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Gold drops as Mideast conflict dampens inflation hopes
Gold prices fell?on Friday as an escalating Middle?East war fueled fears that the U.S. Federal Reserve might raise interest rates in this year. This surpassed recent optimism about easing inflation. By 0729 GMT, spot gold had fallen 0.9% to $4,024.60 an ounce. U.S. Gold Futures for August Delivery fell 0.6% to $4.029.50. Jigar Trivedi is a senior research analyst with IndusInd Securities. He said that June's inflation numbers did not reflect the impact the latest escalation of the?U.S. -Iran conflict has had on the economy. After reimposing its naval blockade, the U.S. launched a series of two-wave attacks on Iran’s coastal defences and missile sites. Iran responded by launching attacks against the U.S. In what it described as an "existential conflict" with the United States, Iran has attacked military sites in neighboring countries. The oil price has risen by?11% this week alone, raising concerns about inflation. Gold is often seen as a hedge against inflation, but it's no longer attractive in an environment of high interest rates. U.S. consumer inflation and producer inflation both slowed down in June amid a drop in energy prices, confirming that inflation had been?subsiding' before the recent escalation of the Middle East conflict. However, the moderated inflation rate was not enough to convince the financial markets that a Fed interest rate increase this year is unlikely. CME FedWatch Tool data shows that traders still price in a 73% chance of a Fed hike in December. Fed Governor Lisa Cook stated on Wednesday that she was "prepared to take action" if inflation does not begin to slow down soon. Fed Chairman Kevin Warsh also declared his determination for inflation to be brought down, without revealing how. Investors will be watching for comments from Fed Vice-Chair Philip Jefferson and Dallas Fed President Lorie Logan, who are due to speak later that day. Silver spot fell by 1.7%, to $56.78 an ounce. Palladium fell 1.4% and platinum 1.3%, respectively, to $1,296.29. (Reporting and editing by Subhranshu Sahu, Rashmi Anich and Swati verma from Bengaluru)
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Nickel prices rise on fears over sulphur supplies via Hormuz
Nickel reached a three-week peak on Thursday as concerns over traffic disruptions?throughout the Strait of Hormuz sparked fears of sulphur shortages and threatened a key raw material for production. The benchmark three-month nickel on the London Metal Exchange rose 2.57%, to $17.235 per metric ton at 0700 GMT. The price had risen by up to 3.14% in the previous session. This was the largest increase since May, and the highest since June 23. The Shanghai Futures Exchange's most traded nickel contract was up 3.01% to 132,940 Yuan ($19641.85) per ton. "Sulphur?tightness?expectations are fermenting once again." This is mainly due to an increase in the?cost expectation for high-pressure acid leaching, which is a process that is used to extract nickel ore. Indonesia, which is the world's largest nickel producer, depends on the Middle East to provide about 75% the sulphur needed in sulphuric acids for leaching metals from ore. The U.S.-Iran blockade of the Strait of Hormuz, as well as military operations, have caused a disruption of shipments along this vital shipping route. The copper price was stable, helped by a weaker U.S. Inflation data and the?hopes for a more dovish Federal Reserve. Supply concerns and recent withdrawals from LME warehouses also helped. The metal rose by 0.27% at the LME, and fell by 0.23%?at the SHFE. Data released on Wednesday revealed that U.S. producer prices had their largest decline in 14-months in June. This is the latest in a series of U.S. reports which have dampened expectations for Fed rate hikes. Reduced borrowing costs tend to boost economic activity, which in turn can help metal demand. Aluminium grew by 0.68% on the LME, while zinc climbed 0.85%, and lead rose 1.19%. Tin also gained 1.35%. Aluminium was unchanged on SHFE. Zinc lost 0.68%. Lead added 0.38%. Tin fell 1%.
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Russian regions report death and injuries after another Ukrainian drone attack
As Kyiv continues its campaign against the 'Russian energy infrastructure, authorities in three Russian regions have reported deaths and injuries caused by Ukrainian drones and rocket strikes. Mikhail Yevrayev, the governor of 'Yaroslavl Region,' 250 km (155 miles) east from Moscow, where an oil refinery has been repeatedly attacked, said one man was killed and four others injured. He claimed that 19 drones had been?downed in the area, but did not specify which targets they were aimed at. Russian media reported that there were casualties in the Volga River region of Saratov after a drone attack on the city of Engels. Engels is home to an airbase which has been repeatedly attacked by Ukraine over the past few years. The governor of Bryansk Region, in Russia's west, near the Ukraine border, confirmed that a 15 year old girl and her grandma were killed by a rocket attack on the village Suzemka. A third person was injured. In recent weeks, Russia has experienced acute fuel shortages in all 11 time zones as long-range Ukrainian drone attacks hit its oil refineries. Ukraine claims it wants to limit the oil revenues that Russia uses to fund its four-year war on its neighbor, despite the fact that thousands of Ukrainians have been killed in Russian strikes across the southeast Ukraine. Both sides deny that they are targeting civilians. Officials in Ukraine said that Russian 'ballistic missiles' struck two districts of the Ukrainian capital Kyiv at dawn on Thursday. The fires started and two people were killed. Reporting by Felix Light, writing by Philippa Fletcher; editing by Philippa Light
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The tourist season has hit the Greek islands and they are experiencing a drought.
Seven Greek Islands in the Aegean have declared drought emergency this year. This is to conserve?water, as climate change causes summers to be hotter and rain more irregular. Authorities are now wondering if there will be enough rain to support the thousands of tourists that strain water supplies just as locals are in dire need. Astypalaia is an island in the shape of a butterfly, located east of mainland Greece. It relies on bottled drinking water and was not affected by the rains that fell in the north and west of Greece, giving the country the wettest winter it has experienced since 2022. According to local authorities' data, Astypalaia, in the southeast Aegean region, experienced the second-driest year since 2020. This created a dilemma for local officials. The island's only water reservoir, built in the 1990s, is surrounded by dry hills with sparse low shrubs. FARMERS RETURN TO WELLS In April, authorities cut off Evdokia Paltianou's access to a manmade lake in order to conserve?water. Her orchard's vegetables withered because she had to rely solely on the brackish water she pumped out of her well. Palatianou said, "Unless it rains I won't be planting anything" as he stood next to an old tree that was once full of mandarins in the village of Livadi on the coast, which is the main fertile area of the island. The lake that supplies water to Livadi, and the main tourist city of Chora (the island's capital), for household use, irrigation, and other purposes, contains now around 150,000 cubic meters, or a sixth its storage capacity. It would last about five and half months if you consume 900 cubic meters per day in summer. Komineas reported that the authorities declared a water crisis in May in order to expedite a temporary desalination facility with a daily production of 600 cubic meters for Chora. They also blocked irrigation to farmers in Livadi in order to protect the lake's reserve until autumn. He said that they would reconnect farmers if the Livadi Reservoir is refilled with rain. CONSUMPTION SOARS IN THE HIGHEST SUMMER MONTHS The Copernicus European Drought Observatory's map of Astypalaia, which was published in June, shows the area in orange as an early indicator of drought. In the village of Analipsi, on the east coast of the island, farmers fill tanks with water or use borehole water that is low quality. Desalination plants that supply tap water in the area were unable to meet the needs of a population that grew from 1,400 people in midsummer to 7,000 by the end of summer. A second temporary facility, located in?Chora, was built in anticipation of a permanent desalination system that will be constructed at the end of this year. On Greek islands, dozens of desalination units are being installed. ?omineas admitted that the temporary plant was expensive, but said it was necessary in case of drought. He said, "I was worried about what would happen if it didn't rain again this year." HOTELS CONSIDER RESOURCE-SAVING MEASURES Some hoteliers in Astypalaia are already taking action to save water. Maria Alkalai (42), who runs a hotel in Chora with views of the castle, the Aegean sea and the hillside, offers guests who choose to skip the daily cleaning a five-euro voucher. She said that "clients have embraced" the idea. She imagined a second island hotel that would have a cistern to collect rainwater in place of a pool or jacuzzi. Stavros papastavrou, the Environment Minister, has approved 15 million-euros ($17million) for desalination and grid upgrades, as well as water tanks, on nine of Greece's 200+ inhabited islands. This includes 1.5 million euros for Astypalaia. He briefed Luxembourg's environment ministers on water resilience in June. He said that water was not a theoretical issue for Greece. It is about the security of the country, its economic growth, and protecting local communities. According to the National Centre for Scientific Research “Demokritos” in Athens, droughts could worsen by 2049 due to global warming and increased water scarcity.
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British Steel is nationalised by Britain to protect domestic steelmaking
In an attempt to protect the future of steel production, the UK government announced in a statement on Thursday that it had 'nationalised' British Steel, which was previously owned by Chinese investors. British Steel's public ownership is necessary for the UK to safeguard its national interests, according to the government. "British Steel" is a part of the fabric and strength of Britain. The decision today secures the future for steelmaking in Britain, protects "skilled" jobs and safeguards an important national capability," said Keir starmer, the outgoing prime minister. In April 2025, the 'government' took over the operational control of British Steel, from its Chinese owners Jingye. This was done to prevent the closure of Scunthorpe, a steelworks located in northern England, and protect the 2,700 jobs in the plant, as well as thousands of others in the supply chain. The plant is the last primary steelmaking facility in the country. It supplies rail, construction and automobile industries. However, it has struggled in recent years with high energy prices in Britain and an oversupply of steel on the global market. Starmer stated that his government would introduce legislation in May of this year to allow the company to be taken over by the state after it failed to find a buyer. The company was privatised under Margaret Thatcher's regime in 1988. It said that the government appointed a leadership team to 'focus on stabilising operations and managing health and safety. They will also maintain production and work with management, unions, and staff in order to make British Steel an economically sustainable and low-carbon enterprise. Peter Kyle, Secretary of State for Business and Trade, said: "British Steel now belongs to the British people and our focus is the future." (Reporting and editing by Muralikumar Anantharaman, Sonali Paul, and Akanksha Kushi from Bengaluru)
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Bonds cheer lower inflation as Asian shares drop on chipmaker drag
?Asian stocks fell on Thursday, as a selloff in chipmakers obscured stellar earnings by industry leader TSMC. Meanwhile,?bonds benefited again from a benign reading of?U.S. Inflation that reduced the likelihood of a rate hike. As the U.S. finished its latest attacks on Iran, oil prices dropped. In recent days, the Middle East has been rife with hostilities. Washington launched attacks against Iran while Tehran targeted U.S. bases located in Kuwait and Jordan. Brent crude futures last fell 0.5% to $84.5 per barrel, but rose 11% in the past week. Taiwan Semiconductor Manufacturing Co. (TSMC), world's biggest contract manufacturer of advanced AI chip, reported a 77% increase in the second?quarter profit to a record which was far beyond market expectations. TSMC's stock rose 1.2% ahead of the results but it was not enough to reverse the decline in Asian chipmakers. MSCI's broadest Asia-Pacific index outside Japan fell 1%, while South Korea's KOSPI dropped 6.2% due to weakness at Samsung, which was down 6.6% and SK Hynix (down 9%). Japan's Nikkei dropped 3%. China's Hang Seng Index broke the trend by gaining 1.8%. Brian Heavey is an equity trader at JPMorgan. He wrote in a report that he was "seeing aggressive pullbacks in Memory/Hardware". Don't believe there is a 'negative headline' that's driving the semis/hardware sale. "It just shows how high the bar is for semis earning." Overnight, ASML shares, the world’s largest supplier of equipment used to manufacture high-tech computer chip, ended 0.4% lower despite its raising their 2026 sales predictions and pledging a capacity increase. Wall Street gained overnight when investors shifted from semiconductors to Magnificent Seven stocks, banks and other major lenders after strong earnings. Asia, however is more susceptible to the chip selling-off due to its greater exposure to semiconductor stocks. Stock futures for the entire region are up by 0.2%. In Asia, Wall Street futures were mostly flat. BONDS CHEER COOL INCLAIMATION Surprisingly weak U.S. consumer inflation data a day before added to the benign figures for the PPI in June. The markets have now priced out an imminent rate hike by the U.S. Federal Reserve to only 10% from 43% at the beginning of the month. Oil prices are rising on renewed Middle East hostilities, and the 'pullback' in inflation could only be temporary. Bond investors focused, however, on the cooler inflation data. The yield on two-year Treasury bonds increased by 2 basis points, to 4.1514%. They had fallen 14 bps in the previous two days. Ten-year Treasury yields increased by 1 basis point to 4.5594% after falling 7 basis points over the last two days. The dollar fell, except against the beleaguered Japanese yen. The dollar index remained steady at 100.52 after dropping 0.4% overnight to its lowest level since June 18. The yen was hovering at 162.15, just below the 40-year low of 162.84, as speculators remain cautious of Japanese intervention. The pound reached a two-month high on the expectation that Andy Burnham will choose a conservative finance minister when he is named Labour Party leader, which is expected to happen on Friday. The pound was unchanged at $1.3532 after a 1% increase overnight. Gold fell 0.8% to $4,027 per ounce. (Editing by Christian Schmollinger & Lincoln Feast)
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Kashagan Oil Operator says arbitration prevents Kazakhstan from enforcing fine
The operator of Kazakhstan's Kashagan Oilfield announced?on Thursday? that an international arbitral tribunal has issued a restraining order prohibiting Kazakhstan from enforcing an environmental fine. The Kazakh Justice Ministry announced on Tuesday that Kashagan's operator must pay a fine of $4.90 billion ($2.3 trillion tenge) by July 20, 2012. The country is involved in arbitration with oil companies that work on its oilfields. It accuses them of environmental violations and corrupt practices. The North Caspian Operating Company, Kashagan’s operator, stated in a statement: "The Arbitral Tribunal has issued a Restraining Order which prohibits the Republic to take any measures to enforce fines?while arbitration is still pending." "NCOC, the Contracting Companies and their representatives reject the fine and the allegations that underlie it and will contest them by any means available." North Caspian Operating Company, a joint venture between Shell, TotalEnergies and ExxonMobil, as well as China's CNPC is a multi-national?venture. Kazakhstan won an arbitration in January concerning the Karachaganak?field. It was seeking to recover around $4 billion. (Reporting and writing by Mariya Goreyeva, Felix Light and Vladimir Soldatkin; editing by Jacqueline Wong & Tomaszjanowski)
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Gold drops as Mideast conflict dampens inflation hopes
Gold prices fell?on Friday as a Middle?East conflict escalated, fueling fears that the U.S. Federal Reserve might raise interest rates in this year. This tempered recent optimism about easing inflation. By 0518 GMT, spot gold had fallen 0.8% to $4,029.29 an ounce. U.S. gold for August delivery fell 0.4% to $4034.40. The latest escalation of the?U.S.Iran conflict has not been reflected in June's inflation numbers, according to Jigar Trivedi. He is a senior research analyst with IndusInd Securities. After reimposing its naval blockade, the U.S. launched a series of two-wave attacks against Iran's missile and coastal defence sites. Iran responded by attacking U.S. military bases in neighboring countries as part of what it termed an "existential conflict" with America. The oil price has risen by 11% this week alone, raising concerns about inflation. Gold is often seen as a hedge against inflation, but it's no longer attractive in an environment of high interest rates. U.S. consumer inflation and producer inflation both slowed down in June amid a drop in energy prices, confirming that inflation had been?subsiding' before the recent escalation of the Middle East conflict. However, the financial markets did not believe that a Fed rate increase this year was possible due to the moderated inflation. CME FedWatch Tool data shows that traders still price in a 73% chance for a Fed hike in December. Fed Governor Lisa Cook stated on Wednesday that she was "prepared to take action" if the inflation rate does not begin to fall soon. Fed Chairman Kevin Warsh also declared his determination for inflation to be brought down, without revealing how. Investors will be watching for comments from 'Dallas Fed president Lorie Logan, and 'Fed vice chair Philip Jefferson later today. Silver fell by 1.2% elsewhere to $57.07 an ounce. Palladium fell 0.4% to $1,308.49 and platinum dropped 0.6% to 1,664.75 (Reporting and editing by Subhranshu Sahu, Rashmi Anich and Swati verma from Bengaluru)
James Watson, the co-discoverer and inventor of DNA's Double Helix, has died at age 97
James D. Watson has died aged 97. The brilliant and controversial American biologist who in 1953 discovered the structure of DNA (the molecule of heredity) ushered the genetics age, as well as laying the foundations for the biotechnology revolution that swept the 20th century.
Cold Spring Harbor Laboratory, on Long Island where Watson worked for many decades, confirmed his death. The New York Times reported this week that Watson passed away at a Long Island hospice.
Watson's later years were marred by his comments about genetics and racism, which led to him being shunned by the scientific community.
He was well-known for both his science and his enfant terrible persona, including his willingness use other scientists' data for his own benefit.
In his 1968 memoir "The Double Helix," he told a racy and no-holds-barred story of how he, along with British physicist Francis Crick, were the first to determine that DNA is three-dimensional. This achievement earned the two a share in the 1962 Nobel Prize for medicine. It would eventually lead to DNA-based technology and medicine, such as genetic engineering and gene therapy.
Crick claimed that the book had "grossly intruded on my privacy", and Maurice Wilkins objected to a "distorted, unfavorable" image of scientists as ambitious con artists willing to deceive their colleagues and rivals to make a breakthrough.
Watson and Crick were also widely criticized because they used raw data from X-ray Crystallographer Rosalind Frankin to build their DNA model - two intertwined stairs - without acknowledging her contributions. Watson wrote in "Double Helix" that scientific research is influenced by "the contradictory forces of ambition and fair play".
Watson caused more anger in 2007 when he said to the Times of London, "I believe that testing indicates the intelligence of Africans is not really the same as ours."
He was forced to resign from his position as the chancellor at Cold Spring Harbor Laboratory in New York after being accused of promoting racist theories that have been discredited for decades. He later apologized for making similar comments, but he did so in a documentary from 2019. He called the different racial achievement on IQ tests, which is attributed to environmental factors by most scientists, "genetic."
'TOUGH IRISHMAN'
James Dewey Watson, born on April 6, 1929 in Chicago, graduated with a degree in zoology from the University of Chicago. In Indiana University he received a doctorate in genetics. In 1951 he joined Cambridge’s Cavendish Lab where he first met Crick. He then began his quest to understand the structure chemistry of DNA.
The double helix was waiting for discovery. It opened the door to the genetics revolution. The steps of Crick and Watson's structure were made up of pairs of chemical compounds called nucleotides, or bases. They noted in their 1953 paper that "it has not escaped us that the specific pairing which we have proposed immediately suggests a copying mechanism for genetic material."
This sentence, which is often referred to as the greatest understatement of the history and biology, means that the base-and helix structure provides the mechanism for genetic information to be copied precisely from generation-to-generation. This understanding led to the development of DNA techniques and genetic engineering.
Watson and Crick separated after their DNA research. Watson was 25 at the time and despite never making another discovery as significant as the double helix he still remained an influential scientist.
In a 2012 interview, Mark Ptashne told how Watson had to decide what to do next after having achieved so much at such a young, and still very successful, age. "He found ways to play to his strengths."
Ptashne said that Watson's strength was to play "the tough Irishman" to become one the leaders of U.S. molecular science. Watson joined Harvard University's biology department in 1956.
Harvard biochemist Guido Guidotti recalled that the existing biology department thought molecular biology was a fad. Guidotti claims that when Watson arrived at the department, he told all of the scientists in it - those whose work focused on whole organisms, populations and not just cells and molecules, "that they should retire."
Watson's work earned him the enmity for decades of many traditional biologists. But he also attracted a new generation of scientists and graduate students, who would go on to create the genetics revolution.
Watson split his time for eight years between CSHL in Long Island and Harvard. In 1968, Watson began his institutional-building drive. Ptashne said that the lab was at the time "just a backwater infested with mosquitoes". Jim turned the lab into a world-class, vibrant institution as director.
GENOME PROJECT
Watson was appointed to head the Human Genome Project in 1990. The project's goal was to determine how many chemical units make up the full complement of human DNA. Watson resigned after the National Institutes of Health (NIH), which funded the Human Genome Project, decided to patent some DNA sequences. He argued that the genome should be in the public domain.
He became the second person to have their entire genome sequenced in 2007. He released the sequence, saying that "genetic privacy concerns" were exaggerated. However, he made an exception and said he didn't want to know whether he carried a gene linked to an increased risk of Alzheimer’s disease. Watson had a gene that was associated with novelty seeking.
Watson said in an interview with Discover magazine that his proudest achievement was not finding the double helix, which he predicted would be discovered in the "next year or two", but rather writing books.
He said, "My heroes are not scientists." "They were Graham Greene, and Christopher Isherwood -- you know good writers."
Friends said that Watson loved the bad boy image he created in "Double Helix" and he stressed it in his book "Avoid boring people," published in 2007.
He was married with two sons and made public remarks that often denigrated women. He also boasted about chasing after what he called “popsies.” He personally encouraged female scientists such as biologist Nancy Hopkins of Massachusetts Institute of Technology.
Hopkins, who has been vocal about the anti-woman bias of science, said, "I believe I couldn't have achieved a career as a scientist without his support." "Jim was a huge supporter of me and many other women." It's a strange thing to comprehend. Bill Trott, Rosalba o'Brien and Bill Trott edited this article.
(source: Reuters)