Latest News
-
US SEC dismisses lawsuit against Rio Tinto ex-CFO
The U.S. Securities and Exchange Commission dismissed on Friday its lawsuit against an ex-Rio?Tinto Chief Financial Officer, ending a longstanding fraud case over a "bad investment" in a Mozambique Coal Project by one of the world's biggest mining companies. The SEC announced in a Manhattan federal filing that it dismissed its civil case against Guy Elliott, "in the exercise its discretion," and without addressing its remaining claims. The SEC dismissed its civil case against Guy Elliott on Friday, without addressing the merits of any remaining claims. Elliott denied wrongdoing. His lawyers called it "a complete victory for the defense" in a joint statement. The SEC didn't immediately respond to requests made for comment. In its complaint of October 2017, the SEC accused Rio Tinto?of misleading investors about the value?of Rio Tinto Coal Mozambique. The Anglo-Australian firm bought the former Riversdale Mining in 2011 for $3.7billion through a takeover. The SEC reported that Rio Tinto raised over $5.5 billion in fixed-income investments from unwitting investors, by overvaluing coal assets. This was despite an assessment conducted internally which showed the assets to be?worth a negative $680 millions, according to the SEC. The internal calculation assessed the assets negatively when Mozambique rejected Rio Tinto’s proposal to use barges as a way of transporting coal. Rio Tinto wrote down more than $3 billion?for Mozambique?in 2013, then sold the assets for $50 million the following year. U.S. district judge?Analisa?Torres denied Elliott's request to dismiss SEC claims that he had misled Rio Tinto Coal Mozambique about its finances, and violated books & records. The judge ruled that open factual questions should be left to a jury. Rio Tinto, a rival company of Glencore, announced on Thursday that they are in merger discussions to create the largest mining company in the world.
-
Citgo auction left in limbo by Trump's Venezuela oil strategy
Citgo Petroleum is the crown jewel in the foreign assets of Venezuela. Sources close to the situation said that the U.S. president Donald Trump has been moving quickly to put together $100 billion to revive Venezuela's petroleum industry. Citgo, based in Houston, has been involved in the auction organized by a Delaware Court to settle debts and expropriations of Venezuelan assets. The court approved the $5.9 billion offer in November and ordered that the shares of Citgo Parent be sold to Amber Energy. This is an affiliate of the U.S. hedge-fund Elliott Investment Management. However, its execution needs regulatory approvals from various agencies, including the U.S. Treasury Department. The Treasury Department's Office of Foreign Assets Control has until May 31 to approve or reject the winning bidder. This temporarily puts the auction process on hold. Citgo's strategy has become "sticky", according to the sources, after the U.S. captured President Nicolas Maduro. Since then, the U.S. has said that it will take over Venezuela's oil reserves indefinitely. The many parties to the auction, including those who want the process frozen and those who want the auction executed, are increasing their lobbying efforts in Washington in order to influence the course of action taken by Washington regarding Citgo. Two sources claim that since January 1, boards controlled by Venezuela’s political opposition, which oversees the refinery, have tried to meet with U.S. officials but without success. The message that Washington has sent to these boards through indirect channels, is that Trump's administration does not consider the fate of the company a top priority. One source said that some U.S. officials had said, "Washington would prefer to have the refinery run by an American firm." Eight-year-old dispute between creditors, including expropriated mining and oil companies and defaulted noteholders, and the government has been fraught with appeals and injunctions. It remains to be seen how much influence each side will have when Trump pushes his agenda while supporting Maduro's close ally Delcy Rodrguez as interim president. Sources said that his relationship with the opposition and in particular with Maria Corina Machado seems fragile at the moment. Citgo severed its ties in 2019 with Venezuela's state-owned energy company PDVSA and hasn't had access to Venezuelan oil since. Citgo's Board approved on Thursday the company's participation to tenders that the U.S. will be putting together for the sale of Venezuelan crude as part an initial 50 million barrel deal to sell Venezuelan petroleum, according to sources. Sources said that no buyers have been approved. Citgo and Amber declined to comment. Requests for comments from the U.S. Treasury and refiners' supervisory boards were not immediately answered. Citgo is the seventh-largest refiner in America. Its logo, which overlooks Kenmore Square, Boston, has become a household name in the U.S. The company has a network of refineries that can process heavy crudes like Venezuelan oil. Its 829,000-barrel-per-day capacity is one of the largest in the U.S. OFAC HAS NOT SAID A THING OFICIALLY OFAC was supposed to give an official opinion on the Citgo auction on Thursday, as requested by a U.S. Court of Appeals that is hearing from parties who are challenging the process. This includes Venezuela and rival bidders headed by Gold Reserve. The opinion is still pending. Venezuela's legal team asked the same court on Thursday to cancel the auction, claiming that the process was "legally unjust and deeply indefensible." Venezuelan parties, rival bidders, and creditors also claimed conflicts of interest with court advisors. Amber and the court officer who was overseeing the auction denied any wrongdoing. The US and Venezuelan officials, the opposition and board members of Citgo are urging that the sale order from a judge be frozen until a decision is made. Sources added that other participants, notably the chosen winner Amber, have been pressing the sale to proceed. Sources say that many creditors are unhappy with the length of the process and high legal fees. Citgo is a source of Venezuelan pride. Both the Venezuelan Government and the Opposition have pushed the OPEC nation to retain at least a portion of it. Machado wants Citgo to be a tool to rebuild Venezuela's oil sector. He is scheduled to meet Trump next week. Her team has suggested that creditors at the court-ordered sale join a larger foreign debt restructuring.
-
S&P 500 closes at record high, driven by Broadcom and other chipmakers
The S&P 500 ?rallied to a record high close on Friday, lifted by Broadcom and other chipmakers, while a ?weaker-than-expected jobs report did little to alter expectations of interest rate cuts from ?the ?Federal Reserve this year. Wall Street's main three indexes gained in the first week of 2026 trading. This was fueled by gains in industrials, materials and other sectors, which have lagged behind technology stocks in recent times. The Labor Department reported that the U.S. labor market did not rapidly degrade in December. However, the decline in unemployment to 4.4% was more than expected. The PHLX semiconductors index reached a new record high. Mizuho increased its price target for the tool maker of chip manufacturing to $220, up from $200. Broadcom, Alphabet and Tesla boosted the S&P 500 and Nasdaq. Vistra's shares soared after Meta Platforms announced that it would buy electricity from its nuclear plants. Zachary Hill is the head of portfolio management for Horizon Investments, located in Charlotte, North Carolina. "We see that as an improvement." It means we are getting closer to the monetization stage, when people will be able to see and feel the revenue enhancements coming from this revolutionary technology. Intel's stock rose after Trump claimed to have had a "great" meeting with Lip-Bu Tan, the chief executive officer of the chipmaker. Preliminary data shows that the S&P 500 rose 44.32 points or 0.64% to 6,965.78, and the Nasdaq Composite rose 189.73 or 0.81% to 23,669.75. The Dow Jones Industrial Average increased by 234.09 points (or 0.48%) to 49,500.20. Wall Street valuations were high in advance of the fourth-quarter earnings season. According to LSEG, the S&P 500 trades at 22 times expected earnings - down from 23 in Novembre, but still above its five-year median of 19. The S&P 500 Value Index has gained about 3% in 2026 compared to a 1% increase in the S&P 500 Growth index. The U.S. Supreme Court announced that it would not rule on Friday regarding the legality and sweeping tariffs imposed by President Donald Trump. Investors, who had been waiting for a ruling, were left in limbo. If the court rules against the tariffs, traders expect a rise in volatility on the financial markets. Mortgage lenders increased their prices a day after Trump announced that he would order his representatives to purchase $200 billion worth of mortgage bonds in an effort to lower housing costs. LoanDepot, Rocket Companies, and Opendoor Technologies have rallied. General Motors' shares dropped after the automaker announced on Thursday that it would deduct $6 billion to pay for some investments in electric vehicles.
-
OpenAI and SoftBank invest $1 Billion in SB Energy to expand Stargate
OpenAI and SoftBank Group are investing $1 billion in SB Energy. SB Energy is a SoftBank owned provider of data-centers and power infrastructure. SB Energy announced that OpenAI and SoftBank each invested $500 million into SB Energy. SB Energy will build and run a 1.2-gigawatt OpenAI data center in Milam County, Texas. SB Energy said it will also be a customer of OpenAI. It will use its application programming APIs and deploy ChatGPT for employees. Stargate is a massive?computing effort and infrastructure? that sits at the heart of the U.S. drive to increase domestic AI capability. When the companies announced their plan in January 2025, President Donald Trump supported the initiative. Oracle and Abu Dhabi-based tech investors MGX are also major investors in the project. OpenAI, Oracle, and SoftBank announced in September 2025 that they were planning five new U.S. computer sites spread across Texas, New Mexico, and Ohio. They said that once the sites are operational, they will add up to approximately seven gigawatts of power capacity. SB Energy is developing several data center campuses. The first facilities are expected to be operational in 2019.
-
Venezuela seeks to restore diplomatic relations with the US
Venezuelan officials have 'begun to explore the potential of expanding diplomatic ties with the United States,' with the?U.S. State Department officials are traveling to Caracas, the State Department said in a Friday statement. Separately, the State Department said that?U.S. Officials were evaluating a "potential resumption of operations" in the South American nation. Washington and Caracas have signaled their desire for cooperation following last week's dramatic U.S. military operation which resulted in the capture of President Nicolas Maduro. Delcy Rodriguez, his vice president, took over as interim leader. The Venezuelan government announced in a press release that it had decided to begin an exploratory diplomatic procedure with the U.S. Government, "with the aim of reestablishing diplomatic missions in both nations." It?said that a Venezuelan delegation would?also be sent over to the U.S. for assessments. On Friday morning, U.S. President Donald Trump had said that the release of political prisoner in Venezuela was a "sign of seeking peace" and he canceled an attack plan for a second wave.
-
Tusk: Poland is worried about tensions within NATO over Greenland
Poland's Prime Minister is concerned about the strain that the United States' threats to 'take over Greenland' is putting on NATO. He said this on Friday. Warsaw, as a loyal ally, should be honest about its concerns with Washington. Poland sees the United States and NATO in a 'critical role in its security, in light of a 'increasingly assertive Russia. Policymakers in Warsaw are concerned that divisions in the alliance might embolden Moscow. The NATO alliance would be shocked if the U.S. took Greenland away from Denmark, a long-time ally. It would also deepen the divide that exists between Trump and European leaders. Tusk said at a press briefing that he was "very concerned" about the Greenland problem, as well as the events in the United States and all the things that are?building up such ideological and politic tensions within NATO and even the United States themselves. "But we are allies and friends, and Poland is a particularly loyal ally of the United States. I also believe that in such a situation, one should not be on their knees, but rather, express what they think. You should be honest with your friends about what is right and wrong. (Reporting and editing by Alex Richardson, Barbara Erling, Alan Charlish and Pawel Florkiewicz)
-
Stellantis Europe's chief is concerned about a'misalignment of EU regulations'
Stellantis' head of Europe stated on Friday that the size and shape any future investments by the company in Europe will depend on "decisions made on auto industry regulations". He expressed concern over what has been announced thus far. After pressure from the auto industry in the region, the EU Commission proposed last month to lift the ban on combustion engine cars starting 2035. This is the biggest retreat by the bloc from its green policies over the past few years. Stellantis found the new package inadequate and Antonio Filosa, CEO of Stellantis, warned that it would put manufacturers' investments at risk in the region. In his first press conference after taking over the position in October, Stellantis Europe's?head Emanuele Cappellano stated on Friday, at the Brussels auto show: "The decisions made by the European Union?will have an impact on visibility and on the dominant technologies needed." Cappellano expressed concern about "misalignment", between EU regulation, automakers?needs and customers' demand. "We must be honest about this." "What has been announced so far has failed to this extent," said he on Friday. He added that the industry as well as customers are looking for short-term solutions. The problem isn't 10 years away. "The problem is not 10 years from now. It's today, and customers need something different," he said. He said that the EU should protect European auto industry and fill some gaps in comparison to Chinese competitors, such as in batteries and semiconductors. When asked about the future of Stellantis' sprawling 14-brand portfolio, which many believe is too difficult to manage due to overlap between models, Cappellano referred to the new business plan of the group. CEO Filosa will present this in the second quarter. He said: "We will work on a strategy plan, but my top priority is ensuring that the CEOs of (Stellantis') brands have the opportunity to strengthen their brand attributes."
-
Venezuela bondholders group seeks authorisation for debt restructuring discussions
On Friday, a key group of Venezuelan bonds holders said that they were prepared to begin debt restructuring talks with the country as soon as 'authorisation' was granted. Venezuela's defaulted government bonds surged in value this week, after the U.S. seized President Nicolas Maduro over the weekend. This fueled hopes that one of the largest sovereign debt restructurings could get underway. The current U.S. sanctions prevent engagement with Venezuelan officials without a special license or waiver. In a press release, the "Venezuela?Creditor?Committee" said that it was ready to begin a negotiated debt restructuring process when authorized. The group includes GMO, Greylock Capital Fidelity T. Rowe Price Mangart Capital Morgan Stanley Investment Management. Venezuela's government, and the state oil firm PDVSA, have defaulted in bonds worth around $60 billion. However, Total external debt Analysts estimate that the total amount of PDVSA obligations and bilateral loans, as well as arbitration awards, is between $150 billion and $170 billion. This depends on how interest accrued and court judgments are counted. The Creditor Committee said: "The VCC acknowledges that the restoration access to international private capital will be crucial to Venezuela's economic and social recovery, including the oil sector." (Reporting and editing by Karin Strohecker, Rodrigo Campos and Marc Jones)
The Austrian government is aiming to reduce energy costs and revamp the industrial sector
Austria's three-party ruling coalition announced on Tuesday that it plans to overhaul the energy market in order to lower costs for consumers, and develop an industrial strategy in order to boost weak economic growth.
Ministers of the newly formed centrist coalition met in their first working retreat to develop plans aimed at reducing the country's ballooning budget deficit and reviving an economy that had been contracting for the last two years.
Austria has also been working to find reliable energy sources since it weaned itself off Russian gas in the wake of a sudden shakeup of natural gas supply late last year.
Christian Stocker said that today was the day to address industrial strategy and energy markets. He added that the current trade disputes between western powers, as well as the effects of the war on Ukraine, posed challenges.
Stocker, who is a conservative member of the People's Party, stated that one of the main goals of the government was to reduce energy costs, both for businesses and households.
Stocker stressed the need to reduce grid costs, as they are a major factor in keeping industry competitive. Stocker said at a press briefing that the government also wanted to reduce red-tape so that approvals pending are expedited. (Reporting and writing by Alexandra Schwarz Goerlich, Editing by Madeline Chambers).
(source: Reuters)