Latest News
-
FT reports that Italy is seeking damages of over $8 billion from ArcelorMittal for the ILVA Steelworks.
Financial Times reported 'on Monday' that the state-appointed administrators at Acciaierie d'Italia's Steel Plants are seeking 8?billion euro ($8.17 billion), in damages, from ArcelorMittal. The report stated that Acciaierie d'Italia, formerly known under the name ILVA has filed a lawsuit against the steelworks for alleged mismanagement. This complaint was made to a Milan court this month. Adolfo Urso, Italy's Minister of Industry in December, said that the plant commissioners would file a claim for damages against ArcelorMittal. The plant was taken over by the government in early 2024. The FT reported that "the forensic due diligence... carried out by the Commissioners showed that the 'company's financial... imbalances were?the result... of a wilful, precise, and long-term strategy aimed at systematically transferring financial resources to the parent company from the company." ArcelorMittal, and Italy's Economy Ministry?didn't immediately respond to an inquiry for comment. The steelmaker announced in September of last year that it had received 10 bids, but only two bidders, Azerbaijan’s Baku Steel Company and Azerbaijan Investment Company as well as India’s Jindal Steel International, were interested to purchase all the assets. ADI is a major headache to Italian Prime Minister Giorgia Melons because it is unable to maintain its production due rising energy costs and a?weak market.
-
Sources say that Carlyle and Chevron-Quantum are the frontrunners to acquire Lukoil assets.
Sources say that the UAE-based International Holding Company, Chevron, and Carlyle are all competing to buy up the global assets of Russia’s Lukoil as a U.S. deadline for selling them expires next week. Sources say that the United States sanctioned Lukoil in October, and Rosneft its counterpart to force the Kremlin into a peace agreement with Ukraine. They have given Lukoil a deadline of January 17 to sell its $22 billion global portfolio. These assets include refineries, petrol stations and oil fields in Europe and the United States as well as oil fields and refineries in Iraq, Azerbaijan, and Kazakhstan. Lukoil has been forced to shut down its operations in many countries due to the lack of banking lines and sanctions. Iraq also nationalised Lukoil’s largest oil field, West Qurna 2 Lukoil has been holding talks with investors since November, according to four sources in the industry. Carlyle declined comment. IHC has not responded to a comment request. Chevron declined to comment. According to U.S. regulations, once Lukoil has reached a deal with a buyer, the latter must obtain clearance from the U.S. Department of the Treasury’s Office of Foreign Assets Control. Three of four sources stated that OFAC could extend the current general license and allow negotiations between Lukoil?and buyers to continue. Treasury did not immediately respond to our request for comment. A fifth source said that OFAC could decide to issue individual licenses to one or more potential buyers before the deadline of January 17, according to a sixth?source. Treasury has so far blocked two attempts at deals, the first being between Lukoil, a Swiss trading group, and Gunvor, and then Xtellus Partners (the former U.S. branch of Russian bank VTB), in December.
-
Orsoni, a former separatist leader in Corsica, was shot and killed at the funeral of his mother
The public prosecutor of Vero said that Alain Orsoni, former Corsican rebel leader, was shot dead during the funeral of his mother on Monday. Vero is a village located 30 km east of Ajaccio. Nicolas Septe told reporters that "he was shot by a long-range bullet". Local police confirmed the murder. Orsoni led the Corsican Self-Determination Movement, a separatist group that the French police believed was the legal front for the armed Corsican National Liberation Front Traditional Wing. Authorities have linked the Corsican National Liberation Front Traditional Wing to attacks that took place on the island in the 1990s. The group has claimed some of these attacks. Orsoni was also charged, convicted, and pardoned in connection with an attack by machine gun on the Iranian embassy in Paris in 1981. Orsoni was also president of the Corsican football club,?AC Ajaccio between the late 2000s to the early 2010s.
-
Gold reaches $4,600/oz amid Fed unrest and safe-haven rush
Investors piled into safe haven assets as uncertainty grew over the criminal investigation by the Trump administration into Federal Reserve chair Jerome Powell. As of 1:38 pm, spot gold was up by 2.2% to $4,609.58 an ounce. ET (1838 GMT) after hitting a previous record high of $4629.94. U.S. Gold Futures for Delivery in February settled 2.5% higher, at $4.614.70. Michael Haigh is the global head of commodities at Societe Generale. He said: "Elevated uncertainties play directly into 'the gold market. (And) every week it seems that another area of uncertainty has been added." He added that the backdrop supporting the rally was unlikely to change anytime soon. The gold price surged by more than 64% in the past year, which was its highest performance since 1979. Silver also had its best year ever with a gain of 146.8%. The Trump administration is increasing pressure on the Federal Reserve, threatening to bring charges against Chair Jerome Powell for his comments about a renovation project. Powell called this a "pretext", to get control of rate cuts Trump wants. Powell's tenure ends in May. Fox News reported that the Trump administration will interview Rick Rieder, a BlackRock executive who could be a candidate to succeed Powell. After reducing rates by 75 basis points in 2013, the Fed is expected to keep them steady during its meeting on January 27-28. Markets are still pricing in another two rate cuts this year. This is boosting demand for gold and other non-yielding investments. The geopolitical tensions were also elevated, as Trump considered possible responses to a deadly crackdown against protests in Iran following the removal of Venezuelan president Nicolas Maduro. He also floated the idea of purchasing?Greenland. Spot silver reached an all-time record high of $86.22 and later rose?6.8% to $85.39. Ned Naylor Leyland, manager of Jupiter Asset Management's gold and silver funds, said that "gold and silver go together". But "when silver captures flow, it really runs, because it is a smaller channel, and more sensitive to flows in and out". The spot price of platinum rose 3%, to $2,342.10 an ounce. Palladium gained 2.5%, to $1,861.44. (Reporting from Anmol Choubey, Bengaluru. Additional reporting by Naomi Rovnick, London. Editing by Jan Harvey and Susan Fenton. Alan Barona.
-
PG&E reaches a $100 million settlement with shareholders over wildfires in 2017, 2018 and California
Pacific Gas and Electric's parent company has reached a settlement of $100 million with shareholders who claimed that the utility operator misled them regarding its wildfire prevention?and safety protocol before wildfires occurred in northern California during 2017 and 2018. The preliminary settlement between PG&E and the U.S. District Court of San Jose in California was filed on Saturday. It requires a judge's approval. Shareholders, led by the Public Employees Retirement Association of New Mexico said PG&E concealed their defective wildfire safety techniques. This included electrical equipment and vegetation management that was blamed for the start or exacerbation of the 2017 North Bay Fires and 2018 Camp 'Fire. North Bay fires include the Tubbs Fire, which killed 22 and destroyed over 5,600 structures. This included about 5% homes in Santa Rosa. The Camp Fire destroyed over 18,800 buildings, including the majority of Paradise. It killed 85 people. Court documents show that PG&E denied wrongdoing when it agreed to settle. The Oakland, California-based firm called the'settlement' "a significant step in resolving the claims from the 2017 and 2018 wildfires as we continue to work to reduce the wildfire risk throughout our energy system." The company said that customers will not be charged for the settlement. The lawsuit was delayed when PG&E declared bankruptcy in January 2019. PG&E settled with the victims of wildfires for $13.5 billion in December. It emerged from Chapter 11 protection against creditors in June 2020.
-
British Columbia, Canada seeks to strengthen trade and resource ties with India
British Columbia's Premier David Eby, who is on a six-day Indian trip, said that the province wants to strengthen its?commercial relations with India, particularly in the areas of liquefied gas, critical minerals, lumber, and technology. Both countries want to rebuild their trade ties following a two-year freezing and diversify supply chains as a reaction to U.S. Tariffs. "Unjustified tariffs from U.S.?impacting B.C. Eby said in an interview that it was more important than ever for workers and businesses to develop strategic relationships with international counterparts. The dates for the Canadian Premier Mark Carney's visit, which will continue until Saturday, have not yet been made public. Eby stated that his visit was to establish relationships with Indian businesses "so we're able?to facilitate agreements?and business relations to create jobs?for British Columbians?and support India?." The Indian government refused to comment when contacted by. BUILDING MORE LIQUID NATURAL GAS FACILITIES Eby stated that British Columbia has expanded its liquefied gas production. Six facilities are either "online, coming online or achieving final investment decisions in the next 12 months", Eby. He stated that he is scheduled to meet with business and government leaders in Delhi and Mumbai and explore investment from Indian companies as part of the province's goal to attract $200 billion worth of investment over the next 10 year. He said that his delegation had already met with Indian Oil, the state-run oil company. The company hasn't commented. Canada, besides collaborating with India, as the world's third largest energy consumer, is also seeking new markets for its lumber exports, which are now going to the United States due to tariffs. Eby stated that the province is looking to sell more wood to India's expanding construction and furniture market. Ottawa put off trade negotiations with New Delhi in 2023, after accusing New Delhi of being involved in the murder of a Canadian Sikh Separatist. The talks on re-establishing trade ties have just begun. (Reporting and editing by Barbara Lewis; Manoj Kumar)
-
Codelco, Chile's copper producer, expects its output to increase by 10,000 tons in 2010.
Maximo Pacheco, the chairman of Chilean state-owned miner Codelco, said on Monday that it is expected to produce about 1.344 million metric tons (about 10,000 tons more) of copper by 2026. Pacheco stated that Codelco, as the world's biggest copper producer, will achieve a copper output of 1,33 million tons by 2025. The company also produced 100,000 tons of copper in partnership with other companies. Pacheco stated that the company's strategy was to "find copper" and to develop structural projects that would expand and prolong the life of our copper mines. The company will invest $150 million into exploration by 2026. Codelco is overhauling several of its mines in order to combat a drop in ore grade. However, delays and problems at some large projects have put pressure on the company's finances. Pacheco stated that the company's debt is about $24 billion, and has been growing due to its $5?billion annual capital expenditure. Codelco must also reinforce operations at its flagship mine El Teniente where production was affected by a fatal accident in July last year. A document from Codelco, viewed by the reporter, showed that El Teniente’s annual production dropped 13% between 2024 and 310100?tons. Pacheco said that SQM's lithium joint venture with the company is expected to increase production from 230,000 tons last year to 250,000 tons by 2026. He said, "Our first commitment will be to increase lithium production using new technologies that use less water and brine." (Reporting and Additional Reporting by Fabian Cambero Writing Alexander Vilegas Editing David Goodman.)
-
ATALCO receives US Pinnacle affiliate investment to increase alumina and gallium production
Atlantic Alumina Company announced that the U.S. Government and a Pinnacle?Asset Management?affiliate have invested more than $450?million into the alumina?producer in order to?boost the domestic output and build a large-scale primary galium production circuit. Atlantic Alumina or ATALCO announced on Monday that the U.S. Department of War had invested $150 million as preferred equity. Pinnacle, through its?affiliate Concord Resources Holdings?, has also put more than $300 million of private capital into play. The Trump administration is stepping up its efforts to secure U.S. mineral supply chains, including shifting federal support from grants to direct equity stakes. Washington wants to reduce its reliance on the market leader China. ATALCO said it would set up a primary gallium production loop in?Gramercy Louisiana. The partnership aims to strengthen the national?supplies? of critical minerals for aerospace, defense and semiconductors, as well as?energy technology. Since 1959, the Gramercy plant has been supplying smelter grade alumina. Alumina ore is used to recover primary gallium. ATALCO plans to increase production to over 1 million metric tonnes of alumina per year and to produce up to fifty metric tons gallium each year. (Reporting from Pranav Mathur, Bengaluru. Editing by Leroy Leo.)
Kpler: Iran's oil on water reaches a new record.
Kpler, a shipping data intelligence company, said that Iran has a record of oil in the water, which is equivalent to 50 days' worth of production. This is because China has purchased less oil?because of the sanctions, and Tehran wants to protect its supply from the threat of U.S. attacks.
According to Kpler's data, the amount of Iranian crude oil and condensate on tankers or floating storage vessels reached a record 166 million barrels during the week ending January 11. This is according to data that dates back as far as 2016. Donald Trump, the U.S. president, has warned of military action against Iran, which is one of the largest?producers of the Organization of the Petroleum Exporting Countries.
Homayoun Falakshahi of Kpler said that Iran increased its oil storage at sea to delay production halts as Chinese imports began to slow in 2025 due to a lack of crude.
Falakshahi added that Iran also aims to move as many barrels away from the Gulf as possible to reduce geopolitical risk for these volumes. Kpler estimates that half of the Iranian crude oil in water is located near Singapore. (Reporting and editing by Alex Lawler, Barbara Lewis, and Barbara Lewis; Additional reporting by Seher dareen)
(source: Reuters)