Latest News
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WSJ reports that the Pentagon is in talks with Fluidstack to lend $5 billion.
Wall Street Journal reports that the Pentagon is in talks to loan $5 billion to the AI cloud computing startup Fluidstack to shore up the U.S. Data Center Supply Chain. The newspaper reported that the money would be coming from?the Pentagon Office of Strategic Capital. Fluidstack 'would use the loan to shore -up?the U.S. manufacturing capacity and supply chain for certain data centre-related components rather than funding a brand new AI 'facility, WSJ said. The U.S. The Department of Defense and Fluidstack have not responded to requests for comments immediately. Last month, U.S. president Donald Trump signed a presidential order declaring a "national emergency" and prohibiting the use of certain foreign equipment within the United States. The data centers use the electricity grid. The Office of Strategic Capital previously struck deals with rare-earth companies Vulcan Elements and Phoenix?Tailings, as well as Energy Fuels. The WSJ reported that it has also signed deals to?fund some?drone firms, including Unusual Machines, and Sequoia capital-backed Neros.
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Petrobras is preparing to raise diesel prices, while waiting for government protection measures, say sources.
Petrobras, the state-owned oil company in Brazil, is preparing to increase diesel prices at its refineries by about $1.964 per liter. However, it is waiting for government protection measures to protect consumers. The increase 'would help Petrobras close the gap between domestic prices of diesel?and international benchmarks. This has been widened by the conflict in the Middle East, and the Russian restrictions on diesel exports. Brazil is a diesel producer but imports about a quarter of its demand. Petrobras' profitability is hurt when it has to import fuel for higher prices abroad than what it charges in Brazil. One source claimed that the price gap could?almost disappear' with a real increase of 1 percent. The increase is possible because a new diesel subvention?of 1 real per milliliter will be added to the existing subsidy of 1.12 reais. The details of the measure are yet to be revealed. Petrobras didn't immediately respond to a request that it comment on the price increase.
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Officials say that Ghana has drafted wage and tender floors for mining contractors.
A senior official revealed on Thursday that Ghana's mining regulator was developing minimum wage?and?tender benchmarks to be used by contract mining companies. The goal is to reduce aggressive underbidding, as the country encourages its miners to subcontract more work to local contractors. Ghana, Africa's largest gold producer, ordered in January 2025 that surface operations (blasting, loading and hauling) be transferred to Ghanaian owned contractors, and underground operations, to joint ventures with a minimum of 50% local ownership, by December 31, or face sanctions. This is part of a larger push by Africa's resource-rich countries to retain the value of their mineral wealth. Ghanaian miners have spoken out against this directive. They claim that contractors offer lower wages and less job security. Ben Birch Mensah, Director of Local Content at the Minerals Commission, the national regulator said in an interview on Thursday that officials wanted to make sure that wages and conditions for workers would not be affected. Birch-Mensah stated, "The regulator does not want contract mining to make people worse off." We are creating a base so that contract miner's cannot pay their employees below a specific threshold. OFFICIALS TRY CURB UNDERBIDDING Birch-Mensah added that the commission is also preparing benchmarks for minimum bids in order to prevent contractors from submitting bids below levels which are sustainable. He stated that aggressive underbidding in some cases had left contractors unable meet operating costs. A committee will be formed to determine the details of this policy. Ghana's mining rules of January 2025 required that miners switch to contract mining. Birch-Mensah stated that the December 2026 compliance requirement for local contractors was "non-negotiable." He added that firms such as?Newmont?, Zijin? and Ghana Manganese Company?were still to meet this deadline. The companies didn't immediately respond to our requests for comments. Ghana Chamber of Mines criticised the policy and said that contract mining should not be mandatory but optional. The chamber, on the other hand, supported?efforts aimed at addressing underbidding and warned that unhealthy competition between contractors could impact worker welfare and safety. Ken Ashigbey, CEO of the Chamber, said that if people continue to undercut themselves, then they might not have the resources necessary to complete the job, or they might not pay workers correctly, or they wouldn't train them. Ashigbey added that the chamber is also looking at contractor classifications and thresholds for minimum bids in order to reduce underbidding. He noted that contractors are responsible for a large share of mining accidents.
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Gold drops over 1% after US inflation data supports Fed hike bets
Gold prices dropped by over 1% after strong U.S. inflation figures and rising oil prices. This increased the odds of a Federal Reserve rate increase next week. By 01:42 pm EDT (1742 GMT), spot gold had fallen 1% per ounce to $4,355.85. Bullion had fallen by about 1.7% earlier to $4,323.78, the lowest point of the session. U.S. Gold Futures fell by 1.2% to $4,407.30. According to Kyle Rodda of Capital.com, the Producer?Price index (PPI) data shows that there is a slight increase in underlying inflation within the U.S. The Bureau of Labor Statistics of the Labor Department reported on Thursday that PPI for Final Demand rose 0.4% in August after a?0.1% increase upwardly revised in July. According to CME FedWatch Tool, traders now price in a 70% probability of an increase in U.S. rates next week. This is up from 62% prior to the data. The majority of economists surveyed by the Fed expect that the Fed will hold rates at the September 15-16 meeting, and throughout the remainder of the year. Gold prices were further impacted by the U.S. dollar's rise, as it made greenback-priced gold more expensive in other currency. Rodda said that bonds must reflect a higher level of inflation due to the steeper rise in oil prices. Gold is typically pressured by rising bond yields because they increase the cost of holding non-yielding assets. Brent crude, the benchmark oil price, hit $105 per barrel on Thursday after the largest spike in 'attacks against shipping since the beginning of the U.S. - Iran war prompted supply disruption fears. The European Central Bank raised interest rates for the second time this year on Thursday, in an effort to curb the rise in inflation caused by war-related energy costs. Silver spot fell 4.6% per ounce to $64.19, platinum was down 5.5% at $1,791.13, and palladium dropped 5.1% at $1,283.52.
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UK retailers stock charcoal that is linked to Paraguay's deforestation.
According to a report published on Thursday by the advocacy group Global Witness, major British retailers such as B&Q, Waitrose and others are selling charcoal made from trees that have been cleared in Paraguay’s Gran Chaco to make more farmland. The report links charcoal sold by UK supermarkets and hardware shops to the Paraguayan forest company Taruma. Global Witness claims that Taruma, the biggest international supplier for British barbecue brand Big K whose products are distributed across the country, is Taruma. Gran Chaco is the subtropical forest region of South America, second largest after Amazon. It stretches over Paraguay and Argentina. A Waitrose spokesperson responded that all charcoal sold by the company complies with the standards of the Forest Stewardship Council (an independent forest certification system). B&Q has not responded to any requests for comments. Paraguay is seeking to strengthen its?trade ties? with Europe via the EU-Mercosur Agreement, as the environmental impact of imported goods from South America, which includes Paraguay and?Argentina?, Brazil, and Uruguay, has become increasingly scrutinized. According to the report, satellite analysis found that Taruma sourced its wood from ranches which have since 2012 cleared more than 28 hectares (69 acres) of forest. The report stated that a second supplier, Paben SA, who worked with Big K up until 2023 has cleared approximately 2,700 hectares in the Paraguayan Chaco forest since 2021. Paben SA has not responded to requests for comments. Taruma, in a letter to?, denied any wrongdoing. Taruma doesn't clear forests and does not hold clearing permits. Our operations don't add to the deforestation of the region or its effect on climate. Rahmeen Farudi, Chief Executive of Taruma, said that the sustainability team closely follows research on Chaco Land-Use Change. Scientists, including NASA scientists have stated that Paraguay is one of the countries with the highest rates of deforestation relative to forest coverage, primarily due to farming and cattle ranching. Paraguay is a major grain and meat exporter. In July, it unveiled its first national forest policy. It acknowledged decades of deforestation by the state for agricultural purposes. The government has pledged to increase environmental monitoring in order to meet EU standards. The sale of charcoal to Britain may harm Paraguay’s plans to sell other goods to the EU as part of a future?trade agreement with Mercosur. The National Forestry Institute of Paraguay did not respond when contacted for comment. DEFORESTATION LEGISLATION, TRADE AND DEFORESTATION Global Witness stated that the UK's flawed environmental legislation and Paraguay’s permissive environment laws allow deforestation linked charcoal to reach the British Market. The '2021 Environment Act in Britain bans imports that are linked to illegal deforestation. The ban only applies to imports originating from land that has been illegally deforested and excludes charcoal products. Paraguayan products produced on legally cleared lands can still enter the UK. Beginning December 30, the EU's stricter rules will prohibit?all products that are linked to cleared land, regardless of whether or not?the clearing?was legal. The UK Department for Food, Environment and Rural Affairs (Defra) did not respond immediately to a comment request. Environmental groups, as well as several EU governments including France, Austria, and Poland have warned that the expansion of Mercosur agricultural exports into Europe could speed up deforestation.
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Alcoa: Cutting Canada tariffs will not be enough to reduce the US aluminum premium.
Alcoa's chief financial officer said that the steep price of aluminum in the U.S. would not?drop much even if Washington halved the tariffs on metals imported from Canada because other countries are still needed. The price that U.S. The price?U.S. Molly Beerman, Alcoa's Chief financial officer, said that the U.S. needs to import around 4 million tonnes of aluminum each year. Canada can only provide 3 million tonnes of this. Beerman stated that Midwest would not drop significantly, even if the U.S. were to receive a favorable rate from Canada. "It may come down a bit, but it won't return to the pre-tariff level." Beerman stated that if there are tariff waivers or relief for other trading partners, such as Japan, Europe, or South Korea, and the last million tons of grain is covered, then "you can expect the Midwest Premium to be reduced in response?to essentially eliminate the tariff benefit." Beerman stated that Pittsburgh-based Alcoa, which produces?around 900,00 tons of aluminum per year in Canada, is paying over $1 billion in tariffs in order to import the majority of this aluminum into the U.S. The Midwest compensates us for this, and also returns as margin due to the tightness of?tons. Customers in North America and Europe "actively seek our supply" because Middle East aluminum is "constrained," Beerman noted, adding that Alcoa’s order book "is almost completely sold out until 2026."
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Sources say that Dangote Oil refinery will buy 16 million barrels Nigerian crude in October.
According to four sources in the industry, Nigeria's Dangote Refinery has purchased at least 16,000,000 barrels of Nigerian crude oil for arrival in October. This is consistent with previous months, and significantly higher than average last year as Africa's biggest refinery ramps-up processing. Dangote has 16 million barrels of?oil, which is a combination of monthly allocations by Nigerian National Petroleum Company, and volumes purchased in a tender. This amounts to around 520,000 barrels / day. This is the majority of the refinery's?700,000.bpd monthly intake. Investors are focusing on the feedstock in preparation for an initial public offer. The purchases will reduce the amount of Nigerian crude that is 'available for export during a period of high demand as a result of the Iran War, which has drastically reduced Middle East supply. If Dangote purchases more crude, the final total could increase. Dangote has not responded to a comment request. According to Kpler, the Lagos-based refiner processed 565,000 bpd in Nigerian crude during August. This is nearly twice as much as last year's 280,000 bpd average. Sources familiar with the matter said that NNPC would supply Dangote eight of its 'October Nigerian cargoes' and one U.S. WTI Midland shipment. Kpler data shows that this would be the same as the previous monthly record of NNPC's supply to the refinery. It had provided a similar -volume in April May and August. Two traders said that the refinery purchased a second WTI shipment for October in a spot auction from a different provider, along with the additional Nigerian cargoes, to bring the total up to 16 million barrels. Dangote has purchased many grades of crude oil from countries other than Nigeria, such as Libya and Guyana.
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Solorz family reaches settlement ending fight over Polish media empire
According to a letter sent by TiVi Foundation, the controlling shareholder, Zygmunt 'Solorz, has settled all legal disputes regarding his 'business empire. The settlement, according to the family, outlines rules for how it will manage its assets in the future, including those of Polsat Plus Group headed by Cyfrowy Polsat and power producer ZE PAK. The family said the settlement was confidential and did not reveal any details. * 'Solorz will step down from an active role in the?companies owned by TiVi and Solkomtel and take on a advisory role. The settlement was reached after the Liechtenstein Constitutional Court upheld a lower court's?decision? that Solorz legitimately gave joint control of TiVi to his children. * The conflict was made public in late 2024, after Solorz’s children wrote to the management of his companies expressing their concern for?his health. * Solorz’s son Piotr zak is still the chief executive?of Cyfrowy Polsat, ZE PAK and?Tobias Solorz. Aleksandra and Tobias Zak are on the supervisory board.
Hegseth: Iran's future is in the hands of Hegseth, and Tehran has threatened US business interests in the region
Hegseth warned Tehran on Tuesday that the next few weeks in the war with Iran would be decisive. The conflict would escalate if Tehran did not reach a settlement.
Iran's Revolutionary Guards have responded with a new warning, saying they will "target U.S. firms in the region as retaliation" for attacks against?Iran starting Wednesday. They listed 18 groups, including Microsoft, Google Apple, Intel IBM, Tesla, and Boeing.
Iran'set ablaze' a fully-loaded oil tanker near Dubai. This is its latest attack against merchant vessels in Gulf waters or the Strait of Hormuz, since the United States attacked Iran on 28 February.
Donald Trump, the U.S. president, threatened to destroy Iran's power plants on Monday if Iran refused to agree to a deal for peace and to open the Strait of Hormuz. This vital waterway is used by oil shipping around world but has been effectively blocked by Iran.
HEGSETH SAYS THAT TRUMP IS WILLING TO MAKE DEAL
Trump criticized countries on Tuesday that had not contributed to the war. This included France and Britain. He said they should have "some delayed courage" and cross the Strait and obtain their own oil. According to sources, France has not allowed the use of its airspace for U.S. weaponry to be used in the war.
Hegseth said that he had visited U.S. soldiers in the Middle East, and that talks were continuing and strengthening. However, if Iran refused to comply, the U.S. would be prepared to continue its war.
Hegseth, who spoke in Washington, said: "We have many more options and they have fewer. In only one month, we have set the terms and the next days will be decisive." "Iran is aware of this, and they have little to no military options."
The conflict, which has lasted for a month, has affected the entire region. It has killed thousands of people, disrupted energy supplies, and threatened to throw the global economy in a tailspin.
OIL PRICES SET FOR RECORD GAIN MONTHLY
After the attack on the tanker which could carry 2 million barrels worth of oil at current prices, the price of crude oil briefly spiked.
The higher oil and fuel costs have begun to affect the household finances of Americans and Trump's Republican Party ahead of November's midterm elections.
GasBuddy, a price tracking service, reported that the average U.S. retail?price for gasoline surpassed $4 per gallon on Monday. This was the first time in over three years. Brent crude futures rose 4.7%, to $118 per barrel. This is on track for a record-breaking monthly gain.
The authorities in Dubai confirmed that the fire aboard the Kuwait-flagged Al-Salmi was brought under control after a drone strike. There were no oil spills and no injuries among the crew. Kuwait Petroleum Corp., the ship owner, confirmed that the vessel's hull had been damaged. Photos of the Al-Salmi also confirmed this.
According to TankerTrackers.com, LSEG data indicated that the vessel was headed to Qingdao, China and carried 1.2 million barrels Saudi crude oil, and 800,000 of Kuwaiti crude.
Al-Salmi was not the intended target. Iran's Revolutionary Guards claimed they targeted a container vessel in the Gulf because of its links with Israel. According to shipping data, they seemed to be referring to the Singapore-flagged Haiphong express, which was anchored near the Al-Salmi.
INTERNATIONAL ATTEMPTS TO MEDIATION
U.S. Gen. Dan Caine, Chairman of the Joint Chiefs of Staff in Washington, told reporters that the U.S. continued to destroy and degrade Iran's capability.
He claimed that the U.S. Military was still striking key research and manufacturing sites, and had "taken out more than 150 Iranian naval ships". Hegseth claimed that U.S. attacks were leading to widespread desertions from Iran.
Two U.S. officials said on Monday that thousands of elite soldiers from the U.S. Army 82nd Airborne Division had begun arriving in the Middle East. These reinforcements could increase Trump's options, including a ground attack in Iran.
Pakistan seeks to mediate the conflict as attacks show no signs of abating. China and Pakistan's foreign ministers called for a ceasefire immediately on Tuesday, after their meeting in Beijing. They also urged peace talks as soon as possible.
Iran has been defiant in the face of heavy U.S., Israeli and other attacks over the last month. The U.S. peace proposal was received via intermediaries but the foreign ministry spokesperson said that they were "unrealistic and illogical".
NEW ATTACKS
The war continues to spread. Houthis, who are aligned with Iran, in Yemen have entered the conflict by firing on Israel. Turkey reported Monday that an Iranian ballistic missile had entered Turkish airspace, before it was shot down.
The war has also rekindled conflict between Israel, which is backed by Iran, and Hezbollah in Lebanon. Iran, which has suffered the most casualties, has targeted targets in Gulf Arab states where the U.S. maintains military bases.
An official from the province told Iranian media that a strike on a Shi'ite muslim congregation hall in Zanjan, located in northwestern Iran, killed three people.
Under intelligence guidance, the Israeli military announced on Tuesday that it had carried out airstrikes overnight in Tehran, targeting a factory producing ballistic missile warheads, research sites for weapons and missile launchers.
In two separate incidents, three U.N. Peacekeepers from Indonesia were killed by four Indonesian soldiers in southern Lebanon.
(source: Reuters)