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Russian Gunpowder Factory Attacked, Ukrainian Official Says

A man walks at the site of shelling, which local officials called a Ukrainian military strike, in Donetsk, Russian-controlled Ukraine, on January 10, 2025, amid the ongoing Russian-Ukrainian conflict. (Photo by STRINGER / AFP)
A man walks at the site of shelling, which local officials called a Ukrainian military strike, in Donetsk, Russian-controlled Ukraine, on January 10, 2025, amid the ongoing Russian-Ukrainian conflict. (Photo by STRINGER / AFP)
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Russian Gunpowder Factory Attacked, Ukrainian Official Says

A man walks at the site of shelling, which local officials called a Ukrainian military strike, in Donetsk, Russian-controlled Ukraine, on January 10, 2025, amid the ongoing Russian-Ukrainian conflict. (Photo by STRINGER / AFP)
A man walks at the site of shelling, which local officials called a Ukrainian military strike, in Donetsk, Russian-controlled Ukraine, on January 10, 2025, amid the ongoing Russian-Ukrainian conflict. (Photo by STRINGER / AFP)

A major Russian gunpowder factory in the Tambov region was attacked, a Ukrainian official said on Thursday, without directly claiming Ukrainian responsibility or specifying the consequences of the attack.

"The enterprise is one of the main suppliers of explosive materials for the army of the Russian Federation," Andriy Kovalenko, the head of Ukraine's Centre for Countering Disinformation, wrote on Telegram of the powder factory.

"With the start of the full-scale war in Ukraine, production at the plant increased significantly," he added, Reuters reported.

There was no immediate public comment from Russia on the attack on the factory.

Separately, Ukraine's military said it had hit the Liskinska oil depot in Russia's Voronezh region overnight.

"According to the available information, at least three strike drones hit the target. A large-scale fire broke out at the facility," a military statement on the Telegram app said.

Russian authorities had said earlier that debris from falling Ukrainian drones had caused a fire at the facility.

Ukraine and Russia have regularly attacked military production facilities deep inside each other's territory in the course of their war.

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China’s Fossil-Fueled Power Output Falls 4.3% in August as Clean Energy Gains

This picture shows the construction site of the CNNC Tianwan Tidal Flat Photovoltaic Demonstration Project in Lianyungang, in eastern China's Jiangsu province on September 15, 2026. (CN-STR / AFP)
This picture shows the construction site of the CNNC Tianwan Tidal Flat Photovoltaic Demonstration Project in Lianyungang, in eastern China's Jiangsu province on September 15, 2026. (CN-STR / AFP)
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China’s Fossil-Fueled Power Output Falls 4.3% in August as Clean Energy Gains

This picture shows the construction site of the CNNC Tianwan Tidal Flat Photovoltaic Demonstration Project in Lianyungang, in eastern China's Jiangsu province on September 15, 2026. (CN-STR / AFP)
This picture shows the construction site of the CNNC Tianwan Tidal Flat Photovoltaic Demonstration Project in Lianyungang, in eastern China's Jiangsu province on September 15, 2026. (CN-STR / AFP)

China's fossil-fueled power generation fell 4.3% in August from a year earlier, figures from the National Bureau of Statistics showed on Tuesday, as rising hydropower, nuclear and renewable output cut into coal's share.

It was the second month in a row of declines for China's fossil-fueled or thermal power generation, which is mostly from coal with a small amount from natural gas.

"Power generation from coal and gas fell 4% in China in August, as solar and wind ‌covered all electricity ‌demand growth and hydropower and nuclear grew ‌as ⁠well," the Centre ⁠for Research on Energy and Clean Air co-founder Lauri Myllyvirta wrote in a LinkedIn post, adding that "wind power generation rebounded from the slump of the earlier months of the year."

Thermal electricity generation still rose 0.9% over the first eight months as a whole, dragged down by the earlier months ⁠of the year because of poor ‌wind speeds and maintenance at nuclear ‌units.

Hydropower volumes rose 2.8% in August and 7.8% over ‌the first eight months.

Nuclear power generation rose 9.4% ‌from a year earlier. Two new nuclear reactors, the Guangdong Taipingling nuclear power plant and unit 3 of the Changjiang nuclear power plant, started operations in August, according to state media. Over the first ‌eight months, it rose 1.6%.

China generated 943.8 billion kilowatt-hours (kWh) of power in August, down ⁠0.8% ⁠compared with the same period of last year, the statistics bureau figures also showed. However, the data reflects output from industrial enterprises with revenue above 20 million yuan ($2.98 million), so excludes some small-scale renewables and generally undercounts total power generation as well as wind and solar.

The data showed that solar and wind generation rose 10.3% and 7.9%, respectively, from a year earlier.

Over the first eight months as a whole, power generation reached 6.65 trillion kWh, up 2.4% compared with the same period of last year, the data showed.

Business

Morgan Stanley Turns More Hawkish, Forecasts Two Fed Hikes and ECB Move

The Federal Reserve Board building in Washington, DC, US, November 14, 2025. (Reuters)
The Federal Reserve Board building in Washington, DC, US, November 14, 2025. (Reuters)
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Morgan Stanley Turns More Hawkish, Forecasts Two Fed Hikes and ECB Move

The Federal Reserve Board building in Washington, DC, US, November 14, 2025. (Reuters)
The Federal Reserve Board building in Washington, DC, US, November 14, 2025. (Reuters)

Morgan Stanley has joined other major Wall Street banks in adopting a more hawkish outlook on interest rates, forecasting US Federal Reserve rate hikes and another European Central Bank increase later this year as inflationary pressures persist.

The forecasts come ahead of policy decisions from the US Fed and the Bank of Japan this week, days after the ‌ECB resumed its tightening ‌cycle, keeping global markets focused on ‌the outlook ⁠for interest rates.

Morgan ⁠Stanley expects the Fed to raise interest rates by 25 basis points at its September 15-16 meeting and deliver another quarter-point increase in December after recent inflation readings came in above expectations.

In a note on Monday, the brokerage said the disinflation process has been "slower and less convincing" than policymakers are likely to require, prompting it ⁠to forecast two rate hikes this year.

It also expects ‌the US central bank to ‌signal further tightening before officials pause as inflation moderates.

"We see arguments for ‌both a hike and a hold, but signs of second-round ‌effects from energy prices, strong demand tied to AI-related investment, a neutral rate that is possibly temporarily higher, and concerns about credibility mean the balance of risks now argues for a somewhat more restrictive policy," the brokerage ‌added.

Kevin Warsh, who took over as Fed chair in May, has repeatedly avoided offering guidance on ⁠the likely ⁠path of US interest rates.

But with inflation running above target, oil prices trading above $100 a barrel and financial markets overwhelmingly pricing in a rate increase, investors see this week's meeting as likely to deliver the first rate hike of his tenure.

In Europe, Morgan Stanley revised its ECB outlook to forecast an additional 25-basis-point increase in December, lifting the deposit rate to 2.75%, reversing its previous expectation that the central bank's tightening cycle had ended.

The brokerage cited resilient euro zone growth and higher energy prices in forecasting another ECB rate hike in December, and now expects just one rate cut in 2027, in December.

Business

Gold Slips as Oil Gains Strengthen Case for Elevated Interest Rates

04 April 2025, Bavaria, Munich: Gold bars of various sizes lie in a safe on a table at the precious metal dealer Pro Aurum. (dpa)
04 April 2025, Bavaria, Munich: Gold bars of various sizes lie in a safe on a table at the precious metal dealer Pro Aurum. (dpa)
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Gold Slips as Oil Gains Strengthen Case for Elevated Interest Rates

04 April 2025, Bavaria, Munich: Gold bars of various sizes lie in a safe on a table at the precious metal dealer Pro Aurum. (dpa)
04 April 2025, Bavaria, Munich: Gold bars of various sizes lie in a safe on a table at the precious metal dealer Pro Aurum. (dpa)

Gold slipped on Tuesday as rising crude oil prices heightened inflation worries and reinforced US rate-hike expectations ahead of a Federal Reserve policy meeting.

Spot gold was down 0.2% at $4,287.69 per ounce, as of 0713 GMT, after hitting its lowest point since August 7 on Monday. US gold futures fell 0.5% to $4,328.10.

The US ‌central bank will ‌announce its policy decision at 1800 GMT ‌on ⁠Wednesday following the ⁠end of a two-day meeting. Financial markets are betting heavily that Fed policymakers will lift their benchmark rate a quarter of a percentage point to a 3.75%-4.00% range.

"How Fed Chair Kevin Warsh frames that hike will matter more than the hike itself for gold... If he casts ⁠it as the start of a meeting-by-meeting tightening ‌cycle, that would be a ‌hit to gold and to risk assets overall," IG market ‌analyst Tony Sycamore said.

"If instead he signals a preference for ‌a more measured pace, that would prove somewhat supportive for risk sentiment and for gold."

Though seen as a hedge against inflation and geopolitical risks, gold often loses appeal when rates rise ‌as they increase the opportunity cost of holding non-yielding bullion.

Data on Friday showed US consumer ⁠prices accelerated ⁠in August, while a key measure of underlying inflation posted its largest increase in four months.

On the geopolitical front, Yemen's Iran-aligned Houthis launched a fresh wave of attacks on Saudi Arabia and were digging into positions on the western coast of Yemen along the Red Sea.

Oil prices rose as concerns over supply disruptions lingered. Higher energy costs can fuel inflationary pressures across the economy.

Meanwhile, bonds slumped, sending benchmark 10-year US Treasury yields to their highest since 2007.

Spot silver fell 0.4% to $62.98, platinum gained 0.1% to $1,761.12 and palladium fell 0.8% to $1,282.79.