Latest News
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Bloomberg News reported that Cenovus was in talks with Canadian Indigenous groups about MEG Energy.
Bloomberg News reported that Cenovus Energy was in discussions with Indigenous groups to buy MEG Energy together. The report cited people who were familiar with the talks. The report stated that a group of First Nations communities, including Chipewyan Prairie First Nation (Chipewyan Prairie First Nation) and Heart Lake First Nation (Heart Lake First Nation), are in discussions with Cenovus to take a C$2 Billion ($1,45 Billion) stake in MEG. Bloomberg reported that the Indigenous stake would receive financial support from both the federal government and the provincial government, with Cenovus bidding for the remainder. MEG Energy shares were up more than 2% during afternoon trading. Analysts and media have floated Cenovus as a potential white knight buyer for MEG Energy, a rival oil sands company that is being targeted by Strathcona Resource in a hostile takeover bid. MEG Energy told its shareholders in June to reject Strathcona’s hostile takeover offer of C$6 billion and that it would begin a process of strategic alternatives and explore possible deals. MEG and Cenovus didn't immediately respond to comments. The First Nations groups also failed to respond to requests for comment. ($1 = 1.3762 Canadian dollars) (Reporting by Sumit Saha in Bengaluru; Editing by Alan Barona)
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Gold nudges higher after US inflation data
Gold prices rose on Tuesday as U.S. inflation data boosted expectations for Federal Reserve rate cuts. Meanwhile, attention turned to other important economic data due later this week. Spot gold was up 0.2% to $3,349.60 per ounce by 12:06 pm EDT (1606 GMT). Dollar weakness has made bullion more affordable for those who hold other currencies. Last month, the Consumer Price Index in the United States rose by 0.2% after rising 0.3% in June. CPI increased 2.7% in the 12-month period ending July. The economists polled predicted that the CPI would rise 0.2% in July, and 2.8% on an annual basis. Bob Haberkorn, market strategist at RJO Futures, said that the inflation numbers are mixed but supportive of a rate cut. "Traders are cautious, as we're in a critical phase and await further economic indicators." After the CPI data, traders maintained their bets for rate cuts in September and December. This week, the U.S. Producer Price Index (PPI), weekly unemployment claims and retail sales are also due. The United States and China extended their 90-day tariff truce, preventing triple-digit duty on the goods of each other. Razan Hilal is a FOREX.com market analyst. He said that prices are still ranging between important support and resistance levels, as investors digest the recent tariff developments. Gold, which pays no interest, is more appealing when interest rates are lower. Gold tends to do well in periods of uncertainty as it is seen as a safe haven asset. U.S. Gold Futures for December Delivery fell 0.1%, to $3399.70 per ounce. Prices fell by more than 2% after U.S. president Donald Trump announced on social media that tariffs would not be imposed on imported gold. U.S. futures for gold rose to new highs after a report that Washington had imposed a tariff on imports 1 kg bars of bullion. (Reporting by Ashitha Shivaprasad in Bengaluru Editing by David Goodman, Rod Nickel and Tasim Zahid) (Reporting and editing by David Goodman in Bengaluru, Rod Nickel, Tasim Zahid.)
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Magic Moments joins forces with Bollywood superstar Shah Rukh Khan for the launch of premium tequila
Radico Khaitan will launch a premium brand of tequila in partnership with Bollywood actor Shah Rukh Khan, Zerodha cofounder Nikhil Kamath, and Zerodha founder Nikhil Kamath. This is their first foray into this category. The Indian liquor producer, well-known for its premium products such as Rampur Indian single malt and Jaisalmer Indian Craft gin, will launch the brand D'YAVOL Anejo, a premium spirit aged in wine casks about two years. D'YAVOL is a luxury brand founded by Shah Rukh Khan's Son Aryan Khan in 2022, along with Leti Blagoeva, and Bunty Sing, and headquartered in Amsterdam. It offers premium streetwear, blended malt whisky, and vodka. Abhishek Khaitan, Radico Khaitan's Managing Director, said on Tuesday that D'YAVOL Anejo will be launched by December. The price, depending on the state excise tax, is expected to range between 20,000 and 30,000 rupees. Indians are increasingly spending on luxury items, including alcohol and housing. According to Crisil's data, alcohol sales are expected to increase by up to 10% in fiscal 2026, to $61.35 Billion. India is quickly catching up to the global trend of tequila. Khaitan stated that the market in India is around 300,000 cases. Of this, 15% are Anejos (a Spanish word for 'aged'). He said: "We think that tequila will reach about a million bottles in India and the global market in five years. I thought it was an excellent opportunity." Radico Khaitan, Shah Rukh Khan and his family will hold 47.5% of the venture each, while Kamath owns 5%. This deal also highlights the fierce competition between mass and premium liquor segments. Three weeks ago, Tilaknagar bought Pernod Ricard's "Imperial Blue", a whisky brand for $486.9 million. ($1 = 87.6370 Indian rupees) (Reporting by Chandini Monnappa and Hritam Mukherjee in Bengaluru; Editing by Shilpi Majumdar)
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Oil prices drop as the market awaits EIA Report
The oil prices fell on Tuesday, as traders awaited a short-term outlook report from the U.S. Government following a bullish OPEC report on supply and demand. Brent crude futures fell 20 cents or 0.3% to $66.43 per barrel at 10:36 AM CDT (1536 GMT). U.S. West Texas Intermediate Crude Futures fell by 39 cents or 0.61% to $63.51. Phil Flynn is a senior analyst with Price Futures Group. He said, "We are still in a range as we await the Energy Information Administration's report this morning." Flynn stated that traders were waiting to see if EIA's report would match up with a report released earlier by OPEC about its outlook for demand and production. The Organization of the Petroleum Exporting Countries has raised its forecasts for global oil consumption next year, and trimmed their forecasts for supply growth from the United States as well as other producers outside the broader OPEC+ Group. This indicates a tighter outlook for the market. In its monthly report, OPEC said that global oil demand would rise by 1,38 million barrels a day in 2026. This is an increase of 100,000 bpd over the previous forecast. The 2025 forecast was not changed. The U.S. president Donald Trump extended the tariff truce between China and the United States until November 10. This will prevent triple-digit duties being imposed on Chinese products as U.S. retail stores prepare for this critical holiday season. It raised the hopes of a possible agreement between the two world's largest economies to avoid a virtual embargo. Tariffs could slow global growth and lower oil prices. U.S. consumer price increases were the highest in six months in July, as rising import costs due to tariffs drove up prices. Trump and Russian President Vladimir Putin will meet in Alaska this Friday to discuss the end of Russia's war against Ukraine. This could also have an impact on the oil markets. Trump has increased pressure on Russia in order to end the conflict. He set a Friday deadline for Russia to accept peace in Ukraine, or face secondary sanctions. He also pressured India and China into reducing their purchases of Russian crude oil. Commerzbank wrote in a report that if the meeting on Friday brings about a ceasefire in Ukraine or even a peace agreement, Trump may suspend the secondary tariffs against India imposed last week. They would then be suspended for two weeks. If not, sanctions could be imposed on other oil buyers, such as China.
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Indian miner NMDC’s quarterly profit falls on higher costs and softer prices
The Indian state-owned mining company NMDC announced a lower profit for the first quarter on Tuesday. Higher expenses and lower prices outweighed gains from strong demand in India. In the quarter ending June 30, the country's biggest state-run iron ore company reported a profit drop of nearly 1% from a previous year to 19,69 billion rupees ($225 million). Royalties and other levies increased by 33%, to 26.8 trillion rupees. This led to a 38% increase in total expenses. Indian miners pay a royalty to the government for the right of extracting minerals from their land. NMDC stated that if a tax law demanding higher royalties be passed, the company will also have to pay 143.74bn rupees to the Karnataka State Government. Data from commodities consultancy firms BigMint and Systematix Institutional Research showed that domestic iron ore prices fell 14% during the third quarter. India, which is the third largest iron ore producer in the world, imported 800,000 tons of pellets by 2025. However, shipments from 2021 to 2024 were negligible. Iron ore, which is used to produce steel, was still in high demand during the first quarter. This was due to increased manufacturing and government expenditure on infrastructure. The company's revenue in the first quarter rose by 23%, to 66.34 bn rupees. This was primarily due to increased sales at its pellets division, which saw a revenue increase of more than 13 times. The company's revenue from iron ore increased by 15% during the third quarter. Manvi Pant reports. $1 = 87.6180 Indian Rupees
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The gold and silver markets are relieved after Trump's announcement that tariffs on gold will be avoided.
U.S. president Donald Trump said on Monday that he will not impose any tariffs on gold. This was a welcome move by the global bullion market and ended speculation for days that the yellow metal would be affected by the current global trade dispute. "Gold won't be tariffed!" Trump posted a statement on his social media accounts. He gave no details. U.S. Customs and Border Protection posted a decision on its website Friday, stating that Washington could place the gold bullion bar most commonly traded in the United States within country-specific tariffs. This would have shook the global supply chains of the metal. A White House official responded on Friday by saying that the Trump Administration was preparing a executive order to "clarify misinformation" regarding tariffs on gold and other specialty items. A U.S. tariff on gold would have been particularly harmful to Switzerland, which is a major hub for refining gold and for its transit. Trump's post on Monday removes this concern. Ross Norman, an analyst for the gold market, said he was "delighted" to hear that the crisis had been avoided. It will be a huge relief for the bullion market, as the disruption potential was unimaginable. U.S. Gold Futures fell 2.4% to $3.407 per ounce following Trump's Monday post, reducing the premium over spot gold (the global benchmark), which fell by 1.2% to $2,357. Barrick Mining shares fell by 2.8% after it announced its quarterly results. Shares of Newmont, the world's biggest gold miner, were also down to $68.87. Both companies are major U.S. producers of gold. (Reporting and writing by Pratima Deai, Ernest Scheyder, Jasper Ward; editing by Les Adler.
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De Beers announces the discovery of a kimberlite field in Angola
De Beers joint venture in Angola announced on Tuesday that it had discovered a kimberlite mine, which is the main source of diamonds. This was its first discovery of this kind in 30 years. Anglo American is exploring for diamonds with Endiama, the state-owned diamond firm of Angola. De Beers announced in a press release that the joint venture's first drill hole in July 2025 was kimberlite. The company stated that further drilling, geophysical survey and laboratory analyses will be carried out over the next few month to confirm the type of kimberlite and assess its diamond-producing potential. Kimberlites, a rare type of rock that is formed by volcanic eruptions, bring diamonds to the surface. De Beers, which had left Angola a decade before after unsuccessful explorations, returned in 2022. In April 2022, the mining giant signed mineral investment contracts with Angola's government. This was followed by agreements for diamond processing and exploration. Anglo American, the parent company of De Beers, is selling it as part its strategy to concentrate on its copper and ore assets. Sources close to De Beers told the media in June that at least six consortia have expressed interest in De Beers, including Anil Agarwal (the commodities billionaire), Indian diamond firms and Qatari funds. (Reporting and editing by Jan Harvey; Nelson Banya)
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New Fortress Energy asks SEC for extension on filing quarterly report in debt agreement talks
New Fortress Energy announced on Tuesday that it had requested more time to file its second quarter report, ending June 30. The company cited ongoing discussions about additional credit support needed under one of its loan agreements. The shares of the U.S. based company that produces liquefied gas fell nearly 5% at first trading. New Fortress stated in a filing to the U.S. Securities and Exchange Commission that the timing of the resolution of the discussions was uncertain and could have an impact on how the long-term debt and disclosures related to it are presented. It is also necessary to give the auditor more time to finish reviewing and complete the procedures for interim financial reports. New Fortress made a similar statement in May, stating that it would extend the first quarter filing to the SEC because of delays in the completion of a previously-announced sale of the company's business in Jamaica as well as the resignation of the accounting chief. At the end of first quarter, it had debts worth $8.9billion. Its financial problems stem from the inability of the company to obtain LNG on long-term contracts for its power generation assets in Latin America because its credit rating was not investment-grade. The gas had to be purchased at higher prices. (Reporting and editing by Shilpa Majumdar in Bengaluru)
Daimler Volvo and other truck manufacturers sue California for blocking emissions regulations
Four major truckmakers including Daimler, Volvo and others sued California in order to prevent the state from enforcing the strict emission standards that U.S. president Donald Trump declared null in June.
Daimler Volvo Paccar and International Motors, formerly Navistar said that they were "caught in crossfire" when Trump revoked waivers granted during the Biden Administration which allowed California to set its own standards.
In a Monday complaint, truckmakers claimed that Trump's decision to revoke the U.S. Environmental Protection Agency's approval of California’s plan to increase zero-emissions heavy-duty trucks sales and reduce nitrogen dioxide emissions preempted state enforcement. The truckmakers said that this included enforcing Clean Truck Partnership 2023, a program which gives the truckmaking industry the flexibility to meet emission requirements while advancing California’s goal of reducing emissions.
Truckmakers say the regulatory uncertainty is irreparable because they can't plan their production without knowing what vehicles they are allowed to sell.
The complaint, filed Monday in Sacramento's federal court, names both the California Air Resources Board (CARB) and Democratic Governor Gavin Newsom among the defendants.
The board and Newsom's Office did not respond to comments on Tuesday.
Trump's actions were part of Republicans' efforts to limit California's ability to set stricter pollution limits under federal law than required by federal law, and Newsom’s desire to promote electrical vehicles in his fight against climate change.
Since 1970, California has been granted more than 100 waivers of the Clean Air Act.
Trump blocked California's efforts to stop the sale of gasoline-only cars by 2035 when he signed joint congressional resolutions in June. State officials are also suing Trump to reverse his actions.
Daimler Truck North America LLC, et. al. v. California Air Resources Board, et. al., U.S. District Court for the Eastern District of California. 25-02255. Reporting by Jonathan Stempel, New York Editing Rod Nickel
(source: Reuters)