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Ukraine’s large-scale drone attack on Russian air bases thousands of miles behind the front lines is the latest in a long line of daring missions by Ukraine’s forces against its giant neighbor.

The operation, more than a year and a half in the making, involved drones being smuggled into Russian territory and hidden in wooden mobile houses atop trucks, according to a source in the SBU, Ukraine’s domestic intelligence agency.

The strikes caused an estimated $7 billion in damages and hit 34% of Russia’s strategic cruise missile carriers at its main air bases, the source said. The assault also showed that Ukraine still has the ability to pressure Russia even as Moscow ramps up its own attacks and offensive operations.

Here’s a look at some of the Ukrainian force’s most significant hits during the war:

Undercover drones

Analysts have called Ukraine’s Sunday drone attack on the bomber bases the most significant by Kyiv since the beginning of the war.

More than 40 aircraft were known to have been hit in the operation, according to an SBU security source, including TU-95 and Tu-22M3 strategic bombers and one of Russia’s few remaining A-50 surveillance planes.

The Tu-22M3 is Russia’s long-range missile strike platform that can perform stand-off attacks, launching missiles from Russian airspace well behind the front lines to stay out of range of Ukrainian anti-aircraft fire.

Russia had 55 Tu-22M3 jets and 57 Tu-95s in its fleet at the beginning of the year, according to the “Military Balance 2025” from the International Institute for Strategic Studies think tank.

The Tu-95 joined the Soviet Union air force in the 1950s, and Russia has modified them to launch cruise missiles like the Tu-22.

Military aviation expert Peter Layton said the loss of the bombers, which could carry the heaviest and most powerful cruise missiles, mean Russia will need to rely more on drones for future attacks on Ukraine.

Outside the immediate air war, the attack on the air bases will be a major distraction for Russian President Vladimir Putin, said Carl Schuster, a former director of operations at the US Pacific Command’s Joint Intelligence Center, now a military analyst in Hawaii.

“Putin will direct more resources to internal security after such a domestic security failure,” Schuster said.

“Ukraine was able to deploy dozens of containers with drones to within line of sight of major Russian strategic bases and launch massive air strikes. Can you imagine explaining that one to Putin?”

The sinking of the pride of Russia’s Black Sea fleet

One of Ukraine’s first major wins was the sinking of the cruiser Moskva, the pride of Russia’s Black Sea fleet, in the early months of war.

The Moskva was one of the Russian Navy’s most important warships and its sinking represented a massive blow to Moscow’s military, which at the time was struggling against Ukrainian resistance 50 days into Putin’s invasion.

In April, 2022, Ukraine’s Operational Command South claimed the Moskva had begun to sink after it was hit by Ukrainian Neptune anti-ship missiles.

Russia, meanwhile said a fire broke out on the guided-missile cruiser, causing munitions aboard to explode, inflicting serious damage to the vessel, and forcing the crew of the warship to be evacuated.

Analysts said its loss struck hard at the heart of the Russian navy as well as national pride, comparable to the US Navy losing a battleship during World War II or an aircraft carrier today.

What followed was a string of naval defeats for Moscow’s Black Sea Fleet.

In early 2024, six sea drones, powered by jet skis, felled a Russian guided missile ship, the Ivanovets. Night-time footage released by the Ukrainians showed Russians firing at the drones as they raced toward the Ivanovets, before at least two drones struck the side of the ship, disabling it and causing massive explosions.

Damage to the Kerch bridge

Built following Russia’s 2014 annexation of Crimea, the 12-mile Kerch bridge was a vital supply line for Moscow’s war effort in Ukraine and a personal project for Putin, embodying his objective to bind the peninsula to Russia.

Russia built the bridge at a cost of around $3.7 billion

In July, 2023, Ukrainian security services claimed to have blown up the bridge using an experimental sea drone. The attack caused damage to the road lanes of the bridge, and, according to Russian officials, killed two civilians.

The bridge is a critical artery for supplying Crimea with both its daily needs and supplies for the military.

Mysterious assassinations

A number of high profile Russian military figures have been killed inside the country over the past year. Crucially, Ukraine has never claimed the killings but it is notable that many of those killed played prominent roles in Moscow’s .

Last month, Russian deputy mayor and prominent veteran of the war, Zaur Aleksandrovich Gurtsiev, was killed in an explosion in southern Russia. Russian authorities said they were investigating all options into the killing, “including the organization of a terrorist attack” involving Ukraine.

Gurtsiev had been involved in the Russian attacks on the Ukrainian port city of Mariupol, which destroyed about 90% of residential buildings, according to United Nations estimates.

Gurtsiev had “introduced his developments in the technology of targeting missiles, which allowed them to increase their accuracy and effectiveness many times over,” according to the “Time of Heroes” program.

In April, Russian authorities charged a “Ukrainian special services agent” with terrorism, after he was detained in connection with a car explosion that killed Russian General Yaroslav Moskalik, the deputy head of the Main Operations Directorate of the General Staff of the Russian Armed Forces.

And in February Armen Sarkisyan, the founder of a pro-Russian militia group in eastern Ukraine – described by authorities in Kyiv as a “criminal mastermind” – died following a bombing in central Moscow. The bombing took place in an upmarket residential complex in the capital city, Russian state media outlet TASS reported at the time.

Ukraine has never claimed the killings but it is notable that high-profile figures have been assassinated in Russian territory.

This post appeared first on cnn.com

Erin Patterson, the Australian woman accused of killing three people and attempting to kill a fourth with a meal laced with death cap mushrooms, has taken the stand in her own defense at a trial that has captured worldwide attention.

On Monday, the start of the sixth week of the trial, Patterson told the court about her relationship with her estranged husband Simon, whose parents, Don and Gail Patterson, were among the guests who died after attending lunch at her house in July 2023.

Gail’s sister, Heather Wilkinson, also died after eating Beef Wellington at lunch, but her husband, Ian Wilkinson, a pastor at their local church, survived after spending several weeks in hospital with acute poisoning from Amanita phalloides, the world’s most toxic mushrooms.

Prosecutors allege that Patterson, who has pleaded not guilty to all charges, deliberately laced the beef dish with lethal mushrooms, after seeing their location posted on a public website. Her defense lawyers argue the deaths were a “terrible accident,” and while they acknowledge Patterson, 50, repeatedly lied to police, they say she didn’t intend to kill her guests.

The mother of two told the court that her relationship with her husband was merely “functional” in July 2023, and that she had started becoming concerned that he wasn’t involving her in family gatherings anymore.

Her self-esteem was low, and she was so unhappy with her weight that she was considering gastric bypass surgery, she told the court.

“I’d been fighting a never-ending battle of low self-esteem most of my adult life, and the further inroads I made into being middle aged, the less I felt good about myself,” she said.

How Erin Patterson met her husband

Patterson’s defense attorney Colin Mandy SC asked her about the start of her relationship with Simon Patterson, the father of their two children. Patterson told the court she met Simon in 2004 at work at Monash City Council, in the Australian state of Victoria. They were friends at first, before a romance developed several months later.

They married in 2007, at a service attended by Don and Gail Patterson and Ian and Heather Wilkinson. Erin’s parents were on holiday when she got married, so Ian Wilkinson’s son David walked her down the aisle, she told the court.

Patterson said she was “very atheist” when she met Simon. “I was trying to convert him to being an atheist, but things happened in reverse, and I became Christian,” she told the court.

She said she had a “spiritual experience” during her first church service in 2005 at Korumburra Baptist Church, where Pastor Ian Wilkinson delivered the sermon. “I had what I would call a religious experience there, and it quite overwhelmed me,” she said

A traumatic birth

Patterson recalled the traumatic delivery of her first child, who was born by emergency cesarian, after an attempt with forceps failed. Her son spent some time in the intensive care unit, and Patterson said she discharged herself against medical advice so she could go home to be with her newborn.

Patterson spoke about the support Simon’s mother Gail gave her as she cared for her son. “She gave me good advice … relax and enjoy your baby,” she said.

When they were living in Perth, Western Australia, the couple briefly separated for the first time. In 2009, Patterson rented a cottage for herself and their baby, she told the court, while her husband rented a trailer close by. They reunited in January 2010. A second baby came later.

During the course of their relationship, Patterson told the court there were periods of separation.

“What we struggled with over the entire course or our relationship… we just couldn’t communicate well when we disagreed about something,” she said. “We could never communicate in a way that made each of us feel heard or understood, so we would just feel hurt and not know how to resolve it.”

Patterson will resume giving evidence on Tuesday.

This post appeared first on cnn.com

Canada’s mining sector is gaining momentum, with over 130 projects with a total value of C$117.1 billion now planned or in construction, according to Natural Resources Canada’s 2024 inventory. That’s an increase of nine projects and C$23.5 billion from the previous year, signaling strong interest in resource development.

Yet despite this growth, the path to production remains slow. A study published in FACETS and cited by the Mining Association of Canada shows that the average timeline from discovery to production exceeds 17 years, highlighting the pressing need to streamline Canada’s complex and often lengthy permitting process.

Although miners, explorers and developers have long criticized the decades-long process, Canada’s federal and provincial governments have only recently begun working to expedite the process in an effort to harness the country’s vast critical minerals potential and assert the nation’s dominance in resource extraction.

The federal government has committed to expediting and streamlining the permitting process, laying out ambitious targets in its 2024 budget. Those goals include completing federal impact assessments and permitting for designated mining projects within five years, and within two years for non-designated projects.

Achieving these targets will involve establishing a federal mining permitting coordinator, enhancing funding for federal review authorities and promoting concurrent regulatory reviews to reduce duplication and delays

Provincial governments also play a significant role in mining project approvals.

A May 2025 report from the Mining Association of BC, outlines the economic potential of 27 advanced-stage mining projects in the province totaling more than C$90 billion. The projects highlighted in the report are described as new; however, there are several past-producing assets that are being offered a new lease on life.

One of those projects is Blue Lagoon Resources’ (CSE:BLLG,OTCQB:BLAGF) Dome Mountain gold project.

Located 50 minutes from Smithers, the 22,000 hectare property hosts the historic Dome Mountain mine, where past exploration and development were focused on the Boulder Vein, initially discovered in the 1980s.

In February, Blue Lagoon secured the final permit needed to advance its Dome Mountain project, clearing the way for production to begin in Q3 2025. The permit — one of just nine mining permits granted in BC since 2015 — marks a significant milestone for the junior miner, and positions the company to transition from an explorer to a gold and silver miner.

The path to production at Dome Mountain

Although Dome Mountain was in production between 1980 and 1993 under different management, securing permits to restart activity at the 30 year old brownfield proved as complex as starting up a greenfield project.

“It wasn’t easy at all,” said Vig. “They say that it takes over 15 years to get a mine permit in BC, and people are congratulating us that we got it in just under five. And personally, I thought it was four years too late.”

He went on to note, “Imagine being in any business that you have to wait. You know, you open up your restaurant, but then you have to wait for five years to open it. I mean, it’s incredibly difficult to get a mining permit”

Indeed, BC has one of Canada’s longest permitting processes. A 2019 report from Resource World notes that it takes six months on average to get an exploration permit in Canada. However, in BC, it can take 15 to18 months.

National and provincial critical minerals strategies have been established over the last six years, and parties on both sides of the aisle have promised policy reforms. But Vig underscored the challenges that remain.

“I think we want to believe that,” he said of the notion that the permitting process will be expedited through the critical minerals push. “I think the politicians are certainly saying that, but I’m not so confident that the execution can be there,” he continued. “Because, you know, you’ve got many factors. You’ve got the infrastructure of the government itself, the bureaucracy. There are only so many people that are able to process these applications.”

Indigenous consultation and permitting with purpose

A key requirement in the permitting process is Indigenous community consultation, engagement and approval, an area provincial governments have struggled to seamlessly integrate into the process.

For Blue Lagoon, communication and consultation with the Lake Babine Nation started early and remains a key tenet.

The Lake Babine Nation is one of BC’s largest Indigenous communities, with over 2,500 registered members. Its traditional territory surrounds Babine Lake, the province’s longest natural lake.

“We have a great relationship with the Lake Babine Nation,” said Vig. “You know, honestly, it was a very simple process. It’s a philosophy, that is very rudimentary, certainly in my culture.” Vig, who is of Indian heritage, moved to Canada in 1972 with his family, credits those formative years for fostering his deep sense of respect.

“My whole upbringing is all about respect. So for us, it was very simple — respect the people, respect the land,” he said, adding that a lot of it was common sense. “Protect the water, protect the land and make sure you don’t damage it as you go along (are) good practices (for) any business,” Vig emphasized.

Water conservation and protection is especially important to Blue Lagoon, an issue Vig described as “a way of life” due to its significance for fishing and cultural practices.

‘You don’t wait to be asked — you take the initiative to understand what matters most,” he said.

As he explained, provincial regulatory requirements called for water testing at five sites along a specific stream, and Blue Lagoon chose to conduct testing at nine locations instead.

“It’s really unheard of in our industry, to the best of my knowledge. We didn’t just do what was required of us. We like to go above and beyond to make sure. And when you do things like that, I think the sincerity comes across,” he said.

Financing in a tough market

Another challenge junior miners are facing is accessing funding. Investors who once used added liquidity to the space have moved to other sectors like tech, leaving mining coffers on the decline.

Blue Lagoon has been fortunate in terms of capital raising; the company completed the final tranche of its most recent private placement in late April, raising C$2.23 million through the issuance of 8.9 million units at C$0.25 each.

The full offering brought in C$4.87 million over four tranches, fully funding Dome Mountain to production.

Blue Lagoon’s ability to fast track its permitting and funding process were praised by mining committee chair Yannis Tsitos, who has more than two decades of experience in the mining sector working for companies like global commodities giant BHP (ASX:BHP,NYSE:BHP,LSE:BHP). Drawing on his history with large-scale operations, Tsitos described the Blue Lagoon’s approach as unusually nimble and disciplined.

“We haven’t cut a single corner,” he said, noting that while major players can afford to raise hundreds of millions upfront, most juniors must build organically. “What’s impressive is how this team — led by Rana — used creativity and persistence to move forward without delay,” he added. “It’s not about size; it’s about profitability and execution.”

He emphasized that Dome Mountain’s 15,000 ounce per year potential is just the beginning.

“Every major company started with one mine,” said Tsitos. “This could be the first step in something much bigger, and it’s happening right here in BC, which is hungry for investment.”

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

This post appeared first on investingnews.com

Harmony Gold Mining Company’s (NYSE:HMY,JSE:HAR) wholly owned Australian subsidiary, Harmony Gold (Australia), has entered into a binding agreement to acquire MAC Copper (NYSE:MTAL,ASX:MAC).

MAC is the owner of the CSA copper mine in New South Wales. Its annual production comes to approximately 40,000 metric tons of copper, with 2024 output totaling 41,000 metric tons of the red metal.

The transaction is priced at US$12.12 per MAC share in cash, implying a total equity value of US$1.03 billion for MAC.

“(This acquisition) is significant as it introduces a high-quality, established underground producing copper asset to the Harmony portfolio,” said Harmony Gold CEO Beyers Nel in a Tuesday (May 27) press release.

“The operation is a logical fit with the portfolio given it meets Harmony’s core investment criteria, including increasing free cash flow generation while improving margins at long-term expected commodity prices.”

Located 700 kilometers west-northwest of Sydney in the Cobar region, CSA has a history that stretches back at least 150 years. Its reserve life stands at over 12 years, and it has maintained a stable resource over the last decade.

Harmony believes CSA will be a valuable addition to its sole Australian asset, Eva, in Northwest Queensland. Harmony acquired Eva in December 2022, and believes it is set to become the state’s biggest copper mine.

According to the company, Eva and CSA could together boost its copper production on the east coast of Australia to 100,000 metric tons annually over the course of the next five years.

The transaction remains subject to certain conditions, but MAC’s board has unanimously recommended that shareholders vote in favor of the scheme. Should everything follow to schedule, the deal is expected to close in Q4.

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

At least 26 Palestinians have been killed after Israeli forces opened fire on Sunday near a southern Gaza aid distribution center run by a controversial US-backed foundation, according to the Palestine Red Crescent Society.

“Crowds of citizens headed to receive food aid” from a site in the Rafah area, when Israeli forces opened fire, said a paramedic from the PRCS, the only medical professionals present in the area.

The GHF is a private organization backed by Israel and the United States. It was set up amid Israeli accusations that Hamas is stealing aid in Gaza and selling it for profit. Humanitarian organizations say there is no evidence of this, and Israel hasn’t presented any evidence publicly.

United Nations aid agencies have criticized the GHF’s aid mechanism, saying it violates humanitarian principles and raises the risks for Palestinians.

UN aid groups, such as UNRWA, typically check identification and rely on a database of registered families when distributing aid.

But the GHF is not screening Palestinians at aid distribution sites, despite Israeli officials saying that additional security measures were a core reason for the creation of the new program.

Criticism has been mounting against both Israel and the GHF after chaos broke out last week when tens of thousands of starving Palestinians arrived at two new food distribution sites.

According to Palestinian Ministry of Health figures from before Sunday’s incident, 11 people have been killed and dozens injured since the aid distribution sites have opened. The GHF said on Thursday that no one has been killed or injured since the distribution of aid began last week.

The statement added that it has provided more than 4.7 million meals in six days, including delivering 16 truckloads of food on Sunday morning, providing over 887,000 meals.

In a statement issued Sunday, the GHF said it will “continue scaling, with plans to build additional sites across Gaza, including in the northern region, in the weeks ahead.”

Aid was distributed “without incident,” read the statement, with the group adding it was “aware of rumors being actively fomented by Hamas suggesting deaths and injuries today.”

However, a mixed picture appears on the ground with claims of the aid distributed believed to be inaccurate.

The GHF also claims the reports of “deaths, mass injuries and chaos” at its sites are “false.”

“They are untrue and fabricated,” the statement continued.

This is a developing story and will be updated.

This post appeared first on cnn.com

Growing up in Brazil, neuroscientist Danielle Beckman always dreamed of moving to the US for work. So, in 2017, when Beckman got the opportunity to work at the California National Primate Research Center at UC Davis, she jumped on it.

“I was so excited,” she recalled. “Coming to the US was always the dream. It was always the place to be, where there’s the biggest investment in science.”

But months into President Donald Trump’s second term, as his administration wages an unprecedented war on the country’s top universities and research institutions, Beckman no longer sees the US as a welcome home for her or her research, which focuses on how viral infections like Covid-19 affect the brain.

Beckman is part of a growing wave of academics, scientists and researchers leaving the US in what many are warning could be the biggest brain drain the country has seen in decades.

But America’s loss could be the rest of the world’s gain.

As the Trump administration freezes and slashes billions of dollars in research funding, meddles with curricula, and threatens international students’ ability to study in the US, governments, universities and research institutions in Canada, Europe and Asia are racing to attract fleeing talent.

The European Union pledged €500 million ($562 million) over the next three years “to make Europe a magnet for researchers.”

A university in Marseille, France, is wooing persecuted academics under a new program called a “Safe Place for Science.” Canada’s largest health research organization is investing 30 million Canadian dollars ($21.8 million) to attract 100 scientists early in their careers from the US and elsewhere. The Research Council of Norway launched a 100 million kroner ($9.8 million) fund to lure new researchers. The president of Singapore’s Nanyang Technological University recently told a crowd at a higher education summit the school is identifying “superstar” US researchers and making them offers as soon as the next day.

The Australian Academy of Science also launched a new talent program to recruit disillusioned US-based scientists and lure Australians back home.

“We know these individuals are highly trained, talented, and have much to offer,” said Anna-Maria Arabia, chief executive of the academy, noting the program has received “encouraging interest” so far.

“It’s vitally important that science can continue without ideological interference,” Arabia said.

The US could lose its scientific edge

The US has long been a powerhouse when it comes to research and development, attracting talent from far afield with its big budgets, high salaries and swanky labs.

Since the 1960s, US government expenditure in research and development (R&D) has more than doubled from $58 billion in 1961 to almost $160 billion in 2024 (in inflation-adjusted dollars), according to federal data. When incorporating R&D funding from the private sector, that number balloons to more than an estimated $900 billion in 2023.

The US’s enormous investment in R&D has led to an outsized influence on the world stage. The US has racked up more than 400 Nobel Prizes, more than double the amount of the next country, the United Kingdom. More than a third of the US’s prizes were won by immigrants.

“We have been respected worldwide for decades because we have trained succeeding generations of researchers who are pushing into new territories,” said Kenneth Wong, a professor of education policy at Brown University.

But Trump’s second term has upended the relationship between higher education and the federal government.

Trump’s gutting of federal health and science agencies has led to sweeping job losses and funding cuts, including at the National Institutes of Health, which funds nearly $50 billion in medical research each year at universities, hospitals and scientific institutions.

Between the end of February and the beginning of April, the administration cancelled almost 700 NIH grants totaling $1.8 billion, according to an analysis in the Journal of the American Medical Association. The Trump administration has proposed reducing the NIH’s budget in 2026 by 40%.

The National Science Foundation has also slashed nearly $1.4 billion worth of grants. On Wednesday, 16 US states sued the Trump administration over the NSF cuts, which they argue will impede “groundbreaking scientific research” and “(jeopardize) national security, the economy and public health.”

Trump has also targeted elite universities and is in the middle of a legal battle with Harvard University over its refusal to bow to his administration’s directives to eliminate diversity, equity and inclusion programs, resulting in billions in frozen federal funding. That battle significantly escalated this month when Trump banned Harvard’s ability to enroll international students – a decision swiftly halted by a federal judge hours after Harvard filed suit.

This week, the White House directed federal agencies to cancel all remaining contracts with Harvard.

“The president is more interested in giving that taxpayer money to trade schools and programs and state schools where they are promoting American values, but most importantly, educating the next generation based on skills that we need in our economy and our society: apprenticeships, electricians, plumbers,” White House Press Secretary Karoline Leavitt said on Fox News this week.

“We need more of those in our country, and less LGBTQ graduate majors from Harvard University.”

‘I don’t feel so welcome’

Foreign institutions have already jumped on the chance to welcome Harvard students now caught in legal limbo. On Monday, Hong Kong University of Science and Technology said it will accept any Harvard students that wish to transfer, as well as prospective students with a current offer from Harvard.

“I see this as the most significant crisis that universities are facing since World War Two,” Wong said. “We are seeing a complete reset of this collaborative relationship between the federal government and leading research institutions.”

Once the beacon of scientific research, the US has now become an increasingly hostile place to study, teach, and do research. Three quarters of US scientists surveyed by the journal Nature in March said they were considering leaving because of the Trump administration’s policies.

Some have already jumped ship. Yale professors Jason Stanley, Marci Shore and Timothy Snyder, preeminent fascism scholars, announced in March they were leaving for the University of Toronto across the border in Canada because of Trump’s affronts to academic freedom.

Beckman, the Brazilian neuroscientist, said her lab has seen $2.5 million in grant funding cancelled in recent months. On top of these funding woes, Beckman said the Trump administration’s crackdown on immigrants, and shifting attitudes towards foreigners in the US, has also pushed her to look for work elsewhere.

“It’s the first time since I moved here that I don’t feel so welcome anymore,” she said.

As the US research ecosystem responds to shrinking budgets and intrusions on academic freedom, early-career scientists are going to be hardest hit, Wong said. But younger researchers are also more mobile, and institutions around the world are welcoming them with open arms.

“What we are losing is this whole cadre of highly productive, young, energetic, well-trained, knowledgeable, advanced researchers who are primed to take off,” Wong said.

Other countries have long deprioritized investment in scientific research as the US absorbed the R&D needs of the world, Wong said. But that trend is shifting.

R&D spending in China has surged in recent decades, and the country is close to narrowing the gap with the US. China spent more than $780 billion on R&D in 2023, according to OECD data. The European Union is also spending more on R&D. R&D investment in the bloc has increased from about $336 billion in 2007 to $504 billion in 2023, according to the OECD.

For a couple of months, Beckman said she considered stepping away from her Covid-19 research, which has become increasingly politicized under the Trump administration.

But then she started getting interviews at institutions in other countries.

“There is interest in virology everywhere in the world except the US right now.”

This post appeared first on cnn.com

Over the past five sessions, the Indian equity markets headed nowhere and continued consolidating in a defined range. In the previous weekly note, it was categorically expected that the markets might stay devoid of any directional bias unless they either take out the upper edge or violate the lower edge of the consolidation zone. In line with the analysis, the Nifty oscillated in a 401.90-point range over the past five days. The volatility also retraced; the India Vix came off by 6.95% to 16.08 on a weekly basis. While staying absolutely range-bound, the headline index Nifty 50 closed with a minor weekly loss of 102.45 points (-0.41%).

As we step into the new week, the markets find themselves in a defined trading range, more toward the edge of the pattern support on the weekly chart. The Nifty appears to continue being in a well-defined trading range between 25100 and 24500 levels. This also implies that a directional trend would emerge only if the Nifty takes out 25100 convincingly or ends up violating the 24500 level. Unless either of these two things happens, the markets will remain devoid of directional bias and will continue staying in this defined range. The present technical structure makes it even more important to maintain a steadfast focus on protecting profits at higher levels and the rotation of sectors where a likely leadership change is visible.

The coming week is expected to see the levels of 25000 and 25175 acting as resistance points. The supports come in at 24500 and 24380 levels.

The weekly RSI is at 59.02; it stays neutral and does not show any divergence against the price. The weekly MACD is bullish and remains above its signal line.

The pattern analysis shows that after forming the most recent swing high at 25116, the Nifty has resisted this level for two subsequent weeks. This makes the level of 25100-25150 an important hurdle for the Nifty. Secondly, the Index has closed just at the support of an upward rising trendline; if this gets violated, the markets may see some more corrective retracement. Overall, the zone of 24500-24600 remains a crucial support area for the markets.

While the Nifty stays in the 25100-24500 zone and consolidates, focusing on protecting profits at higher levels would be wise. While the market keeps its underlying trend intact, it continues to remain prone to some extended corrective retracement until the levels of 25100 are taken out on the upside convincingly. During this phase, it makes more sense to keep leveraged exposures at modest levels and stay highly selective in making fresh purchases. While limiting the purchases to favorably rotating sectors, a cautious outlook is recommended for the coming week.


Sector Analysis for the coming week

In our look at Relative Rotation Graphs®, we compared various sectors against the CNX500 (NIFTY 500 Index), representing over 95% of the free-float market cap of all the listed stocks. 

Relative Rotation Graphs (RRG) show that the Nifty PSU Bank Index is the only Index inside the leading quadrant that continues to improve its relative momentum against the broader markets. The other sectors present inside the leading quadrant are PSE, Infrastructure, Consumption, and FMCG, and these groups show continued paring of relative momentum against the broader markets.

The Nifty Commodities and the Nifty Bank Index have rolled inside the weakening quadrant. The Financial Services and the Services sector Indices are also inside the weakening quadrant.

The Nifty Metal Index has rolled inside the lagging quadrant. It is likely to relatively underperform along with the Pharma Index which also continues to languish inside this quadrant. The IT Index is also inside the lagging quadrant, but is seen sharply improving its relative momentum against the broader markets.

The Realty, Media, Energy, Midcap 100, and Auto Indices are inside the improving quadrant. They are likely to continue improving their relative performance against the broader Nifty 500 Index.


Important Note: RRG charts show the relative strength and momentum of a group of stocks. In the above Chart, they show relative performance against NIFTY500 Index (Broader Markets) and should not be used directly as buy or sell signals.  


Milan Vaishnav, CMT, MSTA

Consulting Technical Analyst

www.EquityResearch.asia | www.ChartWizard.ae


The gold price saw peaks and troughs this week.

After rising to almost US$3,350 per ounce on Monday (May 26), the yellow metal took a dive, dropping just below the US$3,260 level on May 28 (Wednesday). It was back on the rise the next day, hitting US$3,324.

Trade tensions were in focus throughout the period.

Concerns lessened early in the week, when US President Donald Trump said he would delay raising tariffs on the EU, but uncertainty ratcheted back up on Wednesday (May 28), when an American trade court issued a ruling that blocked most of his tariffs put in place by his administration.

“It is not for unelected judges to decide how to properly address a national emergency” — Kush Desai, White House spokesperson

The decision prompted a flurry of activity and backlash from Trump and his supporters, with a federal appeals court ultimately reinstating the tariffs on May 29 (Thursday).

The turmoil was beneficial for gold, as was news that the US economy shrank by 0.2 percent annually in Q1. The GDP estimate is the second of three from the Bureau of Economic Analysis, and comes in lower than the first calculation of a 0.3 percent contraction.

Bullet briefing — Glencore restructures, Anglo completes spinoff

Glencore restructuring move sparks M&A talk

Commodities giant Glencore (LSE:GLEN,OTC Pink:GLCNF) has quietly moved billions worth of global coal and ferroalloys assets into an Australian subsidiary.

The Australian Financial Review was the first to report the news, and it’s already sparked speculation about renewed M&A talks between Glencore and Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO). The two major companies reportedly engaged in discussions last year, but in the end did not move forward.

With this restructuring from Glencore and Rio Tinto’s CEO due to step down later this year, market watchers see potential for a deal to be done.

Anglo American spins off Valterra Platinum

Anglo American (LSE:AAL,OTCQX:AAUKF) made headlines elsewhere this week as the firm finished demerging its platinum-group metals unit, Valterra Platinum (JSE:VAL).

Valterra, formerly Anglo American Platinum, began trading on the Johannesburg Stock Exchange on May 28, and will have a secondary listing in London as of June 2.

Anglo made the decision to spin off Valterra after heading off a US$49 billion takeover bid from BHP (ASX:BHP,NYSE:BHP,LSE:BHP) last year. The company embarked on a restructuring plan that will see it hone in on copper and iron ore.

Interestingly, Valterra’s debut comes alongside a platinum price boost. The metal recently broke out to its highest level in about two years, nearly reaching US$1,100 per ounce.

Edward Sterck of the World Platinum Investment Council believes it’s too soon to tell whether the rise is sustainable, but he does see a ‘perfect storm’ brewing for platinum.

Here’s how he explained it:

I think platinum’s fundamentals are just highly attractive at the moment. You’ve got really constrained supply, you’ve got demand that is actually beginning to show some real signs of growth, driven principally by an inflection in jewelry demand and by ongoing growth in investment demand.

And so given those things are resulting in these really significant deficits — this is the third year of almost a million ounces of deficit out of an 8 million ounce market — those are just rapidly depleting those aboveground stocks … this has all generally come together as a perfect storm. We are seeing that tightness in the market, and I feel quietly optimistic that we’re going to see that long-awaited price response come through.

Watch the full interview for a more in-depth look at supply and demand dynamics for platinum.

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

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The Nigerian journalist has been accepted into Columbia Journalism School for a master’s degree and was on the cusp of applying for her US visa. “I don’t have any backup plan,” the 31-year-old said. “I put all my eggs in one basket – in Columbia… which is quite a risk.” She is due to start her degree in New York in August having already paid a hefty enrolment fee.

Akintade is among thousands of people across the globe who were thrown into limbo on Tuesday when the US State Department instructed its embassies and consulates to pause the scheduling of new student visa interviews as it plans to expand social media vetting for applicants.

It’s the latest in a series of moves by the Trump White House targeting higher education, starting with an ongoing fight with Harvard University and then dramatically expanding in scope.

‘A scary time to study in the US’

“It feels like a really scary and unsettling time for international students studying in the US,” said one Canadian student who has also been accepted by Columbia. “A lot of us chose to study in the US for its freedoms but now knowing that innocent social media posts could cost an education feels like censorship.”

“We were looking at a post from us at Pride, and my caption was simply a rainbow flag and then a trans flag. And I was on the phone with her ‘and I was like, do I have to take this down?’ Eventually we decided no, I could leave it up, but I changed the caption, I removed the trans flag. I don’t know how to feel about that,” the student said.

“I do think it’s real proof that it is a fear campaign that is incredibly successful,” she said, adding that she has deferred her place for this year after getting a job offer. “I changed the caption with the anticipation that it could get worse. Today it is one (issue) and tomorrow it will be another one.”

The State Department has required visa applicants to provide social media identifiers on immigrant and nonimmigrant visa application forms since 2019, a spokesperson said. In addition, it had already called for extra social media vetting of some applicants, largely related to alleged antisemitism. But it’s unclear what kind of post might pose a problem for an application from now on, or how these posts will be scrutinized.

British student Conrad Kunadu said he’d been grappling with an “internal conflict” over his offer to pursue a PhD in Environmental Health at Johns Hopkins University after monitoring the crackdown on US colleges “religiously” for the past few months.

After wondering whether he could manage his anxiety that “something (he) wrote in 2016” could get him deported, Kunadu decided to stay in Britain and study at Oxford University instead. Despite being grateful to have another option, he described his situation as a “lose-lose.”

“I wanted to study in the US not just because, for my interests in health security, it’s where all the talent and resources are, but because it’s the best way to make an impact on these issues at a global scale,” Kunadu said. Like many others, he can’t help but mourn the possible academic research and advances that now may never come to fruition.

Kunadu and another student who requested anonymity both mentioned being anxious about exploring topics in their studies that could be interpreted as dissent and ruffle official feathers.

Kagan described the visa halt as “one of many attacks on higher education and immigrants… two of the Trump administration’s favorite targets,” which in this case overlap. And while the directive is consistent with what the White House was already doing, he sees this as “an unprecedented attack in a non-emergency time.”

When asked whether those who had accepted college offers and were waiting for a visa appointment had any legal avenues available to them, Kagan was not encouraging. “If someone is trying to enter and not yet getting a visa, (that person) usually has nearly no recourse,” he said.

A sense of rejection

In the 2023-34 academic year, more than 1.1 million international students studied at US higher education institutions, according to a report from the the Institute of International Education.

For Nigerian journalist Akintade, who has always dreamed of studying at an Ivy League school, the feeling of rejection by the US is weighing heavily. “This is the message I’m getting: we don’t want you,” she said, with a deep sigh.

Lisa Klaassen, Nimi Princewill and Quinta Thomson contributed to this report

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New satellite images show that North Korea has deployed what appear to be balloons alongside its damaged 5,000-ton warship that has been laying on its side and partially submerged since a botched launch last week.

The stricken destroyer was the country’s newest warship and was meant to be a triumph of North Korea’s ambitious naval modernization effort. Instead, a malfunction in the launch mechanism on May 21 caused the stern to slide prematurely into the water, crushing parts of the hull and leaving the bow stranded on the shipway, state media KCNA reported, in a rare admission of bad news.

North Korean leader Kim Jong Un, who witnessed the failed launch in the northeastern city of Chongjin, called it a “criminal act” and ordered the country to swiftly repair the as-yet-unnamed ship before the late-June plenary session of the ruling Workers’ Party, calling it a matter of national honor.

Officials have since scrambled to undo the damage and punish those they claim are responsible, detaining four people in recent days, including the shipyard’s chief engineer.

Analysts say it appears balloons are being used in North Korea’s effort to swiftly repair the destroyer.

“It looks like what appear to be balloons have been installed not to refloat the ship, but to prevent the ship from further flooding,” said Rep. Yu Yong-weon, a South Korean National Assembly lawmaker and military analyst.

Retired United States Navy Cpt. Carl Schuster said if the objects are indeed balloons, they could have one of two purposes – either to prevent “low- to mid-level drone reconnaissance,” or to reduce the stress on the part of the ship still stranded on the pier.

“That is the area that is most likely to have been damaged, suffered the most severe damage and remains under intense stress while the forward area remains out of the water,” he said.

Nick Childs, senior fellow for naval forces and maritime security at the International Institute for Strategic Studies, said North Korea could be in danger of further damaging the ship if it’s using balloons to keep it afloat or raise it.

“It is highly likely that the ship is under quite a lot of stress anyway,” and lifting from above could compound those stresses, he said.

Normal procedure would be to get as much buoyancy as possible in the ship and then raise it from below, Childs said.

According to satellite images shared by Maxar Technologies, more than a dozen white, balloon-like objects have been deployed around the destroyer since May 23.

The images don’t appear to show any flotation bladders supporting the hull or the body of the ship, Schuster said – something the US might use in such a situation. He added that North Korea’s maritime industry might not be advanced enough for such techniques.

North Korean state media had previously reported that the damage was less severe than initially feared, and that there were no holes in the hull, though it was scratched along the side and some seawater had entered the stern. It estimated repairs could take about 10 days – though analysts are skeptical.

The ship’s precarious position also makes the salvage operation unusually complex. “Having it half in and half out of the water is basically the worst possible situation,” said Decker Eveleth, an associate research analyst at CNA, a nonprofit specializing in defense research.

He added that the operation would be simpler if the ship had fully capsized into the water, or if it had fallen over entirely on land. “But as it’s half on land and half on water – if you try to pull the sunken half out, you’re risking twisting and breaking the keel,” Eveleth said, referring to the structural spine running along the ship’s bottom. “And if you do that, the whole ship is junk.”

Childs said North Korea may have to cut the ship into pieces and then try to salvage what it can because righting it from its current position is an extremely complex task.

“Very often the only way you clear the dock … is to dismantle at least part of the ship to make the operation easier, right what you have left and tow it away and make a decision on whether you rebuild it or scrap it,” he said.

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