Category: 3. Business

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© 2025 World Gold Council. All rights reserved. World Gold Council and the Circle device are trademarks of the World Gold Council or its affiliates.
All references to LBMA Gold Price are used with the permission of ICE Benchmark Administration Limited and have been provided for informational purposes only. ICE Benchmark Administration Limited accepts no liability or responsibility for the accuracy of the prices or the underlying product to which the prices may be referenced. Other content is the intellectual property of the respective third party and all rights are reserved to them.
Reproduction or redistribution of any of this information is expressly prohibited without the prior written consent of World Gold Council or the appropriate copyright owners, except as specifically provided below. Information and statistics are copyright © and/or other intellectual property of the World Gold Council or its affiliates or third-party providers identified herein. All rights of the respective owners are reserved.
The use of the statistics in this information is permitted for the purposes of review and commentary (including media commentary) in line with fair industry practice, subject to the following two pre-conditions: (i) only limited extracts of data or analysis be used; and (ii) any and all use of these statistics is accompanied by a citation to World Gold Council and, where appropriate, to Metals Focus or other identified copyright owners as their source. World Gold Council is affiliated with Metals Focus.
The World Gold Council and its affiliates do not guarantee the accuracy or completeness of any information nor accept responsibility for any losses or damages arising directly or indirectly from the use of this information.
This information is for educational purposes only and by receiving this information, you agree with its intended purpose. Nothing contained herein is intended to constitute a recommendation, investment advice, or offer for the purchase or sale of gold, any gold-related products or services or any other products, services, securities or financial instruments (collectively, “Services”). This information does not take into account any investment objectives, financial situation or particular needs of any particular person.

Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.

Information regarding Qaurum^SM and the Gold Valuation Framework

Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.

Important information and disclaimers

© 2025 World Gold Council. All rights reserved. World Gold Council and the Circle device are trademarks of the World Gold Council or its affiliates.
All references to LBMA Gold Price are used with the permission of ICE Benchmark Administration Limited and have been provided for informational purposes only. ICE Benchmark Administration Limited accepts no liability or responsibility for the accuracy of the prices or the underlying product to which the prices may be referenced. Other content is the intellectual property of the respective third party and all rights are reserved to them.
Reproduction or redistribution of any of this information is expressly prohibited without the prior written consent of World Gold Council or the appropriate copyright owners, except as specifically provided below. Information and statistics are copyright © and/or other intellectual property of the World Gold Council or its affiliates or third-party providers identified herein. All rights of the respective owners are reserved.
The use of the statistics in this information is permitted for the purposes of review and commentary (including media commentary) in line with fair industry practice, subject to the following two pre-conditions: (i) only limited extracts of data or analysis be used; and (ii) any and all use of these statistics is accompanied by a citation to World Gold Council and, where appropriate, to Metals Focus or other identified copyright owners as their source. World Gold Council is affiliated with Metals Focus.
The World Gold Council and its affiliates do not guarantee the accuracy or completeness of any information nor accept responsibility for any losses or damages arising directly or indirectly from the use of this information.
This information is for educational purposes only and by receiving this information, you agree with its intended purpose. Nothing contained herein is intended to constitute a recommendation, investment advice, or offer for the purchase or sale of gold, any gold-related products or services or any other products, services, securities or financial instruments (collectively, “Services”). This information does not take into account any investment objectives, financial situation or particular needs of any particular person.

Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.

Information regarding Qaurum^SM and the Gold Valuation Framework

Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.

Ferrari has cut the number of cars it sells in the UK as wealthy individuals relocate overseas after tax changes and the abolition of non-dom status.

The Italian luxury carmaker reportedly began limiting the number of vehicles it exported to the UK about six months ago, in an attempt to stop a decline in their residual value.

Benedetto Vigna, the chief executive of the carmaker, said that Ferrari had seen a “stabilisation” in sales after the decision to reduce the number of vehicles it allocated to the UK.

“Some people are getting out of that country for tax reasons,” he told the Financial Times, adding that taxes were not the only reason for the fall in residual values. “There are many different factors. Maybe when you sell to the UK, that car cannot be sold somewhere else [because of its right-hand wheel]”.

In April the government abolished favourable tax treatment for non-domiciled residents – UK residents who declared that their long-term home was overseas to avoid paying UK taxes on global income and assets – and raised other duties on the wealthy.

The chancellor, Rachel Reeves, told the Guardian earlier this week that talk of an exodus of wealthy residents was just “scaremongering”.

“This is a brilliant country and people want to live here,” she said. “And I think, when people scaremonger again this year, we should take some of that with a pinch of salt.”

Reeves, who has said that the wealthy will be one of the targets for higher taxes in next month’s budget, has previously ruled out imposing a “wealth tax” but campaigners for changes to the system have highlighted other options.

These include raising the rate of capital gains tax, levying national insurance on rental income and on partners in law firms and consultancies, and creating higher council tax bands.

The non-dom tax changes sparked fears that Ferrari would lose its wealthy client base, leading to volatility in its residual prices, or the expected secondhand value of a vehicle when a leasing deal comes to an end.

Most new cars in developed markets are bought on deals that provide financing based on the amount of value a vehicle loses – its “depreciation” – rather than the overall sticker price.

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If cars have weaker secondhand prices, the financing needed increases and the car becomes more expensive to lease.

The residual value for Ferrari’s Purosangue model fell 12.2% between January and October, while the SF90 Stradale fell 6.6%, according to AutoTrader.

However, prices have started to stabilise in recent months. The Ferrari 296 GTB, a supercar launched in 2022, had a recommended retail price from £256,275 if bought new. However, a used version was available from £189,490 on AutoTrader.

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Novo Nordisk shares fell on Friday after Donald Trump vowed to sharply lower the price of its popular weight loss drug Ozempic as part of the US president’s drive to cut the price of medicines in America.

Speaking at a press conference on Thursday, Trump said Ozempic’s price would be “much lower” once his administration had concluded negotiations with Novo Nordisk, the Danish group that pioneered obesity drugs.

Trump suggested the price of the drug could fall to as low as $150. Novo Nordisk halved the US price of Ozempic for people who cannot access it with health insurance to $499 earlier this year.

Shares in the Danish pharma group fell 5 per cent in early trading in Copenhagen on Friday. Shares in US pharma group Eli Lilly, its major rival in the obesity market, dropped 5 per cent in after-hours trading in New York.

US patients have historically paid much higher prices for drugs than their peers in other industrialised countries. Since returning to the White House, Trump has pushed drugmakers to lower prices for American consumers, threatening import tariffs if they do not agree.

He has complained that anti-obesity drugs are available in the UK at a fraction of their cost in the US, where branded medicines are on average two to three times more expensive than they are in Europe.

Last month, Pfizer reached a deal with the Trump administration to lower the prices of some drugs. Eli Lilly has been widely expected to reach a deal with the White House but has yet to do so.

Speaking alongside Trump at an event announcing a deal to lower costs of IVF treatment, Mehmet Oz, the head of the Centers for Medicare & Medicaid Services, said negotiations with Novo Nordisk were ongoing.

“We have not negotiated those yet . . . the President will be happy with the results, and until he is we are not going to close those negotiations,” he said.

Novo said it had “engaged in discussions” with the White House and remained “focused on improving patient access and affordability”.

Eli Lilly has been contacted for comment.

This September, Carlsberg Asia and Grab marked the second year of their partnership – a collaboration that is transforming how consumers across Southeast Asia enjoy beer responsibly

Launched in late 2024, the partnership connects Carlsberg’s premium beer experiences with Grab’s vast digital ecosystem, from mobility and food delivery to dine-out offers, embedding responsible drinking messages into everyday moments.

This strategic partnership has already yielded significant results. From January to August 2025, there has been a 37% increase in average new Carlsberg consumers per month within the Grab ecosystem (vs. same period in 2024), 22% year-on-year growth in user numbers and average uplift of 49% in Carlsberg sales, marking a 35% year-on-year increase in overall sales.

Anchored in Carlsberg’s long-standing partnership with Liverpool F.C., the longest-running partnership in Premier League history since 1992, the collaboration has turned key football occasions into moments that combine celebration and moderation. In Singapore, the campaign culminated in September with the ‘Champion EPL Season with Carlsberg’ event, featuring Liverpool legend Robbie Fowler. Fowler toured Grab’s headquarters, rode through Orchard Road and the Civic District on an open-top bus, and met with fans, media, and VIP guests, celebrating the partnership’s success and reinforcing the message of responsible enjoyment.

Events across Malaysia, Cambodia, Myanmar, and Singapore brought fans together both online and offline, while in-app activations on Grab offered prizes like match tickets, retro jerseys, and ride discounts promoting safe mobility.

Following these successes, the next phase of the campaign will roll out in Vietnam later in 2025.

“Our partnership with Grab is a powerful expression of Carlsberg’s Accelerate SAIL strategy in action,” says Arindam Varanasi, Commercial VP, Carlsberg Asia. “By combining Carlsberg’s brand strength with Grab’s reach, we’re shaping a culture where enjoyment and mindful consumption go hand in hand.”

Through Grab’s ecosystem, including GrabFood, GrabMart, Dine Out, and mobility services, Carlsberg can reach consumers across multiple occasions, linking celebration with safety and convenience.

The partnership will continue to expand in Vietnam and beyond later this year, building on its success to make responsible drinking a natural part of how people connect, celebrate, and enjoy life across Asia.

As Jim Chalmers moves among the global elite during the G20 talkfest with fellow finance ministers and big-time investors in Washington this week, he will be spruiking Australia’s enviable economic performance over recent years.

A particular point of pride has been the strength of the labour market.

Not only has unemployment stayed low, the increase in the share of working-age Australians with a job has climbed by 3.1 percentage points since immediately before the pandemic.

That increase is twice the OECD average, and compares with zero growth in the US and New Zealand. In Canada and the UK, the employment rates have dropped by 0.4 and 1.1 percentage points, respectively.

Chart showing recent changes in labour market in Australia and other countries

That performance, however, was cast under a cloud this week, after the unemployment rate unexpectedly jumped to 4.5% – its highest level in nearly four years.

After dropping to nearly 50-year lows of 3.4% in late 2022, the Reserve Bank of Australia and Treasury had both expected this rising trend to stop at about 4.3%.

The AMP chief economist, Shane Oliver, says that the jobless rate is “in a clear rising trend”.

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The RBA board has made it clear it is holding fire on further rate cuts until it is more confident that inflation continued to ease through the September quarter. But the latest labour data has complicated the issue.

“A further rise beyond this would arguably be violating the RBA’s full employment objective,” Oliver says.

“Of course, the rise in unemployment may just reflect the lagged impact of weak economic growth last year, but it may also reflect a messy handover from the public sector to the private sector as the key driver of jobs.”

This “messy” handover is what has experts worried.

Big increases in federal funding for the care economy – from aged care, to childcare and health more broadly – flowed through to a surge in hiring that accounted for a lion’s share of the more than 1 million jobs created since Labor took office in 2022.

In the 2023 and 2024 calendar years, around 80-90% of the rise in employment was in these so-called “non-market” segments, or heavily taxpayer-subsidised industries.

Graph showing different economic sectors’ contributions to employment growth over the past 2 years

That’s not to denigrate the roles.

As Chalmers has been quick to point out, “they are real jobs”.

“They look like real jobs to me, looking after older people and people in the NDIS and early childhood education,” he said last month.

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But this dynamic is key to understanding why employment could continue to boom even as the economy virtually stagnated.

Now we have, as Oliver says, the “messy handover”, as the private sector attempts to pick up the hiring slack.

Pat Bustamante, an economist at Westpac, calculates unemployment could push towards 4.8% in early 2026 if the private sector does not grow fast enough to replace the slower growth in government spending.

Which way it goes from here remains highly uncertain, and economists now see a real chance the RBA feels the need to deliver an interest rate cut at its Melbourne Cup day meeting.

Not everyone is convinced the jobs market is about to head south, or that the central bank will rush to cut rates again.

Jonathan Kearns is chief economist at Challenger and a former senior RBA official.

Kearns reckons people and investors have overreacted to one bad employment number.

Employment climbed in September, he says, just not quite as much as expected, which, when combined with an influx of new jobseekers, pushed up the jobless measure.

That could easily reverse in October, and the RBA board is likely to remain fixed on the “critical” quarterly inflation figure on 29 October.

“Things have been too easy,” Kearns says. “Inflation came down faster than expected and unemployment didn’t rise as much as anticipated. Things looked amazingly good, and you are always going to hit some bumps in the road.”

Patrick Commins is Guardian Australia’s economics editor

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Yara reports third quarter 2025 EBITDA excluding special items¹ of USD 804 million compared with USD 585 million in second quarter 2024. Net income was USD 320 million compared with USD 286 million a year earlier.

Third quarter 2025 highlights:

• EBITDA excl. special items¹ of 804 MUSD, up 38% from 3Q24
• Increasing returns through continued improvement focus and cost reductions, supported by favorable market conditions
• Record high production² and strong commercial performance
• YTD 2025 adjusted earnings per share³ at 3.25 USD – up from 1.37 USD last year

“Our continuous focus on improvement is delivering solid results, and we are pleased to report another strong operational quarter. This quarter’s performance reflects higher margins, strong commercial execution, and record-breaking production levels for the third consecutive quarter. In parallel, we are ahead of schedule in our cost reduction program, further strengthening our returns,” said Svein Tore Holsether, President and Chief Executive Officer.

Yara makes progress on the improvement agenda to strengthen financial returns by driving sustainable profitability in core operations and pursuing value-accretive growth, supported by strict capital discipline. The group is prioritizing cash conversion by allocating resources to high-return core assets while scaling back non-core and lower-yield activities, ensuring increased capital productivity.

With the combination of cost reduction, portfolio optimization and a tightening nitrogen market, Yara’s financial position is set to strengthen with increased free cash flow and sustainable profitability. Net income year-to-date 2025 is USD 1,028 million, up from USD 306 million in 2024. While this is supported by a non-cash net foreign currency gain of USD 386 million, it also clearly demonstrates that Yara’s improvement focus yields increased results. This will enable improved shareholder returns through cash distributions and re-investment in value-accretive growth opportunities subject to double digit returns – such as renewing our ammonia portfolio by accessing low-cost ammonia through potential equity positions the US ammonia projects.  

Link to report, presentation, and webcast on 17th October 2025, at 12:00 CEST:
https://www.yara.com/investor-relations/latest-quarterly-report/

1) For definition and reconciliation see APM section in the 3Q report, pages 22-29. 
2) YIP production performance adjusted for portfolio optimization.
3) Adjusted basic earnings/(loss) per share excl. foreign currency exchange gain/(loss) and special items. For definition and reconciliation see APM section in the 3Q report, pages 22-29.

Contact
Maria Gabrielsen
Head of Investor Relations
M: +47 920 900 93
E: maria.gabrielsen@yara.com

Tonje Næss
Head of External Communications
M: +47 408 446 47
E: tonje.nass@yara.com  

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Maria Gabrielsen, Head of Investor Relations, at Yara International ASA, on 17th October 2025 at 08:00 CEST.

About Yara

Yara’s mission is to responsibly feed the world and protect the planet. We pursue a strategy of sustainable value growth through reducing emissions from crop nutrition production and developing low-emission energy solutions. Yara’s ambition is focused on growing a nature-positive food future that creates value for our customers, shareholders and society at large and delivers a more sustainable food value chain.

To drive the green shift in fertilizer production, shipping, and other energy intensive industries, Yara will produce ammonia with significantly lower emissions. We provide digital tools for precision farming and work closely with partners at all levels of the food value chain to share knowledge and promote more efficient and sustainable solutions.

Founded in 1905 to solve the emerging famine in Europe, Yara has established a unique position as the industry’s only global crop nutrition company. With 17,000 employees and operations in more than 60 countries, sustainability is an integral part of our business model. In 2024, Yara reported revenues of USD 13.9 billion.

www.yara.com  

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
 

The headlong rush to build huge new datacenters, in order to support the growth of AI, is raising a number of concerns in the US – around the impact upon the climate crisis, water use and electricity bills. It’s also set to reshape American politics in potentially unusual ways.

Companies such as Microsoft, Google, OpenAI, Amazon and Meta are pouring hundreds of billions of dollars into new datacenters that will form the backbone to the surging use of AI by businesses and the public.

This frenzy of building means that datacenters could account for more than 14% of the US’s total power demand by 2030, triple the amount it does now. Utilities predict that the same volume of electricity it would take to power six cities will be required just to keep data centers online by this time.

More, after this week’s most important reads.

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“Meeting this demand will require considerably more electricity than is currently produced in the United States,” a recent report by McKinsey acknowledged of the new thirst for datacenters. “This spike in electricity needs is unprecedented.”

So where will this new power come from? Under Donald Trump’s vision, it will be from fossil fuels, not the wind turbines and solar panels the president disparages as “garbage” and unwanted in the US.

Trump has championed the growth of AI and sought to tear down environmental regulations that can slow the building of datacenters and the gas and coal plants that could power them. Forecasts for coal generation, which has been sliding for years in the US, have ticked up recently amid the AI boom and promises of direct subsidies from the Trump administration.

Clean energy does continue to grow in the US and datacenters could become more efficient over time. But the AI explosion carries a hefty climate risk if it remains hooked to fossil fuels – the International Energy Agency has warned that the amount of planet-heating gases from power plants that run datacenters could double by 2035.

For most Americans, though, there are more pressing worries that come with the new datacenters. As new facilities have sprouted in places like Virginia – which now has a region called “datacenter alley” – and in Texas, people have started voicing concerns about the billions of gallons of water they are sucking up to cool their computer hardware.

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Households are also facing steeper bills to fund the new power generation and transmission projects needed for datacenters – electricity costs could rise by an average of 8% nationally in the next five years because of this, recent analysis has found.

Amid existing alarm over inflation, this sort of trend is unnerving to politicians of all stripes. Both Republican and Democratic leaning voters have expressed opposition to datacenters, making it risky for those running in certain congressional districts to echo Trump’s enthusiastic support for them.

If the datacenter boom is to be curbed then cost of living woes, rather than the climate crisis, will likely be the telling factor.

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