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Venezuela claims refiner Citgo has increased in value, and calls for the sale to be stopped
Lawyers for Venezuela have told a U.S. court this week that Citgo Petroleum, the Venezuelan-owned U.S. refining company, has seen its value 'increase since the sale of their 'parent company was ordered last year. This should prevent the execution process. Amber Energy, a hedge fund affiliate, and a Delaware judge approved in November a $5.9billion bid from Elliott Investment Management for Citgo Holding, the parent company of Citgo. This was after a court-organized share auction to pay creditors. The sale has yet to be approved by the U.S. Treasury Department and a U.S. Venezuela and rival bidders have asked an appeals court to temporarily suspend the sale due to a disagreement over the company's value and a conflict of interest with firms that advise the Delaware court. In the months following the hearing, the value for publicly traded refiners increased substantially," Alexandra Cumings wrote in a letter to Delaware Judge Leonard Stark, dated May 12, which was unveiled on Thursday. Citgo's value should be $15.1 billion based on the conservativest valuations discussed in court. Cumings said the sale shouldn't be carried out at $5.9 billion. She said that such a result was unfair to CITGO and the Venezuelans, as well as to creditors who were out of money. Oil assets are valued higher due to a 50 percent increase in price since U.S. and Israeli joint attacks against Iran sparked a war – now in its 'third month' - which has limited global energy supplies. Gregory Goff, chief executive of Amber Energy, a subsidiary of Elliott, wrote in a Wall Street Journal opinion piece published last month that the company has an investment plan worth $11 billion for Citgo. He also added, "The U.S. The government should permit the sale to be completed as quickly as possible. Lawyers for Venezuela claim Citgo should be a major player in restructuring the $150 billion debt announced recently by interim president Delcy Rodriquez, rather than being auctioned to pay off a few creditors. Cumings claimed Goff's article was in violation of a confidentiality agreement, which stipulated that Citgo would share strategic information with the bidders during the auction. Her letter also raised conflict-of interest issues by stating that some of the firms?that advised Robert Pincus who was appointed as special master to oversee the auction also worked for Elliott. Elliott has denied all the allegations. Pincus and Judge Stark are not commenting on the back-and forth between the parties.
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Iraqi Parliament approves partial government headed by PM Zaidi
Ali al-Zaidi, Iraq's new prime minister was sworn into office on Thursday with a partial cabinet. This is because lawmakers failed to reach consensus over key posts such as interior and defense. Basim Mohammed has been appointed the new oil minister, while Fuad Hassein will remain as foreign minister. The new government has 14 ministers who were approved by the parliament. However, the remaining positions including those in defence and interior have not been able to be agreed upon. Some lawmakers were reportedly enraged by the heated debate that took place during the session after they objected to the nomination of the interior minister. "Parliament approved fourteen ministries, while nine ministries are still pending." "Three of them failed today to win the confidence of parliament", Muqdad al Khafaji, MP told. Donald Trump, U.S. president, voiced his strong support of Zaidi on May 1. This was after the Iraqi coalition of Shi'ite political groups, the Coordination Framework in April, named Zaidi its nominee for prime minister, and gave him 30 days to create a government. Zaidi is a multimillionaire Iraqi in his 40s with interests in several sectors including banking, and the supply of Iraq's massive government food basket program that feeds millions. The new premier faces many challenges. These include disarming militias backed by?Iran, fighting?corruption, and balancing relations between Washington and Tehran. Reporting by Muayad Hamed in Baghdad; additional reporting by Ahmed Tolba; writing by Yomna Elhab. Editing by Mark Potter, Ros Russell and Mark Potter.
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Iraq seeks financial assistance from IMF and World Bank in response to Iran war
Iraqi officials have approached the International Monetary Fund (IMF) to secure financial assistance due to?the Middle East conflict, said a source with the IMF as well as an Iraqi official on Thursday. The IMF source said that initial discussions took place at the spring meetings in Washington of the IMF and World Bank last month. Discussions are still ongoing on how much funding Iraq will need and the structure of any loan. Iraqi officials who advise on financial policy have said that Iraq has begun preliminary talks with the IMF and World Bank about a loan for the country's finances, due to a severe revenue shortfall caused a halt in?oil sales following the Iran War and the closing of the Strait of Hormuz. Officials said that the official expected the talks to be "finalized" once a new administration is in place. The massive U.S. and Israeli bombing campaign that began on 28 February against Iran, which triggered the closure of the Strait of Hormuz by Tehran has shook the Middle East. It has caused damage to infrastructure and economies. Iraq was hard-hit by the war. Its oil exports, which represented nearly all of the government's income, were cut off due to the closing of the crucial waterway that previously carried around one-fifth the world's crude oils. IMF spokesperson Julie?Kozack stated that the IMF worked with the World Bank, and the International Energy Agency in order to assess the effects of the war on its member countries. She added that the Fund is also actively engaged in discussions with its member countries, many of whom are seeking policy advice. She said that IMF Director Kristalina Georgeeva had stated the IMF was seeing demand from at least twelve countries for $20 billion to $50 billion but refused to provide any details as to which countries had requested help. Iraq is the fifth-largest petroleum producer in the world, and its economy is heavily dependent on oil exports. Iraq's latest financial deal was with the IMF. It was a $3.8billion standby agreement that expired in July 2019. Of this amount, $1.49bn?was withdrawn. Iraq is owed $2.39 billion by the global lender, which includes $891 million that was provided through a rapid funding instrument. Reporting by Andrea Shalal, Washington, and Muayad Hamed Suadi, Baghdad. Editing by Louise Heavens. Chizu Nomiyama. William Maclean.
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US Admiral: Iran's capability to threaten its neighbors has been dramatically reduced
The?U.S. has?dramatically reduced Iran's ability to threaten its neighboring countries and U.S. interest. A senior U.S. Admiral stated on Thursday that the bombings have slowed down Tehran's defence industry by 90%. Admiral Brad Cooper of U.S. Central Command emphasized 'the tactical success of the military campaign he led against Iran and said that the war has dramatically reduced the danger posed by Iran to the Middle East. Cooper refused to directly address the reports of and other news organizations that Iran had significant drone and missile capabilities. These reports cited U.S. Intelligence sources. Cooper, speaking to a U.S. Senate Committee, said that Iran's threat has been significantly reduced. They no longer have the ability to threaten regional partners or the United States in ways they could do previously, in?every area. "They have?significantly?degraded." Cooper said Iran is no longer in a position to provide arms and other resources to the main allies in the region, including Hezbollah (in Lebanon), the Houthis (in Yemen) and Hamas in Gaza. He said, "These transfer paths and methods have been removed." Reporting by Phil Stewart, Doina Chiacu and Chizu Nomiyama; editing by Paul Simao and Chizu Simao
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India limits duty-free imports of gold for jewellery exporters in order to curb demand
India tightened the rules on duty-free gold imports for jewelry exports, capping the imports at only 100 kilos per license, according to an order from the government. The country is the second largest consumer of precious metals in the world. This week, the South Asian nation raised its import tariffs for gold and silver from 6% to 15% as part of an effort to reduce foreign purchases of these metals. It also aims to ease pressure on reserves of foreign currency due to higher oil prices. India is one of the leading exporters in the world of gold jewellery. New Delhi allows manufacturers and jewellers, under the scheme of advance authorisation, to import gold for export without paying any duty. On Thursday, the?government changed import rules for jewellers by capping gold imports at 100 kilograms per license and tying future licences with fulfilling at least 50% earlier export obligations. According to the order, first-time applicants must also undergo a physical inspection of the manufacturing facility by regional authorities in order to verify its existence, production capability and operational status. The holders of licences are also required to submit fortnightly, independent, chartered accountant-certified reports detailing the gold imports or exports that were conducted under this scheme. The new rules have excessive compliance requirements. The government appears to be trying to discourage gold imports even though this could result in a decrease in jewellery exports. According to the data collected by the Gem and Jewellery Export Promotion Council, India's gold jewellery exports in 2025/26, which included both plain and studded segments, stood at $11.36 Billion in fiscal year 2025/26, which ended in March. "The government appears determined to reduce gold imports." "The government is increasing import barriers, one by one," said an Indian bullion dealer based in Kolkata. (Reporting and editing by Mark Potter, Ros Russell and Rajendra Jadhav)
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Gold prices steady as investors turn their attention to the Middle East and Trump-Xi summit
Gold 'prices remained steady on Thursday as investors focused on the latest developments of the U.S. and Israel war against Iran, and the signals from President Obama's meeting with Chinese president Xi Jinping. Dollars other than the greenback rose by 0.2%. This makes bullion priced in greenbacks more expensive. At 1043 a.m. (1443 GMT), spot gold was unchanged at $4,689.99 an ounce. U.S. Gold Futures for June Delivery fell by 0.2% to $4695.80. The price of oil dropped after Iran's?state media reported that 30 vessels had recently crossed the Strait of Hormuz. Attacks on vessels were also reported in the area. Bart Melek is the global head of commodity strategies at TD Securities. He said that if the Middle East conflict doesn't end, there is a risk of a major downturn in gold. He added that if the Middle East conflict is not resolved, there could be a significant downturn in gold prices. According to CME Group’s FedWatch tool the price of a U.S. rate cut has been priced in at any time this year. This is due to an energy-driven sharp rise in U.S. consumer and producer prices in April. Gold is considered a hedge against rising inflation but higher interest rates can weigh down on this non-yielding material. In a recent note, Nikos Tzabouras of Tradu.com said that gold is lacking a firm direction. Markets are weighing lingering geopolitical uncertainties,?the economic impact from the Middle East conflict, and the hope that the 'Trump-Xi' meeting will?help broker a solution. Xi also told Trump on Thursday that the trade talks were progressing but warned against a disagreement about Taiwan which could cause'relationships to fall apart, or even lead to conflict. Taiwan was not mentioned in the U.S. summary. The Indian government has announced a 100-kilogram limit on imports of gold under its advance authorization program, which allows Indian exporters to benefit from certain exemptions. Silver spot fell by 3.5%, to $84.88 an ounce. Platinum fell by 3.4%, to $2,065.05, while palladium fell by 3.7%, to $1,443.62. (Reporting and editing by Paul Simao, Nick Zieminski and Ishaan arora in Bengaluru)
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Iraq requested financial assistance from IMF in response to the Iran war, a source said
A source close to the IMF confirmed that Iraqi officials had approached the IMF about financial assistance due to the conflict in the Middle East. The source stated that initial discussions took place 'last month at the spring meetings of IMF and World Bank, in Washington. Discussions are still ongoing on how much funding Iraq will need, and how a loan will be structured. The massive U.S. and Israeli bombing campaign that began February 28 against Iran, which prompted Tehran to close the Strait o'Hormuz, has rocked Middle East and caused damage to infrastructure and economies. Iraq has been 'hard hit' by the war. The majority of its oil exports, which represents nearly all of government income, have been cut off due to the closure of a critical waterway that previously carried around?one fifth of the world?s crude oil. IMF spokeswoman Julie Kozack stated that the IMF worked with the World Bank, the International Energy Administration and other organizations to assess the effects of the war on its member countries. She added that the Fund is also actively engaged in discussions with its member countries, many of whom are seeking policy advice. She said that IMF Director Kristalina Georgeieva had stated the IMF had received requests for help from "at least 12" countries, but refused to give any details on which countries requested assistance. The Iraqi government and its embassy in Washington did not immediately comment. Iraq's economy is heavily dependent on oil exports. Iraq's latest financial deal with IMF was a $3.8 billion standby agreement that expired in July 2019. Of this amount, $1.49bn was drawn. Iraq is owed $2.39 billion by the global lender, which includes $891 million that was provided through a rapid funding instrument. (Reporting and editing by Louise Heavens, Chizu Nomiyama, and Andrea Shalal)
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US Wireless carriers launch joint venture to address rural "dead zones"
Verizon, AT&T, and?T-Mobile announced on Thursday they had agreed in principle to form a joint venture to address coverage gaps that have existed for years - especially in rural areas - by using satellite-based technology. The plan, according to the largest wireless companies in the United States, aims to eliminate nearly all dead zones that lack mobile service. The plan aims to improve network performance and ensure redundant connectivity in natural disasters using "direct-to-device" satellite technology. The Federal Communications Commission has approved EchoStar’s $40 billion sale to SpaceX and AT&T of wireless spectrum. EchoStar will sell?65 Megahertz to SpaceX at a cost of $17 billion in order to enhance SpaceX’s Starlink’s next-generation device-to device offering. The joint venture will invest in satellite-based direct-to device technologies to fill coverage gaps. Analysts also believe that the joint venture could be defensive, as some are concerned SpaceX will eventually compete directly with U.S. wireless providers. FCC Chairman Brendan Carr said in an interview that the sale of $40 billion worth of spectrum provides Starlink with a clear path to "enter direct into the cell market." Elon Musk, CEO of SpaceX, has stated that the company has deployed over 650 Starlink satellites to support a new direct-to device business. Musk said that the company's goal was to "deliver complete cellular coverage on Earth." Carr said Starlink would be able to deal with dead zones on its own, or in partnership traditional carriers. SpaceX will gain 'exclusive-use spectrum to develop a Starlink service that connects devices or directly to cell phones, among other services. The FCC stated that AT&T’s low-band spectrum would expand coverage throughout the United States, particularly in rural and underserved regions. Carr said, "We are fundamentally reshaping wireless industry with this approval." "As regulators, our job is to give the market a fair chance at settling itself." Direct to cell is not a "winner", but neither are we putting it aside and declaring it as a "loser". The FCC has also granted SpaceX waivers to address the convergence of satellite and wireless broadband. The FCC's announcement allows SpaceX to use their new spectrum in a flexible manner for hybrid, terrestrial and space-based network architectures. The FCC has ordered EchoStar to set up an escrow fund of $2.4 billion, which would cover any amount that EchoStar may owe as a result of disputes over the work done under licenses. (Reporting and editing by Sharon Singleton, Nick Zieminski and David Shepardson)
Three people killed in wildfires across southern Europe; thousands forced to evacuate
On Thursday, hundreds of firefighters battled against wildfires in southern Europe. Some of the fires are believed to be deliberately set by arsonists. They were also stoked due to an extended heatwave that gripped the region.
The European Union has sent reinforcements to Greece and Spain in order to combat fires that have caused the deaths of three firefighters and destroyed homes, buildings, and large areas of farmland and forest. This forced thousands of people from their homes.
In the Mediterranean, hot and dry summers are common. Scientists say that wildfires, fanned and accelerated by heat and wind, are becoming more destructive and difficult to control.
Firefighters from Portugal, Spain, Albania, and Greece all struggled to contain the towering walls that threatened life and property. According to the European Forest Fire Information System, the Iberian Peninsula alone accounted for about half the EU's total burned area this year of around 500,000 hectares (1 931 square miles).
More than 200 firefighters in Greece were assisted by 11 aircraft to put out a fire near the western Peloponnese port city of Patras. Temperatures that were high fueled tinderbox conditions.
Giannis Kefalogiannis, Minister of Civil Protection and Climate change in Greece said that a single spark can cause a fire to quickly spiral out-of-control.
A senior police official, speaking on condition of anonymity, said that three people were arrested for allegedly deliberately starting wildfires in the area of Patras. They are expected to appear Thursday before a prosecutor.
This year, Greece made available to the public a record-breaking number of firefighters.
RAGING INFERNO
Three people in Spain, including volunteer firemen, were killed in wildfires in the midst of a heatwave that lasted for 11 days, with temperatures reaching 44 degrees Celsius in some places.
Local media reported that Jaime Aparicio was the 37-year old victim who had suffered burns on 85% of his entire body. He and another volunteer firefighter were trapped while they tried to create firebreaks using brush cutters.
On Thursday, eleven large fires threatened developed areas. This forced authorities to evacuate more than 9,000 residents and cut off the roads and rail service.
Nearly 1,000 firefighters in Portugal battled a fire near the picturesque mountain village of Piodao. Crews were able to control a wildfire that had been burning in the mountains of Vila Real for 11 days, the longest fire this season.
Soldiers, firefighters and volunteers in Albania, backed by helicopters and a Canadair firejet, fought to control separate fronts between Delvina & Gjirokastra, after days of raging blazes damaged dozens homes and burned agricultural land.
Edi Rama, the Prime Minister of Egypt, said that 137 arsonists had been identified and arrested since June.
Clirim Conku is a 61 year old farmer from southern Albania who lost his vineyards, his olive groves, and all of his livestock to a wildfire. He was only relieved that he and his dog had survived.
"I used everything to put out the fires. This napkin saved my life by fighting the smoke. "I put some water on the napkin, but it was more wet with sweat," said he.
Some were angry that their lifetime's work had been wiped out in a matter of minutes.
Dimitris daskas, Dimitris's restaurant owner, who owned a business near Patras and broke his arm trying to save it, was without power or water as the fires approached.
He said: "My wife called (emergency service) to tell them we were on fire, but they didn't pick up." Reporting by Louiza Viradi in Patras; David Latona, in Madrid; Andrey Khalip, in Lisbon; Fatos Bityci, in Tirana. Additional reporting by Daria Sucic, in Sarajevo. Writing by Angeliki Kooutantou. Editing by Bernadette B. Baum.
(source: Reuters)