Latest News
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BlackRock sells Naturgy 7% stake for $2 billion
BlackRock sold a 7.1% stake in Spanish gas utility Naturgy through an accelerated placement managed by JPMorgan for around 1.7 billion euro ($1.9?billion). After completing the accelerated placing of 68.825,911 share at a cost of 24.75 euro per share, BlackRock now holds around 11.42% of Naturgy. This represents a?discount of around 5.4% on Wednesday's closing share price of 26.16 euro. At 09:21 am (0821 GMT), Naturgy's shares were down by 5% to 24.86 euro, making it the worst performers in Spain's Ibex 35 blue-chip index. BlackRock acquired Global Infrastructure Partners in 2024, which had invested previously in Naturgy. BlackRock, the fourth largest shareholder in the company, will become the company after selling its stake. The company is currently owned by Spanish holding company Criteria which has a stake of almost 24 %. CVC, a private equity firm, holds 18.6% of the company and IFM, an Australian fund, 15.2%. Sabadell wrote in a client note that "the transaction will close the door on a possible new shareholder entering the company, and pave the way for CVC to exit the future." The transaction is expected to increase Naturgy’s free float towards its target of 25%. It follows a period in which the company has performed well, reporting record earnings of approximately?2 billion euro annually for the last two years. Since the April 28 grid failure, the company has seen increased output from its combined-cycle plant, which has operated for more hours. This has improved supply security and helped to avoid widespread disconnection.
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The first climate migrants from the sinking Tuvalu arrive in Australia
Foreign?affairs officials confirmed on Thursday that the first climate migrants who left Tuvalu, a remote island nation in the Pacific, had arrived in Australia. They hoped to maintain links with their island home. A deal between Australia and Tuvalu two years ago saw more than a third of the 11,000-strong population of Tuvalu apply for a climate visa to migrate. The annual intake of visas is limited to 280 in order to avoid a brain-drain from the small island nation. Officials from the Australian government said that among the islanders chosen in the first intake of climate migrants are Tuvalu's only female forklift operator, a dental specialist, and a minister who is focused on preserving the spiritual life of the people thousands of kilometers (miles). Tuvalu is a grouping of low-lying islands scattered between Australia and Hawaii in the Pacific Ocean. Manipua Poafolau from Tuvalu's Funafuti island arrived in Australia about a week ago. He is a trainee pastor at the largest church in Tuvalu and plans to move to the small town of Naracoorte, in South Australia. In a video?released by Australia's Foreign Affairs Department, he stated that "for the people moving into Australia, it isn't only for their physical and economical well-being but also for spiritual guidance." Tuvalu officials reported that Feleti Teo, the Prime Minister of Tuvalu, visited the Tuvaluan Community in Melton last month. He was there to stress how important it is to maintain strong cultural bonds and ties across borders, as people migrate. In many places, Tuvalu's main island of Funafuti is not much wider than a road. Due to the lack of space, families live under thatched roofing and children play on the runway at the airport. NASA scientists predict that by 2050, the daily tides of Tuvalu will submerge Funafuti Atoll. This atoll is home to 60% Tuvalu residents. The villagers are clinging to a 20-metre strip of land. The forecast assumes an increase of one metre in sea level, but the worst-case scenario would see 90% of Tuvalu's main island submerged. CLIMATE VISAS OFFER 'MOBILITY with DIGNITY. Penny Wong, Australia's Foreign Minister, said climate migrants will contribute to Australian society. Wong, in a press release, said that the visa provided "mobility in dignity" by allowing Tuvaluans to live, study and work in Australia, as climate impacts continue to worsen. Australia is establishing support services to assist Tuvaluan families in settling in Melbourne on the east coast, Adelaide in South Australia, and the northern state Queensland. Kitai Haulapi is the first female forklift operator in Tuvalu. She recently got married and plans to move to Melbourne. The city has a population of five million. In a video by Australia's Foreign Affairs department, she said that she hopes to "find a job" in Australia and to continue contributing to Tuvalu through sending money to her family. Masina Matholu is a dentist who will be moving to Darwin, a city in northern Australia, with her husband and three children. She intends to work with Indigenous communities. She said, in a video message: "I can bring back whatever I learn from Australia to my culture to help." (Reporting and editing by Michael Perry; Kirsty needham)
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China will start commercial operation of the first small modular reactor in 2026
An official from the China National Nuclear Corporation's (CNNC) research arm said that China would begin commercial operation of the Linglong One small modular reactor in the first half of 2026. The APC100 reactor, also known as APC100 was the first SMR approved by the International Atomic Energy Agency (IAEA) in 2016. The first project to use the Linglong One technology, CNNC's project on China's island of Hainan began in 2021. Wang Zhenqing of the China Institute for 'Nuclear Industrial Strategy', spoke at an international energy conference in Beijing. SMRs can be built faster and smaller than traditional reactors, and they can also be installed on ships and aircraft. They can also be manufactured in factories. However, there are still questions about whether they provide as much power as larger reactors. The energy department wants to develop small reactors in the United States by 2030. It announced funding of $800 millions for their development from Tennessee Valley Authority and private company Holtec. In November, Britain approved a project to build mini reactors in North Wales and connect them to the grid before 2030. (Reporting and editing by Clarence Fernandez; Colleen howe)
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Iron ore prices fall as China's demand outlook dims
Iron ore futures prices fell?on Friday on concerns about demand in China, the world's largest consumer of iron ore. This was fueled by a decline in steel consumption and outweighed hopes of policy signals from Beijing. The daytime trading price of the most traded iron ore contract at China's Dalian Commodity Exchange was 1.3% lower, closing at 757 Yuan ($107.22). As of 0702 GMT, the benchmark January iron ore traded on Singapore Exchange fell 1.36% to $100.35 per ton. After data revealed a decline in steel demand, prices of the key ingredient for steelmaking fell. Data from Mysteel revealed that the apparent consumption of five major products in steel fell by?2.8% on a weekly basis for a third week running, to 8.4 million tonnes. Morning trading prices were rangebound, as investors awaited Beijing's policy signals. They had their eyes fixed on the annual "Central Economic Work Conference", where Beijing is expected set important growth targets and policies priorities for next. Analysts at Jinyuan Futures say that after the U.S. Federal Reserve cut interest rates, expectations of China announcing new stimulus measures increased. The International Monetary Fund (IMF) urged China on Wednesday to make a "brave decision" to speed up structural reforms, as the pressure mounts for the world's largest economy to move to a consumption model and reduce its reliance?on exports that are financed by debt. IMF raised its China growth forecast from 4.8% to 5% for 2025, citing strong exports from the production powerhouse. It also increased its forecast from 4.2% to 4.5% for 2026. Fundamentally, a growing iron ore production and a weakening steel demand continue to pressure ore prices. Coking coal and coke, which are used to make steel, also fell by?4.39% apiece. The benchmarks for steel on the Shanghai Futures Exchange have lost ground. Rebar dropped 1.32%; hot-rolled coils fell 1.19%; stainless steel declined 0.44%; and wire rod dropped 0.62%. ($1 = 7,0604 Chinese Yuan) (Reporting and editing by Amy Lv, Lewis Jackson and Janane Vekatraman).
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Silver reaches record high after Fed splits rates. Gold falls
After the U.S. Federal Reserve announced a divided rate cut, investors were uncertain of the pace at which the Fed will ease next year. Silver, however, reached a new record high. As of 0707 GMT spot gold dropped 0.4% to $4210.88 an ounce after reaching its highest level since December 5, earlier in the session. U.S. Gold Futures for February Delivery gained 0.3% per ounce to $4,238.10 Tim Waterer, KCM Trade's Chief Market Analyst, said that gold was "unable to move forward today" because the Fed had essentially stated that further rate reductions would be rare. In a divided vote, the Fed lowered its interest rate by 25 basis points on Wednesday. However, it indicated that the Fed may not lower rates further while waiting for more clear signs of a cooling labor market and an inflation that is "somewhat elevated." Six officials, a record number, oppose even the quarter-point cut made on Wednesday. Fed Chair Jerome Powell has also refused to give any guidance about the timing of further rate cuts. Gold and other non-yielding investments benefit from lower interest rates. Investors are now awaiting U.S. job and inflation data from November, followed by an in-depth?third quarter economic growth report. Spot silver increased 0.2%, to $61,90 per ounce, after reaching a record high at $62,88 earlier in the session. This brings its year-to date gain to 113%, on the back of strong industrial demand and falling inventories, as well as its inclusion in the "U.S. Spot silver added 0.2% to $61.90 per ounce after hitting a record high of $62.88?earlier in the session, bringing its year-to-date gain to 113% on strong industrial demand, falling inventories and its addition to the?U.S. Silver hasn't paid much attention to the outside world and has rallied all on its own. Ilya Spivak is the head of global macro for Tastylive. He said that there was nothing here to suggest that silver would turn. Spivak said that silver's next significance level is when it approaches $64. Palladium, on the other hand, fell by 0.1%, to $1473.68. (Reporting and editing by Sumana Aich, Rashmia Aich and Ishaan Aroor in Bengaluru)
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Vietnam restricts exports of rare earths refined and reaffirms ore trade ban
The Vietnamese parliament approved on Thursday a revised bill that limits the exports of?rare earths refined and reaffirms an ore -export ban. This is in an effort to support a domestic industry that has been struggling for years to extract its significant reserves. According to the U.S. Geological Survey (USGS), Vietnam has one of the largest reserves of rare earths in the world. However, earlier this year, the government agency significantly reduced its estimate of the?reserves of the country to 3.5 millions metric tons from 22 million tonnes. The new law states that "deep processing must be associated with building a contemporary industrial ecosystem in order to improve the domestic value chain and ensure autonomy," thus restricting the export of refined earths. West has been scrambling to find alternatives to China's refined earths used in cars, renewable energy infrastructure, and other sensitive industries. Beijing, the dominant supplier of?global supply, implemented export controls in April, at the height its trade war against the United States. Vietnam's export restrictions won't have an immediate impact, as the country has virtually no refining capability at the moment. Since at least 2021, the country has prohibited exports of?rare-earth ores. But regulatory obstacles have prevented the exploitation by local enterprises and foreign partners of its reserves for a long time. The new law reiterates the export ban and emphasizes that "exploration and exploitation activities, as well as processing activities" must be closely monitored. (Reporting and editing by Thomas Derpinghaus; Khanh Vu and Francesco Guarascio)
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Copper extends gains after Fed lowers rates
After the U.S. Fed lowered interest rates, copper prices retreated from their earlier gains. However, they still rose for a second consecutive session. By 0503 GMT, the most traded copper contract at?the?Shanghai Futures Exchange had risen 0.51%, to 92130 yuan (US$13,046.43) a metric ton. It reached an intraday peak of 93,000 yuan. This is close to the record high of 93300 yuan set on December 8. The benchmark three-month Copper on the London Metal Exchange increased by 0.48%, to $11,611.5 a ton. It had reached an intraday high of $11,727.5 and was approaching an all-time record high of $11,771 in December. The dollar eased on Wednesday after the Fed cut policy rates by 25 basis points, broadly in line with expectations. The dollar price of commodities is cheaper for those who use other currencies. The Fed said it would also start buying short-dated Government bonds on Friday in order to manage market liquidity and ensure that the central bank maintains its firm control over interest rate targets. Xiao Jing is a Beijing-based broker at SDIC Futures. She said that the Fed's balance sheet expansion policy was what boosted copper prices. Investors will continue to digest 'theme? in the short-term." Prices were also impacted by the lower copper production of Chilean miner Codelco. Aluminium also posted gains, as global producers of aluminium sought premiums between $190 and $203 per ton for primary metal shipments from Japanese buyers. This is up 121%-136% compared to the current quarter. Both benchmarks, SHFE and LME, rose by 0.3%. SHFE Nickel nudged down by 0.09%. Lead gained by 0.7%. Tin jumped by 0.57%. Zinc eased back 0.13%. Other LME metals mainly gained. Lead, zinc, and tin all rose. Nickel was barely changed. ($1 = 7.0617 Chinese Yuan) (Reporting and editing by Subhranshu Sahu, Rashmia Aich and Lewis Jackson)
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WSJ reports that Trump's plans include major U.S. investments in Russia and a restoration of oil flow to Europe.
Donald Trump's peace plan in Ukraine includes proposals to?restore Russian energy flows into Europe and major U.S. The Wall Street Journal reported that investment in Russian rare earths, energy, and frozen Russian sovereign assets was being considered. The newspaper reported that the plans were included in annexes to peace proposals sent to European counterparts over recent weeks. The plan includes a plan to use $200 billion in frozen Russian sovereign assets for projects in Ukraine. This would include a new major data center powered by the Zaporizhzhia Nuclear Power Plant, now under Russian control. U.S. firms would invest in strategic Russian sectors, such as rare-earth mining and oil drilling in Arctic regions, and Russian energy flow to Western Europe and around the world?would be restored. Unidentified European officials were quoted in the paper as comparing the proposed U.S. and Russian?energy deals with the 1945 Yalta conference. The Soviet Union,?the United States, and Britain divided their interests in Europe at that meeting. After eight years of fighting in the Donbas (formed by the Donetsk-Luhansk region), Russia invaded Ukraine on February 20, 2022. (Reporting and editing by Clarence Fernandez; Guy Faulconbridge)
What will the UN agenda be and who will be speaking?
The 80th session of the United Nations General Assembly begins on Tuesday.
Who speaks when?
The United Nations, which was founded in 1945 with 51 members, now has 193 members. The leaders of the Holy See, State of Palestine, and two non-member observers states, known as the United Nations' State of Palestine and the Holy See, may also speak.
Brazil is the first to speak in every meeting. U.N. officials say that Brazil was the first to speak in the early days of the world organization, when other countries were reluctant.
The United States, which hosts the U.N. Headquarters in New York City, is the second nation to address the General Assembly.
The list is arranged in order of hierarchy, and usually on a first-come, first-served basis. The heads of state are the first to speak, followed by their deputy and crown princes. Next come heads of government and ministers, and then lower-ranking leaders of a delegaiton.
How long will they speak?
Leaders should adhere to a 15-minute voluntary time limit.
According to U.N. Records, Fidel Castro of Cuba spoke for approximately 4-1/2 hours during the 1960 opening of the General Assembly. Libyan leader Muammar Gadhafi spoke more than 1 1/2 hours in 2009.
WHAT WILL THEY TALK ABOUT?
Every session of the General Assembly begins with a specific theme. Leaders may briefly mention the theme before moving onto any topic.
The theme for this year is "Better Together: 80 Years and More for Peace, Development and Human Rights."
Leaders are also likely to discuss:
GAZA. As the Gaza Strip war between Israel's Hamas militants and the Palestinian enclave approaches its second anniversary, leaders are gathering. A humanitarian crisis is worsening in the Palestinian enclave.
Benjamin Netanyahu, Israeli Prime Minister, is scheduled to speak at the General Assembly next Friday. Israel has denied the allegations of war crimes and crimes against humanity that the International Criminal Court made against it in Gaza. Israel launched an assault on Gaza City Tuesday.
The U.S. has refused to grant him a Visa. He will appear by video.
UKRAINE. Volodymyr Zelenskiy, the Ukrainian president, will seek to bolster global support for Kyiv while U.S. Donald Trump attempts to broker a ceasefire more than three years since Russia invaded their neighbor. He will address the assembly this Wednesday, while Sergei Lavrov, Russia's foreign minister, will speak Saturday.
Next week, the U.N. Security Council will hold a meeting at a high level on Ukraine. The U.S. will be watched closely, both at the U.N. Security Council and during Trump's General Assembly address, to see if Washington announces measures such as sanctions to try to convince Russian President Vladimir Putin that he should negotiate with Zelenskiy.
IRAN. In New York, expect last-minute diplomacy over Iran's nuclear program. Tehran is trying to avoid the return of all U.N. Security Council Sanctions on the Islamic Republic by September 28. Both the Iranian president Masoud Pezeshkian, and foreign minister Abbas Araqchi will be attending the United Nations.
SYRIA. This year, the Syrian President Ahmed al-Sharaa will make a notable debut at the U.N. General Assembly. Hay'at Tahrir al-Sham, the group that he leads, led the revolt in December to topple President Bashar al-Assad. This ended 13 years of civil conflict.
HTS was the former al-Qaeda branch in Syria, formerly known as al-Nusra Front. It broke ties with al-Qaeda in 2016. The group, Sharaa and its leader remain under U.N. sanction. However, Sharaa was granted a travel waiver to New York between September 21-25.
CLIMATE. Leaders of small island nations and other states that are most affected by climate change will be expected to urge further action as the world struggles to limit global warming to 1.5 degrees Celsius.
WOMEN. Leaders will gather on Monday to celebrate the 30th anniversary a historic women's rights convention. Beijing's 1995 Fourth World Conference on Women is best remembered for the slogan "women’s rights are human right."
Leaders are likely to be disappointed by the lack of progress made and the growing attacks against women's rights. The theme of Monday's meeting is to recommit to, accelerate and resource the implementation of the 1995 declaration. At the Beijing Conference, 189 countries signed a declaration calling for "full participation and equality of women in the political, civil, economical, social, and cultural life".
SUDAN. Next week, some leaders are likely to discuss the war that has lasted for two and a half years in Sudan. The United Nations has called the war between the paramilitary Rapid Support Forces (RSF) and the Sudanese Army, which is a conflict between the Rapid Support Forces, the Sudanese Army, and the paramilitary Rapid Support Forces, "the world's most serious humanitarian crisis." There are pockets of famine in the entire country, including al-Fashir the capital of North Darfur State.
The United States, Saudi Arabia, Egypt, and the United Arab Emirates have all called for a humanitarian truce lasting three months, followed by a ceasefire permanent. According to many, the "Quad", or four countries, have the greatest influence on the warring parties.
U.S.-VENEZUELA TENSIONS. Venezuela complained about the United States' naval build-up in the Southern Caribbean waters and the nearby waters at the end of last month. The U.S. military launched two deadly attacks on suspected Venezuelan drug-cartel vessels in international waters since then.
Venezuelan Foreign Minister Yvan Yli is likely to raise the increased tensions when he addresses the General Assembly this Saturday. Venezuelan President Nicolas Maduro claims that the U.S. wants to remove him from power.
RACE TO APPOINT A NEW U.N. SECRETARY-GENERAL. The United Nations will select a new Secretary-General next year. Guterres' second five-year tenure will end on December 31, 2026. On the sidelines next week of the General Assembly, there will be much talk about potential candidates to succeed him.
The U.N. Security Council, composed of 15 members, must agree on a candidate that will be recommended to the 193 member General Assembly. This means that the five veto-powers - Britain China France Russia and the U.S.
(source: Reuters)