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Environmental concerns abound in Albania's new UNESCO World Heritage Site
Strong winds blow plastic scraps from an open landfill in Albania into the Vjosa River. A large pipe dispenses sewage a few hundred metres downstream into the fast-flowing river. Other diggers use gravel to make concrete. This, say experts, alters the path of the river and causes its banks to become unstable. In a recent statement, UNESCO announced that the Vjosa Valley in Albania was one of 26 new Biosphere Reserves. This initiative is part of a global effort to "protect some of the richest and most vulnerable ecosystems on the planet". The valley, which stretches from northern Greece all the way to Albania's Adriatic Coast, seems to fit the criteria for an ecologically rich area in many places. The valley is home to rare plants, endangered Egyptian vultures, and otters. The river meanders along gorges lined with trees and through lush valleys. The government declared the area a national reserve in 2023. The designation will be a boon to Albania, which is a Balkan nation of 2.4 millions people. Tourism to the country's coastline and mountains has exploded in the last few years. Albania is also aiming to join the European Union before the end of this decade. Environmentalists worry about the future beneath the picturesque scenery. Besjana Giuri, from the non-governmental environmental organisation Lumi (River), said that "international recognition papers such as UNESCO don't solve problems" during a visit to the valley she made last week. UNESCO has not responded to any requests for comments. It had stated in previous reports that it would apply rigorous criteria to grant Vjosa Biosphere Reserve status. Sofjan Jupaj, Albania's Minister of Environment, admitted the problems in an interview. He stated that his ministry will spend over 150 million Euros to treat sewage and close all landfills. Many people have already suffered the consequences. They say that oil wells and pits of bitumen line the river, increasing pollution. Agron Zia (55), took his sheep and goats to the riverbank last week. He pointed to the landfill, where plastic was being blown by the wind into the air and caught in the branches of trees nearby. "I remember swimming here every summer when I was a child. He said that it hurts to know that your children can't go swimming because of the sewage and garbage.
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India's gold ETFs reach record $10 billion AUM with largest-ever September inflow
India's physical-backed gold exchange traded funds (ETFs), which are backed by the metal itself, saw their biggest monthly inflows in September. This pushed assets under management to an all-time high of $10 billion as investors flock to the precious material amid weak stock returns. Gold imports by India, the second largest consumer of gold, will increase as more money flows into ETFs. This is expected to boost global prices which have reached record levels this week. However, the surge in imports may increase India's trade surplus and put pressure on its weaker rupee. India has traditionally been dominated by gold jewellery, bars and coins. However, urban investors are increasingly investing in gold ETFs, as the prices continue to rise to new highs. The World Gold Council (WGC), according to its data, reported that gold ETFs received $902 million in September or 7.3 tonnes, bringing their total holdings up to an all-time high of 77.3 tons. Inflows into Indian gold ETFs are at a record high of $2.18 billion, exceeding all previous annual figures. In contrast, inflows in 2024 were $1.28billion, $295.3m in 2023 and only $26.8m in 2022. WGC stated that the rise in gold ETFs is due to a weaker currency and increased investor demand. People were looking for a place to invest when faced with weak domestic stocks, geopolitical uncertainties and trade uncertainty. Gold prices in the local market, which reached a record high of 122 829 rupees for 10 grams on Wednesday, are up 60% this year, compared to 21% growth last year. India's benchmark Nifty50 has gained around 6% in 2025, after gaining 8.8% in the previous year. Vikram Dawan, the head of commodities at Nippon India Mutual Fund which manages India’s largest gold ETF, explained that investors who had previously allocated little or no money to gold, are now increasing their allocation. They are putting significant amounts into gold and driving inflows to ETFs. Dhawan explained that this shift in allocation could mean that investors will continue to purchase gold even if the price corrects. This would further increase inflows. (Reporting and editing by Sharon Singleton; Rajendra Jadhav)
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Hollywood and Bollywood groups lobby Indian panels to protect content against AI models
Letters show that Hollywood and Bollywood groups lobby an Indian panel to increase copyright protection so that artificial intelligence companies cannot use their intellectual property for training AI models. AI companies are at odds with content owners around the world, and governments are developing rules to govern this new technology. While Japan allows AI firms to use copyrighted material, the European Union's rules are stricter and allow content owners to opt out. The film industry is especially concerned that AI could scrape copyrighted online videos, images and clippings like trailers and promotions - and even more importantly ingest pirated material onto their platforms. India's copyright law doesn't account for AI use. This year, the government created a panel of lawyers, government officials, and industry executives, to examine if copyright laws are sufficient to handle AI-related disputes and to make recommendations. WORRIED FILM STUDIOS LOBBYING HARD Motion Picture Association (MPA), the association that represents Warner Bros., Paramount, and Netflix, as well as Producers Guild of India, have both argued India shouldn't tinker its copyright laws and should instead promote a licensing regime. MPA India's Managing Director Uday Sing responded to the panel’s private inquiry about why India shouldn’t allow blanket training exemptions to boost AI innovation in a letter dated August 2, saying that the move would "undermine incentives to create new works" and "erode copyright protections in India." In his letter, Nitin Tej Ahuja, the CEO of the Indian guild told panelists that "licensing copies rights is essential for creators to earn revenue and sustain their business." The MPA refused to comment while the Guild did not reply to questions about the letters which are not publicly available. Himani Pande of the Indian commerce ministry, who chairs this panel, has not responded to any questions. A source with direct knowledge of the panel said that it is currently finalising its recommendations, which will be presented to senior officials within weeks. INDIA'S VIBRANT MUSIC MARKET India is home to one of the most dynamic film industries in the world. In May, a Deloitte/MPA report said that India's film and TV industries generated revenues of $13.1 billion last year. This has been growing by 18% every year since 2019. Deliberations are taking place at a time when a Bollywood couple is suing YouTube for AI policies, after their manipulated videos spread online. The position of the film studios is different from that of the Business Software Alliance (which represents AI companies like OpenAI) which, in its public submissions made in July, argued for New Delhi to ensure exceptions allowing lawful AI usage. MPA members remain concerned. The association said India shouldn't consider allowing the use of content for AI models that have an opt-out option, as this would put the responsibility on movie studios. This could force them track their own work and stop it from being shared on multiple AI platforms. MPA India stated that such exceptions would "hinder future investments and development of high quality local content." Warner filed a lawsuit against AI service Midjourney, claiming that it had blatantly stolen the studio's work to create images and videos featuring Batman, Superman and Bugs Bunny. Midjourney claims that the way in which it trains its AI models is fair use. Reporting by Arpan chaturvedi, Aditya Kalra and Raju Gopalakrishnan; editing by Raju gopalakrishnan
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Gold reaches $4,000 for the first time during historic flight to safety
On Wednesday, gold soared above $4,000 per ounce as investors bet on U.S. rate cuts and piled in to a historic rally. They were looking for a safe haven against geopolitical and economic uncertainties. By 0820 GMT, spot gold had risen 1.4% to $4,039.10 an ounce. U.S. Gold Futures for December Delivery gained 1.4%, reaching $4,061.80. Silver, which has been a strong supporter of gold, gained 2%, to reach $48.76 an ounce. This is just a little below its previous high, $49.51. Gold is traditionally seen as an investment during periods of uncertainty. Gold spot is up 54% this year, following a 27% increase in 2024. It is the most valuable asset of 2025. It outperforms global equity markets, bitcoin, and the U.S. Dollar and crude oil. The rally was driven by several factors including the expectation of interest rate reductions, political and economic uncertainties, central bank purchases, and inflows to gold exchange-traded fund. StoneX analyst Rhona o'Connell stated that the background factors were the same as they had been before in terms of geopolitical uncertainties, but with the addition of the shutdown of the federal government. The latter does not hinder strong stocks, but there will still be some risk mitigation through bullion. The U.S. Government shutdown, which is now in its 8th day, on Wednesday, delayed the release key economic data. This forced investors to rely upon non-government sources for assessing the timing and extent of Fed rate reductions. The markets are pricing in an interest rate cut of 25 basis points at the Fed meeting in November. The Middle East conflict, the war in Ukraine and political turmoil in France, Japan and other countries have all contributed to the increase in demand for gold. Michael Hsueh is a precious metals analyst with Deutsche Bank. He said that the rally was also boosted by the re-accumulation of exchange-traded fund (ETF) developed market funds for the first five years. Goldman Sachs & UBS have raised their gold price forecasts for 2026. They expect central bank purchases, lower U.S. rates of interest and strong inflows to gold-backed ETFs to continue to support the gold price. Nitesh Sha, commodities strategist for WisdomTree reiterated their forecast of $4,530 per ounce of gold by the end the third quarter in 2026. Analysts say that a "fear of losing out" also drives the rally. The UBS analyst Giovanni Staunovo said that the Fed's increased hawkishness on gold could be a headwind, but Trump's desire to lower U.S. rates should continue to increase the appeal of the gold. Palladium rose 4.1% to 1,393.06 and platinum gained 1.7%, respectively.
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Shares of European steelmakers rise after EU plans to reduce steel import quotas
The shares of European steelmakers increased on Wednesday, after the European Commission proposed reducing tariff-free import quotas for steel by nearly half. This was part of a plan designed to maintain viable steelmaking within the European Union. Analysts from J.P. Morgan wrote to investors that "we interpret the EU’s new safeguarding propositions as positive for the entire spectrum of EU Carbon Steel producers." They added that they expect this to have a positive impact on EU steel prices until 2026. Aperam led the rally, gaining 5.5% early in trading. ArcelorMittal Thyssenkrupp SSAB all gained between 3.4% to 4.4%. Aperam stated on Wednesday it was pleased with the new measures. ArcelorMittal stated on Tuesday that it was "relieved by" the EU proposal. Thyssenkrupp also expressed its approval of the move in a statement. Dennis Grimm CEO of Thyssenkrupp Europe stated that "the Commission has clearly recognized the serious threat to the European steel industry, its value chains and associated industries without effective trade protection." The EU's steel industry is only operating at 67% capacity due to the rising imports from the US and U.S. Tariffs. These new measures are in line with the existing ones. Report by Last week, were designed to push this up to 80%. (Reporting from Dimitri Rhodes, Gdansk; and Tom Kaeckenhoff, Dusseldorf. Editing by Milla Nissi Prussak and Matt Scuffham.
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UK Steel Industry Warns of Crisis as it Demands Clarification on EU Steel Quotas
The British government said that it needed urgent clarifications on the steel import quotas set by the European Commission. This was because the steel industry in the country warned that the measures could lead to the closure of many businesses if the government failed to secure exemptions. A leading trade group warned that the proposed reduction in tariff-free import quotas for steel to the EU (78% of UK steel exports) and a tax on excess shipments may put at risk the British steel industry, already in trouble. When asked if Britain sought an exemption from these proposals, Keir starmer replied that he would support the sector strongly and could say more at a later date. He told reporters on Tuesday night, late, on his way to India on an official trip, "I won't go into details but I will tell you that we are talking about this with both the EU and the U.S." INDUSTRY WARNS ABOUT FLOODING OF DIVERTED STEEL; JOBS RISK The European Commission proposed on Tuesday to cut tariff-free import quotas for steel by nearly half, and to apply a 50% tax on excess shipments. This is in an effort preserve viable steelmaking within the European Union. British Industry Minister Chris McDonald stated that the government "is pressing the European Commission to clarify urgently the impact this move will have on the UK". The British steel industry warned that the proposals could lead to a flood of steel from the EU into the UK. The steel industry called for the government to negotiate preferential treatments with the EU, and to set up its own quotas in order to protect domestic producers. Gareth Stace is the director-general of industry group UK Steel. He said that the possibility of the EU's actions redirecting millions tons of steel to the UK could be fatal for many of our steel companies. The group claimed that the proposals would threaten thousands of jobs throughout Britain where the steel industry directly employs 37,000 workers and supports an additional 42,000 jobs through the supply chain. Stace stated that this is the worst crisis ever experienced by the UK steel industry. Starmer's Government showed its commitment to steel industry by seizing control of British Steel from its Chinese owner earlier this year to ensure national supply. Starmer agreed in May to a trade agreement with the U.S., meaning British steel producers will face U.S. Tariffs of 25%. This is below the 50% tariffs faced by other nations. British officials wanted to lower the tariffs to 0% as part of a quota. Less than 10 percent of British steel exports go to the United States. In August, Britain announced that the EU would eliminate tariffs on certain steel products as part of an agreement to reset ties.
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Copper gains despite supply concerns and a stronger dollar
After a day of losses, copper prices have risen slightly as supply disruptions are credited with easing the pressure caused by a higher dollar. The London Metal Exchange reported that the price of three-month copper was $10,768 per ton at 0713 GMT. This is a 0.1% increase. The dollar index continued to rise, reaching a new high of more than one month against its competitors. A firmer dollar makes greenback-denominated assets, like copper, more expensive for holders of other currencies. Seven workers were killed in a mudslide disaster at Indonesia's Grasberg copper mine, the second largest mine in the world and responsible for 3% global concentrate production. The mine's operations have been halted since nearly a week. Supply concerns will likely persist in this year, given the suspension of mining at Grasberg and disruptions caused by an earthquake at the Kamoa Kakula mine in Democratic Republic of Congo, as well as an accident at the El Teniente Mine in Chile in July. Analysts at ANZ stated that "the recent supply-side disruptions continue to be a positive factor for copper price." Freeport, the operator of Grasberg, did not say when operations will be back to normal. ANZ says that disruptions in Chile and this are helping copper. After the Codelco mine accident on July 31, Chile's production fell by 9.9% in August. Chile, the largest copper producer in the world, exported $4.39 Billion worth of metal to the United States last month, a drop of 2.03% compared to the same period a year ago, according the central bank. Other London metals included aluminium at $2,740 per ton, while nickel dropped 0.4% at $15,425, and lead fell by 0.3% at $2,004.5. Zinc was down 0.4% at $3,033, with tin at $36,455. Golden Week, which runs from 1-8 October, is a time when Chinese markets will be closed. Click here to see the latest news in metals, or click here (Reporting and editing by Sumana Nandy in Bengaluru and Subhranshu sahu in Harikrishnan Nair).
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Oil prices rise by about 1% after OPEC+ reduces production.
Investors brushed aside oversupply concerns on Wednesday, after digesting OPEC+'s decision to limit production next month. Brent crude futures were up 63 cents or 0.96% to $66.08 per barrel at 0715 GMT. U.S. West Texas Intermediate Crude climbed 66 Cents, or 1.07 %, to $62.39. The benchmarks settled broadly flat in the previous session as investors weighed signs of a supply glut against a smaller-than-expected increase to November output from the Organization of the Petroleum Exporting Countries and affiliates. The market is stuck in a price limbo. One side believes there will be a glut of supply, while the other believes the ramp-up won't happen as quickly as expected," said Emril jamil, a senior researcher at LSEG Oil Research. Jamil said that traders have been betting on the price of crude oil to rise and are currently holding long positions or bets. This is due to continued efforts by Russia's government to reduce its crude exports. OPEC+ chose to increase production by 137,000 barrels a week, the lowest of the options discussed over the weekend. Investors are likely to discount production increases until the physical market softens via increasing inventories. This was the conclusion of ANZ analysts on Wednesday. The analysts at ANZ said that the price gains were capped by the easing of fears about Russian supply disruption. Crude oil shipments have been close to a 16 month high in the last four weeks. Investors will also be waiting for the Energy Information Administration to release U.S. inventories later on Wednesday. Sources citing American Petroleum Institute data said that U.S. crude stock rose by 2,78 million barrels during the week ending October 3. The API data showed that gasoline and distillate stocks fell. The EIA reported on Tuesday that the U.S. is expected to surpass its previous expectations in terms of oil production this year. (Reporting and editing by Christopher Cushing; Christian Schmollinger, Joe Bavier and Jeslyn Lerh)
Four people killed in collapse of six-storey central Madrid building
Local authorities reported on Wednesday that the Spanish emergency services had recovered four bodies from the rubble beneath a six-storey collapsed building in central Madrid, which was being renovated into a new hotel.
Jose Luis Almeida, the Mayor of Madrid, wrote in X: "It's with great sadness that we confirm the Madrid firefighters recovered the bodies" of those who were missing following the collapse.
Three men, aged 30-50, from Ecuador, Mali, and Guinea-Conakry, were employed as construction workers at the site, along with a woman of 30, who was the architect for the renovation project.
The remains of these two men were discovered early Wednesday morning, almost 15 hours after the interior structure of the building collapsed, leaving only the facade intact. Police and firefighters used drones and scenter dogs in the search and rescue operation. Three other construction workers suffered injuries.
Mikhail, a construction worker from outside the building, was pumping in concrete to the lower floors when it collapsed. He claimed to have seen a huge cloud of dust, and sprinted off as soon as he saw it.
"I ran first, and I didn't give a damn about anything else." He told reporters that he would save his life first, and then, if possible, help others.
According to Madrid's online register of building under construction, the property was constructed in 1965. The property was subjected to two technical inspections, in 2012 and 2022, and classified as "unfavourable", due to the "general condition of the exterior, facade, partition walls and roof, roof terraces, plumbing and sewage systems".
Rehbilita's website states that the former office building in a popular area of Madrid near the royal palace and opera house is being transformed into a 4-star hotel. Rehbilita didn't respond to an inquiry for comment.
The property is owned by the Saudi fund RSR. RSR is a real-estate investor based in Saudi Arabia that specializes in high-end hotel and tourist apartment properties in Spain and Portugal. RSR purchased it in 2022 for 24.5 millions euros (approximately $28.5 million).
The renovation was approved by the municipal authorities in December of 2024 and expected to take two years. Reporting by David Latona, Editing by Hugh Lawson. $1 = 0.8613 euro
(source: Reuters)