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Investors flock to gold, gold miner ETFs in January in bid for safety

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Investors flock to gold, gold miner ETFs in January in bid for safety

According to LSEG Lipper data, ETFs of gold and other precious metals received $4.39 billion in January – their eighth consecutive month of inflows

International News via Reuters:

Investors flocked to exchange-traded funds of gold, other precious metals and gold miners in January, seeking safety amid geopolitical uncertainty, expectations of further dollar weakness, and growing bets on U.S. interest rate cuts.

According to LSEG Lipper data, ETFs of gold and other precious metals received $4.39 billion in January – their eighth consecutive month of inflows.

Gold miner ETFs received $3.62 billion worth of inflows, the highest since at least 2009.

Cumulatively, these ETFs received a record $91.86 billion worth of inflows in 2025, more than eight times the total in 2024.

However, gold prices have fallen roughly 10% in the past two days after hitting record highs last week, as CME Group raised margin requirements following a sharp metals selloff that was triggered by Kevin Warsh’s nomination as the next U.S. Federal Reserve Chair.

Analysts at J.P. Morgan expect the rally to remain intact in the longer term, despite the recent volatility.

“We remain firmly bullishly convicted in gold over the medium-term on the back of a clean, structural, continued diversification trend that has further to run amid a still well-entrenched regime of real asset outperformance vs paper assets,” they said in a note.

The SPDR Gold Shares ETF received inflows of $2.58 billion last month, while SPDR Gold MiniShares Trust and iShares Gold Trust ETFs attracted $1.79 billion and $696 million, respectively.

Among ETFs that invest in gold miners, investors poured $539 million into the VanEck Gold Miners ETF. The iShares S&P/TSX Global Gold Index ETF and VanEck Junior Gold Miners ETF also saw $312 million and $114 million worth of net purchases, respectively.     

“Central bank and investor demand for gold is expected to grow further this year, we stay long gold and see value in a mid-single-digit allocation to the precious metal in a well-diversified portfolio,” said Mark Haefele, chief investment officer at UBS Global Wealth Management.

“While we note the downside risks given the current elevated premium, the gold price could also climb higher than we forecast to USD 5,400/oz if political or financial risks increase,” he said.

Reporting by Gaurav Dogra; with additional reporting by Patturaja Murugaboopathy in Bengaluru; Editing by Janane Venkatraman

Greek PM targets ministers’ immunity, ‘jobs for life’ to restore voters’ trust

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Greek PM targets ministers’ immunity, ‘jobs for life’ to restore voters’ trust

Kyriakos Mitsotakis’ centre-right government remains ahead in opinion polls but it has been shaken by a corruption scandal in which some farmers, aided by state employees, faked land ownership to get subsidies

International News via Reuters:

Greece’s prime minister proposed on Monday reviewing ministers’ legal immunity and guaranteed “jobs for life” for state-sector workers in a bid to restore voters’ trust after a graft scandal and to build support ahead of a 2027 national election.

Kyriakos Mitsotakis’ centre-right government remains ahead in opinion polls but it has been shaken by a corruption scandal in which some farmers, aided by state employees, faked land ownership to get subsidies. The affair was revealed by EU prosecutors in 2025 and parliament is looking into the case.

Greeks were also angered by the government’s handling of a 2023 train crash which killed 57 people, the country’s worst on record. It triggered the biggest mass protests in Greece since a debilitating decade-long debt crisis. A trial opens next month, with protesters demanding full political accountability.

In Greece, only parliament can investigate ministers or lift lawmakers’ immunity, according to the four-times-revised 1975 constitution.

“The world of 2026 is different and poses new challenges,” Mitsotakis said in a letter to his 156 deputies in the 300-seat parliament and in a televised address. “The time is ripe for a brave constitutional revision towards a functional democracy.”

To make public administration more efficient, Mitsotakis suggested that the lifelong job security enjoyed by state employees for more than a century should be reviewed, too, to address underperformance.

The constitution also needs to address modern challenges including artificial intelligence, affordable housing, the climate crisis, fiscal stability and a slow judicial system, he said, without proposing any specific measures.

Mitsotakis and his party took power in 2019 and were re-elected in 2023 for another four-year term.

For the proposed changes to come into effect, two successive parliaments need to approve them and an enhanced majority of 180 deputies is required in at least one of the two votes.

Reporting by Renee Maltezou and Angeliki KoutantouEditing by Gareth Jones

London’s FTSE 100 rises as defensive plays outweigh slide in commodity-linked shares

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London’s FTSE 100 rises as defensive plays outweigh slide in commodity-linked shares

The blue-chip FTSE 100 index was up 0.2% at 1037 GMT, rising for the third straight session, while the domestically focused mid-cap index FTSE 250 was down 0.3% at a more-than-one-week low

International News via Reuters:

The UK’s FTSE 100 edged higher on Monday, as investors piled into defensive pharma and consumer staples stocks amid a global selloff in energy and metal shares.

The blue-chip FTSE 100 index was up 0.2% at 1037 GMT, rising for the third straight session, while the domestically focused mid-cap index FTSE 250 was down 0.3% at a more-than-one-week low.

The index of precious metal miners fell 4.9%, hitting a three-week low, with Endeavour Mining and Fresnillo among the top losers in the benchmark index, down nearly 5% each.

Other London-listed miners also fell, with giants Glencore and Rio Tinto down 2.4% and 1.1%, respectively, as the selloff spread to silver and industrial metals as well.

The rout began after U.S. President Donald Trump’s nomination of Kevin Warsh as the next U.S. Federal Reserve chair on Friday set off a wave of unwinding of leveraged bets.

Caution in markets pushed investors into defensive plays that typically outperform during economic downturns. Healthcare gained 1.3%, lifted by AstraZeneca’s 1.4% rise, while the personal care index also advanced as Unilever climbed 2.2%, making both companies among the benchmark’s top boosts.

Signs of geopolitical tensions easing between the U.S. and Iran also sparked a selloff in crude prices, sending energy stocks down 1.6%. Shell and BP fell 1.5% and 1.7%, respectively.

Focus this week will be on the Bank of England’s policy meeting on Thursday where the central bank is likely to hold rates at 3.75% and is expected to offer little clarity on when further cuts might come as it waits for firmer inflation trends.

The latest survey showed British businesses are most likely to be planning to raise pay this year by between 3% and 3.49%, slightly more than some BoE policymakers are comfortable with as they seek to return inflation to target.

Reporting by Tharuniyaa Lakshmi in Bengaluru; Editing by Maju Samuel

Drone incidents at UK military bases doubled last year

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Drone incidents at UK military bases doubled last year

In 2025, there were 266 reported uncrewed aerial vehicle incidents near defence sites in Britain, up from 126 reported in 2024, part of a wider trend of European airspace being targeted by drones

International News via Reuters:

Britain’s military bases experienced a doubling of drone incidents last year, highlighting the changing nature of warfare and prompting the government to hand more powers to its forces to protect sites from aerial threats.

In 2025, there were 266 reported uncrewed aerial vehicle incidents near defence sites in Britain, up from 126 reported in 2024, part of a wider trend of European airspace being targeted by drones.

“The doubling of rogue drones near military sites in the UK in the last year underlines the increasing and changing nature of the threats we face,” Defence minister John Healey said in a statement on Monday.

Drone incursions forced airports in Belgium and Denmark to close for hours at a time in the last few months of 2025, with experts saying the incidents had the hallmarks of Russian interference, a charge denied by Moscow.

In order to counter the threat from drones to British bases, Healey said military officers would be given new powers to destroy drones operating near them, an action that previously required the involvement of the police.

The new powers will also mean the military can destroy land drones and unmanned vehicles operating under water.

Healey said security at military sites had been stepped up. Last June, pro-Palestinian activists broke into a Royal Air Force base, damaging and spraying red paint over two planes used for refuelling and transport.

Reporting by Sarah Young, editing by Paul Sandle

UK business sentiment improves in January, Institute of Directors says

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UK business sentiment improves in January, Institute of Directors says

The upturn matches an improvement in other business surveys including preliminary purchasing managers’ index data for January

International News via Reuters:

British businesses’ confidence in the economic outlook has continued to improve from very weak levels, a survey for January showed, extending gains since finance minister Rachel Reeves’ November budget imposed fewer immediate tax rises than feared.

The Institute of Directors said on Monday that optimism about prospects for the UK economy remained deep within negative territory, but it rose to -48 in January from -66 in December and was the highest level since last May. It hit an all-time low of -74 in September for the series, which started in 2016.

The upturn matches an improvement in other business surveys including preliminary purchasing managers’ index data for January. Final PMI figures are due this week.

Businesses’ confidence in their own operations also strengthened, rising to +14 from -4 as revenue and export expectations rose to their highest since September 2024 and July 2024 respectively.

Nonetheless, the businesses said they still intended to trim staff numbers and reduce investment, albeit to a lesser extent than before.

“After record weakness last year, January saw a welcome – and fairly chunky – rise in the confidence of business leaders,” IoD Chief Economist Anna Leach said.

However she added: “Overall, there’s a sense that, while revenues and general conditions have stabilised, businesses are not yet ready to increase either their capital or labour costs materially”. 

The IoD survey was conducted from January 16-28 and was based on response from 578 businesses, most of which employed less than 50 staff.

Reporting by David Milliken, editing by Andy Bruce and Susan Fenton

Sterling steady near $1.37 as eyes turn to BoE announcement 

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Sterling steady near $1.37 as eyes turn to BoE announcement 

Sterling was last up less than 0.1% versus the dollar at $1.3696

International News via Reuters:

The pound held steady against the dollar on Monday near a multi-year high hit last week as attention focused on a Bank of England policy announcement on Thursday. 

Sterling was last up less than 0.1% versus the dollar at $1.3696. It hit $1.3867 last week, its highest since September 2021, but retreated on Friday as the U.S. currency strengthened after U.S. President Donald Trump nominated Kevin Warsh to lead the Federal Reserve.

Against the euro, the pound was little changed at 86.61 pence.

BANK OF ENGLAND SET TO HOLD

Attention this week is on the BoE, with the central bank expected to hold its benchmark interest rate at 3.75% when it announces policy on Thursday, according to all but two economists surveyed by Reuters in a January poll. 

Data has remained robust since the last meeting when the central bank lowered the Bank Rate, while inflation remains the highest among Group of Seven industrialised peers, suggesting that the BoE can hold off from cutting rates for now. 

The last two meetings have seen rate-setters deeply divided, but the decision this time should be more straightforward. 

“This week we could, for once, have a boring Bank of England meeting,” said Mohamad Al-Saraf, FX and fixed income associate at Danske Bank, who expects the central bank to keep the interest rate on hold.

“We don’t expect something major in terms of market reaction, and we don’t believe it will have major implications for the pound.”

MANUFACTURING IMPROVING

A closely watched barometer of the health of Britain’s manufacturing sector, the S&P Global Manufacturing Purchasing Managers’ Index, rose to its highest since August 2024 last month, a survey showed on Monday, adding to signs of a pick-up in the economy after a sluggish end to 2025.

“We take encouragement from how stable the PMI has been in recent months, with the output index holding above 51.0 for three of the past four months,” said Elliott Jordan-Doak, senior UK economist at Pantheon Macroeconomics, in an emailed note. 

“A broad improvement in the PMI’s sub-indices in January also provides us with further encouragement that the steady momentum seen in recent months can be maintained.”

The data had little impact on expectations for BoE policy, with money market traders fully pricing in just one quarter-point rate cut in 2026, and around a 50% chance of a second. 

Reporting by Samuel Indyk; Editing by Jan Harvey

Bermuda secures data and travel wins in the Middle East

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Bermuda secures data and travel wins in the Middle East

Premier David Burt says a visit to the Kingdom of Bahrain has delivered major agreements strengthening Bermuda’s global reach

Images and media release supplied by the Government of Bermuda.

The Premier and Minister of Finance, the Hon. David Burt, JP, MP, today continued official engagements in the Middle East during his visit to the Kingdom of Bahrain.

During the visit, a number of measures were progressed to deepen collaboration between Bermuda and Bahrain across data protection and travel facilitation. These developments reflect a shared interest in regulatory certainty and economic engagement.

The Premier was received by His Royal Highness the Crown Prince and Prime Minister of Bahrain, Salman bin Hamad Al Khalifa, underscoring the importance both governments place on strengthening this relationship.

His Royal Highness Al Khalifa granted Bermuda a certificate providing data sovereignty protections for Bermudian companies hosting data in Bahrain. Under Bahrain’s legal framework, data owned by Bermudian entities and stored in Bahrain cannot be accessed by third parties or foreign authorities without proper authorisation from a Bermudian court, ensuring that Bermudian data remains under Bermudian legal control.

Second, HRH Al Khalifa also granted Bermudian passport holders visas on arrival when entering Bahrain, supporting easier travel, business engagement, and people-to-people connections.

The Premier met with H.E. Shaikh Salman bin Khalifa Al Khalifa, the Minister of Finance and National Economy, H.E. Mr Abdulla bin Adel Fakhro, Minister of Industry and Commerce, and the CEO of Mumtalakat Abdulla bin Khalifa Al Khalifa to discuss deepening cooperation in the areas of investment, regulation, open banking and insurance.

The Premier also met with the Economic Development Board’s CEO, H.E. Noor bint Ali Alkhulaif, H.E. Iain Lindsay, and the EDB team to discuss the progress and growth of the Bahraini economy, and to share lessons learned on building a robust and competitive economic ecosystem.

The Premier met with Governor Halid Humaidan of the Central Bank of Bahrain and the regulatory team to discuss exploring a regulatory bridge to support cooperation in financial services and digital innovation.

Premier Burt said, “This visit to the Kingdom of Bahrain highlights the strong alignment between Bermuda and Bahrain as small, outward-looking jurisdictions that have embraced specialised sectors such as innovation and digital assets. We both demonstrate how our small size is our strength, enabling us to be nimble and forward-thinking in regulation, while fostering start-up ecosystems that attract global investment. The progress made during this visit reflect our shared commitment to regulatory innovation and technological advancement.I am grateful for the openness, engagement, and hospitality extended by HRH Al Khalifa and the Government of Bahrain.”

The Premier was supported in Bahrain by the Government of Bermuda’s Special Representative for the Middle East and Africa, Ms Alexia Hefti.

Premier Burt will now return to Dubai to attend the World Government Summit hosted by the Government of the United Arab Emirates.

Sundance: A chat with award-winning director, producer

Kendal Trott
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Sundance: A chat with award-winning director, producer

At the Sundance Film Festival, one of the films that won a major award was Lady — a striking neo-noir set in modern Lagos that explores dreams, gender, and survival through the lens of a taxi driver navigating a hidden world.

Kendal Trott spoke to Nigerian-British writer and director Olive Nwosu and executive producer David Kimbangi about the film, what producers look for when backing projects, and how places like Bermuda can continue to grow as creative and entertainment hubs.

Lady was winner of the World Cinema Dramatic Special Jury Award for Acting Ensemble. 

UK wants closer EU defence ties with potential bid to join new SAFE fund

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UK wants closer EU defence ties with potential bid to join new SAFE fund

The European Commission is considering launching a second edition of its SAFE loans scheme as Europe seeks to bolster its defences due to growing fears of Russia and doubts about U.S. security commitments to Europe

International News via Reuters:

British Prime Minister Keir Starmer said his government will consider applying to join a second possible multi-billion-euro European Union fund for defence projects as his ministers prepare for talks with EU counterparts this week.

The European Commission is considering launching a second edition of its SAFE loans scheme as Europe seeks to bolster its defences due to growing fears of Russia and doubts about U.S. security commitments to Europe under President Donald Trump.

A British plan to join the original 150 billion-euro ($177 billion) SAFE fund broke down in November after Starmer’s government refused to pay a financial contribution to join, representing a setback for a post-Brexit reset of relations.

Asked if Britain would seek to join a new version of SAFE, Starmer said Europe needed to do more to rearm.

“That should require us to look at schemes like SAFE and others to see whether there is a way in which we can work more closely together,” he told reporters on his way to China last week. The comments were scheduled for release on Sunday.

“Whether it’s SAFE or other initiatives, it makes good sense for Europe in the widest sense of the word – which is the EU plus other European countries – to work more closely together.”

European Union Trade Commissioner Maros Sefcovic and other EU officials are due in London for talks this week.

Starmer has tried to work more closely with the EU and remove some post-Brexit trade barriers in contrast to the rancorous relations between previous Conservative governments and the EU as they negotiated Britain’s departure from the bloc, which was completed in 2020.

He has also taken a leading role in co-ordinating European support for Ukraine.

Under the SAFE scheme, the EU jointly borrowed money on financial markets to lend to countries in the bloc for defence projects.

Asked about recent criticism from Nigel Farage, whose Reform UK party is leading in the polls, who said the governing Labour government was moving too close to the EU, Starmer said the Brexit campaigner had repeatedly misled the public.

“I wouldn’t listen too much to what Nigel Farage has to say about this,” Starmer said.

($1 = 0.8440 euros)

Reporting by Andrew MacAskillEditing by William Schomberg, Alexandra Hudson

Portugal launches $3 billion package to help rebuild after storm Kristin

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Portugal launches $3 billion package to help rebuild after storm Kristin

Storm Kristin swept across central mainland Portugal early on Wednesday, with wind gusts topping 200 km/h (124 mph) and heavy rain that killed at least six people

International News via Reuters:

Portugal’s government approved a 2.5 billion euro ($3.0 billion) package of loans and incentives on Sunday to help people and businesses rebuild after the devastation caused by Storm Kristin, Prime Minister Luis Montenegro said.

Storm Kristin swept across central mainland Portugal early on Wednesday, with wind gusts topping 200 km/h (124 mph) and heavy rain that killed at least six people, damaged homes, factories and infrastructure, and cut power to hundreds of thousands, authorities said.

Montenegro said the public bank Banco de Fomento will launch a 1  billion euro loan programme to rebuild uninsured storm-damaged factories and a 500  million euro financing scheme to help them with their immediate cash-flow needs.

The remaining 1 billion euros in aid includes a financing line to help people rebuild uninsured primary homes, covering up to 10,000 euros per house, as well as social security subsidies for individuals facing hardship or income loss, worth up to 537 euros monthly per person or 1,075 euros per family.

He said that, given the “current exceptional circumstances”, all reconstruction work will be exempt from licensing and prior urban planning, environmental and administrative approvals.

“We are mobilising all our resources to manage the emergency responsibly, but also with hope…once again, we will rebuild Portugal,” he said at a press conference.

Montenegro said the government also extended the “state of calamity” declared in about 60 hard-hit municipalities until February 8, amid forecasts of more heavy rain and flooding, even though winds are expected to ease compared with last week.

A state of calamity – Portugal’s highest civil protection alert used for major disasters – allows authorities to mobilise emergency and armed forces, fast-track procurement and limit access to affected areas without curbing constitutional rights.

Nearly 180,000 households were still without electricity on Sunday, as grid operator REN and distributor E-Redes scrambled to restore power, the companies said.

($1 = 0.8440 euros)

Reporting by Sergio Goncalves; Editing by Hugh Lawson

WATCH: Stormy scenes across the island

Alisa Bernardo
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WATCH: Stormy scenes across the island

The Bermuda Weather Service warns unsettled conditions will persist

More than 2,000 homes remain in the dark this evening as powerful winds and blustery showers continue to batter the island.

The Bermuda Weather Service says a “complex triple centered low” to our west and north continues to drive unsettled conditions, with near-westerly gale-force winds occasionally gusting to storm force and repeated rounds of blustery showers.

Forecasters say winds will begin to ease slightly by Monday, but will remain strong and gusty, with blustery showers continuing into mid-week as weaker weather systems pass to the north.

Tonight is expected to be cloudy with clusters of blustery showers and strong to gale-force winds, while Monday may bring a few sunny breaks between showers, with highs near 62°F.

Meanwhile, despite the blustery conditions, a rainbow was spotted in the west end of the island, offering a brief bright moment amid the howling winds.

As of 5:30 pm, the BELCO outage map showed 2,010 customers without power across the island, with the largest pockets in Sandys, Devonshire and Pembroke.

The utility urged residents to ensure any debris that could become airborne is safely secured at their homes and properties.

Last night, BELCO crews removed a trampoline “that became airborne and entangled in a section of our overhead wires near Dolly’s Bay in St David’s.” Crews also responded this afternoon to a burnt pole in Sandys.

BELCO said teams will continue operating as long as conditions remain safe.

Travel has also been disrupted, with Skyport listing multiple flight cancellations today, including services operated by BermudAir, Air Canada and American Airlines.

However, British Airways departed London Heathrow and is en route to the island, with a delayed arrival time of 7:14 pm.

Ferry services were also suspended today, while Government urged residents to “please take extra care on our roads, and stay safe.”

UK’s Starmer says ex-Prince Andrew should testify before Congress over Epstein ties

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UK’s Starmer says ex-Prince Andrew should testify before Congress over Epstein ties

New files related to Epstein published by the U.S. Justice Department on Friday included emails that showed King Charles’s brother maintaining regular contact with Epstein for more than two years after he was found guilty of child sex crimes

International News via Reuters:

British Prime Minister Keir Starmer said on Saturday that the former Prince Andrew should testify before a U.S. congressional committee, following new revelations about Andrew’s links to the late financier and sex offender Jeffrey Epstein.

New files related to Epstein published by the U.S. Justice Department on Friday included emails that showed King Charles’s brother maintaining regular contact with Epstein for more than two years after he was found guilty of child sex crimes.

The files also include pictures appearing to show Andrew crouching over and touching the waist of an unidentified woman lying on the floor. Her face was blacked out in the redacted images.

Separately, the BBC on Sunday quoted a U.S. lawyer as saying a woman had alleged she was sent, while in her 20s, by Epstein to Britain for a sexual encounter with Andrew which took place in 2010 in a royal property on the estate of Windsor Castle.

Representatives for Andrew, who has always denied wrongdoing in connection with Epstein, did not immediately respond to a Reuters request for comment on the BBC report. Reuters has also sought comment from the U.S. lawyer, Brad Edwards from the U.S. firm Edwards Henderson, who made the claims on behalf of the unidentified woman, who the BBC said was not British.

The allegation represented the second claim of a woman being flown from the U.S. to Britain to meet Andrew after Virginia Giuffre, a prominent accuser of Epstein, said she was forced to have sex with him in London.

In 2022, Andrew made an undisclosed payment to settle a lawsuit brought in the U.S. by Giuffre who died by suicide in April. Andrew, 65, has always denied Giuffre’s account.

The king stripped his brother of his title of prince and evicted him from his mansion in the grounds of Windsor Castle in November, in the wake of previous revelations about his links with Epstein.

ANDREW HAD DENIED MAINTAINING RELATIONSHIP AFTER EPSTEIN’S CONVICTION

The former prince, 65, now uses the family name Andrew Mountbatten-Windsor. He has denied wrongdoing in connection with Epstein and had previously denied maintaining ties with the financier after Epstein’s 2008 conviction, apart from a 2010 visit to New York to end their relationship.

He did not reply to a Reuters request for comment on the latest revelations in the U.S. justice department files. Buckingham Palace declined to comment.

Starmer, speaking to reporters on the plane to Japan after a four-day visit to China, said the former prince should appear before U.S. lawmakers to explain everything he knows about Epstein to help his victims.

“Anybody who has got information should be prepared to share that information in whatever form they are asked to do that,” Starmer said. “You can’t be victim centred if you’re not prepared to do that.”

In November, members of a U.S. congressional committee investigating the Epstein case intensified their calls for Andrew to answer questions.

Epstein died by suicide in 2019 in a Manhattan jail while awaiting trial on sex trafficking charges. He was jailed in 2008 for soliciting paid sex from a minor.

The files show Andrew maintained regular contact with Epstein after his conviction, including discussing potential business deals and social meetings.

In several emails, Epstein and Andrew discuss women that the financier proposes to put in touch with the prince. In one email, Epstein offered to bring three women to Buckingham Palace.

Reporting by Andrew MacAskillEditing by Peter Graff and Gareth Jones

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