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Bankers: Adani Power to sell largest-ever rupee bonds, say India
Two?merchant banks have confirmed that Gautam Adani, the Indian billionaire Gautam Adani and his power company plan to raise 75 'billion rupees (823.7 millions dollars) at their largest-ever rupee bond sale later this week. Bankers said on Tuesday that Adani 'Power' aims to raise funds by issuing multiple tranches with maturities ranging from two to five years. They also added that the company had invited bids for Friday. The coupon will be 8.00% and 8.20% for the bonds of two and three years, and 8.30% or 8.40% on the papers of four and five years. The coupon is paid on a quarterly basis. Adani Power aims to raise 28,60 billion rupees via the two-year option and 26,90 billion rupees via the three-year paper. Adani Power expects to raise 6.75 billion rupees via the four-year paper and 12.75 billion through the five-year note. The proceeds will be used to fund capital expenditures, working capital, debt repayment, prepayment, and other corporate purposes. Adani Power didn't reply to an email asking for comment. Bankers say that some large mutual funds will act as anchor investors in the issue. This is expected to attract strong demand from banks and other funds. The bonds have been rated "AA" by Crisil and India Ratings. Coupons are set to increase 25 basis points with each notch of rating downgrade. In the first half of this year, Adani Ports and Special Economic Zone raised 50 billion rupees through 15-year bonds placed directly with Life Insurance Corporation of India. $1 = 91.0540 Indian Rupees (Reporting and editing by Dharamraj Dhutia, Khushi malhotra).
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As US and EU fight over Greenland, gold crosses $4,800.
Gold prices surged above $4,800 an ounce Wednesday,?buoyed?by safe-haven demands and a weaker dollar, as U.S. President Donald Trump's pursuit for Greenland threatened a new trade war with Europe, and to upend NATO. Gold spot rose by 1.2%, to $4,821.26 an ounce, at 0226 GMT. It had earlier reached a session high of $4,843.67. U.S. Gold Futures for February Delivery climbed 1% per ounce to $4,813.50 It's the loss of trust in the U.S. that Trump caused over the weekend by his moves to impose tariffs on European countries and to increase his coercion to try to take Greenland. The move in gold reflects concerns about global geopolitical tensions, according to Kyle Rodda. Trump said on Tuesday that he would not "go back" from his plan to take control of Greenland. He refused to rule out the possibility of taking the Arctic Island by force, and slammed?NATO's allies. Later, he said: "We'll?work out something where NATO will be very pleased and where we'll be very satisfied." The French President Emmanuel Macron also said that Europe will not be intimidated or give in to bullies, in a scathing critique of Trump's threats of steep tariffs in Davos if Europe doesn't let him take over Greenland. Rodda stated that investors were selling dollars, selling Treasury bonds, especially at the long end, and instead buying gold because they had more confidence in gold than in U.S. currency. The dollar remained near its three-week lows in relation to the euro and Swiss franc. Asian stocks continued their declines for a third day, while a global debt rout appears to have slowed?for the moment. The greenback price of metals is cheaper for buyers overseas due to the weaker dollar. The Federal Reserve is expected to keep interest rates steady at its meeting on January 27-28, despite Trump's call for reductions. In low-interest rate environments, non-yielding gold bullion performs very well. Silver spot fell 1%, to $93.59 per ounce after reaching a record high on Tuesday of $95.87. The spot platinum price fell 0.7%, to $2,445.96 an ounce, after reaching a record of $2,511.80 earlier in day. Palladium dropped 0.5%, to $1,857.19. (Reporting by Ishaan Arora in Bengaluru; Editing by Sumana Nandy and Subhranshu Sahu)
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Evolution Mining, Australia's gold mining company, posts record-high gold production and shares.
Evolution Mining, a gold producer in Australia, reported an increase in second-quarter production on Wednesday. This was due to strong performances?across virtually all assets. Its shares reached a record high. The shares of the company, which is majority owned by?AustralianSuper, the largest pension fund in the country, rose up to 9.18%, reaching a new record A$14.750. This was their biggest intraday gain percentage since August 14, 2024. Gold miner produced 191,000-ounces of the precious metal in the last quarter of the year. This compares to 174,000-ounces the quarter before. Evolution attributes the increase in output to a strong performance at its Cowal Project in New South Wales. The open-pit mine produced 80.000 ounces of gold during the quarter ending December, up from 71,000 ounces in the previous quarter. The mine produced higher-quality gold, which made underground operations at Cowal smooth. Evolution is the only owner of this mine which has a life expectancy until 2042. Jefferies analysts said Cowal's performance was in line with Visible Alpha estimates. Mungari, a mining hub in Western Australia's underground mines, has logged a record quarterly output of 50,000-ounces. This is the fourth consecutive quarter that production has grown. A historic rise in the global gold price led to a higher quarterly gold 'price' of A$6,206 an ounce for the group. In a note, Jefferies said that, "While 2Q gold production was in line with expectations, it exceeded ours," adding that record gold prices had boosted Evolution's financials. Evolution, based in Sydney, has confirmed its group production forecast for fiscal 2026 of between?710,000 and 780,000 ounces of gold and 70,000-80,000 metric tonnes for copper. The company produced the same amount of copper as it did in the previous quarter. (Reporting by Rajasik Mukherjee; Editing by Subhranshu Sahu)
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Chile's Kast names Quiroz finance minister, taps Pinochet defenders for cabinet
The Chilean President elect Jose Antonio Kast named Jorge Quiroz, an economist, as his finance minister on Tuesday. He is part of a?cabinet that also includes two lawyers who supported dictator Augusto Pinochet. This move has re-ignited tensions about human rights in advance of Kast's inauguration. Kast also named Daniel Mas as the new head of the Mining Ministry. Chile is the second largest lithium and copper producer in the world. Quiroz was already on the list of businessmen that the incoming president had informed. Quiroz was Kast's principal economic advisor. He holds a doctorate in Economics from Duke University, the U.S. Quiroz said Chile's economy is in a "decline" and that it can be improved by addressing security, deregulations, cutting corporate tax, and making?fiscal adjustment. This was an issue that was raised during the presidential election. Mas is a businessman and vice-president of Confederation of Production and Commerce. He has a long and successful career in the private sector. His work includes real estate, construction and financial services. He will also be the minister for economic development. Kast who will be taking office on 11th March, also appointed two attorneys that defended Pinochet a brutal dictator who ruled Chile between 1973 and 1990. Fernando Rabat will now lead the Ministry of Justice and Human Rights. This ministry is still responsible for cases relating to the dictatorship. When rumors of his nomination leaked, human rights groups and families of those killed under Pinochet's rule criticized Rabat. Pinochet died in 2006. Pinochet died in 2006. After Pinochet was arrested in London, England in 1998, the Defense Minister Fernando Barros defended him and fought to free him. Pinochet, who was initially arrested and extradited from Chile to Spain on charges of torture, murder?and crimes against humanity before returning in 2000 for medical reasons. Kast?also named Francisco Perez Mackenna minister of foreign affairs. Perez Mackenna was the manager of?the Luksic billionaire family's business interests for nearly 30 years. Trinidad Steinert will head the Ministry of Public Security. This is a key role in fulfilling Kast’s campaign promise of cracking down on crime. (Reporting and editing by Cassandra Garrison, Thomas Derpinghaus and Cassandra Garrison)
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Asian shares continue to fall, bond market turmoil stokes new anxiety
Asian stocks continued to fall for a third day on Wednesday, dragged down by increased tensions surrounding U.S. threats of acquiring Greenland in advance of President Donald Trump’s Davos address. However, a global bond sell-off appeared to have slowed for the moment. The fear of the "Sell America" trade - which emerged in the wake of last year's "Liberation Day tariff announcements" in April – gripped the markets overnight as Wall Street fell over 2% and the U.S. Dollar suffered its largest fall in more than a month. Investors fled to gold and silver which had both reached record highs. Mantas vanagas, senior economist at Westpac, said that the'sell America trade' was driving the major market movements overnight. Investors were looking to reduce their exposure to the U.S. as they viewed it as an unreliable and self-defeating partner. Trump has however redoubled his rhetoric on Greenland. He said that there is "no turning back" from his goal of controlling the island and refused to rule out taking control by force. Trump's threat to impose tariffs on Europe also reignited fears of a trade war. On Thursday, the European Union will convene a summit to discuss this issue. The long-standing U.S./EU alliance is clearly in danger. The World Economic Forum is in Davos, where Trump will deliver a speech Wednesday. MSCI's broadest Asia-Pacific index outside Japan dropped 0.3% in early trading. Japan's Nikkei fell 1.2% for the fifth consecutive day. Nasdaq and S&P futures both rose 0.2% overnight after Wall Street experienced its biggest drop in three months. The S&P500 fell by 2.06%, while the Nasdaq Composite dropped by 2.4%. The Euro STOXX50 futures and the DAX futures both fell by 0.4%. JAPAN'S BOND RULE PAUSES FOR NOW The global bond markets were still recovering from a brutal selling off, caught in a perfect hurricane of concerns over U.S. exposure and an increase in Japanese government bonds yields. Bond yields in Japan soared to new records due to fears of increased government spending by Prime Minister Sanae Takayichi. Investors tried to catch their breathe in the early trading. The 40-year Japanese Government Bond yields fell 6 basis points to 4.145% on Wednesday, after surging 26 basis points a day earlier and reaching a record high 4.215%. Other tenors remain thinly liquid. Treasury yields in the United States were also stable on Wednesday. The benchmark 10-year rate fell 1 bp, to 4.285%. It had jumped overnight by 7 bp to reach a five-month peak of 4.313% on the back of "Sell America". Danish pension fund AkademikerPension announced on Tuesday that it will sell its holdings of U.S. Treasuries worth about $100 million by the end this month. It blamed weak U.S. Government finances. The U.S. Dollar remained at 98.56 per dollar against major peers after dropping 0.5% over night - the largest daily drop since early December. The yen was stable at 158.19 dollars, but it lost out in a few crosses. The Swiss franc hit a record-high of 200.19 yen. Bank of Japan will meet on Friday. Though a rate increase is not expected, policymakers may tighten up the monetary system as early as April. The oil prices dropped as geopolitical tensions, and the expected increase in U.S. crude stocks outweighed a temporary stoppage of production at two large Kazakh fields. West Texas Intermediate crude prices fell by 1.31% in March to $59.57 per barrel. Silver prices also rose, but only by 0.4%, to $95.01, falling short of the record of $95.87 set on Tuesday.
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Can you price a global regime shift? McGeever
The latest trade war and foreign policy salvos from Donald Trump are upsetting the global markets. But the question is if these ructions escalate or fade, as they did in the past 12 months. It is more likely that the latter, but it is clear that investors struggle to price the fundamental shifts in geopolitical plates. The changes that have already occurred in 2026 will be truly astounding. The Trump?administration appears to have?removed Venezuela's leader and is now the Latin American nation's defacto ruler. The threat of an American response is still present after a violent crackdown in Iran on protests has resulted in the deaths of thousands. Trump is also trying to buy Greenland by any means from Denmark, another NATO ally. The U.S. - Europe alliance and the rules-based world order that has been built up since World War Two are in danger. It is also a minefield on the economic and financial front. Trump has made a number of interventionist decisions on everything from mortgage-backed securities to credit card rates, and he's also pressed U.S. oil executives into investing billions in Venezuela. We should not forget that his Justice Department continues to threaten to indict Federal Reserve Chairman Jerome Powell. This "Trumpian attack" on the U.S.-based rules-based order, to borrow Matt King's phrase, the founder of?Satori Insights, seemed at odds with relative calm in the markets. This calm is breaking apart. Stocks, bonds, and the dollar have been impacted by a sell-off triggered by Trump's escalating spat with many of America’s closest European allies. Gold, the safe-haven, has risen to $4,700 an ounce. It looks like the 'Sell America" trade is back. If last year's performance is any indication, the market jitters could turn out to be speedbump on the road to new highs instead of roadblocks. The fundamentals matter, right? Wall Street will not stay down long if we ignore the geopolitical drama. The consensus expectation for U.S. corporate profits and economic growth is high. The International Monetary Fund on Monday raised its 2026 U.S. growth estimate ?to 2.4% from 2.1% in October, due in part to ?the huge sums being plowed into artificial-intelligence data centers, chips and power generation. Early indications of the fourth quarter earnings are also encouraging. So far, 84.8% of the 33 S&P 500 companies that have announced earnings have surpassed expectations. If the LSEG consensus estimates for year-onyear earnings growth of 9,0% materializes, this should put upward pressure to equities. Remember that high levels of uncertainty aren't always bad for profits or growth. In some cases it can even be positive. Imagine the amount of money needed to fund the global rearmament or the race for energy independence and AI independence. No room for LIMBO The relative calm of the markets over the last year could be attributed to a virtuous circle - or, put another way, a false illusion. The steady flow of money from passive investment funds into the credit and equity market helps to keep volatility down and prices high. Investors will continue to dance as long as there is music playing. The confusing trends in the past year, including simultaneous rallies of both risk-on and risk-off assets, also show that it's very hard to accurately price a risk of this magnitude. What is the value that an investor places on the demise of NATO, the U.S. Europe alliance or the rise of a multi-polar world divided into three "spheres" of influence headed by the U.S. China and Russia? For investors, regime changes are difficult to navigate. You are either at war, or you're not at war. Matt King, Satori 'Insights, says that there is no limbo. The risk rally is consistent, but not necessarily driven. It's very strange. It's not hard to explain, but it has a certain vulnerability. It also applies to corporate profits. It's assumed that earnings in tech and other areas will stay at their current levels. Analysts' forecasts don't seem to capture threats to the cycle, such as excessive AI capacity due competition from China or regulation pressure from the EU. These risks are still present. Maybe Trump's move for Greenland is the straw that breaks the backs of investors, and current market anxiety will become a real correction. It's possible that you don't want to bet. The opinions expressed in this article are those of the columnist, who is also the author. Check out Open Interest, your new essential source for global commentary on finance. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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WTI oil price falls as Kazakh production risks subside
West Texas Intermediate crude prices fell on Tuesday as geopolitical tensions, and an expected increase in U.S. oil inventories overshadowed a temporary stoppage of production at two "large fields" in Kazakhstan. WTI for the month of March dropped 79 cents or 1.31% to $59.57 per barrel at 0008 GMT. The contract increased by 90 cents or 1.51% in the previous session. Brent crude for the month of March hasn't started trading yet on Wednesday, but the previous session saw the contract gain 98 cents or 1.53% to $64.92. Contracts rose after Kazakhstan, a?OPEC+ member, temporarily halted production at the Tengiz oilfield and Korolev oilfield, and on'strong China economic data. Three industry sources said that oil production could be stopped for 7-10 more days at the two Kazakh fields after they shut down on Sunday. Tony Sycamore, IG's market analyst, said that the oil production halts at Tengiz and Korolev - two of the largest oil fields in the world - are temporary. The broader market pressures due to geopolitics? and an expected increase in U.S. oil inventories?will instead continue, he added. Donald Trump, the U.S. president, said that he would "never go back" in his desire to control Greenland. Trump's earlier threat to impose new tariffs on certain European nations in the event of a failure to reach a deal with Greenland could lead to lowered economic growth. A preliminary poll on Tuesday showed that U.S. crude and gasoline stocks?were likely to have increased last week while distillate inventory levels probably fell. This was ahead of Thursday's Energy Information Administration report. (Reporting from Katya Golubkova, Tokyo; Editing done by Christian Schmollinger).
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Energy Fuels will buy Australian Strategic Materials for $300 million
Energy Fuels, a producer of uranium and critical minerals, will purchase rare earth producer Australian Strategic Materials. The two parties announced the deal in separate statements released on Wednesday. The deal would see shareholders of Australian Strategic Materials receive 0.053 shares of Energy Fuel for every ASM held. They also get a special dividend up to A$0.13 for each ASM, which represents a total implied value A$1.60. This is a 121% premium on ASM's closing price from January 20. If the transaction is completed, it would create an international mid-tier producer of rare earth elements outside China, with a presence also in South Korea, Australia, and the United States. Rare earth elements play a vital role in wind turbines. They are also used for smartphones, missiles, and electric vehicles. Western countries are scrambling to reduce their dependence on China, which has led to an increase in the price of rare 'earths. Australia is considering a 'price floor' and new international partnerships in order to build alternative supplies, support rare earth projects, and reduce dependence on China. Lynas Rare Earths, based in Australia, is currently the world's leading rare earths manufacturer outside of China. Reporting by Himanshi Ahand in Bengaluru. Melanie Burton contributed additional reporting from Melbourne. Alan Barona, Chris Reese and Chris Reese edited the story.
Yemen's Houthis state ship assaulted in Gulf of Aden might sink
Yemen's Houthi militants stated on Monday they had actually assaulted the Rubymar freight vessel in the Gulf of Aden which was at threat of sinking, raising the stakes in their project to interrupt worldwide shipping in solidarity with Palestinians in the Gaza war.
The Iran-aligned Houthis have made repetitive drone and rocket strikes since November in the Red Sea and Bab al-Mandab Strait. U.S. and British forces have reacted with several strikes on Houthi centers however have so far stopped working to halt the attacks.
Houthi military representative Yahya Sarea stated in a statement that the Rubymar's crew was safe but that the ship was terribly harmed and at danger of sinking. The Belize-flagged, British-registered and Lebanese-managed vessel was assaulted on Sunday.
The Houthis had also shot down a U.S drone over the Yemeni port Hodeidah, Sarea added.
The U.S. military's Central Command (CENTCOM) validated that two anti-ship ballistic rockets were introduced from Houthi regulated locations of Yemen and targeted the Rubymar on Feb 18.
One of the missiles struck the vessel, triggering damage. The ship released a distress signal and a union warship in addition to another merchant vessel reacted to the call to assist the crew of the Rubymar, CENTCOM stated on X.
Security firm LSS-SAPU, in charge of security on the Rubymar, said earlier the crew evacuated after two missiles hit. They were picked up by another commercial ship which took them to Djibouti.
We understand she was taking in water, LSS-SAPU informed in remarks by phone. There is no one on board now ... The owners and managers are thinking about choices for towage.
Far, no ships have actually been sunk nor team killed from the attacks in a sea lane accounting for about 12% of worldwide maritime traffic. Some business have actually selected to go the longer and more expensive route via the southern suggestion of Africa.
Despite Western attacks on them in Yemen, the Houthis have promised to continue targeting ships connected to Israel until attacks on Palestinians in the Gaza Strip stop.
GREEK-FLAGGED SHIP HIT
In a second event within hours, the Greece-flagged, U.S.-owned bulk provider Sea Champion with 23 crew members was assaulted two times on Monday by rockets, with a window damaged but no injuries to workers, Greek shipping ministry sources stated.
The vessel was taking grain from Argentina to Aden.
Seafarers in the firing line have signed market wide arrangements providing rights to refuse to sail on ships passing through the Red Sea and to receive double pay when getting in high-risk zones.
Shipping industry associations on Monday called for the release of the 25 team members of the Galaxy Leader commercial ship pirated by the Houthis three months ago on Nov 19.
The 25 seafarers who comprise the crew of the Galaxy Leader are innocent victims of the ongoing hostility against world shipping, the associations said. It is abhorrent that seafarers were seized by military forces which they have been avoided their families and enjoyed ones for too long.
The CEO of QatarEnergy, the world's second largest exporter of melted gas (LNG) which has actually stopped cruising via the Red Sea, stated the interruption was postponing shipments.
Container shipping, which carries consumer products, is beginning to feel the impact from re-routing ships. S&P Global Market Intelligence said in a report on Friday that the garments market was now anticipating higher hold-ups and expenses.
The Houthis, who control Yemen's most populated regions, have targeted vessels with commercial ties to the United States, Britain and Israel, shipping and insurance sources say.
War risk insurance premiums have actually crept greater and are now around 1% of the worth of the vessels, excluding discount rates that are used, including hundreds of countless dollars of extra expenses per voyage, insurance coverage sources stated.
Shipping companies need to weigh up the increased expenses and journey times versus the danger to their vessels, and, most importantly, the security of the crew onboard, insurance broker Gallagher Speciality Marine stated in a report last week.
The European Union on Monday released a marine mission to the Red Sea to protect and restore liberty of navigation there, a relocation welcomed by the World Shipping Council.
The security scenario around the Red Sea continues to be alarming, with vessels trying to transit being bombarded with missiles and drones along with suffering attacks from equipped fighters on the water, the WSC said.
(source: Reuters)