US Terrorist Designation Targets Maduro’s Alleged Drug Network

A government taskforce has finalised its plans to speed up and lower the cost of rolling out a new generation of nuclear reactors by streamlining UK regulation.

The nuclear regulatory taskforce was set up by the prime minister, Keir Starmer, in February after the government promised to rip up "archaic rules" and slash regulations to "get Britain building".

It published its interim report in August, which led a coalition of 25 civil society groups to warn of the dangers of cutting nuclear safety regulations. It said the proposals lacked "credibility and rigour".

The taskforce was led by John Fingleton, the former head of the Office of Fair Trading. He said of the final report: "Our solutions are radical, but necessary. By simplifying regulation, we can maintain or enhance safety standards while finally delivering nuclear capacity safely, quickly, and affordably."

The recommendations include restructuring the nuclear industry's regulatory bodies to create a single commission for nuclear regulation, and changing environmental and planning regimes "to enhance nature and deliver projects quicker".

Ed Miliband, the energy secretary, said the new rules would form a crucial part of delivering the changes needed to drive new nuclear "in a safe, affordable way".

The report was welcomed by Tom Greatrex, the chief executive of the Nuclear Industry Association. He said the report represented an "unprecedented opportunity to make nuclear regulation more coherent, transparent and efficient" that could make projects "faster and less expensive to deliver".

"Too often, costly and bureaucratic processes have stood in the way of our energy security, the fight against the climate crisis, and protecting the natural environment, to which nuclear is essential," he added.

Sam Richards, the chief executive of pro-nuclear campaign group Britain Remade, said it could mark "a watershed moment for cutting the cost of new nuclear in Britain".

"The findings of the taskforce lay bare the litany of regulations that make Britain the most expensive place in the world to build nuclear power stations," Richards said.

"At a time when Britain's electricity bills are among the world's highest, our regulatory system forced EDF to spend nearly £280,000 per fish protected. This is indefensible. These types of modifications have added years in construction and billions in costs; costs that ultimately get passed on to consumers in higher bills."

Fingleton added: "This is a once in a generation opportunity. The problems are systemic, rooted in unnecessary complexity, and a mindset that favours process over outcome."

Source: GUARDIAN

Prime Minister Datuk Seri Anwar Ibrahim has lauded Kenya's strong commitment to poverty alleviation and affordable housing, describing it as "remarkable leadership".

Relating it to Malaysia's own approach in tackling hardcore poverty, Anwar said: "I am, like you, very, very passionate about poverty alleviation, housing for the poor and for the masses."

Speaking at a state banquet hosted by Kenya's President William Samoei Ruto on Sunday night, he said the East African nation's ambitious programme to build more than 150,000 housing units for low-income communities reflected an outstanding model of leadership.

Anwar, who is on a two-day official visit, said he was particularly inspired by Kenya's focus on using power and governance to uplift the poor, adding that such efforts were in line with the spirit of Jomo Kenyatta's struggle to champion the welfare of the masses.

Kenyatta was Kenya's first president and a key leader in the country's independence movement, serving from 1964 until his death in 1978.

Anwar also emphasised that Malaysia and Kenya have no reason not to elevate their bilateral cooperation, especially in trade and investment.

He said Malaysia is ready to share its expertise in the semiconductor and electrical and electronics sectors, while also learning from Kenya's rapid development and strong determination.

He said discussions between both countries would continue on Monday, covering trade, investment and broader economic cooperation during the leaders' bilateral meeting.

Anwar, who is also finance minister, is accompanied by Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Aziz, Minister in the Prime Minister's Department (Federal Territories) Datuk Seri Dr Zaliha Mustafa, senior government officials and a business delegation.

Going clockwise, Kenya is bordered by South Sudan to the northwest, Ethiopia to the north, Somalia to the east, the Indian Ocean to the southeast, Tanzania to the southwest, and Lake Victoria and Uganda to the west.

In 2024, Kenya emerged as Malaysia's third-largest trading partner in Africa, with total trade reaching RM5.7 billion, an increase of 1.2% from RM5.51 billion in the previous year.

Anwar is scheduled to depart Nairobi for Malaysia later on Monday, concluding his three-nation tour of Africa.

Source: Theedgemarkets

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Source: Reuters

Energy – Russia/Ukraine peace talks weigh on energy markets

Oil prices ended last week on a weak footing, with ICE Brent down more than 2.8%. This downward pressure continued in early morning today, with Brent trading at its lowest level in over a month. Ongoing talks to reach a Russia-Ukraine peace deal are weighing on the market. Yet while the US said progress has been made, there's been significant criticism of the 28-point plan, particularly from EU leaders, who see it as favourable to Russia. It's unlikely a deal will be reached anytime soon. Likely sticking points include Ukraine having to give up territory and cap its military size. In addition, Ukraine would want clear, explicit security guarantees as part of any deal. While President Trump set a Thursday deadline for a deal, Secretary of State Marco Rubio said it could be extended by several days.

Developments related to a potential peace agreement are important for the oil market, particularly amid significant uncertainty about the impact of recently imposed sanctions on Russia's Rosneft and Lukoil. Clearly, a peace deal increases the likelihood that sanctions will be lifted, or at least not enforced strictly. Middle distillate cracks have also eased since Tuesday, as talks soothed concerns over Russian diesel exports. Both sanctions and continued Ukrainian drone attacks on Russian refiners have led to plenty of supply worries in the middle distillate market.

The latest positioning data shows speculators increased their net long in ICE Brent by 13,497 lots over the last week to 178,364 lots as of last Tuesday. The move was driven by fresh longs entering the market. It's also no surprise that speculators increased their net long in ICE gasoil over the last reporting week, given the market's strength. The managed money net long increased by 3,909 lots to 102,195 lots as of last Tuesday.

Reports suggest that the 615k b/d Al-Zour refinery in Kuwait is set to start increasing output through December, after facing issues since October that kept it operating at only around a third of capacity. A ramp-up in output should help ease some of the lingering supply concerns in the refined products market.

Agriculture – Coffee prices weaken on tariff cuts

Arabica coffee prices declined on Friday, falling more than 6.5% at one point (although they ended the day 1.9% lower), after Trump expanded the tariff exemption for Brazilian food products, easing supply concerns. Last week, Trump signed an executive order exempting several food items, including coffee, from a 40% tariff on Brazilian goods. The removal of tariffs is expected to unlock major volumes of Brazilian coffee.

The latest estimates from the Western Australia Grain Association show that the wheat harvest from the nation's top wheat-producing state could rise 4.8% year on year to 13.1mt (the highest level since 2022) in 2025, up from its previous estimate of 12.6mt. The increase in estimates was largely driven by the heavier-than-expected rainfall across key growing regions.

Source: ING

The dollar was steady and traders wary on Monday as intervention risks swirled around the yen, with the gilt market on edge ahead of a British budget in a holiday-interrupted week where a New Zealand policy meeting is also expected to deliver a rate cut.

A holiday in Tokyo lightened trade in Asia and left the yendrifting lower at 156.71 per dollar in the early morning.

Japan's currency has been sliding on a combination of its low interest rate and looser fiscal policies, but it bounced from 10-month lows late last week when Finance Minister Satsuki Katayama ramped up verbal warnings of official yen buying.

Traders see intervention looming somewhere between 158 and 162 yen per dollar, with Thanksgiving-thinned trade later in the week a possible window for authorities to step in.

"We do not rule out a move as early as Friday, London/New York hours, ahead of 160 and if it happens the move lower can be sharp especially if liquidity is thin," said OCBC strategists Frances Cheung and Christopher Wong in a note.

Japan can actively intervene in the currency market to mitigate the negative economic impact of a weak yen, Takuji Aida, a private-sector member of a key government panel, said in a television programme on public broadcaster NHK on Sunday.

Elsewhere the eurowas held in check at $1.1506, without much of a boost despite a resurgence in wagers on a U.S. rate cut in December. That followed New York Fed President John Williams saying there is room to lower rates in the near term.

It has made no initial reaction to Ukraine peace plans, with Ukraine and the U.S. saying they had created an updated and refined framework that modifies last week's 28-point plan.

The dollar indexwas steady at 100.25 and other majors were held fairly close to recent lows.

Sterlingtraded at $1.3093 ahead of Wednesday's budget announcement, where finance minister Rachel Reeves seeks to tread a path between spending to support faltering growth, while showing the market Britain can meet its fiscal targets.

The New Zealand dollarwas clinging on at $0.5608, having slid nearly 8% since July on a souring economic outlook.

Markets are all but certain the Reserve Bank of New Zealand will cut rates by 25 basis points on Wednesday, but are on the fence about whether a further reduction will follow next year. (0#NZDIRPR)

The Australian dollarwas at $0.6453, with traders looking ahead to Wednesday's CPI reading, which will be the first full release of monthly price data. A Reuters poll showed weighted annual CPI is expected to be sticky at 3.6%.

"This type of result could, in our opinion, reinforce the view that the RBA may not cut interest rates again this cycle," said Peter Dragicevich, Asia-Pacific currency strategist at payments firm Corpay.

Source: TradingView