Archive

December 4, 2024

Browsing

When going through your morning trading routine, you’re likely to tune into the news for unfolding events, run technical scans, check sentiment and breadth indicators, and utilize any other tool that can provide a snapshot of what’s going on “now” before or during the market’s opening hours. After all, each day presents something new.

But what if a stock makes headlines for an unusually massive jump due to a significant news event? How might you go about assessing the favorability of that stock amid a rush of stampeding bulls? That was the case Monday morning with Super Micro Computer Inc. (SMCI).

On Monday morning, December 2, SMCI claimed the top position in StockCharts’ Market Movers tool, featured on the Dashboard. The ranking highlighted SMCI as the most actively traded stock across the S&P 500 and NASDAQ, as illustrated below.

FIGURE 1. MARKET MOVERS PANEL FOR NASDAQ ON DECEMBER 2. SMCI was the most actively traded stock in the S&P 500 and the Nasdaq.Image source: StockCharts.com. For educational purposes.

Can SMCI Stock Recover After Its 85% Plunge?

Typically, when analyzing a stock that’s performing relatively well, you’d compare it to a benchmark like the broader market (S&P 500) or its sector, checking various breadth indicators to see how the stock and its benchmarks are performing.

SMCI’s dramatic underperformance renders traditional comparisons to benchmarks unnecessary. Yes, it was that bad. Once a high-flying AI stock, SMCI made headlines after plummeting 85% just weeks ago amid concerns over its financial integrity. While this event grabbed attention, the stock has been on a steady downward trend since the start of the year.

Despite this, on Monday, shares jumped about 29% after a special committee reaffirmed that there was “no evidence of misconduct” by the company. This was enough to ease investor fears despite the risks that might still weigh on the stock. Given the dramatic surge, the news likely spurred many bullish investors to seize the opportunity, betting on a rebound at “bargain basement” prices.

However, “not so fast,” as a daily chart of SMCI would indicate.

FIGURE 2. DAILY CHART OF SMCI. The day’s impressive surge may not look so optimistic when viewed from a larger context.Chart source: StockCharts.com. For educational purposes.

Look at the volume spike coinciding with Monday’s price surge (magenta rectangle). Both may be slightly notable relative to previous sessions. In the bigger picture, though, it’s not a remarkable event. What stands out, however, is the resistance level near $50 (indicated by the blue dotted line) and the Stochastic Oscillator‘s “overbought” reading (marked by the magenta circle), suggesting that momentum may soon slow. In short, watch what the price does at that level.

But let’s suppose that the current reversal eventually sustains itself and breaks above resistance at $50. The next step would be identifying potential price targets or reversal points ahead. Additionally, it’s important to monitor key longer-term indicators for further confirmation.

How to Trade SMCI Stock: Entry/Exit Points and Price Targets

Let’s switch over to a weekly chart.

FIGURE 3. WEEKLY CHART OF SMCI. The significance of historical volume is quite telling in this chart. The $20 and $90 price ranges have seen the highest trading volumes.Chart source: StockCharts.com. For educational purposes.

If the price breaks above the immediate resistance level at $50, the next key levels to monitor are $65, $95, and $120 (its all-time high). These levels, indicated by dashed blue lines, could serve as potential points for profit-taking, resistance, or reversals, depending on the broader technical and fundamental context. In short, these are your potential price targets. A break above $50 would make for a favorable entry point, and a good stop-loss level would be at $41, marked by the magenta dotted line, as it served as support from September through October.

A key indicator to watch if price breaks above $50 is the Chaikin Money Flow (CMF). Ideally, you would want to see the CMF rise above the zero-line, as it would indicate that buyers are taking control of the stock, suggesting volume-driven buying pressure that might be adequate enough to lift the stock higher. If SMCI falls before breaking above $50, what’s the likelihood of another bounce at $20, forming a double bottom?

While SMCI’s bounce is a foggy mix of fundamental speculation, leading SMCI bulls to trade technically until more definitive information on the company’s prospects becomes clearer, the Volume-by-Price indicator offers some valuable insight. A Volume-by-Price analysis suggests that the $20 and $90 price ranges have experienced the highest trading volumes. This means that these ranges might serve as significant support and resistance levels, respectively, due to heavy trading concentrated at these prices. So, if SMCI’s price declines, it is likely to find support once again at the $20 level.

At the Close

SMCI’s dramatic 29% rebound drew much attention, but you should approach such euphoria cautiously, tempering the optimism with technical reality. The Market Movers tool is useful for drawing attention to stocks experiencing the highest levels of trading volume and the biggest percentage gainers and decliners. But just because you see a bull rush doesn’t mean you should immediately jump into the fray. Watch the key levels discussed above and if SMCI signals an entry, set your sights on the targets and set your stops as well. If SMCI trends higher, consider trailing your stops higher to reduce your losses or ensure your profits.


Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

(TheNewswire)


Green Hydrogen Production Scheduled to Commence (within weeks)

Brossard, Quebec, November 26, 2024 TheNewswire Charbone Hydrogen Corporation (TSXV: CH; OTCQB: CHHYF; FSE: K47) (‘CHARBONE’ or the ‘Company’), North America’s only publicly traded pure-play green hydrogen company, is pleased to announce the first closing of its $1M non-brokered private placement. The Company has secured $0.7M to accelerate the completion of its flagship green hydrogen production facility in Sorel-Tracy, Quebec, scheduled to begin operations in the coming weeks.

CHARBONE’s Sorel-Tracy, Quebec project will serve as the Company’s flagship green hydrogen facility, establishing CHARBONE as a leader and first mover, with production expected to start in few weeks, shortly after the pre-ordered and ready for shipment electrolyzer has been shipped and delivered to the site. CHARBONE plans to build and deliver a network of sixteen (16) green hydrogen production facilities across North America by 2030.

The $0.7M raised to date is part of a $1M equity private placement offering. The first tranche involved issuing 13,100,100 Units, with each Unit priced at $0.05 and consisting of one common share and one common share purchase warrant. A second tranche for the remaining $0.3M may close by December 12, 2024.

This financing reflects growing confidence in CHARBONE’s leadership in North America’s green hydrogen sector, said Dave Gagnon, CEO and Chairman of Charbone Hydrogen . ‘ We are on track to commence production and deliver near-term revenue, while pursuing our vision to establish a network of 16 modular hydrogen production facilities by 2030.

  • Proceeds from the financing will be primarily allocated to:

    • Engineering and construction at Sorel-Tracy facility

    • Equipment procurement and infrastructure development

    • Project management and preparation for a larger financing round

Each of the units offered (each a ‘ Unit ‘), priced at $0.05 per Unit, was comprised of one common share of the Company (each, a ‘ Unit Share ‘) and one common share purchase warrant (each, a ‘ Warrant ‘). Each Warrant entitles the holder thereof to purchase one additional common share of the Company at an exercise price of $ 0.05 for a period of 12 months following the closing date of the Offering (the ‘ Closing Date ‘). At the Closing Date, the Company paid a finder’s fee of $17,350 and issued 347,000 finder’s warrants to registered dealers in connection with sale of certain Units to qualified subscribers introduced to the Company by such dealers. The Units were offered by way of the ‘accredited investor’ exemptions under National Instrument 45-106 – Prospectus Exemptions (in Québec, Regulation 45-106 – Prospectus Exemptions ). However, the Company reserves the right not to accept subscription amounts of less than $5,000 (100,000 Units) to avoid disproportionate administrative costs.

The closing of the Equity Offering remains subject to the approval of the TSX Venture Exchange and other customary closing conditions. The Company may close a second tranche in the coming days, but no later than December 12, 2024. All securities issued pursuant to the Offering are subject to a statutory four month and one day hold period in Canada following the Closing Date .

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the ‘ 1933 Act ‘) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

About Charbone Hydrogen Corporation

CHARBONE is an integrated green hydrogen company focused on creating a network of modular green hydrogen production facilities across North America. Using renewable energy, CHARBONE produces eco-friendly dihydrogen (H2) for industrial, institutional, commercial, and future mobility users. CHARBONE is currently the only publicly traded pure-play green hydrogen company, with shares listed on the TSX Venture Exchange (TSXV: CH); the OTC Markets (OTCQB: CHHYF); and the Frankfurt Stock Exchange (FSE: K47). For more information on Charbone Hydrogen and its projects, please visit www.charbone.com

Forward-Looking Statements

This news release contains statements that are ‘forward-looking information’ as defined under Canadian securities laws (‘forward-looking statements’). These forward-looking statements are often identified by words such as ‘intends’, ‘anticipates’, ‘expects’, ‘believes’, ‘plans’, ‘likely’, or similar words. The forward-looking statements reflect management’s expectations, estimates, or projections concerning future results or events, based on the opinions, assumptions and estimates considered reasonable by management at the date the statements are made. Although Charbone believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements involve risks and uncertainties, and undue reliance should not be placed on forward-looking statements, as unknown or unpredictable factors could cause actual results to be materially different from those reflected in the forward-looking statements. The forward-looking statements may be affected by risks and uncertainties in the business of Charbone. These risks, uncertainties and assumptions include, but are not limited to, those described under ‘Risk Factors’ in the Corporation’s Filing Statement dated March 31, 2022, which is available on SEDAR at www.sedar.com; they could cause actual events or results to differ materially from those projected in any forward-looking statements.

Except as required under applicable securities legislation, Charbone undertakes no obligation to publicly update or revise forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .

Contacts Charbone Hydrogen Corporation

Dave B. Gagnon

Chief Executive Officer and

Chairperson of the Board

Charbone Hydrogen Corporation

Telephone:

+1 438 844-7170

Email:

dg@charbone.com

Daniel Charette

Chief Operating Officer

Charbone Hydrogen Corporation

Telephone:

+1 438 800-4946

Email:

dc@charbone.com

Benoit Veilleux

Chief Financial Officer and Corporate Secretary

Charbone Hydrogen Corporation

Telephone:

+1 438 800-4991

Email:

bv@charbone.com

Copyright (c) 2024 TheNewswire – All rights reserved.

News Provided by TheNewsWire via QuoteMedia

This post appeared first on investingnews.com

November was a busy month for the cannabis industry, with a slew of US-centric developments.

A hearing on cannabis rescheduling was postponed until 2025, although the incoming Trump administration has signaled its intent to follow through on the change despite opposition from some Republican lawmakers.

Meanwhile, several states voted on cannabis measures, and companies reported their latest quarterly results.

Keep reading to discover more about industry-shaping cannabis events in November.

DEA postpones cannabis rescheduling hearing

The US Drug Enforcement Administration’s (DEA) hearing on the potential rescheduling of cannabis under federal law, originally set for December 2, has been postponed until early 2025.

The delay, announced by Chief Administrative Law Judge John Mulrooney II, was reported by multiple sources, including Marijuana Moment, on October 31. The judge cited a need for more information about the witnesses selected to testify, and expressed concerns about allegations of bias in the selection process.

A preliminary hearing was held on December 2, which the DEA described as “a procedural day to address legal and logistical issues and discuss future dates for the evidentiary hearing on the merits.’

No witness testimony was involved on that date. The hearing is available for viewing online.

Trump to follow through on cannabis rescheduling

As President Joe Biden’s term comes to a close, lawmakers and advocates are urging him to take bold action on cannabis reform before the incoming President-elect Donald Trump takes office.

A letter sent by progressives asks Biden to issue additional pardons for cannabis offenses, and to make broader regulatory changes to address the harm caused by current cannabis policies.

Meanwhile, an unnamed official ‘familiar with the Trump team’s plans’ told the Washington Post on November 19 that the incoming administration intends to follow through on rescheduling cannabis.

Trump’s cabinet picks so far include cannabis advocate Robert F. Kennedy Jr. as secretary of the Department of Health and Human Services, which could mean advancement of reforms for cannabis and psychedelics.

Other choices include Dr. Mehmet Oz to oversee the Centers for Medicare and Medicaid Services. Oz also has a history of supporting medical cannabis and could advocate for its broader acceptance from the office.

However, newly elected Senate Majority Leader John Thune (R-SD) holds opposing views; he is against cannabis legalization and has even called for a reversal to the Biden administration’s plan to reschedule cannabis. Additionally, he has criticized Democrats for their efforts to improve the industry’s access to banking services.

Marty Makary, Trump’s pick for commissioner of the Food and Drug Administration (FDA), believes that cannabis is a ‘gateway drug’ that causes mental health problems and cardiovascular issues. Former Florida Attorney General Pam Bondi, who Trump has chosen to serve as US attorney general, opposed legalizing medical cannabis in the state and has worked to prevent patient access to combustible cannabis.

Five states vote on cannabis measures in US election

Florida

Florida voters rejected Amendment 3, which would have legalized adult-use cannabis, with a final tally of 55.9 percent in support and 44.2 percent opposed. In Florida, a constitutional amendment requires 60 percent support to pass.

North Dakota

Measure 5, an initiative to legalize recreational cannabis possession and use, was turned down by 53 percent of voters.

South Dakota

South Dakota residents rejected Measure 29, a similar initiative that would have allowed the home cultivation of cannabis, but did not include measures for recreational sales. The final tally was 44 percent in favor and 52 against.

Nebraska

Voters in Nebraska opted to support Measures 437 and 438 to legalize and regulate medical cannabis in the state, with 71 percent and 67 percent voter approval, respectively. Despite attempts by state officials to invalidate a petition to include the measure on the ballot by arguing that 3,500 signatures were fraudulent, Lancaster County Superior Court Judge Susan Strong ruled that enough signatures were valid, and both measures passed on December 2.

Oregon

Oregon’s Measure 119, an initiative aimed at unionizing cannabis workers, was successfully passed by voters. This measure grants employees in the cannabis industry the right to organize and form unions.

Kentucky awards next round of medical cannabis licenses

Kentucky awarded its first 36 medical cannabis dispensary licenses through a lottery held on November 25 at the Kentucky Lottery Corporation in Louisville. The next lottery will be held on December 16.

Patients began applying for medical cannabis certification on December 1.

Acreage provides update on Canopy acquisition

Acreage Holdings (CSE:ACRG.A.U,OTCQX:ACRDF) shared an update on its acquisition by Canopy USA, confirming that it expects the deal to be finalized in mid-December of this year.

However, due to a recent private placement that significantly diluted the value of Acreage’s fixed shares, the company said most shareholders are likely to receive nothing in the deal. Holders of floating shares are still expected to receive 0.045 shares of Canopy for each Acreage floating share they own, but in order to ensure that happens, they need to submit their share certificates and a letter of transmittal to the company’s transfer agent.

FDA approves Phase 2 cannabis trial

On November 20, the FDA approved a Phase 2 clinical trial that will measure the success of smoked medical cannabis to treat PTSD in military veterans. The trial, which the FDA has objected to several times since 2021, is sponsored by the Multidisciplinary Association for Psychedelic Studies and is funded by a US$12.9 million grant from the Michigan Veteran Marijuana Research Grant Program, a research allocation from retail marijuana tax revenue.

Senate introduces alternative to 2018 Farm Bill

On November 18, the Senate Committee on Agriculture, Nutrition and Forestry released the Rural Prosperity and Food Security Act, a revamped version of 2018’s Farm Bill. The new bill, introduced by Senator and Chair of the Committee Debbie Stabenow, focuses on climate-smart agriculture and includes provisions to provide more targeted support for small and medium-sized farms. It also defines hemp as “cannabis with a total THC concentration of not more than 0.3 percent on a dry weight basis,” a deviation from the Farm Bill’s definition, which includes THC and Delta-9 THC separately, leading to potential ambiguity in the regulation of hemp-derived cannabinoids.

The bill was read twice and referred to the Committee on Agriculture, Nutrition and Forestry.

SNDL completes Indiva acquisition

SNDL (NASDAQ:SNDL) closed its acquisition of Indiva on November 4.

“This acquisition reinforces SNDL’s standing as a premier producer of cannabis products in Canada,’ said Zach George, CEO of SNDL. ‘By integrating Indiva’s high-quality brands and production expertise into SNDL, we’re broadening our product portfolio and solidifying our leadership in the infused edibles category.”

The acquisition includes Indiva’s production facility and a portfolio of brands like Pearls by Grön, No Future and Bhang Chocolate. According to SNDL, the a deal was worth C$22.7 million, and will strengthen the company’s position in the Canadian cannabis market, particularly in the edibles sector.

On November 5, the company reported its Q3 financial and operational results, which show a slight 0.3 percent decrease in net revenue compared to Q3 2023. The decline was attributed to low liquor sales, while cannabis operations and retail posted annual growth of 19.34 and 7.42 percent, respectively.

Cannabis companies release quarterly reports

Aside from SNDL, many other cannabis companies released their quarterly reports in November.

These reports provide valuable insights for investors and analysts looking to assess the health of the market.

          Various other cannabis companies also released quarterly reports in November, including:

            Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

            This post appeared first on investingnews.com

            After starting the year at around US$2,040 per ounce, gold set a record high of US$2,787.04 on October 30.

            Support for the precious metal took various forms. Central bank buying continued steadily, with China, India and Middle Eastern nations continuing to add to their gold reserves.

            The US Federal Reserve also helped drive the price higher, slashing its benchmark rate by 50 basis points in September and 25 basis points following the US presidential election in November.

            Additionally, investors flocked to gold during the year, looking for a safe-haven asset as the US presidential election loomed, and as tensions rose in ongoing conflicts between Israel and Hamas, as well as Russia and Ukraine.

            Against that backdrop, which TSX-listed gold stocks have performed the best? The companies listed below have been the best performers so far this year. Data was retrieved on November 26, 2024, using TradingView’s stock screener. Only companies with market capitalizations greater than C$50 million are included.

            1. Perpetua Resources (TSX:PPTA)

            Company Profile

            Year-to-date gain: 211.08 percent
            Market cap: C$918.64 million
            Share price: C$13.19

            Perpetua Resources is advancing its Stibnite gold-antimony project in Central Idaho, US, which has received strong support from the US government. The project is nearing a construction decision, which is expected next year.

            The Stibnite project lies within a historic mining district that hosted large-scale operations dating back to the early 1900s. Perpetua is working to reclaim the historic Yellow Pine and Hangar flat open pit mines, while also reprocessing historic tailings and restoring streams and fish migration routes on the site.

            In the company’s November 2020 feasibility study for Stibnite, Perpetua reported an after-tax net present value of US$1.9 billion based on an average gold price of US$1,850 per ounce, providing for an internal rate of return of 27.7 percent and a payback period of 2.5 years. It also indicated a total gold recovery of 4.28 million ounces of gold over a 15 year lifespan of the mine with an annual recovery of 301,000 ounces.

            The site also hosts significant amounts of the critical mineral antimony, with measured and indicated resources of 205.89 million pounds. This has allowed the company to secure funding from the US government under the Defense Production Act, with the most recent US$34.6 million being awarded on February 12.

            Perpetua spent much of 2024 awaiting a critical decision from the United States Forest Service (USFS) on the authorization of its mining plan. This came in early September, when the USFS issued a draft record of decision authorizing the gold project and completed the final environmental impact assessment. The final Record of Decision is expected by the end of the year.

            The dual-listed company’s most recent news came on November 18, when it reported that shares for its public offering in the United States would be priced at US$10.17 per share for US$35 million in funding before commissions and expenses. Perpetua intends to use the proceeds for down payments on long lead time materials and detailed engineering for Stibnite.

            Shares in Perpetua reached a year-to-date high of C$14.97 on November 15.

            2. G2 Goldfields (TSX:GTWO)

            Company Profile

            Year-to-date gain: 165.33 percent
            Market cap: C$483.26 million
            Share price: C$1.99

            G2 Goldfields is a gold exploration and development company that is working to advance projects in South America and West Africa. Company founders were previously involved in the financing and development of the Aurora gold mine in Guyana, the country’s largest gold mine, for Guyana Goldfields, before Zijin Mining (OTC Pink:ZIJMF,SHA:601899) acquired the latter company in 2020. The company graduated to the TSX from the TSXV in April.

            G2’s flagship Oko-Aremu gold project is located in Guyana’s Cuyuni mining district. The company released an updated resource estimate for the combined Oko Main Zone and Ghanie Zone in April, with an increase of 320 percent in indicated gold resources to 922,000 ounces and a 69 percent increase in total contained gold to 2 million ounces. G2 said the maiden resource estimate for Ghanie is a step toward realizing the scale of the Oko gold system.

            On September 10, G2 announced it had entered into an agreement to acquire exploration rights to a 30,000 acre land package within the Oko-Aremu district, which brought its land holdings for the project to 58,000 acres. The new properties are composed of three sets of permits and host multiple historic gold occurrences, but have not been subject to modern exploration methods. G2 is working to fast-track drilling on several targets in the area.

            The company is executing an ongoing drill program with six diamond drills aimed at expanding the resources at Oko.

            Since the release of the updated resource estimate in April, G2 has discovered multiple new gold zones along the strike of the previously defined resource at Oko. The latest update, published on November 18, reported that assays returned a highlighted intercept with a grade of 2.9 grams per metric ton (g/t) gold over 114 meters, including an intersection of 5.3 g/t gold over 51.4 meters.

            The company said it intends to complete an updated resource estimate for the project in the first quarter of 2025.

            Shares in G2 Goldfields reached a year-to-date high of C$2.30 on October 21.

            3. IAMGOLD (TSX:IMG)

            Company Profile

            Year-to-date gain: 128.48 percent
            Market cap: C$4.27 billion
            Share price: C$7.54

            IAMGOLD is a mid-tier gold production company with three mining assets in Burkina Faso and the provinces of Québec and Ontario, Canada.

            Its oldest asset is the Essakane gold mine in Northeast Burkina Faso, which began commercial production in July 2010 and was further expanded in 2013. IAMGOLD owns 90 percent of the mine, with the government of Burkina Faso owning the remaining 10 percent.

            In December 2023, IAMGOLD released a technical report for the mine, which included an updated resource estimate and life of mine plan. The company expects to produce 2.4 million ounces of gold through the end of 2028, with ore processed from the three remaining pit phases at the Essakane Main Zone and the Lao and Gourouol satellite pits.

            Its second operation is the Westwood mine, located in Southwest Québec. The site consists of 120 titles, one mining lease, one surface lease and three tailings leases covering an area of 1,925 hectares. Commercial production at Westwood began in July 2014.

            IAMGOLD also holds an operating stake in the Côté Gold mine in Ontario. The gold company repurchased a 9.7 percent interest in the mine from its partner Sumitomo Metal Mining (OTC Pink:STMNF,TSE:5713) in December, bringing its share of the mine back up to 70 percent.

            After starting operations early in 2024, IAMGOLD announced on August 2 that the Côté gold mine had reached commercial production, defined as 60 percent capacity. On October 15, it reported that on a 100 percent basis, Côté had produced 68,000 ounces of gold in Q3 and 103,000 ounces since the start of the year. IAMGOLD expects to reach a 90 percent throughput rate of 36,000 metric tons per day by the end of 2024 and will continue to make improvements in 2025 to achieve nameplate capacity.

            In its November 7 Q3 update, IAMGOLD reported that Essakane and Westwood produced 329,000 and 99,000 ounces of gold through the first three quarters, both up significantly year-on-year.

            Shares in IAMGOLD reached a year-to-date high of C$8.52 on October 21.

            4. Mineros (TSX:MSA)

            Company Profile

            Year-to-date gain: 118.46 percent
            Market cap: C$385.23 million
            Share price: C$1.42

            Mineros is a mid-tier gold producer focused on Latin America.

            Its primary assets are the Nechi alluvial mine in Colombia and the Hemco property in Nicaragua. Nechi features a cyanide- and mercury-free recovery extraction process using gold-hosted sands mined from closed ponds.

            The company’s Hemco operations consist of the Panama and Pioneer mines, and also have an arrangement to process ore from third-party artisanal miners. Mineros is expecting to begin production from the Porvenir satellite deposit at Hemco in 2027, which it says will add 44,700 ounces of gold output per year.

            On September 30, Mineros released its operating results for the year’s third quarter. In the announcement, the company reported producing 159,056 ounces of gold through the first nine months of 2024. This represents a 16 percent decline from the 188,730 ounces produced during the same period in 2023. The drop was due to discontinued operations at its Gualcamayo property in Argentina. However, the company noted that its operating assets recorded a 1 percent increase from 157,669 ounces in 2023.

            The company’s most recent news came on November 15, when it announced the Colombian Superintendent of Finance had approved a public tender offer from Sun Valley Investments to acquire between 8.5 and 10.63 percent of the issued and subscribed ordinary shares of Mineros via the Colombia Stock Exchange.

            Mineros has until December 3 to accept the offer, but the deadline may be extended to December 23. Sun Valley currently has a 24.9 percent stake in Mineros.

            Mineros reached its year-to-date high of C$1.49 on November 27.

            5. Jaguar Mining (TSX:JAG)

            Company Profile

            Year-to-date gain: 104.97 percent
            Market cap: C$293.44 million
            Share price: C$3.71

            Jaguar Mining is a mining and development company that owns several gold-mining complexes near the city of Belo Horizonte in Minas Gerais, Brazil.

            Jaguar’s MTL complex hosts the Turmalina mine and a processing plant. According to the company’s Q3 production update released on October 10, the mine site produced 6,479 ounces of gold, a decrease from the 8,529 ounces produced in the same quarter of 2023.

            In addition to mining operations, the MTL complex is home to the advanced stage Faina project. A December 2023 resource estimate from the project pegged measured and indicated resources at 1.43 million metric tons of ore with an average grade of 5.08 grams per metric ton (g/t) gold for 233,000 ounces of contained gold. Inferred resources stand at an additional 232,000 ounces of gold from ore grading 5.09 g/t.

            In Jaguar’s management and discussion analysis on August 7, the company reported it is accelerating development at Faina to define its ore structures. Ore taken from the site during the second quarter was processed by the Turmalina plant, and gold recovery exceeded expectations at 414 ounces. The company said production from stoping should gradually increase through the start of 2025 to 15,000 metric tons per month, before reaching full capacity of 25,000 metric tons in 2026.

            The company’s other producing mining operation is the Caete complex, which includes the Pilar gold mine and the Caete processing plant. In Q3, the mine delivered 10,433 ounces of gold, an increase from the 8,787 ounces produced in Q3 2023.

            Jaguar announced on September 5 that it had progressed on access development at the Pilar mine’s BA zone in the first half of the year, with 374 meters completed across five sub-levels. Processing the 30,547 metric tons of ore feed generated from those activities in H1 resulted in 4,032 ounces of gold at an average grade of 4.64 g/t.

            The most recent news came on November 8, when the company released its Q3 financial results. The report said it produced 49,918 ounces of gold during the first nine months of 2024, a decrease from the 52,222 ounces produced in 2023. While it attributed this decrease to a 16 percent reduction in processed ore, that reduction was largely offset by 24 percent higher head grades.

            The report also indicated that development increased to 4,622 meters from 3,837 meters the previous year.

            Shares in Jaguar Mining reached a year-to-date high of C$5.69 on September 23, alongside a surge in the gold price.

            Securities Disclosure: I, Dean Belder, own shares of Calibre Mining.

            This post appeared first on investingnews.com

            Norway suspended its plans to open vast areas of its seabed for deep-sea mining on Sunday (December 1), reacting to pressure from environmental groups and political negotiations.

            The original proposal from the Norwegian government would have allowed companies to apply for licenses to mine around 280,000 square kilometers of seabed for minerals critical to modern technologies.

            The plan, which targeted areas containing resources like cobalt, nickel and rare earth elements, faced strong opposition from conservation groups, researchers and multiple governments.

            The policy shift occurred after the Socialist Left Party made its support for the government’s budget contingent on halting the mining initiative. Leader Kristi Bergstø said during budget talks that preventing the opening of the seabed for mineral extraction was a key condition, emphasizing the need to prioritize environmental considerations.

            Prime Minister Jonas Gahr Støre referred to the decision as a ‘postponement,’ indicating that preparatory work on regulations and environmental studies will continue. However, marine conservation organizations have described the move as a significant victory, with some calling it a decisive setback for deep-sea mining in Norway.

            Criticism of Norway’s deep-sea mining plans

            Norway’s initial decision to pursue deep-sea mining attracted criticism both domestically and internationally.

            Environmental organizations, including Greenpeace, warned of the potential destruction of fragile ecosystems and the disruption of marine biodiversity. Researchers noted that mining activities could irreversibly damage seabed habitats and release toxic sediments into the water column, with cascading effects on the marine food chain.

            Norway’s proposal also faced resistance from international stakeholders. More than 30 countries, including France, Germany and Canada, have expressed opposition to seabed mining without comprehensive safeguards.

            The Nordic Council, a regional intergovernmental body, earlier passed a resolution supporting a moratorium on the practice. While non-binding, the resolution highlighted growing regional discontent with seabed mineral extraction.

            The suspension has halted initial government consultations for the first round of licences for the extraction of seabed minerals. Lithium, scandium and cobalt were included, spanning across 386 blocks.

            The combined area of all the blocks corresponds to an area twice the size of Denmark.

            Loke Marine Minerals, Green Minerals (FWB:5lP) and Adepth Minerals are three Norwegian companies that had expressed plans to apply for mining licenses.

            Global push for deep-sea critical minerals

            Norway’s decision comes as countries around the world explore ways to secure access to critical minerals.

            Deep-sea mining is often presented as an alternative to land-based mining, with proponents arguing that it could minimize the environmental damage associated with terrestrial operations.

            However, critics argue that the risks to marine ecosystems far outweigh potential benefits.

            India, for example, is advancing plans to explore the Pacific Ocean for seabed minerals.

            The Clarion-Clipperton zone, a region rich in polymetallic nodules, has attracted interest from India and other countries that are seeking materials essential for renewable energy technologies.

            Earlier this year, India’s Ministry of Earth Sciences outlined plans to apply for exploration licenses through the International Seabed Authority (ISA), which oversees mining activities in international waters.

            India already holds two ISA exploration permits, but has yet to begin operations due to pending regulations.

            The country’s broader strategy includes securing exploration rights in other areas, such as the Indian Ocean’s Carlsberg Ridge and Afanasy-Nikitin Seamount. These sites contain valuable deposits of polymetallic sulfides and ferromanganese crusts, which hold metals key for technologies like batteries, electric vehicles and solar panels.

            Scientists warn against deep-sea mining

            Marine scientists have warned that ecosystems in the deep ocean are poorly understood and highly sensitive. Species adapted to cold, nutrient-rich waters could face extinction if mining disrupts their habitats.

            In fact, Norway’s own Institute of Marine Research has recommended a pause of five to 10 years on seabed mining to allow for more comprehensive studies. As mentioned, while the Norwegian government is framing the current suspension as temporary, activists view the delay as a critical opportunity to build opposition against seabed mining.

            They emphasize the importance of alternative strategies, such as improving recycling and circular economy practices, to reduce reliance on newly mined resources.

            Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

            This post appeared first on investingnews.com

            The BRICS nations, originally composed of Brazil, Russia, India, China and South Africa, are looking to establish a new reserve currency backed by a basket of their respective currencies.

            All eyes were recently on the 2024 BRICS Summit that took place October 22 to 24 in Kazan, Russia. The BRICS nations were widely expected to continue their discussions of creating a potentially gold-backed currency, known as the ‘Unit,’ as an alternative to the US dollar.

            The potential BRICS currency would allow these nations to assert their economic independence while competing with the existing international financial system. The current system is dominated by the US dollar, which accounts for about 90 percent of all currency trading. Until recently, nearly 100 percent of oil trading was conducted in US dollars; however, in 2023, one-fifth of oil trades were reportedly made using non-US dollar currencies.

            Central to this ongoing situation is the US trade war with China, as well as US sanctions on China and Russia. Should the BRICS nations establish a new reserve currency, it would likely significantly impact the US dollar, potentially leading to a decline in demand, or what’s known as de-dollarization. In turn, this would have implications for the United States and global economies.

            US President Elect Donald Trump has not been shy about upping the ante on American protectionism with his plans to slap tariffs on imported goods. During the first US Presidential Debate between with Vice President Kamala Harris on September 10, Trump doubled down on his pledge to impose strict tariffs on nations seeking to move away from the US dollar as the global currency. He is taking a particularly strong stance against China, threatening to implement 60 percent to 100 percent tariffs on Chinese imports, although these hefty tariffs would be paid by American companies and consumers purchasing Chinese products, not by China itself.

            More recently, in early December, Trump posted an even more direct threat to BRICS nations on the social media platform Truth Social. “We require a commitment from these countries that they will neither create a new Brics currency nor back any other currency to replace the mighty US dollar or they will face 100% tariffs and should expect to say goodbye to selling into the wonderful US economy,” he wrote.

            Trump’s America-first policies are expected to drive up the value of the dollar compared to its global counterparts, as was already on display the day following his historic election win on November 5 as China’s yuan, Russia’s ruble, Brazil’s real, India’s rupee and South Africa’s rand all fell. This could in turn push these BRICS member nations to look for new paths to move away from the US dollar.

            At this year’s BRICS summit, Russian President Vladimir Putin appeared on stage holding what appeared as a prototype of a possible BRICS banknote. However, he seemed to back away from previous aggressive calls for de-dollarization, stating the goal of the BRICS member nations is not to move away from the US dollar-dominated SWIFT platform, but rather to deter the ‘weaponization’ of the US dollar by developing alternative systems for using local currencies in financial transactions between BRICS countries and with trading partners.

            ‘We are not refusing, not fighting the dollar, but if they don’t let us work with it, what can we do? We then have to look for other alternatives, which is happening,’ he stated.

            In response to Trump demanding a ‘commitment’ from BRICS nations not to challenge the supremacy of the US dollar, Kremlin spokesperson Dmitry Peskov sounded less than threatened. ‘More and more countries are switching to the use of national currencies in their trade and foreign economic activities,’ said Peskov, as per Reuters. ‘If the U.S. uses force, as they say economic force, to compel countries to use the dollar it will further strengthen the trend of switching to national currencies (in international trade).’

            It’s still too hard to predict if and when a BRICS currency will be released, but it’s a good time to look at the potential for a BRICS currency and its possible implications for investors.

            In this article

              Why do the BRICS nations want to create a new currency?

              The BRICS nations have a slew of reasons for wanting to set up a new currency. Recent global financial challenges and aggressive US foreign policies have prompted the BRICS countries to explore the possibility. They want to better serve their own economic interests while reducing global dependence on the US dollar and the euro.

              When will a BRICS currency be released? There’s no definitive launch date as of yet, but the countries’ leaders have discussed the possibility at length. During the 14th BRICS Summit, held in mid-2022, Russian President Vladimir Putin said the BRICS countries plan to issue a ‘new global reserve currency,’ and are ready to work openly with all fair trade partners.

              In April 2023, Brazilian President Luiz Inacio Lula da Silva showed support for a BRICS currency, commenting, “Why can’t an institution like the BRICS bank have a currency to finance trade relations between Brazil and China, between Brazil and all the other BRICS countries? Who decided that the dollar was the (trade) currency after the end of gold parity?”

              In the lead up to the 2023 BRICS Summit last August, there was speculation that an announcement of such a currency could be on the table. This proved to be wishful thinking, however.

              ‘The development of anything alternative is more a medium to long term ambition. There is no suggestion right now to creates a BRICS currency,’ Leslie Maasdorp, CFO of the New Development Bank, told Bloomberg at the time. The bank represents the BRICS bloc.

              South Africa’s BRICS ambassador, Anil Sooklal, has said as many as 40 countries have expressed interest in joining BRICS. At the 2023 BRICS Summit , six countries were invited to become BRICS members: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates. All but Argentina officially joined the alliance in January 2024.

              At the 2024 BRICS Summit, 13 nations signed on as BRICS partner countries (not yet full-fledged members): Algeria, Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Turkey, Uganda, Vietnam and Uzbekistan.

              In recent years, the US has placed numerous sanctions on Russia and Iran. The two countries are working together to bring about a BRICS currency that would negate the economic impacts of such restrictions, according to Iranian Ambassador to Russia Kazem Jalal, speaking at a press conference during the Russia–Islamic World: KazanForum in May 2024.

              Some experts believe that a BRICS currency is a flawed idea, as it would unite countries with very different economies. There are also concerns that non-Chinese members might increase their dependence on China’s yuan instead. That said, when Russia demanded in October 2023 that India pay for oil in yuan as Russia is struggling to use its excess supply of rupees. However, India refused to use anything other than the US dollar or rupees to pay.

              What would the advantages of a BRICS currency be?

              A new currency could have several benefits for the BRICS countries, including more efficient cross-border transactions and increased financial inclusion. By leveraging blockchain technology, digital currencies and smart contracts, the currency could revolutionize the global financial system. Thanks to seamless cross-border payments, it could also promote trade and economic integration among the BRICS nations and beyond.

              A new BRICS currency would also:

              • Strengthen economic integration within the BRICS countries
              • Reduce the influence of the US on the global stage
              • Weaken the standing of the US dollar as a global reserve currency
              • Encourage other countries to form alliances to develop regional currencies
              • Mitigate risks associated with global volatility due to unilateral measures and the diminution of dollar dependence

              How would a new BRICS currency affect the US dollar?

              RomanR / Shutterstock

              For decades, the US dollar has enjoyed unparalleled dominance as the world’s leading reserve currency. According to the US Federal Reserve, between 1999 and 2019, the dollar was used in 96 percent of international trade invoicing in the Americas, 74 percent in the Asia-Pacific region and 79 percent in the rest of the world.

              According to the Atlantic Council, the US dollar is used in approximately 88 percent of currency exchanges, and 59 percent of all foreign currency reserves held by central banks. Due to its status as the most widely used currency for conversion and its use as a benchmark in the forex market, almost all central banks worldwide hold dollars. Additionally, the dollar is used for the vast majority of oil trades.

              Although the dollar’s reserve currency share has decreased as the euro and yen have gained popularity, the dollar is still the most widely used reserve currency, followed by the euro, the yen, the pound and the yuan.

              The potential impact of a new BRICS currency on the US dollar remains uncertain, with experts debating its potential to challenge the dollar’s dominance. However, if a new BRICS currency was to stabilize against the dollar, it could weaken the power of US sanctions, leading to a further decline in the dollar’s value. It could also cause an economic crisis affecting American households. Aside from that, this new currency could accelerate the trend toward de-dollarization.

              Nations worldwide are seeking alternatives to the US dollar, with examples being China and Russia trading in their own currencies, and countries like India, Kenya and Malaysia advocating for de-dollarization or signing agreements with other nations to trade in local currencies or alternative benchmarks.

              While it is unclear whether a new BRICS currency would inspire the creation of other US dollar alternatives, the possibility of challenging the dollar’s dominance as a reserve currency remains. And as countries continue to diversify their reserve holdings, the US dollar could face increasing competition from emerging currencies, potentially altering the balance of power in global markets.

              However, a recent study by the Atlantic Council’s GeoEconomics Center released in June 2024 shows that the US dollar is far from being dethroned as the world’s primary reserve currency.

              ‘The group’s ‘Dollar Dominance Monitor’ said the dollar continued to dominate foreign reserve holdings, trade invoicing, and currency transactions globally and its role as the primary global reserve currency was secure in the near and medium term,’ reported Reuters.

              Ultimately, the impact of a new BRICS currency on the US dollar will depend on its adoption, its perceived stability and the extent to which it can offer a viable alternative to the dollar’s longstanding hegemony.

              Will BRICS have a digital currency?

              BRICS nations do not as of yet have their own specific digital currency, but a BRICS blockchain-based payment system is in the works, according to Kremlin aide Yury Ushakov in March 2024. Known as the BRICS Bridge multisided payment platform, it would connect member states’ financial systems using payment gateways for settlements in central bank digital currencies.

              The planned system would serve as an alternative to the current international cross-border payment platform, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system, which is dominated by US dollars.

              “We believe that creating an independent BRICS payment system is an important goal for the future, which would be based on state-of-the-art tools such as digital technologies and blockchain. The main thing is to make sure it is convenient for governments, common people and businesses, as well as cost-effective and free of politics,” Ushakov said in an interview with Russian news agency TASS.

              Another dollar-alternative digital currency cross-border payment system in the works is Project mBridge, under development via a collaboration between the BIS Innovation Hub Hong Kong Centre, the Hong Kong Monetary Authority, the Bank of Thailand, the Digital Currency Institute of the People’s Bank of China and the Central Bank of the United Arab Emirates. Saudi Arabia has also recently decided to join the project. The central bank digital currencies traded on the platform would be backed by gold and local currencies minted in member nations.

              In June 2024, Forbes reported that the mBridge platform had reached a significant milestone by completing its minimal viable product stage (MVP). The MVP platform can undertake real-value transactions (subject to jurisdictional preparedness) and is compatible with the Ethereum Virtual Machine (EVM), a decentralized virtual environment that executes code consistently and securely across all Ethereum nodes,’ stated the publication. ‘MVP thus is suitable as a testbed for new use cases and interoperability with other platforms.’

              ‘(New Development Bank President Dilma Rousseff) came out and publicly said that there has been an agreement in principle to use a new settlement currency called the Unit, which will be backed 40 percent by gold and 60 percent by the local currencies in the BRICS union — the BRICS+ countries. That gold will be in the form of kilo bars and will be deliverable or redeemable for those entities,’ Schectman said.

              ‘The basket of gold and the basket of currencies will be minted in the member countries … it will be put into an escrow account, taken off the ledger so to speak — off of their balance sheet and put onto the mBridge ledger, and held in an escrow account in their own borders. It doesn’t need to be sent to a central authority.’

              How would a BRICS currency impact the economy?

              A potential shift toward a new BRICS currency could have significant implications for the North American economy and investors operating within it. Some of the most affected sectors and industries include:

              • Oil and gas
              • Banking and finance
              • Commodities
              • International trade
              • Technology
              • Tourism and travel
              • The foreign exchange market

              A new BRICS currency would also introduce new trading pairs, alter currency correlations and affect market volatility, requiring investors to adapt their strategies accordingly.

              How can investors prepare for a new BRICS currency?

              Adjusting a portfolio in response to emerging BRICS currency trends may be a challenge for investors. However, several strategies can be adopted to capitalize on these trends.

              • Invest in commodities like gold and silver as a hedge against currency risk.
              • Gain exposure to BRICS equity markets through stocks and ETFs that track BRICS market indexes.
              • Consider alternative investments such as real estate or private equity in the BRICS countries.

              Prudent investors will also weigh these strategies against their exposure to market, political and currency fluctuations.

              In terms of investment vehicles, investors could consider ETFs such as the iShares MSCI BIC ETF (ARCA:BKF) or the Pacer Emerging Markets Cash COW 100 ETF (NASDAQ:ECOW). They could also invest in mutual funds such as the T. Rowe Price Emerging Markets Equity Fund, or in individual companies within the BRICS countries.

              Simply put, preparing for a new BRICS currency or potential de-dollarization requires careful research and due diligence by investors. Diversifying currency exposure, and investing in commodities, equity markets or alternative investments are possible options to consider while being mindful of the associated risks.

              Investor takeaway

              While it is not certain whether the creation of a BRICS reserve currency will come to pass, its emergence would pose significant implications for the global economy and potentially challenge the US dollar’s dominance as the primary reserve currency. This development would present unique investment opportunities, while introducing risks to existing investments as the shifting landscape alters monetary policy and exacerbates geopolitical tensions.

              For those reasons, investors should closely monitor the progress of a possible BRICS currency. And, if the bloc does eventually create one, it will be important watch the currency’s impact on BRICS member economies and the broader global market. Staying vigilant will help investors to capitalize on growth prospects and hedge against potential risks.

              FAQs for a new BRICS currency

              Is a BRICS currency possible?

              Some financial analysts point to the creation of the euro in 1999 as proof that a BRICS currency may be possible. However, this would require years of preparation, the establishment of a new central bank and an agreement between the five nations to phase out their own sovereign currencies; it would most likely also need the support of the International Monetary Fund to be successful internationally.

              The impact of its war on Ukraine will continue to weaken Russia’s economy and the value of the ruble, and China is intent on raising the power of the yuan internationally. There is also a wide chasm of economic disparity between China and other BRICS nations. These are no small obstacles to overcome.

              Would a new BRICS currency be backed by gold?

              Additionally, speaking at this year’s New Orleans Investment Conference, well-known author Jim Rickards gave a detailed talk on how a gold-backed BRICS currency could work. He suggested that if a BRICS currency unit is worth 1 ounce of gold and the gold price goes to US$3,000 per ounce, the BRICS currency unit would be worth US$3,000, while the dollar would lose value compared to the BRICS currency as measured by the weight of gold.

              Importantly though, he doesn’t see this as a new gold standard, or the end of the US dollar or the euro.

              “(With) a real gold standard, you can take the currency and go to any one of the central banks and get some gold,” Rickards said at the event. “With BRICS they don’t have to own any gold, they don’t have to buy any gold, they don’t have to prop up the price. They can just rise on the dollar gold market.’

              How much gold do the BRICS nations have?

              As of Q2 2024, the combined central bank gold holdings of the original BRICS nations plus Egypt (the only nation of the five new additions to have central bank gold reserves) accounted for more than 20 percent of all the gold held in the world’s central banks. Russia, India and China rank in the top 10 for central bank gold holdings.

              Russia controls 2,335.85 metric tons (MT) of the yellow metal, making it the fifth largest for central bank gold reserves. China follows in the sixth spot with 2,264.32 MT of gold and India places eighth with 840.76 MT. Brazil and South Africa’s central bank gold holdings are much smaller, coming in at 129.65 MT and 125.44 MT, respectively. New BRICS member Egypt’s gold holdings are equally small, at 126.57 MT.

              Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

              This post appeared first on investingnews.com

              The reach and credibility of international law is at its lowest in years as governments dismiss arrest warrants in some of the most high-profile cases to come before the International Criminal Court.

              In the past 18 months, the Hague-based court has issued arrest warrants for Russian President Vladimir Putin as well as Israeli Prime Minister Benjamin Netanyahu, his former Defense Minister Yoav Gallant and a senior Hamas official.

              Netanyahu is the first Western-allied leader to be accused of war crimes and crimes against humanity by the court. Israel has filed appeals and asked the court to suspend the warrants. Meanwhile, several powerful nations have opted not to enforce the warrants, while others have openly rejected them.

              The French response was perhaps the most damaging to the court. Paris had fervently supported the Putin warrant, and reiterated its “longstanding commitment to supporting international justice” after the Netanyahu warrant was issued. But just days later, the French foreign ministry shifted its stance, suggesting that as Israel was not a member of the court, its prime minister could be immune from arrest.

              Critics say the responses suggest two sets of rules: one for the West’s traditional allies, and another for its foes.

              The founding treaty of the ICC obliges the 124 signatory countries to arrest Netanyahu and Gallant, according to James Joseph, managing editor at Jurist News.

              The Netanyahu case was just the latest blow to the court’s authority. In September, Putin traveled to Mongolia without facing any repercussions. Despite being a signatory to the Rome Statute – the treaty that established the court in 2002 – Mongolia extended a red-carpet welcome to the Russian leader.

              The trip was Putin’s first to an ICC member state since the court issued an arrest warrant against him in March 2023 for his alleged role in the war crime of unlawfully deportating Ukrainian children.

              Lack of consensus

              The warrants for Netanyahu and Gallant drew varied reactions from Western states, highlighting a lack of consensus on how to respond to high-profile accusations against allies.

              The EU’s then-foreign policy chief Josep Borrell said they are “binding” and should be implemented. Ireland, Canada and the Netherlands agreed. Germany demurred, saying that it shared “unique relations and a great responsibility with Israel,” adding that further steps would be possible only when a visit to Germany by Netanyahu was foreseeable.

              Meanwhile, Argentina and Hungary, both members of the court, made it clear Netanyahu was welcome to visit. Hungarian Prime Minister Viktor Orban said the ICC decision was “brazen, cynical and completely unacceptable,” and guaranteed Netanyahu freedom and safety should he visit Hungary.

              The US, which never joined the court and has secured agreements with about 100 countries to prevent the arrest of Americans charged by it, condemned the warrants for the Israeli leaders.

              The Biden administration’s criticism of the Israel warrants was as emphatic as its support for the Putin warrant. Following the issuance of Putin’s warrant, President Joe Biden said it “makes a very strong point… He’s clearly committed war crimes.”

              In France’s updated position, the country’s foreign ministry said in a statement: “France intends to continue working in close cooperation with Prime Minister Netanyahu and the other Israeli authorities to achieve peace and security for all in the Middle East.”

              France’s sudden change of direction came after the Israelis made it clear that they would not accept a French role in implementing a ceasefire in Lebanon because of its implied support for the ICC’s arrest warrant.

              Human rights groups condemned France’s about-face. Amnesty International said it was “deeply problematic” and ran counter to the government’s obligations as an ICC member.

              In shifting its stance, France appears to have taken refuge in Article 98 of the Rome Statute, which holds that a state cannot “act inconsistently with its obligations under international law with respect to the (…) diplomatic immunity of a person.”

              Mongolia asserted a similar argument – that as Russia’s head of state, Putin enjoys absolute immunity from ICC proceedings unless Russia waives it.

              The court has rejected that claim, saying that another article removes all immunities. A panel of judges reported Mongolia to the ICC’s governing assembly, arguing members of the court “are duty-bound to arrest and surrender individuals subject to ICC warrants, regardless of official position or nationality.” Any other interpretation would “undermine the Rome Statute’s goal of ending impunity for those who threaten global peace and security,” the panel said at the time.

              The court’s spokesman, Fadi El Abdallah, said it would not be deterred from pursuing Netanyahu, telling Israel’s Channel 13 that “political considerations and threats will not affect the decision-making, the judges are independent and will only decide according to the evidence and the law.” He also said it was highly unlikely the judges would quash the warrants.

              Politics at odds with international obligations

              The evidence of the last few months is that political expediency sometimes trumps international obligations. When Mongolia welcomed Putin, the country’s reality of living next door to Russia and China was paramount.

              US State Department spokesperson Matthew Miller acknowledged that reality in September. “We understand the position that Mongolia is in, sandwiched between two much larger neighbors, but we do think it’s important that they continue to support the rule of law around the world.”

              The US view on the Israel case was rather different, with the National Security Council denouncing “the prosecutor’s rush to seek arrest warrants and the troubling process errors that led to this decision.”

              The contradictory responses to ICC warrants this year call into question decades of progress in prosecuting war crimes and crimes against humanity, beginning with the Nuremburg trials in post-war Germany.

              The road has often been bumpy. South Africa, an ICC member, ignored a warrant for the arrest of then-Sudanese leader Omar al-Bashir in 2015 when he visited.

              But Putin has been careful not to travel to any other ICC member state and skipped last year’s BRICS summit in South Africa, avoiding a flight path over many member states.

              As for the ICC, it may now find itself a target. This year the US House of Representatives passed a bill to sanction the court, threatening financial sanctions and visa restrictions against individuals and judges associated with the ICC. The Senate is yet to take up the bill, but incoming Senate majority leader John Thune has warned that the Republican majority will make passing the bill a priority in the next Congress if the ICC doesn’t reverse its decision to pursue Israeli leaders.

              In his first term, former President Donald Trump imposed sanctions on ICC prosecutors for their investigations of Israeli leaders and alleged American war crimes in Afghanistan.

              Mike Waltz, Trump’s national security adviser pick for his second term, said of the Netanyahu warrant that “the ICC has no credibility… You can expect a strong response to the antisemitic bias of the ICC & UN come January.” Republican Senator Tom Cotton called it a “kangaroo court.”

              It’s still true that for anyone subject to an arrest warrant by the ICC, the world gets smaller and the uncertainty of travel greater. But this year has shown that if you have friends in the right places, there will still be a red carpet somewhere.

              This post appeared first on cnn.com

              A night of political upheaval in South Korea has upended stability in a key democratic US ally – sending shock waves through the region and Washington at a moment of acute global tension.

              South Korean President Yoon Suk Yeol declared martial law on Tuesday night in a surprise decree that was reversed hours later following overwhelming opposition across the political spectrum for what was widely seen as a breach of the country’s vibrant democracy.

              The move, which Yoon claimed was necessary to “save the country against anti-state forces” trying to destroy the “constitutional order of liberal democracy,” was met by protests in Seoul and mounting calls for the president’s resignation.

              The stunning development appeared to catch Washington off guard. That’s an unnerving reality for the United States military, which has nearly 30,000 troops and its largest overseas base in South Korea, serving as a check against a belligerent North Korea and counterweight to an aggressive China in a strategically critical region.

              The turmoil has the potential for significant ramifications at a moment of deepening geopolitical fault lines in Asia, where both North Korea and China are strengthening their alignment with Russia as it wages war on Ukraine.

              Leaders in Pyongyang, Beijing and Moscow are likely watching the developments in Seoul with an eye to its potential to undermine a key bastion of US power in the region – and all eyes are now on North Korea, which may be keen to use the political chaos to its advantage.

              ‘Major ramifications’

              The US-South Korea alliance has long been seen by both countries as a cornerstone of peace in the region, where North Korea continues to threaten South Korea and the US with its illegal weapons program.

              That threat has only become more acute as North Korea has ramped up its partnership with Russia, sending ammunition, missiles, and soldiers, intelligence officials say, to aid Moscow’s war against Ukraine.

              US President Joe Biden has worked assiduously during his time in office to bolster the US partnership with South Korea, meeting Yoon multiple times, referring to the South Korean leader as a “great friend,” and earlier this year passing his “Summit for Democracy” to Yoon to host in South Korea.

              Biden’s efforts also included a landmark 2023 summit at Camp David with Japan and South Korea, where the US president navigated around historic mistrust between the two US allies to broker enhanced trilateral coordination.

              A US National Security Council spokesperson expressed “relief” after Yoon reversed course on what the spokesperson described as his “concerning declaration,” adding that “democracy is at the foundation” of the US-South Korea alliance.

              Despite US assurances that the alliance remains “ironclad,” the surprise move by Yoon could cast a level of doubt on the partnership and weaken the burgeoning Japan-South Korea partnership, observers say.

              It also adds another level of uncertainty on the eve of the return to the White House of President-elect Donald Trump, who has previously expressed skepticism about the financial arrangement between the US and South Korea on hosting US troops.

              “Yoon’s actions most likely will raise questions about South Korea’s reliability and predictability as an ally and a partner in the eyes of the United States and Japan,” said Rachel Minyoung Lee, a senior fellow at the Stimson Center think tank in Washington.

              “This is serious in light of the fact that there is now a stronger-than ever nuclear component in the (US-South Korea) alliance,” she added, pointing to a 2023 mechanism upgrading cooperation on nuclear deterrence between the US and South Korea, which does not have its own nuclear weapons but relies on the US arsenal.

              Troubled neighborhood

              The political turmoil also raises a potential opening for Kim Jong Un to capitalize on the chaos.

              The North Korean leader is known to choose opportune political moments for major weapons tests – for example firing a new intercontinental ballistic missile days before the US presidential election last month.

              “We know that North Korea likes to lampoon South Korea’s democratic system whenever there is tumult in Seoul,” said Edward Howell, a lecturer in politics at the University of Oxford in the United Kingdom, who focuses on the Korean Peninsula.

              “We should not be surprised if Pyongyang exploits the domestic crisis in South Korea to its advantage, either rhetorically or otherwise,” he said.

              The developments – and the potential, now, for a change of leadership in South Korea – are also likely being closely watched by Beijing and Moscow, who both deeply oppose US military presence in Asia.

              Chinese leader Xi Jinping and his officials in particular have watched with ire as the US has strengthened its partnerships with allies in the region – in the face of concerns in Washington about a growing threat from Beijing and its deepening security coordination with Moscow.

              And Yoon, who’s taken a harder line on North Korea than many of his predecessors, has been a willingly staunch partner of the US.

              The Yoon government has also suggested that deployment of North Korean troops into Ukraine could cause it to reassess the level of military support it gives to the war-torn country, to which it does not directly supply lethal arms.

              All that raises the international stakes for the current political moment, whatever its outcome for Yoon, according to Howell.

              “At a time when South Korea’s interests in the Ukraine war have gained prominence, given North Korea’s now full-fledged involvement, Seoul’s cooperation with allies cannot be hampered by domestic division,” he said.

              This post appeared first on cnn.com

              French lawmakers will vote Wednesday on a no-confidence motion that is widely expected to oust the government of Prime Minister Michel Barnier, as the country grapples with a deepening political crisis and massive budget deficit.

              The move comes after Barnier attempted on Monday to ram through part of his government’s budget for 2025, which included measures to fill the large hole in France’s public finances and bring the deficit back in line with European Union rules by the end of the decade.

              His financing bill includes €60 billion ($63 billion) worth of tax hikes and spending cuts aimed at bringing the deficit down to 5% next year, according to the government’s calculations. Some of the measures are hugely unpopular with opposition parties, such as delaying matching pension increases to inflation.

              Barnier, who has only been in power since September as the leader of a minority government backed by centrists and conservatives, attempted to pass the budget using a controversial constitutional mechanism that bypassed a vote in the legislature.

              However, that maneuver in turn allowed lawmakers the opportunity to put forward no-confidence motions against him – and lawmakers on the left, who have repeatedly vowed to bring down his government, did just that.

              The far-right National Rally party is now set to join the vote to topple the government after it failed to get finance bill concessions from Barnier.

              This no-confidence vote is the just the latest jolt on a political rollercoaster in France, where no single party has wielded a majority in parliament since snap elections in July.

              If the measure passes, it will throw the country into political chaos. No government has been ousted in a no-confidence vote since 1962 and Barnier would become France’s shortest-serving prime minister in history. His cabinet would have to serve in a caretaker capacity until French President Emmanuel Macron names new leadership.

              But it’s unclear how any future prime minister will find unified support in a divided political landscape and avoid being similarly toppled. The parliament is deeply divided into three blocs: the centrists of Macron’s party, the far-right of Marine Le Pen’s party and a left-wing coalition.

              This gridlock has made the government’s budget problems much harder to solve.

              On Monday, worries about the impact of the political maelstrom on France’s public finances briefly pushed the government’s borrowing costs above those of Greece.

              France’s government debt is approaching 111% of gross domestic product (GDP) – a level unmatched since World War II, according to the S&P Global Ratings credit rating agency – partly as the state spent big to cushion the economy from the pandemic and the energy crisis sparked by Russia’s full-scale invasion of Ukraine in February 2022.

              The credit rating agency expects France’s budget deficit to reach 6.2% of GDP by the end of the year. That’s more than double the 3% limit imposed by EU rules and one of the largest budget shortfalls among countries that use the euro.

              “France remains a balanced, open, wealthy and diversified economy, with a deep domestic pool of private savings,” S&P Global Ratings said in a Friday statement. But it added that the country’s credit rating could be lowered if the government was “unable to reduce its large budget deficits” or if economic growth undershot the agency’s expectations over a sustained period.

              This post appeared first on cnn.com

              Iranian authorities have allowed Narges Mohammadi, the country’s most prominent human rights activist and 2023 Nobel Peace Prize winner, to leave prison for 21 days to recover from surgery for suspected cancer, a decision her family has criticized as “too little, too late.”

              An Iranian prosecutor on Tuesday suspended Mohammadi’s prison term for three weeks – instead of the three months requested by her family and lawyers – to allow her to recover from an operation she had in November to remove part of a bone in her lower right leg, where doctors had discovered a lesion suspected of being cancerous.

              “After over a decade of imprisonment, Narges required specialized medical care in a safe, sanitary environment – a basic human right,” the foundation said. “As doctors have emphasized, a minimum of three months’ recovery is crucial for her healing.”

              The Narges Foundation, which is run by her family, criticized the ruling as giving her insufficient time to recover. It had previously requested she be released for at least three months.

              Mohammadi has spent most of the past two decades as an inmate of Tehran’s Evin prison – notorious for housing critics of the Iranian regime.

              She is serving multiple sentences totaling more than 30 years, having been accused of acting against national security and spreading propaganda against the state.

              Supporters say she’s a political prisoner who was detained for trying to advance women’s rights and democracy in the country.

              In 2023, she was awarded the Nobel Peace Prize for her “fight against the oppression of women in Iran and her fight to promote human rights and freedom for all.”

              In November, her family accused the Iranian regime of trying to bring about her “slow death” by depriving her of the surgery needed to confirm her cancer diagnosis.

              Her family and lawyer had warned that any delay in treating her could prove fatal and had called for her to be granted “medical furlough” to cover both the suspected cancer treatment and a range of other health conditions she is grappling with.

              According to her lawyer, a recent MRI revealed the progression of arthritis and disc disease while doctors have also called for a further angiography on one of her heart arteries after she suffered a heart attack in 2021.

              However, her foundation noted that Tuesday’s ruling was a suspension of her sentence, rather than a furlough.

              “Unlike a ‘medical furlough,’ which would have allowed the recovery period to count toward her prison term, this suspension means that upon her return, she will be required to serve an additional 30 days,” the foundation said.

              “Weeks of enduring excruciating pain in prison, despite tireless advocacy from fellow inmates, human rights organizations, and international figures, highlights the persistent disregard for Narges Mohammadi’s basic human rights and the inhumane treatment she endures,” the foundation added.

              While in prison, Mohammadi has continued to campaign for human rights causes, lobbying for the rights of Iranian women and calling for a peaceful resolution to the war in Gaza.

              Former US Secretary of State Hillary Clinton is among the high-profile figures to have recently called for her release.

              This post appeared first on cnn.com