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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

    (TheNewswire)

    Vancouver, January 2, 2025 TheNewswire – Element79 Gold Corp. ( CSE:ELEM ) ( OTC:ELMGF ) (FSE:7YS) (‘Element79 Gold’, or ‘ the Company’) announces today that due to timing delays related to changing auditors, it has miss ed its filing deadline of December 30, 2024 for its audited annual financial statements and accompanying M anagement’s D iscussion and A nalysis as well as the related CEO and CFO certificates for the year ended August 31, 2024 (collectively, the ‘Annual Filings’), as required under applicable Canadian securities laws.

    In connection with the Company’s inability to file the Annual Filings on time, the Company announces that it was granted approval for a Management Cease Trade Order (‘MCTO’) under National Policy 12-203 – Management Cease Trade Orders (‘NP 12-203’) by the British Columbia Securities Commission , as principal regulator . The Company changed its auditor in May 2024, and as a result of audit complications and requirements resulting from increased transaction volume experienced by the Corporation, it requires the extension and therefore applied for the MCTO . The Company anticipates that, subject to current conditions remaining the same, it will require approximately three additional weeks to complete the process and will use its best efforts to complete the process within the timeline indicated.

    The Company expects to file the Annual Filings as soon as they are available, but in any event no later than January 30, 2025 .

    Until the Company files the Annual Filings, it will comply with the alternative information guidelines set out in NP 12-203. The guidelines, among other things, require the Company to issue bi-weekly default status reports, in the form of news releases, for so long as the Annual Filings have not been filed.

    During the MCTO, the general investing public will continue to be able to trade in the Company’s common shares listed on the Canadian Securities Exchange. However, the Company’s Chief Executive Officer and Chief Financial Officer and such other directors, officers and persons as determined by the applicable regulatory authorities will not be able to trade in the Company’s shares, nor will the Company be able to, directly or indirectly, issue securities to or acquire securities from an insider or employee of the Company until such time as the Annual Filings and all continuous disclosure requirements have been filed by the Company, and the MCTO has been lifted.

    The Company confirms as of the date of this news release that there is no insolvency proceeding against it and there is no other material information concerning the affairs of the Company that has not been generally disclosed.

    About Element79 Gold Corp.

    Element79 Gold is a mining company actively exploring and developing its portfolio of assets, including the high-grade, past-producing Lucero project in Arequipa, Peru, and properties along the Battle Mountain Trend in Nevada. The Company also holds an option to acquire the Dale Property in Ontario and is advancing the Plan of Arrangement spin-out process for its wholly owned subsidiary, Synergy Metals Corp.

    For further details on this announcement and the Company’s projects, please visit www.element79.gold .

    For corporate matters, please contact:

    James C. Tworek, Chief Executive Officer

    Email: jt@element79.gold

    For investor relations inquiries, please contact:

    Investor Relations Department
    Phone: +1.403.850.8050
    Email: investors@element79.gold

    Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

    Copyright (c) 2025 TheNewswire – All rights reserved.

    News Provided by TheNewsWire via QuoteMedia

    This post appeared first on investingnews.com

    Intermediate gold miner SSR Mining (TSX:SSRM,NASDAQ:SSRM,ASX:SSR) wrapped up 2024 with the news that its Marigold mine has produced 5 million ounces of the yellow metal over its 35 year life.

    According to the company, Marigold achieved the record on Monday (December 30).

    “Producing five million ounces of gold over 35 years of continuous operations is a testament to the quality of the Marigold mine and its team,’ said Executive Chairman Rod Antal in SSR Mining’s release.

    Marigold was acquired by SSR Mining in April 2014 and has since produced more than 2 million ounces of the yellow metal. In 2023, the mine achieved an annual gold production record of 278,000 ounces.

    “In 2024, we targeted approximately AU$10 million in growth expenditures at Marigold as we continue to invest meaningfully in mine life extension opportunities at the mine, including at the Buffalo Valley project,” Antal continued.

    Gold doré bars produced at Marigold are shipped by SSR Mining to a third-party refinery.

    The mine’s mineral reserves still stood at nearly 3 million ounces as of December 2023.

    Located in Nevada, US, Marigold is “a large run-of-mine heap leach operation with several open pits, waste rock stockpiles, leach pads, a carbon absorption facility, and a carbon processing and gold refining facility.”

    According to SSR Mining’s website, its current life is nine years with potential for extension. “We look forward to many more years of safe, responsible and successful operations at Marigold going forward,’ Antal added.

    On December 6, SSR Mining announced the acquisition of the Cripple Creek & Victor gold mine in Colorado, aiming to diversify its portfolio and create the third largest US gold producer.

    Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

    This post appeared first on investingnews.com

    It’s many years since ISIS, also known as Islamic State, held sway over much of Syria and northern Iraq a time when it spawned affiliates throughout Africa and Asia and organized a series of deadly terror attacks in European cities.

    But as a terror group it remains active in more than a dozen countries – and has inspired and supported individuals and cells in Europe and Russia in recent years.

    ISIS is far from moribund, even if it is now a loosely linked network rather than a self-declared caliphate controlling sizeable cities.

    The most high-profile attack claimed by ISIS in 2024 was the devastating assault on a Moscow shopping mall in March, which left at least 150 dead and more than 500 injured.

    It thrust ISIS back into the spotlight, as have events in Syria. US officials are concerned that instability following the collapse of the Assad regime may allow ISIS to expand from its remote desert strongholds, nearly six years after the “caliphate” fell, and also regain a foothold in Iraq.

    There is also the perennial concern among Western security services that individuals inspired by ISIS will launch low-tech attacks – such as stabbings, shootings and driving vehicles into crowds. Such plans are notoriously difficult to detect.

    Vehicle attacks in the name of ISIS in the last few years – including in Nice, Barcelona, Berlin and New York – have killed more than 100 people.

    After Wednesday’s attack in New Orleans, FBI assistant special agent in charge, Alethea Duncan, said an ISIS flag was located on the trailer hitch of the suspect’s vehicle. FBI investigators are now searching for anyone who may have worked with the suspect – Shamsud-Din Jabbar, a 42-year-old Texas man and Army veteran – to plan or execute the assault, Duncan said.

    “We do not believe that Jabbar was solely responsible,” she told a news conference Wednesday. “We are aggressively running down every lead, including those of his known associates.”

    US President Joe Biden said late Wednesday that he had been told by the FBI that the driver had posted videos on social media “mere hours” before the attack “indicating that he was inspired” by ISIS. The suspect was killed in a firefight with police officers.

    The ‘lone wolf’ threat

    ISIS and al Qaeda have repeatedly called on sympathizers to carry out “do-it-yourself” attacks. The Boston marathon bombers in 2013 used a “recipe” from an online al Qaeda publication to build their devices.

    Events in the Middle East have pushed already radicalized individuals to violence, according to Rita Katz, executive director of SITE Intelligence, a non-governmental organization that monitors terror groups,.

    She notes that since Israel’s assault on Gaza began in October 2023, there has been a resurgence of “lone wolf” plots in the name of ISIS: a mass stabbing at a festival in Solingen, Germany; an alleged plot against Taylor Swift concerts in Vienna; and the stabbing of an Orthodox Jewish man in Zurich. In that instance, a 15-year-old boy, a Swiss national of Tunisian descent, declared his allegiance to ISIS in a video, saying he was “responding to the call of the Islamic State to its soldiers to target the Jews and Christians and their criminal allies.”

    ISIS sought to exploit the situation in Gaza within days of the October 7 attacks by Hamas.

    In January last year, ISIS spokesman Abu Hudhayfah al-Ansari called on Muslims to “hunt your prey — the Jews, Christians, and their allies — in the streets and alleyways of America, Europe, and the world,” in a speech cited by SITE Intelligence.

    And as in years before, ISIS urged followers to “direct your actions at the easy targets before the difficult, the civilian targets before the military, and the religious targets such as synagogues and churches before anything else.”

    Ten years ago, the then-head of Australian intelligence, David Irvine, said that his “recurring nightmare… has been the so-called lone wolf, often radicalized over the internet and who has managed to avoid coming across our radar.”

    In that respect, little has changed.

    Global image

    Katz said at the time of the Moscow attack in March that “ISIS’ global support rests in no small part on its image as a capable organization, and this devastating massacre in Russia will only feed into that image.”

    Investigators are still probing how the suspect in New Orleans became radicalized but there is still plenty of pro-ISIS content to be found online.

    The Islamic State’s most potent branch – IS Khorasan (ISIS-K) – has global ambitions and a sophisticated online presence in multiple languages, including English.

    The fact that Tajik nationals were charged after the Moscow attack indicated ISIS-K was responsible. US officials also said there was evidence ISIS-K carried out the attack.

    Based in Afghanistan, ISIS-K has grown in strength since the US withdrawal from the country in 2021 and also tapped into radicalized populations in central Asia. The commander of US Central Command, Gen. Erik Kurilla, assessed early in 2024 that ISIS-K “retains the capability and the will to attack US and Western interests abroad in as little as six months with little to no warning.”

    ISIS-K’s most infamous attack was the suicide bombing at Kabul airport in 2021 that killed nearly 200 people, including 13 US soldiers guarding the airport. But it has since expanded its orbit.

    Amira Jadoon, who has written a book about the group, said that over the last three years ISIS-K “has grown more ambitious and aggressive in its efforts to gain notoriety and relevance across South and Central Asia.”

    ISIS-K has also attempted to target western Europe and the United States, as well as Russia. In July 2023, seven men were arrested in Germany suspected of planning high-profile attacks and being in contact with ISIS-K planners. All the suspects were from central Asia.

    In March last year, two Afghan citizens were detained in Germany, accused of plotting to attack Sweden’s parliament in retaliation for a spate of Koran burnings in the country.

    Fitton-Brown said ISIS also benefited from “ambient rage” among radicalized individuals at the scale of deaths in Gaza, and the release of some former jihadis from European jails after serving their sentences.

    Syrian vacuum

    The US is concerned that should a security vacuum emerge in Syria, ISIS will regroup and expand there. On the day Bashar al-Assad fled the country, US Central Command hit more than 75 ISIS targets in Syria. Kurilla said there “should be no doubt – we will not allow ISIS to reconstitute and take advantage of the current situation in Syria.”

    Analysts with the non-profit Soufan Center calculated that ISIS attacks in Syria tripled in 2024 compared to the previous year, hovering around 700. “They have also improved in sophistication, increased in lethality, and become more dispersed geographically,” they said.

    One risk is that as beleaguered Kurdish forces fend off Turkish-backed militia in northern Syria, they will no longer secure the compounds where thousands of ISIS operatives are held.

    Kurilla recently warned ISIS planned to “break out of detention the more than 8,000 ISIS operatives currently being held in facilities in Syria.”

    Were ISIS fighters able to escape and begin terror attacks in neighboring Turkey or even travel to western Europe, the image of the group among like-minded lone wolves would only be enhanced.

    This post appeared first on cnn.com

    South Korean investigators have entered the home of impeached President Yoon Suk Yeol to enforce an arrest warrant for him, Yonhap News Agency reported on Friday morning local time.

    The embattled president is wanted for questioning in multiple investigations, including accusations of leading an insurrection – a crime punishable by life imprisonment or even the death penalty – after he suddenly declared martial law in early December.

    A court on Tuesday approved the warrant for Yoon – the first time such a move has been taken toward a sitting president, deepening a dramatic showdown between investigators and the president. In response, the presidential security team said that “(s)ecurity measures will be taken in accordance with due process for matters related to the execution of warrants.”

    Yoon, himself a former prosecutor, has refused to answer three summonses by investigators in recent weeks asking for his cooperation, according to South Korea’s Corruption Investigation Office (CIO).

    A large police presence could be seen around the presidential residence in Seoul on Friday, many officers wearing jackets and face masks in the cold weather while flanked by police vans. Retractable gates were also set up, blocking pedestrians from entering the area around Yoon’s home.

    The leader was stripped of his presidential powers last month by a parliamentary vote to impeach him, which came after some members of his own ruling party turned on him following his refusal to resign over his short-lived decree.

    But the suspended president has remained defiant in the face of investigations and an impeachment trial underway by one of the country’s highest courts, vowing to “fight to the end” for the country.

    The statement, which was shared with supporters gathered outside his residence earlier this week, was his first public comment in weeks after largely staying away from public light in the fallout of his widely condemned decree.

    Yoon declared martial law in a surprise late night address on December 3, claiming opposition lawmakers had “paralyzed state affairs” and that the move was necessary to “safeguard a liberal South Korea” from the threats posed by “anti-state elements.”

    Members of the National Assembly, including some of Yoon’s own party members, voted to reverse the martial law some six hours later. Yoon’s order faced fierce backlash from the public and lawmakers across the political spectrum, reviving painful memories of the country’s authoritarian past.

    In the weeks since, the country has been embroiled in political disarray with parliament also voting to impeach its prime minister and acting president Han Duck-soo, just weeks after it voted to impeach Yoon. The finance minister Choi Sang-mok is now acting president.

    This is a developing story and will be updated.

    This post appeared first on cnn.com

    The Dominican Republic deported more than 276,000 Haitians in 2024, the country’s Immigration Directorate said Wednesday.

    In the last three months of the year alone, over 94,000 people were deported under a new operation aiming to remove up to 10,000 undocumented Haitians per week, ordered by the Dominican Republic’s National Security and Defense Council headed by President Luis Abinader.

    Dominican authorities also deported 48,344 Haitians during the January-March quarter, 62,446 between April-June, and 71,414 from July to September, according to the statement.

    Government spokesman Homero Figueroa told reporters in October that the government ramped up deportations to address an “excess” of Haitian migrants in the Dominican Republic, which shares an island with Haiti. The two countries have long seen an informal flow of people across their shared border.

    Haiti’s then-Foreign Minister Dominique Dupuy condemned “brutal scenes of raids and deportations,” and demanded justice for “dehumanizing acts” against her compatriots. Dominican authorities maintain that the deportations are carried out in compliance with human rights.

    In October, Reuters footage captured dozens of migrants crammed into caged Dominican Republic law enforcement trucks heading to Haiti. Aid organizations have rushed assistance to the Haitian side of the border to assist the thousands of deportees.

    The mass deportations come amid worsening political and social crisis in Haiti; gangs are estimated to control more than 80% of the country’s capital, Port-au-Prince.

    This post appeared first on cnn.com

    A huge red-hot object fell from the sky into a Kenyan village on Monday afternoon according to local residents cited by Kenya’s National Broadcaster, prompting an immediate investigation by the country’s national space agency.

    The object has since been identified as a “fragment of a space object,” Kenya’s Space Agency (KSA) said in a statement Wednesday.

    KSA said it has taken custody of the object that landed in the remote Mukuku Village, describing it as apparent space junk measuring 2.5 meters (about 8 feet) wide and weighing 500 kg (about 1,100 pounds).

    “The Agency wishes to clarify that the object, a metallic ring measuring approximately 2.5 meters in diameter and weighing about 500 kg is a fragment of a space object,” KSA said.

    Preliminary assessments suggest it is a separation ring from a rocket, KSA said, noting that space debris more typically falls into the ocean or burns up before entering the earth’s atmosphere.

    The fallen object is likely an isolated case and is still under investigation, KSA also said.

    Julius Rotich, Mbooni Sub County Police Commander told Kenya’s National Broadcaster that the object was still hot when officers arrived Monday, and that residents had to be cordoned off from the area until it cooled down.

    The broadcaster showed images of police tape wrapped around the ring that had fallen into some trees and brush, as residents gathered around.

    KSA is analyzing the object and working to confirm where exactly it came from, it said.

    This post appeared first on cnn.com

    A human rights group has filed a petition with Israel’s top court demanding to know the whereabouts of a prominent Palestinian hospital director detained by the Israeli military.

    Dr. Hussam Abu Safiya has not been seen publicly since he was arrested during an Israeli raid late last month that closed Kamal Adwan Hospital – the last major functioning health facility in northern Gaza.

    Physicians for Human Rights – Israel (PHRI) said in a statement Thursday that it filed the petition with the High Court after receiving a response to an inquiry from the Israeli military claiming that it had “found no indication of the arrest or detention of the individual in question.”

    It made similar allegations about the hospital and its director around the time of the raid on the facility, without providing evidence for the claims.

    Israeli forces launched an aerial and ground incursion in several parts of northern Gaza in early October, saying they were targeting Hamas’ renewed presence there. The onslaught has razed streets into carpets of debris, killed entire families, and severely depleted food, water and medical stocks.

    ‘Great risk of torture’

    On Thursday, UN experts said they were “gravely concerned” about the fate of Dr. Abu Safiya, and called on Israeli authorities, as the occupying power in Gaza, to “respect and protect the right to life.”

    “The heroic actions of Palestinian medical colleagues in Gaza, teach us what it means to have taken the medical oath. They are also a clear signal of a depraved humanity that has allowed a genocide to continue for well over a year,” the experts said in a statement.

    More than 1,057 Palestinian health and medical professionals have been killed in Gaza, according to the statement.

    PHRI said it “highlighted [to the High Court] that this case is part of a broader pattern of non-disclosure and unreliable information provided by the Israeli military and prison authorities regarding Palestinian detainees.”

    Amnesty International secretary general Agnes Callamard said on X on Thursday that the rights group is “extremely alarmed by the latest information we have received regarding the whereabouts of Dr. Hussam Abu Safiyyah.”

    She added that he is “at great risk of torture and ill-treatment,” demanding that Israel reveal where he is.

    This post appeared first on cnn.com

    Stock futures are trading slightly lower Monday morning as investors gear up for the final month of 2024. S&P 500 futures slipped 0.18%, alongside declines in Dow Jones Industrial Average futures and Nasdaq 100 futures, which dropped 0.13% and 0.17%, respectively. The market’s focus is shifting to upcoming economic data, particularly reports on manufacturing and construction spending, ahead of this week’s key labor data releases.

    November was a standout month for equities, with the S&P 500 futures rallying to reflect the index’s best monthly performance of the year. Both the S&P 500 and Dow Jones Industrial Average achieved all-time highs during Friday’s shortened trading session, with the Dow briefly surpassing 45,000. Small-cap stocks also saw robust gains, with the Russell 2000 index surging over 10% in November, buoyed by optimism around potential tax cuts.

    As trading kicks off in December, investors are keeping a close eye on geopolitical developments in Europe, where France’s CAC 40 index dropped 0.77% amid political concerns, while Germany’s DAX and the U.K.’s FTSE 100 showed smaller declines.

    S&P 500 futures will likely continue to act as a key barometer for market sentiment, particularly as traders assess the impact of upcoming economic data and global market developments.

    S&P 500 Index Chart Analysis

    This 15-minute chart of the S&P 500 Index shows a recent trend where the index attempted to break above the resistance level near 6,044.17 but retraced slightly to close at 6,032.39, reflecting a minor decline of 0.03% in the session. The candlestick pattern indicates some indecisiveness after a steady upward momentum seen earlier in the day.

    On the RSI (Relative Strength Index) indicator, the value sits at 62.07, having declined from the overbought zone above 70 earlier. This suggests that the bullish momentum might be cooling off, and traders could anticipate a short-term consolidation or slight pullback. However, with RSI above 50, the overall trend remains positive, favoring buyers.

    The index’s recent low of 5,944.36 marks a key support level, while the high at 6,044.17 could act as resistance. If the price sustains above the 6,020 level and RSI stabilizes without breaking below 50, the index could attempt another rally. Conversely, a drop below 6,020 could indicate a bearish shift.

    In conclusion, the index displays potential for continued gains, but traders should watch RSI levels and price action near the support and resistance zones for confirmation.

    The post Stock Futures Lower after S&P 500 futures ticked down 0.18% appeared first on FinanceBrokerage.

    Stock futures climbed on Wednesday, driven by strong performances from Salesforce and Marvell Technology, following upbeat quarterly earnings. Futures tied to the Dow Jones Industrial Average rose by 215 points (0.5%), while S&P 500 futures gained 0.3%, and Nasdaq-100 futures advanced by 0.7%.

    Salesforce surged 12% after reporting fiscal third-quarter revenue that exceeded expectations, showcasing robust demand in the enterprise software sector. Meanwhile, chipmaker Marvell jumped 14% after surpassing earnings estimates and providing optimistic fourth-quarter guidance, indicating resilience in the semiconductor industry.

    This movement follows a mixed session on Wall Street, where the S&P 500 and Nasdaq closed with small gains, while the Dow dipped slightly. The broader market has experienced a modest start to December, contrasting with November’s robust rally, but analysts anticipate a resurgence in momentum. LPL Financial’s George Smith pointed out that December historically sees strong market performance, particularly in the latter half of the month.

    However, economic data introduced some caution. ADP’s report revealed that private payrolls grew by just 146,000 in November, missing estimates of 163,000. This signals potential softness in the labor market, with investors now awaiting Friday’s November jobs report for further clarity.

    S&P 500 Index Chart Analysis

    Based on the provided stock chart, which appears to be a 15-minute candlestick chart for the S&P 500 Index, here’s a brief analysis:

    The chart shows a clear upward trend, with higher highs and higher lows indicating bullish momentum over the analyzed period. The index has steadily climbed from a low of approximately 5,855 to a recent high of 6,053.58, suggesting strong buying interest.

    Key resistance is observed near 6,050-6,053 levels, as the price has struggled to break above this zone in the most recent sessions. If the index breaches this level with strong volume, it could lead to further upward movement. Conversely, failure to break out may lead to a pullback, with potential support around the 6,000 psychological level and 5,980, where consolidation occurred previously.

    The candlestick patterns show relatively small wicks, indicating limited volatility, which could imply steady market confidence. However, the bullish rally could be overextended, warranting caution for traders, especially if any negative catalysts emerge.

    In summary, the short-term trend is bullish, but traders should monitor resistance levels and volume for signs of a breakout or reversal. It’s also essential to watch broader market factors, as indices are often influenced by macroeconomic data and sentiment.

    The post S&P 500 climbed 0.3%, and Nasdaq-100 futures jumped 0.7% appeared first on FinanceBrokerage.