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Silver Lake and MGX invest together in Altera
MGX, a partner of Silver Lake and Abu Dhabi-based artificial intelligence investment company MGX, announced on Tuesday that it had joined the group to acquire a majority stake (49%) in California programmable chips business Altera. The size of MGX’s investment has not been disclosed. "Altera is a platform that's the foundation for next-generation computing." It is a chance to transform a company with such importance into a global leader in the AI era, said Omar Alismail. Intel sold Altera 51% to Silver Lake in April. The unit was valued at $8.75 Billion, which is a lot less than the $17 Billion Intel paid for Altera in 2015. Intel completed the deal on September 12. Silver Lake acquired a majority stake of Altera at an equity value around $3.3 billion. This is based on debt financing, cash flow and the value of the business. MGX is under the control of Sheikh Tahnoon Bin Zayed Al Nahyan. He is the national security advisor of the United Arab Emirates and brother to the president. He runs a $1.5 billion business empire that includes sovereign wealth funds, G42, and energy. MGX, a joint venture between Abu Dhabi sovereign fund Mubadala (formerly G42) and Abu Dhabi sovereign wealth fund Mubadala was founded last year. Its goal is to reach $100 billion of assets. It has become the centrepiece of United Arab Emirates’ drive to dominate financial intelligence. (Reporting and editing by Hadeel al Sayegh)
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Thyssenkrupp receives non-binding offer for Jindal Steel International steel unit
Thyssenkrupp announced on Tuesday that a division within the Indian conglomerate Naveen Jindal Group had submitted a non-binding offer for its steel business. This is the latest development in the long-running effort by the group to sell the unit. Shares in the German conglomerate rose 5.3% at 1334 GMT on news of the indicative offer for Thyssenkrupp Steel Europe, Germany's largest metal manufacturer with sales of 10.7 billion euro ($12.6 billion) during the last fiscal year. Thyssenkrupp stated that it would carefully examine the offer, "particularly in regard to economic sustainability and the continuation of green transformation at our steel plants". The bid was not disclosed, nor were any financial details. This comes at a time when the German industrial group wants to divest some of its business in order to be leaner and focussed. Thyssenkrupp would have achieved a major success if it sold TKSE to Jindal Steel International. This was after several years of unsuccessful attempts to sell TKSE by the group that makes submarines to car parts. The pension liabilities, which totaled billions of euros, remained a key concern. In a separate announcement, Jindal Steel International said that its offer would ensure steel production in Germany. This included the completion of a "green steel production site" by TKSE at Duisburg and a commitment worth more than 2 billion euros to increase electric arc furnace capacities. Narendra Misra is the director of European Operations for Jindal. He said: "Our goal to preserve and grow Thyssenkrupp’s 200-year legacy, and help transform it Europe's biggest integrated low emission steelmaker." Thyssenkrupp sold a 20% share in TKSE last year to Czech billionaire Daniel Kretinsky with the intention of selling a 30% further stake to create a joint venture that would be 50-50. The powerful union IG Metall criticised this move. It said that Kretinsky did not provide information on his strategic plans in his role as a coshareholder. The EPCG division of Kretinsky declined to comment. Juergen Kerner, Thyssenkrupp’s deputy supervisory Board chairman and senior IG Metall members said that the news was positive and that further discussions should begin as soon as possible.
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Sweden and Finland call for revision of EU's forest climate targets
Sweden and Finland may suffer "dire" consequences in the economy if they have to reduce their forest harvest to meet EU climate targets, both countries warned this week. In order to achieve net zero emissions in the European Union by 2050, Sweden has been asked to increase the amount of CO2 that is bound by forests. Both countries claim they will miss the EU Land Use, Land-Use Change and Forestry targets for 2021-2025 and for 2026-30. They blame climate change for the slower growth of trees and increased demand for wood. The Swedish Prime Minister Ulf Kritersson stated on X on late Monday that the EU's forest policy framework is a problem. If it was not changed, it would lead to unjustified and unreasonable restrictions on Swedish forestry. It is wrong to severely restrict the Nordic forestry in practice. Forests are seen by both environmental and industry groups as an important part of the fight against climate change. Forestry companies stress the benefits of sustainable management, biofuels, and wood as a replacement for fossil fuels, concrete, and plastic. Scientists have warned, however, that monoculture, over-logging and other industrial practices reduce the forest's ability to absorb carbon dioxide and threaten Europe's climate targets. Sweden and Finland, in a letter sent to the President of the European Commission Ursula von der Leyen said that their CO2 targets were unrealistic. Sweden's target was an increase of 4 million tonnes per year by 2030 and Finland's was 3 million tonnes. In a letter, the two countries stated that reduced logging "would have dire consequences for both our economies and labour markets". Around 70% of Finland and Sweden is covered by forests. More than 10% of Sweden’s exports are wood products, and nearly a fifth come from Finland. Over 200,000 people are employed in this sector. (Reporting and editing by Alex Richardson; Simon Johnson)
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JSW Paints bid to acquire up to 75% of Akzo Nobel India is approved by the India Antitrust Watchdog
The Indian antitrust authority said that it had approved the deal for JSW Paints to purchase up to 75% of AkzoNobel's Indian subsidiary. The announcement of the deal in late June comes as Indian paint manufacturers are struggling with increasing raw material costs and increased competition. According to a Geojit Financial Service analyst, after the JSW Paints - Akzo Nobel agreement is completed, it will place the unit in fourth place, by market share, among Asian Paints Berger Paints Kansai and Nerolac, all of which dominate the sector. In recent years, the Indian paints industry has also seen a rise in battles about competitive practices. Grasim Industries' Birla Opus brand was launched in 2024 and began to eat into Asian Paints market share. Later, the company filed a complaint alleging Asian Paints of abuse of dominance in the market. JSW Paints also accused Asian Paints of anticompetitive conduct, but in 2022 the Competition Commission of India dismissed this case, citing that there was no violation of the competition laws. Reporting by Yagnoseni das in Bengaluru, Editing by Shailesh Kuber
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After EU sanctions, India's Nayara Energy increases fuel supply to HPCL
A government source revealed on Tuesday that India's Nayara Energy increased fuel sales to Hindustan Petroleum Corp, after European Union sanctions hit the Russian-backed refiner. Since the imposition sanctions, Nayara operates its 400,000 barrels per day (bpd), Vadinar refinery located in western India at 70 to 80% capacity. Source: Increasing local sales of refined fuels will help the company sustain its refinery operations. The source told reporters that they would like Nayara to work at maximum capacity. HPCL, a state-owned fuel retailer, buys diesel and petrol for local sale from other companies, despite the fact that Indian Oil Corp. and Bharat Petrol Corp. are self-sufficient, according to a source. HPCL will increase fuel purchases from Nayara in order to compensate for fuel that it normally buys from HPCL Mittal Energy which is closing its Bathinda Refinery, which produces 226,000 bpd of fuel per day, for 40 days. Source: Nayara is majority owned by Russian companies including Rosneft and relies on Russian oil as Saudi Arabia, Iraq, and other countries have stopped supplying crude because of payment issues. The source also said that India's Finance Ministry was considering allowing the state-run UCO Bank facilitate payment of Nayara's fuel supply deals in India. Some shippers stopped delivering fuels to HPCL via Nayara in the past, forcing HPCL to use an unofficial fleet. Sources said Nayara uses alternative modes of fuel distribution including road, rail, and shipping. Adani, a conglomerate in India, banned last week the entry of vessels sanctioned by the EU, Britain and US into its ports. Sources said that Adani made the decision independently, as India only adheres to United Nations sanctions. It does not follow sanctions unilaterally imposed by other countries. (Reporting and editing by Bernadette B. Baum in New Delhi)
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Sources say that OPEC+ officials will discuss production capacity at Vienna
Two delegates said on Tuesday that OPEC+ delegates plan to meet in Vienna, Austria on Thursday and Friday. They will discuss the method for determining the maximum production capacity for the 22 member producer group. This issue is controversial because some members, such as the United Arab Emirates, have increased their capacity and pushed for higher quotas while others, such as Africans, have seen a decline. Angola left the group in 2024 due to a disagreement over its production target. OPEC+ Ministers asked OPEC headquarters in May to develop a method to determine the maximum sustainable production capability for each member. This will be used to establish their production baselines for 2027. One source said that this week's meeting will be to discuss the method for this assessment. They added that OPEC+ Ministers will make a final decision at their later-in-the year meeting. OPEC didn't immediately respond to a comment request. Baselines are the production levels that each member uses to cut or increase. OPEC+ has been discussing a new baseline for several years. In April, eight members of the OPEC+ Alliance, which includes the Organization of Petroleum Exporting Countries (OPEC) and its allies, led by Russia began increasing production, partly to regain market shares. Saudi Arabia, UAE and other members who have invested heavily in energy sectors have benefited from the increases. (Reporting and editing by Alex Lawler, Susan Fenton and Ahmad Ghaddar)
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Spain's summer 2025 was the hottest ever recorded, according to the state weather agency
This summer, Spain experienced its hottest temperatures since 1961. Climate change caused more than a week of heatwaves that sparked the worst wildfire season in 30 years. AEMET, the state weather agency, said that the summer of 2025 is 2.1 degrees Celsius hotter than the average for 1991-2020 and surpasses the previous record summer in 2022 by 0.1 degree. Ruben del campo, AEMET spokesperson, said that in an interview, nine of the ten hottest summers on record in Spain occurred during the 21st Century, and more heat is to come. "These summers 2022 and 2025 serve as a preview - or spoiler for what may happen at the turn of the century," del Campo stated. "One out of every three days, we've been experiencing a heatwave this summer." Del Campo stated that Spain will need to adapt to warmer summers and continue to contribute to global efforts to curb climate changes by reducing greenhouse gas emissions. Spain experienced three heatwaves lasting 36 days in the summer. According to AEMET, a 16-day heatwave that lasted in August was the most intense ever recorded. Temperatures in the southern part of the country reached 45C. Global warming is accelerating, and countries around the world have experienced record heat in recent years. The summer of 2024 marked the warmest summer in the northern hemisphere, while Britain experienced its hottest summer since 1884. According to the European Forest Fire Information System (EFFIS), data analysed by, intense heat helped fuel wildfires across the European Union that burned a record 1,03 million hectares. AEMET reported that temperatures in the inland region of Spain's northwest region, Galicia, where some of the most severe fires occurred, were 3C higher than normal. (Reporting and editing by Ros Russell; Reporting by Charlie Devereux)
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Gold reaches a new high as Fed rate cuts loom
Gold reached a new record on Tuesday. The market was buoyed by the weakening dollar and the growing anticipation of a rate cut by 25 basis points at Federal Reserve policy meeting. As of 8:09 am, spot gold was up 0.5% at $3,696.34 an ounce. ET (1209 GMT), following a session high of $3699.37. U.S. Gold Futures for December Delivery rose by 0.4% to $3733.70. The dollar dropped to its lowest level in over two months against other currencies. Gold becomes cheaper for holders of other currencies when the dollar weakens. Gold is gaining in popularity due to the anticipation of rate cuts by the Federal Reserve. If the dot plot indicates a change to two rate reductions in 2025, it could drive the gold rally, pushing the price beyond $3,700/oz, with $3,800/oz being a realistic possibility. According to CME FedWatch, traders are pricing in an almost certain 25-bps rate reduction at the end a two-day session on September 17. There is a slight chance of a 50%-bps cut. In a Monday social media post, U.S. president Donald Trump called on Fed chair Jerome Powell for a "bigger rate cut". Stephen Miran was narrowly confirmed by the U.S. Senate to be a member of the board of governors at the Federal Reserve. In a low interest rate environment, non-yielding gold bullion is likely to perform well. Commerzbank has raised its gold price prediction to $3.600 per troy-ounce by the year's end and to $3.800 by 2026. Bullion prices have risen by 41% in the past year, and multiple records were set. This is due to central banks' sustained purchases, diversification from the U.S. Dollar, and resilient demand for safe-haven assets amid geopolitical tensions and trade frictions. Silver spot was also up 0.2%, at $42.81 an ounce. This is the highest price since September 2011. Palladium was up 1.6% at $1,203.19 and platinum gained 0.6%. (Reporting by Anushree Mukherjee in Bengaluru; Editing by Shilpi Majumdar)
Investors wary of Fed independence; Asia stocks outpace Nvidia
The Asian stock market was steady on Wednesday, ahead of a report on earnings from AI leader Nvidia. This will influence the risk sentiment in the near term. Meanwhile, investors were still nervous over attacks on Federal Reserve independence.
The U.S. Treasury curve has steepened since President Donald Trump ordered the firing on Monday of Federal Reserve Governor Lisa Cook. This unprecedented move could lead to a tussle in court after Cook's lawyer said that she would file a suit to stop it.
The Fed has stated that it will abide any court decision made on Lisa Cook, but in reality the Fed is caught between a rock and a hard place," said Prashant Nnewnaha senior Asia-Pacific rates analyst at TD Securities.
If Cook continues to serve after Trump's dismissal and before the court's ruling, "if the court rules in favor of Trump" then Chair (Jerome) Powell could be fired because he allowed a non Fed employee to make Fed Board decisions.
The yield curve steepened as shorter-dated yields dropped more than those longer-dated. Early Asian hours saw the yield of the two-year bond, which is usually in line with expectations for interest rates, reach its lowest level since May, at 3.654%. The 30-year bond yield was only 1.5 basis points higher, at 4.923%.
Trump has repeatedly criticized Powell and policymakers who have not cut interest rates. Market watchers took Powell's comments from last week to mean that interest rates could be cut.
Investors are betting on a reduction next month. Traders have priced in an 84% probability of a Fed move in September, and expect more than 100 basis points of easing in June.
Newnaha said that the markets are anticipating a scenario in which Trump has a majority on the Board of Governors, setting the stage for the cuts to be made sooner and possibly faster.
The dollar dropped sharply after Trump's comments, but it stayed near its lows. The euro was last trading at $1.1636 while the yen remained steady at 147.6 per dollar.
Investors are more focused on the September rate movement and what it means. Ben Bennett, APAC Investment Strategist at Legal and General Investment Management, said that the hope was that a rate reduction would still be on the cards if the labour market did not deteriorate sharply.
This could maintain a very positive investor sentiment. The Nvidia results tonight will be also important for the direction of markets in the near term."
Options traders have priced in a swing of $260 billion in Nvidia’s market value following the company's earnings report, when its business in China is the focus after an unusual profit sharing deal with the Trump Administration.
The fate of Nvidia’s China business depends on the outcome of tariff negotiations and trade restrictions between the two world's largest economies.
This has made traders cautious about placing large bets. The MSCI index for Asia-Pacific stocks outside Japan was up only 0.2%. Japan's Nikkei remained unchanged and shares in Taiwan rose 0.6%.
Blue-chip stocks in China gained 0.3% and hovered near the three-year-high reached earlier this week. The tech sector has been a major factor in the recent rise of China's stocks.
Spot gold fell 0.23% in commodities after reaching a two-week peak the previous session.
The oil price was little changed from the previous session as traders awaited the imposition of massive new U.S. import tariffs against India, the third largest crude consumer in the world, in response to India purchasing Russian oil.
(source: Reuters)