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  • Gold holds steady as investors strap in for Jackson Hole gathering

    Gold holds steady as investors strap in for Jackson Hole gathering

    Washington: Gold prices were steady on Thursday as investors awaited U.S. Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole symposium on Friday for signals on the central bank’s policy direction.

    Spot gold fell 0.1% to $3,342.25 per ounce, as of 11:33 a.m. ET (1533 GMT). U.S. gold futures for December delivery were largely steady at $3,386.50.

    The U.S. dollar index (.DXY), opens new tab was up 0.4%, making U.S. dollar-priced gold expensive for overseas buyers.

    Powell is expected to speak at the Jackson Hole conference about the economic outlook and the Fed’s policy stance.

    “If (Powell) signals a rate decrease in September, I don’t think much will happen because the market is already expecting that,” said Marex analyst Edward Meir.

    “If he says we may decrease rates again in October, November or December, I think the dollar could weaken and gold could push higher,” Meir added.

    Non-yielding gold typically performs well in a low-interest-rate environment.

    The Fed has kept rates unchanged since December, but traders see a 71% chance of a quarter-point cut by September, according to CME’s FedWatch tool.

    Minutes from the Fed’s July meeting showed that Vice Chair for Supervision Michelle Bowman and Governor Christopher Waller were the only officials pushing for a rate cut, dissenting from the decision to hold rates steady.

    Meanwhile, Fitch Solutions’ research company BMI on Wednesday revised its 2025 gold price forecast upward by $150 to $3,250 per ounce.

    “Prices will remain elevated in the coming weeks as the market braces for a U.S. Fed rate cut in September. Even then, we believe the upside for gold following the rate cut will be limited with most of it already priced in,” BMI said in a note.

  • South Africa spinner Subrayen cited for suspect bowling action

    South Africa spinner Subrayen cited for suspect bowling action

    MELBOURNE: South Africa spinner Prenelan Subrayen has been reported for a suspect bowling action in the first ODI against Australia, the International Cricket Council (ICC) said.

    The ICC said match officials reported concerns about the legality of the off-spinner’s action during his ODI debut in Cairns on Tuesday where he took 1-46 in the Proteas’ 98-run win.

    Subrayen must undergo an independent assessment of his action at an ICC-accredited testing facility within 14 days.

    He can continue bowling until the results of his test are known.

    Bowlers are permitted 15 degrees of elbow extension while delivering the ball.

    Reuters contacted Cricket South Africa for comment.

    The 31-year-old Prenelan Subrayen has a record of bowling illegally in domestic and T20 cricket.

    Read more: ICC clears Aimee Maguire’s bowling action after reassessment

    He was suspended from bowling in domestic cricket in late-2015 after failing an assessment but was cleared to resume after another test a few months later.

    He was also suspended in late-2012 over his action but cleared to bowl again in early-2013 after remedial work.

    Prenelan Subrayen made his test cricket debut last month against Zimbabwe in Bulawayo, picking up four first-innings wickets.

  • What is known about the Nord Stream gas pipeline explosions?

    What is known about the Nord Stream gas pipeline explosions?

    Sweden announced on Wednesday that it had dropped its investigation into the explosions in 2022 on Nord Stream pipelines carrying Russian gas to Germany and had handed evidence it had uncovered over to German investigators.

    Here is what we know so far about the blasts, which destroyed three out of four pipelines, hastening Europe’s switch to other energy suppliers following Russia’s invasion of Ukraine. No one has taken responsibility:

    WHAT IS NORD STREAM?

    Nord Stream 1 (NS1) and Nord Stream 2 (NS2), each consisting of two pipes, were built by Russia’s state-controlled Gazprom to pump 110 billion cubic metres (bcm) of natural gas a year across the Baltic Sea to Germany.

    The four concrete-coated steel pipelines of about 1,200 km (750 miles) in length and more than 1 m in diameter lay at a depth of around 80-110 m. One string of NS2 pipeline remains intact.

    NS1 came on stream in 2012. NS2 was completed in September 2021 and filled with gas, but has never been commissioned.

    Germany cancelled its approval process days before Russia’s invasion of Ukraine on Feb. 24, 2022, which put Europe’s reliance on Russian natural gas in the political spotlight.

    WHO OWNS THE PIPELINES?

    Russia’s Gazprom owns 51% of NS1 and 100% of NS2.

    Germany’s E.ON and Wintershall Dea have 15.5% of NS1, while French Engie and Dutch Gasunie have 9% each.

    The Western owners have written off all their investments since the explosions.

    While NS2 is fully owned by Gazprom, Western companies – British Shell, Germany’s Wintershall Dea and Uniper, French Engie and Austria’s OMV – covered 50% of the pipelines’ total construction costs of about $11 billion.

    All five Western companies have written off their full financing of NS2, amounting to about 1 billion euros each.

    There have been no plans announced to repair the damage.

    HOW WERE THE PIPELINES DAMAGED?

    On Sept. 26, 2022, Swedish seismologists registered several blasts, some 17 hours apart, off the Danish island of Bornholm that ruptured three out of four lines of the Nord Stream system, sending plumes of methane into the atmosphere.

    Gazprom said about 800 million cubic metres of gas, equivalent to about three months of Danish gas supplies, had escaped. It took several days for the gas to stop leaking.

    Sweden has found traces of explosives on several objects recovered from the explosion site, confirming it was a deliberate act.

    In July, Germany told the U.N. Security Council that it also found traces of subsea explosives on a sailing yacht that “may have been used to transport the explosives”.

    Germany has confirmed its investigators raided a ship, identified by German media as the 50-foot (15-metre) sailing yacht, in January last year that may have been used to transport the explosives used to blow up the pipelines.

    The boat, leased in Germany via a Poland-registered company, contained traces of octagon, the same explosive that was found at the underwater blast sites, according to investigations by Germany, Denmark and Sweden.

    Germany told the U.N. that it was possible for trained divers to attach explosives to the pipelines laying at about 70 to 80 meters deep where explosions occurred.

    WHO IS BEHIND THE EXPLOSIONS?

    Some U.S. and European officials initially suggested Moscow had blown up its own pipelines, an interpretation dismissed as “idiotic” by Russian President Vladimir Putin.

    Instead, Putin has blamed “Anglo-Saxons”, using Kremlin’s term for the U.S. and Britain, without providing evidence. It has also blamed Ukraine. All three countries deny any role.

    The White House last year dismissed a blog post by a U.S. investigative journalist alleging Washington was behind explosions as “utterly false and complete fiction.”

    The U.S. and German media have reported that the yacht could have been used by a Ukrainian or pro-Ukrainian group, citing leaked intelligence reports and people familiar with official investigations. Kyiv has repeatedly denied any involvement.

    HOW MIGHT AN ATTACK HAVE BEEN CARRIED OUT?

    In November last year, The Washington Post reported that Roman Chervinsky, a former intelligence official who served in the Ukrainian military’s special forces, managed the six-person team, but did not plan the attack. He denied involvement.

    The Post said Chervinsky took orders from senior Ukrainian officials who ultimately reported to Commander-in-Chief General Valery Zaluzhnyi. Reuters was unable to verify the report independently. Zaluzhnyi has made no public comment.

    Germany’s Der Spiegel and ZDF have said that a group of six people – five men and one woman – boarded Andromeda in Rostock, Germany, on Sept. 6, using forged passports, and returned to Rostock on Sept. 23.

    The yacht was spotted at a small Danish island of Christianso, near the explosion sites, on Sept. 16-18, and made a short stop at a marina in Kolobrzeg, Poland on Sept. 19, before returning to Germany.

    Poland said in January it has been cooperating with allies in a probe into the sabotage of the Nord Stream pipelines.

    There was no evidence to suggest that Poland was used as a hub for the sabotage, Polish prosecutors said last year.

    WHAT DID WESTERN INTELLIGENCE KNOW ABOUT THE ATTACK?

    A day after the explosions, on Sept. 27, 2022, German magazine Der Siegel wrote that the CIA had warned Germany in summer 2022 about possible attacks on Baltic Sea pipelines.

    The Washington Post, citing leaked information posted online, wrote last June that the United States learned of a Ukrainian plan to attack the Nord Stream natural gas pipelines three months before they were damaged.

    The intelligence report was based on information provided by a source in Ukraine, the Post said, adding the CIA shared it with Germany and other European countries in June 2022.

    Dutch national broadcaster NOS reported the same month that the tip came from the Dutch military intelligence agency MIVD.

    According to the Post, the CIA relayed to Zaluzhnyi through an intermediary that the United States opposed such an operation.

    Reuters was unable to verify the reports independently.

  • Thoma Bravo to buy Dayforce in $12.3 billion deal

    Thoma Bravo to buy Dayforce in $12.3 billion deal

    HR software provider Dayforce said on Thursday buyout firm Thoma Bravo will take it private in a $12.3 billion deal, including debt.

    The offer represents a premium of 32.4% based on the stock’s closing price on August 15, when news of the deal talks was first reported.

    Under the terms of the deal, Dayforce shareholders will receive $70 per share in cash, representing an equity value of $11.18 billion, according to Reuters calculations.

    The software sector has emerged as an investment target due to resilient subscription services and recurring revenue in an economy weighed down by a deteriorating labor market, trade tariffs and erratic spending.

    Dayforce’s stock was up around 2% in early trading after losing about 7% of its value so far this year, underperforming peers.

    The company, which rebranded from Ceridian HCM Holding last year, faces strong competition in the industry, with enterprises preferring more established companies with larger operations.

    A wave of deals in the human capital management industry in recent years signals a shift toward AI-driven, single-platform solutions, with acquisitions aimed at consolidating and enhancing the tools offered to clients.

    Paychex announced its acquisition of rival Paycor for $4.1 billion at the start of the year, while Automatic Data Processing acquired WorkForce Software last year for about $1.2 billion.

    The transaction, which includes a minority investment from a subsidiary of the Abu Dhabi Investment Authority, is expected to close early next year, Dayforce said.

    Analysts have said a buyout would provide Dayforce some relief from its debt load, while Thoma Bravo’s deep pockets would help the company accelerate AI development and expand internationally.

    Thoma Bravo, which had about $184 billion in assets under management as of March 31, is among the largest software-focused investors globally. The private equity firm has acquired or invested in more than 530 software and technology companies.

  • Antarctic ice loss may be climate tipping point, scientists say

    Antarctic ice loss may be climate tipping point, scientists say

    Rapid loss of Antarctic sea ice could be a tipping point for the global climate, causing sea level rises, changes to ocean currents and loss of marine life that are impossible to reverse, a scientific study published on Thursday said.

    The paper in the journal Nature aimed to describe in previously unseen detail the interlocking effects of global warming on the Antarctic, the frozen continent at the planet’s South Pole.

    “Evidence is emerging for rapid, interacting and sometimes self-perpetuating changes in the Antarctic environment,” it said.

    The study gathered data from observations, ice cores, and ship logbooks to chart long-term changes in the area of sea ice, putting into context a rapid decline in recent years.

    “A regime shift has reduced Antarctic sea-ice extent far below its natural variability of past centuries, and in some respects is more abrupt, non-linear and potentially irreversible than Arctic sea-ice loss,” it said, referring to melting at the North Pole.

    Changes are having knock-on effects across the ecosystem that in some cases amplify one another, said Nerilie Abram, the study’s lead author.

    A smaller ice sheet reflects less solar radiation, meaning the planet absorbs more warmth, and will probably accelerate a weakening of the Antarctic Overturning Circulation, an ocean-spanning current that distributes heat and nutrients and regulates weather.
    Loss of ice is increasingly harming wildlife including emperor penguins, who breed on the ice, and krill, which feed below it.

    And warming surface water will further reduce phytoplankton populations that draw down vast quantities of carbon from the atmosphere, the study said.

    “Antarctic sea ice may actually be one of those tipping points in the Earth’s system,” said Abram, a former professor at the Australian National University (ANU) and now chief scientist at the Australian Antarctic Division.

    Reining in global carbon dioxide emissions would reduce the risk of major changes in the Antarctic but still may not prevent them, the study said.

    “Once we start losing Antarctic sea ice, we set in train this self-perpetuating process,” Abram said. “Even if we stabilise the climate, we are committed to still losing Antarctic sea ice over many centuries to come.”

  • Michelle Yeoh sees ‘Ne Zha 2’ movie as homage to Chinese mythology

    Michelle Yeoh sees ‘Ne Zha 2’ movie as homage to Chinese mythology

    For Oscar-winning actor Michelle Yeoh, it is time for Hollywood to focus more on Asian mythological characters like the ones showcased in the Chinese film ‘Ne Zha 2’, which has become the highest-grossing animated film in history worldwide.

    “They’re warriors and demigods,” Michelle Yeoh, who voices the role of Ne Zha’s mom for the film’s English dub, told Reuters.

    Lifestyle News – Latest Entertainment News, Celebrity Gossip

    “I guess it’s like Zeus, you know, and Thor, but these are ours. And I think that’s very important because when you learn about another culture’s myths, you have a nice, deeper understanding, and it teaches you to embrace something that is different,” the ‘Everything Everywhere All at Once’ actor added.

    ‘Ne Zha 2’, distributed by A24, follows the events of the first film, 1999’s ‘Ne Zha’. In the new film, the souls of Nezha and Aobing work to regain their physical bodies and protect their families. The original film grossed over $700 million worldwide.

    The English dubbed version of the fantasy film directed by Yu Yang and based on Xu Zhonglin’s 16th-century novel called ‘Investiture of the Gods’, arrives in U.S. theatres on Friday.

    The sequel, originally in Mandarin, made waves when it overtook Pixar’s ‘Inside Out 2’ in February to become the highest-grossing animated film globally in history, according to data from ticketing platform Maoyan.

    ‘Ne Zha 2’ has amassed a total box office of 12.3 billion yuan ($1.69 billion), including pre-sales and overseas earnings, making it the eighth highest-grossing box office film globally in history.

    While Yeoh emphasises the cultural richness of the film, she wants audiences of all walks of life to understand that the most important thing is that it’s ‘a beautiful story’.

    Also Read: Michelle Yeoh introduces mythological heroes

    “I think we should stop seeing it as, ‘Oh it’s a Chinese film,’” she added.

    The ‘Crouching Tiger, Hidden Dragon’ actor recalled watching the movie for the first time and not being able to tear her eyes away from the screen.

    “You’re going up to the heavens. You’re going down to the bottom of the seas. You see the dragons. You see all these kind of things, and just for that two hours – be transported,” Yeoh said.

  • Two Haitian police killed when drone accidentally explodes

    Two Haitian police killed when drone accidentally explodes

    Two Haitian police officers were killed and two others seriously wounded when an explosive drone accidentally detonated at a SWAT base near Haiti’s capital, authorities in the Caribbean nation said on Wednesday.

    Directed by Prime Minister Alix Didier Fils-Aime, a task force has since March been operating explosive-laden “kamikaze” drones to help police fight powerful armed gangs that have taken control of most of the capital.

    A private military company run by Blackwater founder Erik Prince is also taking part in the drone operations.

    The prime minister’s office said in a statement the accident took place on Tuesday night in the hillside town of Kenscoff – a flashpoint in the conflict due to its strategic location overlooking the diplomatic hub of Petion-Ville.

    “A kamikaze drone, transported by residents in good faith, exploded on the site, killing two police officers and seriously injuring two others,” his office said in a statement.
    Citing several unnamed sources, the Miami Herald reported that six officers were hurt in the blast. The prime minister’s office did not immediately respond to a request for comment.

    Local residents found the drone after its operators lost contact with the device due to poor weather, it reported, and brought it to nearby police. Shortly after, it exploded.
    Haiti’s national police said an investigation had been opened.

    “We are taking all measures to ensure a thorough investigation into this tragedy,” Fritz Alphonse Jean, a member of Haiti’s transitional presidential council, said on social media.

    Armed groups began attacking Kenscoff at the start of this year. Rights groups report mass killings, rapes, arson and kidnappings, and thousands have fled their homes. Earlier this month, a three-year-old boy and seven staff were kidnapped from a local orphanage, including Irish missionary Gena Heraty.

    Over 3,100 have been killed in the conflict in the first half of this year, according to U.N. reports.

  • Texas Republicans set to approve Trump-backed congressional map to protect party’s majority

    Texas Republicans set to approve Trump-backed congressional map to protect party’s majority

    Texas legislators on Wednesday took up a new state congressional map intended to flip five Democratic-held U.S. House seats in next year’s midterm elections, after dozens of Democratic lawmakers ended a two-week walkout that had temporarily blocked passage.

    Republican legislators, who have dominated Texas politics for over two decades, have undertaken a rare mid-decade redistricting at the behest of President Donald Trump, who is seeking to improve his party’s odds of preserving its narrow U.S. House of Representatives majority amid political headwinds.

    The map, which should easily pass the Texas House by a simple majority vote but will have to be reconciled with the state Senate’s version, has triggered a national redistricting war, with governors of both parties threatening to initiate similar efforts in other states.

    Democratic California Governor Gavin Newsom is advancing an effort to redraw his state’s map to flip five Republican seats. Democratic-controlled California is the nation’s most populous state while Republican-led Texas is the second most populous. The Texas map would shift conservative voters into districts currently held by Democrats and combine some districts that Democrats hold.

    Other Republican states — including Ohio, Florida, Indiana and Missouri — are moving forward with or considering their own redistricting efforts, as are Democratic states such as Maryland and Illinois.

    Redistricting typically occurs every 10 years after the U.S. Census to account for population changes, and mid-decade redistricting has historically been unusual. In many states, lawmakers manipulate the lines to favor their party over the opposition, a practice known as gerrymandering.

    Texas Democrats on Wednesday raised multiple objections to and questions about the measure, slowing debate.

    Democratic Representative Chris Turner introduced an amendment to kill the bill, which did not pass. He said from the House floor that the redistricting bill was an “illegal and racially discriminatory Congressional map.”

    “This body has no business passing it,” Turner said. “This is unprecedented and it is wrong.”

    Republicans argued the map was created to improve political performance and would increase majority Hispanic districts.

    Turner was among the Democrats who fled the state earlier this month to deny the Texas House a quorum. In response, Republicans undertook extraordinary measures to try to force the Democrats home, including filing lawsuits to remove them from office and issuing arrest warrants.

    The walkout ended when Democrats voluntarily returned on Monday, saying they had accomplished their goals of blocking a vote during a first special legislative session and persuading Democrats in other states to take retaliatory steps.

    Republican House leadership assigned state law enforcement officers to monitor Democrats to ensure they would not leave the state again. One Democratic representative, Nicole Collier, slept in the Capitol building on Monday night rather than accept a police escort.

    Republicans, including Trump, have openly acknowledged that the new map is aimed at increasing their political power. The party currently controls 25 of the state’s 38 districts under a Republican-drawn map that was passed four years ago.

    Democrats and civil rights groups have said the new map dilutes the voting power of racial minorities in violation of federal law and have vowed to sue.

    Nationally, Republicans captured the 435-seat U.S. House in 2024 by only three seats. The party of the president historically loses House seats in the first midterm election, and Trump’s approval ratings have sagged since he took office in January.

  • Israel says it has taken first steps of military operation in Gaza City

    Israel says it has taken first steps of military operation in Gaza City

    Israel’s military has taken the first steps of a planned operation to take over Gaza City, Israeli military spokesman Brigadier General Effie Defrin said on Wednesday.

    Following a clash with Hamas south of Khan Younis in the strip on Wednesday, he said: “We will deepen the attack on Hamas in Gaza City, a stronghold of governmental and military terror for the terrorist organisation.”

    Defrin said troops had already begun circling the outskirts of Gaza City and Hamas was now a “battered and bruised” guerrilla force.

    “We have begun the preliminary operations and the first stages of the attack on Gaza City, and already now IDF forces are holding the outskirts of Gaza City,” he said.

    Israel’s military called up tens of thousands of reservists on Wednesday in preparation for the expected assault on Gaza City, as the Israeli government considered a new proposal for a ceasefire after nearly two years of war.

    The call-up signals Israel is pressing ahead with its plan to seize Gaza’s biggest urban centre despite international criticism of an operation likely to force the displacement of many more Palestinians.

    Read more: Israel weighs Hamas offer of 60-day Gaza truce and hostage release

    But a military official briefing reporters said reserve soldiers would not report for duty until September, an interval that gives mediators some time to bridge gaps between Hamas and Israel over truce terms.

    Israeli troops clashed on Wednesday with more than 15 Hamas members who emerged from tunnel shafts and attacked with gunfire and anti-tank missiles near Khan Younis, south of Gaza City, severely wounding one soldier and lightly wounding two others, an Israeli military official said.

    In a statement, Hamas’ Al-Qassam Brigades confirmed carrying out a raid on Israeli troops southeast of Khan Younis and engaging Israeli troops at point-blank range. It said one fighter blew himself up among the soldiers, causing casualties, during an attack that lasted several hours.

  • China considering yuan-backed stablecoins

    China considering yuan-backed stablecoins

    China is considering allowing the usage of yuan-backed stablecoins for the first time to boost wider adoption of its currency globally, sources familiar with the matter said, in a major reversal of its stance towards digital assets.

    The State Council – China’s cabinet – will review and possibly approve a roadmap later this month for the greater usage of the currency globally, including catching up with a U.S. push on stablecoins, said the sources.

    The plan is expected to include targets for usage of the Chinese currency in the global markets and outline the responsibilities of domestic regulators, they said, adding that the roadmap will also include guidelines for risk prevention.

    The country’s senior leadership is also expected to meet for a study session as early as the end of this month, focusing on yuan internationalisation and stablecoins, which are gaining momentum worldwide, said one of the sources.

    In that meeting, senior leaders are likely to deliver remarks to set the tone for stablecoins and define the boundaries of its application and development in business, said the source.

    China’s plan for the usage of stablecoins, if approved, would mark a major shift in its approach towards digital assets. The country banned cryptocurrency trading and mining in 2021 due to concerns about the stability of the financial system.

    China has long aspired for the yuan to achieve global currency status, akin to the dollar or euro, reflecting its weight as the world’s second-biggest economy. However, its tight capital controls and its trillion-dollar annual trade surpluses have worked against that aim.

    Those restrictions are likely to be a key hurdle to the development of stablecoins as well, market participants have said.

    Stablecoins are a type of cryptocurrency designed to maintain a constant value. They are usually pegged to a fiat currency such as the U.S. dollar and are commonly used by crypto traders to move funds between tokens.

    The yuan’s share as a global payment currency fell to 2.88% in June, its lowest in two years, according to payment platform SWIFT. In contrast, the U.S. dollar commanded a 47.19% market share.

    China places strong capital controls to manage flows in and out of the border, with a few connect schemes permitting capital to be deployed in some key offshore market such as Hong Kong.

    In the U.S., President Donald Trump backed stablecoins days after his inauguration in January and is establishing a regulatory framework that helps legitimise dollar-pegged cryptocurrencies.