Latest News
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RWE secures 3.2 billion Euros in grid financing from Apollo Investor
RWE announced on Monday that Apollo Global Management has agreed to provide 3.2 billion euro ($3.75 billion), resulting from its 25,1% stake in German transmission systems operator Amprion, for future upgrades of the power grid. In a press release, RWE Power said that partners would create a joint-venture to acquire RWE's Amprion stake to finance future growth. Apollo will make its equity investment up front and RWE will then reinvest in Amprion via the JV, to support Amprion's grid expansion. To keep up with renewable energy growth and help the German electricity grid transition from fossil fuels, the German electricity grid requires large investments. Amprion, the Dutch government's subsidiary Tennet Germany, is also looking for investors to help cover its investment needs. Amprion committed in April to increasing investments in its network to 36.4 billion euro in five years up to 2029. This is a 32.4% rise from the previous five-year rolling plan until 2028. Amprion, along with three other companies, manages Germany's electricity grids. They rely on the fees charged by private and corporate users of power to generate revenue. The regulatory framework requires upgrades to power lines and equipment. Apollo and the companies did not reveal what percentage of joint ventures Apollo will take. Amprion announced in a separate press release that the M31 Investor Group would continue to own the remaining 74.9% of Amprion. Apollo stated that the JV would provide "reliable and steady dividend returns through Amprion's regulated assets base". RWE stated that the deal will help them focus on their core activities, which include power generation, renewables and batteries, as well as energy trading. RWE will still be able to consolidate Amprion's stake into its financial statements. The transaction is expected close in the fourth-quarter of 2025. Reporting by Tom Kaeckenhoff, Ludwig Burger and Friederike Heine. Editing by Kevin Liffey and Friederike Liffey.
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China's sales of EVs and hybrids are at their lowest level in 18 months
China's sales of hybrids and electric vehicles in August grew at their slowest rate in over a year and a half as the government continues to try and stop punishing price wars. China Passenger Car Association's data on Monday showed that EV and hybrid car sales surpassed gasoline car sales for the sixth consecutive month in August. However, annual growth has slowed to 7.5%, down from 12.5% in July. This was the lowest gain since February 2024 when the segment recorded an 11.6% decline in sales due to the shifting timings of a week-long Chinese holiday. Last month, the total number of cars sold was 2,02 million. This is a 4.9% increase on an annual basis and represents the slowest growth rate in seven months. Last week, BYD reported that it had cut its target sales for this year to 4.6 millions vehicles by up to 16%. In August, the biggest Chinese competitor to Tesla reported that its domestic sales, which make up nearly 80% percent of global sales, dropped for a 4th consecutive month. It also experienced consecutive monthly production declines for the first since 2020. Li Auto's sales in August were down on the previous year for a second consecutive month due to a weakening of demand for hybrids with extended range. CPCA data shows that the Chinese market's sales of extended-range hybrids increased 0.3% on an annual basis after a drop of 11.4% in July. Plug-in hybrids were down 7.3% compared to a dip of 0.2% in July. Geely Xpeng, Nio and Geely all reported that August was their best-ever month for EV and hybrid vehicle sales. Geely is China's largest rival to BYD. Sales in this segment jumped 95.2% last month. The growth in car exports slowed to 20.2% from 25.2% in July. $1 = 7.1529 Chinese Yuan Renminbi (Reporting and editing by Andrew Cawthorne, David Goodthorne)
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Kremlin: sanctions won't force Russia to change its course
The Kremlin stated on Monday that sanctions would never be able force Russia to alter its course in Ukraine. This was just hours after the United States as well as the European Union had indicated they were considering further sanctions. The West has imposed a multitude of sanctions against Russia in response to the war in Ukraine in 2022 and the annexation Crimea in 2014. This is in an attempt to undermine the $2.2 trillion Russian economy and President Vladimir Putin's support. Putin claims that the Russian economy has defied Western predictions and has grown faster than the G7 nations. He has also ordered officials and businesses to resist the sanctions by any means possible. Peskov said to Kremlin journalist Alexander Yunashev that "no sanctions can force the Russian Federation into changing the consistent position our president has spoken about repeatedly". Donald Trump, President of the United States On Sunday, he said he was ready to move on to a second stage of sanctions against Russia. This is the closest he's come to suggesting that he might be about to ramp up sanctions on Moscow or its oil customers over the war in Ukraine. Antonio Costa, President of the EU Council, said that the United States and Europe are closely coordinating their preparations for new sanctions against Russia. Peskov stated that Europe and Ukraine do everything possible to bring the United States in their orbit. Putin said that the Kremlin preferred to resolve the crisis diplomatically, but if this was not possible then he would continue with what he calls "special military operations". The Russian war economy grew by 4.1% in both 2023 and 2024 despite the multiple rounds of Western sanction imposed following its invasion of Ukraine 2022. However, the economy has slowed sharply in this year due to high interest rates. (Reporting and writing by Anastasia Teterevleva, editing by Guy Faulconbridge).
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Merdeka Copper Gold, Indonesia's largest copper and gold company, says that its subsidiary will be launching a $300 million IPO
The Indonesian miner PT Merdeka Copper Gold Tbk announced on Monday that its gold mining division has received approval from the regulator for bookbuilding in preparation for an initial public offer to raise up to 4.9 trillion rupiah (300.6 million dollars). PT Merdeka Gold Resources said it plans to issue up to 1.6 billion shares at the IPO scheduled on September 17-19. Statement said that the company would use the proceeds to pay off debts and fund its gold mining, processing and manufacturing business. The company's flagship mine, Pani Mountain in Sulawesi, is estimated to contain 7 million ounces gold. Merdeka is building a processing plant for the project. It will be operational in the first quarter of next year. The Pani gold mine is expected to produce a maximum of 500,000 ounces gold at full production. Underwriters of the IPO have been hired by Trimegah Sekuritas Indonesia, Sinarmas Sekuritas and Indo Premier Sekuritas. Shares are expected to list on the Indonesia Stock Exchange by September 23.
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China's steel exports and lower iron ore shipments have led to a rise in the price of iron ore.
Iron ore futures rose on Monday for the fifth consecutive session, helped by a sharp drop in shipments from one of its major suppliers and resilient steel exports to China's top consumer. The day-traded contract for January iron ore on China's Dalian Commodity Exchange ended 0.64% higher, at 792 Yuan ($111.05). By 831 GMT the benchmark October Iron Ore at the Singapore Exchange had risen 0.53% to $105.4 per ton. This was the highest price since July 24. Mysteel, a consultancy, reported that the shipment of the main steelmaking ingredient, mainly from Brazil, fell by nearly 50% or 5 million tons from the previous week, to 5,07 million tons during the first week in September. The sharp drop in Brazilian shipments is mainly due to scheduled maintenance at three ports. Brazil increased shipment the week prior. Normal shipments should resume on September 9. In August, China's exports of steel were robust, partially offsetting the faltering domestic demand dragged down by its protracted property woes. Many Chinese steelmakers are making money this year, after losing money in the previous two years. This is partly due to the strong steel exports. The healthy margins allowed mills to maintain a high rate of operation, which led to a steady demand for raw materials. However, a sharper-than-expected fall in hot metal output, a gauge of iron ore demand, raised cation among investors, limiting price gains. Coking coal, which is used to make steel, and coke both rose by 1.42% and 0.222%. The benchmarks for steel on the Shanghai Futures Exchange have gained some ground. Rebar increased by 0.19%; wire rod grew by 0.09%; hot-rolled coils jumped 0.96%, and stainless steel gained 0.67%. Citi Research analysts expected that the steel industry would experience a significant supply cut during the fourth quarter. This is a traditionally slack season for demand. ($1 = 7,1321 Chinese Yuan) (Reporting and editing by Amy Lv, Lewis Jackson and Mrigank Dahniwala).
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The US rate cuts have boosted the economy of most major Gulf countries.
The major Gulf stock markets edged up in early trading on Monday. This was helped by rising expectations that the U.S. Federal Reserve will cut rates this month. However, weak oil prices limited gains. The U.S. unemployment rate rose to nearly four-year levels in August. This confirms that the labour market is softening, which will lead the Fed to cut rates next week. According to CME FedWatch, traders have priced in a rate cut of 25 basis points (bp), with an 8 percent chance of a 50-bp jumbo cut. The Fed's position is important in the Gulf where the majority of currencies are pegged with the U.S. Dollar, anchoring the regional monetary policies. Saudi Arabia's benchmark stock index gained 0.1% in a volatile trading session. This was aided by the 0.8% increase in Saudi Arabian Mining Company. Oil prices, which are a major factor in the Gulf financial markets, have risen by more than a dollar, recovering some of the losses of the previous week. This was aided by the prospect of further sanctions against Russian crude following an overnight attack on Ukraine. OPEC+ announced plans to increase production in October, although the amount was modest. A poll shows that Brent crude will average $67.65 a barrel by 2025 as increased production from major producers and U.S. Tariff threats limit demand. Dubai's main stock index was flat. The index rose 0.1% in Abu Dhabi. The benchmark in Qatar rose by 0.1%. This was boosted by an increase of 0.6% for petrochemical producer Industries Qatar. (Reporting by Ateeq Shariff in Bengaluru; Editing by Harikrishnan Nair)
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Cyprus President says that Cyprus is in talks with UAE about a European submarine cable project
Cyprus approached the United Arab Emirates to discuss possible collaboration on an EU-financed submarine power cable connecting Europe to the Eastern Mediterranean region. It said Monday that it was reaffirming their commitment to this project. Last Thursday, European prosecutors announced that they have launched an investigation to determine if criminal offenses may be committed in relation to the cable project to connect Greece to Cyprus and then to Israel. The three countries all support this project despite its delays. "To give just one example of this commitment, myself and my foreign minister went to the United Arab Emirates," Cypriot president Nikos Christodoulides said after comments made by Greek prime minister KyriakosMitsotakis on Saturday urging Cyprus clarify its position. "I met the president of the nation precisely to discuss this matter and to examine the possibility of a partnership to invest in areas related to this particular project." Christodoulides has not commented on the European investigation that was announced last week. The cable was built by Greek transmission company IPTO. It took over the project from a Cyprus operator who had worked on it for around a decade. The project promoters claim that the cable would be the longest high-voltage link in the world at 1,240 km (775,5 miles), and the deepest at 3,000 meters. Cyprus has sought clarifications about the total cost, viability of the project and the liability for any unforeseen delays. Reporting by Michele Kambas Editing David Goodman
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Saudi Arabia's GDP grew 3.9% in the second quarter
According to estimates by the government released on Monday, Saudi Arabia's GDP (gross domestic product) will grow 3.9% in 2025 due to non-oil sector growth. According to the Saudi General Authority for Statistics, non-oil activities grew 4.6% in comparison to the same period last year. The fastest growing sectors were electricity, water, and gas, followed by business, finance, and insurance. Oil grew by 3.8%, while government activities grew 0.6%. The oil activities grew the most compared to first quarter by 5.6%. On Sunday, the Saudi-led OPEC+ decided to increase oil production further as the kingdom tries to regain its market share. In an online meeting held on Sunday, the eight members of OPEC+ decided to increase production by 137,000 barrels a day from October. This is a much smaller increase than the monthly increases for September and August of approximately 555,000 bpd and 411,000 bpd between July and June. Oil prices have fallen by around 15% this year due to the increase in production. The prices haven't fallen, but are still trading at $65 per barrel. This is due to the sanctions imposed by the West on Russia and Iran. Saudi Arabia's economy is expected to be affected by the lower oil prices. The International Monetary Fund says Riyadh requires a price of over $90 per barrel to balance its accounts. Saudi Arabia has embarked on a costly transformation program called Vision 2030, which aims to wean its economy off of oil dependence. It is investing billions in sectors such as tourism, entertainment, and sports. Saudi Arabia's fiscal deficit in 2025 is expected to be around 101 billion riyals (about 27 billion dollars). Reporting by Pesha Magd; editing by Andrew Cawthorne
What is in the Republican tax plan and spending plan

The Republican-led House of Representatives passed a comprehensive budget package which would meet many of the priorities of President Donald Trump. Next, the Republican-led Senate will take up the package with likely significant changes.
The nonpartisan Congressional Budget Office has summarized the main elements of this package. According to them, the deficit would increase by $3.8 trillion over a period of 10 years. The estimates of CBO and Joint Committee on Taxation for some elements below are likely to be revised in the coming weeks.
Tax Breaks and Tax Cuts
(Cost: $2.2 trillion) Makes permanent lower income tax rates that were set to expire in Trump's Tax Cuts and Jobs Act of 2017. (Cost: $2.2 trillion)
Increases the alternative minimum tax exemption. (Cost: $1.4 trillion)
(Cost: $1.3 trillion) Increases the standard deduction by $1,000 up to $1,500. (Cost: $1.3 trillion)
Increases the tax breaks for "pass-through businesses" such as LLCs and sole proprietorships. (Cost: $809 billion)
Increases the Child Tax Credit from $1,000 to $2,500 until 2029 and then keeps it at $2,000, indexes to inflation. (Cost: $797 billion)
Raising the exemption for estate taxes from $14 to $15 million. (Cost: $212 billion)
Extends tax benefits for multinational corporations. (Cost: $174 billion)
Tax exemptions on overtime pay through 2029. (Cost: $124 billion)
Creates new $4,000 deductions for seniors. (Cost: $72 billion)
Tax exemptions on interest payments for loans to domestic autos up until 2029. (Cost: $58 billion)
Tax exemptions on certain tipped income until the year 2029. (Cost: $40 billion)
Contributions to private school scholarship funds are exempt up to $5,000. (Cost: $20.4 billion)
Parents can contribute up to $5k tax-free per year to a "Trump Account" that will be used to pay for their child's education and other expenses when they become adults. (Cost: $17.2 billion)
Taxpayers can now deduct up $40,000 in state and local taxes (SALT), up from the current $10,000. Benefits will gradually be phased out for households earning more than $500,000. (Cost not known at this time)
SAVINGS AND NEW REVENUES
Extended 2017 deadline for the elimination of personal exemption deduction. (Savings: $1.9 trillion)
Tax breaks for green energy, electric vehicles and clean electricity are eliminated. Savings are unknown at this time.
Restriction of health benefits for certain immigrants. (Savings: $117 billion)
Increases eligibility requirements for Affordable Care Act Exchange coverage. (Savings: $82 billion)
Taxes on private university endowments are raised from 1.4% up to 21%. (New revenue: $22.6 billion)
Imposes a new tax of 5% on money sent home by immigrants. (New revenue of $22,2 billion) Removes firearm silencers from the national registry and eliminates taxes on their sales. (Cost: $1.4 billion)
Tax on firearms manufacturers is eliminated
Gives the government the power to end the tax-exempt status of "terrorist-supporting organizations."
Total cost of tax reductions: $5.6 TRILLION
MEDICAID
Adults who are able-bodied and do not have dependents must work, volunteer, or attend school for at least 80 hours per month beginning in 2027.
The verification process is strengthened to ensure that participants and healthcare providers can participate. Rules that facilitate enrollment are removed.
The program excludes non-citizens and penalizes the states who use their own money to cover illegal immigrants.
The regulations that require minimum staffing in nursing homes and long-term care facilities have been blocked.
Funding for gender-transition therapies for minors is prohibited.
Prohibit payments to large providers such as Planned Parenthood who specialize in birth control and reproductive health services.
Limit state taxes on providers used to raise federal contribution.
Total savings: $715 Billion. Enrollment will drop at least 7.7 millions people from the current level of 71,000,000 people.
ENERGY & ENVIRONMENT COMMUNICATIONS
Cancels funding of green-energy grant programmes in the 2022 Inflation Reduction Act. This includes vehicle manufacturing, home energy upgrades, electricity transmission and wind power.
Encourages pipelines, exports of natural gas and exploration.
Rejecting grant programs for electric heavy-duty vehicle purchases
Rejecting grants for reducing air pollution and greenhouse gas emissions.
Rejecting fuel efficiency standards for cars and pickup trucks
More electromagnetic spectrum bands available for communication.
The law prohibits the states from regulating artificial Intelligence.
Total savings: $197 Billion
HOMELAND SECURITY
Cost of border wall construction: $46.5 billion
Cost: $6.3 billion for surveillance towers, drones, and border-security equipment
Cost: $6.2 billion. Increase the number of staff at U.S. Customs and Border Protection (Cost: 46,400 employees to 55,000).
Cost: $300 Million)
Reimburse the states for border security costs. ($12 billion)
Total cost: $79 Billion
IMMIGRATION & JUSTICE
Imposes new fees up to $5,000 on immigrants' work permits and court hearings.
The funding will be used to hire 10,000 additional immigration enforcement officers and fund 1 million deportations.
Additional funds are provided to government agencies for the investigation of visa fraud, criminal background checks, DNA testing and supervision of unaccompanied children.
The federal courts are prohibited from issuing contempt citations against the government for injunctions and temporary restraining order.
Total savings of $110 billion
MILITARY
Spending on shipbuilding to increase (Cost: 32 billion dollars)
Air and missile defence (Cost: 24 billion dollars)
Munitions (Cost : $19.5 billion).
Nuclear weapons (Cost : $12.6 billion).
Cost: $5 billion
Total cost: $144 Billion
FOOD ASSISTANCE
Some of the 41 millions participants in the SNAP program will have to work more hours
In 2028, the federal government will begin to shift some costs to the states.
Savings of $230 billion
EDUCATION
Changes to student loan repayment plans: Savings of $295 billion
Limits on borrowing for certain student loan programs
Restrictions on eligibility for Pell Grants
Limits on the government's cancellation of student debt (Savings : $32 billion).
Total savings: $349 Billion (Reporting and editing by Andy Sullivan, Bill Berkrot Alistair Bell, Andrea Ricci, Scott Malone)
(source: Reuters)