Latest News
-
Argentina's Milei will partially privatize the nuclear power plant operator
His spokesperson announced on Tuesday that the Argentine president Javier Milei would sign a decree aimed to partially privatize the company responsible for three nuclear power plants in operation. The libertarian leader is continuing his pledges to reduce the size of state. Manuel Adorni, a spokesperson for the Milei administration, told a news conference that the administration plans to sell 44 percent of Nucleoelectrica Argentina, which operates Atucha I and Atucha II power plants as well as Embalse, in an international public auction. He added that the state would keep a 51% share in the company, and also set up a program of joint ownership for up to 5%. Adorni reiterated that the South American nation's state-run businesses are all subject to privatization. Milei was elected in December 2023, promising to reduce spending to bring the public finances into balance and to tame an annual inflation rate that reached triple digits. In a separate announcement, the government stated that private investments were crucial to increasing access to capital and diversifying risks as well as ensuring the continuation of NA-SA operations in an efficient and competitive manner. A group of workers from Argentina's National Commission for Atomic Energy and Nuclear Activity has criticized the decision. They claim that the government should be in a position to oversee the development and safety nuclear energy and that partial privatization will result in higher electricity prices. In a press release, it stated that privatizing NA-SA would not improve the lives of people, but instead encourage citizens to pay the difference in order to boost the profits of a private firm.
-
In court, creditors scrutinize Elliott affiliate’s bid for Citgo parent
The creditors lining up to receive proceeds from an auction of Citgo Petroleum parent PDV Holding in a U.S. Court began the examination process in front of experts, advisors, and an executive of Elliott Investment Management whose subsidiary Amber Energy emerged as the winner of the bidding round. Amber Energy's bid of $5.9 billion for Citgo parent PDV Holding, recommended by a court official last month as the winner of the auction to compensate 15 creditors due to debt defaults and expropriations from Venezuela. The bid is defined by a $2.1billion payment agreement with holders a defaulted PDVSA bond that was collateralized using Citgo equity. Gold Reserve, junior creditors, and Venezuela objected to the choice, arguing that bondholders must first win an independent New York court case regarding the validity of notes before they can claim compensation. The Delaware court, as part of an 8-year case, has been trying to complete the auction for shares of PDV Holding since last year in order to satisfy claims of up to $19 Billion from debt defaults or expropriations made against Venezuela, its ultimate owner. Delaware Judge Leonard Stark said on Monday that he would decide the winner of the auction after the hearing which will continue through Thursday or next month, if the court set a new date to hear more arguments. Amber's bid last year was not accepted by the creditors. The court changed the structure of the auction this year and organized two new rounds. In the final stages of the auction, the resolution of parallel legal cases involving the same assets prompted improved bids. Michael Turkel, Elliott's lawyer, told the court that "we probably learned our lesson in respect to the Amber bid." We didn't realize the necessity and importance of interacting with the writholders and understanding how our bid could not only be a purchase for us but also a solution for them. Lawyers asked whether Amber's bid and the pact it had with bondholders would still stand even if the New York case was lost. William Hiltz said that, if the bondholders won their case, Amber’s bid will move forward. He added that if they lose, the court can still move forward with Amber's offer or begin a rapid re-bidding procedure. Amber declined to make a comment. The parties also discussed the challenges of obtaining antitrust clearance, and inquired about Elliott's involvement in rival energy companies including Phillips 66. This year, a conflict of interest alleged by Elliott was raised following its acquisition of a stake at the U.S. refining company. (Reporting and editing by Nathan Crooks, Matthew Lewis and Marianna Pararaga)
-
Germany's VAC wants to increase US magnet production; Europe is behind in rare earths
Vacuumschmelze, one of only a few rare earth magnet manufacturers outside China, is seeking Washington's help to expand production at a new U.S. facility. This contrasts with the tepid support for similar plans in Europe. It is imperative that the West establishes its own supply of permanent magnets, as China produces 90% of these products, which are vital to defence, electric vehicles, and wind turbines. VAC CEO Erik Eschen stated that the U.S. is pushing harder than Europe for a domestic rare-earths sector. This can be seen by its magnet factory in South Carolina, which aims to open before the end of this year. "European governments have started to wake up, but are still far behind the United States." VAC has said that it has received approximately $200 million from the U.S. government in funding and tax credits to build the $500-million plant. Eschen said in an interview that "we have a great deal of technology in Europe, and we are transferring this technology to the United States." In July, the U.S. Department of Defense signed a multi-billion dollar deal with MP Materials which operates the U.S.'s only rare earths mine. VAC, a private equity company owned by ARA Partners is ahead of schedule in opening its magnet factory, which has a capacity just under 2,000 metric tonnes a year. He added that up to 90% of production will be used to supply General Motors' EVs. The remainder would go to the U.S. Department of Defense. China's decision to restrict magnet exports as part of the trade dispute with U.S. president Donald Trump in April, which has been easing over recent months, highlighted the need for Western action in rare earths. In Europe, EU wants to create a sector for rare earths, magnets, and other critical raw materials, in part through the Critical Raw Material Act, which was agreed upon in 2023. VAC, a company that has been around for over 100 years, currently produces 1,000 tons of magnets in Europe each year, but it is eager to expand. Eschen stated that they were looking to build a few factories in Europe, similar to the ones currently being built in America. We are in negotiations, discussions with several suppliers as well as with various governments who have an important interest. He added that individual European governments could move faster than the EU which must build consensus between its 27 members. Eric Onstad is the reporter. (Editing by Veronica Brown, Mark Potter and Veronica Brown)
-
US provides nearly $156 Million in funding for Michigan reactor restart
A source familiar with the matter confirmed on Tuesday that the U.S. has disbursed $156 million as the latest installment in a loan guarantee to Holtec International for its Michigan nuclear power station, the company's hope being that it will be the nation's first reactor to restart following a shutdown. The Loan Programs Office of Department of Energy has disbursed the sixth installment of approximately $491 million of the maximum $1.52 billion of loan guarantees that were approved during the term of former President Joe Biden. Entergy, a power company, closed Palisades after more than 50 years of operation in 2022. The plant shut down two weeks earlier than planned due to a problem with a control bar, despite the $6 billion federal program designed to save reactors from increasing costs. Donald Trump, the president of the United States, supports nuclear energy as U.S. electricity demand is on the rise for first time in 20 years due to data centers and artificial Intelligence. Holtec intends to restart Palisades during the fourth quarter. Trump signed executive order in May to speed up the issuance of new nuclear licenses and to overhaul the Nuclear Regulatory Commission that issues them. Holtec was granted approval by the NRC to load fuel in the reactor this July. (Reporting and editing by Timothy Gardner, with Chizu Nomiyama)
-
Petrobras hires Engeman as the manager of fertilizer plants for Bahia and Sergipe in Brazil
Petrobras, the state-owned oil company of Brazil, has announced that it has hired Engeman Industrial Services to manage fertilizer plants in Bahia e Sergipe. Petrobras announced in a press release that the contract for the operation and maintenance of nitrogen fertilizer plants had been signed on Friday, following the completion of an auction. Petrobras says that the plants will be operational again by the end this year. The contract value was not disclosed. According to its website, Engeman provides services in several sectors, including mining, oil and gas and energy. The two plants, if they were to be put back into operation, would reduce Brazil's dependence on imports of fertilizers, which are mainly from Russia. The Luiz-Inacio da Silva administration has made reducing reliance on imported fertilizer a top priority. Petrobras leased two nitrogen fertilizer facilities to Unigel under a 10-year contract in 2019. However, both plants have been closed since 2023. Unigel has cited unfeasible conditions for operating due to the high natural gas price in Brazil. In May, the two companies reached an agreement to resolve legal disputes regarding two fertilizer factories and restore Petrobras ownership of these plants.
-
Investors on edge as TSX drops ahead of monetary Policy Meetings
Investors were on edge as they awaited the announcements of the Bank of Canada, and the U.S. Federal Reserve, later this week. The Toronto Stock Exchange S&P/TSX Composite Index fell 0.3% to 29,339.94 by 10:00 ET (1400 GMT), but remained close to the record high of Monday. The annual inflation rate in Canada rose by 1.9%, mainly due to higher petrol and food costs, but it was still below the 2% predicted by analysts. In a note, Andrew Grantham, senior economic analyst at CIBC Capital Markets said that core inflation measures are likely to continue to fall in the months to come, due to the slack in the economy, and the removal of many retaliatory duties on September 1. We not only expect a reduction of 25bp tomorrow, but also a subsequent one at the October meeting. Money markets expect the BoC to cut its rate on September 17 by a quarter-point. This is a 97% probability. The TSX and other global markets have reached record highs in the last few sessions. Markets are fully pricing in a Fed interest rate cut this coming week. Gold mining stocks dropped 0.7% on the day. New Gold, Orla Mining, and Alamos Gold fell between 2% to 3.8%. Chartwell Retirement Residences fell 1%, while Bausch Health dropped 1.9%. Vermillion Energy, Parex Resources and energy index both increased by 2.3%. Teck Resources, among other stocks, lost 2.2%. The Canadian industry minister said she will be meeting with the CEOs of Teck Resources and Anglo American to discuss their proposed merger next week. (Reporting and editing by Vijay Kishore; Twesha Dhikshit)
-
Silver Lake and MGX invest together in Altera
MGX, a partner of Silver Lake and Abu Dhabi-based artificial intelligence investment company MGX, announced on Tuesday that it had joined the group to acquire a majority stake (49%) in California programmable chips business Altera. The size of MGX’s investment has not been disclosed. "Altera is a platform that's the foundation for next-generation computing." It is a chance to transform a company with such importance into a global leader in the AI era, said Omar Alismail. Intel sold Altera 51% to Silver Lake in April. The unit was valued at $8.75 Billion, which is a lot less than the $17 Billion Intel paid for Altera in 2015. Intel completed the deal on September 12. Silver Lake acquired a majority stake of Altera at an equity value around $3.3 billion. This is based on debt financing, cash flow and the value of the business. MGX is under the control of Sheikh Tahnoon Bin Zayed Al Nahyan. He is the national security advisor of the United Arab Emirates and brother to the president. He runs a $1.5 billion business empire that includes sovereign wealth funds, G42, and energy. MGX, a joint venture between Abu Dhabi sovereign fund Mubadala (formerly G42) and Abu Dhabi sovereign wealth fund Mubadala was founded last year. Its goal is to reach $100 billion of assets. It has become the centrepiece of United Arab Emirates’ drive to dominate financial intelligence. (Reporting and editing by Hadeel al Sayegh)
-
Thyssenkrupp receives non-binding offer for Jindal Steel International steel unit
Thyssenkrupp announced on Tuesday that a division within the Indian conglomerate Naveen Jindal Group had submitted a non-binding offer for its steel business. This is the latest development in the long-running effort by the group to sell the unit. Shares in the German conglomerate rose 5.3% at 1334 GMT on news of the indicative offer for Thyssenkrupp Steel Europe, Germany's largest metal manufacturer with sales of 10.7 billion euro ($12.6 billion) during the last fiscal year. Thyssenkrupp stated that it would carefully examine the offer, "particularly in regard to economic sustainability and the continuation of green transformation at our steel plants". The bid was not disclosed, nor were any financial details. This comes at a time when the German industrial group wants to divest some of its business in order to be leaner and focussed. Thyssenkrupp would have achieved a major success if it sold TKSE to Jindal Steel International. This was after several years of unsuccessful attempts to sell TKSE by the group that makes submarines to car parts. The pension liabilities, which totaled billions of euros, remained a key concern. In a separate announcement, Jindal Steel International said that its offer would ensure steel production in Germany. This included the completion of a "green steel production site" by TKSE at Duisburg and a commitment worth more than 2 billion euros to increase electric arc furnace capacities. Narendra Misra is the director of European Operations for Jindal. He said: "Our goal to preserve and grow Thyssenkrupp’s 200-year legacy, and help transform it Europe's biggest integrated low emission steelmaker." Thyssenkrupp sold a 20% share in TKSE last year to Czech billionaire Daniel Kretinsky with the intention of selling a 30% further stake to create a joint venture that would be 50-50. The powerful union IG Metall criticised this move. It said that Kretinsky did not provide information on his strategic plans in his role as a coshareholder. The EPCG division of Kretinsky declined to comment. Juergen Kerner, Thyssenkrupp’s deputy supervisory Board chairman and senior IG Metall members said that the news was positive and that further discussions should begin as soon as possible.
FACBTOX-Here's what we understand about Trump's scheduled executive orders after swearing-in
Donald Trump prepares to provide a flurry of executive orders and directives after he is sworn in as U.S. president on Monday to put his stamp on his brand-new administration on matters varying from energy to migration.
2 sources familiar with the planning stated more than 100 such orders and instructions might be released beginning on The first day in what is understood internally as a shock and awe effort.
Here is what we know about the executive orders so far:
MIGRATION
Trump plans to take a flurry of executive actions focused on cracking down on legal and unlawful migration and increase deportations after he gets in the White Home on Monday, an inbound Trump administration authorities said.
Trump plans to declare illegal immigration at the U.S.-Mexico border a
nationwide emergency situation
to support the building of a border wall and send additional troops to the border, the authorities said.
Trump will release a sweeping pronouncement that intends to block access to all asylum at the Mexico border, the authorities stated. He will also release an order intended to end birthright citizenship for U.S.-born kids whose parents lack legal migration status, the official stated.
Citing the 14th Amendment to the U.S. Constitution, the authorities said in a rundown: The federal government will not acknowledge automated bequest citizenship for children of prohibited aliens born in the United States. We are likewise going to improve vetting and screening of prohibited aliens.
The U.S. Constitution's 14th Change provides for granting citizenship to all individuals born or naturalized in the United States. Any relocation by Trump to end due citizenship would deal with a legal obstacle.
ENERGY
One of Trump's orders on Monday will declare a national energy emergency aimed at letting loose economical and trustworthy American energy, an authorities with the incoming White House stated. Trump, who pledged during his campaign to drill, baby, drill, will likewise sign an executive order focused on Alaska, the official stated, including that the state was vital to U.S. national security and might allow exports of LNG to other parts of the United States and allies.
Sources acquainted with the strategies of members of Trump's. shift group have actually said that Trump is considering executive. orders to target everything from electric cars to. withdrawing again from the Paris climate agreement, an action he. took in his first administration.
Members of his transition group are advising sweeping. changes to cut off assistance for electric vehicles and charging. stations and to reinforce steps obstructing the import of cars and trucks,. parts and battery products from China, according to a. file seen .
The shift team also recommends enforcing tariffs on all. battery materials internationally, a bid to increase U.S. production, and. then negotiating individual exemptions with allies, the document. shows.
Trump's executive orders will likewise likely seek to roll back. Biden's environment regulations on power plants, end his time out on. liquefied gas exports, and withdraw waivers allowing. California and other states to have tighter pollution rules.
TARIFFS
Trump will release a broad trade memo on Monday that stops. short of imposing new tariffs on his very first day in office, but. rather directs federal companies to assess U.S. trade. relationships with China, Canada and Mexico, an incoming Trump. administration official said.
The Republican politician inbound president has actually vowed tariffs of. 10% on global imports, 60% on Chinese products and a 25% import. additional charge on Canadian and Mexican items, tasks that may. upend trade circulations, raise expenses and draw retaliation.
The official, validating a Wall Street Journal report,. said Trump will direct companies to investigate and remedy. consistent trade deficits and address unreasonable trade and currency. policies by other nations.
The memo will single out China, Canada and Mexico for. examination but will not announce brand-new tariffs, the official stated. It will direct companies to assess Beijing's compliance with its. 2020 trade handle the U.S., in addition to the status of the. U.S.-Mexico-Canada Agreement, or USMCA, the official said.
Trump thinks tariffs would assist enhance economic development in. the United States, although challengers alert that the costs would. likely be passed along to consumers.
TRANSGENDER RIGHTS
Trump will release an executive order declaring that the. U.S. federal government will only recognize two sexes, male and. female, an inbound White Home official stated on Monday. Trump. has actually sworn to sign an executive order ending transgender rights. in the U.S. military and inside U.S. schools.
As for transgender professional athletes, he told a rally on Sunday that. he would act on his first day to stop the participation of trans. professional athletes in females's sports.
DIVERSITY PROGRAMS
Trump will likewise issue an order ending radical and inefficient. variety, equity and addition programs inside the federal. government, an inbound White House authorities said on Monday.
Throughout his first term, Trump signed an executive order. to curtail efforts to resolve racial variations in the. office, through programs consisting of diversity training inside. business.
Biden reversed that executive order on his very first day in. office in January 2021, and Trump is most likely to renew his. initial order early in his second term, and possibly on his. first day in workplace.
Trump has actually likewise slammed variety, equity and inclusion. policies inside universities.
PARDONS
Trump has also stated he will take action immediately on. taking workplace to issue pardons for some of the hundreds of. individuals convicted or charged in connection with the Jan. 6, 2021,. assault on the U.S. Capitol by his supporters.
GENDER-AFFIRMING CARE
Trump stated in a project video in 2023 that on his first day. in workplace he would withdraw the Biden administration's policies. that provide details and resources to those seeking medical. care so they can align their bodies with the gender they. identify with. That care can consist of hormone treatment and. surgical treatment.
DRUG CARTELS
Trump plans to classify drug cartels as foreign terrorist. companies in an early executive order, Punchbowl News. reported on Sunday, fulfilling a pledge he made on the campaign. path to punish the sources of the deadly opioid. fentanyl.
REQUIRING FEDERAL WORKERS TO RETURN TO THE OFFICE
Trump has railed against work-from-home plans for. 10s of thousands of federal employees, which were greatly. increased during the COVID-19 pandemic, and he has sworn to end. them.
In December, Trump said if federal employees refuse to return. to the workplace, they're going to be dismissed.
By requiring government workers back into the workplace Trump and. his allies hope it might set off massive resignations, which. would assist in their goal of minimizing the size of the federal. bureaucracy.
(source: Reuters)