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Document shows that German coalition partner wants protection for European steel
A document viewed by us on Saturday revealed that the Social Democrats in Germany, junior partners of Chancellor Friedrich Merz’s coalition, would push for a protectionist approach to Europe’s steel industry and urge the EU adopt a “buy European” strategy. Next week, the SPD under Finance Minister Lars Klingbeil is expected to adopt these proposals. The SPD calls on the European Commission adopt a "robust" trade protection strategy to protect against foreign competitors who are subsidised. The SPD stated that "at its core, a tariff-quota system is required to limit excessive import volumes and keep the market open while controlling it." These proposals will likely feed into the steel summit that the conservative chancellor has called for this month, where steel producers, German States and Trade Unions can discuss proposals to support the industry. It is unclear how far the SPD's proposal will be implemented. Most German parties were against protectionism in the past, as Germany has been a major beneficiary of low trade barriers for the last 20 years. German regulators and manufacturers are increasingly concerned about the impact of U.S. and Chinese tariffs and competition. The SPD stated in a document that "we cannot allow the domestic value creation to disappear just because international rules no longer work." It said: "This isn't about protectionism, but about enforcing rules of fair competition and European strategic interest." The SPD has also called for stricter controls to be placed on imports of Russian steel and measures to stop it from entering the European market through Turkey. De-industrialization has eroded the vote share of the SPD, especially in its former industrial heartlands. (Written by Thomas Escritt, edited by Susan Fenton).
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After radioactive contamination, the US FDA has imposed new restrictions on Indonesian shrimp and spices
The U.S. Food and Drug Administration announced new guidelines for the FDA. Import certification After radioactive contamination was detected, there are now restrictions on the importation of shrimp and spices from Indonesia. The agency announced on its website, Saturday morning, Indonesian Time, that the certification requirements for imports from certain areas of Indonesia will be implemented starting October 31, 2025. A third-party accredited auditor must verify that the firms listed on the Red List with Caesium137 contamination are in compliance. The firms will continue to be restricted and must provide the information listed under the yellow list. The FDA requires that all companies on the yellow list, which covers certain foods contaminated with Caesium-137, obtain a shipment certification from a designated entity. This must be an Indonesian agency or representative. According to the FDA website, Caesium-137 is a radionuclide that has been found in the environment as a result of nuclear accidents and testing such as Chernobyl. Indonesia has no nuclear weapons nor nuclear power plants. In August, the FDA issued an advisory informing consumers, sellers, and distributors in the U.S. that frozen shrimp produced by PT Bahari Makmur Sejati was contaminated with Caesium 137. The shrimp were processed in an industrial estate close to Jakarta, which was later found contaminated by the radioactive element. Indonesia's Nuclear Agency is now seeking to clean up this area. The size of the affected area. Bara Hasibuan is a spokesperson in charge of the investigation. She said: "We only received the report a few hours ago. We need time to determine what actions are needed.
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SHI’s 15MW Floating Wind Platform Gets ABS Approval
American Bureau of Shipping (ABS) has issued an approval in principle (AIP) to Samsung Heavy Industries (SHI) for its SnapWind Float, a new design of a semi-submersible-type floating offshore wind turbine.The SnapWind Float is designed for next-generation 15 MW offshore wind turbines. It incorporates a passive ballast system and optimized mooring lines to support stable performance in harsh offshore conditions while minimizing operational risks.The concept features an execution-oriented design optimized for the development of floating offshore wind farms in regions with limited skilled labor, heavy lifting equipment and workspace. ABS completed design reviews based on class and industry requirements.“Floating offshore wind platforms represent a significant opportunity in renewable offshore energy development in various parts of the world. ABS is actively at the forefront of this sector, bringing global expertise in certifying and verifying new designs,” said Miguel Hernandez, ABS Senior Vice President, Global Offshore.“The SnapWind Float, which obtained AIP from ABS, is a next-generation solution developed by combining SHI’s EPC capabilities with innovative design. Moreover, it addresses both technical and commercial challenges faced by offshore wind developers seeking efficient and commercially viable solutions,” added Hae-Ki Jang, SHI’s Chief Technology Officer.
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Trump Administration eyes stake in Greenland Rare Earths Mine Company
Four people with knowledge of the talks said that Trump administration officials had discussed taking a stake Critical Metals Corp. This would give Washington an interest in the biggest rare earths project on Greenland - the Arctic territory President Donald Trump suggested purchasing. The deal, if finalized, would be the latest political twist in the Tanbreez rare-earths deposit. Former President Joe Biden successfully lobbyed for it to be sold to New York based Critical Metals at a much lower price than the Chinese firm offered. Washington recently acquired stakes in Lithium American and MP Materials. This shows Trump's desire to see the U.S. benefit from the growing production of minerals that are used throughout the global economy. Washington's interest to own a stake in Critical Metals has not been previously reported. Four sources declined to give their names, citing that the negotiations were sensitive. In response to a comment request, a senior Trump Administration official said: "Hundreds of businesses are approaching us to try to get the government to invest in their crucial minerals projects." "At this point, there is nothing imminent with this company." Critical Metals has not responded to multiple requests for comments via phone and email. Greenland is part of Denmark, but it has a semi-autonomous status. The Danish Embassy in Washington didn't immediately respond to an inquiry for comment. Rare earths are used in high-tech industries, from electric cars to missile systems. They have strong magnetic properties. Western countries are clamoring for new supplies to reduce their dependency on China, which controls the extraction and processing of rare earths. Critical Metals applied for a grant of $50 million through the Defense Production Act in June. The Defense Production Act is a Cold War legislation that aims to boost production of goods and services for national security. Three sources confirmed that the administration began discussions with the company in the last six-weeks about converting the grant to an equity stake. The same sources stated that if the deal is completed, a $50m conversion would represent a roughly 8.0% stake in the company. However, negotiations are still ongoing and the stake size could end up being higher, or the entire deal could fall through. Reports in August stated that administration officials were considering reallocating $2 billion of the CHIPS Act for funding critical mineral projects. The CHIPS and Science Act was signed by President Joe Biden into law in 2022. Its goal is to divert chip production from Asia. Two sources reported that the recent negotiations by the Administration for a 5% share in Lithium Americas delayed the Critical Metals Investment discussions. Two sources stated that the U.S. shutdown will not affect negotiations because the high-level government employees involved in the talks are considered essential workers. One source said that part of the discussion revolves around how warrants will be issued in order to give Washington its stake. Warrants allow their holders to purchase stock at a predetermined price. According to two sources, the equity stake is separate from a $120,000,000 loan that the U.S. Export-Import Bank will consider to assist Tanbreez in developing its product. A spokesperson for EXIM was not available to comment immediately. GREENLANDS APPEAL Washington's economic interests in Greenland predated Trump's interest. Biden officials visited Greenland’s capital Nuuk in November last year to try and entice additional private investment into the island’s mining sector. Trump sent JD Vance, Vice President of the United States, to Greenland in March. In northern Greenland, the U.S. Air Force has one of its largest bases. Tanbreez's commercialization is estimated to cost $290 Million, according to the company. The EXIM loan will be used to fund the technical work to get the mine up and running by 2026. The mine will produce 85,000 tons of rare earths per year once it is fully operational. Site also contains tantalum and gallium, both of which China restricted exports last year. Greenland’s mining industry has grown slowly over the past few years due to a lack of investor interest, bureaucratic issues and environmental concerns. At the moment, there are only two small mining operations. Tanbreez's remote and cold location is proving to be a challenge for its development, despite the fact that it is near a major river. (Reporting and writing by Jarrett Renshaw and Ernest Scheyder, and editing by Veronica Brown and Jason Neely; Edmund Klamann, Jason Neely, and Edmund Klamann.)
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BlackRock's infrastructure bet gets a boost after Minnesota approves the buyout
Minnesota power regulators approved on Friday a $6.2 billion deal for a BlackRock subsidiary and Canada Pension Plan (CPP) to purchase utility owner Allete - parent of Minnesota Power - saying that recent modifications made by the parties will address concerns over rates and clean energy investments. The Minnesota Public Utilities Commission's 5-0 vote may assure investors that BlackRock can address regulatory and antitrust issues as it pushes its Global Infrastructure Partners division, which was purchased last year, to pursue more deals. People familiar with the situation said earlier this week that the infrastructure unit is in negotiations to purchase utility group AES. Separately, two people told me on Friday that the unit is in talks to purchase a Macquarie-backed data center business. Allete's executives have said that the Minnesota deal announced in 2011 will help Allete transition to clean energy. The environmental group Sierra Club and business customers, as well as State Attorney General Keith Ellison had expressed concern that the agreement would lead to higher prices and not guarantee Minnesota Power's ability to meet the state requirement to have carbon-free electricity by 2040. In a webcast meeting on Friday, the commissioners stated that recent changes had helped them to overcome their skepticism about the deal. According to a filing by the companies, recent changes in terms will result in benefits of up to $258,000,000 for utility stakeholders. This includes bill credits and a clean-technology fund. In comments before the decision was made, Commissioner Hwikwon said that these modifications had given him confidence in this agreement. He also stated that the commission would review the company rates "if the companies misbehave." Commission Chair Katie Sieben stated that Minnesota Power requires massive new investments in order to fund projects like a new transmission pipeline to bring hydropower from Manitoba. Leaders of BlackRock, Canada Pension Plan Investment Board and other companies praised this decision in a filing with the Securities and Exchange Commission. They also stated that the transition should be completed by the end of 2025, as all regulatory approvals have been obtained. In the filing, Global Infrastructure Partners founding partner Jonathan Bram stated that "We are dedicated to preserving Allete’s legacy of intense focus on community as it continues to offer safe, reliable and affordable energy, which is increasingly free from carbon, for Northeastern Minnesota." Allete CEO Bethany Owen stated that the agreement allows the company to "meet the significant infrastructure needs of the clean energy transition" without compromising on service, reliability or affordability. The Private Equity Stakeholder Project, the Sierra Club and other groups have all expressed their disapproval of the decision. They are concerned with the rates and doubt that investors will provide the capital to invest in less polluting energy. (Reporting and editing by Edmund Klamann; Reporting by Ross Kerber)
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UN nuclear chief wants to restore power at Ukraine's Zaporizhzhia Plant
The U.N. nuclear watchdog's head said that he is discussing with Russia and Ukraine proposals to restore power off-site to the Russian Zaporizhzhia Nuclear Power Plant, and to reduce the risk of meltdown. In the first weeks after Moscow invaded Ukraine, Russian forces seized Europe's biggest nuclear plant with six reactors. Since September 23, the facility has not been able to access external power. This is the 10th time that the line has failed. The plant does not produce electricity but the fuel in its nuclear reactors are cooled using emergency diesel generators. Rafael Grossi said that the external line must be restored. Both sides have said they are ready to make the repairs needed on their respective frontlines. For this to occur, the security situation must be improved so that technicians can perform their vital work safely," Grossi said. Both sides accuse the other of compromising nuclear security. Vladimir Putin, the Russian president, warned Ukraine on Thursday that it was playing an unsafe game by striking near the plant. Andrii Sybiha, Ukrainian Foreign Minister, accused Moscow of intentionally cutting the link to connect the station with its own grid. Grossi said in his statement that the external power cutoff at the decommissioned Chornobyl Nuclear Power Plant -- the site of the worst civil nuclear disaster ever to occur, which occurred in 1986 -- lasted for 16 hours. He said that the containment vessel, which was erected to prevent contamination in 2016, had experienced a partial power outage and no reserve power for 3 hours after a powerline to the nearby Slavutych town fell. Volodymyr Zelenskiy, the Ukrainian president, said that Russia had deliberately staged an attack to cut the power at the station. (Reporting and editing by Ron Popeski, Chris Reese, and Rishabh J. Jaiswal from Bengaluru)
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Austria's OMV amends its dividend policy in light of Borouge Chemicals deal
The Austrian oil-and-gas group OMV has amended its dividend policy in order to include payouts resulting from its stakes in the merged chemicals company Borouge, which is expected to be formed by next year. Abu Dhabi National Oil Company (ADNOC) and OMV announced in March that they would merge their polyolefin business to form Borouge Group, an international chemicals giant with a $60 billion enterprise value. The first dividend will be paid in 2027 under the new formula. The company announced that it will distribute 50% of BGI Dividends attributable OMV, plus 20-30% Operating Cash Flow, excluding BGI Dividends attributable OMV. If the formula had been applied to the payout for this year, it would have increased the amount by 6%, on a similar basis. The Borouge transaction is expected to be completed in the first quarter 2026. Alfred Stern, OMV CEO, said that by linking the dividend with the performance of BGI we ensure that our shareholders directly participate in the success BGI while maintaining our commitment of attractive and reliable returns. This statement was released ahead of OMV’s capital markets event on Monday. (Reporting and editing by Alexandra Schwarz Goerlich and Francois Murphey; Lisa Shumaker, editor)
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BlackRock's infrastructure bet gets a boost after Minnesota approves the buyout
Minnesota power regulators approved on Friday a $6.2 billion deal for a BlackRock subsidiary and Canada Pension Plan (CPP) to purchase utility owner Allete - parent of Minnesota Power - saying that recent modifications made by the parties will address concerns over rates and clean energy investments. The Minnesota Public Utility Commission's 5-0 vote may assure investors that BlackRock can address concerns about regulatory and antitrust issues as it pushes its Global Infrastructure Partners division, which was purchased last year, to pursue more deals. People familiar with the situation said earlier this week that the infrastructure unit is in negotiations to purchase utility group AES. Separately, two people told me on Friday that the unit is in talks to purchase a Macquarie-backed data center business. Allete's executives have said that the Minnesota deal announced in 2011 will help Allete transition to clean energy. The environmental group Sierra Club and business customers, as well as State Attorney General Keith Ellison had expressed concern that the agreement would lead to higher prices and not guarantee Minnesota Power's ability to meet the state requirement to have carbon-free electricity by 2040. In a webcast meeting on Friday, the commissioners stated that recent changes had helped them to overcome their skepticism about the deal. According to a filing by the companies, recent changes in terms will result in benefits of up to $258,000,000 for utility stakeholders. This includes bill credits and a clean-technology fund. In comments before the decision was made, Commissioner Hwikwon said that these modifications had given him confidence in this agreement. He also stated that the commission would review the company rates "if the companies misbehave." Commission Chair Katie Sieben stated that Minnesota Power requires massive new investments in order to fund projects like a new transmission pipeline to bring hydropower from Manitoba. Leaders of BlackRock, Canada Pension Plan Investment Board and other companies praised this decision in a filing with the Securities and Exchange Commission. They also stated that the transition should be completed by the end of 2025, as all regulatory approvals have been obtained. In the filing, Global Infrastructure Partners founding partner Jonathan Bram stated that "We are dedicated to preserving Allete’s legacy of intense focus on community as it continues to offer safe, reliable and affordable energy, which is increasingly free from carbon, for Northeastern Minnesota." The Private Equity Stakeholder Project, the Sierra Club and other groups have all expressed their disapproval of the decision. They are concerned with the rates and doubt that investors will provide the capital to invest in less polluting energy. (Reporting and editing by Edmund Klamann; Reporting by Ross Kerber)
'Amazonia' bonds in 2024 seen a tough cost some
A political push to raise the firstever Amazonia Bond has actually increase throughout talk with agree a roadmap, yet the possibility of an offer this year faces technical hurdles and scepticism amongst some of those entrusted with handling the financial obligation, sources informed .
Brazil, Colombia, and Ecuador are amongst a group of countries in talks with advancement banks to launch a specifically supported structure to raise billions of dollars of low-priced financing to protect the world's greatest rainforest.
Proposed by the Inter-American Advancement Bank and World Bank in 2015, is for the first time reporting the progress being made, the bond structures and timings being gone over, but likewise some of the push-back from officials in two of the region's biggest nations.
Covering more than 6 million square kilometers, the Amazon absorbs large amounts of climate-warming greenhouse gases and is home to more than 10% of all known animals and plants, the highest density of types anywhere in the world.
It would be a significant landmark transaction for nature-linked securities, stated Arend Kulenkampff, director of the Sustainability-linked Sovereign Debt Center, a non-profit effort to coordinate green financing, describing the effort's capacity effect.
COST OF STEWARDSHIP Politically, Amazonia bonds line up with the call from the presidents of Brazil, Colombia and others in the Amazon basin for abundant countries to contribute more to jungle's. security.
A member of Brazil's environment delegation told that. increasing multilateral advancement bank (MDB) financing is a. leading need of it G20 presidency this year and ahead of the U.N. climate summits in Azerbaijan in November and its Amazonian city. of Belem in 2025.
Just MDBs can rally climate funding on the scale that is. needed in big establishing nations like Brazil, Mexico and. India, the individual stated. 'Credit assurances' for instance can. greatly lower loaning costs that can normally be in the. double-digits for nations.
How much money MDBs can supply and how fast is an open. concern, as authorities state there is no time to lose in. attending to environment modification.
However while politically Brazil, and Colombia which hosts the. COP16 U.N. biodiversity talks in October, are both eager to have. a landmark deal to reveal for their efforts, some authorities are. sceptical of the requirement to hurry a new financial obligation instrument.
Colombia, like the other 8 Amazon countries, could. introduce an 'Amazon bond,' but it has actually insisted on thinking about the. Amazon not as a source of financial obligation however as a source of income, said. Jose Roberto Acosta, Colombia's director of public credit at the. finance ministry.
Emerging economies are significantly pushing for the world to. help put a value on their stewardship of such shared resources,. for example by generating biodiversity credits that might be. offered to other nations or companies to raise cash.
For this factor, it is not likely that it will be. accomplished before COP16, Acosta stated.
2 sources with direct knowledge of the matter told . that conversations were still in preliminary phases within. Brazil's federal government and that any development, if verified, would. not come this year.
Brazil's Finance Ministry, stated it was up until now unaware of. any conversations and had not yet received a formal proposition for. an Amazonia bond.
The ministry likewise indicated last year's strong demand for. Brazil's very first international green bond that raised $2 billion. and was offered with lower-than-normal 6% rates of interest. It prepares. to issue more in the future it added, although banking sources. suggested an MDB-guaranteed Amazonia bond may just require half. that interest rate.
And there is requirement to keep interest rate as low as. possible. The expense of hitting Brazil's self-set climate targets. - it is intending to more than halve its greenhouse gas emissions. by 2030 and be 'net absolutely no' by 2050 - has actually been estimated at $100. billion a year, or 7% of its financial output.
Other nations and the advancement banks associated with the. strategies did not comment on the status of talks when asked by. .
MARCH TALKS
The March talks went over a variety of concerns that will need. to be concurred before the first bond is launched.
Amongst them was what to consist of on the menu of bond options. open to countries issuing under the framework, with an aim of. introducing both usage of profits bonds - where money is. earmarked for specific projects - and sustainability-linked. bonds (SLBs), connected to more general objectives like minimizing. deforestation rates.
With many nations in the region yet to write SLB. structures into national guidelines, an use of proceeds bond is. a most likely alternative for the first issuance, three sources stated. Companies and regional development banks might also release in future.
International interest is strong, with person. governments including Sweden, Italy and Spain already offering. assistance, 3 sources said. Moving forward, other multilaterals. such as the Development Bank of Latin America and the Caribbean. ( CAF) are most likely to end up being involved, one source included.
Among other problems to solve is defining what must be. considered a genuine use of the brand-new bonds' proceeds,. including whether to enable spending in cities, provided 80% of. those residing in the Amazon are in urbanised environments.
While the very first bonds are likely to be provided by nations. separately, the hope is they could eventually be done jointly. under the IDB's 'Amazonia Forever' framework to make big scale. and reliable cross-border conservation efforts possible.
The goal of the program is to fund sustainable development. and help reduce logging, with the equivalent of about four. soccer pitches being reduced every minute, according to EU. data.
While Brazil, Colombia, Ecuador, Guyana, Peru, Bolivia and. Suriname have currently signed up, providing bonds collectively is no. easy accomplishment offered the differing financial health of each state.
It follows a drive by Brazil's left-wing President Luiz. Inacio Lula da Silva to unite his neighbours in pressing richer. nations to help pay to protect the forest. Because 1970, Latin. America has lost 94% of its monitored populations of mammals,. birds, fish, reptiles and amphibians, a WWF and ZSL analysis. showed.
(source: Reuters)