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US judge confirms Red Tree as the starting bid for Citgo parent's auction
According to a court document, a U.S. Federal judge confirmed on Monday that a $3.7billion offer made by Red Tree Investments, an affiliate of Contrarian Funds to pay bondholders and creditors in an auction for shares of the parent company of Venezuelan-owned refiner Citgo Petroleum was the starting bid. The offer, which had been recommended by a court officer overseeing the auction, unleashed a battle among 16 creditors seeking to cash proceeds from the auction, with some supporting the bid because it includes a payment agreement with holders of a bond issued by Citgo's ultimate parent, Caracas-headquartered PDVSA, and others saying it was too low. A consortium led miner Gold Reserve had submitted a $7.1 Billion proposal. Rival bid Other creditors and lawyers representing Venezuela filed objections against Red Tree's bid. These were overruled U.S. district judge Leonard Stark. Stark's decision stated that "Red Tree’s bid represents the best balance between the evaluation criteria which can be summarized as the price and the certainty of closing", adding that this offer should encourage competitiveness. The judge asked Robert Pincus, the court officer, to suggest a time period to top off Red Tree’s offer. This is expected to result in a winning bid for the auction whose final hearing will be held in July. Pincus' final bid recommendation was to be "more focused on price, and less on certainty", as instructed by the Judge. A previous round of bidding last year saw most creditors reject a $7.3billion offer from an affiliate hedge fund Elliott Investment Management because it included conditions. Red Tree's selection as the stalking horse for this round is expected to encourage other bidders to offer up to $3 billion in compensation to holders of PDVSA 2020 bonds that were collateralized by Citgo equity. Citgo is valued between $11 billion to $13 billion. The final bids in the auction are expected to be below $8 billion. The more money paid to bondholders will leave less to pay other creditors. These include foreign oil companies, mining companies, and industrial conglomerates, whose Venezuelan assets have been expropriated.
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ADM closes soybean processing plant at Kershaw, South Carolina
Grains merchant Archer-Daniels-Midland will permanently close its soybean processing plant in Kershaw, South Carolina, later this spring as part of a cost-cutting and consolidation push announced earlier this year, the company confirmed to on Monday. ADM has cut jobs and downsized some operations ever since February, when it announced that it would be cutting costs by $500 to $700 millions over three to five year. Dane Lisser, ADM's spokesperson, said: "After exploring many alternatives, we have determined that our Kershaw crushing plant does not align with our future operating needs." Still reeling from a scandal that sent the stock price of the company plummeting last year, the company is now facing tough headwinds due to rising trade tensions with key markets, including China, which is a major soybean importer. According to sources in the industry, Kershaw will be closing as the first U.S. soya processing plant after a multi-year expansion of industry-wide facilities amid an escalating demand for vegetable oil from biofuels manufacturers. The biofuel sector, however, has recently slowed down production because of the uncertainty surrounding U.S. policy on biofuels and the possibility of a worsening trading war. According to industry sources, the Kershaw plant is one of the smaller soy processing plants operated by ADM. It has the capacity to crush up to 50,000 bushels per day. ADM has said that it will assist Kershaw employees in finding new jobs, and offer financial severance to those who choose to leave the company. However, the number of affected workers was not disclosed. According to South Carolina Department of Commerce statistics, the Kershaw plant employed 11 to 50 workers.
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Prosecutors say that a Russian attack killed one person in Kharkiv, Ukraine.
According to local prosecutors, Russian forces launched an attack on Ukraine's Kharkiv region in the northeast, Monday. One person was killed in a village near the border. According to a report posted on Telegram, which was released after a ceasefire of 30 hours announced by Moscow for Easter had expired, a Russian drone killed a man riding a scooter in Ivashki. The statement added that an artillery attack by the Russians hit a private home area in Kupiansk. This is a place where Russian military activity has increased in recent months. Kupiansk, which was captured by Ukrainian forces later in that year in a massive counter-offensive after the Russian invasion of Ukraine in February 2022, was initially occupied by Russian troops. At least once, Russian forces entered the city briefly. (Reporting and editing by Jamie Freed; Oleksandr Kozoukhar, Ron Popeski)
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US Antimony restarts Mexico Smelter Plant after Over a Year
United States Antimony Corp announced on Monday that it had restarted operations in its Madero plant in Mexico. This comes more than a year since the miner of critical minerals stopped operating in Latin America. Why it's important China has banned the export of critical minerals such as gallium, antimony and germanium to the United States. This is part of a escalating tech and trade war between two major economies. China is expected to produce almost half the world's supply of antimony by 2023. Prices of the mineral are soaring as a result of China's heavy export restrictions. This has disrupted global supply chains. U.S. president Donald Trump also pushed to increase domestic production of important minerals, such as antimony to counter China's near-total control in the sector. Minerals are widely used to make ammunition, infrared weapons, night-vision goggles and nuclear weapons, as well batteries and photovoltaic devices. CONTEXT United States Antimony announced in March of last year that it would cease all operations in Latin America, and sell its Mexican subsidiary. This decision was taken after a review of financial performance, negative cash flow of the unit and low prices of antimony. What's Next? The company announced that it had begun processing the antimony ore purchased from international sources in the Madero Smelter. Next week, the second and third shipments will also arrive at the facility. U.S. Antimony stated that it plans to produce approximately 200 tons of antimony each month at the Madero Smelter by the end of 2025. (Reporting and editing by Sahal Muhammad in Bengaluru, Vallari Srivastava from Bengaluru)
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The Russian Economy Ministry has cut its Brent price forecast for 2025 by almost 17%
According to documents obtained by, the Russian economy ministry's forecast for the average Brent crude price in 2025 has been cut by 17% compared to what they thought it would be in September. Interfax reported that in the ministry's baseline scenario for economic forecasts of 2025, the ministry assumes the average price of Brent to be $68 per barrel, down from $81.7 per barrel in its September predictions. The Ministry of Finance estimates that the price for Urals - Russia's main blend - is $56 per barrel - compared to the $69.7 barrel price on which Russia has based their budget 2025 - and lower than the $60 "cut-off" price, which determines the amount of money sent to the National Wealth Fund Reserve (NWF) budget reserve. In the baseline scenario, we assume at some point that the export price drops below the cutoff, but then goes up. In this scenario, we do not deplete our NWF," a ministry representative told Interfax. Oil and gas revenues account for a third (or more) of the budget. The representative said that "from a budgetary standpoint, these conditions are difficult, but normal." The Russian rainy day NWF is now the main source for financing Russia's persistent budget deficit. The liquid assets of the fund have fallen by two-thirds, from $112.7 to $39 billion. According to the new estimates, the rouble value of Russian oil has decreased by 21.5% to 5,281 Roubles per barrel compared to the previous forecast. In April, the Russian central bank had warned that due to a lower global demand, oil prices may be lower for several years than expected. Urals prices dropped to their lowest level since 2023 early April, trading at around $53 a barrel. They traded below $60 per barrel last week. The first quarter of this year saw Russia's oil revenues fall by 10% compared to the same period last year. Meanwhile, the average price for Urals in roubles since April began was 31% lower than the planned amount, forcing the government to sell foreign currency for first time. The ministry said that it did not expect a recession to occur due to the trade wars of U.S. president Donald Trump and believes global growth will be slightly higher than 2% this year. Interfax quoted the representative of the ministry as saying: "The world's still bigger than the United States. So some flows will be directed." The Ministry maintained its forecast of 2.5% for the gross domestic product (GDP) growth in Russia and raised its inflation forecast from 4.5% to 7.6%. The rouble is also expected to be stronger this year than it was previously forecasted, with an average of 94.3% of the dollar per rouble, compared to an earlier prediction of 96.5 roubles. (Written by Lidia Kelley in Melbourne and Gleb Brnski in Moscow, edited by Leslie Adler & Darlie Butler)
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Russia's Nornickel maintains 2025 nickel production forecast
Nornickel, a Russian company that is one of the largest nickel producers in the world and also the biggest palladium producer, maintained Monday its nickel production forecast for 2025 as 204,000-211,000 tons. The company reported that it produced 42,000 tonnes of nickel in 2025's first quarter, down 1.1% from the previous year. Palladium production fell 0.6%, to 741,00 ounces. The production of platinum increased by 0.6%, to 180,000 ounces. The company's Senior Vice-President Alexander Popov stated that the modest drop in nickel production was due to short-term scheduled repairs and maintenance. This was done to ensure a steady operation of its main technological units. Nornickel said that the decrease in nickel production is due to maintenance work at its various plants. Nornickel faces pressure in the domestic market due to the 40% rise of the rouble against the U.S. Dollar, which reduces revenues, and high interest rates which impact investment plans. The company faces falling or stagnating metal prices internationally due to lower demand in the wake of market turmoil triggered by U.S. president Donald Trump's tariffs. Nornickel may not be directly subject to Western sanctions but the measures have led some Western producers to refrain from buying Russian metal. They also complicate payments and restrict access to Western equipment. BCS analysts wrote in a report that they believe the threat of a global slowdown due to tariff wars would negatively impact the metals portfolio of the company. (Reporting and writing by Anastasia Lyrchikova; editing by Kirsten Doovan and Ros Russel)
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India imposes temporary tariffs of 12% on certain steel imports
A government notification announced that India had imposed a temporary tariff of 12%, known locally as a "safeguard duty", on certain steel products in order to curb unbridled imports. India, the second largest producer of crude iron and steel in the world, announced that the tariffs will be effective for 200 days starting Monday. The Ministry of Finance stated that "the safeguard duty imposed by this notification will be in effect for a period of 200 days (unless earlier revoked or modified) after the publication of the notification." India's steel tax increase is the first major trade policy decision since U.S. president Donald Trump imposed duties on a number of countries in April. New Delhi's tariffs primarily target China, the second largest steel exporter to India in 2024/25 behind South Korea. According to government data, India became a net steel importer for the second year in a row during the fiscal year 2024/25. Shipments reached a record high of 9 million metric tonnes, a figure not seen since the early 1990s. Steel Authority of India, ArcelorMittal Nippon Steel India, and JSW Steel, New Delhi's largest steelmaking body, have raised concerns about imports. Reporting by Neha Misra and Surbhi Arora; Editing and Toby Chopra and Alison Williams
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In March, India's infrastructure production rose 3.8% year-on-year.
Government data released on Monday showed that India's infrastructure production grew by 3.8% in March, mainly due to strong steel and cement output. The infrastructure output (which tracks eight different sectors and accounts for 40% of industrial production in the country) grew by a revised 3,4% in February compared to an initial estimate of 2,9%. Cement production increased 11.6% in march, compared with a revised 10.8% rise in February. Steel production rose 7.1%, against a revised advance of 6.9% a month before. Fertilizer output grew by 8.8%, compared to 10.2% the month before. Coal production increased 1.6% compared to 1.7% in February. The electricity generation in March was 6.2% higher than the revised 3.6% growth in the previous month. Refined oil products were up 0.2% compared to 0.8% the month prior. In March, crude oil production fell 1.9% compared to a 5.2% decline in February. Natural gas production also declined 12.7% compared to a 6% decrease in February. The infrastructure output increased by 4.4% during the fiscal years 2024-25.
INSIGHT-Britain's creaking power grid leaves green energy transformation adrift
British ferry operator Wightlink wants to purchase a $60 million, stateoftheart electrical ferry to make its crossings cleaner and greener. However it can't commission the vessel until it gets a. power upgrade.
The company carries 4 million islanders, holidaymakers and. festival goers every year on a 5 nautical mile crossing. in between England's attractive southern coast and the Island of. Wight. The strait, known as the Solent, is popular with private yachts. and leisure craft, while much of the shoreline is secured.
Wightlink has funding in location for a electric-powered vehicle. ferry that would decrease emissions both at sea and in port,. following in the course of leader Norway, which introduced the. world's first in 2015.
The federal government has said decarbonising maritime transport. is necessary to accomplishing Britain's net absolutely no target by 2050. Domestic maritime vessels represented around 5% of Britain's. greenhouse gas emissions from transportation in 2020, more than rail. and buses integrated, the federal government said in a 2022 report.
And the long typical life-span of vessels suggests that greener. ships need to begin being released by next year to attain a green. fleet by the 2050 due date.
But interviews with 22 individuals - consisting of financiers, power. company staff members, government authorities, Wightlink staff and. countryside campaigners - exposed that long waits for grid. connections combined with preparing challenges are putting. millions of pounds of green transport financial investment at danger.
We want to go electric. We think it's the ideal thing,. Wightlink Chief Executive Keith Greenfield told onboard. a hybrid ferry, which uses diesel to charge electrical batteries,. conserving around 20% in emissions. We're kept back by a lack of. coast power.
Wightlink needs to order its next ship within 12-18 months. to change an ageing vessel, but can not dedicate to go entirely. electric without a legally binding power contract, Greenfield. stated.
Regional network operator Scottish & & Southern Electricity. Networks (SSEN) told Wightlink 2 years ago that a brand-new. connection at its Portsmouth terminal would require. infrastructure upgrades, consisting of at a nearby substation on the. national high-voltage network, according to a file evaluated. and ferry business executives.
The substation improvements by National Grid were not. arranged to be completed till 2037.
After spoke with Wightlink executives, SSEN said. this month enough power might be offered without the National. Grid work, and it would hold new talks with the ferry business.
If Wightlink accepts a new quote from SSEN, it will be able. to guarantee the capacity and confirm its location in the. connections queue.
We eagerly anticipate meeting them early next month to. progress proposals, a SSEN spokesperson informed , adding. that there might be more network capacity offered than. formerly anticipated so the company had prospective to advance. with Wightlink's request.
Britain will hold a general election on July 4 with. surveys predicting a triumph for the opposition Labour party after. 14 years of Conservative rule.
Wightlink's problem underscores the challenge Britain's next. federal government will face in providing the renewable resource and grid. infrastructure required to power a shift to electric ferries, cars. and domestic heating in Europe's second-largest economy.
Britain was the very first significant economy to produce a lawfully. binding 2050 net absolutely no target. It's a leader in offshore wind and. it has actually cut in half emissions since 1990 after closing coal power. plants.
Central to the net no target is a strategy to decarbonise the. electrical power system by 2035. But the state advisor, the Climate. Change Committee, said in a progress report in June 2023 that. the government did not have a complete strategy to arrive.
CHANGING DATES
How to attain net no, and at what cost, has become a. battlefield both nationally and locally.
Britons support the policy of net absolutely no however they frequently baulk. at the expenses and infrastructure that might be needed to get. there, surveys show. Prime Minister Rishi Sunak ditched some. targets in 2015, stating he needed to keep public assistance in. the face of unacceptable costs.
Labour has actually promised to decarbonise the electrical power grid by. 2030, five years ahead of the Conservatives' target of 2035. Reforming grid connections is one part of its enthusiastic strategy.
To strike net absolutely no, Britain requires to broaden the high-voltage. network in England and Wales carried overhead on big pylons,. which then link to local circulation networks.
The grid, owned and operated by London-listed National Grid. Plc, was constructed to transfer power generated from. coalfields in areas like Yorkshire and Nottinghamshire across. the nation.
Today more electricity is originating from wind farms in. Scotland and off Britain's east coast, and brand-new infrastructure is. needed to transfer it to London and the south.
Presently wind farms are being paid to switch off in strong. winds, when the grid can not absorb all the generated power, data. from the nation's electricity system operator shows.
The government has stated supports needed to increase. capacity, consisting of new substations, power lines or supergrid. transformers, could use up to 13 years to finish, in part due. to regulatory and preparation approval.
It wants to halve that time, and is working with the. regulator, Ofgem, network operators and the market to. speed up connections.
National Grid said in May it would spend more than 30. billion pounds ($ 38 billion) on the grid over the next 5. years.
We're driving forward the biggest reforms to our. electricity grid since the 1950s, the Department for Energy. Security & & Internet Zero told .
It set a target in November to cut the average hold-up dealt with. by practical net zero-aligned jobs like Wightlink for. connections from around 5 years to six months, saying a. much faster system needed to be in place by 2025.
INFRASTRUCTURE V PRESERVATION
One issue that stands in the method of developing the grid and. the renewable energy jobs needed to power it are Britain's. preparing laws.
Approval times have ballooned in recent years, as regional. councils struggle to process applications and rural neighborhoods. bring legal obstacles to oppose major works.
The time it takes to protect approval for massive jobs. like wind farms has increased by 65% considering that 2012, stretching to. 4.2 years, according to a government-requested report by the. National Infrastructure Commission in 2023.
The rate of plans based on lengthy judicial evaluations has. jumped to 58%, from a long-lasting average of 10%, it said.
That rises job costs, threatening investment.
Fiera Infrastructure, the Canadian co-owner of Wightlink,. warned that investors can always invest their capital somewhere else.
Global investors are not yet at the point of turning their. backs on UK infrastructure, however bad moves around policy have. eroded financier confidence, President Alina Osorio informed. .
The belief was echoed by other facilities investors,. consisting of among the greatest in Britain, which has backed a. company building electric vehicle battery chargers at freeways.
The fund supervisor, who asked not to be called, stated an absence of. brand-new power had forced the company to adapt a few of its tasks.
Minal Patel, a partner at Schroders Greencoat, a. renewable investment manager, stated strong financier need for. renewable assets revealed Britain remained attractive, but sluggish. grid connections were a challenge.
CONNECTION
For Wightlink, the hunt for a connection has been stuffed.
In 2022, SSEN priced estimate Wightlink 4.6 million pounds for 12MW. connections to power the battery chargers it requires to install in. Portsmouth and Fishbourne, according to documents seen by. . The units should charge the electric ferry in the 20. minutes it has in between sailings.
Work could be finished in around 12 months in Fishbourne -. one of Wightlink's terminals on the Isle of Wight - however there. was no timeline provided for the Portsmouth connection.
Under the rules, a job like Wightlink's must accept a. quote from the distribution network company to protect a location. in the connections queue.
But Wightlink's Greenfield stated it could not buy a 50. million pound ferry without a warranty of power.
In the last week, SSEN said there might be enough capacity. to deliver more than the power Wightlink initially desired.
Wightlink's Head of Engineering & & Estates Charlie Field is. hoping that an agreement can finally be concurred.
A few weeks back, all offers were off as far as we were. concerned. We needed to wait till 2037, said. Now that might. not be the case..
(source: Reuters)