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A Senate Republican has a list of more than a ‘trillion dollars worth of ideas ripe for a trim’ as the federal government shutdown continues. 

Office of Management and Budget Director Russ Vought has so far announced his plans to withhold nearly $30 billion in federal funding to blue states and cities, while Senate Democrats continue to block Republicans’ efforts to reopen the government.

And Sen. Joni Ernst, R-Iowa, has some ideas for even deeper cuts. In a letter to Vought, first obtained by Fox News Digital, Ernst laid out a plan that could result in over $2 trillion in cuts to federal spending.

Her letter comes as Senate Minority Leader Chuck Schumer, D-N.Y., and most Senate Democrats have remained steadfast in their opposition to the GOP’s short-term funding extension.

‘Schumer’s Shutdown has provided a golden opportunity to slash waste, fraud and abuse in Washington,’ Ernst said in a statement to Fox News Digital. ‘There is no one more fitting to lead the charge than Russ Vought.’

‘I have compiled a comprehensive list of more than $2 trillion of nonessential government expenditures that should be put on the chopping block to put taxpayers first, make Washington squeal and deliver a more efficient government,’ she continued.

Ernst, who chairs the Senate DOGE Caucus, which borrowed its moniker from tech billionaire Elon Musk’s Department of Government Efficiency (DOGE), wants to target tens of billions in expired and unexpired COVID-19 pandemic funding, consolidate unused federal office space and prevent taxpayers from ‘subsidizing’ the roughly $400 million per day in backpay owed to furloughed nonessential federal workers.

She also wants to go after nearly $1.6 trillion in unspent funding ‘stashed away in secret slush funds,’ clawback billions in the Biden-era electric vehicle charging station program, railroad projects in blue states, end research into ‘silly science projects’ like shrimp on treadmills, and streamline ‘duplication and unnecessary overlap within’ the Department of War, among many others.

‘This is by no means an exhaustive list, and I will be providing many more recommendations soon,’ Ernst wrote in the letter. ‘My team and I stand ready to help you make some prime cuts during this Schumer Shutdown.’

Meanwhile, there appeared to be no off-ramp in sight to end the now three-day government shutdown.

Senate Democrats are also unfazed by Vought and President Donald Trump’s desire to target their states and cities with cuts, with many arguing that the administration was already carrying out those tactics.

Still, Senate Republicans hope that enough Democrats peel off and vote to reopen the government. So far, three members of the Democratic caucus have done so — Sens. John Fetterman, D-Pa., Catherine Cortez Masto, D-Nev., and Angus King, I-Maine. 

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Speaker Mike Johnson, R-La., is sending a pointed signal to Senate Minority Leader Chuck Schumer, D-N.Y., as the 2025 government shutdown is poised to enter a second week.

The leader of the House of Representatives canceled chamber activities for next week, effectively directing lawmakers to remain in their home districts until at least Oct. 14.

Johnson appears to be raising the stakes on Senate Democrats, who keep refusing the GOP’s plan to fund government agencies on a short-term basis in favor of making demands on healthcare that Republicans are calling unreasonable.

Originally, the House had been slated to return to a regular legislative schedule on Oct. 7. The full House was last in session on Sept. 19.

Johnson warned earlier on Friday that the House may not return until Schumer and Democrats agreed with Republicans’ bill.

‘We passed it, and it’s been rejected by the Senate,’ the House speaker told reporters during a news conference. ‘So the House will come back into session and do its work as soon as Chuck Schumer allows us to reopen the government. That’s plain and simple.’

House Minority Leader Hakeem Jeffries, D-N.Y., told Fox News Digital during his own Friday news conference that he would summon his Democratic caucus back into D.C. next week whether Republicans were there or not.

Meanwhile, two sources told Fox News Digital earlier on Friday that it was one of several strategies that House GOP leaders were considering, but were waiting to see how the Senate’s Friday afternoon vote played out.

It was the fourth time Senate Democrats rejected the GOP’s funding plan, a mostly flat extension of fiscal year (FY) 2025 government funding levels. The measure, called a continuing resolution (CR), would also include $88 million in security funding for lawmakers, the White House and the judicial branch — which has bipartisan support.

But Democrats in the House and Senate were infuriated by being sidelined in federal funding talks. 

They have been pushing for an extension of Obamacare subsidies enhanced during the COVID-19 pandemic. Those enhancements would expire by the end of 2025 without congressional action.

Democrats have also introduced a counter-proposal for a CR that would keep the government funded through Oct. 31 while reversing the GOP’s cuts to Medicaid made in their ‘One Big, Beautiful Bill.’

The counter-proposal would have also restored federal funding to NPR and PBS that was cut by the Trump administration earlier this year.

Republicans have panned that plan as a non-starter full of partisan demands, while pointing out that Democrats have voted for a ‘clean’ measure similar to the GOP proposal 13 times during former President Joe Biden’s time in office.

Canceling next week’s House votes also puts off the probability that lawmakers would have to vote on making the Department of Justice release even more files related to Jeffrey Epstein.

Reps. Thomas Massie, R-Ky., and Ro Khanna, D-Calif., needed just one more person to sign onto a petition aimed at forcing a vote on the Epstein files — a signature they would have gotten if Rep.-elect Adelita Grijalva, D-Ariz., was sworn in next week following her special election victory.

House GOP leaders have panned that petition as unserious and superfluous, having already directed the House Oversight Committee to investigate the DOJ’s handling of Epstein’s case.

Johnson told Fox News Digital earlier this week that he was concerned the bipartisan measure was written in a way that it would not protect sensitive information regarding Epstein’s victims.

When asked about Johnson’s move during his own Friday news conference, Schumer told reporters, ‘Johnson and the House Republicans care more about protecting the Epstein files than protecting the American people.’

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President Donald Trump signed an order Monday offering a U.S. guarantee for Qatar’s security, a significant commitment for the rising non-NATO Arab ally.

‘The United States shall regard any armed attack on the territory, sovereignty, or critical infrastructure of the State of Qatar as a threat to the peace and security of the United States,’ the order, made public Wednesday, read in no uncertain terms.

‘In the event of such an attack, the United States shall take all lawful and appropriate measures — including diplomatic, economic, and, if necessary, military — to defend the interests of the United States and of the State of Qatar and to restore peace and stability.’

The guarantee represented a level of support typically offered to Washington’s closest allies. It came after Prime Minister Benjamin Netanyahu apologized to Qatari Emir Tamim bin Hamad Al Thani for a Sept. 9 Israeli strike on his territory. 

The strike was targeted at Hamas but killed one Qatari security official in the process.

Qatar also was attacked by Iran in June in a strike targeted at its U.S. base.

The order falls short of a NATO-style defense pact — it hasn’t been ratified by the Senate, so it isn’t binding.

It came as Netanyahu and Trump, during a visit to the White House Monday, announced a 20-point plan to end the war in Gaza, brokered with Qatari mediation. Hamas has not yet accepted the plan.

U.S. relations with Doha have come a long way since 2017, when Trump accused Qatar of harboring terrorism: ‘The nation of Qatar, unfortunately, has historically been a funder of terrorism at a very high level,’ Trump said at the time.

From there, Qatar became a major non-NATO ally to the U.S. in 2022 under President Biden and is home to Al Udeid Air Base, one of the U.S.’ largest Middle East bases and a key hub for U.S. Central Command operations.

The nation is now gifting the U.S. with a new plane to serve as Air Force One.

Qatar welcomed the president’s executive order in a statement saying it reflects ‘the strong and longstanding ties between Doha and Washington.’

‘Qatar remains committed to working with the United States and international partners as a trusted mediator to address shared challenges, advance conflict resolution through diplomatic means, and support sustainable peace in the region,’ the statement said.

A security guarantee has long been a goal for Qatar and other Gulf allies like Saudi Arabia and the United Arab Emirates.

The nation has hosted a Hamas political office since 2012, but local officials say they were asked to do so by the U.S. to establish a line of communication for negotiations.

Before Qatar was involved in mediating the Gaza ceasefire, it was a bridge for U.S. and Taliban talks before the withdrawal in 2021 and has worked on prisoner exchanges between Russia and Ukraine. This year it’s been involved with the U.S. in working out a peace agreement between Rwanda and the Democratic Republic of Congo, signed at the White House in June.

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Senate Democrats blocked Republicans’ attempt to reopen the government again, all but guaranteeing that the government shutdown rolls through the weekend.

After a day off to observe Yom Kippur, lawmakers made little progress in finding an off-ramp to end the shutdown, which entered its third day on Friday. And as the government remains closed, both sides appear to be digging further into their positions.

Senate Republicans’ attempt to reopen the government failed on a largely party-line 54-44 vote for a fourth time, with the same trio of Senate Democratic caucus members — Sens. John Fetterman, D-Pa.; Catherine Cortez Masto, D-Nev.; and Angus King, I-Maine — joining most Republicans in backing the bill.

Senate Majority Leader John Thune, R-S.D., plans to bring the bill to the floor again and again in a bid to chip away at Democrats’ largely unified front. He lamented the work that could be happening, like advancing spending bills and negotiating other bipartisan priorities, on the Senate floor rather than repeating the same exercise of trying to reopen the government. 

‘They have taken hostage the federal government and, by extension, the American people, who are the only losers in this,’ Thune said. ‘Everybody’s talking about who wins and who loses and who gets the blame. That’s not what this is about. This is about doing what’s in the best interest of the American people. And what’s in the best interest of the American people is keeping the government open and operating so it can continue to work on their behalf.’ 

Senate Democrats, led by Senate Minority Leader Chuck Schumer, D-N.Y., demand that they get a seat at the table to negotiate a bipartisan continuing resolution (CR).

Their main rallying cry has been pushing for an extension to expiring Obamacare tax credits, which Senate Republicans have said they would consider only after the government is reopened. While the credits don’t expire until the end of the year, Democrats argue that if Congress doesn’t act now, people who use Obamacare will see their healthcare premiums skyrocket.

‘We know Americans want this, and we know many of my Republican colleagues want this as well,’ Schumer said. ‘But failure to act would be devastating. And Republicans know it. Even Donald Trump knows it. He talked about it a little bit with us in the White House.’

When asked if the pressure would mount to a point where Democrats cave, Sen. Gary Peters, D-Mich., told Fox News Digital, ‘We’re on the right side of history right now.’

Republicans largely agree it is an issue that should be dealt with, but they also want reforms in the program rather than the blanket, permanent extension that Democrats suggested in their counter-proposal.

Some Democrats also view the shutdown as a way to stand up to President Donald Trump.

‘The truth is, we shut down the government because Republicans wouldn’t negotiate, because Donald Trump wants to shut down,’ Sen. Chris Murphy, D-Conn., said. ‘He’s just bragging in the Oval Office about how good a shutdown will be for him. And we’re going to talk about the consequences of Republicans continuing to push these giant healthcare increases on people and the consequences of a lawless president.’

The administration is not resting on its laurels either and has targeted funding in blue cities and states, along with threats of mass firings beyond the typical furloughs of nonessential federal employees to get congressional Democrats to blink.

Office of Management and Budget Director Russ Vought announced Friday that $2.8 billion in Chicago infrastructure project funding would be put on hold to prevent ‘race-based contracting,’ a move that came on the heels of $18 billion in infrastructure money in New York City and $8 billion in ‘Green New Scam’ funding from going to 16 blue states being withheld earlier this week.

Thune argued that the administration is what Democrats ‘have wrought’ by continuing to withhold their votes. 

‘They are allowing the administration to do the very thing that, back in March, they said they didn’t want to give them the authority to do,’ he said. ‘And that’s to make decisions just like that. But that’s what’s going to happen.’ 

Meanwhile, bipartisan talks are brewing in the background, though no real deal nor compromise has materialized.

There have been suggestions of extending the credits for another year after the government is reopened or doing a shorter CR to match up with the beginning of open enrollment on Nov. 1. But Republicans engaged in talks are more keen to keep the government open until at least Nov. 21 to allow appropriators to finish their work on spending bills.

‘Nobody’s married to any of this, but we’ve got to get the 45 days in effect first,’ Sen. Mike Rounds, R-S.D., said. 

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Japan is on track to get its first female prime minister after the leading conservative party elected Sanae Takaichi as its new leader. 

Takaichi, the former economic security minister of Japan, beat Agriculture Minister Shinjiro Koizumi, the son of popular former Prime Minister Junichiro Koizumi, in a runoff in an intraparty vote on Saturday by the ruling Liberal Democratic Party.

Takaichi is replacing Prime Minister Shigeru Ishiba as the party looks to regain public support and stay in power. 

Despite suffering major election losses, the Liberal Democratic Party remains by far the largest in the lower house and determines Japan’s leader because opposition groups are highly splintered.

In the first round of voting, Takaichi finished first with 183 votes and Agriculture Minister Shinjiro Koizumi placed second with 164. Because neither candidate reached a majority in the first round, the winner was determined in an immediate two-way runoff. 

The LDP, whose consecutive losses in parliamentary elections in the past year have left it in the minority in both houses, sought a leader who can quickly address challenges both domestic and international, while seeking cooperation from key opposition groups to implement its policies.

Takaichi, a hard-line conservative who’s cited former British Prime Minister Margaret Thatcher as her hero, has called for strengthening Japan’s military, and taking a tougher stance against China and North Korea. She also opposes same-sex marriage and retains ties to nationalist groups. 

Takaichi also faces a possible summit with President Donald Trump, who could demand that Japan increase its defense spending. A meeting is reportedly being planned for late October. Trump will travel to the Asia-Pacific Economic Cooperation summit in South Korea starting Oct. 31.

The LDP also needs help from the opposition, which it has long neglected. The party will likely look to expand its coalition with the moderate centrist Komeito with at least one of the key opposition parties, which are more centrist.

A parliamentary vote is expected in mid-October.  

The Associated Press contributed to this report.

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Minera Alamos (TSXV:MAI,OTCQX:MAIFF) announced that it has completed its purchase of the Pan gold mine and two development-stage projects in Nevada from Equinox Gold (TSX:EQX,NYSEAMERICAN:EQX).

The Toronto-based company said Wednesday (October 1) that it closed the previously announced transaction to acquire the Pan mine, along with the Gold Rock and Illipah projects in White Pine County.

Under the terms, Minera Alamos paid Equinox Gold roughly US$88 million in cash and issued nearly 97 million shares, leaving Equinox with a 9.15 percent stake in the company.

The company also secured a US$25 million gold prepayment facility with Auramet International, structured as a 24-month loan repayable in 7,830 ounces of gold.

Minera Alamos Chief Executive Darren Koningen said the acquisition provides both immediate production and a pipeline of late-stage assets.

“We are excited to close this transformational acquisition for Minera Alamos,” Koningen said. “The addition of the Pan gold mine, along with the Gold Rock and Illipah projects, provides immediate production and cash flow while significantly expanding our late-stage project development pipeline.”

Pan is a heap leach operation that has been producing around 40,000 ounces of gold annually. Combined with development plans at Copperstone, Cerro de Oro, and Gold Rock, Minera Alamos expects to eventually scale production to more than 175,000 ounces a year, according to earlier preliminary assessments.

Meanwhile, the sale allows Equinox Gold to retain exposure to the Nevada assets through its minority equity stake in Minera Alamos.

Equinox, which operates multiple mines across the Americas, said earlier it was looking to streamline its portfolio and recycle capital into core projects.

For Minera Alamos, the addition of the Pan mine provides steady cash flow, while Gold Rock and Illipah add long-term optionality. Both development projects are in Nevada’s Battle Mountain–Eureka trend, a region known for its high concentration of producing gold mines.

The Nevada acquisition represents the second major financing effort for Minera Alamos in less than two months.

The company expects near-term contributions from Pan while advancing development work at Gold Rock and Illipah. Construction and permitting activities are underway, with timelines tied to gold market conditions and project economics.

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

This post appeared first on investingnews.com

Here’s a quick recap of the crypto landscape for Friday (October 3) as of 9:00 a.m. UTC.

Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$120,724, trading 13 percent higher over the past 24 hours. Its lowest valuation of the day was US$118,777, while its highest was US$121,044.

Bitcoin price performance, October 3, 2025.

Chart via TradingView

Over the next five years, Bitcoin could realistically reach US$200,000 to US$500,000 per coin, according to an emailed note from Bitget Chief Analyst Ryan Lee. Lee sees sustained institutional inflows and broader mainstream adoption as key drivers, with more than 20 percent of global financial institutions expected to integrate Bitcoin exposure.

Emerging markets, in addition, may increasingly use it as a hedge against inflation, although risks such as geopolitical tensions or technological vulnerabilities could still trigger sharp 30 to 50 percent drawdowns.

Lee also stressed that, ‘regulatory clarity, particularly from bodies like the SEC and EU’s MiCA framework, will be pivotal in reducing uncertainty and encouraging wider participation, potentially unlocking trillions in sidelined capital if frameworks remain innovation-friendly.’

Bitcoin dominance in the crypto market is at 56.53 percent, showing a slight week-on-week dip.

Ether (ETH) is also performing well, up 2.8 percent over 24 hours to US$4,469.84. Ether’s lowest valuation on Friday was US$4,358.45, and its highest was US$4,549.77.

Momentum indicators are reinforcing the bullish case for ETH. Both the 25-day and 50-day moving averages are acting as resistance, and analysts see a decisive close above US$4,500 as the next trigger. From there, projections point to an 80–100 percent rally into 2026, with Ether’s recent low now looking like a confirmed floor.

Altcoin price update

  • Solana (SOL) was priced at US$220.16, an increase of 5.4 percent over the last 24 hours. Its lowest valuation on Wednesday was US$217.81, and its highest valuation was US$220.69.
  • XRP was trading for US$2.96, up by 3.2 percent over the last 24 hours, and its highest valuation of the day. Its lowest valuation of the day was US$2.92.

ETF data and derivatives trends

Spot Bitcoin exchange-traded funds (ETFs) continued to see institutional demand this week. U.S. spot Bitcoin ETFs recorded roughly US$2.25 billion in weekly inflows, led by BlackRock’s iShares Bitcoin Trust (IBIT) (NASDAQ:IBIT), which accounted for the largest single-fund purchases (IBIT bought roughly US$400–470 million on heavy flow days).

Total assets under management across US Bitcoin spot ETFs are now estimated at about US$155 billion, up from roughly US$100 billion earlier in the year, with major funds such as Fidelity’s (TSX:FBTC) and ARK 21Shares (BATS:ARKB) also posting notable inflows during the same stretch.

Today’s crypto news to know

Stablecoin market passes US$300 billion

The stablecoin market has climbed past US$300 billion for the first time, but analysts caution that current momentum may not be enough to meet future targets.

Coinbase projects the market will reach US$1.2 trillion by 2028, while Standard Chartered pegs it closer to US$2 trillion and Citi expects more than US$4 trillion by 2030.

Growth this year has averaged about US$10 billion in new issuance each month — a pace that would take over five years to meet the lower end of forecasts. Tether’s USDT remains the clear leader, holding 58 percent of supply and adding USD$2.6 billion in circulation this week.

Circle’s USDC and Ethena’s USDe also expanded, while BlackRock’s USD and PayPal’s PYUSD posted some of the strongest percentage gains.

The growth streak marks the fastest since early 2021, when the sector ballooned nearly 300 percent in half a year.

Sanctioned rouble stablecoin draws attention at Token2049

A rouble-pegged stablecoin, already under US and UK sanctions, surfaced as a sponsor of the Token2049 conference in Singapore, according to a Reuters report.

The token, known as A7A5, was launched in January by a Russian defense-linked lender and a Kyrgyz payments firm, and has been flagged by Western officials as a tool for sanctions evasion.

Despite this, the company behind A7A5 held a booth at the conference, was listed as a platinum sponsor, and even saw one of its executives speak on stage before references were removed following media inquiries.

Trading in the token has surged, reflecting rising demand from Russian users locked out of traditional banking systems.

Strategy’s Bitcoin holdings reach record US$77.4 billion

Corporate Bitcoin pioneer Strategy has disclosed that its BTC holdings are now worth US$77.4 billion, the highest in its history.

The company first began buying Bitcoin in 2020, when its position was worth about US$2.1 billion, a move initially seen as radical.

Since then, its treasury has ridden multiple market cycles, growing to US$5.7 billion by 2021, falling back to US$2.2 billion during the 2022 crash, and then steadily building through consistent purchases.

By 2023, Strategy’s holdings were valued at US$8 billion, and by 2024 they had reached US$41.8 billion. The 2025 rally, which has pushed Bitcoin above US$124,000, has nearly doubled the value of its stack in less than a year.

Separately, Strategy secured relief from a looming tax liability after the IRS ruled that unrealized crypto gains will not count toward the 15 percent corporate minimum tax.

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

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

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Mining giant BHP (ASX:BHP,NYSE:BHP,LSE:BHP) has begun accepting applications for the 2026 edition of its Xplor Critical Minerals Accelerator Program.

Now in its fourth edition, Xplor currently holds an alumni network of 21 companies, including the likes of Cobre (ASX:CBE) and Hamelin Gold (ASX:HMG).

“Xplor has quickly become a recognised pathway for early-stage explorers who want to scale faster and think more boldly,” said BHP Group Exploration Officer Tim O’Connor.

“The program provides not only capital, but access to the knowledge, networks, and technical depth that can fundamentally change the trajectory of a company,” he added.

As in previous cohorts, Xplor 2026 participants can receive up to US$500,000 in equity-free funding, mentorship and access to BHP’s global network of suppliers and service providers.

Early-stage explorers are encouraged to apply, as long as they arededicated to uncovering new sources of critical minerals essential for a sustainable future.”

In 2025, eight junior mining companies targeting copper and other critical minerals were selected by BHP. These included Canadian company Viridian Metals (CSE:VRDN) and ASX-listed German company GreenX Metals (ASX:GRX,LSE:GRX).

Current participant Electrum Discovery (TSXV:ELY,OTC:ELDCF) said that being part of BHP Xplor is invaluable.

“The program has given us access to expertise and resources that have helped sharpen our strategy and move our projects forward more quickly,” said CEO Elena Clarici.

“It has also opened doors to networks and opportunities that would have been much harder to access on our own. Xplor is already making a real difference in how we grow as a company.”

Xplor was launched in 2022 to assist companies in accelerating exploration opportunities and developing new critical minerals sources. It is split into three tracks: technical readiness, business readiness and operations readiness.

“As the world’s demand for critical minerals intensifies, building strong partnerships between majors and juniors will be essential,” O’Connor added.

“Xplor is about more than accelerating exploration projects, it’s about shaping a new way of working together to unlock the resources needed for the future.”

The deadline for 2026 submissions is October 15, 11:59 PM AEST.

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

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The European Central Bank (ECB) has signed a framework agreement with security technology firm Giesecke+Devrient (G+D) and its partners Nexi and Capgemini to deliver offline payment capabilities for the digital euro.

The trio, led by Munich-based security firm G+D, ranked first among tenderers for the contract to design, implement and partially operate the system that will allow users to make digital euro payments without internet or power connections.

Offline functionality has been positioned as a defining feature of the digital euro. From the outset, the ECB has emphasized that a central bank digital currency must provide privacy and resilience comparable to cash.

Payments under the offline model are stored directly on user devices such as smartphones, cards or other compatible tools, and are settled locally between devices without passing through banks, payment providers, or the central bank itself.

According to the ECB, this structure ensures transactions remain private and reliable, extending the reach of the euro in digital form while preserving the characteristics of physical cash.

The digital euro is also intended as a complement to banknotes and coins, available to anyone across the euro area and functioning as a universal means of payment.

“We are proud to lead this pan-European cooperation, working together with our partners Nexi and Capgemini to bring the digital euro’s offline capabilities to life,” said Dr. Wolfram Seidemann, CEO of G+D Currency Technology. “This milestone underscores our commitment to innovation and security in digital payment solutions while preserving the privacy and resilience that citizens expect from cash.”

Under the new agreement, G+D and its partners will work with the ECB to finalize the design, integration and development of the Digital Euro Service Platform (DESP). The Governing Council of the ECB will oversee the process in line with European legislation, ensuring the solution is consistent with current monetary and financial policy goals.

G+D brings longstanding expertise in currency technology and security systems to the project. Its partners, Nexi and Capgemini, will contribute specialized knowledge in payment infrastructure and technology integration.

Nexi, a major European payments company, is tasked with ensuring that the digital euro integrates seamlessly with existing point-of-sale systems.

Capgemini on the other hand will support development and testing of the offline interfaces, drawing on its background in technology consulting and digital transformation.

The digital euro project remains in its preparation phase. The ECB will spearhead the evaluation of technical solutions, legal frameworks and user experience considerations before any decision on issuance is made.

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

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The platinum price broke above US$1,600 per ounce on September 29 (Monday), its highest level since April 2013.

What’s moving the platinum price? A number of factors are at play in this notoriously volatile market.

As a precious metal, nearly a quarter of demand for platinum comes from the jewelry sector. When gold prices are high, as they are now at nearly US$3,900 an ounce, platinum jewelry becomes an attractive, lower cost alternative.

With more than 70 percent of demand for the metal coming from the industrial and automotive sectors, the platinum market is highly price sensitive to economic cycles. However, despite the current economic uncertainty that’s driving gold higher, platinum prices are being buoyed by stable demand in the auto sector, emerging demand in the hydrogen fuel cell industry, and persistent supply challenges out of major platinum producing nations like South Africa.

Platinum supply under pressure

Supply constraints are an ongoing trend in the platinum market and a major driver of prices for the metal in 2025.

In its Q2 2025 Platinum Quarterly, the World Platinum Investment Council (WPIC) predicts that global platinum mine supply will drop by 6 percent to 5.43 million ounces for this year.

Heavy rainfalls and flooding in top producer South Africa in the first quarter of the year had a major impact on an industry already reeling from high-cost electricity and dwindling reserves.

In late August, Paul Dunne, CEO of Northam Platinum (JSE:NPH) in South Africa told Reuters that higher platinum prices in 2025 will likely not do much to alleviate the pressures facing platinum group metals (PGM) production in the country.

“Recent price appreciation is offering some relief to the PGM sector,” he said in a statement. “However, it is still not yet at levels that will support sustainable mining across the industry and certainly not the much-needed development of new operations.”

Suffice it to say that problems in the supply side of the market will continue to support platinum prices over the longer-term.

Platinum demand seen as sustainable

As for platinum demand, Mykuliak sees a few key important drivers including auto catalysts for hybrid vehicles, increased hydrogen adoption for industrial uses and Chinese demand for platinum jewelry as an alternative to gold.

In the automotive industry, platinum is used in catalytic converters for vehicle exhaust systems for emissions control. The rise of electric vehicles (EVs), which do not require catalytic converters to control emissions, is expected to cut into platinum demand over time.

However, high costs and range anxiety are leading auto buyers to choose hybrids over battery EVs. Because hybrid engines still require catalytic converters, the auto sector continues to be a reliable source for platinum demand.

In the hydrogen sector, platinum has a role as a catalyst in the proton exchange membrane electrolyzers used for green hydrogen production and in hydrogen fuel cells. The WPIC has noted that the hydrogen market be ‘a meaningful component of global demand by 2030 and potentially the largest segment by 2040.’

As for jewelry demand, the WPIC is predicting an increase of 11 percent year-on-year to 2.23 million ounces in 2025. China is expected to represent more than one quarter of that growth as the fabrication of platinum jewelry in the region is expected to grow by 42 percent to 585,000 ounces.

Platinum price outlook

The platinum price has since pulled back from the US$1,600 level to US$1,558 per ounce in midday trading on Thursday (October 2). But a correction is expected in the short-term, explained Mykuliak, who believes the fundamental outlook for platinum is still a positive one.

“Looking ahead, I expect volatility. My base case is a US$1,650-US$1,750 range by the year-end, with possible dips toward US$1,450 if profit-taking intensifies,” she said. “On the upside, if South African power disruptions worsen or hydrogen policies accelerate, US$1,850-US$1,950 is realistic, with US$2,000 also within reach.”

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

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