2026-01-29 07:47
India is a key market for social media companies like Meta Government must consider age-based access limits, adviser says Cheap data plans boost use of social media apps Digital addiction hurts academic performance, adviser says NEW DELHI, Jan 29 (Reuters) - India's chief economic adviser proposed age-based limits on access to social media platforms he said were "predatory" in their approach to keeping users online, signalling a potential blow to Meta and YouTube in their largest user market. Such a shift would pull India in line with a growing global trend, after Australia became the first nation last year to ban social media for children younger than 16. Sign up here. On Monday, France's National Assembly backed legislation to ban children under 15 from social media and Britain, Denmark and Greece are studying the issue. The adviser, V. Anantha Nageswaran, recommended in India's annual economic survey that families promote screen-time limits, device-free hours and shared offline activities. "Policies on age-based access limits may be considered, as younger users are more vulnerable to compulsive use and harmful content," he wrote in the survey, which was published on Thursday. "Platforms should be made responsible for enforcing age verification and age-appropriate defaults." INDIA A HUGE MARKET FOR SOCIAL MEDIA FIRMS The recommendations are not binding, but are reflected in policy discussions in Prime Minister Narendra Modi's government. Past recommendations have prompted tax reforms, easing rules on Chinese investment and stronger digital infrastructure. India, the world's No. 2 smartphone market with 750 million devices and a billion internet users, is a key growth market for social media apps, and does not set a minimum age for access. Research firm DataReportal says YouTube has 500 million users in India, Facebook 403 million, while Instagram has 481 million. Facebook operator Meta (META.O) , opens new tab, YouTube-parent Alphabet (GOOGL.O) , opens new tab and X did not immediately respond to requests for comment. Meta has previously said it backs laws for parental oversight while adding: "Governments considering bans should be careful not to push teens toward less safe, unregulated sites." New Delhi has repeatedly clashed with social media companies like Meta and X over the years over content moderation, local data storage, user safety and not complying with content takedown orders promptly. In a press briefing, Nageswaran on Thursday called the platforms "predatory" in their approach to maximise user engagement and time spent by users, adding that "such algorithms are particularly targeted at youngsters between the ages of 15 and 24." Cheap telecom data plans have boosted use of social media apps in recent years, with 75% of young smartphone users on the apps, the survey report said. "Digital addiction negatively affects academic performance and workplace productivity due to distractions, 'sleep debt', and reduced focus," Nageswaran added. 'CHILDREN SLIPPING INTO RELENTLESS USAGE' The recommendation follows growing efforts among Indian states to rein in screen time for young people. The coastal state of Goa and the southern state of Andhra Pradesh have said they are studying Australia's regulatory framework, with an eye to similar bans for children. "Trust in social media is breaking down," Nara Lokesh, the infotech minister in Andhra Pradesh, wrote on X on Thursday, saying the state would study legal frameworks for age-appropriate access. "Children are slipping into relentless usage, affecting their attention spans and education." Nageswaran said "we are very happy" the two states are considering restrictions for children. Some activists and tech experts have called for measures to help children and parents develop healthy and safe social media usage, saying that age-based curbs do not work as children can bypass them with fake identification documents. https://www.reuters.com/world/india/india-should-consider-age-based-limits-social-media-access-economic-adviser-says-2026-01-29/
2026-01-29 07:40
Jan 29 (Reuters) - Copper touched a record high on Thursday, as part of a broad metals rally, supported by investors' appetite for physical assets amid geopolitical risks and a weak dollar. The most-active copper contract on the Shanghai Futures Exchange closed daytime trading surging 6.71% to 109,110 yuan ($15,708.77) a metric ton, after up 8.53% setting an all-time high of 110,970 yuan a ton earlier in the session. Sign up here. The benchmark three-month copper on the London Metal Exchange also showed strength, climbing 6.32% to $13,913.50 a ton, as of 0700 GMT, after spiking 7.94% to hit an all-time peak of $14,125. The Shanghai contract rose 9% so far this year, while the London benchmark moved up more than 11%, following the record-setting rally in 2025, fuelled by supply concerns stemming from mine disruptions and regional dislocation amid U.S. tariff threats. Copper is rising as investors move over from the strong gains in gold and silver, traders said. Copper's gain on Thursday came after gold and silver set records due to investors' rush to physical assets amid geopolitical risks, as U.S. President Donald Trump on Wednesday threatened Iran with possible attacks if it did not strike a deal on nuclear weapons. The U.S. dollar steadied after the Federal Reserve left interest rates unchanged on Wednesday, but still hovered around recent lows. A weak dollar helped support greenback-denominated commodities by making them more affordable for investors using other currencies, thereby boosting demand. The gains in the red metal came despite weak spot demand in the biggest consumer market China. The Yangshan copper premium , a gauge of Chinese demand for imported copper, declined to $20 a ton on Wednesday, the lowest since July, 2024. Elsewhere, aluminium remained strong. The most-active contract closed 2.92% higher to 25,590 yuan a ton, and the London benchmark climbed 1.30% to $3,299.50. Among other SHFE base metals, zinc climbed 2.91% lead added 1.09%, nickel rose 1.79% and tin nudged 0.28% higher. Elsewhere on LME, zinc surged 2.91%, lead climbed 1.44%, nickel rose 2.49% and tin added 1.07%. ($1 = 6.9458 Chinese yuan renminbi) https://www.reuters.com/world/china/copper-sets-record-amid-geopolitical-risks-weak-dollar-2026-01-29/
2026-01-29 07:34
NEW DELHI, Jan 29 (Reuters) - India has designated coking coal as a critical and strategic mineral, the coal ministry said in a statement on Thursday. The inclusion of coking coal, a key steelmaking ingredient, is expected to facilitate faster approvals and accelerate exploration and mining activities, including of deep-seated deposits, according to the government statement. Sign up here. Currently, around 95% of coking coal requirements of the steel sector is met through imports, it added. https://www.reuters.com/world/india/india-designates-coking-coal-critical-strategic-mineral-2026-01-29/
2026-01-29 07:33
US-Iran tensions remain key near-term price driver Markets pricing in geopolitical risk premiums US winter storms, Kazakh outages, also adding support LONDON, Jan 29 (Reuters) - Brent oil futures prices jumped on Thursday, hitting a four-month high on rising concerns of a possible U.S. military attack on Iran, OPEC's fourth-largest producer, with output of 3.2 million barrels per day. "The immediate (market) concern ... is the collateral damage done if Iran takes a swing at its neighbours or possibly even more tellingly, it closes the Strait of Hormuz to the 20 million barrels per day of oil that navigates it," said PVM analyst John Evans. Sign up here. Brent crude futures were up $1.52, or 2.22%, to $69.92 a barrel at 1210 GMT. At its intra-day peak, Brent traded as high as $70.35 a barrel, its highest since late-September. U.S. West Texas Intermediate crude was up $1.48, or 2.34%, to $64.69 a barrel. WTI futures earlier topped $65 a barrel, also a four-month high. U.S. President Donald Trump has increased pressure on Tehran to end its nuclear programme, with threats of military strikes and the arrival of a U.S. naval group in the region. Trump is considering options that include targeted strikes on security forces and leaders to inspire protesters to potentially topple Iran's rulers, Reuters reported on Thursday, citing U.S. sources familiar with the discussions. Some analysts are forecasting higher prices because of the Iranian concerns. "The potential for Iran getting hit has escalated the geopolitical premium of oil prices by potentially $3 to $4 (per barrel)," Citi analysts said in a note on Wednesday, adding that further geopolitical escalation could push prices to as high as $72 a barrel for Brent over the next three months. Elsewhere, the huge Tengiz oilfield in Kazakhstan is being restarted in stages after electrical fires cut output last week, with the aim to reach full production in a week. In the U.S., the world's biggest oil producer and largest liquefied natural gas exporter, crude and gas producers were bringing wells back online after disruption from Winter Storm Fern over the weekend. "Disruptions in Kazakhstan (CPC terminal, Tengiz field force majeure) have removed significant number of barrels from the market, add up the cold weather in the U.S. which disrupted – although temporarily – U.S. crude production and suddenly the oil market is much tighter than expected," UBS analyst Giovanni Staunovo said. https://www.reuters.com/business/energy/oil-prices-rise-third-day-increasing-concerns-iran-attack-2026-01-29/
2026-01-29 07:31
SINGAPORE, Jan 29 (Reuters) - The global trading arm of Abu Dhabi National Oil Co (ADNOC) is leasing fuel oil storage in Singapore for the first time, five market sources said, part of the United Arab Emirates-backed oil and gas producer's plans to boost trade volumes in Asia. ADNOC Global Trading, or AGT, has signed a lease for about 160,000 cubic metres of fuel oil storage capacity at the Jurong Port Universal Terminal, the largest onshore terminal for storage of the residue fuel in the city state, two of the sources said. Sign up here. The move expands the state giant's footprint in Singapore, the world's largest bunkering hub, where traders store and blend fuel to supply ships and for re-export to meet regional demand. ADNOC's existing Singapore presence includes an office handling crude marketing, research and trading. AGT's lease starts from February, sources said, although the duration is not immediately known. They declined to be identified as the matter is commercially sensitive. ADNOC declined to comment. Jurong Port Universal did not immediately respond to a request for comment. ADNOC has two divisions in its trading business - ADNOC Trading, focused on crude oil, and ADNOC Global Trading, a joint venture with Italy's Eni (ENI.MI) , opens new tab and Austria's OMV (OMVV.VI) , opens new tab, focused on refined products. Onshore oil storage is seen in the industry as a strategic asset for companies and their trading activities. By taking up storage capacity, it allows traders to buy and sell opportunistically when prices are attractive. ADNOC's move broadens the pool of trading houses in a highly competitive Singapore fuel oil market including major trading houses such as Vitol, Trafigura and PetroChina. AGT typically buys high-sulphur fuel oil cargo produced in the Middle East and sells them to trading houses and refineries in Asia on a delivered basis, market sources said. It is also an active fuel supplier to Fujairah, the world's fourth-largest bunkering port, they said. Singapore has seen robust demand for fuel oil storage, with onshore residual fuel inventories rising last year. Weekly inventories averaged 22.8 million barrels in 2025, compared with 19.7 million barrels in 2024, data from Enterprise Singapore showed. https://www.reuters.com/business/energy/adnoc-leases-singapore-fuel-oil-storage-first-time-sources-say-2026-01-29/
2026-01-29 07:31
Jan 29 (Reuters) - Mozambique's government said on Thursday that President Daniel Chapo and TotalEnergies Chief Executive Patrick Pouyanne would relaunch at a ceremony on Thursday the Liquefied Natural Gas (LNG) project the French energy company is leading. "The resumption of the project ... represents a significant milestone for the national economy and reaffirms the confidence of international partners in the energy, institutional and human potential of Mozambique," a statement from Chapo's office said. Sign up here. Construction of the $20 billion project was brought to a halt in 2021 because of an Islamist militant attack, but late last year TotalEnergies said it was ready to resume work at the site in the northern province of Cabo Delgado. Mozambique LNG is owned by TotalEnergies (26.5%), Japan's Mitsui (20%), ENH (15%), Bharat Petroleum (10%), Oil India (10%), ONGC Videsh (10%) and Thailand's PTTEP (8.5%). https://www.reuters.com/business/energy/mozambique-says-totalenergies-led-lng-project-relaunch-thursday-2026-01-29/
