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US lawmaker expresses concern about Ivanhoe Atlantic’s ties to China
John Moolenaar is the U.S. representative who chairs the bipartisan committee of the U.S. House of Representatives focused on China. He raised concerns on Thursday about the alleged ties between the mining company Ivanhoe Atlantic and the?Chinese Communist Party. I am writing you to bring your attention to information about companies that have been supported by the State Department for their ties with the Chinese Communist Party. Ivanhoe Atlantic, a company that has well-documented ties with Chinese state-owned companies, is one of these companies. According to the website of Ivanhoe?Atlantic, I-Pulse Inc. is the largest shareholder. It's a US-based company that was founded by Robert Friedland and is chaired under his leadership. Friedland was also founder and executive chair of Toronto-listed Canadian mining company?Ivanhoe Mines. According to?LSEG, units of Chinese companies CITIC and Zijin Mining own nearly 33% of Ivanhoe Mines. In his letter, Moolenaar referred Rubio to U.S. Federal Communications Commission for putting CITIC's telecommunications services on a list because they pose "an unacceptable threat to the national safety or security of United States citizens." He said that due to forced labor in China, Zijin will be added to the Uyghur Forced Labor Prevention Act (UFLPA), entity list in 2025. Moolenaar said that the Chinese Communist Party secured critical mineral supply chains by indirect, minority-share investment in foreign mining 'firms, as part of the two markets, two resource strategy. Ivanhoe Atlantic & Ivanhoe Mines didn't immediately respond to comments outside of regular business hours. The U.S. embassy in Liberia supported the signing of a $1.8 billion deal between Ivanhoe Atlantic, and the Western African nation. This agreement was to create a rail line connecting Guinea and Liberia. "I share State Department's commitment of?expanding U.S. Commercial Engagement in Africa and reducing reliance on Chinese controlled critical mineral supply chain. I am willing to work with State Department in order to avoid any entanglements between our commercial diplomacy and the CCP," Moolenaar said. (Reporting and editing by Michael Perry in Mexico City, Shubham Kaalia from Mexico City)
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Sources: Top Indian arms manufacturers held rare meetings with Russian counterparts on joint ventures.
Three people with knowledge of the matter said that at least a half-dozen executives from Indian arms manufacturers, including Adani Defence, Bharat Forge and others, participated in rare meetings held this year in Russia to discuss possible joint ventures. Three people familiar with the?matter?said that at least half a dozen executives from top Indian arms makers, including Adani Defence and Bharat?Forge, attended rare meetings in Russia this year to discuss potential joint ventures. It was not reported before that the business leaders from India's defence industry were visiting Russia. The Indian government wants to refocus its decades-old defense ties with Russia on joint weapons development. A potential collaboration with Russia could set back plans for Indian defence firms to develop Western weapons in conjunction with Russian companies as part of Prime minister Narendra Modi’s push to turn India, which is one of the largest arms importers, into a global manufacturing center. Western diplomats previously stated that the vast majority of Russian-origin weapons used by the Indian army, which totals about 36%, is a major obstacle to the transfer sensitive military technology. The talks were held in Moscow on the sidelines a visit of an Indian defence-industrial delegation on October 29-30 led by India's Defence Production Secretary Sanjeev Kumar. This visit was to prepare for the visit of Russian President Vladimir Putin to India on December 4 and 5. Adani Group spokespeople and Bharat forge representatives denied that any executives from their respective companies were present at the meeting. The sources cited the Indian defence ministry as well as the other companies that were cited. They did not respond to a request for comment. Joint Production in India Two sources and an industry executive said that the meetings focused on the potential for the manufacture of spare parts for the Mikoyan MiG-29 jet fighter and other Russian-origin systems of air defence and weapons, as well a Russian proposal for the establishment of production units in India to develop equipment which could be exported to Moscow. The subject matter was sensitive, so they spoke under the condition of anonymity. Russia has been India’s largest arms supplier for decades. During Putin’s visit, the two sides agreed to reorientate their partnership to "joint research and development, as well as co-development and production of advanced defence technologies and systems" in order to support India’s independence in defence. INDIAN EXECUTIVES ARE IN MOSCOW Sources said that a large delegation of representatives of Indian defence units, state-owned companies, and startups involved in developing drones and artificial Intelligence for military purposes attended the meetings. Two sources confirmed that an?executive from Kalyani Group Bharat Forge (which makes components for artillery and missiles) attended the meetings to discuss the possibility of collaborating on future helicopters as well as sourcing or developing components?for Russian aircraft and tanks. Sources said that Ashish Rajvanshi was the Chief Executive of Adani Defence and Aerospace. This unit is part of Gautam Adani’s Adani Group which includes everything from airports to apples. The Society of Indian Defence Manufacturers (SIDM) was also represented by an executive. This group includes more than 500 manufacturers of military and arms equipment, including state-owned companies such as Bharat electronics and the defence arm of the conglomerates Tata Sons and Larsen & Toubro. SANCTIONS-RISK reported that in 2024, Bharat Forge was one of three Indian companies that exported artillery to Europe. Some were then diverted to Ukraine. This led to a diplomatic protest by Moscow. A senior Indian executive stated that Indian companies would be reluctant to sign new deals with Russia because of the possibility of secondary sanctions. An Indian defence official stated that while India could use its diplomatic outreach and lobbying efforts to offer some protection against sanctions, the companies would still have to consider the political risks. (Reporting and editing by Frances Kerry in New Delhi)
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EU member states agree to reduce emissions by 90% from 1990 levels by 2040
The European Union reached a legally-binding climate agreement to "reduce greenhouse gas emission by 90% by 2040 compared to 1990 levels", involving the purchase foreign carbon credits?to cover?5% of these cuts, said the European Parliament on Wednesday. The agreement requires EU industries to reduce emissions by 85%. From 2036, EU countries will pay non-member nations to cut their emissions in their place to make up for the "remainder". It is a matter of formality to have the European Parliament and EU member states approve a target before it becomes law. The agreement is more ambitious than most other major economies' pledges to reduce emissions. The target was lower than the one recommended by the EU’s climate change advisers, and weaker than the original goal. This reflects disagreements between EU governments about the speed and cost of their green agenda. This agreement sends an important message to our partners around the world that climate, competitiveness, and independence are all interconnected. In a press release, Wopke Hoekstra, spokesperson for the EU climate commission said that they had agreed on a realistic but strong climate law. After months of negotiations, the target was a compromise reached by governments such as those in Poland, Slovakia, and Hungary, who argued that deeper cuts to carbon dioxide were too burdensome for industries already struggling with high energy prices, cheap Chinese imports, and U.S. Tariffs. The Netherlands, Spain, and Sweden cited the worsening of extreme weather and the need to catch up with China on manufacturing green technology. In order to win over its opponents, the EU agreed to weaken some other climate policies that are politically sensitive, like delaying the introduction of a fuel carbon tax by one year, until 2028. (Reporting and editing by Chris Reese, Christopher Cushing and Disha Mishra)
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Stocks fall ahead of Fed announcement, yields and dollar are up slightly
The?dollar, U.S. Treasury yields and most major stock indices fell on Tuesday as the Federal Reserve is expected to cut interest rates. However, policymakers may also make hawkish remarks. Treasury yields and dollar rose after the release of U.S. Labor Market Data, which showed that U.S. Job Openings grew modestly in October but hiring remained low. Investors expect the Fed to announce a rate reduction on Wednesday, but policymakers are expected to remain divided. Some policymakers are concerned that the price pressures may easily return, while others are more concerned with the health of labor markets. It's quiet before the storm. Adam Sarhan, CEO of 50 Park Investments, New York, explained that tomorrow's Fed meeting is a major catalyst. It's normal for the market to be in a mild state right now. The Reserve Bank of Australia had earlier held rates at the same level as was expected on Tuesday. It also warned against further policy easing, and that rates may rise if inflation pressures remain stubborn. The Australian dollar rose 0.3% to US$0.6641. Both the Bank of Canada (BoC) and Swiss National Bank (SNB) are expected to keep rates unchanged when they meet respectively on Wednesday and Thursday. Investors digested the news that Washington would allow Nvidia to export its H200 processors - its second best artificial intelligence chip - to China and collect a 25% fee for such sales. ?Nvidia shares were down by 0.3%. JPMorgan Chase shares fell by 4.7%. JPMorgan Chase Consumer and Community Banking Chief Marianne Lake said that the bank expects costs to rise. About $105 billion by 2026. The Dow Jones Industrial Average dropped 179.03, or 0.38% to 47,560.29. The S&P 500 fell 6.00 points, 0.09% to 6,840.51, and the Nasdaq Composite grew 30.58, or 0.13% to 23,576.41. The MSCI index of global stocks fell by 1.60 points or 0.16% to 1,006.44. The pan-European STOXX 600 Index slipped 0.1%. A OUTLOOK AT RATES The dollar index, which measures greenbacks against a basket including the yen, euro and yen, increased 0.15% to reach 99.22. Investors also consider the outlook for interest rates in 2026. This is not only with the Fed, but also outside the United States. "A hawkish repricing has been rolling across curves in other countries - rate increases are being priced in for Australia and Canada in 2026, so the dollar may be under pressure if Jerome Powell, the Fed Chair, fails to out-hawk the markets," Karl Schamotta said, Chief Market Strategist at Corpay, in Toronto. The yield on the U.S. benchmark 10-year Treasury note increased 1.4 basis points, to 4.186%. It had previously hit a low of 4.141%. This was the first time in five weeks that the Treasury market has seen a four-session winning streak. Investors focused their attention on the peace talks between Russia and Ukraine. Brent crude futures fell 55 cents or 0.88% to settle at $61.94 per barrel. U.S. West Texas Intermediate Crude fell 63 cents or 1.07% to $58.25. The yen also weakened on the foreign exchange markets. The yen weakened instantly after a powerful earthquake rocked Japan Monday.
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Source: SpaceX will pursue an IPO in 2026 that raises more than $25 billion.
Elon Musk’s SpaceX will?be pursuing an initial public offer next year. The company is looking to?raise more than $25 billion with a valuation of over $1 trillion. SpaceX has begun discussions with banks regarding the public listing. This could happen around June or July. Musk said in 2020 that SpaceX would list Starlink a few years later, once revenue growth was "smooth and predictable". SpaceX didn't?immediately reply to a comment request. Saudi Aramco is the only IPO that has?achieved a value of $1 trillion or higher. It debuted 'in December 2019 and had an estimated market capitalization of $1.7 billion. SpaceX will use the funds raised from the public listing for the development of space-based data centres, including the purchase of the chips needed to run them. Musk had expressed an interest in this idea during a recent meeting with?Baron Capital. Bloomberg News reported that the news earlier in the day. Bloomberg reported that the company will make a revenue of?around $15 billion by 2025. This is expected to increase to?between $22 and $24 billion by 2026. The majority of this revenue will come from Starlink. Media reports last week claimed that the rocket maker was launching a secondary stock sale, which would put it at $800 Billion. This would make it the second most valuable private company in the world. Musk dismissed these reports on Saturday, calling them untrue. (Reporting from Juby Babu and Echo Wang in Mexico City; editing by Maju Samuel.)
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Atletico rockets up the Champions League rankings with a win over PSV
Atletico Madrid came back from behind to beat PSV Eindhoven by a score of 3-2 on Tuesday and move up to the seventh position in the Champions League rankings. This ensures their progression to 'the knockout stages. After Guus Til had given PSV an early lead, Julian Alvarez?, David Hancko? and Alexander Sorloth took advantage of some sloppy Dutch defending to score. Ricardo Pepe's goal, five minutes before the end, was enough to spur PSV on and force them into a resounding comeback. The crowd was clamoring for the 'home team to win, but despite numerous chances,?PSV couldn't force a dramatic draw. Mark Gleeson, Cape Town; Clare Fallon, editing.
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GE Vernova increases revenue forecasts for 2026 and boosts the share buyback
GE Vernova announced on Tuesday that it expected a?higher level of revenue in 2026 compared to its?forecasts for 2025. This was due to a?strong demand for power. It also increased its share-buyback plan by 4 billion dollars. In after-market trading, the company's shares rose 6.7% to $667.37. The turbine manufacturer increased its share repurchase authority to $10 billion from $6 billion, and doubled its dividend quarterly to 50 cents per share. The demand for grid equipment,?gas and steam turbines and GE Vernova has increased due to the surge in electricity consumption by data?centers devoted to artificial intelligence and cryptocurrency. In October, GE Vernova announced that it would increase its workforce by 5,000. Buy Now The remaining 50% of the transformer manufacturer Prolec GE was acquired for $5.28 Billion, strengthening its North American grid-equipment business. In 2026, the company expects a 16% to 18% growth in organic revenue in its power segment and a 20% increase in its electrification sector. The forecast also includes a free cash flow of between $4.5 billion to $5.0 billion in 2026. This compares with the expectation between $3.5 billion to $4.0 billion in 2025. The company expects revenue to range between $41 billion and $42 billion in the coming year. This compares with an expected $37 billion or $36 billion this year. According to data compiled and analyzed by LSEG, analysts on average expected revenue of $41.4billion for 2026. Reporting by Tanay in Bengaluru, editing by Maju Samuel
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Mexico's Sheinbaum aims for US water deal amid Trump tariff warning
Mexican officials are meeting their U.S. counterparts to discuss water deliveries. The negotiations have heightened tensions between both trading partners, with tariffs threatened if Mexico does not comply. U.S. president Donald Trump accused Mexico on Monday of violating a 81-year old treaty that outlines the sharing of water between neighbors. He threatened to impose a 5% additional tariff on Mexican goods if Mexico did not immediately provide 200,000 acre feet of water by December 31. One acre-foot of water is equivalent to half of an Olympic-sized swimming pool. Mexican President Claudia Sheinbaum, along with other senior officials from Mexico will be meeting virtually with U.S. officials including Agriculture Secretary Brooke Rollins as well as Secretary of State Christopher Landau. Sheinbaum said in her morning presser that she expected the dispute to be resolved. According to the 1944 agreement governing the sharing of water through a?network of dams? and reservoirs?, Mexico is required to deliver 1,75 million acre feet of Rio Grande water every five years. Mexico, the U.S.'s largest trading partner in Latin America, has struggled at times to meet its water deliveries. It cites drought conditions caused by climate change and local demand. Mexican officials claim that the treaty allows for leniency by allowing the 'water debt' to be rolled forward to the next 5-year cycle. This is a source of tension between Mexican and U.S. counterparts, who believe the delayed deliveries are devastating to Texan farmers, who rely on the water to grow their crops. Sheinbaum stated that Mexico's ability to deliver more water is restricted by its?own needs as well as the physical size and length of the pipeline. Ted Cruz, a Republican senator from Texas, said that Mexico has "flagrantly" violated its treaty obligations. The spokesperson stated that "Mexico’s water shortage is a deliberate choice made by the Mexican Government,?not the result of infrastructure or environment shortfalls." Trump threatened tariffs against Mexico earlier this year, and accused them of "stealing water from Texas farmers." Mexico agreed to boost its water deliveries to Texas in April, temporarily settling the dispute that threatened to complicate the ongoing U.S., Mexico, and Canada trade negotiations. (Reporting and writing by Kylie Madry, Aida Pelaez Fernandez; editing by Lisa Shumaker).
With a win over PSV, Soccer-Atletico rockets up the Champions League rankings
Atletico Madrid came from behind on Tuesday to defeat PSV Eindhoven by a score of 3-2 and climb to seventh place in the Champions League standings. This ensures their progression to the knockout stage.
After Guus Til had given PSV an early advantage, Julian Alvarez and?David?Hancko scored after some poor defending from their Dutch hosts.
Ricardo Pepi's goal, five minutes before the end of play, was enough to send PSV roaring back.
The crowd was vociferous and urged the home team on, but despite numerous chances,?PSV couldn't force a dramatic draw late.
The home team was hoping to continue the momentum from their 4-1 shock win over Liverpool at the end last month in their last Champions League match and they got off to an early start at the Philips Stadion.
They were undone, however, by mistakes and ended up dropping from 15th to the 19th place in the rankings.
Atletico, who occupied the 12th position before Tuesday's game, now has 12 points after six matches. This should be enough for them to qualify at least for the playoffs, if they are to judge by last season's results.
PSV has a lot to do, as they are still only on eight points. They have games against Newcastle United at home and Bayern Munich away next month.
In the 10th minute, Til was given a simple finish by Couhaib Drieech after Couhaib had set up a quick counterattack.
Giuliano SIMEONE stole a pass from Matej Kovar, the goalkeeper, to Yarek GASIOROWSKY, which was intended for Yarek. Simeone then fed Alvarez and?Sorloth, who scored in the 37th minute.
Hancko scored a rebound goal in the 52nd to give Atletico the lead. Four minutes later, Sorloth headed in Pablo Barrios's pinpoint cross without the home defenders being seen.
PSV RETROACTIVE GOAL TO ASSURE TENSIVE FINISH
PSV, which has scored several late goals in Champions League, set up a tense end when Ivan Perisic flicked a corner on and Pepi touched it in at the backpost.
Armando Obispo blew a golden opportunity to score a goal at the end of the game.
"We suffered unnecessarily. We would have scored more goals if we were more clinical. Alvarez said, "We suffered but what matters is that we got three points."
Jerdy Schoouten, captain of the?PSV, said: "I don't think we created the chances. They did." They're lethal. We could have played better, especially in the second-half.
The small things were what decided the game. We became stagnant, couldn't move out of the way and got nervous. It's a pity to lose. We improved in the second-half. (Written by Mark Gleeson, Cape Town. Edited by Clare Fallon & Toby Davis).
(source: Reuters)