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US sanctions against Congolese mining companies and armed groups
The United States announced Tuesday sanctions against an armed organization aligned with the Congolese military, as well as two Hong Kong exporters and a Congolese miner over violent acts and the sale critical minerals. The measures taken by President Donald Trump are the latest in a series of steps to bring peace to the eastern Congo. Rwanda-backed M23 M23 rebels made a rapid advance this year and triggered violence that killed thousands. The Treasury Department announced that it would sanction the Coalition des Patriotes Resistants Congolais - Forces de Frappe (PARECO - FF), a group of militias it claimed controlled mining sites within the mineral-rich Rubaya region from 2022-2024. Rubaya is now owned by M23 and produces 15% of all the coltan in the world. This metal is then processed to produce a heat resistant metal known as tantalum, which is highly sought after by manufacturers of mobile phones, computer systems, and other electronics, aerospace, and medical applications. The Treasury Department has announced new sanctions that restrict trade with U.S. persons and companies. They also target the Congolese Cooperative des Artisanaux Ministres du Congo (CDMC), a company which, according to the Treasury Department, sold minerals smuggled out of PARECO-FF controlled areas, as well as the Hong Kong export companies East Rise Corporation Limited & Star Dragon Corporation Limited. Unnamed senior U.S. officials said Washington wanted to increase the price of illicit trade in order "to make licit trade more attractive." The Trump administration is hoping that a future peace deal will bring Western investors in billions of dollars to a region with tantalum and gold deposits, as well as cobalt, lithium, copper and copper. According to a report published by a U.N. expert group last month, the Congo's Army received support from PARECO FF between late 2024 and 2025. East Rise and the Congolese Government spokesperson did not respond immediately to comments Tuesday. Star Dragon, CDMC and PARECO-FF were not available for comment. PEACE TALKS Jason Stearns is a Congo expert who was surprised to learn that PARECO FF and not M23 had been included in the new mining sanctions. He said this could be a move made in order not to derail the ongoing Doha talks. Qatar hosts direct talks between Congo M23 and Washington, while Washington hosts talks between Congo Rwanda. Congo, the United Nations, and Western powers claim that Rwanda supports M23 by sending troops or arms. Rwanda has denied for years that it helped M23. It says its forces were acting in self defence against the Congolese army and ethnic Hutu armed militiamen who are linked to Rwanda's 1994 genocide. The senior U.S. Official acknowledged that M23 is involved in the illegal trade of minerals. He also noted that the U.S., as well as the United Nations have already imposed sanctions on M23. In a January 2013 U.S. announcement, M23 was accused of "committing serious violations of international laws involving the targeting children in situations of conflict in the DRC." These included killings and maimings, sexual violence and abductions, as well as forced displacement. The report did not mention mineral smuggling. The Treasury Department imposed sanctions last year on the Alliance Fleuve Congo rebel alliance, which M23 is an integral part of. The Treasury Department has also sanctioned the M23 leadership. The senior U.S. officials said that the Trump administration’s diplomacy is "progressing". They also stated that sanctions are a means of targeting those who profit from the illegal mineral trade. The official wanted to make sure that all parties understood there would be a better economic future if U.S. businesses had confidence they could invest into a "stable, peaceful" eastern Congo. (Additional reporting from Ange Adihe Kaongo Writing by Portia Crowe Editing by Robbie Corey Boulet, Chizu Nomiaya and Rosalba OBrien)
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US selects 11 companies for program to accelerate small nuclear test reactors
The U.S. Department of Energy announced on Tuesday that it had selected 11 companies to participate in a pilot project to build high-tech nuclear test reactors. At least three of these companies are expected to be operational within a year. Why it's important The U.S. wants to develop small reactors to meet the growing demand for power. They say that they will be cheaper per Megawatt than the large reactors of today because the components can be manufactured in factories. The move by the department comes after President Donald Trump's executive orders were issued in May, which sought to speed up nuclear reactor permits and reform the Nuclear Regulatory Commission (NRC), an independent agency. The orders give the Energy Department the authority to approve the test reactors without consulting the NRC. KEY QUOTE James Danly said that President Trump's Reactor Program was a call to act. "These companies are all aiming to achieve criticality safely by Independence Day. DOE will support their efforts." Selected Companies The Department selected the following companies for funding: Aalo Atomics, Antares Nuclear. Atomic Alchemy. Deep Fission Inc. Last Energy. Oklo, Natura Resources LLC. Radiant Energy. Terreal Energy. The Department said that each company would be responsible for the costs of designing, manufacturing and constructing their test reactors, as well as decommissioning them. HUDLES Since years, the U.S. has been talking about small modular nuclear reactors and "advanced", but only China and Russia have them in operation. The obstacles include obtaining permits for plants which generate electricity for the grid; developing commercial levels of high-assay, low-enriched Uranium fuel, which some reactors intend to use; and building factories for reactors while none of them are operating. (Reporting and editing by Alistair Bell; Timothy Gardner)
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Record US corn harvest expected, prices drop
The U.S. Department of Agriculture announced on Tuesday that U.S. corn and soybean yields will be record-breaking this fall, and the country's largest corn crop ever harvested. The USDA estimates for spring corn plantings have increased by a surprising amount. This is due to the favorable weather conditions that occurred this summer. The U.S. Department of Agriculture announced on Tuesday that U.S. Farmers will harvest the largest corn crop ever harvested in the United States this fall and produce record-breaking soybean yields. The USDA estimates for spring corn plantings have been boosted by favorable weather conditions this summer. Rich Nelson, Allendale's chief strategist, said that "acreage is my biggest surprise." He added that the reported increase in corn plantings had been "absolutely unparalleled." Massive plantings indicate abundant corn supplies, at a moment when farmers are struggling with low grain prices and increasing costs for goods like seeds. Analysts said that high yields won't necessarily translate into profits for farmers, as large harvests will put pressure on crop prices. The USDA's monthly crop estimate update prompted the Chicago Board of Trade to set new contract lows for corn futures. In contrast, soybeans reversed losses after the USDA's fall production forecast fell short of analysts' expectations despite high yields. The USDA forecasted corn yields to average 188.8 bushels/acre. This is up from the previous forecast of 181 Bushels/acre. Farmers will also harvest 16,742 billion bushels compared to its previous estimate, which was 15.705 billion bushels. Both forecasts exceeded analysts' expectations. The USDA has also increased its estimate for spring corn plantings from 95.2 million acres in July to 97.3 millions acres. For its estimates, the agency used satellite data and farmer surveys. The agency used acreage data to estimate plantings. Farmers must submit this information to be eligible for crop insurance. Lance Honig, chair of the USDA National Agricultural Statistics Service's agricultural statistics board, stated in a social media chat that the USDA would "be returning to investigate" why the previous estimates for plantings for this year were so different from the ones released on Tuesday. USDA data shows that farmers had planted 93% the corn crop at the beginning of June. Some have even started harvesting the corn in southern states. The USDA estimated a record yield of 53.6 bushels/acre for soybeans. This compares to the 52.5 bushels/acre estimate from July and analyst expectations of 52.9 bushels/acre. It still reduced its estimate of production to 4.292 bn bushels, down from 4.335 bn in July. The agency said that farmers planted 80.9 millions acres of soybeans in the spring, compared with its estimate of 83.4million acres. Analysts expected yields of 52,9 bushels per acre with a production of 4,368 billion bushels. Ted Seifried is chief market strategist at Zaner Ag Hedge. USDA estimates that soybean stocks will fall to 290 millions bushels in 2025-26, down from its projection of 310 million bushels made in July. Analysts expected an increase of 351 million. The U.S. soybean market has been hit by President Donald Trump’s trade dispute against China, which is the largest importer of oilseeds.
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Bloomberg News reported that Cenovus was in talks with Canadian Indigenous groups about MEG Energy.
Bloomberg News reported that Cenovus Energy was in discussions with Indigenous groups to buy MEG Energy together. The report cited people who were familiar with the talks. The report stated that a group of First Nations communities, including Chipewyan Prairie First Nation (Chipewyan Prairie First Nation) and Heart Lake First Nation (Heart Lake First Nation), are in discussions with Cenovus to take a C$2 Billion ($1,45 Billion) stake in MEG. Bloomberg reported that the Indigenous stake would receive financial support from both the federal government and the provincial government, with Cenovus bidding for the remainder. MEG Energy shares were up more than 2% during afternoon trading. Analysts and media have floated Cenovus as a potential white knight buyer for MEG Energy, a rival oil sands company that is being targeted by Strathcona Resource in a hostile takeover bid. MEG Energy told its shareholders in June to reject Strathcona’s hostile takeover offer of C$6 billion and that it would begin a process of strategic alternatives and explore possible deals. MEG and Cenovus didn't immediately respond to comments. The First Nations groups also failed to respond to requests for comment. ($1 = 1.3762 Canadian dollars) (Reporting by Sumit Saha in Bengaluru; Editing by Alan Barona)
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Gold nudges higher after US inflation data
Gold prices rose on Tuesday as U.S. inflation data boosted expectations for Federal Reserve rate cuts. Meanwhile, attention turned to other important economic data due later this week. Spot gold was up 0.2% to $3,349.60 per ounce by 12:06 pm EDT (1606 GMT). Dollar weakness has made bullion more affordable for those who hold other currencies. Last month, the Consumer Price Index in the United States rose by 0.2% after rising 0.3% in June. CPI increased 2.7% in the 12-month period ending July. The economists polled predicted that the CPI would rise 0.2% in July, and 2.8% on an annual basis. Bob Haberkorn, market strategist at RJO Futures, said that the inflation numbers are mixed but supportive of a rate cut. "Traders are cautious, as we're in a critical phase and await further economic indicators." After the CPI data, traders maintained their bets for rate cuts in September and December. This week, the U.S. Producer Price Index (PPI), weekly unemployment claims and retail sales are also due. The United States and China extended their 90-day tariff truce, preventing triple-digit duty on the goods of each other. Razan Hilal is a FOREX.com market analyst. He said that prices are still ranging between important support and resistance levels, as investors digest the recent tariff developments. Gold, which pays no interest, is more appealing when interest rates are lower. Gold tends to do well in periods of uncertainty as it is seen as a safe haven asset. U.S. Gold Futures for December Delivery fell 0.1%, to $3399.70 per ounce. Prices fell by more than 2% after U.S. president Donald Trump announced on social media that tariffs would not be imposed on imported gold. U.S. futures for gold rose to new highs after a report that Washington had imposed a tariff on imports 1 kg bars of bullion. (Reporting by Ashitha Shivaprasad in Bengaluru Editing by David Goodman, Rod Nickel and Tasim Zahid) (Reporting and editing by David Goodman in Bengaluru, Rod Nickel, Tasim Zahid.)
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Magic Moments joins forces with Bollywood superstar Shah Rukh Khan for the launch of premium tequila
Radico Khaitan will launch a premium brand of tequila in partnership with Bollywood actor Shah Rukh Khan, Zerodha cofounder Nikhil Kamath, and Zerodha founder Nikhil Kamath. This is their first foray into this category. The Indian liquor producer, well-known for its premium products such as Rampur Indian single malt and Jaisalmer Indian Craft gin, will launch the brand D'YAVOL Anejo, a premium spirit aged in wine casks about two years. D'YAVOL is a luxury brand founded by Shah Rukh Khan's Son Aryan Khan in 2022, along with Leti Blagoeva, and Bunty Sing, and headquartered in Amsterdam. It offers premium streetwear, blended malt whisky, and vodka. Abhishek Khaitan, Radico Khaitan's Managing Director, said on Tuesday that D'YAVOL Anejo will be launched by December. The price, depending on the state excise tax, is expected to range between 20,000 and 30,000 rupees. Indians are increasingly spending on luxury items, including alcohol and housing. According to Crisil's data, alcohol sales are expected to increase by up to 10% in fiscal 2026, to $61.35 Billion. India is quickly catching up to the global trend of tequila. Khaitan stated that the market in India is around 300,000 cases. Of this, 15% are Anejos (a Spanish word for 'aged'). He said: "We think that tequila will reach about a million bottles in India and the global market in five years. I thought it was an excellent opportunity." Radico Khaitan, Shah Rukh Khan and his family will hold 47.5% of the venture each, while Kamath owns 5%. This deal also highlights the fierce competition between mass and premium liquor segments. Three weeks ago, Tilaknagar bought Pernod Ricard's "Imperial Blue", a whisky brand for $486.9 million. ($1 = 87.6370 Indian rupees) (Reporting by Chandini Monnappa and Hritam Mukherjee in Bengaluru; Editing by Shilpi Majumdar)
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Oil prices drop as the market awaits EIA Report
The oil prices fell on Tuesday, as traders awaited a short-term outlook report from the U.S. Government following a bullish OPEC report on supply and demand. Brent crude futures fell 20 cents or 0.3% to $66.43 per barrel at 10:36 AM CDT (1536 GMT). U.S. West Texas Intermediate Crude Futures fell by 39 cents or 0.61% to $63.51. Phil Flynn is a senior analyst with Price Futures Group. He said, "We are still in a range as we await the Energy Information Administration's report this morning." Flynn stated that traders were waiting to see if EIA's report would match up with a report released earlier by OPEC about its outlook for demand and production. The Organization of the Petroleum Exporting Countries has raised its forecasts for global oil consumption next year, and trimmed their forecasts for supply growth from the United States as well as other producers outside the broader OPEC+ Group. This indicates a tighter outlook for the market. In its monthly report, OPEC said that global oil demand would rise by 1,38 million barrels a day in 2026. This is an increase of 100,000 bpd over the previous forecast. The 2025 forecast was not changed. The U.S. president Donald Trump extended the tariff truce between China and the United States until November 10. This will prevent triple-digit duties being imposed on Chinese products as U.S. retail stores prepare for this critical holiday season. It raised the hopes of a possible agreement between the two world's largest economies to avoid a virtual embargo. Tariffs could slow global growth and lower oil prices. U.S. consumer price increases were the highest in six months in July, as rising import costs due to tariffs drove up prices. Trump and Russian President Vladimir Putin will meet in Alaska this Friday to discuss the end of Russia's war against Ukraine. This could also have an impact on the oil markets. Trump has increased pressure on Russia in order to end the conflict. He set a Friday deadline for Russia to accept peace in Ukraine, or face secondary sanctions. He also pressured India and China into reducing their purchases of Russian crude oil. Commerzbank wrote in a report that if the meeting on Friday brings about a ceasefire in Ukraine or even a peace agreement, Trump may suspend the secondary tariffs against India imposed last week. They would then be suspended for two weeks. If not, sanctions could be imposed on other oil buyers, such as China.
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Indian miner NMDC’s quarterly profit falls on higher costs and softer prices
The Indian state-owned mining company NMDC announced a lower profit for the first quarter on Tuesday. Higher expenses and lower prices outweighed gains from strong demand in India. In the quarter ending June 30, the country's biggest state-run iron ore company reported a profit drop of nearly 1% from a previous year to 19,69 billion rupees ($225 million). Royalties and other levies increased by 33%, to 26.8 trillion rupees. This led to a 38% increase in total expenses. Indian miners pay a royalty to the government for the right of extracting minerals from their land. NMDC stated that if a tax law demanding higher royalties be passed, the company will also have to pay 143.74bn rupees to the Karnataka State Government. Data from commodities consultancy firms BigMint and Systematix Institutional Research showed that domestic iron ore prices fell 14% during the third quarter. India, which is the third largest iron ore producer in the world, imported 800,000 tons of pellets by 2025. However, shipments from 2021 to 2024 were negligible. Iron ore, which is used to produce steel, was still in high demand during the first quarter. This was due to increased manufacturing and government expenditure on infrastructure. The company's revenue in the first quarter rose by 23%, to 66.34 bn rupees. This was primarily due to increased sales at its pellets division, which saw a revenue increase of more than 13 times. The company's revenue from iron ore increased by 15% during the third quarter. Manvi Pant reports. $1 = 87.6180 Indian Rupees
UK Drax profits fall as power prices drop, but buybacks are extended
Drax Group announced a 11% decline in its first-half core profit due to lower UK wholesale electricity prices. The ongoing energy market fluctuation continued to affect the British power company.
Drax, a company that has converted coal-fired plants to run on biofuels, supplies about 5% (or 5,000 MWh) of Britain's electric power.
The adjusted profit, or EBITDA fell to 460 millions pounds ($611million) in the first six months, down from 515million pounds during the same period in last year.
The group stated that it did not expect to change its adjusted EBITDA for the entire year, which is 899-910 millions pounds.
After a dramatic rise following Russia's invasion, wholesale power prices have dropped in Britain over the last two years.
Drax announced that it would extend its existing 300 million pound share-buyback programme for an additional 450 millions pounds over a period of three years.
Early trading saw shares jump 6.2% to 720p.
Earlier this year, the government extended subsidies - called contracts-for-difference (CfD) - for biomass units that were due to expire in 2027 to 2031.
The group expects to conclude a deal with the UK Government later this year, for subsidy of its four biomass units.
Drax's North Yorkshire power plant would be able, under this subsidy, to increase production when there's not enough electricity. This could help avoid the need for more gas, or to import power from Europe. Drax could reduce production when there's too much electricity in the UK grid. This would help to balance the system.
(source: Reuters)