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Ukraine drones hit training centre at Zaporizhzhia nuclear plant, Russian management says
The Russian-installed management of the Russia-held nuclear plant in Ukraine announced on Saturday that Ukrainian drones had hit the roof at the Zaporizhzhia training centre. There was no damage to the building and there was no radiation increase. In a Telegram message, the administration stated that the strike took place about 300 meters (984 feet) away from a nuclear reactor. The statement stated that "This centre is unique - it houses the only full scale simulator of a nuclear reactor hall in the world, which is crucial for staff training." Although the station is Europe's largest nuclear power plant, with six reactors and no power, it still needs power to keep nuclear fuel cool. Administration officials said that the attack did not disrupt the operation of the plant. The administration stated that "operational safety limits have not been violated, and radiation levels are normal." Ukraine has not yet responded. We could not independently confirm the Russian report. In the early weeks of Russia’s invasion of Ukraine in February 2022, Russian forces captured the Zaporizhzhia nuclear plant. Both sides accuse the other of triggering a nuclear disaster by firing weapons or other actions. Reporting by Lidia Kelley in Melbourne
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Gunmen kill Chinese security officials and Chinese workers in Nigeria
A spokesperson for the Nigerian security agency confirmed that gunmen kidnapped Chinese exatriate workers and killed eight officials in the southern state of Edo. The Chinese workers were rescued later, the spokesperson added. On Friday, a group suspected of being armed kidnappers attacked a convoy consisting of paramilitary Nigeria Security and Civil Defence Corps members and Chinese nationals who worked for BUA Cement. Afolabi Babawale, spokesperson for the NSCDC, said that four Chinese workers kidnapped by terrorists were rescued. However, one is still missing. He added that eight operatives of the agency had been killed and four others were injured seriously. Nigeria has seen a rise in gunman attacks, mainly in the north, but kidnapping groups are known to target civilians in the south.
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Edison CEO: Italy's Edison is ready to list in the event EDF goes ahead with its plan
Edison is willing to return to the Milan Stock Exchange if its parent company EDF in France decides so, said the CEO of the Italian Energy Group on Saturday. State-owned EDF, under the leadership of its new CEO Bernard Fontana has begun reviewing its assets in order to raise money to meet government requirements to stimulate investments in new reactors. Edison CEO Nicola Monti said to reporters at the annual TEHA forum: "At EDF they have a brand new management, and are reviewing their options... if that review also includes Italy, then we are prepared." Monti stated that the group already has the corporate structure in place to allow its shares to be traded publicly. EDF, for example, kept Edison's savings share listed on the Milan Stock Exchange when it took full control in 2012. The CEO confirmed that any listing of ordinary shares will also be held in Milan. He added that he was certain EDF would consider such a move, even though no advisors have yet been hired. Monti stated that Edison would need to hire its advisor if EDF decided to move forward with the project. Edison reported revenues last year of 15,4 billion euros ($18.3 billion) and core profits of 1.7 billion euro. ($1 = 0.8542 euro) (Reporting and editing by Francesca Landini)
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Orsted Braces for Rights Issue Approval After US Offshore Wind Setbacks
Danish offshore wind developer Orsted cut its 2025 profit outlook on Friday, just hours before it is poised to secure shareholder approval for a $9.4 billion emergency rights issue as it seeks to avert a looming credit downgrade.Once celebrated as a trailblazer in offshore wind, the state-controlled group now finds itself in dire straits, grappling with industry-wide challenges as risks pile up on its U.S. projects due to President Donald Trump's opposition to wind power.Adding to its troubles, low wind speeds in July and August and a delay to a project under construction off Taiwan prompted it on Friday to cut its operating profit outlook for 2025.The stakes are high for the Danish firm, which has transformed itself from oil producer DONG Energy into a global renewables leader, its market value increasing fivefold between its 2016 IPO and a 2021 peak.But supply chain disruptions, surging interest rates, project delays, and Trump’s anti-wind policies have battered the offshore wind sector, sending Orsted’s shares tumbling by 85% from their peak.At the heart of the drama are Orsted’s U.S. projects Sunrise Wind and Revolution Wind, both of which have been thrown into uncertainty.Two-thirds of the fresh capital it is seeking to raise is earmarked for Sunrise Wind, a project that saw potential co-investors flee after the Trump administration ordered Equinor to halt a neighboring wind farm in April.U.S. officials also issued a stop-work order for the nearly completed Revolution Wind facility last month, prompting the joint venture running the project to file a lawsuit against the Trump administration over the decision.The rights issue is critical for Orsted’s survival and its ability to retain its credit rating."We do this to ensure that we can continue to lead the expansion of offshore wind in our core markets here in Europe for the critical years to come," CEO Rasmus Errboe told reporters at a meeting of EU countries' energy ministers in Copenhagen on Thursday.Ratings agency S&P Global warned that the equity raise might only buy the company three to six months of relief from construction delays before facing additional credit pressures.S&P already downgraded Orsted to BBB- in August, the lowest investment-grade rating. Any further downgrade would push it into junk territory - a label that would impact its ability to finance future projects.Norwegian state-controlled energy firm Equinor, a 10% shareholder in Orsted, has thrown a lifeline, pledging to inject up to 6 billion crowns ($941.2 million) into the rights issue.Equinor CFO Torgrim Reitan described the moment as a crucial juncture. "We find it important to be a long-term and supportive investor in a period like this," Reitan said, hinting at a deeper strategic collaboration between the two companies.The extraordinary general meeting is scheduled to begin at 0700 GMT in Copenhagen. The rights issue will likely be approved with a two-thirds majority.($1 = 6.3751 Danish crowns)(Reuters - Reporting by Stine Jacobsen and Jacpob Gronholt-Pedersen in Copenhagen and Nora Buli in Oslo; Editing by Jan Harvey)
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Blue Water bids $10 billion for Citgo parent
Blue Water Acquisition Corp announced on Friday it had submitted an offer worth $10 billion to purchase the parent company of Venezuelan-owned refiner Citgo Petroleum. The proposal also included a $3.2 million settlement for holders of Venezuelan bonds that were in default. The auction for PDV Holding's payment to up to 15 creditors was closed by a U.S. court last month, after an officer who oversaw the auction received improved bids. However, the court stated that it would accept unsolicited bids if they were submitted after the deadline. Blue Water Acquisition Corp. is a special-purpose acquisition company that was formed to identify high-potential businesses in diverse sectors. This includes healthcare. The company offers cash or stock distributions for creditors and settlements to holders of PDVSA 2020 bonds, who will be paid in cash or shares of the publicly-listed entity that owns Citgo. In a press release, Blue Water CEO Joseph Hernandez said that the $10 billion plan would allow creditors to recover immediately and also participate in Citgo's future as a U.S. publicly traded company. Robert Pincus, a court officer, changed his recommendation last month to Elliott Investment Management affiliate Amber Energy. He had chosen a subsidiary owned by miner Gold Reserve in July as the frontrunner. Now, Gold Reserve is trying to disqualify Elliott's affiliate bid. Next week, the Delaware court will hold a procedure conference ahead of a hearing on the final sale in mid-September. Judge Leonard Stark would then make a decision about who won the auction. The court has not yet released any information regarding Blue Water's bid in public dockets as of Friday afternoon. (Reporting and editing by Marianna Pararaga)
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Blue Water makes bid of $10 billion for Citgo parent
Blue Water Acquisition Corp announced on Friday that it had submitted a $10 billion offer for Citgo Petroleum's parent company, which is owned by Venezuela. The offer also includes a $3.2billion settlement proposal to bondholders of Venezuelan bonds in default. The court has said that it will accept unsolicited bids if they are received after the deadline. Blue Water Acquisition Corp. is a special-purpose acquisition company that was formed to identify high-potential businesses in diverse sectors and to complete them. The company offers cash or stock distributions for creditors and settlements for PDVSA 2020 bonds holders to be paid in cash or shares of the publicly-listed entity that will own Citgo. In a press release, Blue Water CEO Joseph Hernandez said, "Our $10 billion offer would allow creditors to recover immediately and also participate in Citgo's future as a U.S. publicly traded company." (Reporting and editing by Marianna Pararaga)
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US stocks reach record highs as weak employment data fuels rate-cut bets
U.S. stock prices briefly reached record highs before trading lower on Friday. Data showing that U.S. employment growth slowed in August led investors double down on their bets the Federal Reserve would cut interest rates this month by up to 50 basis points. The speculation that the Fed would lower rates more aggressively sent Treasury yields tumbling and the U.S. Dollar plummeting, but gold reached a record high of $3,600 an ounce. Equity markets are viewed as a positive by many investors when interest rates drop. This could result in lower borrowing costs for business. Gold, which doesn't pay interest, tends to shine as well when rates are low, and there is a lot of uncertainty. Art Hogan, strategist at B Riley Wealth Management, Boston, stated that "this number today puts back on the table a rate cut of 50 basis points at the next policy meeting." "More importantly, I believe 75-basis point before the end the year is pretty much a lock." The U.S. government reported that nonfarm payrolls rose by just 22,000 jobs in August, after a 79,000-job increase upwardly revised in July. This was below the forecast of 75,000. S&P 500 Index reached a record of 6,532.65 in early trading before pulling back and being down 0.32%. The Dow Jones Industrial Average hit a new record in the early minutes of trading before slipping 0.5%. Meanwhile, the Nasdaq Composite Index remained unchanged. The yield on the benchmark 10-year Treasury note fell 8.3 basis points, or 6.4 basis point, in line with the expectation of lower rates. The dollar index fell 0.5% to 97.747, as lower Treasury yields affected the U.S. Dollar. The euro rose by 0.6% to $1.17625, thanks to a softer dollar. In Europe, STOXX 600 fell 0.2% in Europe, while the FTSE 100 remained unchanged. France's CAC 40 dropped 0.3%. The MSCI World Equity Index finished just 0.13% up due to a muted equity performance. Olu Sonola is the head of U.S. Economic Research at Fitch Ratings, New York. He said that the warning bell that was ringing in the U.S. Labor Market a month earlier just got louder. A weaker than expected jobs report is almost certain to lead to a 25 basis-point rate reduction later this month. Fed Chair Jerome Powell has already reinforced speculation about rate cuts with an unexpectedly dovish address at the Fed symposium held in Jackson Hole last month. The market sentiment has improved in recent days, after the global stock markets fell this week, and European long-dated bond rates reached their highest levels in years. Investors were concerned about various countries' finances. France's 30 year yield was 4.3873% on Friday, down from its peak of 4.523% a day earlier, and the UK 30-year yield was 5.553%. This is after borrowing costs reached their highest levels since 1998 in the previous week. The benchmark German 10-year yield was 2.7051%. Data released on Friday revealed that German industrial orders fell unexpectedly in July. The U.S. has signed an agreement to lower auto tariffs for Japan after months of negotiation. The dollar fell 0.7% against the Japanese yen. The oil prices fell for a third day in a row, before a weekend meeting between OPEC producers and their allies. Brent crude futures closed 2.2% lower, at $65.50 per barrel. U.S. crude dropped 2.5% to $61.87. The European Union energy commissioner said that the bloc would be happy to hear about President Donald Trump's plans to stop buying Russian crude. Gold spot was up 1.2% to $3,589.01 an ounce after hitting a record of $3,597.66. The metal is on course for its biggest weekly gain in almost four months.
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China delays its final decision in the canola dispute between Canada and China
China extended its investigation into Canadian canola exports on Friday, buying six months more for negotiations to ease a long-running trade dispute that was sparked by Ottawa’s tariffs against Chinese electric vehicles. A statement from the Ministry of Commerce stated that the anti-dumping investigation would now last until March 9, 2026. The Ministry cited the complexity of the situation as the reason for this. Beijing, the largest canola importer in the world, imposed preliminary tariffs of 75.8% for Canadian canola seeds imports. The final decision could lead to a different rate or reverse the decision. Heath MacDonald, Canada's Minister of Agriculture, said in an interview that his government hopes the Chinese move will give both sides more time to resolve their trade tensions. MacDonald stated that "if there is a chance to have a further dialogue and further communication with the Chinese government officials, we are doing this, it would be a big plus." On Friday, the Canadian government announced a new round of support for Canada's Canola Industry. This included subsidies for biofuel production at home, an improved biofuels regulation to encourage investment and subsidized canola loans. The main Canadian canola organizations said that they "hoped" the extension of preliminary duties would provide time to find a long-term solution. Canada, which is the largest canola exporter in the world, exported almost C$5 Billion ($3.63 Billion) worth of canola to China in 2024. About 80% of that amount was seed. If the steep duties on canola seeds remain in place, they will likely end these imports. China, who relies heavily on Canada to supply its canola seeds, imposed tariffs in March on canola meal and oil. Canada has also imposed tariffs against Chinese steel and aluminium. Ottawa is increasingly worried about losing a major customer, particularly as China seems to be shifting its focus towards Australian products. Kody Blois, Parliamentary Secretary to Prime Minister Mark Carney and Scott Moe, Premier of Saskatchewan are headed to China between September 6-9 for meetings with Chinese officials to discuss trade issues. Saskatchewan, a prairie province in Canada, produces the bulk of the canola that is exported. Reports in July indicated that Canberra and Beijing are close to an agreement that would allow Australian suppliers the opportunity to ship five test canola cargoes into China. In the following month, COFCO, a Chinese state-run firm, imported Australia's first canola crop since 2020. After the China news, the Winnipeg ICE Canola Futures Market initially rose. However, a trader explained that some participants may have misinterpreted the headline to mean China suspended its duties rather than extended the preliminary duties into March. ICE November Canola settled lower by 0.55%. The canola industry in Canada has been waiting for a quick resolution of the duties and tariffs on canola. Reporting by Ethan Wang, Ryan Woo, and Ed White in Winnipeg. Editing by Kevin Liffey and Sharon Singleton. Alexandra Hudson, Marguerita Choy and Marguerita Hudson.
Sources say that OPEC+ is likely to agree on a further increase in oil production on Sunday.
OPEC+ sources stated on Saturday that eight OPEC+ nations will likely increase oil production on Sunday, but they may add less oil in October than recent months due to the slowdown of global demand with the end driving season.
OPEC+ reversed its April strategy of production cuts and has already increased quotas to about 2,4 million barrels a day (about 2.4% of the world's demand) to increase market share. This is in response to pressure from U.S. president Donald Trump, who wants to lower oil prices.
These increases, however, have not had a significant impact on oil prices. They are currently trading at $66 per barrel, supported by Western sanctions against Russia and Iran. This encourages rivals like the United States to increase production.
OPEC+ would start to unravel a second layer, averaging about 1.65 millions bpd. This would be more than a full year ahead of schedule.
Two sources told me on Saturday that the focus of talks is to gradually unwind this entire cut, in monthly increments. On Sunday, 1230 GMT eight OPEC+ member countries will hold a virtual meeting. The focus of the discussion is likely to be October's output.
An OPEC+ official said that the countries could increase their output by 135,000 bpd in October. Another said it might be closer to 200,000-350,000 bpd.
The eight members increased production for September by 547,000 bpd at their last August meeting, giving a total of 2.5 million bpd increase for the entire year. This included an additional 300,000 bpd production allocation for the UAE.
OPEC's headquarters and Saudi Arabian authorities did not respond to Wednesday's requests for comments.
OPEC+ is the Organization of Petroleum Exporting Countries plus Russia, and other allies.
Brent crude futures closed at $65.50 a bar on Friday, down by 2.2%. This was due to a disappointing U.S. employment report and the expectation of a production increase from OPEC+. It is still up since a low in 2025 of around $58 per barrel in April.
Analysts have stated that sanctions and the fact that OPEC+ has not met its pledged amount have supported prices.
OPEC+ has been reducing production to support the oil price for several years.
The group has committed to a further 2 million bpd in cuts until 2026. (Reporting and editing by Alexandra Hudson, Olesya Almakhova, Alex Lawler Ahmad Ghaddar, Dmitry Zhdannikov)
(source: Reuters)