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US judge confirms Red Tree as the starting bid for Citgo parent's auction
According to a court document, a U.S. Federal judge confirmed on Monday that a $3.7billion offer made by Red Tree Investments, an affiliate of Contrarian Funds to pay bondholders and creditors in an auction for shares of the parent company of Venezuelan-owned refiner Citgo Petroleum was the starting bid. The offer, which had been recommended by a court officer overseeing the auction, unleashed a battle among 16 creditors seeking to cash proceeds from the auction, with some supporting the bid because it includes a payment agreement with holders of a bond issued by Citgo's ultimate parent, Caracas-headquartered PDVSA, and others saying it was too low. A consortium led miner Gold Reserve had submitted a $7.1 Billion proposal. Rival bid Other creditors and lawyers representing Venezuela filed objections against Red Tree's bid. These were overruled U.S. district judge Leonard Stark. Stark's decision stated that "Red Tree’s bid represents the best balance between the evaluation criteria which can be summarized as the price and the certainty of closing", adding that this offer should encourage competitiveness. The judge asked Robert Pincus, the court officer, to suggest a time period to top off Red Tree’s offer. This is expected to result in a winning bid for the auction whose final hearing will be held in July. Pincus' final bid recommendation was to be "more focused on price, and less on certainty", as instructed by the Judge. A previous round of bidding last year saw most creditors reject a $7.3billion offer from an affiliate hedge fund Elliott Investment Management because it included conditions. Red Tree's selection as the stalking horse for this round is expected to encourage other bidders to offer up to $3 billion in compensation to holders of PDVSA 2020 bonds that were collateralized by Citgo equity. Citgo is valued between $11 billion to $13 billion. The final bids in the auction are expected to be below $8 billion. The more money paid to bondholders will leave less to pay other creditors. These include foreign oil companies, mining companies, and industrial conglomerates, whose Venezuelan assets have been expropriated.
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ADM closes soybean processing plant at Kershaw, South Carolina
Grains merchant Archer-Daniels-Midland will permanently close its soybean processing plant in Kershaw, South Carolina, later this spring as part of a cost-cutting and consolidation push announced earlier this year, the company confirmed to on Monday. ADM has cut jobs and downsized some operations ever since February, when it announced that it would be cutting costs by $500 to $700 millions over three to five year. Dane Lisser, ADM's spokesperson, said: "After exploring many alternatives, we have determined that our Kershaw crushing plant does not align with our future operating needs." Still reeling from a scandal that sent the stock price of the company plummeting last year, the company is now facing tough headwinds due to rising trade tensions with key markets, including China, which is a major soybean importer. According to sources in the industry, Kershaw will be closing as the first U.S. soya processing plant after a multi-year expansion of industry-wide facilities amid an escalating demand for vegetable oil from biofuels manufacturers. The biofuel sector, however, has recently slowed down production because of the uncertainty surrounding U.S. policy on biofuels and the possibility of a worsening trading war. According to industry sources, the Kershaw plant is one of the smaller soy processing plants operated by ADM. It has the capacity to crush up to 50,000 bushels per day. ADM has said that it will assist Kershaw employees in finding new jobs, and offer financial severance to those who choose to leave the company. However, the number of affected workers was not disclosed. According to South Carolina Department of Commerce statistics, the Kershaw plant employed 11 to 50 workers.
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Prosecutors say that a Russian attack killed one person in Kharkiv, Ukraine.
According to local prosecutors, Russian forces launched an attack on Ukraine's Kharkiv region in the northeast, Monday. One person was killed in a village near the border. According to a report posted on Telegram, which was released after a ceasefire of 30 hours announced by Moscow for Easter had expired, a Russian drone killed a man riding a scooter in Ivashki. The statement added that an artillery attack by the Russians hit a private home area in Kupiansk. This is a place where Russian military activity has increased in recent months. Kupiansk, which was captured by Ukrainian forces later in that year in a massive counter-offensive after the Russian invasion of Ukraine in February 2022, was initially occupied by Russian troops. At least once, Russian forces entered the city briefly. (Reporting and editing by Jamie Freed; Oleksandr Kozoukhar, Ron Popeski)
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US Antimony restarts Mexico Smelter Plant after Over a Year
United States Antimony Corp announced on Monday that it had restarted operations in its Madero plant in Mexico. This comes more than a year since the miner of critical minerals stopped operating in Latin America. Why it's important China has banned the export of critical minerals such as gallium, antimony and germanium to the United States. This is part of a escalating tech and trade war between two major economies. China is expected to produce almost half the world's supply of antimony by 2023. Prices of the mineral are soaring as a result of China's heavy export restrictions. This has disrupted global supply chains. U.S. president Donald Trump also pushed to increase domestic production of important minerals, such as antimony to counter China's near-total control in the sector. Minerals are widely used to make ammunition, infrared weapons, night-vision goggles and nuclear weapons, as well batteries and photovoltaic devices. CONTEXT United States Antimony announced in March of last year that it would cease all operations in Latin America, and sell its Mexican subsidiary. This decision was taken after a review of financial performance, negative cash flow of the unit and low prices of antimony. What's Next? The company announced that it had begun processing the antimony ore purchased from international sources in the Madero Smelter. Next week, the second and third shipments will also arrive at the facility. U.S. Antimony stated that it plans to produce approximately 200 tons of antimony each month at the Madero Smelter by the end of 2025. (Reporting and editing by Sahal Muhammad in Bengaluru, Vallari Srivastava from Bengaluru)
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The Russian Economy Ministry has cut its Brent price forecast for 2025 by almost 17%
According to documents obtained by, the Russian economy ministry's forecast for the average Brent crude price in 2025 has been cut by 17% compared to what they thought it would be in September. Interfax reported that in the ministry's baseline scenario for economic forecasts of 2025, the ministry assumes the average price of Brent to be $68 per barrel, down from $81.7 per barrel in its September predictions. The Ministry of Finance estimates that the price for Urals - Russia's main blend - is $56 per barrel - compared to the $69.7 barrel price on which Russia has based their budget 2025 - and lower than the $60 "cut-off" price, which determines the amount of money sent to the National Wealth Fund Reserve (NWF) budget reserve. In the baseline scenario, we assume at some point that the export price drops below the cutoff, but then goes up. In this scenario, we do not deplete our NWF," a ministry representative told Interfax. Oil and gas revenues account for a third (or more) of the budget. The representative said that "from a budgetary standpoint, these conditions are difficult, but normal." The Russian rainy day NWF is now the main source for financing Russia's persistent budget deficit. The liquid assets of the fund have fallen by two-thirds, from $112.7 to $39 billion. According to the new estimates, the rouble value of Russian oil has decreased by 21.5% to 5,281 Roubles per barrel compared to the previous forecast. In April, the Russian central bank had warned that due to a lower global demand, oil prices may be lower for several years than expected. Urals prices dropped to their lowest level since 2023 early April, trading at around $53 a barrel. They traded below $60 per barrel last week. The first quarter of this year saw Russia's oil revenues fall by 10% compared to the same period last year. Meanwhile, the average price for Urals in roubles since April began was 31% lower than the planned amount, forcing the government to sell foreign currency for first time. The ministry said that it did not expect a recession to occur due to the trade wars of U.S. president Donald Trump and believes global growth will be slightly higher than 2% this year. Interfax quoted the representative of the ministry as saying: "The world's still bigger than the United States. So some flows will be directed." The Ministry maintained its forecast of 2.5% for the gross domestic product (GDP) growth in Russia and raised its inflation forecast from 4.5% to 7.6%. The rouble is also expected to be stronger this year than it was previously forecasted, with an average of 94.3% of the dollar per rouble, compared to an earlier prediction of 96.5 roubles. (Written by Lidia Kelley in Melbourne and Gleb Brnski in Moscow, edited by Leslie Adler & Darlie Butler)
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Russia's Nornickel maintains 2025 nickel production forecast
Nornickel, a Russian company that is one of the largest nickel producers in the world and also the biggest palladium producer, maintained Monday its nickel production forecast for 2025 as 204,000-211,000 tons. The company reported that it produced 42,000 tonnes of nickel in 2025's first quarter, down 1.1% from the previous year. Palladium production fell 0.6%, to 741,00 ounces. The production of platinum increased by 0.6%, to 180,000 ounces. The company's Senior Vice-President Alexander Popov stated that the modest drop in nickel production was due to short-term scheduled repairs and maintenance. This was done to ensure a steady operation of its main technological units. Nornickel said that the decrease in nickel production is due to maintenance work at its various plants. Nornickel faces pressure in the domestic market due to the 40% rise of the rouble against the U.S. Dollar, which reduces revenues, and high interest rates which impact investment plans. The company faces falling or stagnating metal prices internationally due to lower demand in the wake of market turmoil triggered by U.S. president Donald Trump's tariffs. Nornickel may not be directly subject to Western sanctions but the measures have led some Western producers to refrain from buying Russian metal. They also complicate payments and restrict access to Western equipment. BCS analysts wrote in a report that they believe the threat of a global slowdown due to tariff wars would negatively impact the metals portfolio of the company. (Reporting and writing by Anastasia Lyrchikova; editing by Kirsten Doovan and Ros Russel)
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India imposes temporary tariffs of 12% on certain steel imports
A government notification announced that India had imposed a temporary tariff of 12%, known locally as a "safeguard duty", on certain steel products in order to curb unbridled imports. India, the second largest producer of crude iron and steel in the world, announced that the tariffs will be effective for 200 days starting Monday. The Ministry of Finance stated that "the safeguard duty imposed by this notification will be in effect for a period of 200 days (unless earlier revoked or modified) after the publication of the notification." India's steel tax increase is the first major trade policy decision since U.S. president Donald Trump imposed duties on a number of countries in April. New Delhi's tariffs primarily target China, the second largest steel exporter to India in 2024/25 behind South Korea. According to government data, India became a net steel importer for the second year in a row during the fiscal year 2024/25. Shipments reached a record high of 9 million metric tonnes, a figure not seen since the early 1990s. Steel Authority of India, ArcelorMittal Nippon Steel India, and JSW Steel, New Delhi's largest steelmaking body, have raised concerns about imports. Reporting by Neha Misra and Surbhi Arora; Editing and Toby Chopra and Alison Williams
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In March, India's infrastructure production rose 3.8% year-on-year.
Government data released on Monday showed that India's infrastructure production grew by 3.8% in March, mainly due to strong steel and cement output. The infrastructure output (which tracks eight different sectors and accounts for 40% of industrial production in the country) grew by a revised 3,4% in February compared to an initial estimate of 2,9%. Cement production increased 11.6% in march, compared with a revised 10.8% rise in February. Steel production rose 7.1%, against a revised advance of 6.9% a month before. Fertilizer output grew by 8.8%, compared to 10.2% the month before. Coal production increased 1.6% compared to 1.7% in February. The electricity generation in March was 6.2% higher than the revised 3.6% growth in the previous month. Refined oil products were up 0.2% compared to 0.8% the month prior. In March, crude oil production fell 1.9% compared to a 5.2% decline in February. Natural gas production also declined 12.7% compared to a 6% decrease in February. The infrastructure output increased by 4.4% during the fiscal years 2024-25.
Long lines as South Africans vote in the majority of competitive election since end of apartheid
South Africans voted on Wednesday in the most competitive election given that the end of apartheid, in the middle of high turnout and with viewpoint polls suggesting the African National Congress might lose its parliamentary bulk after 30 years in federal government.
Well after dark, voters were still forming miles-long queues to cast their tallies. Chief Electoral Officer Sy Mamabolo informed a news conference that turnout will be well beyond the 66% we had in 2019.
The Electoral Commission said ballot stations would remain open for anybody who remained in line at the closing time at 9 p.m. ( 1900 GMT). 2 hours later, just 55% of polling stations nationwide had closed.
We are experiencing a late rise and are processing a big variety of votes in particular locations, especially the city locations, Mamabolo said.
Voters mentioned high rates of unemployment and criminal activity, regular power blackouts and corruption in ANC ranks as reasons that they would elect opposition celebrations.
I matured liking the ANC due to the fact that of how they fought for the flexibility we have today. That is why I chose them all these years, stated entrepreneur Skhumbuzo Mnyandu, 48, who came out to vote in KwaMashu, a municipality near to Durban.
But this time Mnyandu stated he was electing uMkhonto we Sizwe (MK), a brand-new celebration backed by previous president Jacob Zuma.
Others nevertheless watched out for change.
Pensioner Charles Louw, 62, stated he would stay loyal to the ANC as he wondered about the pledges made by opposition celebrations to create jobs, end power cuts or crack down on criminal activity.
The ANC have been attempting to do it, they are there, they have actually got experience, they know how to accommodate everything. But the brand-new celebrations, where will they start? he said after voting in Alexandra, a vast township east of Johannesburg.
Then-led by Nelson Mandela, the ANC swept to power in South Africa's very first multi-racial election in 1994 and has actually won a. bulk in nationwide elections held every five years ever since,. though its share of the vote has actually slowly declined.
Young citizens who did not endure apartheid were. particularly disillusioned with the ANC and the country's. economic potential customers.
There's no tasks for the youth. We have degrees, but there's. no getting tasks, stated Nosipho Mkhize, a 28-year old - the. typical age in South Africa - describing why he was voting MK.
If the ANC falls short of 50% this time, it will need to. negotiate with several smaller sized parties to govern -. uncharted and possibly choppy waters for a young democracy. that has actually up until now been controlled by a single celebration.
Voters are electing provincial assemblies in each of the. nation's 9 provinces, and a brand-new national parliament which. will then select the next president.
With the ANC still on course to win the biggest share of the. vote, its leader President Cyril Ramaphosa is likely to remain. in office.
More than 27 million South Africans are signed up to vote. at more than 23,000 polling stations, with ballot due to end at. 9 p.m. (1900 GMT).
Turnout has gradually fallen considering that the start of the. democratic period and is among the essential variables this time.
The election appeared to be going smoothly in a lot of places,. with 93% of ballot stations opening on time, according to. Masego Sheburi, a senior authorities at the electoral commission.
press reporters saw separated occurrences, such as. citizens being turned away from a Johannesburg polling station. due to the fact that they were not registered to vote there, and in one. Alexandra place voting was delayed for hours due to the late. arrival of tally documents.
' A LOT OF CONSEQUENTIAL ELECTION'
After enacting Soweto, a substantial municipality outside. Johannesburg, Ramaphosa stated the ANC had actually run a strong project.
I have no doubt whatsoever in my heart of hearts that the. individuals will invest their self-confidence in the African National. Congress, he said.
John Steenhuisen, leader of the pro-business Democratic. Alliance (DA) party which won the second-largest share of the. vote in the last election in 2019, prompted voters to turn out in. great deals to bring modification to South Africa.
This is the most consequential election because 1994, he. stated after casting his tally in Durban.
Other opposition celebrations intending to loosen the ANC's grip on. power consist of the Economic Liberty Fighters (EFF), founded by. Julius Malema, a firebrand former leader of the ANC's youth. wing. The EFF wants to nationalise mines and banks and take. land from white farmers to attend to racial and financial. disparities.
We see ourselves surpassing the ANC, not the DA. The DA is. small boys. We have no time for little boys, a generally. combative Malema informed reporters as he got here to cast his tally. in Seshego, in the northern province of Limpopo.
We're opting for the real giant, which is the ANC. We are in. an election to eliminate the ANC, he said.
Opinion polls suggest EFF support has actually been hovering between. 10% and 12%, far short of the ANC on 37% -44%, however Malema could. discover himself in position to be a kingmaker depending on the. election results.
Zuma's brand-new MK celebration looks set to consume into both ANC and EFF. support, especially in his home province of KwaZulu-Natal where. he has enduring influence despite being forced to quit as. president in 2018 after a string of scandals.
The election commission is expected to begin releasing. partial results within hours of polling stations closing and. outcomes within three or four days at most.
(source: Reuters)