Latest News
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German Finance Minister demands UniCredit CEO to meet certain conditions regarding possible Commerzbank acquisition
On Monday, German Finance Minister Lars Klingbeil outlined a list of demands to UniCredit CEO Andrea Orcel regarding the possible acquisition of Commerzbank by the Italian bank. The German Ministry of Finance said that these included Commerzbank staying listed on the stock market, maintaining its base in Frankfurt, and continuing to fund German medium-sized businesses?at home as well as abroad. After Berlin failed to stop a takeover, the meeting in Berlin marked an important turning point in the two-year struggle for control of Germany's largest bank. Klingbeil said, "In a productive discussion with Mr. Orcel I made it clear to him that future negotiations should be conducted responsibly." Orcel stated in a press release that the meeting was "a good and constructive first discussion that will be quickly followed by others." He said, "Both sides should now reflect on this initial discussion to find a way forward that is in the best interests of all stakeholders and shareholders."
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The UK government is looking to buy out an insolvent steel specialist
The British government announced on Monday that it was drafting a plan to buy Speciality Steel UK, a manufacturer who formerly supplied the automotive, aero, and defence industries and entered liquidation at the end of August 2025. Speciality Steel was a part of Liberty Steel before it went into liquidation. Liberty Steel is owned by the commodities tycoon Sanjeev Gupta. The government announced that it was moving toward public ownership, after it decided it couldn't support a private sector bid. This company?has locations in Northern and Central England and supports more than 1,300 jobs. "We don't interfere in private companies lightly." "We cannot simply sit back and let the future of this company and its 1,300 employees be decided by default," said Jonathan Reynolds, business minister. Working towards public acquisition 'will keep options open while we work with workers, local leaders, industry, and investors to determine the best?long-term?"future? for these sites." The government stated that any purchase would be subject to a due diligence process and would be funded by existing government budgets. The government did not specify how much an acquisition might cost.
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EPA will undo carbon emissions limits for power plants during G20 meeting
The U.S. Environmental Protection Agency will announce on Monday its final 'rule' that will repeal the Biden administration’s carbon emission limits for coal and gas fired?power plants. This is a major part of their broader efforts to undo U.S. Climate Policy that they claim has hindered American energy production. The announcement will take place on the sidelines a meeting of G20 energy Ministers in Houston, where global officials will discuss "regulatory efficiencies," expanding baseload power, and energy security. In June 2017, the Trump administration proposed to repeal rules that were written by former President Joe Biden in order to reduce emissions of carbon dioxide and mercury from power plants. Biden's carbon emission rules for power plants would have cut greenhouse gas emissions from 1 billion metric tonnes by 2047. This was a key part of the administration's effort to combat climate change. Nearly a quarter (25%) of the U.S. greenhouse-gas?pollution is attributed to the electricity sector. At the time, EPA administrator Lee Zeldin claimed that this move would save businesses $120 million a yearly. Environmental?groups have criticized the proposal saying that it would cause more harm to the environment and the public health. Denying a quarter of the climate pollution in the United States is reckless. ?It'll lead to more deaths and suffering due to intense heatwaves and dramatic?storms.
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Rosatom, a Russian company, says that a new nuclear power plant in Hungary will be able operate even when the Danube River is low.
The Russian nuclear company 'Rosatom' said Monday that the planned expansion of Paks Nuclear Power Plant in Hungary will be able to run during low water levels on the Danube River. Paks, which provides nearly half of Hungary’s electricity, was only operating at 10% capacity for a few days in August because of record-low river levels and a prolonged heatwave. Alexei Likhachev, Rosatom's head, told reporters that "as everyone knows, it has happened on occasion when the River Danube ran low and additional measures have been taken to ensure water supply." "Our project includes a number?of solutions that allow it to function even when the water levels are lower than during this dry summer. This has been taken into consideration in the project. The project, worth 12.5 billion euros ($14.41billion) to expand the Paks nuclear plant by adding two VVER reactors made in Russia was awarded without a competitive tender to Rosatom's state-owned nuclear corporation. It has been delayed for years. The comments by Rosatom's chief follow the remarks of Hungarian Premier Peter Magyar in August, who said that plans to cool the nuclear power plant using the?Danube should be reviewed. Magyar, who was elected as Prime Minister in the spring, criticized Viktor Orban's?Paks-2 as being too expensive and needing a re-evaluation. Likhachev stated?on Monday? that the Russians are still willing to discuss Paks-2? with the Hungarians but have not received any proposals. "We are ready to dialogue at any level, whether it is at the expert or government level." "We are waiting for suggestions on how to organize this work."
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Dangote, Africa's richest person, is aiming for his biggest deal ever.
Aliko Dangote, a serial entrepreneur who began his career by selling candy to schoolmates in northern Nigeria more than 50 years ago, is now preparing Africa's largest stock market listing. The sale of $1.6billion worth of shares in the giant Lagos oil refinery - a 'public offering' that will list the refinery in Nigeria in November - valued the company at $47.5billion. This deal represents the culmination in Dangote’s efforts over the past decade to build a mega-refinery that is now among the 10 largest refineries in the world. This is also the culmination of a career which has seen him go from a schoolyard sweets seller to Africa's wealthiest man. The 69-year old has no intention of stopping there. Proceeds from the IPO will be used to expand the Nigerian refinery and launch a project in Kenya that will see the capacity doubled. SUGAR CEMENT RICE SALT Born in Kano, a northern Nigerian state, in 1957, Dangote's maternal grandfather was the primary caregiver. He credits his grandfather with inspiring his business interest. In a 2015 interview, he stated that "when you're raised by entrepreneurial parents or grandparents you pick up this aspiration." It makes you more aggressive and think that anything is possible. I was unable, despite my repeated requests, to get an interview with Dangote. In 1977, after graduating from the university in Egypt, he started trading rice and sugar with a relative. In the early 1980s he founded Dangote Industries in which he holds 85%. He built it into a multinational conglomerate that includes sugar, salt, and cement. It operates in more than a dozen African nations. Dangote’s personal fortune is estimated to be between $31 and $35 billion. This was a result of his cement business, which has been very profitable. The government policies that encouraged domestic cement production have helped Nigeria to become self-sufficient in this?essential material for building, but they have also fueled criticisms that the lack of competition keeps prices high. ECONOMIC FOLK HERO FOR SOME, VILLAIN FOR OTHERS Influence came with wealth In a 2005 cable, leaked by U.S. diplomatic sources, they said that he had been hailed as an "economic folk-hero" by many, but viewed by others as a villain, because of his close proximity to the political world. They wrote: "The truth lies somewhere between these caricatures." Dangote is often described as being reserved by those who have met him, despite his wealth and power. "He has an instinct for opportunities and the discipline to make his ambitions real," said Kenyan author and businesswoman Gina Din Kariuki. "But it wasn't his ego that stayed with my, it was the humility he showed." He avoids flashy displays and drives himself. He has a habit of threatening to purchase his favorite soccer team, London's Arsenal. But he is proud that he keeps the majority of his wealth in Nigeria. Bismarck Rewane is the CEO of Financial Derivatives Company Ltd in Lagos, and has known Dangote since more than two decades. Some people have called him a control-freak. I see it more as a passion to get things done. Local fuel traders in Nigeria, however, accuse Dangote, of using political connections to squeeze out rivals. He argues his 700,000-barrels-per-day ?refinery can now meet Nigeria's fuel needs and is battling in court to end imports. Regulators have, however, warned against the risk of a fuel supply monopoly. The Dangote Group and Dangote neither responded to inquiries for comment regarding the allegations. He has stated that the listing will help to counter concerns about monopolies. He told a conference in 2013: "They'll say that we now have shares. So let everyone have a piece of it." Dangote's mission to push Africa towards self-sufficiency was brought into sharper focus by the Iran war, which exposed Africa's dependency on fuel imports. According to a source familiar with the talks, after the conflict raised concerns about fuel supplies, Kenya approached Dangote regarding the construction of an East African refinery. Dangote announced the project two months later with Kenyan and Ugandan officials. He said that it will begin this month.
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Yemen's displaced yearn for stability and loved ones as Houthis advance
As the Houthi militants of?Yemen, who are Iran-aligned, swept across the battered coastline of?Red Sea, thousands of people panicked fled into makeshift camps. This added to a large population of internally displaced persons. Aisha Mohammed, like other people who fled coastal areas to reach the province of Taiz in southwest Saudi Arabia, left her three sons and two daughters trapped in their homes, as fighting transformed a vital trade route into a route for displacement. "They're being shot at and blocked." Right now, we can't reach them and they can't return to us. Muhammad said, "This is a test from God", as he boiled water in a black teapot on rocks over a fire. The International Organization for Migration (IOM), said on Sunday that more than 82,000 people had been displaced since the beginning of the month. This includes over 2,000 people who crossed the Gulf of Aden into Djibouti, in the Horn of Africa. Tehran is strengthening its hand in the conflict with the U.S. as the Houthis advance, already controlling most of Yemen's north and most populous areas. Another YEMEN CRISIS Yemen is no stranger to hardship. A long civil war between the forces of an internationally recognised administration, backed by Saudi Arabia, and the Houthis has created one of the worst humanitarian crises in the world. Yemen is mired in war since 2014 when the Houthis took over the capital Sanaa, prompting an intervention by Saudi Arabia the year after. The U.N.-brokered 2022 truce largely stopped major fighting despite it expiring six months after its signing. However, efforts to make the truce into a permanent political settlement have stagnated as regional tensions intensified. With their lightning-fast western offensive, the Houthis – mountain fighters in sandals that have become a force of up to tens or thousands of missiles and drones have opened a new theatre of war. They are now in a good position to tighten the grip on?the strategic Bab el-Mandeb Strait - a crucial chokepoint for shipping oil and commodities around the world - six months after 'the U.S. Amy Pope, director general of IOM, said: "Behind each number is a lost family." "Many people have been displaced more than once. They are crossing the ocean with nothing, because they have no choice. Yemen is a nation torn apart by poverty and war, and cannot "carry this crisis on its own." IOM shared a video showing Yemenis arriving in boats along Djibouti’s northern coast being given food and water by a refugee settlement nearby. Djibouti’s finance minister, Ilyas dawaleh, stated on Sunday that?the situation was "becoming more difficult for our nation, despite our commitment to humanitarian resources". Many in Taiz are longing again for stability, including Abdullah Qaiyd an elderly man with a walking stick. "Now look at us." We are shook and tormented to the core. "We long for basic livelihood and safety", he said.
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Rosatom, a Russian company, says that a new nuclear power plant in Hungary will be able operate even when the Danube River is low.
Rosatom, the Russian nuclear state corporation, announced on Monday that the planned expansion of Paks nuclear power plant in Hungary would be able to function during times of low water levels along the Danube. Paks, which provides nearly half of Hungary’s electricity, was only operating at 10% capacity for a time in August due to the record-low river levels during a prolonged heatwave. Alexei Likhachev, the Rosatom chief, told reporters that "as everyone knows, it has happened before when the River Danube ran low and additional measures were taken to ensure water supplies." "Well, we have incorporated a number?of solutions which allow us to continue operating even when the water levels are lower than during that dry summer." This has been taken into account in the project. The project, worth 12.5 billion euros ($14.41billion), to upgrade the Paks nuclear power plant to a 2-gigawatt facility with two VVER reactors made in Russia was awarded to Rosatom without a tender to be held by Rosatom. This has been a long-delayed project.
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Copper falls to 3-week-low as dollar firms and LME stocks increase
The price of copper fell to a new low on Monday. It reached a three-week low as a rise in London Metal Exchange inventory?easened tightness, and the stronger dollar added further pressure to industrial?metals after last week's drop due to uncertainty over U.S. Tariffs. Benchmark 'three-month' LME copper fell by 1.2% to $14,065 per metric ton during official open outcry. It hit a low of $14 018.50 in the session, its lowest level since August 20, and it is already down 5.9% compared with the record high that was reached last Thursday. In a note published by Britannia Global Markets' Neil Welsh, the head of metals, said that "copper has led the fall and now appears to be challenging recent highs. This is extending the cautious tone after the first weekly drop since June." Neil Welsh also noted the renewed concern about tighter U.S. financial policy, which was affecting risk appetite. A stronger dollar makes greenback-denominated metals for expensive for ?investors using other currencies, while interest rate hikes are usually negative for ?economic growth. Last Thursday, after reports that the White House was still deciding whether or not to impose tariffs for refined copper imports prompted arbitrage to reduce the amount of metal shipped to the U.S. COMEX Exchange. The decline was enough to stop a run of daily gains in COMEX Copper?stocks that lasted 58 days. On Thursday, they were down slightly, to 767.504 short tons or 696.268 metric tonnes. LME copper inventories In the meantime, imports increased by 9,600 tonnes. Of these, 4,550 tons were stored in Italy. Last traded, the cash?LME contract for copper was at a discount of $36 per ton to the forward three-month contract The easing of near-term shortages is reflected in the widening of a discount from about $10 on Friday. Metals were in a weak mood. Lead lost 1% at $1,873, its lowest level since August 3. Zinc fell 1.9% to $3.807, also hitting a three-week high. Nickel fell 0.5% to $16,380 and reached a new two-month low. Tin dropped?2% to $50,300 and hit its lowest level since July 17. Aluminium, the only commodity to gain, rose 0.1%, or $3,256.
Canada's Indigenous Challenge accelerates mine and energy projects
Indigenous groups say laws undermine consultation right
The government says it needs to change in response to U.S. tariffs
The U.S. tariffs are just an excuse for the Indigenous leaders
By Michael Koy
The tensions between government and Indigenous communities are a reflection of long-standing concerns about consultation and environmental impacts of mining projects.
Canada's leaders have said that the threat of U.S. tariffs against Canadian goods should prompt the country to accelerate its economic development so as to prepare for potential economic shocks.
A group of Canada's First Nations launched this week a constitutional challenge against two laws passed by the government in June. One was in Ontario, and the other at the federal level.
A notice filed with the Ontario Superior Court stated that the laws "represent an obvious and present danger to Applicant First Nations’ self-determination right".
Last month, the Canadian parliament passed a bill to expedite approval of projects that are deemed in the national interest. This includes mines and oil pipes, as well as removing some trade barriers among provinces.
The Ontario cabinet was given broader powers by a similar measure, and British Columbia passed a bill last month to speed up infrastructure projects.
Sol Mamakwa was expelled from the Toronto assembly for accusing Ontario's Premier of "falsehoods" to First Nations about Bill 5, the provincial legislation.
Ontario Premier Doug Ford, in response to Indigenous protests that took place in Toronto added a clause at the last minute to the law requiring consultation with First Nation groups prior to any mining or development projects.
The details of the plan, and the way in which First Nations will consult with each other are still not clear.
Ontario's new legislation allows the government declare "special economic areas" which exempt certain projects from provincial laws.
It would be easier for mining and infrastructure companies to bypass state laws and environmental restrictions and accelerate development projects in a nation that is the fourth largest oil exporter in the world and a mining superpower.
Gord Miller is the current chairperson of Earthroots in Toronto, an organization that promotes conservation. He was previously Ontario's environmental commissioner and former Ontario environment commissioner.
"Although these zones are sparsely populated, what stops them from using the bill to affect more densely-populated areas in southern Ontario?" He asked.
Canadian law says that the government is required to consult First Nations regarding projects which could have an impact on their environment and rights.
Sayers, however, is sceptical about the government's promises of consultation. Fast-tracking approval of projects, say indigenous groups, sidesteps this obligation and denies the group a real voice.
"Consultation is not enough." Sayers stated that "Consultation is their way of asking what we think and then doing it regardless," without listening to what we have to say.
We reserve the right not to approve or reject any development. "You don't have the right to say no or yes to development in our backyards," said he.
TRUMP FACTOR
Ford said that the tariffs imposed by the United States on Canadian goods means it can no longer do business as usual.
Ford stated in a press release that "we are cutting redtape to unlock our essential minerals and unleash our economic to create new opportunities and jobs in the North and across the Province."
Indigenous leaders and environmentalists, however, say that U.S. Tariffs are an excuse. Trump announced last week that the United States will impose a tariff of 35% on Canadian imports next month.
"Relating Bill 5 with Trump's Tariffs is nonsense. Miller said that American companies pay tariffs to American Government. We Canadians do not pay these.
Chief Taynar Simpson of Alderville First Nation stated that governments, "no mater what colors or stripes they wear", have always sought to undermine and bypass environmental protection laws.
Simpson said that citing Trump as the cause of the bill was self-serving and an attempt to hide the true reasons and causes.
RISE IN TENSIONS
Some Indigenous leaders say they will fight back with blockades and strikes, reminiscent of the Idle No More Movement in 2012 that saw nationwide demonstrations against a federal law aimed at allowing corporations to more easily extract resources from Indigenous lands.
In 2020, Indigenous protesters in Canada shut down major roads and railways for several weeks in solidarity with a British Columbian Indigenous group that was fighting to stop the construction of a pipeline across their land.
Indigenous and environmental groups are threatening protests this time, along with their legal actions.
Sayer stated that Indigenous Peoples are "looking at all the options necessary to force the government to back off."
"We won't be jailed like we used to in the past. We can get educated now. Sayer replied, "We can hire attorneys now."
(source: Reuters)