The United Arab Emirates reported an oil spill from a tanker off its coast on Friday, as numerous vessels in Gulf waters came under attack in the ongoing Iran war.
The authorities "detected a tanker oil spill affecting Umm Al Quwain's beaches," the Ministry of Climate Change and Environment said in a statement, referring to an emirate north of Dubai.
It said "teams immediately began containment, cordoning, clean-up and remediation... to limit environmental impacts", adding that the emirate's beaches had been closed.
Many residents in the country's north have reported unusual oil-like smells on social media in recent days, including in northern districts of Dubai.
Frequent attacks on ships have been reported in recent weeks near the Strait of Hormuz, control of which remains at the heart of the war between Iran and the US.
The maritime security agency UKMTO reported on 9 October that a vessel had been hit by a projectile off the UAE coast, causing a fire that was later brought under control.
According to maritime security company Vanguard, the vessel was the oil tanker GEM NO.2, sailing under the Panamanian flag.
Roughly one-fifth of the world's oil passed through the Strait of Hormuz before the war that began with US-Israeli strikes on Iran in late February. Both Tehran and Washington have implemented blockades in the strait, while Iran has repeatedly targeted cargo vessels using the southern section of the waterway.
Earlier this week, Iran's IRGC said in a statement that it targets tankers trying to use what Tehran unilaterally designates as an unauthorised route through the strait's southern section, near the Omani coast.
Tehran has no recognised authority under international maritime law to restrict or authorise passage through Hormuz, which is subject to the right of transit passage under the UN Convention on the Law of the Sea.
The UAE lies close to the Strait of Hormuz, just 40-50 nautical miles from the waterway's narrowest point.
BEIJING, Oct. 25 (Xinhua) -- The Pentagon's latest move to label Confucius Institutes at U.S. universities as national security threats is an absurd overreach, exposing some U.S. politicians' warped threat perceptions and their dangerous political calculus of stoking anti-China sentiment ahead of the midterm elections.
By treating cultural and educational institutions as security risks, the Pentagon is stretching the concept of national security to the point of ridicule. In Washington's increasingly distorted security calculus, even teaching a language, introducing a civilization and promoting cultural exchange can be cast as threats.
More troubling still, this move appears to replace evidence-based assessments with political suspicion. Rather than demonstrating specific security risks posed by these institutes, Washington has once again resorted to insinuation and guilt by association.
The logic is both sweeping and dangerous: anything connected with China is treated as suspect, and even the peaceful sharing of language and culture must be viewed through the lens of geopolitical confrontation. This is not a serious approach to national security. It is an exercise in conjuring up threats.
The irony is hard to miss. During his visit to China in May, U.S. President Donald Trump praised the sculpture of Confucius on the facade of the U.S. Supreme Court. Yet institutions that introduce Chinese language and culture to American students are now portrayed as security threats.
Confucius may be welcome as a sculpture on an American landmark, but the living exchange of ideas rooted in his civilization is treated as a cause for alarm. This contradiction exposes the double standards shaping some U.S. politicians' approach to China.
In fact, the United States operates initiatives such as "American Spaces Programs" overseas to promote American culture. Hollywood blockbusters and brands like Coca-Cola have also carried American culture to the world for decades. By the Pentagon's logic, are all these also threats that should be banned?
Washington would also do well to reflect on its own record. For decades, the United States has waged wars abroad, carried out covert operations and intervened in other countries' domestic affairs, often with devastating consequences for peace and stability. Yet some American politicians seem more alarmed by cultural institutions than by the fallout from their own country's actions overseas.
National security should be based on credible evidence, not political prejudice. A country confident in its own institutions and values should have little to fear from people learning about another civilization. Turning cultural exchange into a security scare will not make the United States safer. It will only deepen mistrust, undermine mutual understanding and reinforce the divisions that threaten international peace.
BEIJING - China's ruling Communist Party announced key personnel changes in six provinces on Saturday (Oct 24), including two new provincial party chiefs and six officials positioned to become governors, before it holds a closed-door conclave in Beijing from Oct 26 to 29.
The official focus of the secretive meeting, also known as a plenum, in the Chinese capital is expected to be party governance and discipline, though personnel issues could also feature.
Here are the appointments:
• State Council Vice Secretary-General Wang Zhijun was named Communist Party secretary of the southern province of Hunan, replacing Shen Xiaoming
• Wang is a full member of the Central Committee, the largest of the party's top decision-making bodies
• Mo Gaoyi, a vice minister at the party's publicity department and director of the State Council Information Office, was named party secretary of the southwestern province of Yunnan, replacing Wang Ning
• Xie Weijiang, Hunan's deputy party secretary and party chief of Yueyang, a city in the province's northeast, was named secretary of the provincial government's party group, signalling he is set to succeed Governor Mao Weiming
• Guo Ningning, Fujian's deputy party secretary and party chief of the provincial capital Fuzhou, was named secretary of the provincial government's party group, signalling she is set to become governor
• Lin Tao was named Fujian deputy party secretary, while Qin Haixiang replaced Guo as Fuzhou party chief
• Zhuge Yujie, previously deputy party secretary of central Hubei province, was named deputy party secretary of the northwestern province of Qinghai and secretary of its provincial government's party group, signalling he is set to become governor
• Chen Yongqi, southern Jiangxi's deputy party secretary and head of its political and legal affairs commission, was named secretary of the provincial government's party group, signalling he is set to become governor. His predecessor, Ye Jianchun, was placed under investigation in August for alleged disciplinary violations
• Zhao Chenxin was named deputy party secretary of the northern province of Hebei and secretary of the provincial government's party group, signalling he is set to succeed Governor Wang Zhengpu
• Liu Qifan, previously deputy party secretary of Qinghai, was named deputy party secretary of Yunnan and secretary of the provincial government's party group, signalling he is set to succeed Governor Wang Yubo
• Provincial legislatures must formally elect the gubernatorial appointments, but that is generally a procedural step after the party's decision
https://www.asiaone.com/china/chinas-communist-party-names-new-provincial-chiefs-ahead-fifth-plenum
Brazil’s President Luiz Inacio Lula da Silva, a vocal critic of President Donald Trump, was re-elected on Sunday in a result that provides relief to critics of widening US influence in Latin America.
With 100% of the vote counted, Brazil’s electoral court announced that the soon-to-be 81-year-old Mr Lula had a lead of nearly 4.4 million votes – 51.8% of the total vote – over opponent Flavio Bolsonaro, son of former president Jair Bolsonaro.
The announcement capped an evening of confusion at polling stations across Brazil, following a last-minute decision to extend voting by two hours.
Late on Sunday local time, Mr Bolsonaro refused to concede defeat, calling the move to extend voting hours unprecedented – though both he and Mr Lula made the request – and asked for the election results to be annulled, saying they were impossible to accept.
Brazilian President Luiz Inacio Lula da Silva, wearing a red cap and blue shirt, waves to supporters from the front of a vehicle during his final campaign rally (Andre Penner/AP)
Mr Lula’s triumph bucks a trend in Latin America where increasing numbers of presidential candidates allied with Mr Trump have been winning.
It also positions Latin America’s largest economy, with a GDP of 2.6 trillion dollars (£1.9 trillion) per year, to remain independent of the US, despite the pressure of increased tariffs imposed by Mr Trump.
A video published by Mr Lula’s campaign shows the veteran leader celebrating with First Lady Rosangela da Silva and allies after his run-off victory was confirmed by Brazil’s electoral court.
Wearing star-shaped red glasses, he kissed his wife. Hundreds of his supporters began gathering on Sao Paulo’s main artery to celebrate the victory.
Speaking to his supporters, thousands of whom gathered in Sao Paulo and in Rio de Janeiro’s Cinelandia Square, Mr Lula expressed his gratitude to the Brazilian people, and pledged to respect all Brazilians, regardless of gender or religion. He also attacked Mr Bolsonaro.
“This was a defeat for denialism and lies. I must confess that every time I attended a debate, I felt embarrassed,” he said.
He also emphasised his commitment to Brazil’s sovereignty.
“Either the homeland remains free, or we die for Brazil,” he said. “This country will not accept being anyone’s backyard.”
In Rio de Janeiro, cars beeped their horns and a woman dressed in red — the colour of Mr Lula supporters — shouted “You lost! Cry harder!” to four men in yellow and green sipping beers, Mr Bolsonaro’s signature colours.
A huge roar echoed in the street as the result was confirmed.
Supporters of President Luiz Inacio Lula da Silva celebrating in Rio de Janeiro after he was announced the winner of the presidential run-off (AP Photo/Lucas Landau)
Rodrigo Valentim, a 51-year-old businessman and supporter of Mr Bolsonaro, said that another Lula government would harm the economy.
He pointed to financial markets’ positive reaction to the result of the first round, when Mr Bolsonaro beat Mr Lula.
“I don’t understand how people can vote for Lula,” he said. “The country is collapsing.”
Mr Lula’s victory, if confirmed by electoral authorities, will give him his non-consecutive fourth term as president. The next term begins on January 5 2027.
The electoral court’s announcement ended an evening of confusion at polling stations after Brazilian Supreme Court Justice Cristiano Zanin ruled three minutes before the scheduled end of voting to keep polls open for two more hours, following requests by both candidates. Mr Lula’s request came after issues with buses that provide transportation to polls in Sao Paulo and Salvador, two cities that tend to favour the incumbent. Mr Bolsonaro’s request was due to heavy rain in Brazil’s south, where he is favoured.
The decision delayed tallying the votes by two hours. It was unclear how many polling stations stayed open after the scheduled closing time. Polling stations in Brasilia and Rio de Janeiro closed shortly after the original 5pm deadline, reporters for The Associated Press observed.
Mr Bolsonaro, whose father is serving a 27-year prison sentence for attempting a coup after he lost the 2022 presidential election to Mr Lula, pointed out that Mr Zanin is Mr Lula’s former lawyer and criticised him for “changing the rules of the game in the middle of the game”.
“It’s impossible to recognise the results of the election in the context of these things that happened,” he said.
Opposition presidential candidate senator Flavio Bolsonaro (Eraldo Peres/AP)
It is not clear if Mr Bolsonaro’s complaint could meet the legal threshold to annul the results. Mr Bolsonaro also has the right to request a recount if he has evidence of fraud, but that might not change the results.
The president of the electoral court, Kassio Nunes Marques, who was appointed to the Supreme Court by Jair Bolsonaro, said that the extension of voting hours did not impact results.
Joao Pedro Padua, a law professor at the Fluminense Federal University, said that Mr Bolsonaro can file a lawsuit directly with the country’s electoral authorities or the Supreme Court, asking for the elections to be declared null and void.
“But there isn’t much legal basis for that,” Mr Padua said. “The extension of voting hours is unusual, but for it to invalidate the elections, the candidate would have to prove that it affected voters’ ability to freely express their will. There doesn’t seem to have been any such impact.”
It is the first time since Brazil’s military dictatorship ended in 1985 that the second-highest vote-winner in the first round of elections won the presidency.
Mr Bolsonaro had 47% of the vote in the first round to Mr Lula’s 45%, a difference of 2.2 million votes.
Sunday’s victory will likely be the last of the veteran leader’s political career. Mr Lula began his political career in the 1970s as a union leader.
He then helped found the Workers’ Party, which he represented as a presidential candidate three times until he finally won it in 2002.
He was re-elected four years later and was succeeded by one of his cabinet ministers, Dilma Rousseff, in 2010. She was re-elected in 2014.
Ms Rousseff was impeached for accounting manoeuvring in 2016 amid a sprawling corruption probe, which also ensnared Mr Lula.
Mumbai, October 25: Hindustan Petroleum Corporation Limited (HPCL) is currently facing a loss of ₹245 on each LPG cylinder due to soaring crude oil prices. The company anticipates that this loss could escalate to ₹327 per cylinder in November. HPCL’s Managing Director, Vikas Kaushal, attributed the losses to ongoing geopolitical tensions in West Asia, which have driven crude oil prices to unprecedented levels, impacting oil marketing companies significantly.
In the second quarter, HPCL reported a staggering loss of ₹500 crore from LPG cylinder sales. The company, along with Indian Oil and Bharat Petroleum Corporation, has been selling domestic cylinders below market prices, resulting in substantial financial strain.
Additionally, rising freight costs are compounding the challenges for these companies. The cost of Suezmax tanker freight has surged to $9 per barrel, up from $4 per barrel in the first quarter. In light of these circumstances, HPCL is considering emergency procurement strategies to mitigate further losses.
In its recent quarterly results, HPCL disclosed a net profit of ₹3,625.22 crore for the second quarter, a significant recovery from a net loss of ₹12,264.67 crore in the previous quarter. However, the company’s annual profit has decreased by 6.1% compared to the same quarter last year, when it reported a profit of ₹3,859 crore after tax. Revenue from operations saw a 26.1% increase, reaching ₹139,140 crore, compared to ₹110,323 crore in the previous year.
https://udaipurkiran.com/hpcl-faces-rising-losses-on-lpg-cylinders/
24 October 2026 19:21 (UTC+04:00)
Venezuela’s oil production has reached 1.252 million barrels per day, marking its highest level in recent years.
Eduardo Pinto, vice president for exploration and production at state-owned oil and gas company PDVSA, announced the figure during a meeting chaired by acting President Delcy Rodríguez.
“Today, we are closing the day at 1.252 million barrels, the highest figure in recent months,” Pinto said.
According to the company executive, the increase was driven in particular by higher output in western Venezuela, where production rose to 382,500 barrels per day.
Pinto also highlighted the performance of Petrozamora, a joint venture operating in Zulia state. Its daily production has reached a record 115,000 barrels, with output expected to increase to 120,000 barrels per day by the end of the year.
The meeting also welcomed the launch of implementation work on 17 agreements signed in August between PDVSA and US company North American Blue Energy Partners.
The agreements aim to restore oil production at strategic fields in Venezuela’s Lake Maracaibo basin and the Orinoco region.
The latest production figures and planned field-restoration projects highlight Venezuela’s efforts to increase crude output and bring additional capacity back online.
Tidal energy is moving from the lab to the grid. Explore how underwater turbines generate predictable electricity, why development has taken decades, and the challenges of cost, design and marine life protection.
What if the most reliable power plant on Earth isn’t a plant at all, but the Moon? Wind can stop and the sun can set, but tides always keep moving. Tidal power is finally leaving the lab and heading for your electricity grid after years of promise. But can it really compete with wind and solar?
An animated world map with the tidal sites lighting up, showing the Pentland Firth, the Alderney Race, the Bay of Fundy, the Goto Islands, and Cook Inlet. On a split screen there is first the silhouette of a wind turbine against the sunset, and then a tidal turbine on the dark seabed.
Tidal stream energy, which captures the movement of water, is now reaching a turning point. Companies in the UK, France, Japan, and Alaska are installing devices that look like underwater wind turbines. Some float, others are fixed to the seabed, but all turn the ocean’s steady movement into electricity.
In this video, we’ll explain how the technology works, why it took so long to develop, and whether floating or anchored platforms will lead the way. We’ll also look at the economics, the engineering, and the one big advantage that sets tidal energy apart from other renewables.
https://interestingengineering.com/videos/can-the-moon-power-our-grid-the-rise-of-tidal-energy
During an Oct. 21 meeting with U.S. presidential envoy Steve Witkoff, Vladimir Putin raised the prospect of a “restoration of bilateral relations, including in the sphere of economic cooperation.” After discussing supplies of Russian diesel and problems facing American farmers, Putin added: “We could also supply fertilizer, and in large quantities, to the American market.”
Washington, however, placed fertilizer on a list of goods exempt from sanctions as early as March 2022.
Josh Linville, Vice President of Fertilizer at U.S. financial services company StoneX, told The Insider that Russian fertilizer shipments to the United States never stopped even after the start of the full-scale invasion of Ukraine — and in the case of nitrogen fertilizers, deliveries actually increased substantially:
“Since 2022, Russia’s share of U.S. urea imports has jumped from 21.5% to 40.7%, rising from 1.07 million metric tons to 2.2 million metric tons. Over the same period, Russia’s share of UAN [urea-ammonium nitrate] imports increased from 42% (1.12 million metric tons), to 57.2% (1.37 million metric tons).”
According to data Linville provided to The Insider, Russia’s share of U.S. potash fertilizer imports declined over the same period, though it was relatively small to begin with. Russia accounted for 10.35% of all U.S. potash imports in FY 2021, or 1.48 million metric tons. By FY 2026, its share had fallen to 7.12%, or 980,000 metric tons.
Gold Royalty just reported record Q1 2026 revenue of US$7.2 million with net income of US$1.8 million, along with a larger undrawn credit facility and a reaffirmed multi-year production outlook. Investors who held Gold Royalty from the start of the year are down 30.6%, including dividends. If you had made that call on 1 January, how would you now weigh this mix of upbeat results and share price damage against the original growth story?
On Simply Wall St, a Narrative is an investor's thesis written down: the reasoning, plus the numbers it rests on. Run those numbers and you get an estimated Fair Value.
The Two Gold Royalty Stories Investors Had To Weigh
The shares cost US$4.04 at the start, and anyone looking at Gold Royalty then was choosing between two sharply different but plausible stories.
The bullish narrative put fair value at US$6.03, based on revenue growing 56.8% a year over three years and profit margins lifting to 30.8%. The thesis was that an asset-light royalty model could benefit from global interest in gold and de-dollarization.
The bearish view set fair value at US$3.25 and still assumed 53.9% annual revenue growth plus 32.0% margins. However, it focused on risks such as weaker long-term gold demand, tighter environmental rules, and the possibility of overpaying for new royalties.
NYSEAM:GROY Trailing 12-Month Earnings & Revenue History as at Oct 2026
What The Results Changed For The Gold Royalty Thesis
Gold Royalty posted Q2 2026 revenue of US$6.7 million and net income of US$1.8 million, compared with Q2 2025 revenue of US$3.8 million and a loss of US$0.8 million. Net margin moved from a loss-making 21.7% to a positive 26.5%. That profitability shift gave more support to the optimistic story than the cautious one, although it still reflects only a single period.
The whole debate turned on whether margins would move from red into healthy double digits. When you evaluate another royalty stock, track not just top line progress but also whether net income and margin trends align with the thesis you wrote down at the start.
What Gold Royalty's Drop Is Asking You To Believe
Gold Royalty trades at US$2.83 today, well below where the year started. The selected Narrative puts its Fair Value above that quote and leans on a ramp in royalty cash flows rather than a quick swing in sentiment.
A buyer here would need to believe recent and upcoming mine ramp-ups really do turn into sustained, concentrated cash flow growth that outweighs dilution, acquisition costs, and gold price swings.
https://finance.yahoo.com/markets/commodities/articles/gold-royalty-fell-while-turned-140957338.html
Sales were PGK 1.55 million versus PGK 1.42 million in the half-year. Bougainville Copper stock had PGK 63.4 million net assets, down from PGK 73.9 million.
Bougainville Copper (PG0008526520) reported a PGK 13.4 million net loss for the six months ended June 30, 2026, compared with PGK 7.36 million a year earlier, according to MarketScreener on October 14, 2026. The result puts the company's licence dispute and funding position at the center of the stock story.
Loss widens as licence rights remain contested
The loss increased 82 percent from the prior corresponding period, while sales rose to PGK 1.55 million from PGK 1.42 million. Orecast reported on October 14, 2026, that the company's rights under Exploration Licence EL01 remained suspended and subordinated to a 25-year large-scale mining lease granted to Bougainville Minerals.
What does the loss mean for the balance sheet?
The half-year ended June 30, 2026 closed with PGK 63.4 million in net assets, down from PGK 73.9 million at December 31, 2025. The decline included a PGK 9.0 million fall in the fair value of listed investments, according to Orecast.
Cash stood at PGK 1.6 million, while investments totaled PGK 68.3 million, including PGK 67.2 million in ASX-listed equities. Net operating cash outflow was PGK 12.3 million, and the company realized PGK 12.0 million of investments during the period to fund operations.
Panguna remains the strategic hinge
Bougainville Copper is focused on resuming exploration and sustainable copper, gold, and silver mining at Panguna. The board's legal response to the EL01 suspension is the next material company step, giving the tenure dispute greater immediate importance than the modest sales increase.
Legal response is the next marker
The figures leave investors weighing a PGK 13.4 million half-year loss against PGK 63.4 million of net assets and a project whose legal position is still central to the company's future. The further course of the stock depends on the company's response to the EL01 dispute and its ability to fund ongoing work from its investment portfolio.
From South America in the west to Australia in the east, state-owned iron ore giant NMDC is scouting mining assets, including critical minerals, in four continents to meet the future needs of industries such as automotive, renewable energy, electronics, and steel, according to industry sources.
NMDC, which caters to India's one-fourth iron ore demand , has set a goal to earn at least 20 per cent of revenues from sale of minerals other than the key steel making raw material.
Industry sources stated that the PSU is exploring lithium, copper, cobalt and rare earth blocks in Chile (South America), Australia, Africa, Brazil and parts of Asia.
The company is also scouting for limestone mines, dolomite, coking coal and tungsten blocks in the UAE, Oman, Bhutan, and Australia, they said.
Acquiring these minerals will allow NMDC to cater to major industries in India on a growth trajectory, such as steel, auto, electronics, renewable energy, aerospace and defence, railway and metros, etc., sources said.
When asked for a comment, NMDC said, "Right now, we are a 99.9 per cent iron ore company. We aim to help the growing industries in the country with the maximum of their mineral needs".
In an earlier interview with PTI, NMDC Chairman Amitava Mukherjee confirmed the company is working on strategies to diversify into selling other minerals as well.
NMDC aims to be India's largest mineral mining company and earn at least 20 per cent of revenue from minerals other than iron ore, he had said.NMDC's expansion aligns directly with government initiatives aimed at securing long-term raw material supplies and reducing import dependency across economic sectors.
For the steel sector alone, raw materials account for around 65-70 per cent of steelmaking costs, as per the Ministry of Steel's draft Steel Policy Vision 2047, which aims to reduce import dependence through domestic mining, washery expansion, asset acquisition, long-term supply arrangements, and AI-based optimisation of coal blends.
The draft policy said India's objective of increasing the share of manufacturing in the economy, supported by initiatives such as Make in India, the Production Linked Incentive (PLI) Scheme, semiconductor manufacturing, defence indigenisation and the development of industrial corridors, is expected to significantly expand steel consumption in sectors such as automotive, engineering goods, capital goods, machinery, shipbuilding, renewable energy equipment and defence production.
