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Pirelli reports that 99.3% 500 mln Euro bond converted, diluting Sinochem & Camfin stakes
Pirelli, a tiremaker, said that on Thursday the majority of holders of the 500 million euro bond due to expire this month have chosen to convert the bond into new shares in the company. This has diluted the stakes owned by existing investors. Pirelli announced that bond holders had chosen to convert their bonds into shares at a price of 5.8493 euros per share, which was announced in June. Pirelli said that to meet the conversion, it would issue around 84.88 millions new shares, which will dilution its shareholder's?holdings. Sinochem, the largest shareholder in Pirelli, is expected to reduce its stake to approximately 34.1%, down from 37.4%. Camfin, the vehicle of Marco Tronchetti Provera, will see its stake drop to 25,3%, down from 27.4%. Sinochem and Camfin - Pirelli's largest shareholders - have clashed a number of times in recent years. Camfin has complained that Sinochem’s stake is hindering the group’s U.S. growth. Camfin's board has authorized it to increase its share in Pirelli?to 29,9% by October of next year. Pirelli stated on Thursday that the conversion of its?bonds would have a positive effect on its debt. This will improve its net financial position in 2025 by more than 496 million euro.
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EU countries approve a year-long delay in deforestation laws
The 'Council of the EU' announced that the European Union countries approved a deal on Thursday to delay the anti-deforestation legislation by one year. This cleared the final legal hurdle so the law could be passed. First-ever policy, the EU would not allow imports of palm oil, cocoa and other products linked to deforestation. Foreign exporters of these commodities were required to submit due diligence reports proving that their products didn't contribute to forest degradation. The law, originally due to take effect in December 2024 was intended as a major component of the EU’s green agenda. Brussels had already delayed the law by one year. However, that did not stop the opposition from the industry and other trade partners, including Brazil, Indonesia, and the U.S. who said the regulations would be expensive and harm their exports to Europe. According to the amended EU legislation, large firms will be required to comply with the new law as of December 30, 2026. Smaller companies, with a revenue less than 10 million euros for the affected products, must comply by June 30, '2027. The EU Proposed delaying In September, the law was amended a second-time citing concerns about the ?readiness of information-technology systems needed to support ?it Nestle, Ferrero, and Olam Agri are among the food giants. The law was not to be delayed, as the government had previously warned. Forests in danger of extinction are found worldwide. The policy is designed to stop the 10% global deforestation caused by EU imports. (Reporting and editing by Charlotte Van Campenhout, Ed Osmond and Kate Abnett)
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Gold nears record high as rate cuts fuelled by soft US inflation fuels bets
Gold prices rose on Thursday and hovered near a new record high. This was after U.S. inflation data that were softer than expected boosted expectations for Federal Reserve rate reductions in 2026. As of 1645 GMT, spot gold was up 0.6% at $4,366.62 per ounce. Bullion reached a record-high of $4,381.21 an ounce on October 20. U.S. Gold Futures slipped 0.2%, to $4 366.80. Data showed that U.S. consumer price index rose 2.7% on an annual basis in November. This was less than the 3.1% rise forecast by economists surveyed. After the data, futures on the federal fund rate factored a slightly?increased likelihood that the Federal Reserve would lower interest rates during its meeting in January. David Meger said, "The CPI report was dollar-negative and gold-positive... the Fed will remain in focus as the market tries to determine how many rate reductions are planned for next year." Gold and other non-yielding investments benefit from lower interest rates. LSEG data shows that traders expect the Federal Reserve to cut rates by 63 basis points next year. "The trend in gold is still positive and a breakout to the upside is expected." "I've got upside targets at $4,515.63, and $5,000 is also a valid goal," said Peter Grant. U.S. President Donald Trump announced on Wednesday that the next Federal Reserve Chair will be someone who supports a sharply lower rate of interest. An announcement is expected to take place early next year. Silver spot fell 0.7%, to $65.83 per ounce. This is a retreat from the previous session's?record-high of $66.88. Silver has outperformed the gold market this year, with a 129% increase in value. This is due to investment demand as well as concerns about a possible supply shortage. Palladium rose 2.8% to $1,693.75, a record high for nearly three years. Platinum climbed 1.4% to $1.924.88, which is a 17-year-high. Commerzbank stated in a report that "the wave of price increases has now spread from Silver to Platinum... The platinum price is buoyed up by strong demand coming from China."
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UN reports over 1,000 civilians dead in Sudan's Darfur, as US and others call for ceasefire
A report released by the U.N. Human Rights Office Thursday revealed that over 1,000 civilians died when a paramilitary group from Sudan took control of a famine stricken displacement camp in Sudan's Darfur. About a third were executed summarily. According to a U.N. Report, for months before the April 11-13 attack, the Rapid Support Forces had blocked the entry of food and other supplies into the Zamzam Camp in Sudan's western Darfur region, which houses nearly half a milllion people who have been displaced by the civil war. The U.N. reported that the RSF had attacked civilians during the takeover. Survivors have also described widespread killings and abuse, including rape and torture. At least 319 people were executed either in the camp itself or while they fled. In a statement that accompanied the 18-page report, Volker Turk, the U.N.'s High Commissioner for Human Rights said: "Such deliberate murder of civilians or people?hors combat could constitute a war crime." The findings were based on interviews with 155 survivors who fled to the Chad in July 2025. The report stated that one of them testified to the fact that eight people who were hiding in a camp room were killed by RSF soldiers who shot at the group through a window. RSF didn't immediately respond to our request for comment. The group denied that they had ever injured civilians, and has said it would hold their forces accountable for any violations. The April attack was the precursor to the RSF's attack on al-Fashir in the north, which took place late October. In that attack the RSF has been accused of summarily killing and kidnapping tens of thousands of people. The majority of those believed to have lived in this city are still missing. Separately, on Tuesday the U.N. Human Rights Office said that drones have killed more than 100 civilians this month in Sudan's Kordofan. The United States, United Kingdom, and Norway, on Thursday, called for Sudan's leaders "to urgently reverse course". They also called on all parties to cease the armed attacks, and to return to a truce, saying that a return to greater levels of violence could destabilize the entire region. The nations issued a joint declaration in which they stated that the transitional government must stop its aerial attacks on its own citizens, release political prisoners, use public revenue to pay employees of the public sector, and fund health, educational, and other vital services for its people. "South Sudan's leaders must stop the conflict and restore the trust of their people and the international communities through concrete actions." "If they do this, they will receive the support, investment and respect of the entire world," they stated, without providing any additional details. "Enough is Enough." Reporting by Emma Farge in Cairo and Nafisa Altahir; additional reporting in Washington by Susan Heavey; editing by Madeline Chambers, CaitlinWebber and Madeline Chambers.
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Ghana's Parliament approves stricter limits on central banks financing
By Emmanuel Bruce ACCRA, Dec. 18 - Ghana’s parliament approved amendments to Bank of Ghana Act on Thursday, imposing stricter limitations on central bank funding of the government in order to safeguard its independence. The Bank?of Ghana Amendment?Bill 2025 bars the central banks from purchasing government securities on the secondary market. It also redefines the emergency provisions which previously allowed officials bypass a 5% loan cap tied to?revenues of the previous year. Emergency situations are limited to those that involve force majeure, such as natural disasters, crises declared by the president or public health emergencies. The reforms come after criticism of the 'heavy central banks support during and after the COVID pandemic, when Ghana lost its access to international capital markets and inflation soared, and the Bank?of Ghana?posted negative equity?after extending overdrafts?and other assistance?to manage fiscal imbalances?. The revised law prohibits direct and indirect loans to government except in exceptional circumstances, such as temporary revenue shortages. These advances will be subject to a?repayment schedule, capped limits, and parliamentary approval. The law also introduces stricter requirements for board membership and enhanced audit oversight in accordance with the International Monetary Fund's programme, which was agreed in 2023, to reduce central bank funding, stabilize inflation, and restore investor trust. Cassiel To Forson, Finance Minister, told the parliament that reforms will "strengthen" the central bank while maintaining its independence. The bill also sets out the framework for joint medium-term inflation target with the government. The amendments, which are subject to presidential approval, include provisions that the state recapitalise its central bank in order to comply with legal requirements. Reporting by Emmanuel Bruce. Colleen Goko is the writer. Mark Potter (editing)
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Britain increases sanctions against Russia's energy sector
As part of its efforts to increase pressure on Moscow over the conflict in Ukraine, Britain imposed sanctions Thursday on additional Russian oil companies and Canadian-Pakistani Murtaza Lakhaani. The government has targeted 24 individuals, entities and companies, including what they describe as Russia's biggest remaining un-sanctioned oil firms: Tatneft, Russneft, NNK-Oil, and Rusneftegaz. The latest measures aim to make it more difficult for Russia to sell its oil globally. In October, Britain sanctioned Rosneft and Lukoil, two of Russia's largest oil companies. On Thursday, the EU sanctioned?41 ships of Russia's?shadow fleet? that tries to circumvent Western trading restrictions. Russia dismissed Western sanctions in the past as political motivated. The package included Lakhani and his companies. According to the British government, they are among the biggest traders of Russian oil in the world since 2022. Lakhani is a 63-year-old trader who began his career at the global trading company Glencore. He now runs a midsized trading firm called Mercantile & Maritime which faces UK sanctions. The company is based in London and Singapore. Britain said that it would also use'sanctions' to crack down on Central Asian cotton pulp supply chains, a component used in ammunition, explosives, and missile fuel, which it claimed Russia could not produce at scale. (Reporting Muvija M. Additional Reporting by Anna Hirtenstein. William James, Mark Potter and Mark Potter edited the story.
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TSX rises as tame U.S. data on inflation supports rate-cut bets
Canada's main index of stocks gained on Thursday after a U.S. inflation report that was lower than expected boosted expectations about Federal Reserve rate cuts. By 10:06 a.m., the?S&P/TSX composite index had risen 1% to '31,567.25?points. ET, after four consecutive days of modest losses. Cannabis companies Curaleaf Canopy Growth and Tilray have jumped between 2% and 21.5%. This is a continuation of their recent rally fueled by the expectation that U.S. president Donald Trump will sign an executive directive easing federal marijuana regulations. After Micron Technology's optimistic forecast, the technology index led gains in all Canadian sectors. The data showed that U.S. consumer price increases were less than economists expected for the year ending November, but they expect a faster increase in December. According to LSEG, investors are 'betting' that the Fed will reduce borrowing costs by 64 basis points at the end of the year. Oil prices are choppy due to geopolitical worries and the sell-off this week on Wall Street has weighed on the sentiment. Toronto's main index of stocks is on track for a weekly loss. The commodity-heavy Index is still on track to have its best year since 2009 with a gain of nearly 27%, driven by an increase in precious metal prices, and signs that the Canadian economy has remained resilient despite the tariff war between the U.S. Orla Mining climbed by 4% to a new record high, after the company confirmed that high-grade gold deposits extended beyond its underground operations at Musselwhite mine. (Reporting and editing by Avinash P in Bengaluru)
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Trump claims that he has cut energy costs. Has he?
In his White House address on Wednesday, Donald Trump credited the reduction of gasoline prices, increased power generation and boost to the coal industry. Here is a fact-check: GASOLINE -PRICES Trump stated: "Gasoline has dropped below $2.50 per gallon across the majority of the United States." By the way, in some states, it's just $1.99 per gallon. According to AAA's daily survey, the national average price for a gallon is $2.896. This is down from $3.034 one year ago. According to AAA, the lowest gasoline prices are found in Oklahoma where the average price is $2.343. The price of gasoline closely relates to its feedstock crude, which was pressured by OPEC's production increase and slowing economic growth in recent months. Power Generation Trump said, "Within 12 months, we will have opened 1600 electrical generating stations." It's a record which, I'd say, will not be broken by anyone, or at least not anytime soon. "Prices on electricity will drop dramatically, and everything else too." Facts: The rise in power prices is due to the proliferation of data centers that are electricity-hungry. This is a major reason why Trump and his predecessor Joe Biden wish to increase America's energy generation. U.S. Energy Information Administration (EIA), the statistical arm of the Department?of?Energy's, predicts that U.S. electricity generation will grow by 2.4% in 2020, and 1.7% more in 2026. This growth reverses the shrinking U.S. electricity generation between 2010 and 2020. During this period, demand for electricity was flat. However, the EIA data indicates that solar and wind power projects are responsible for the largest growth in new generation. These projects were in the pipeline since?years, and benefited from federal subsides that Trump has now cut. Trump's administration wants a reduction in renewable energy and a boost to oil, gas and coal technologies. COAL REVIVAL In his speech, Trump said that his administration is "bringing back beautiful coal and raising take-home pay for?miners". After years of falling incomes at record levels, our policies have boosted take-home pay at an historic rate. For miners, this is $3,300. The facts: According to the Bureau of Labor Statistics, employment in the coal industry in November was 41,200, down from 42,300 a year ago. According to data, the average hourly wage of coal miners in October was $35.72, up from $35.65 one year ago. According to the EIA, coal consumption in the United States is expected to rise by 9% by 2025, driven by an increase of 11% in the demand for electric power. However, coal consumption is expected decline in 2026 due to the increase of electric power generated from renewable sources. (Reporting and editing by Nick Zieminski, Richard Valdmanis)
Russia hopes Trump doesn't make a 'fatal mistake' in Venezuela
The Russian Foreign Ministry said Thursday that they hoped the U.S. President Donald Trump administration didn't make a fatal mistake over Venezuela. They also said that Moscow was concerned about U.S. actions that threaten international navigation.
Trump ordered on Tuesday a "blockade", of all oil tankers sanctioned by Washington, that enter and leave Venezuela. Washington was trying to increase pressure against Nicolas Maduro’s government.
After the U.S. seize a sanctioned oil tanker off the coasts of Venezuela, last week. Loaded vessels with?millions barrels of crude oil chose to stay in Venezuelan waters than risk being seized.
In a press release, the Russian foreign ministry stated that it hoped "the D. Trump Administration, which is characterized as a 'rational and practical approach,' will not make a grave mistake."
The ministry stated that Venezuela is a friendly nation to Russia and that Moscow hopes the U.S. will not get involved in a situation which could have "unpredictable effects for the entire Western Hemisphere".
Russia quoted Simon Bolivar as saying, "Every nation has the right to select its own rulers, and other countries should respect this." Bolivar was a brilliant Venezuelan tactician, who freed much of South America from centuries-long Spanish rule.
The Russian ministry stated that it wanted to normalize the dialogue between Washington DC and Caracas and reiterated Russia's "solidarity" with the Venezuelans in the face of their trials.
Russia supports "the Maduro Government's course, which is aimed at protecting national interests and the sovereignty of the Motherland." (Reporting and writing by Felix Light, Guy Faulconbridge; editing by)
(source: Reuters)