2025-10-18 15:25

Gold prices hitting record highs in India and worldwide Overall gold sales volumes during Dhanteras down 10-15%, GJC says Dhanteras gold jewellery demand 30% lower as prices soar, IBJA says MUMBAI, Oct 18 (Reuters) - Soaring gold prices led Indian buyers to choose coins and bars over jewellery during the Dhanteras festival on Saturday, fuelled by hopes that the precious metal's glittering rally would continue, industry officials told Reuters. Dhanteras, which marks the start of the five-day Diwali festival of lights, is considered auspicious for buying gold and is one of the busiest gold-buying days in the world's second-biggest consumer of the metal. Sign up here. Overall gold sales during Dhanteras were 10–15% lower in volume terms compared to last year, but total value rose sharply due to higher prices, said Rajesh Rokde, chairman of the All India Gem and Jewellery Domestic Council. "Gold jewellery demand took a hit with record-high prices, dropping nearly 30% from last year, but coins and bars were flying off the shelves," Surendra Mehta, secretary at the India Bullion and Jewellers Association, said. In India, buyers typically pay 10–20% of the gold price as manufacturing charges for jewellery, making it even more expensive than buying gold coins. Local gold prices closed at 127,008 rupees per 10 grams on Friday after hitting a record high of 132,294 rupees, marking an increase of more than 60% since last year's Dhanteras. India's NSE Nifty 50 share index (.NSEI) , opens new tab has risen about 5% during the period. Facing record price surges, the industry is offering healthy discounts on jewellery making to maintain strong gold-buying interest throughout the festive and upcoming wedding seasons, said Sachin Jain, CEO of the World Gold Council's Indian operations. Indian dealers were this week quoting a premium of up to $25 per ounce over official domestic prices, inclusive of 6% import and 3% sales levies, the highest in more than a decade. Demand for silver coins, bars and jewellery meanwhile was strong this year, driven by the metal's stellar price rally, said Saurabh Gadgil, chairman of PNG Jewellers (PNGD.NS) , opens new tab. Investors believe silver could outperform gold, dealers said. Higher returns from precious metals have been attracting strong inflows into physically backed gold and silver exchange-traded funds in recent months. "With jewellery stores open till midnight and Dhanteras continuing into tomorrow afternoon, we expect buying momentum to carry forward," said Rokde of GJC. https://www.reuters.com/world/india/record-gold-prices-shift-indian-festive-demand-toward-coins-over-jewellery-2025-10-18/

2025-10-18 14:50

New Zealand is part of Trans-Pacific trade partnership EU expressed interest in joining trade group New Zealand sticking to climate action pledges WASHINGTON, Oct 18 (Reuters) - New Zealand Finance Minister Nicola Willis said regional and bilateral trading relationships will continue to strengthen against the backdrop of the worsening U.S.-China trade war, as small countries like hers adjust to a new reality and hold fast to priorities such as fighting climate change. Willis said in an interview on Thursday that New Zealand was keenly aware of rising geopolitical and economic risks, but her discussions at the annual meetings of the International Monetary Fund and World Bank this week showed the enduring strength of the international institutions and trade deals among other countries. Sign up here. New Zealand has strong trading ties under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, a free trade deal between 11 member countries, including Canada, Japan and Britain, she said, with the European Union having also expressed interest in linking up. A separate trade deal with the United Arab Emirates was also promising, she said. "All of those trade relationships are very strong, and the message that we're having from our partners is that they wish to continue to build on them and expand them, rather than go the other way," she told Reuters. "We ... are cautious and nervous about anyone backsliding on agreements, but we're not seeing signs of that happening." IMF and global trade officials this week highlighted uncertainty and risks linked to a new escalation in the U.S.-China trade war, but pointed to continued resilience in global trade, noting that only three countries - the U.S., China and Canada - had jacked up tariff rates in recent months, with some 72% of trade flows still adhering to existing rules. Willis said New Zealand also remained committed to its emission reduction commitments under the Paris climate accord, and did not expect U.S. President Donald Trump's withdrawal of the U.S. from the accord to derail her country's efforts. "We consider the risk and threat of more extreme climatic events as something that we need to prepare for and adapt to, both for ourselves, but particularly for our Pacific family, small island states who are particularly vulnerable to significant climatic events," Willis said. She said consumers around the world, including in the U.S., would continue to be interested in the emissions profile of countries like New Zealand, creating a commercial and trade imperative for continued climate action. Existing trade agreements, such as New Zealand's trade deal with the EU, also required continued adherence to climate commitments, Willis said. "There are a number of bilateral agreements like that in the world where countries have committed to each other that they will continue climate action. And I'm certainly seeing those commitments continued by many nations." New Zealand also remained a partner in the Five Eyes group, along with Britain, Canada, the U.S. and Australia, Willis said, and was increasing its defense spending along with others amid rising geo-strategic pressures and fragility. https://www.reuters.com/world/china/new-zealands-finmin-eyes-stronger-regional-ties-face-us-china-trade-war-2025-10-18/

2025-10-18 11:43

LPG tanker MV Falcon is on fire after explosion off Yemen's port of Aden EU naval mission says the tanker is fully laden, meaning there is a risk of explosions Merchant vessels have rescued 24 crew members, two reported missing Oct 18 (Reuters) - The LPG-laden tanker MV Falcon was on fire and adrift on Saturday off the coast of Yemen, after it reported an explosion that forced members of its crew to abandon the vessel, the European Union's naval force Aspides said in a statement. The cause of the explosion was unclear but most likely an accident, according to initial indications, Aspides said. It added that at least 15% of the Cameroon-flagged vessel was on fire. Sign up here. Due to the risk of further explosions, since the tanker was fully loaded with liquefied petroleum gas, Aspides advised vessels in the area to keep a safe distance from the carrier. "The fire onboard is increasing," Aspides said in a statement. "MV Falcon represents a navigational hazard. Everyone in the area must exercise caution." An operation was in progress to rescue its 26 crew members. So far, 24 seafarers have been recovered by two merchant vessels sailing nearby. One of the ships, the MV Veda, was taking those rescued to Djibouti, escorted by a Greek frigate. Two crew members are reported missing, Aspides said. The MV Falcon was travelling from Oman's Sohar Port to Djibouti, British security firm Ambrey said earlier. The explosion occurred as it was sailing 113 nautical miles southeast of the port of Aden in Yemen. Maritime security sources said that neither missiles nor unmanned aerial vehicles had been detected in the area. Ambrey said the tanker was not believed to match the target profile of Yemen's Iran-aligned Houthi militants. A Houthi defence ministry official said the group had no connection to the incident, according to the Houthi-run Saba news agency. Houthi militants have launched numerous attacks on vessels in the Red Sea since 2023, saying they act in solidarity with Palestinians over Israel's war on Gaza. The attacks have disrupted trade flows through the Red Sea and the Suez Canal, one of the world's busiest shipping routes. https://www.reuters.com/world/cameroon-flagged-tanker-issued-distress-call-off-yemens-ahwar-security-firm-says-2025-10-18/

2025-10-18 11:38

Oct 18 (Reuters) - The United Kingdom Maritime Trade Operations (UKMTO) agency said on Saturday it received a report of an incident 116 nautical miles (214 km) east of the Yemeni port of Aden, in which a vessel was hit by an unknown projectile, causing a fire. Authorities were investigating, UKMTO added. Sign up here. https://www.reuters.com/world/ukmto-says-vessel-hit-by-unknown-projectile-east-yemens-aden-2025-10-18/

2025-10-18 11:14

Oct 18 (Reuters) - Repair work has started on damaged off-site power lines to Ukraine’s Zaporizhzhia nuclear power plant following a four-week outage, officials said on Saturday. IAEA Director General Rafael Grossi said the work began after local ceasefire zones were established to allow for the repairs to proceed. Sign up here. The plant currently produces no electricity, but needs power to ensure fuel in the reactors remains cool and no meltdown occurs. "Restoration of off-site power is crucial for nuclear safety and security. Both sides engaged constructively with the IAEA to enable a complex repair plan to proceed," Grossi said in a post on social media platform X. Both the Ukrainian energy ministry and the Russian-appointed management of the plant confirmed the maintenance works. The Zaporizhzhia plant - Europe's largest, with six reactors - was seized by Russian troops in the first weeks of Moscow's 2022 invasion of Ukraine. Both Kyiv and Moscow regularly accuse each other of attacks that endanger nuclear safety. Located near the city of Enerhodar along the Dnipro river, the power plant is close to the front line. During more than three and a half years of the war, the plant was frequently disconnected from the power grid, but the latest outage was one of the longest. Ukrainian Energy Minister Svitlana Hrynchuk said that connecting the plant to the Ukrainian grid and ensuring its stable operation by Ukrainian experts were fundamental to preventing a nuclear incident. The Russian-appointed management of the plant said Russia's Defence Ministry would play a key role in ensuring the safety of the repair work. https://www.reuters.com/business/energy/repairs-begin-zaporizhzhia-power-plant-lines-after-ceasefire-zones-established-2025-10-18/

2025-10-18 05:20

Oct 18 (Reuters) - Danish wind turbine maker Vestas has shelved plans to open its biggest factory in Poland, the company said in an emailed statement to Reuters on Saturday, citing weaker-than-expected demand in Europe. Vestas announced plans for a second offshore wind turbine plant in Poland last year. The factory, which was expected to create more than 1,000 jobs, would produce blades and start operations in 2026. Sign up here. However, plans for the development have now been paused, "due to lower than projected demand for offshore wind in Europe," the company said, adding that it "continues to invest in a local manufacturing footprint where the offshore wind market volume and certainty allow." The suspension of plans was first reported by the Financial Times. In August, Polish President Karol Nawrocki vetoed a bill meant to ease rules for building onshore wind farms. A week later Prime Minister Donald Tusk told reporters that the country would "radically increase onshore wind capacity," adding that the government was working on a resolution to allow more efficient wind turbines to be installed at existing wind farms. Renewable energy production has been increasing in Poland at the expense of coal-fired power, though the latter still dominates the mix. In 2024, nearly 30% of Polish electricity was generated from renewable sources. https://www.reuters.com/sustainability/climate-energy/vestas-shelves-polish-turbine-plant-amid-weak-european-demand-ft-reports-2025-10-18/