Latest News
-
Braskem, a Brazilian company, has approved a $10.9 billion restructuring out of court
In a filing with the Securities and Exchange Commission, Braskem said that its 'board of directors has approved filing for an out-of-court restructuring in order to negotiate $10.9 billion of unsecured debt. Braskem is Latin America's biggest petrochemical company. It has been struggling with a prolonged slump in the industry and a disaster at its salt mines?in northeastern Brazil. Both of these have severely weakened Braskem's cash position. Three sources, who spoke on condition of anonymity, said that the out-of court?restructuring proposal may include a subsequent share offering. This could pave the way for an external capital increase. Sources said that the restructuring proposal will be developed within 90 days. The company is in advanced discussions to file an out-of court restructuring in Brazil by the end of August. A 60-day emergency protection period was due to expire. Braskem, a joint venture between Grupo Idesa of Mexico and the Brazilian firm, Braskem, filed for Chapter 11 bankruptcy protection in the U.S. last week. Braskem stated that the out-of court proceeding would be limited to the restructuring of its financial obligations and not affect any obligations towards customers, suppliers or other stakeholders. The company said it will file for an out-of court restructuring once the documentation is complete. Braskem's control is split between IG4 Capital (which acquired a stake from Novonor) and Petrobras, a state-run oil firm. (Reporting and editing by Gabriel Araujo, Paul Simao, and Isabel Teles)
-
All the M&A transactions in Italy since 2025
Monte dei Paschi di Siena has made simultaneous offers to acquire Banco BPM, Banca Generali and Banco BPM. This is the latest of a series aimed at transforming Italy's formerly dormant banking sector. The MPS offers were made last week in an effort to repel the hostile takeover attempt by Italy's largest bank, Intesa Sanpaolo. This would result in the third largest banking group of Italy. This is a list of all other completed and attempted M&A deals in the Italian banking sector since 2025. 1. MONTE DEI PASCHI?DI??SIENA (MPS), BANCO BPM, BANCA GENERALI MPS announced on August 21, separate bids for Banco BPM, a rival bank, and Banca Generali, a wealth manager controlled by Generali. The combined total of the two bids is approximately EUR34 billion (40 billion dollars). CEO Luigi Lovaglio stated that MPS is the "natural partner" for an aggregation friendly and has promised a combined annual synergies pre-tax of approximately EUR2.6 billion. In order to approve the takeover plan, at least two-thirds of MPS's shareholders must vote in favor, according to Italian takeover regulations, on October 29. Banco BPM invited MPS for "a merger on equal terms" but stopped the talks last month when France's Credit Agricole expressed its disapproval. 2. INTESA SANPAOLO – MONTE DEI PASCHI DI SIENA (MPS) – UNIPOL – BPER Intesa’s EUR30.6 billion cash and share?bid would create the second largest lender in the Euro zone, placing Italy’s top bank behind Spain’s Banco Santander on market value. Intesa will sell Unipol about half of the MPS network that it will receive as a result of the takeover. The network will be combined with Unipol's BPER Banca, a lender backed by Unipol to create a new bank operating under the Monte dei Paschi name. 3. ?UNICREDIT – COMMERZBANK UniCredit, who stayed away from Italian M&A after a failed bid for Banco BPM in 2006, announced in July that it had increased its share in?Commerzbank, to 47.6%. It pursued a takeover bid in spite of?German opposition. UniCredit holds a 49.7% stake in the German lender, excluding Treasury shares that have no voting rights. It could increase its stake further by amending swap agreements. UniCredit approached Commerzbank in September 2024 about merger talks after buying a 9% stake in its German counterpart and signaling that it was willing to take more. 4. CF+ BANCA SISTEMA Banca CF+, a speciality lender backed by Elliott, completed a EUR145 million offer in March for Banca Sistema. 5. MPS – MEDIOBANCA MPS acquired Mediobanca in September of last year for EUR16 billion, becoming a major investor in Generali, an asset highly prized in Italian finance. This deal from a bank that was bailed out in 2017 by the government and reprivatised between 2023-2024 turned MPS into an important M&A player. 6. BANCA IFIS – ILLIMITY Venetian IFIS has completed an offer of EUR298 million in cash and shares for Illimity. This digital bank was founded by Corrado Passera, a veteran banker who served as former minister of industry. It was delisted later from the Milan bourse. 7. BPER BANCA - BANCA 'POPOLARE D SONDRIO In July 2025, Italy's fourth largest bank completed a EUR5.4-billion cash-and-shares offer for the smaller counterpart based in northern city Sondrio. It called it a defensive measure dictated by the rapid consolidation. The main shareholder of both banks, Insurer Unipol played a key role. 8. UNICREDIT BANCO BPM In July 2025, Italy's second largest bank canceled its EUR15 billion all-share offer to Banco?BPM. It blamed the conditions set by the government in order to complete the deal. UniCredit's bid was made in November 2024. 9. BANCO BPM – ANIMA HOLDING Banco BPM bid?to purchase fund manager Anima Holding for EUR1.8 billion. It completed the acquisition in April 2025. 10. MEDIOBANCA – BANCA GENERALI Mediobanca made a EUR6.3 billion all-shares offer to wealth manager Banca Generali in April 2025, but failed. The shareholders did not approve it. 11. BANCA GENERALI – INTERMONTE Banca Generali acquired Intermonte in January 2025 for EUR98.2 Million Euros. This acquisition was made to enhance its investment banking capabilities and provide corporate finance advisory services. ($1 = 0.8574 euro) (Written by Giulio Pivacari and Andrea Mandala Edited by Alvise Armenlini)
-
Copper firms buy metals earmarked for exit from LME
The price of copper rose on Monday as a rise in the number of cancelled warrants and metals marked for delivery at the London Metal Exchange stimulated buying. Meanwhile, the lower U.S. dollar boosted the positive sentiment towards industrial metals priced in dollars. Benchmark 'copper' on the LME was 0.2% higher, at $14240 per metric ton. Last week, prices of metals used in construction and power industries reached $14,396. This is the highest price since January's $14,527.50 high. Industry sources say that the cancellations 0#MCUSTXLOC> are mostly stored in LME warehouses in Asia and the U.S., in free-trade zones. They will likely be delivered to Comex or traders and consumers in the United States. Since President Donald Trump proposed import tariffs last February, traders and producers have been bringing copper to the United States. Comex -copper stocks The record is 742,778 short tonnes, or 673 836?metric tonnes. The LME stocks 50% of the total stock, or 240 250 tons. The majority of the metal that was cancelled last week had been delivered against maturing short positions. The premiums on nearby contracts are expected to rise, after having fallen last week as the copper was delivered. Zinc prices in other countries rose to $3.850 per ton. This is the highest price since June 2022, due to concerns about shortages. Stocks of the metal have increased by more than twofold this year, at warehouses approved and inspected by the Shanghai Futures Exchange. . Zinc increased?0.4%, to $3 838 per ton. LME Zinc stocks at 93 250 tons Since the middle of June, prices have fallen by 25%. In a recent note, Panmure Liberum's Tom Price said that a distortion in which both the supply and demand shrink makes it appear as if the market is tighter than a weak consumer would warrant. The traders said that 'large holdings of Zinc warrants and cash contracts 0#LMEWHC> were contributing to concerns regarding supplies on the LME. Other metals saw aluminium fall 0.1%, while lead rose 0.4%, tin increased 0.2%, and nickel gained 0.1%. (Reporting and editing by Shilpa Majumdar; reporting by Pratima Deai)
-
Sources say that Ghana's GoldBod purchasers are affected by delays in funding.
Five industry sources report that companies licensed to buy gold for Ghana's GoldBod artisanal marketing agency haven't been paid in up to three weeks. This has forced some operators to stop purchases or borrow money to stay in business, despite the surging gold prices. Ghana, Africa's largest gold producer, created GoldBod 2025, with exclusive rights to purchase, sell, and export artisanal artisanal gold. This was part of Ghana's efforts to curb the smuggling of gold and increase foreign currency inflows. GoldBod was initially funded by the Bank of Ghana, which helped boost Ghana's economy. However, the IMF demanded that central bank funding be stopped after losses were linked to the purchases. This left the state agency dependent on commercial banks and importers of gold for liquidity. Sammy Gyamfi said at a recent press conference that GoldBod had raised $839 million in advance payments for purchases made between March and may. The GoldBod chief executive, Sammy Gyamfi, said at a press conference last week that the agency raised nearly $839 million?in advances for purchases between March and May. Three bank executives stated that the Bank of Ghana considered GoldBod’s auction program to be inconsistent with its operating structure and that both institutions are working to address these concerns. Kwaku Ohemeng Amosah, the Chief executive of the Chamber of Gold Buyers said that the delays were due to the fact that GoldBod was no longer able to fund itself after the central banks' exit. He added,?that buyers can seek additional funding themselves. GoldBod, and the Bank of Ghana, did not respond to requests for comment immediately. The last two weeks have been terrible. Last week, a gold dealer in Ghana's Ashanti Region claimed that you could wait for a day and still not receive funds. A?buyer from Ghana's Western Region who was funded by GoldBod said that funds hadn't been received in about three weeks. Sources requested anonymity as they were 'not authorised to speak publically? on the subject. Banking executives stated that fewer than 5 banks participated in GoldBod’s auction programme. They added that lenders felt more secure when the central banking backed the arrangement. Maxwell Akalaare Adombila reported from Dakar, and Emmanuel Bruce edited the article in Accra.
-
Russell: The debate over the volume of crude oil in Hormuz hides a real shortage of refined fuels
It is a mistake that the crude oil market is debating the wrong thing about how much oil actually moves through the Strait of Hormuz. The crude oil market should be debating the restricted flows of refined products in Asia. Energy Secretary Chris Wright of the United States has claimed repeatedly that vessel tracking analysts like?Kpler cannot see how much crude oil is flowing through the disputed Strait. Wright claimed that 15 million barrels per day (bpd), or about a third of the total volume, left the Strait of Hormuz in a single day last week. If this is true, the volumes would be close to the levels before the U.S. & Israel attacked Iran on 28 February. Wright also stated that transits averaged around 9 million bpd during a 7-day period. However, he did not specify exact dates or provide details like vessel names and intended destinations. The Strait of Hormuz is estimated to be leaving around 5 million barrels per day, including dark transits from smaller vessels and transfers between larger tankers. The dispute over crude oil volume is false. If Wright's claim is true, then Asia will see a rise in oil imports as the crude that he claims is coming from the Middle East reaches ports. The market will soon be able to determine whether Wright's numbers are accurate or if they're 'overstated'. As evidenced by the sharply reduced volumes and high refining margins, Asia's markets for refined products remain under pressure. Kpler estimates that Asia's imports for light and middle distillates in August will be 5.59 million barrels per day, which is in line with 5.60 million barrels per day seen in July. These volumes, however, are down 21% compared to the average of 7.08 million bpd in the three-month period ending February. Asia is essentially having to absorb the loss of 1,49?million barrels per day (bpd) of fuels like diesel, jet-fuel and gasoline. UNEVEN FALLOUT Impact is not evenly distributed across the continent that consumes the most energy, with the less-wealthy countries bearing a greater share of the product volume loss. The imports of Indonesian light and middle distillates were estimated to be 432,000 bpd during August. This is the lowest level in 13 months, and lower than the average of 533,000 in the three-month period prior to the Iran conflict. In August, the Philippines will see an arrival of 257,000 bpd for light and middle distillates. This is down from the average of 362,000 in the last three months. Kpler estimates that August imports of middle and light distillates were 863,000 barrels per day, just a little below the 880,000 barrels per day in the three-month period prior to the Iran War. Securing fuel is expensive, as product prices remain near record levels and refinery margins are high. A Singapore refinery made a profit of $71.29 per barrel of gasoil (the building block of diesel) on August 21. This was down from a record high of $855.63 on the 30th of March, but still 226% more than the $21.90 on the 27th of February, just before the conflict began. Middle distillates are the most stressed products, due to the limited supply of Middle East crudes. Asia's refineries are designed to convert this oil type into products like jet fuel and diesel. Even gasoline, which is the primary light distillate, commands a premium with a large profit margin Ending at $20.74 per barrel on August 21? up 159% from $8.00 a barrel on February 27. The market is indicating that there are enough crude oils reaching Asia but they may not be the right grades. Also, countries with surplus refining capacity do not increase exports in order to meet the demand. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of the columnist, an author for.
-
Capstone: Grid bottlenecks force businesses to upgrade their onsite power systems
Vince Canino, Capstone Energy+ CEO, said that the demand for more onsite power is increasing as businesses struggle to secure enough capacity from their strained American utilities. Businesses are looking at onsite generation to reduce energy costs, but also as a solution for expanding their business. Capstone, a provider of microturbines and power systems behind the meter for industrial and commercial customers, has seen a rise in demand from sectors such as?healthcare, and is now pursuing projects involving data centers. Canino said, "Today’s discussions are about energy security." Canino said that Capstone customers are now buying larger blocks of energy, such as 3, 4, and 6-megawatt systems, in comparison to smaller projects which were more common?in years past. A 1 megawatt system can supply electricity to approximately 750-1,000 households at any given time. This depends on the average household demand, as well as location. As a result, customers are now moving more quickly to obtain onsite power. "I believe today, many of these cycles are shrinking, because it is no longer about if this investment was a good one and what the return would be. It's not so much about if I want power, but if I can get it when I need it," Canino said. Capstone installed a combined heat and power 2 MW system at Scripps Mercy Hospital, San Diego. This system provides electricity and backup power during power outages. Canino stated that the?company? has deployed their technology?at small-scale enterprise data centers, but they have not yet done so at a large data center. Reporting by Arunima in Bengaluru, editing by Devika Syamnath
-
France's Orano expands its uranium exploration in Botswana
Orano Mining, a French-owned state-owned firm, has been granted three more uranium exploration licences by Botswana. This is in addition to the 15 already held by the company. The southern African nation is looking to diversify beyond diamonds. Uranium fuel is used primarily in nuclear power plants. Botswana is home to significant uranium reserves and exploration projects but no active uranium mining. Namibia, a neighbouring country, is the world's third-largest uranium producer. Botswana has long been hailed as an African success story. However, the country is now being hit by a downturn on the global diamond market due to the increasing popularity of lab-grown gemstones. The southern African nation now "seeks to exploit its other mineral resources including copper and uranium." Orano's centralised licensing portal in Botswana shows that it has been granted uranium, pitchblende and prospecting licenses for three blocks within the central Kalahari desert measuring approximately 970 hectares. The mining cadastre indicates that the three-year licenses expire on March 2029. Orano's licenses are adjacent to 15 licences awarded in October 2025 by its subsidiary, Compagnie Francaise de Mines et Metaux. The Companies and Intellectual Property Authority (CIPA), Botswana’s official business registration portal, shows that Orano registered a subsidiary in Botswana on 10 April 2026. This was a few weeks after President Duma?Boko met with French President Emmanuel Macron, and Orano officials, on 'April 8?in France. "We're?looking to accelerate the process so they can get on to extraction." Boko stated in?May that we can then?develop nuclear reactors and generate power. Orano is searching for uranium on the Botswana after Niger’s military junta nationalised Orano’s SOMAIR uranium mining company, which owned 63.4% of it. They also revoked their cooperation in 2023 following a coup. Niger accused Orano of unfair practices and exploitation, which led to the complete nationalisation and Orano’s exit from operations in June 2025. (Reporting and editing by Nelson Banya, Louise Heavens, and Brian Benza)
-
Xpeng Robotics Unit valued at more than $6.3 billion following record funding round
Xpeng, a Chinese automaker, announced 'on Monday that its robotics unit raised more than $900m in its initial 'funding round. This is a record in China for a single private financing. Xpeng, in a press release, said that the funding round led by IDG Capital, and backed up by strategic investors Tencent, and Alibaba, valued the robotics business more than $6 billion. The company stated that the proceeds would be used to develop robotics hardware and software, refine AI physical models, collect data of high quality, build end-to-end production facilities, and support international expansion. Xpeng will begin mass production of its humanoid robotic, Xpeng IRON by the end of this year, and deploy it initially in its retail stores, industrial campuses, and other locations. Commencement of commercial sales and deliveries to China and other overseas markets is scheduled for 2027. He Xiaopeng, CEO of He Xiaopeng, announced in June that he will personally lead the robotics 'business as the electric car maker, considered as one of leading automaker-backed humanoid robot developers,?pushes toward mass production. Automakers are increasingly interested in robotics, as they see similarities with the development of intelligent vehicles, such as expertise in sensors and software, batteries, and supply chain management. TARS Robotics, a Shanghai-based embodied AI startup, raised $455 million as part of a pre A funding round in April. At the time, this was billed as 'the largest private financing in China’s embodied AI industry. Reporting by Qiaoyi Li and Xiuhao chen; editing by Susan Fenton, Mark Potter and Ryan Woo
Multiple environment catastrophes set off very first Red Cross disaster insurance coverage pay-out
The world was hit by so many floods and landslides in 2024 that it triggered the help sector's. first multidisaster insurance payment, the Red Cross told. Reuters, signalling both the scale of the issue and the requirement. for new financing solutions.
The International Federation of the Red Cross and Red. Crescent Societies (IFRC) said such indemnity insurance funds,. which kick in when duplicated catastrophes reach a minimum expense. threshold, can safeguard relief budgets progressively strained by. regular and serious climate-fuelled hazards.
The IFRC policy with insurance coverage broker Aon is the very first of. its kind for the help sector. It was activated in mid-September. by the lethal Asian Hurricane Yagi, which tipped overall disaster. spending over the 33 million Swiss franc ($ 37.84 million) mark,. and the fund has disbursed more than 7 million Swiss francs.
The cash has actually so far assisted 1.5 million catastrophe victims in. the poorest countries, consisting of those in flood-hit Nigeria or. those displaced by a Nepal landslide, it stated.
This offers contingency financing when you have exceptional. needs. We would not have been able to react to those disasters. we are responding to today without this, Florent Del Pinto,. head of the Catastrophe Reaction Emergency Fund, told Reuters in an. interview.
What's worrying is that this year's requirements have actually been so. unmatched that we have actually hit the trigger set at a reasonably. high level.
The organisation is looking for to raise near 100 million. Swiss francs for its 2025 catastrophe response budget in Geneva on. Friday and will be asking donors to also contribute to the. insurance premium.
The IFRC hopes this year's pay-out will assist stop any. doubts from donors who have formerly revealed scepticism. about whether they (disaster insurance coverage items) work or are. ethical, Del Pinto stated.
He said in future that the existing optimum pay-out could. form a bigger portion of total humanitarian spending. Already,. he said that numerous other aid agencies have approached him for. details with a view to establishing comparable funds.
We remain in this circumstance in which humanitarian needs are. growing practically significantly while financing is stable so we need. to check out ingenious funding in order to attend to the financing. gap and react to human suffering, he said.
(source: Reuters)