Latest News
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After over a decade, Australia's Lynas rare earths CEO will retire
After 12 years, Lynas Rare Earths, an Australian company, announced that its Chief?Executive Officer and Managing Director, Amanda?Lacaze was retiring. Lynas, in a press release, said that the board had already started a search for a new leader to take over as 'the world's largest producer of rare earths outside China. The company said that Lacaze will remain with them until the end of the current fiscal year to ensure a smooth transition. Lacaze became the chief of the company in 2014, after working as a nonexecutive director for the miner. Lynas has become a dominant player in the production and sale of rare earths elements under her leadership. The stock price has increased more than 12 times since she became CEO. According to LSEG, its market capitalization has risen from A$15 'billion ($10.06 bn) to A$15 'billion (about $10.06 mn). Lacaze was previously the managing director of marketing for Telstra, Australia’s largest telecom company, and held positions at Nestle.
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FT reports that Italy is seeking damages of over $8 billion from ArcelorMittal for the ILVA Steelworks.
Financial Times reported 'on Monday' that the state-appointed administrators at Acciaierie d'Italia's Steel Plants are seeking 8?billion euro ($8.17 billion), in damages, from ArcelorMittal. The report stated that Acciaierie d'Italia, formerly known under the name ILVA has filed a lawsuit against the steelworks for alleged mismanagement. This complaint was made to a Milan court this month. Adolfo Urso, Italy's Minister of Industry in December, said that the plant commissioners would file a claim for damages against ArcelorMittal. The plant was taken over by the government in early 2024. The FT reported that "the forensic due diligence... carried out by the Commissioners showed that the 'company's financial... imbalances were?the result... of a wilful, precise, and long-term strategy aimed at systematically transferring financial resources to the parent company from the company." ArcelorMittal, and Italy's Economy Ministry?didn't immediately respond to an inquiry for comment. The steelmaker announced in September of last year that it had received 10 bids, but only two bidders, Azerbaijan’s Baku Steel Company and Azerbaijan Investment Company as well as India’s Jindal Steel International, were interested to purchase all the assets. ADI is a major headache to Italian Prime Minister Giorgia Melons because it is unable to maintain its production due rising energy costs and a?weak market.
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Sources say that Carlyle and Chevron-Quantum are the frontrunners to acquire Lukoil assets.
Sources say that the UAE-based International Holding Company, Chevron, and Carlyle are all competing to buy up the global assets of Russia’s Lukoil as a U.S. deadline for selling them expires next week. Sources say that the United States sanctioned Lukoil in October, and Rosneft its counterpart to force the Kremlin into a peace agreement with Ukraine. They have given Lukoil a deadline of January 17 to sell its $22 billion global portfolio. These assets include refineries, petrol stations and oil fields in Europe and the United States as well as oil fields and refineries in Iraq, Azerbaijan, and Kazakhstan. Lukoil has been forced to shut down its operations in many countries due to the lack of banking lines and sanctions. Iraq also nationalised Lukoil’s largest oil field, West Qurna 2 Lukoil has been holding talks with investors since November, according to four sources in the industry. Carlyle declined comment. IHC has not responded to a comment request. Chevron declined to comment. According to U.S. regulations, once Lukoil has reached a deal with a buyer, the latter must obtain clearance from the U.S. Department of the Treasury’s Office of Foreign Assets Control. Three of four sources stated that OFAC could extend the current general license and allow negotiations between Lukoil?and buyers to continue. Treasury did not immediately respond to our request for comment. A fifth source said that OFAC could decide to issue individual licenses to one or more potential buyers before the deadline of January 17, according to a sixth?source. Treasury has so far blocked two attempts at deals, the first being between Lukoil, a Swiss trading group, and Gunvor, and then Xtellus Partners (the former U.S. branch of Russian bank VTB), in December.
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Orsoni, a former separatist leader in Corsica, was shot and killed at the funeral of his mother
The public prosecutor of Vero said that Alain Orsoni, former Corsican rebel leader, was shot dead during the funeral of his mother on Monday. Vero is a village located 30 km east of Ajaccio. Nicolas Septe told reporters that "he was shot by a long-range bullet". Local police confirmed the murder. Orsoni led the Corsican Self-Determination Movement, a separatist group that the French police believed was the legal front for the armed Corsican National Liberation Front Traditional Wing. Authorities have linked the Corsican National Liberation Front Traditional Wing to attacks that took place on the island in the 1990s. The group has claimed some of these attacks. Orsoni was also charged, convicted, and pardoned in connection with an attack by machine gun on the Iranian embassy in Paris in 1981. Orsoni was also president of the Corsican football club,?AC Ajaccio between the late 2000s to the early 2010s.
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Gold reaches $4,600/oz amid Fed unrest and safe-haven rush
Investors piled into safe haven assets as uncertainty grew over the criminal investigation by the Trump administration into Federal Reserve chair Jerome Powell. As of 1:38 pm, spot gold was up by 2.2% to $4,609.58 an ounce. ET (1838 GMT) after hitting a previous record high of $4629.94. U.S. Gold Futures for Delivery in February settled 2.5% higher, at $4.614.70. Michael Haigh is the global head of commodities at Societe Generale. He said: "Elevated uncertainties play directly into 'the gold market. (And) every week it seems that another area of uncertainty has been added." He added that the backdrop supporting the rally was unlikely to change anytime soon. The gold price surged by more than 64% in the past year, which was its highest performance since 1979. Silver also had its best year ever with a gain of 146.8%. The Trump administration is increasing pressure on the Federal Reserve, threatening to bring charges against Chair Jerome Powell for his comments about a renovation project. Powell called this a "pretext", to get control of rate cuts Trump wants. Powell's tenure ends in May. Fox News reported that the Trump administration will interview Rick Rieder, a BlackRock executive who could be a candidate to succeed Powell. After reducing rates by 75 basis points in 2013, the Fed is expected to keep them steady during its meeting on January 27-28. Markets are still pricing in another two rate cuts this year. This is boosting demand for gold and other non-yielding investments. The geopolitical tensions were also elevated, as Trump considered possible responses to a deadly crackdown against protests in Iran following the removal of Venezuelan president Nicolas Maduro. He also floated the idea of purchasing?Greenland. Spot silver reached an all-time record high of $86.22 and later rose?6.8% to $85.39. Ned Naylor Leyland, manager of Jupiter Asset Management's gold and silver funds, said that "gold and silver go together". But "when silver captures flow, it really runs, because it is a smaller channel, and more sensitive to flows in and out". The spot price of platinum rose 3%, to $2,342.10 an ounce. Palladium gained 2.5%, to $1,861.44. (Reporting from Anmol Choubey, Bengaluru. Additional reporting by Naomi Rovnick, London. Editing by Jan Harvey and Susan Fenton. Alan Barona.
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Kpler: Iran's oil on water reaches a new record.
Kpler, a shipping data intelligence company, said that Iran has a record of oil in the water, which is equivalent to 50 days' worth of production. This is because China has purchased less oil?because of the sanctions, and Tehran wants to protect its supply from the threat of U.S. attacks. According to Kpler's data, the amount of Iranian crude oil and condensate on tankers or floating storage vessels reached a record 166 million barrels during the week ending January 11. This is according to data that dates back as far as 2016. Donald Trump, the U.S. president, has warned of military action against Iran, which is one of the largest?producers of the Organization of the Petroleum Exporting Countries. Homayoun Falakshahi of Kpler said that Iran increased its oil storage at sea to delay production halts as Chinese imports began to slow in 2025 due to a lack of crude. Falakshahi added that Iran also aims to move as many barrels away from the Gulf as possible to reduce geopolitical risk for these volumes. Kpler estimates that half of the Iranian crude oil in water is located near Singapore. (Reporting and editing by Alex Lawler, Barbara Lewis, and Barbara Lewis; Additional reporting by Seher dareen)
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PG&E reaches a $100 million settlement with shareholders over wildfires in 2017, 2018 and California
Pacific Gas and Electric's parent company has reached a settlement of $100 million with shareholders who claimed that the utility operator misled them regarding its wildfire prevention?and safety protocol before wildfires occurred in northern California during 2017 and 2018. The preliminary settlement between PG&E and the U.S. District Court of San Jose in California was filed on Saturday. It requires a judge's approval. Shareholders, led by the Public Employees Retirement Association of New Mexico said PG&E concealed their defective wildfire safety techniques. This included electrical equipment and vegetation management that was blamed for the start or exacerbation of the 2017 North Bay Fires and 2018 Camp 'Fire. North Bay fires include the Tubbs Fire, which killed 22 and destroyed over 5,600 structures. This included about 5% homes in Santa Rosa. The Camp Fire destroyed over 18,800 buildings, including the majority of Paradise. It killed 85 people. Court documents show that PG&E denied wrongdoing when it agreed to settle. The Oakland, California-based firm called the'settlement' "a significant step in resolving the claims from the 2017 and 2018 wildfires as we continue to work to reduce the wildfire risk throughout our energy system." The company said that customers will not be charged for the settlement. The lawsuit was delayed when PG&E declared bankruptcy in January 2019. PG&E settled with the victims of wildfires for $13.5 billion in December. It emerged from Chapter 11 protection against creditors in June 2020.
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British Columbia, Canada seeks to strengthen trade and resource ties with India
British Columbia's Premier David Eby, who is on a six-day Indian trip, said that the province wants to strengthen its?commercial relations with India, particularly in the areas of liquefied gas, critical minerals, lumber, and technology. Both countries want to rebuild their trade ties following a two-year freezing and diversify supply chains as a reaction to U.S. Tariffs. "Unjustified tariffs from U.S.?impacting B.C. Eby said in an interview that it was more important than ever for workers and businesses to develop strategic relationships with international counterparts. The dates for the Canadian Premier Mark Carney's visit, which will continue until Saturday, have not yet been made public. Eby stated that his visit was to establish relationships with Indian businesses "so we're able?to facilitate agreements?and business relations to create jobs?for British Columbians?and support India?." The Indian government refused to comment when contacted by. BUILDING MORE LIQUID NATURAL GAS FACILITIES Eby stated that British Columbia has expanded its liquefied gas production. Six facilities are either "online, coming online or achieving final investment decisions in the next 12 months", Eby. He stated that he is scheduled to meet with business and government leaders in Delhi and Mumbai and explore investment from Indian companies as part of the province's goal to attract $200 billion worth of investment over the next 10 year. He said that his delegation had already met with Indian Oil, the state-run oil company. The company hasn't commented. Canada, besides collaborating with India, as the world's third largest energy consumer, is also seeking new markets for its lumber exports, which are now going to the United States due to tariffs. Eby stated that the province is looking to sell more wood to India's expanding construction and furniture market. Ottawa put off trade negotiations with New Delhi in 2023, after accusing New Delhi of being involved in the murder of a Canadian Sikh Separatist. The talks on re-establishing trade ties have just begun. (Reporting and editing by Barbara Lewis; Manoj Kumar)
M&A boom unlikely to be disrupted by Japan's increased oversight of foreign investment
Experts say that the Japanese plan to allow authorities to order foreign investors retroactively to divest acquisitions aims to protect major companies and supply chains. However, it is unlikely to reduce increased M&A activity.
Japan proposed Wednesday amendments to the foreign investment screening laws that would give authorities the?option of forcing foreigners to sell their investments deemed as posing risks to national and economic security. The proposals are being made as the administration of 'Japanese' Prime Minister Sanae Takayichi steps up its efforts to reduce risks posed by an inflow foreign money into Japan's economy and control over major supply chains.
Currently, foreign investors who wish to purchase stakes in Japanese firms outside sectors critical to national or economic security do not have to notify the government beforehand, so officials are unable to intervene. These new powers are targeted at high-risk investors, such as those who might work with foreign powers for intelligence gathering. Since 2017, Chinese companies are required to?cooperate with the country's spy agencies.
The period in Japan during which transactions may be reviewed rétroactively is around five years.
Nicholas Benes of the Board Director Training Institute of Japan said, "Japan wants to prevent Chinese companies from purchasing top-quality Japanese technology and companies."
A government source stated that the proposed changes include stricter requirements on indirect investments made by foreign parents in Japanese companies. This is to bring Japan up to par with its allies, such as the U.S.A, Britain, and Germany, in terms of security.
According to documents from the Ministry of Finance, these countries can order divestitures retroactively.
Benes, an expert in corporate governance, said that "in principle, this doesn't stand out as it is similar to other countries' practices."
FIRST MAJOR OVERHAUL EVER SINCE 2019.
Japan is making its first major overhaul of its foreign investment screening laws since 2019. The threshold for reviewing stock purchases by foreign entities has been lowered from 10% to 1%.
The 1% threshold is a significant increase in the number of pre-transaction submissions that the Japanese government must deal with compared to other countries. However, the revisions will reduce the scope of the businesses subject to review. Yohsuke Higashi, a partner and M&A attorney at Mori Hamada and Matsumoto said that the scope of pre-transaction filing requirements needs to be significantly narrowed in order to achieve a balance. This is because post-closing interventions will be permitted and indirect investment requirements will be introduced. He said that Japan should also put more resources into enforcing the risk-mitigation requirements attached to approvals, and catching risky deals through post-closing intervention.
The review team was overloaded. I understand the need to prioritize more important cases. Another lawyer who worked on inbound investment deals, but declined to be identified, as they weren't allowed to speak publicly, agreed.
The changes to the foreign investments rules are a result of corporate governance reforms that were led by the Japanese government. These reforms?led to an increase in overseas interest in Japan, and helped to push the stock exchange to record highs.
According to LSEG, inbound M&A activity jumped 45% compared to a year ago to $33 billion.
Experts say that the proposed changes will not have a significant impact on foreign investment.
Higashi stated that the changes will not discourage M&A involving Japanese companies or other direct investments in Japan.
Yuki Kanemoto is a senior research scientist at the Daiwa Institute of Research. She also predicts little impact.
He said that the relatively low number of cases that were formally rejected could lead some to believe Japan was more permissive at the moment than Europe or the United States.
"But I suspect that there are a number of cases where an effective rejection was made behind the scenes."
Japan has only rejected one deal in 2008 under its Foreign Investment Screening Law - the attempt to purchase Electric Power Development by London's Children's Investment Fund. (Reporting and editing by Sam Nussey, Thomas Derpinghaus and Anton Bridge. Additional reporting by Makiko Yamazaki)
(source: Reuters)