Latest News
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QXO secured additional $1.8 billion financing led by Apollo and Temasek
QXO announced on Monday that it had secured $1.8 billion in additional financing from Apollo Global Management, Temasek, and other investors. The firm of?billionaire Brad Jacobs? is targeting acquisitions in the consolidating U.S. Building-Products Industry. After the building products supplier, QXO has committed to a new investment of $3 billion. Raised $1.2 billion Last week. QXO has said that it will structure the funding in a previously-disclosed series of convertible perpetual preferred stock, and use the proceeds for future acquisitions. M&A activity in the U.S. construction products industry has increased, as firms have sought to scale up and 'localize supply chains' to offset tariffs. This is supported by new housing, renovation and repair, and nonresidential building activities. Other companies in the industry have also made large deals. Commercial Metals announced last year that it would purchase concrete supplier Foley Products, for $1.84 Billion, while roofing material firm TopBuild acquired rival SPI, for $1 Billion in cash. QXO made a hostile bid of $5 billion for GMS last year, but ultimately Home Depot won the deal. However, the company closed its $11 Billion deal for Beacon Roofing Supply back in April. Jacobs has built multi-billion dollar companies in waste management, logistics and equipment rentals. QXO is now positioned to pursue deals in this 'fragmented' sector. The company aims for $50 billion in revenues annually within the next decade. The shares of Greenwich, Connecticut based company rose about 1% during premarket trading. (Reporting from AnshumanTripathy in Bengaluru, Editing by TasimZahid)
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Gold reaches record $4,600 after Trump-Powell fight shakes investors
On Monday, gold reached a record-high of $4,600, and?silver set a new high, as the?criminal investigation?by Trump's administration into Federal Reserve Chairman Jerome Powell sent back investors into the asset seen as a haven. Gold spot jumped by 1.7%, to $4,584.12 an ounce, at 1159 GMT. It had earlier reached a record-high of $4,600.33. U.S. Gold Futures for February Delivery gained 2.1% to $4,595. Zain Vawda is an analyst at MarketPulse, by OANDA. He said: "With the Fed’s independence openly contested now, the ‘political risk’ discount normally reserved for emerging markets has bled into the U.S. Dollar, driving investors towards hard assets." The dollar dropped the most since three weeks and Wall Street futures fell as tensions between the Fed and Trump administration increased. Powell claimed that the Trump administration used the threat of indictment against him for testimony he gave to Congress last summer as a "pretext", to gain greater influence over the interest rates. The U.S. president wants to drastically reduce the rate. Goldman Sachs, Morgan Stanley and other brokers expect to see two rate cuts of 25 basis points each in September and June. Trump also said that he was weighing up a variety of strong'responses, including military options for a crackdown against Iranian protests. Iran's unrest is a result of Trump's international flexing of U.S. muscle. He has ousted Venezuelan President Nicolas Maduro and discussed acquiring Greenland. Gold and other non-yielding investments tend to perform well when interest rates are low or there is geopolitical uncertainty. Spot silver increased 4.8% to $83.78 an ounce, after reaching a record high of $84.60 earlier in the day. "Silver is on a path to $90 per ounce, and possibly $100 if industrial pressure tightens. Vawda stated that the fact that gold-to-silver is decreasing suggests silver will have more room for growth in percentage terms. After reaching a record-high of $2,478.50 per ounce on December 29, spot platinum rose 3.5% to $2352.90. Palladium rose 2.5% to $1.860.43 an ounce.
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Orsted to be heard by US judge in Trump offshore wind challenge
A U.S. court will on Monday consider the request of Danish?energy firm Orsted to obtain an injunction to stop?the Trump Administration's decision?to halt its $5 billion Revolution Wind project near Rhode Island. The lawsuit was filed on behalf of the company by several offshore wind companies, as well as states. They are seeking to reverse the Interior Department's suspension of five 'offshore wind leases' that it had imposed in December over what they called national security concerns. Under U.S. president Donald Trump's?view that wind turbines are ugly, expensive, and inefficient, offshore wind developers have seen their multi-billion dollar plans repeatedly disrupted. Orsted said that the project was about 87% completed and it is expected to start generating electricity this year. Revolution Wind LLC is 50/50 a joint venture between Global Infrastructure Partners and Skyborn Renewables. Orsted also filed a lawsuit?on behalf?of its Sunrise Wind project?off the coast of New York. The hearing on Monday is the first in a series of preliminary injunction hearings to be held this week. These hearings are part of lawsuits filed against offshore wind projects. Other cases include Equinor Empire Wind off the coasts of New York and Dominion Coastal Virginia Offshore Wind. (Reporting and editing by Edmund Klamann; Nichola Groom)
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Politico reports that Germany has finalized a deal to purchase TenneT shares.
The German government reached a final deal on acquiring a stake in the German division of Dutch grid operator TenneT Politico, a news outlet, reported that the'shift to renewable energy' was part of a larger?shift. Politico cited government budget documents to claim that funding of 7.6 billion euro ($8.9billion) had been allocated for the deal. The total amount includes 5,76 billion euros for the purchase of TenneT shares as well as a capital increase that will fund grid upgrades. The remainder is to be given to the German state development Bank KfW which is managing this transaction in the form of guarantees. TenneT and Germany's finance ministry did not respond immediately to requests for comment. Berlin announced in November that it was looking at acquiring a 25,1% stake in TenneT Germany, the largest high-voltage power grid operator in the country, in order to fund the investments required for the energy transformation. Berlin holds minority stakes in TransnetBW, 50Hertz and two other high-voltage grid companies. German authorities had set aside 5.8 billion euro for both the purchase and?further payment obligations. The Dutch government (parent of TenneT) announced in September that it would sell a 46% stake in the German unit to an investor consortium. This follows a failed sale to Berlin last year. TenneT, a major player in Europe's transition to renewable energy, operates critical infrastructure to connect renewables to consumers and industries.
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Malaysia's Petronas wants court clarification on Sarawak operations
Petroliam Nasional Berhad, Malaysia's national energy company On 'Monday, it filed a motion with the top court of the country to clarify the legal and regulatory framework governing its operations in Sarawak. The filing comes after negotiations between Petronas, a Sarawak-based energy company, and Petros about gas distribution in the State stalled. The talks have been in a deadlock since 2024 due to competing regulatory claims. Petronas stated in a press release that it was requesting a Federal Court determination on the legal position?applicable for its Sarawak operations so as to ensure compliance with relevant laws?and governance framework. The statement said that while there had been progress on many commercial agreements and partnerships, the differences between the parties "had led to uncertainty regarding the obligations applicable to Petronas". Petronas said that the filing, which named the Sarawak and federal governments as respondents, did not intend to undermine the state's aspirations for development or the role of Petros within its energy sector. Petros, the Prime Minister's Office and the Attorney-General did not immediately respond to requests about the filing. Sarawak's chief Minister's Office declined to comment. Sarawak on Borneo Island has been seeking greater control over its natural resources for a long time and appointed Petros in 2024 to purchase, distribute, and supply all natural gas produced by the state to downstream buyers. The Petronas impasse has raised concerns over potential revenue losses. This national energy company is a major income source for Malaysia's federal Government. Sarawak has more than 60% Malaysia's natural gas reserves. Reporting by Sherin sunny in Bengaluru; Danial Azhar, Ashley Tang and Rozanna latiff in Kuala Lumpur. Writing and editing by Tasimzahid and Louis Heavens.
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Copper reaches records in China, optimism and data centres boom
Prices of copper rose to record levels on Monday, mainly due to optimism over robust demand from China, the world's largest consumer. Benchmark 'copper' on the London Metal Exchange rose 1.6% to $13,205 per metric tonne by 1024 GMT, up from $13,243.5 earlier. The metal used in cable conductors reached a record high of $13,387.50 last week, a rise of over 50% from the beginning?of the year. China's plans for a nuclear power plant in Roll out A package of fiscal policy to?boost the demand and ensure that the economy gets off on a good footing this year has been a positive for industrial metals. The global copper market is also changing as a result of the increasing use of?electric cars, the building out of data centres Upgrades and improvements Power expansions Grids are used in all parts of the world. In a recent note, analysts at ING stated that "Copper -remains- central to grid expansion, renewables and EV Infrastructure". Data centres and AI infrastructure are becoming major consumers for metals like copper and aluminum. Copper prices will remain high as long as there is a fear of shortages in the future due to a lack of new supply. "Limited new project approvals combined with elevated disruptions/production downgrades has resulted in very low levels of mine production growth ?in 2025 and we forecast limited growth in 2026," analysts at UBS said. The overall demand for industrial metals was boosted by the softer U.S. dollar. When it falls, holders of other currencies can buy metals at a lower price. Aluminium rose by 0.9% to $3.165 per?ton. Zinc added 0.7% at $3.176. Lead firmed up 0.1% at $2.052. Nickel climbed 2.2% at $18,090. Tin jumped 5.3% from $47,975 to $48,090. The price of tin used in semiconductors had previously reached $48,500, which is still within reach of its all-time record high of $51,000, set in March 2022. The latest spike in tin prices was attributed by traders to market talk about a clampdown on illegal mining of tin in Indonesia.
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Indonesian President inaugurates Balikpapan Refinery Upgrade worth $7.4 Billion
Indonesian President Prabowo Subianto inaugurated on Monday the $7.4-billion?upgrade to Pertamina’s Balikpapan Refinery. This upgrade increased the facility’s capacity for refining from 260,000 barrels per day to 360,000, making it the largest refinery in the country. Pertamina, Indonesia's state-owned energy company, has spent years improving its refinery capacity and efficiency to meet the rising demand for energy in the country. Energy Minister Bahlil lahadalia stated that the upgrade would enable the refinery's production to increase of 92-octane and 95-octane?and 98?octane?gasoline. He said that private retailers will buy local products made by Pertamina. He did not give a timeframe. Bahlil stated that the refinery would be able to produce 5,8 million kilolitres of gasoline each year. This would reduce Indonesia's gasoline imports from 24 million kilolitres per annum, down to 19. Bahlil claimed that Indonesia will also be able stop importing gasoline, citing the increased production due to the "refinery upgrade" as well as biodiesel mandate. He added, "God willing, we will no longer import jet fuel in 2027. We will only be importing crude oil." The refinery's capacity for liquefied petrol gas (LPG), which was previously 48,000 tons, will increase to 384,000 tons after the upgrade. Pertamina claims that this could reduce LPG imports from 4.9% to just 4% and also gasoline imports. The refinery overhaul included a petrochemicals production facility that could produce 283,000 tonnes of petrochemicals per year, including 225 tonnes of propylene.
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Silver trading, from shares and coins to bars and stocks
Silver is at an all-time record high of $84.60. This follows unprecedented gains in gold, as the dollar fell after the Trump Administration threatened to?a criminal investigation into the Federal Reserve Chairman, and due to tight supply and?high industrial interests. How does silver trade work? Over the Counter London is the largest marketplace for physical silver, as well as gold. Here, banks and brokers take orders from customers around the globe to buy and sell. Trading takes place bilaterally between financial institutions. An investor must be in a relationship to gain access to the market. Bars of bullion in vaults of large banks like JPMorgan and HSBC are the foundations for this market. London vaults will hold 27,818 tons of silver by the end of 2025. Silver. Futures Silver is also traded on futures markets. Shanghai Futures Exchange and CME Group’s?COMEX, in New York, are the two largest. Futures contracts are agreements where the seller promises to deliver silver at a future date to the buyer. They are usually traded through a broker. Futures are usually not held until they are delivered, but instead swapped out for future dates. Both the buyer and the seller can speculate on the price of silver without having to move and store metal. Futures also offer the advantage that you do not have to pay for the entire amount of silver. Instead, you only need to pay a fraction, called a margin. Exchange-Traded Funds ETFs are traded on stock exchanges like the NYSE and LSE along with shares of publicly traded companies. Each share of the fund represents a certain amount of silver in a vault. Apps such as Robinhood allow small investors to trade ETFs with ease. Silver is added to the vault in order to create new shares, bringing the price back to the original metal. BlackRock's iShares Silver Trust is the largest, with 529 million ounces of silver, worth $39 billion today. BARS AND COINS Silver bars and coins are available to smaller investors from all over the world. SILVER MINERS Investors can buy shares of companies that mine for silver. These are also easily traded on platforms such as Robinhood. Silver prices tend to affect the value of these shares, but other factors, such as management, debt, and performance, also influence their value. (Reporting and editing by Jan Harvey in Bengaluru, Anmol Choubey from Bengaluru)
Dollar drops, gold reaches record highs as US prosecutors pursue Powell
Dollar and Wall Street futures fell and gold rose?on monday as Federal Reserve chair Jerome Powell claimed that the Trump administration threatened him with criminal charges over the refurbishment of the central bank's HQ.
This has heightened concerns about the Fed’s independence from political influences and added to the?a?frenzied start to 2026. Already, the U.S. captured Venezuela’s Nicolas Maduro. They have also ramped up the talk of taking over Greenland.
S&P futures dropped more than 0.5%. Meanwhile, safe-haven metals like gold - that investors use as a hedge against inflation and turmoil - reached another record high. Money markets have priced in an increased chance of U.S. short-term interest rate cuts.
Europe also opened with a 0.2% drop from its record highs. The Swiss Franc, another safe-haven currency, strengthened by 0.6% at 0.796 to the dollar. The euro also gained 0.4%.
Lee Hardman, MUFG's Lee Hardman, said that the latest development marked a'significant escalation' in the fight between Trump and Powell. He added that the "repeated attacks on the Fed independence" continue to present downside risks for dollar.
Fed funds?futures has added about three basis point more in cuts in this year. This is small, but it points out the risk that Fed will be pushed to become more aggressive.
Gold prices rose to a record-high of more than $4600 per ounce. This was also boosted by the rising geopolitical tensions surrounding Iran. However, oil prices did not react.
Trump said that he is weighing several strong options, including military options to respond to the violent crackdown of Iranian protests, which are posing one of the greatest challenges to the clerical regime in the country since the 1979 Islamic Revolution.
Abbas Araqchi, Iran's foreign minister, said via English translation on Monday that the situation was "under control".
Brent crude futures fell 9 cents to just above $63 per barrel during early London trading. U.S. West Texas intermediate crude dropped 10 cents to $59.02 per barrel.
The clerical establishment in Iran intensified its crackdown against the protests, and both benchmarks increased by more than 3%.
Saul Kavonic is the head of MST Marquee's energy research. He said that while oil prices have increased in recent days, they are still underestimating risk, given the possibility of a wider conflict affecting the Strait of Hormuz.
He added that "the market says, 'Show Me the Disruption to Supply' before it materially responds."
TRUMP VS POWELL
For traders, the second week of the year will be dominated by U.S. inflation figures, Chinese trade data and an array of U.S. earnings, starting with JPMorgan Chase on Tuesday and BNY a day later.
Powell, the Fed chief, had called the threat by the Trump administration of criminal charges a "pretext", aimed at forcing the central bank into cutting interest rates.
Powell's term is due to expire in May. In a statement, Powell said that "this unprecedented action must be viewed in a broader context" of the threats and pressures from the administration.
Economists say the latest developments represent a dramatic intensification of the conflict between Powell and Trump that dates back to Powell's first year as chairman in 2018.
Andrew Lilley is the chief rates strategist of Barrenjoey Investment Bank, a Sydney-based investment bank.
Investors will not be happy, but this shows that Trump doesn't have any other levers at his disposal. The FOMC will keep the cash rate at what they want it to be.
The dollar was the most affected currency, even when compared to currencies that are typically considered risky like Australian and New Zealand Dollars. The dollar index fell 0.4% in Europe, and is on course to have its largest one-day decline since mid-December.
The greenback suffered a terrible 2025. It dropped more than 9% compared to major peers as interest rates differentials shrank as the Fed cut its rates, and concerns about U.S. budget deficits and political unrest swirled.
Ray Attrill, head of currency strategy at National Australia Bank, said: "This open war between the Fed and U.S. government... is clearly not good for the U.S. Dollar." (Additional reporting provided by Tom Westbrook, Ankur Banerjee and Alexander Smith; editing by Alexander Smith).
(source: Reuters)