has in operation.
Ukraine has shown how efficient they can be and how they. can be used in existing operations, Clark stated. The U.S. Navy needs to welcome that lesson and field battle (sea drones). immediately.
The Navy's 5th fleet, which runs out of Bahrain, has. been checking unmanned vessels for 3 years, led by its Task. Force 59 system.
The job has released monitoring drones developed by. personal firms, including start-ups, as well as those backed by. defense heavyweights like Lockheed Martin and HII.
The circumstance in the Red Sea provides the work of Job Force. 59 added urgency and we anticipate fielding options to. aid counter Houthi malign behaviour, Colin Corridan, leader. of the job force, informed .
MISSILE TEST
In October, the Navy carried out its first live rocket test. from an unmanned speedboat in the Arabian Peninsula.
The T38 Devil Ray, constructed by Florida-based sea drone firm. MARTAC, effectively released a miniature missile system to. destroy a target boat, with a human operator ashore giving the. order, according to a Navy announcement and video.
MARTAC's Chief Marketing Officer, Stephen Ferretti, referred. concerns about the operation to the Navy.
The use of unmanned vessels was expanded to the Navy's fourth. Fleet in central America in 2015 where they have actually been used to. crack down on human smuggling off the northern coast of Haiti.
One of the companies operating there is Saildrone, a. California-based firm that makes wind-, solar- and. diesel-powered autonomous vessels that gather images and data. with electronic cameras and sensors.
Saildrone has circumnavigated Washington's financing politics. Since the company operates and preserves its own vessels, and. charges a service fee for the data they gather, the Navy can. pay to use the drones out of its business expenses rather than. procurement budget plan.
Saildrone launched the Surveyor, its largest vessel, which. has been tailored for the military, at an event in March. participated in by Chief of Naval Operations Lisa Franchetti.
The drone firm, which also supplies coast guards and ocean. study departments, has a fleet of 130 vessels and is constructing. numerous more each month, stated Richard Jenkins, the company's. creator.
Today, we are having a hard time to stay up to date with need,. Jenkins informed in an interview. He decreased to talk about. how much Saildrone charges the Navy.
Ocean Aero constructs the autonomous Triton vessel, which can. move on the surface or underwater to collect information and hunt for. mines using sensors. The company, which is backed by Lockheed. Martin, opened a 63,000 feet making center in Gulfport,. Mississippi last October that is capable of churning out 150. Tritons a year.
Lockheed Martin did not respond to a request for remark.
HII was granted a contract last October to construct 9 little. underwater drones for the U.S. Navy's Lionfish program, with the. possible for this to increase to 200 cars over the next 5. years. The agreement might amount to $347 million, although that is. far from guaranteed.
The Lionfish program - which is focused on the Indo-Pacific. where the U.S. is competing for control with China - is based upon. HII's Remus 300, a minehunting drone that can be launched like a. torpedo from a crewed ship or submarine.
These programs are evidence that the Pentagon is trying to move. faster to deploy sea drones, spokesperson Pahon informed .
We know we require to keep pressing to stay ahead, he stated.
(source: Reuters)