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Sankamap Metals Inc. (CSE: SCU) (‘Sankamap’ or the ‘Company’) the Company and its auditor continue to work diligently toward the completion and filing of the Company’s annual audited financial statements and management’s discussion and analysis for the fiscal year ended June 30, 2025 (the ‘Required Filings’). The Company has obtained approval from the Alberta Securities Commission to extend the Management Cease Trade Order (‘MCTO’) under National Policy 12-203 Management Cease Trade Orders (‘NP 12-203’) until January 31, 2026. Sankamap confirms that it has received the crucial confirmations from the Solomon Islands government, and that the majority of the audit work has now been completed, with only a limited number of minor confirmations and outstanding items remaining. The Company is actively working to provide the remaining items and is contacting any parties from whom confirmations are still outstanding. Subject to the completion of these remaining items, the audit file is expected to enter the final stages of review and be nearing completion.

The Required Filings were due to be filed by October 28, 2025. In connection with the anticipated delays in making the Required Filings, the Company made an application for a MCTO under NP 12-203 to the Alberta Securities Commission, as principal regulator for the Company, and the MCTO was issued on October 29, 2025. The MCTO restricts all trading by the Company’s CEO and CFO in securities of the Company, whether direct or indirect. The MCTO does not affect the ability of persons who are not directors, officers or insiders of the Company to trade their securities. The MCTO will remain in effect until the Required Filings are filed or until it is revoked or varied.

The Company expects to proceed with the filing of its interim first-quarter financial statements shortly after the Required Filings have been completed and submitted.

The Company confirms that it intends to satisfy the provisions of the alternative information guidelines described in NP 12-203 by issuing bi-weekly default status reports in the form of a news release until it meets the Required Filings requirement. The Company has not taken any steps towards any insolvency proceeding and the Company has no material information relating to its affairs that has not been generally disclosed.

For further information with respect to the MCTO, please refer to the Company’s news releases dated October 21, 2025, November 4, 2025, November 18, 2025, December 3, 2025, December 17, 2025 and December 30, 2025, available for viewing on the Company’s SEDAR+ profile at www.sedarplus.ca.

About Sankamap Metals Inc.

Sankamap Metals Inc. (CSE: SCU) is a Canadian mineral exploration company dedicated to the discovery and development of high-grade copper and gold deposits through its flagship Oceania Project, located in the South Pacific. The Company’s fully permitted assets are strategically positioned in the Solomon Islands, along a prolific geological trend that hosts major copper-gold deposits; including Newcrest’s Lihir Mine, with a resource of 71.9 million ounces of gold¹ (310 Mt containing 23 Moz Au at 2.3 g/t P+P, 520 Mt containing 39 Moz Au at 2.3 g/t indicated, 81 Mt containing 5 Moz Au at 1.9 g/t measured, 61 Mt containing 4.9 Moz Au at 2.3 g/t Inferred).

Exploration is actively advancing at both the Kuma and Fauro properties, part of Sankamap’s Oceania Project in the Solomon Islands. Historical work has already highlighted the mineral potential of both sites, which lie along a highly prospective copper and gold-bearing trend, suggesting the possibility of further, yet-to-be-discovered deposits.

At Kuma, the property is believed to host an underexplored and largely untested porphyry copper-gold (Cu-Au) system. Historical rock chip sampling has returned consistently elevated gold values above 0.5 g/t Au, including a standout sample assaying 11.7% Cu and 13.5 g/t Au2; underscoring the area’s significant potential.

At Fauro, particularly at the Meriguna Target, historical trenching has returned highly encouraging results, including 8.0 meters at 27.95 g/t Au and 14.0 meters at 8.94 g/t Au3. Complementing these results are exceptional grab sample assays, including historical values of up to 173 g/t Au3, along with recent sampling by Sankamap at the Kiovakase Target, which returned numerous high-grade copper values, reaching up to 4.09% Cu. In addition, limited historical shallow drilling intersected 35.0 meters at 2.08 g/t Au3, further underscoring the property’s strong mineral potential and the merit for continued exploration. With a commitment to systematic exploration and a team of experienced professionals, Sankamap aims to unlock the untapped potential of underexplored regions and create substantial value for its shareholders. For more information, please refer to SEDAR+ (www.sedarplus.ca), under Sankamap’s profile.

1.Newcrest Technical Report, 2020 (Lihir: 310 Mt containing 23 Moz Au at 2.3 g/t P+P, 520 Mt containing 39 Moz Au at 2.3 g/t indicated, 81 Mt containing 5 Moz Au at 1.9 g/t measured, 61 Mt containing 4.9 Moz Au at 2.3 g/t Inferred)

2. Historical grab, soil and BLEG samples from SolGold Kuma Review June 2015, and SolGold plc Annual Report 2013/2012

3. September 2010-June 2012 press releases from Solomon Gold Ltd. and SolGold Fauro Island Summary Technical Info 2012

QP Disclosure

The technical content for the Oceania Project in this news release has been reviewed and approved by John Florek, M.Sc., P.Geol., a Qualified Person in accordance with CIM guidelines. Mr. John Florek is in good standing with the Professional Geoscientists of Ontario (Member ID:1228) and a director and officer of the Company.

ON BEHALF OF THE BOARD OF DIRECTORS

s/ ‘John Florek’
John Florek, M.Sc., P.Geol
Chief Executive Officer
Sankamap Metals Inc.

Contact:
John Florek, CEO
T: (807) 228-3531
E: johnf@sankamap.com

The Canadian Securities Exchange has not approved nor disapproved this press release.

Forward-Looking Statements

Certain statements made and information contained herein may constitute ‘forward-looking information’ and ‘forward-looking statements’ within the meaning of applicable Canadian and United States securities legislation. These statements and information are based on facts currently available to Sankamap and there is no assurance that the actual results will meet management’s expectations. Forward-looking statements and information may be identified by such terms as ‘anticipates,’ ‘believes,’ ‘targets,’ ‘estimates,’ ‘plans,’ ‘expects,’ ‘may,’ ‘will,’ ‘could’ or ‘would.’

This press release contains forward-looking statements, including, but not limited to, statements regarding management’s expectations about obtaining the MCTO and completing the Required Filings within the anticipated timeline. Forward-looking statements are subject to various risks, uncertainties, and other factors that could cause actual results or events to differ materially from those expressed or implied by such statements. Sankamap does not undertake any obligation to update forward-looking statements or information, except as required by applicable securities laws. For more information on the Company, investors should review the Company’s continuous disclosure filings that are available at www.sedarplus.ca .

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/280320

News Provided by Newsfile via QuoteMedia

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Iron ore prices have strengthened since bottoming out in September 2024, but the base metal faced headwinds in 2025 as tariff threats and investor uncertainty weighed on the market.

Usage in steel makes iron ore one of the most widely used and essential materials in the world, and as a result its fortune is highly dependent on the strength of the construction and manufacturing sectors.

Iron ore has also seen increased demand from electric vehicle (EV) batteries over the last several years.

Among all countries, China leads the world in steel production, but lacks domestic supply to meet demand; it is also the world’s largest importer of base metals. As one of the biggest manufacturing bases and a significant source of demand for construction and EV production, China exerts considerable influence on iron ore prices.

Additionally, as 2026 begins, the definitive period for the EU’s Carbon Border Adjustment Mechanism (CBAM) is starting — it will apply levies to high-carbon imports such as steel.

How did iron ore prices perform in 2025?

Iron ore started 2025 at US$99.44 per metric ton (MT) on January 6, then hit US$107.26 on February 12.

The start of March saw a steep decline for prices as they retreated toward the US$100 mark, then climbed back to US$104.25 on April 2; a rout in the base metals market saw prices fall to US$99.05 on April 9.

While other metals recovered, iron ore continued to track lower, reaching US$97.41 on May 5 and ultimately sinking to a yearly low of US$93.41 on July 1. During the third quarter, iron ore prices gained momentum, rising above the US$100 mark in August and reaching a quarterly high of US$106.08 on September 8.

Prices were largely rangebound in Q4, dropping below US$104 only once on November 7, then recovering to post a yearly high of US$107.88 on December 4. Prices had retreated to US$106.13 by December 5.

Key iron ore price drivers in 2025

All in all, prices for iron ore didn’t fare too badly in 2025.

The biggest factor affecting growth was a significant fall-off during the first half of the year as pressures mounted from a continuing slump in the Chinese property sector and the threat of US tariffs.

The Chinese real estate sector has been in steep decline since 2021, when two of the nation’s top developers — Country Garden and Evergrande — declared bankruptcy after incurring hundreds of billions of dollars in debt. Since then, the government has introduced various stimulus measures, but has failed to turn the sector around.

As mentioned, because of the sheer size of the property market in China, it is a significant demand driver for steel products and has an outsized influence on the global iron ore market.

Another noteworthy headwind for iron ore price levels this past year was the threat of US tariffs. In early April, US President Donald Trump announced his “Liberation Day” tariffs, which applied a 10 percent levy across the board, and threatened retaliatory tariffs to close trade deficits with most countries.

The move sparked fears of a global recession and triggered a rout in equities and commodities markets, sending prices plunging. However, most markets rebounded quickly as plans were dialed back after a squeeze in the bond market that sent 10 year treasury yields up by more than half a percentage point.

Further iron ore price pressures came later in the year, when the massive Simandou mine in Guinea shipped its first iron ore, destined for smelters in China, on December 2.

Two consortia of companies own the mine. Blocks three and four have a 45/40/15 ownership split between Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO), Chinalco and the Guinea government, and blocks one and two have a 45/35/20 split between Winning International, China Hongquiao Group (HKEX:1378,OTCPL:CHHQF) and United Mining Supply.

The mine will ramp up production over the next 30 months, and is expected to produce 15 million to 20 million MT in 2026 and 40 million to 50 million MT in 2027.

What trends will move the iron ore market in 2026?

“Construction accounts for about 50 percent of steel consumption in terms of end users. The weakness of the property market has, of course, weighed on steel demand and therefore pig iron production. However, the driver for China’s steel production has been industrialisation and urbanisation during the past two decades,” he said.

Sardain went on to state that despite a shift in focus from fixed assets to manufacturing, services and technology, overall steel demand is set to move lower. Although the decline won’t last forever and the property market will stabilize, the effect of even a mild rebound on steel production will be limited:

“However, steel production and iron ore demand have been supported by strong exports in markets such as Southeast Asia, East Asia, the Middle East, Latin America and Africa, mitigating the impact of a lower domestic steel demand. Whether steel exports can increase from their current level is debatable, and we forecast a lower steel production in China over time.’

On the tariff front, US levies aren’t likely to have much impact. Sardain pointed out that while US steel demand exceeds its production capacity, Chinese imports remain a minimal factor.

Meanwhile, the US is primarily producing steel in lower-carbon electric arc furnaces from ferrous scrap.

Although steel tariffs from Canada and Brazil are set at 25 and 50 percent, respectively, both countries have exemptions for iron ore pellets, and Canadian ferrous scrap is covered under CUSMA provisions.

But with the trade pact set to be renegotiated in 2026, it’s uncertain what it means for steel and, by extension, iron products, in the midterm. The best-case scenario is that Canadian steel will receive an exemption.

Still, the risk remains that current CUSMA blanket exemptions will be removed, allowing the US to apply additional tariffs on Canadian goods crossing the border. Likewise, in Europe, the CBAM came into effect on January 1, 2026.

While the impact may take some time to work through the market, it will still have downstream effects for producers that want to avoid tariffs on imported products. This may be one reason Chinese steel producers are switching from higher-carbon blast furnaces to electric arc furnaces in the smelting process.

“Currently, electric arc furnaces account for about 12 percent of China’s steel production, set to increase to 18 percent by the first part of the next decade,” Sardain said, noting that China is looking to cap its emissions by 2030.

The main challenge for iron ore is waning demand, as the primary input for electric arc furnaces is scrap steel, not raw iron. “Countries which will see their steel production increasing (primarily India, but to some extent Russia, Brazil or Iran) are not iron ore importers because they are self-sufficient. Steel production in the EU is flat to lower with more production coming from electric arc furnaces as part of the decarbonisation process,” Sardain said.

Soft demand growth, however, is expected to meet increasing mine supply, further dragging on prices in 2026.

Sardain suggested that all major iron ore miners will increase their production in 2026, with the largest boost coming from Guinea’s Simandou, which could shake up supply chains.

“The blocks one and two are owned by a Chinese-Singaporean consortium. It will provide China with the opportunity to diversify its supply from the major Australian producers (something that the country tried to do for the past 15 years unsuccessfully) and it will shift the supply-demand momentum in favour of China,” he said.

Additionally, the mine is important because of its 65 percent iron content.

Iron ore price forecast for 2026

Sardain expects iron ore prices to remain muted in 2026.

“We believe that price should drop below the US$100 per MT mark, although it could stay above this level in H1 due to seasonality … so, overall, prices staying between US$100 to US$105 per MT in H1, then declining below US$100 per MT in H2, with the ramp-up of the Simandou mine being a determining factor,” he said.

This is largely in line with estimates from other firms. BMI is predicting a 2026 price of US$95, while RBC Capital Markets sees iron ore averaging US$98; the overall consensus stands at US$94.

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

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The cobalt market entered 2025 under pressure from a prolonged supply glut, but the balance shifted sharply as the year unfolded, due almost entirely to intervention from the Democratic Republic of Congo (DRC).

After starting the year near nine year lows of US$24,343.40 per metric ton, cobalt metal prices had risen to US$53,005 by the end of December, pushed upward by supply concerns stemming from export limits in the DRC.

“The cobalt market in 2025 was characterised by a significant price recovery following the DRC banning the export of all cobalt from its borders in February,” said Aubry. “By the end of 2025, sulphate prices increased 266 percent, hydroxide increased by 328 percent and metal prices by 130 percent year-to-date.”

Q1: Cobalt moves from glut to supply shock

As mentioned, cobalt metal prices hit their weakest level since 2016 in January. Global mine output had more than doubled over five years, far outpacing demand growth from electric vehicles and other end uses.

That dynamic changed abruptly in late February, when the DRC — which supplies roughly three-quarters of the world’s cobalt — imposed a four month suspension on cobalt hydroxide exports.

The news lifted cobalt from US$24,495 at the start of the year to above US$34,000 by the end of March, with intra-month highs nearing US$36,300. The move marked the sector’s first meaningful rebound in nearly two years.

As the DRC exhibited control over cobalt supply, the market began to look to the world’s second largest cobalt-producing nation: Indonesia. Indonesia’s cobalt output is largely a by-product of its laterite nickel industry, produced through high-pressure acid leaching (HPAL) plants that process nickel-rich ores.

These facilities generate mixed hydroxide precipitate (MHP), an intermediate containing both nickel and cobalt that can be further refined into battery-grade materials. The model has enabled Indonesia to rapidly scale its cobalt supply, leveraging its dominant nickel position and integrated processing infrastructure.

Indonesia produced about 31,000 metric tons of cobalt in 2024 — roughly 10 percent of global supply — cementing its position as the world’s second largest producer behind the DRC.

Output growth is being driven by HPAL projects targeting up to 500,000 tons per annum (tpa) of mixed hydroxide precipitate, potentially yielding 50,000 tpa of cobalt, though scaling up may prove challenging.

Indonesian MHP, a lower-cost intermediate that is rich in nickel and cobalt, is increasingly viewed by Chinese refiners as a substitute for DRC-sourced cobalt hydroxide.

Q2 and Q3: A fragile equilibrium forms

The DRC’s export ban continued to underpin prices through the second quarter.

Standard-grade cobalt metal was trading near US$15 to US$16 per pound at the time, while cobalt sulfate posted even sharper gains. Despite the rally, sentiment remained cautious. Chinese refiners drew on existing inventories, and trade data showed cobalt units still flowing into China, particularly from Indonesia.

By June, prices had begun to ease as uncertainty mounted over how long the DRC would maintain controls.

Although China imported significant volumes earlier in the year, analysts warned Indonesian supply would be insufficient to fully offset reduced DRC cobalt shipments. Later that month, the DRC extended its export restrictions through September, reinforcing expectations that the market would move toward balance.

By mid-year, Chinese import data confirmed the impact — cobalt hydroxide inflows had fallen sharply, with analysts projecting constrained refinery feed into late 2025 or early 2026.

Prices stabilized in a broad US$33,000 to US$37,000 range through Q3, supported by tightening supply and diminishing inventories. Market participants increasingly viewed the DRC’s actions as a structural shift rather than a temporary correction, signaling the end of the cobalt surplus that had defined the previous two years.

By late 2025, the cobalt market had transformed from one of chronic oversupply to one approaching equilibrium — a reset driven not by demand growth, but by decisive supply-side intervention.

Q4: Cobalt quotas replace DRC ban, prices climb

After months of supply disruption, the DRC lifted its full cobalt export ban in mid-October, replacing it with a rigid quota system that will shape the market through 2026.

Under the new framework, annual DRC exports are capped at about 96,600 metric tons, roughly half of 2024 levels, with just 18,125 metric tons scheduled for shipment in Q4 2025.

This structural tightening helped sustain elevated prices that surged above US$47,000 by late October, levels not seen since early 2023, amid persistent feedstock shortages and constrained exports.

DRC quotas have provided a degree of market clarity, with major producers like CMOC Group (OTCPL:CMCLF) receiving significant allocations that underpin production plans. Despite robust output guidance, inventories outside the DRC remain tight, and market participants see continued upward price pressure as the quota system curtails supply.

“The DRC’s quota system is set to squeeze supply in the next two years — unless the country revises quotas higher,” wrote Fastmarkets’ Oliver Masson in a December market update.

“Prices are already considerably higher than they were at the beginning of the year, and they are likely to remain elevated for as long as current quota levels remain in force,’ he said. ‘Cobalt is mostly used in batteries, and the longer prices remain elevated, the more likely it is that EV manufacturers will seek to move to low-cobalt or cobalt-free chemistries where feasible. This could slow demand in the medium term.”

Cobalt price forecast for 2026

Looking ahead to 2026, analysts see the cobalt market shifting into a deficit as export caps bite and global feedstock availability shrinks. Fastmarkets projects a structural shortfall of about 10,700 metric tons against demand near 292,300 metric tons, driven by DRC quota limits and ongoing drawdowns of stocks.

Industry forecasters also anticipate that reduced shipments, combined with a stubbornly tight pipeline, will support stronger average prices next year. Some forecasts suggest cobalt could average near US$55,000 in 2026 as export quotas supplant the 2025 ban. Indonesian supply is emerging as a secondary source, with production climbing, but most analysts agree it will be insufficient to offset DRC constraints in the near term.

After a year of dramatic swings driven by supply policy in the DRC, 2026 is shaping up as the first sustained deficit environment in the cobalt market, with prices expected to remain elevated amid structural tightening.

“Prices have substantially recovered over 2025 and are expected to remain elevated in 2026 as the DRC limits exports,” said Aubry. “There is a significant potential upside risk as dwindling ex-DRC stocks present the risk of demand destruction towards the end of the year.”

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

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The interim government in Venezuela has released at least four U.S. citizens who were imprisoned under President Nicolás Maduro’s regime, Fox News confirmed.

The release marks the first known release of Americans in the South American country since the U.S. military completed an operation to capture authoritarian Venezuelan President Nicolás Maduro, who is now facing federal drug trafficking charges in New York.

‘We welcome the release of detained Americans in Venezuela,’ a State Department official said Tuesday. ‘This is an important step in the right direction by the interim authorities.’

The release of American citizens was first reported by Bloomberg.

President Donald Trump said Saturday that Venezuela had begun releasing political prisoners.

‘Venezuela has started the process, in a BIG WAY, of releasing their political prisoners,’ Trump wrote on Truth Social. ‘Thank you! I hope those prisoners will remember how lucky they got that the USA came along and did what had to be done.’

Venezuela’s interim government has reported that 116 prisoners have been released, although only about 70 have been verified by the non-governmental organization Justicia, Encuentro y Perdón, according to Bloomberg.

National Assembly President Jorge Rodríguez said prisoner releases would continue, according to the outlet.

The U.S. government issued a new security alert Saturday urging Americans in Venezuela to leave the country immediately, citing security concerns and limited ability to provide emergency assistance, the U.S. Embassy in Caracas said.

‘U.S. citizens in Venezuela should leave the country immediately,’ the embassy said in the alert.

The warning pointed to reports of armed groups operating on Venezuelan roads.

Following the military operation, Trump suggested that the U.S. would ‘run’ Venezuela for an extended period.

‘We’re going to run the country until such time as we can do a safe, proper and judicious transition,’ he said.

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Sen. Rand Paul, R-Ky., accused his ‘pro-life’ Republican colleagues of not caring about the people killed in boat strikes near Venezuela who the Trump administration, without providing evidence, claims were trafficking fentanyl.

During an appearance on ‘The Joe Rogan Experience’ released on Tuesday. Paul said GOP lawmakers ‘don’t give a s‑‑-‘ about the people who died on the vessels, blasting his colleagues for not granting the presumption of innocence.

‘I look at my colleagues who say they’re pro-life, and they value God’s inspiration in life, but they don’t give a s‑‑- about these people in the boats,’ Paul said. ‘Are they terrible people in the boats? I don’t know. They’re probably poor people in Venezuela and Colombia.’

‘I guess what I don’t feel connected to my Republican colleagues is that those lives don’t matter at all, and we just blow them up. And against all justice, and against all laws of war, all laws of just war, we have never blown up people who were shipwrecked,’ he added, referring to the administration’s reported targeting and killing of survivors of initial strikes who were clinging to wreckage.

The liberty-minded Republican said it is ‘against the military code of justice to do that.’

‘We’re doing it and everybody just says, ‘Oh, well, they’re drug dealers,” he said.

Paul criticized his fellow GOP lawmakers who have repeated the administration’s claims about the boats carrying fentanyl. He also took issue with colleagues who hold the position of, ‘Well, we’re at war with them. They’re committing war by bringing drugs into America.’

‘They’re not even coming here,’ Paul explained. ‘They’re going to these islands in the south part of the Caribbean. The cocaine — and it’s not fentanyl at all — the cocaine’s going to Europe.’

He emphasized that ‘those little boats can’t get here.’

‘No one’s even asked this common question: Those boats have these four engines on them. They’re outboard boats. You can probably go about 100 miles before you have to refuel. Two thousand miles from us, they’d have to refuel 20 times to get here,’ Paul said.

The senator accused the administration of conducting the boat strikes to create ‘a pretense and a false argument’ ahead of the operation to attack Venezuela and arrest its president, Nicolás Maduro.

‘It’s all been a pretense for arresting Maduro,’ he said. ‘So, we have to set up the predicate. We got to show you we care about drugs.’

Paul helped the Senate advance a resolution last week that would limit Trump’s ability to conduct further attacks against Venezuela after the U.S. military’s recent move to strike the country and capture Maduro, which the Kentucky Republican said amounts to war. The Upper Chamber could pass the measure later this week, although it faces an uphill battle in the House despite some support from Republicans.

‘I think bombing a capital and removing the head of state is, by all definitions, war,’ Paul told reporters before the procedural vote last week. ‘Does this mean we have carte blanche that the president can make the decision any time, anywhere, to invade a foreign country and remove people that we’ve accused of a crime?’

The lawmaker has repeatedly criticized the administration’s boat strikes on alleged narco-terrorists in recent months, often raising concerns about killing people without due process and the possibility of killing innocent people. The senator previously cited Coast Guard statistics that show a significant percentage of boats boarded on suspicion of drug trafficking are innocent.

Paul said on ‘The Joe Rogan Experience’ that he believes the administration might attack Mexico next, which Trump has signaled could be a future target.

‘They want to do that next. They want to bomb Mexico,’ Paul said.

Trump has said cartels are ‘running Mexico’ and that ‘something’s going to have to be done’ because Mexican President Claudia Sheinbaum is ‘very frightened’ of the cartels.

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Sen. Kevin Cramer, R-N.D., suggested Tuesday that Federal Reserve Chair Jerome Powell should resign to avoid a potential indictment, arguing the move could prompt the Department of Justice (DOJ) to drop its investigation.

The suggestion comes after the DOJ announced Sunday it has opened a criminal probe into Powell focused on the renovation of the central bank’s Washington headquarters and whether he was truthful in his congressional testimony regarding the project.

‘If you’re the attorney for Jay Powell and you want to avoid an indictment, how about you go to Jeanine Pirro and say, ‘I’ll make a deal. I’ll step down today if you’ll drop the investigation today,” Cramer said on FOX Business’ ‘Kudlow.’

Cramer added that his proposed legal strategy would be ‘a win-win for everybody.’

U.S. Attorney for the District of Columbia Jeanine Pirro said on X Monday that her office had contacted the Fed ‘on multiple occasions to discuss cost overruns and the chairman’s congressional testimony, but were ignored, necessitating the use of legal process — which is not a threat.’

‘The word ‘indictment’ has come out of Mr. Powell’s mouth, no one else’s,’ Pirro continued. ‘None of this would have happened if they had just responded to our outreach. This office makes decisions based on the merits, nothing more and nothing less. We agree with the chairman of the Federal Reserve that no one is above the law, and that is why we expect his full cooperation.’

Powell provided testimony before the Senate Banking Committee last year regarding a significant renovation to two main office buildings in the Fed’s headquarters in Washington, D.C. The project is expected to cost $2.5 billion and is being paid for by the central bank, not taxpayers.

Powell confirmed in a video statement Sunday that the Federal Reserve had been served ‘with grand jury subpoenas’ that threatened ‘a criminal indictment.’

While Powell said he respected the rule of law and congressional oversight, he asserted that the Justice Department’s move was ‘unprecedented’ and politically motivated.

‘This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings,’ he said. He added that the threat of criminal charges is a ‘consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president.’

A spokesperson for the Fed told Fox News Digital the Fed would not have any comment beyond Powell’s video message from Sunday.

Cramer cautioned on ‘Kudlow’ that an indictment could negatively impact the economy.

‘I don’t want to do anything to disrupt this incredible rocket ship economy we’re enjoying right now,’ he said. ‘We’ve got other big things to do that I’d rather focus on than an indictment.’

The U.S. Attorney’s Office for the District of Columbia did not immediately respond to Fox News Digital’s request for comment.

Fox News Digital’s Amanda Macias contributed to this report.

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Recently unredacted construction plans for China’s new super embassy in London have ignited a storm of national security concerns across the United Kingdom, as blueprints reveal a hidden underground room positioned alarmingly close to some of Britain’s most sensitive communication cables.

Major critics of the proposed site, which will run as close as three feet to the internet infrastructure, warned that the secret room could serve as a hub for Chinese espionage. While the British government reportedly assured its allies that the lines do not carry sensitive government data, the cables transmit financial transactions as well as communication traffic for millions of internet users.  

The blueprints were publicly unredacted Monday by The Telegraph, just one week before Prime Minister Keir Starmer is widely expected to approve the plans before his visit to see President Xi Jinping in China.  

A government spokesman told the outlet that despite the security concerns, ‘national security is our first duty and government security experts have been involved throughout the process so far.’

According to the blueprint, the facility will be located at the former Royal Mint and will become Europe’s largest Chinese embassy. 

Construction plans indicate that China intends to demolish and rebuild a basement wall, placing officials and equipment just over three feet from critical fiber-optic cables. Security experts have warned that such proximity could create opportunities for ‘cable-tapping,’ which involves inserting wiretaps or reading light signals leaking from the lines.

Professor Alan Woodward, a security expert at the University of Surrey, highlighted the technical feasibility of espionage given the physical layout, The Telegraph reported. He described the demolition as a ‘red flag’ and noted, ‘If I were in their shoes, having those cables on my doorstep would be an enormous temptation.’

Additionally, the concealed chamber appears to be equipped with at least two hot-air extraction systems designed to ventilate heat-generating equipment. Experts reportedly inferred that this infrastructure suggests that the room is designed to accommodate high-powered technology such as advanced computers typically used for espionage and data processing. 

Beyond the single chamber near the cables, the unredacted plans also revealed a network of 208 secret rooms beneath the diplomatic site. The basement appears to allow for emergency backup generators, sprinkler systems, communications cabling and showers, suggesting that officials could remain underground for extended periods, potentially to operate or monitor equipment.

The construction plans have generally raised fears that the London complex could serve as a Beijing intelligence hub. According to U.K. outlet The Times, Britain has been pressured to reassure the United States and other intelligence partners that the cables do not transmit any sensitive government data.

Alicia Kearns, the shadow national security minister and prominent critic of the project, described the approval of the embassy as handing Beijing a strategic advantage against British interests.  

‘Giving China the go-ahead for its embassy site would be to gift them a launchpad for economic warfare at the very heart of the central nervous system of our critical financial national infrastructure,’ she said in a post on X.  

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Iranian security forces escalated from pellet guns to live ammunition during protests, sharply increasing casualties, a doctor who treated wounded demonstrators told the Center for Human Rights in Iran (CHRI).

Speaking after fleeing the country, the doctor told CHRI the use of live fire increased the death toll days after protests erupted Dec. 28.

‘Law enforcement forces were firing pellet shotguns that scatter pellets. During those days, I received five or six calls per day about people who had been hit by two pellets in the back or pellets to the head or scalp,’ the doctor claimed.

The doctor said he noticed the situation shifted on Jan. 8, when authorities imposed internet blackouts and cut off communication nationwide.

‘From about 8:10 to 8:20 pm, the sound of bullets, gunfire, screams, and sporadic explosions could be heard. I was called to the hospital. When I arrived, I saw that the nature of the injuries and the number of gunshot wounds had changed completely,’ the doctor said of the days around the blackout.

‘The situation was totally different. Shots from close range, injuries leading to death.’

Human rights groups say thousands have been killed as security forces moved to suppress the demonstrations, with some estimates placing the death toll above 3,000, Fox News’ chief foreign correspondent Trey Yingst reported Tuesday.

The protests were fueled by anger over economic hardship, rising prices and inflation before expanding into broader anti-government demonstrations.

‘The calls I received on my home phone for medical advice were no longer about pellet wounds,’ the doctor said. ‘People were saying they had been shot, with bullets entering one side of the body and exiting the other. Live ammunition.’

Describing scenes in Isfahan, which is a major protest hub, the doctor said streets were stained with blood as security forces deployed heavier weapons.

‘A large amount of blood, about a liter, had pooled in the gutter and blood trails extended for several meters,’ the doctor claimed.

‘The level and intensity of violence increased step by step,’ he said before describing a change in aggression on Jan. 9.

‘On Friday night, I heard automatic gunfire. I am familiar with weapons and can distinguish their sounds. I heard DShK heavy machine guns. I heard PK machine guns.

‘These weapons are in the possession of IRGC units — DShKs, PK machine guns, and Kalashnikovs,’ the doctor said. ‘The trauma cases I saw were brutal, shoot-to-kill.’

Victims ranged from teenagers to elderly men, the doctor said. Some injuries were so severe that bodies were unrecognizable.

‘One colleague said that during a night shift, eight bodies were brought in with gunshot wounds to the face; their faces were unrecognizable. Many bodies are not identifiable at all,’ he added.

The account comes as President Donald Trump publicly voiced support for Iranian protesters. 

On Tuesday, Trump urged Iranians to ‘take over’ their institutions, saying he had canceled all meetings with Iranian officials until the crackdown ends.

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Sen. Josh Hawley, R-Mo., is facing backlash from the MAGA base after voting with Democrats and a small group of Republican senators to advance a war powers resolution related to Venezuela — marking a break with President Donald Trump.

On Wednesday, the Senate is expected to hold a full vote on the resolution that would limit Trump’s ability to conduct future military operations against Venezuela without Congressional approval, teeing up a test for Hawley with MAGA and its base. 

The vote comes after Trump announced Jan. 3 that the U.S. military carried out a successful operation in Venezuela, capturing dictatorial president Nicolás Maduro and his wife. The couple is now being held in a New York City jail on sweeping narco-terrorism conspiracy and drug trafficking charges. 

The operation set off condemnation among Democrats who took issue with Trump ordering the mission and strike on Venezuela without prior congressional approval. 

Days later, on Jan. 8, the Senate advanced a bipartisan war powers resolution by a 52–47 vote that would require the president to seek congressional authorization before engaging U.S. armed forces in ‘hostilities within or against Venezuela.’ The procedural vote set up a full Senate vote slated for Wednesday. 

Hawley joined Sens. Lisa Murkowski, R-Alaska; Rand Paul, R-Ky.; Susan Collins, R-Maine; and Todd Young, R-Ind., in voting with Democrats to require Trump obtain congressional approval prior to military action in Venezuela, sparking condemnation and surprise from the MAGA base on social media earlier in January. 

‘The Republicans who sided with Democrats today on the War Powers resolution are STUPID & WEAK,’ former campaign aide Alex Bruesewitz posted to X following the procedural vote. ‘It came as no surprise to see Rand Paul, Lisa Murkowski, Susan Collins, or Todd Young vote against President Trump, they’ve all shown clear signs of Trump Derangement Syndrome in the past.’

Bruesewitz added that he was ‘surprised and disappointed’ by Hawley for aligning ‘himself with the anti-Trump faction and Democrats, particularly since he represents Missouri, one of the most staunchly pro-Trump states in the nation.’

‘Shameful,’ he added. 

Hawley previously defended his procedural vote by framing it as a constitutional issue rather than a rebuke of the administration. 

‘My read of the Constitution is that if the President feels the need to put boots on the ground there in the future, Congress would need to vote on it,’ Hawley posted to X explaining the vote. 

Fox News Digital spoke to a longtime Republican campaign operative working on midterm races, who said Hawley has broken with the administration over a handful of issues, and compared him to former Republican Georgia Rep. Marjorie Taylor Greene and Kentucky Rep. Thomas Massie, who frequently take shots at the president and his policies and draw media attention.  

‘It seems like every other month he does something that’s opposed to the president and the party more broadly,’ the source said. 

Trump needs two of the five Republicans to switch their positions ahead of Wednesday’s vote. The president put the five senators on notice following the procedural vote, warning on social media that they ‘should never be elected to office again.’

‘This Vote greatly hampers American Self Defense and National Security, impeding the President’s Authority as Commander in Chief,’ he wrote earlier in January. ‘In any event, and despite their ‘stupidity,’ the War Powers Act is Unconstitutional, totally violating Article II of the Constitution, as all Presidents, and their Departments of Justice, have determined before me.’

MAGA allies echoed Trump’s Truth Social message in their own posts, describing Hawley as a ‘RINO’ whose political career is allegedly teetering over the vote. 

‘President Trump ERUPTS on the Republican senators who just voted to approve the War Powers resolution that would rein in his Venezuela operations, says NEVER ELECT THEM AGAIN,’ Eric Daughtery posted to X Jan. 8. 

‘Remember this in November. Susan Collins, Lisa Murkowski, Rand Paul, Josh Hawley, and Todd Young should never be elected to office again! We are sick of compromised GOP dirtbags going against our President,’ another MAGA-aligned social media account, Farm Girl Carrie, posted. 

Hawley told Fox News Tuesday, when asked how he plans to vote, that he’s spoken with Trump, Secretary of State Marco Rubio, and DOJ officials about his top concern of having American troops on the ground. 

He said they ‘assured me there are no ground troops in Venezuela’ and that there ‘are not going to be ground troops in Venezuela.’ 

‘My big concern has been ground troops in Venezuela and, making sure that if there’s going to be ground troops in Venezuela, (which) I would hope we would not do, that Congress authorizes that. But I will tell you, I’ve talked to the president. I talked to the secretary of state. I talked to the Department of Justice here in the last few days and have had tremendous conversations in the Secretary of State, who I just talked to recently, assured me there are no ground troops in Venezuela. There are not going to be ground troops in Venezuela,’ he said. ‘The administration will notify Congress, will seek congressional approval where necessary.’ 

Hawley has drawn Trump’s ire before, including during a fight over Hawley’s stock-trading ban proposal in July. Trump, who previously said he liked the idea ‘conceptually,’ accused Hawley of siding with Democrats to block a GOP-backed effort tied to reviewing Nancy Pelosi’s stock trading.

‘Why would one ‘Republican,’ Senator Josh Hawley from the Great State of Missouri, join with all of the Democrats to block a Review, sponsored by Senator Rick Scott, and with the support of almost all other Republicans, of Nancy Pelosi’s Stock Trading over the last 25 years. The information was inappropriately released just minutes before the Vote — Very much like SABOTAGE!’ Trump wrote on Truth Social.

Hawley has also broken with the administration on domestic policy, repeatedly criticizing Medicaid reforms included in Trump’s ‘big, beautiful bill’ back in 2025, even as he ultimately voted in favor of the sweeping package when it came to the Senate floor.

The Republican campaign operative said it is unclear why Hawley has broken with the administration on certain policies, speculating he might have 2028 aspirations.

‘The polling I’ve seen shows that Republicans are in favor of the president’s actions in Venezuela,’ the sourced added. ‘He would be out of step with our voters. I don’t think it’d bode well for him. I think this was one of the most unifying moments on the right, when the president successfully arrested Maduro and took him out the country. Him siding with the Democrats is bizarre.’ 

‘How has that worked out for Rand Paul or Massie,’ the operative said, referring to Kentucky lawmakers’ ongoing policy spats with the president and administration. 

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The chairman of the Senate Foreign Relations Committee pressed the Syrian government to hold perpetrators accountable amid accusations of grave human rights violations within Syria’s army during the seizure of two Kurdish neighborhoods in Aleppo. Some reports claim jihadist-aligned members of the army were responsible for the abuses. 

Jim Risch, R-Idaho., wrote on Tuesday on X that ‘I am gravely concerned about the conduct of armed forces in Aleppo, Syria, over the past week and urge the government to hold accountable those who committed these egregious acts. After years of war, the role of Syria’s new government and armed forces is to safeguard the inherent rights of its citizens, not to infringe upon them.’

Risch responded to an X Post from the Syrian Network condemning the desecration of a woman’s body in Aleppo, where it was thrown from a high floor by a member of the Syrian Army.

On Tuesday, Adm. Brad Cooper, the commander of CENTCOM, appealed ‘to all parties to exercise maximum restraint’ in the Aleppo area. 

After days of intense clashes, Syrian army forces controlled by the former U.S. designated terrorist Ahmed al-Sharaa, who was previously a member of the terrorist movements al-Qaeda and the Islamic State, seized two neighborhoods (Sheikh Maqsood and Ashrafiyeh) on Sunday in the city of Aleppo, where members of the Kurdish-led Syrian Democratic Forces, or SDF were based.

The SDF played a critical role in aiding U.S. forces to defeat the Islamic State in Syria.

Mazloum Abdi, the leader of the SDF, wrote on X that an agreement via international mediation had cemented the evacuation of Syrian Kurds from the two districts in Aleppo.

Abdi wrote that, ‘With mediation by international parties to halt the attacks and violations against our people in Aleppo, we have reached an understanding that leads to a ceasefire and ensures the evacuation of the martyrs, wounded, stranded civilians and fighters from the Ashrafiyeh and Sheikh Maqsood neighborhoods [in northern Aleppo] to North and East Syria [Rojava],’ according to the Kurdish news organization Rudaw. 

The U.S. Ambassador to Turkey, Tom Barrack, who also serves as the Special Envoy for Syria, wrote on X on Saturday after the Aleppo ceasefire agreement was apparently reached, that he met with President ‘al-Sharaa, Foreign Minister Asaad al-Shaibani, and members of their team in Damascus to discuss recent developments in Aleppo and the broader path forward for Syria’s historic transition.’

He added, ‘The Syrian government has reaffirmed its commitment to the March 2025 integration agreement with the SDF, which provides a framework for incorporating SDF forces into national institutions in a manner that preserves Kurdish rights and strengthens Syria’s unity and sovereignty.’

Wladimir van Wilgenburg, a Kurdish studies expert, told Fox News Digital prior to the Syrian army ousting SDF from Aleppo districts that, ‘Kurds suspect that Turkey is pushing Damascus to push out Kurdish forces from Aleppo to give a major blow to the SDF, so that they will make more concessions to Damascus and make the Kurdish negotiation position weaker. 

‘Ankara wants the SDF to integrate into the Syrian army on an individual basis, not as separate divisions,’ van Wilgenburg said. He added, ‘Moreover, the SDF wants a decentralized system, while Damascus wants a centralized system. The Kurds have decided to make a stand in Aleppo. The current situation could spark a widespread conflict that could undermine Trump’s policy of creating sustainable peace in the Middle East.’

The Aleppo health directorate said at least 24 civilians were killed and more than 120 people were injured during five days of clashes.

The government of Turkey’s President Recep Tayyip Erdogan views the Syrian Kurds as a threat to Turkey because many Kurdish organizations across the region seek an independent state that would include a part of Turkey, where there is a large Kurdish population. Erdogan has over the years launched devastating attacks on the Kurds in northern Syrian.

Retired four-star Army general Jack Keane previously told Fox News’ Mark Levin on ‘Life, Liberty & Levin’ that President Trump during his first term was able to stop Erdogan’s attacks on the Syrian Kurds. 

The General Command of the SDF issued a statement last week, stating ‘We warn that the continuation of this aggression against civilians will lead to serious repercussions that will not be limited to Sheikh Maqsoud and Ashrafieh or to the city of Aleppo alone, but will risk plunging all of Syria back into an open battlefield. Full responsibility for this will rest with those who persist in choosing the use of force against civilians.’

Al-Sharaa‘s rule over the past year has seen radical Islamist forces aligned with his army engage in massacres of a range of Syrian minority groups, from Alawites to the Druze. Radical Islamists have also murdered Syrian Christians.

Sinam Mohamad, the representative of the Syrian Democratic Council to the U.S., told Fox News Digital that a ‘decentralized system will save Syria from any or conflict in the future.’ She said ‘We regret foreign influence’ in Syria, noting that ‘Turkey still has influence on Damascus.’ She said that Turkey seeks to ‘provoke’ in Syria, citing the recent attacks in Aleppo.

Mohammad said the Syrian Kurds have a ‘negotiating committee to discuss the autonomous government in northeastern Syria. We also have women units in the SDF who have been fighting against ISIS.’ She asked what is the ‘future of women in the army’ in Syria?  ‘Damascus does not want women units in the army. In Israel, they have women in the army.’

She said this part of the negotiations with al-Sharaa’s government with respect to the March 2025 agreement reached between the SDF and the Syrian regime.

Van Wilgenburg said, ‘The clashes began after the latest negotiations between the Kurds and Damascus over the implementation of the March 10 agreement did not produce any results. Damascus earlier verbally agreed on three SDF divisions, but there were remaining discussions and different view points over command and control. The last meeting took place on Jan. 4 in Damascus.’

According to the SDF, ‘the neighborhoods of Sheikh Maqsoud and Ashrafieh have been under complete siege by factions of the Damascus government for more than six months. These neighborhoods do not, under any circumstances, constitute a military threat, nor can they serve as a launching point for any attack on the city of Aleppo.’

The statement added that, ‘The allegations promoted by bloodthirsty circles within Damascus-affiliated factions, claiming the existence of intent or military movement by our forces from these neighborhoods, are false and fabricated. They are used as a pretext to justify the siege, shelling and massacres committed against civilians.’

Fox News Digital reached out numerous times to the spokesperson for Turkey’s embassy in Washington D.C. as well as the U.S. State Department.

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