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Sources: Investors are circling around Germany's PSI Software as it nears a takeover
Three people with knowledge of the situation said that Germany's PSI Software, a maker of software to manage energy networks, is on the verge being acquired by a group financial investors. One source said that PSI is looking for funding to develop next-generation products. PSI is currently recovering from last year's cyberattack. Sources said that among the potential suitors were technology investors Thoma, HgCapital, and Warburg Pincus. A decision could be reached within the next couple of days. PSI's software, which helps power and gas grids, as well as factories run, posted a loss of 15,2 million euros (17.62 million dollars) last year, as it was hampered for weeks by the hacker attack. The group's sales for 2024 are expected to be 260.8 million euro, a value of close to 400 millions euros at the stock exchange. E.ON is a German utility and a major PSI customer. It holds almost 18% of PSI shares. Norman Rentrop, a German newsletter publisher and businessman, is PSI’s largest shareholder. He holds a 23% share. PSI, Norman Rentrop’s investment holding and investment firm Thoma Bravo have not responded to an immediate request for comment. E.ON HgCapital, and Warburg Pincus all declined to comment.
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Silver breaks through $50, gold stays above $4,000
Gold prices fell on Thursday, as investors took profits, but they remained above $4,000 an ounce, as the demand for safe-haven assets was driven by expectations of U.S. rate cuts and global uncertainty. Silver has broken through the psychological barrier of $50 an ounce, thanks to the momentum on the gold market and the strong demand for investment. As of 1022 ET (1422 GMT), spot gold dropped 0.5% to $4.018.40 an ounce. U.S. Gold Futures for December Delivery fell by 0.9% to $4032.30. As the Gaza ceasefire comes into effect, speculators will be taking gold chips off of the table. This is because it lowers the temperature within a historically volatile area," said Tai Wong. Israel and Hamas have signed an agreement to cease fire on Thursday, which is the first phase in President Donald Trump's initiative for ending the war in Gaza. Overall, however, this trade's faith is not diminished. Wong stated that this rally was so rapid, no real support is seen until $3,850. Bullion surpassed the $4,000 mark per ounce for the first-time on Wednesday. It reached a record of $4,059.05. This non-yielding investment, which has traditionally been considered a hedge in times of geopolitical or economic uncertainty, is up more than 54% so far this year. The rally was fueled by geopolitical concerns, central bank purchases, ETF inflows on the rise, expectations of U.S. interest rate cuts and economic uncertainty related to tariffs. The minutes of the September meeting of the U.S. Federal Reserve, released on Tuesday, revealed that officials were in agreement about the risks to the U.S. employment market being high enough to warrant rate cuts, but they remained cautious due to stubborn inflation. In September, the Fed began a new cycle of rate cuts. The benchmark rate was lowered by 25 basis points. The traders are pricing in a cut of 25 basis points in each October and December with 95% and 79% chance respectively. Silver rose 2.7% to $50.19 per ounce, after having breached the $50 mark in the previous session. Silver's price has risen by over 69% in this year due to the same macroeconomic factors that have driven gold's rise and the tight supply on the spot market. David Meger is the director of metals at High Ridge Futures. He said that silver was playing catch-up at this time, and has been moving up more than gold over recent sessions. Palladium increased 2.5%, to $1,485,55, while platinum was up 0.1% at $1,665,10. (Reporting by Anushree Mukherjee, Kavya Balaraman and John Biju in Bengaluru; Editing by Arun Koyyur)
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TotalEnergies and Siemens ask EU to abolish climate laws, shows letter
A letter obtained by shows that TotalEnergies, Siemens and 46 other European companies have written to European governments urging them to repeal one of the EU’s most prominent corporate sustainability laws to increase the continent’s competitiveness. TotalEnergies CEO Patrick Pouyanne, and his Siemens AG counterpart Roland Busch, wrote the letter on behalf of 46 European firms to French President Emmanuel Macron as well as German Chancellor Friedrich Merz. The letter from October 6 stated that removing the rules would "send a clear and symbolic message to European and International companies that governments and the Commission really are committed to restoring competitiveness in Europe." Siemens and Total didn't immediately respond to comments. Last year, the European Union adopted a corporate sustainability due diligence Directive that requires companies to address human rights and environment issues in their supply chains or face a fine of 5% of their global turnover. After a backlash from Germany, France, the United States, Qatar and Exxon Mobil, Brussels is now negotiating to simplify the rules. Siemens and Total want to completely scrap the rules, which is more than what EU legislators and countries are already negotiating to do.
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The Russian Central Bank says it will consider the rise in gasoline prices when determining rate changes
Elvira Nabibullina, the governor of Russia's central banking institution, said that she will consider the impact of a rise in gasoline prices on inflation expectations and make decisions about possible interest rate reductions. Since the beginning of the year, gasoline prices, which are closely monitored by the authorities, have risen 10.2% above the general inflation rate. This spike is partly attributed to the intensification of Ukrainian attacks against Russian refineries. Calculations in August revealed that Ukrainian attacks and maintenance work reduced Russian oil refinery by nearly a fifth at certain times. Russia extended its ban on gasoline exports to control domestic prices. Nabiullina said that gasoline is one of the "marker commodities" that impacts people's expectations about inflation, and that it's an important factor the central bank board considers when making rate decisions. The rise in gasoline costs could slow the decline in inflation expectations. "Unfortunately, they are still at a high level," Nabiullina stated. The next major rate decision will be made by the board on October 24, 2009. In an economy that was overheating, the central bank raised interest rates last year to the highest level in the past decade, 21%. In several steps this year, it has cut rates down to 17%. It says that inflation is slowing. Nabiullina stated that the gasoline price spike was an "one-off event" and would not have any lasting impact on inflation. She stated that the central banks still has some room to reduce rates this year. The decisions for the rest of the year have not been predetermined. Nabiullina stated that everything will depend on how the economy develops. Reporting by Elena Fabrichnaya. (Editing by Andrew Osborn, Mark Potter and Mark Potter).
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South African rand gains from gold rally
The South African rand strengthened on Thursday. It retained recent gains that were a result of a gold rally which boosted the majority of emerging market assets. At 1245 GMT the rand was trading at 17.09 per dollar, an increase of 0.3% over Wednesday's closing price. The gold price held above $4,000 per ounce as investors remained uncertain about the U.S. Government shutdown which is now in its ninth day. The recent record-breaking price of gold, which is traditionally viewed as a safe haven during periods of uncertainty, was due to economic unrest and expectations of interest rate reductions in the United States. The dollar has largely remained flat, as traders were unable to access key economic data due to the government shutdown. South Africa's manufacturing data was a focus for traders who were based in South Africa. Shown Below The production dropped 1.5% on an annual basis in August after a downward revision of 1.3% on an annual basis in July. The analysts polled expected that production growth would have slowed down to just 0.1%. The Top-40 Index on the Johannesburg Stock Exchange was the last to gain 0.1%. The yield on the benchmark 2035 South African government bond fell by 6.5 basis points, to 9.025%. (Reporting and editing by Sfundo parakozov, Anathi madubela. Editing Mark Potter.
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Can the Congo control the wild cobalt markets? Andy Home
The Democratic Republic of Congo (DRC)'s February ban on cobalt exports has pushed the price of battery metal to a new low. The world's biggest producer wants to take it a step further by leveraging its unique geology to control a market that is notoriously volatile. Export quotas were set for this year, 2026 and 2027. The volume is less than half that of last year and the intention is to reduce global stocks that have been accumulated after consecutive years of surplus. The Congo's state mineral regulator ARECOMS is entitled to adjust these quotas quarterly and to purchase any surplus production to export allowances. This will set the stage for a cobalt buffer store backed by the government. It is clear that this will be a long term project to control the market, but similar projects have not always had a positive history. The Flood: Stemming the FLOOD Congo exported to China 220,000 tons of cobalt in the form cobalt hydrxide last year. Over the past five years, output has doubled and outpaced global demand growth. The cobalt price fell to its lowest level in 10 years at the beginning of 2025 as a result of the surplus. This is the latest decline in a long history of rising and falling prices. According to Benchmark Mineral Intelligence, the February export ban increased the price of cobalt by nearly 50% and the price for hydroxide had more than doubled. Imposition of export quotas, effective next week, has given it a new boost. London Metal Exchange Cobalt now trades at $38,960 a ton, its highest level since February 20,23. The new market structure is a result of the quotas that are capped at 96.600 tons annually in 2026 and 2027. BMI estimates that if the Congo export restrictions are not changed, they will result in a market deficit in 2025-2027, which would lead to a reduction of supply chain inventory. Small operators and processing facilities without captive mines are exempt from the DRC government's exemption, which could provide some flexibility in supply. Not much. After three years of falling prices, the informal cobalt mines in the country are much smaller. BUFFER STOCKS Export quotas are split into two levels: a base of 87,000 tonnes, which is allocated based on export history, and a 9,600-ton strategic quota reserved for the Congo's minerals regulator ARECOMS. ARECOMS has the authority to purchase any excess cobalt that is produced by operators over their export allowance. Since exports were stopped in February, stocks within the country have been building. China's CMOC is the world's biggest producer, thanks to its massive Congolese copper and cobalt operations. It reported a cobalt stock of 57,000 tonnes at the end the second quarter. The decision will be made by the cobalt producer and any other producers whether to reduce production to match individual export permits, which have not yet been announced, or to continue producing. The current high price of copper will not stop anyone from mining it, but does it make sense to run the cobalt-by-product through an hydroxide line when it cannot be exported? It is difficult to predict how much material the government can purchase because each company has its own set of economic calculations. The underlying intent is to use ARECOMS for market equilibrium, purchasing surplus material at low prices and releasing them when the prices rise. TOTAL CONTROL? It is not a new thing for commodity producers to try and control the market price. OPEC still has a strong influence on oil prices, but the state-backed structures that managed the coffee and tin market collapsed in 1980s. In the history of market failures, the bankruptcy of the manager of the tin-buffer stock still has a prominent place. The 1985 London Metal Exchange almost collapsed due to the tin shortage. This led to years of legal disputes. The scheme was not flexible enough to adapt to the changing dynamics of the market and collapsed under its own weight. The DRC enjoys a significant advantage due to its ability to control the global supply chain. The DRC accounts for over 70% of the global output, and it has by far most reserves. The market dynamics are also on its side. The cobalt market is growing at a healthy rate despite the threat of alternative battery chemistries. The tin buffer manager was plagued by a declining demand profile, as plastics and aluminium eroded the use of tin in the packaging industry. The governments are also rushing to stockpile strategic quantities of a metal that is deemed critical both for military and civil reasons. China has been an important strategic cobalt purchaser over the past couple of years, and the United States Defense Logistics Agency is currently tendering up to 7,500 tonnes of alloy-graded metal over the next 5 years. In such a market context, the Congo has the muscle to not only engineer a price floor but also to force the much-needed destocking along the entire process chain. The real challenge will be to manage the price increase that results. Any Congolese buffer-stock manager who sees cobalt prices increase too quickly and too far, as they did twice in the past ten years will be faced with the problem of simultaneously destroying demand and causing supply to grow in other parts of the world. Even with the backing of the state, it can be difficult to control a market, especially if the market has a long history of volatility. These are the opinions of the columnist, an author for.
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Silver surpasses $50 and gold reaches $4,000
Gold prices held above $4000 an ounce as investors assessed the Israel/Hamas ceasefire agreement. Meanwhile, broader geopolitical uncertainty and expectations of U.S. interest rate cuts fueled bullish sentiment. Silver has reached the psychological $50 level for the very first time. This was boosted by the record-breaking gold rally, increasing investor demand, and a deficit in supply. At 1226 GMT, spot gold was unchanged at $4038.59 an ounce. U.S. Gold Futures for December Delivery fell 0.3% to $4,577.70. On Wednesday, gold prices hit a new record of $4,059.05. Silver rose 2.2% to $50.01 an ounce. This metal has gained over 73% in this year. It is benefiting from similar factors that are driving the gold rally, as well as the tightness of the spot market. "The silver market has an interesting feature: the net long positions have only slightly increased, so this rally is not driven by speculative interests. This move in silver's price is based on some solid fundamentals, according to independent analyst Ross Norman. U.S. president Donald Trump announced a ceasefire agreement and hostage swap between Israel and Hamas as part of the first phase in his plan to end Gaza's war. The gold rally faces resistance due to the Gaza diplomatic breakthrough, which reduces risk-off flow, and the ongoing U.S. Dollar recovery, which undermines the bullion's power, making it vulnerable for pullbacks," Nikos Tzabouras Senior Market Analyst, Tradu. The path to new highs remains wide open. The U.S. Dollar Index hovered at a high of two months, making bullion priced in dollars more expensive for buyers from overseas. Gold's rise has been attributed to geopolitical factors, such as the Middle East conflict and the war in Ukraine. Also, ETF flows, U.S. interest rate cuts, and tariff-related economic uncertainty have contributed. The metal is set to have the biggest annual gain since 1979, with a 53% increase year-to date. According to the minutes of their meeting on September 16-17, Federal Reserve officials were in agreement that the risks facing the U.S. employment market warranted a rate reduction, but they remained cautious due to stubborn inflation. The markets are pricing in a cut of 25 basis points in October and December. UBS stated in a report that "the ongoing U.S. shutdown has given (gold) a boost, along with mounting fiscal concerns in Japan & France due to recent political leadership change." Gold that does not yield is a good investment in low-interest-rate environments and times of geopolitical and economic uncertainty. Lukman Otunuga is a senior research analyst with FXTM. He said that if risk sentiment continues improving, gold prices may fall in the short term as investors rush to riskier assets. Platinum rose 0.1% to $1,664.30. Palladium rose 1.9% to $1476.35, a record high.
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Silver surpasses record levels of $4,000 and gold
Gold prices were above $4,000 per ounce as investors analyzed the Israel-Hamas truce deal. Meanwhile, broader geopolitical uncertainty and expectations of U.S. interest rate cuts fueled bullish sentiment. Silver reached a new record, thanks to gold's record-breaking rally. Investor demand, as well as a deficit in supply, also helped. At 1132 GMT, spot gold remained unchanged at $4.038.49 an ounce. U.S. Gold Futures for December Delivery fell 0.3% to $4,577.80. On Wednesday, gold prices rose to a record $4,059.05. Silver rose 1.5% to $49.63 an ounce. This metal has gained more than 70% in this year. It is benefiting from factors similar to those that have driven gold's rally, as well as the tightness of the spot market. "The silver market has an interesting feature: the net long positions have only slightly increased, so this rally is not driven by speculative interests. This move in silver's price is based on some solid fundamentals, according to independent analyst Ross Norman. U.S. president Donald Trump announced a ceasefire agreement and hostage swap between Israel and Hamas as part of the first phase in his plan to end Gaza's war. The gold rally faces resistance due to the Gaza diplomatic breakthrough, which reduces risk-off flow, and the ongoing U.S. Dollar recovery, which undermines the bullion's power, making it vulnerable for pullbacks, said Nikos Tzabouras Senior Market Analyst at Tradu. The path to new highs remains wide open. The U.S. Dollar Index hovered at a high of two months, making bullion priced in dollars more expensive for buyers from overseas. Gold's rise has been attributed to geopolitical factors, such as the Middle East conflict and the war in Ukraine. Also, ETF flows, U.S. interest rate cuts, and tariff-related economic uncertainty have contributed. The metal is set to have the biggest annual gain since 1979, with a 53% increase year-to date. According to the minutes of their meeting on September 16-17, Federal Reserve officials were in agreement that the risks facing the U.S. employment market warranted a rate reduction, but they remained cautious due to stubborn inflation. The markets are pricing in a cut of 25 basis points in October and December. UBS stated in a report that "the ongoing U.S. shutdown has given (gold) a boost, along with mounting fiscal concerns in Japan & France due to recent political leadership change." Gold that does not yield is a good investment in low-interest-rate environments and times of geopolitical and economic uncertainty. Lukman Otunuga is a senior research analyst with FXTM. He said that if risk sentiment continues improving, gold prices may fall in the short term as investors rush to riskier assets. Palladium rose 1.9% to $1476.76 and platinum increased 0.1% to $1663.71. This is a record high for more than two years.
Angola will decide by November on a $1 billion JPMorgan deal, according to a finance official
Angola's senior debt official said that the country will decide in November whether it wants to extend its $1 billion total-return swap with JPMorgan or raise money on the international capital markets.
JPMorgan agreed with Angola in December to a derivative contract worth $1 billion for a year, known as a Total Return Swap, backed up by $1.9 billion of government dollar bonds. The contract will expire in the next few months.
Dorivaldo Téixeira, Director General of the Public Debt Management Unit of Angola's Finance Ministry, said on the sidelines investor meetings in London, "We have options."
Angola, if the market conditions are right, could issue to raise funds, pay partially or extend the current agreement.
He said, "It all depends on the price." He said that while the yields of smaller, more risky issuers are improving, the JPMorgan facility costs were lower than those of the country's Eurobonds. "If I can extend it I probably will use it." Reporting by Karin Strohecker, Libby George and Amanda Cooper.
(source: Reuters)