Gold heads for weekly loss, spotlight on Trump-Putin talks
Gold prices were steady on Friday but remained on track for a weekly decline, as stronger-than-expected U.S. inflation data dampened expectations for ...
The United Kingdom has withdrawn its support for a major renewable energy project that aimed to supply power from Morocco to Britain through underwater cables, citing concerns over security and delivery risks.
The UK’s Energy Security Department said on Thursday it would no longer back the $33 billion Morocco-UK Power Project, led by British company Xlinks, due to the "high level of inherent risk" associated with the initiative.
“There are stronger alternative options that we should focus our attention on,” said British Energy Minister Michael Schanks. He added the decision was made to protect taxpayers and consumers from potential cost and delivery failures.
The project, announced in 2021, aimed to deliver wind and solar power from Morocco to the UK via nearly 4,000 kilometres of subsea cables — enough to supply 8% of Britain’s current electricity needs, or roughly 7 million homes. If completed, it would become the world’s largest interconnector of its kind.
Despite the UK’s withdrawal, Xlinks said it intends to continue. “We are hugely surprised and bitterly disappointed,” said Xlinks Chair Dave Lewis. “We believe this project would deliver cheaper, faster electricity than other options — including nuclear.”
Xlinks had already secured financial backing from investors including France’s TotalEnergies and the Africa Finance Corporation. The company was also pursuing a fixed-price agreement for electricity generation.
The move highlights growing caution in Britain around large-scale overseas infrastructure projects, even as European countries increasingly look to North Africa as a source of affordable, clean energy. Similar transmission projects are under development to link solar and wind farms in Tunisia and Egypt with Italy and Greece.
Moroccan authorities have not commented publicly on the UK’s decision.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
A powerful eruption at Japan’s Shinmoedake volcano sent an ash plume more than 3,000 metres high on Sunday morning, prompting safety warnings from authorities.
According to the German Research Centre for Geosciences (GFZ), a magnitude 5.7 earthquake struck the Oaxaca region of Mexico on Saturday.
A resumption of Iraq’s Kurdish oil exports is not expected in the near term, sources familiar with the matter said on Friday, despite an announcement by Iraq’s federal government a day earlier stating that shipments would resume immediately.
A magnitude 5.2 earthquake struck 56 kilometres east of Gorgan in northern Iran early Sunday morning, according to preliminary seismic data.
Gold prices were steady on Friday but remained on track for a weekly decline, as stronger-than-expected U.S. inflation data dampened expectations for interest rate cuts and shifted market attention to the meeting between U.S. President Donald Trump and Russian President Vladimir Putin.
Donald Trump travelled to Alaska on Friday for what he described as a “high-stakes” summit with Russian president Vladimir Putin, aimed at securing a ceasefire in Ukraine and ending the deadliest conflict in Europe since the Second World War.
U.S. President Donald Trump announced plans for new tariffs on steel and semiconductor imports, aiming to boost domestic manufacturing while offering initial exemptions for companies investing in the U.S.
Two people were injured in a shooting near a mosque in the Swedish city of Örebro on Friday, police said.
U.S. President Donald Trump said he would not negotiate on Ukraine’s behalf during his meeting with Russian President Vladimir Putin on Friday, stressing that Kyiv must decide whether to pursue any territorial swaps with Moscow.
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