Latest News
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Tinubu, Nigeria's Tinubu, nominates new oil regulators following the resignation of chiefs amid Dangote dispute
Bola Tinubu, the Nigerian president, has asked the Senate to confirm a pair of new oil and gas regulators in Nigeria after their predecessors abruptly quit. This was due to a high-stakes conflict between an agency and Africa's wealthiest man, Aliko Dagote. Tinubu was nominated after Gbenga?Komolafe - the former chief executive of Nigerian Upstream Petroleum Regulatory Commission - and Farouk Ahmed - the head of Nigerian Midstream & Downstream Petroleum Regulatory Authority – left their positions. Dangote has accused Ahmed of allowing the entry of cut-price fuel imports that ?threaten local refineries, including his 650,000-barrel-per-day Lagos plant, Africa's largest. Dangote filed a?petition on Wednesday against Ahmed at one of Nigeria's anti-graft agencies – the Independent Corrupt Practices and Other Related Offences Commission. Komolafe has clashed over the failure of Dangote to enforce a law requiring that producers prioritize local refineries. The shake-up occurs at a crucial moment for Africa's largest oil producer. Regulatory uncertainty and fears about supply have been dominating headlines ever since Dangote filed a formal complaint against Ahmed citing concerns over governance and personal expenditures beyond declared income. Analysts say the resignations will not have a significant impact on the oil sector. Oritsemeyiwa Eyesan is Komolafe’s preferred successor. He spent over three decades with the state oil firm, including as a director of one of its subsidiaries. Saidu Aliyu Muhammad, Farouk’s successor, has been named as an independent nonexecutive Director at?Seplat Energy. He has over 37 years' experience and led a division at NNPC and helped draft Nigeria’s Gas Master Plan. "I do not think that these resignations will adversely affect investor trust," said Ayodele ONI, a partner and energy lawyer with the Lagos-based Bloomfield Law firm. Tife Owolabi contributed additional reporting from Yenagoa, and Isaac Anyaogu from Lagos. Elisha Gbogbo wrote the article. Bernadette Baum edited it.
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Silver tops $66, gold gains 1% due to soft US labor market
Silver prices reached a record-high of $66 per ounce on Wednesday. Gold prices also rose as the Federal Reserve of the United States cut rates after signs of an ailing labor market and escalating tensions between Venezuela and the U.S. boosted demand for safe havens. Spot silver increased nearly 4%, to $66.22 per ounce. It had previously reached a session high of $66.88. Edward Meir, a Marex analyst, said that silver is pulling up gold. "There is money moving out of gold into palladium and platinum," Meir added. "$70/oz" (for silver) seems to be the logical next target for the short term." Gold spot rose 0.7%, to $4334.01 per ounce at 01:56 pm ET (18:56 GMT) after it had risen over 1% in the morning. U.S. Gold?futures closed 1% higher at $ 4,373.9. Silver has risen 129% in the past year, surpassing gold's 65% increase. On Tuesday, data showed a stronger-than-expected increase of 64,000 jobs in the U.S. last month, but the unemployment rate rose to 4.6%, its highest level since September 2021. Gold and other non-yielding investments could benefit from a weak labor market. According to?Bas Kooijman of DHF Capital S.A., the CEO and asset manager, the markets continue to see that the Federal Reserve will cut its interest rates twice during the first half of 2026. This could support gold prices over this period. The U.S. Federal Reserve delivered its final quarter-point rate reduction of the year last week. Investors now price in two 25 basis-point rate cuts in 2026. The market is now awaiting the Consumer Price Index for November, due Thursday. Personal Consumption Expenditures Price Index will be released on Friday. Donald Trump, the U.S. president, ordered a "blockade", of all sanctioned tankers that enter and leave Venezuela, Washington's latest effort to increase pressure on Nicolas Maduro’s government. This move adds to the safe-haven request. Palladium rose 2% to $1635.61 and platinum was up 2.2%, the highest level in over 17 years.
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Silver reaches record price of $65/oz due to a perfect storm
Silver's inclusion on the U.S. Critical Minerals?list and a wave momentum buying has propelled it to a new record high. Prices are expected to end 2025 more than twice where they started. Silver has gained over 120% in the past year, and according to LSEG's data dating back to 1982, is on track for its best-ever annual performance. The metal is beating safe-haven, gold which is expected to rise 64% by 2025. On Wednesday, spot prices reached a new record high of $66.87/oz. The current rally is largely driven by investment. The rally has a strong fundamental basis, but these prices are driven by speculation and investment," said Rhona OConnel, StoneX's head of market research. Silver's fundamentals are robust, with a persistent supply deficit and a healthy outlook for demand from the solar cell, artificial intelligence data centers, and electric vehicles industries. Metals also benefit from the same macroeconomic factors that support gold as well as flows to safe-haven assets due to geopolitical tensions and trade tensions. Nitesh Sha, commodities strategist at WisdomTree, said that these factors and the less abundant inventories outside of the U.S. create a "very supportive environment" for future growth. He added that "Silver could reach a price of up to $75/oz by the end next year." Prices have also been supported by the metal's inclusion in the U.S. Critical Minerals list. Concerns about the potential impact of tariffs on silver prompted a rush to the U.S. in early this year. This led to a shortage of liquidity in London's spot market. Analysts said that the combination of demand from India and China with momentum buying has created a perfect storm for metal. Carsten Menke, Julius Baer's analyst, said that "strong price performances" attract Chinese traders to the market. This is evidenced by the increase in trading volumes and open interest on the exchanges. Analysts remain bullish about silver. They expect the metal to surpass the $70/oz mark next year. This is especially true if U.S. rate cuts boost the demand for precious metals. Others cautioned, however,?that historically volatile metals remain vulnerable to steep corrections. O'Connell said that if gold moves by x% in one direction, silver should move by 2x% to 2.5x% in the opposite direction because it is a smaller, more volatile market.
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Industry says EU carbon tax changes are not sufficient for metals
Industry representatives on Wednesday said that the proposed?changes in the European Union's Carbon Border Adjustment Mechanism are a'step in the right directions' for Europe's?steel?and?aluminium?sector, but not a 'complete solution'. On Wednesday, the European Commission announced plans to extend the CBAM, which imposes a carbon-based tax on imports of metals such as steel and aluminium, and a few other commodities, to include some downstream products that contain a large amount of these metals. These include machinery, appliances and scrap. It did this in response to warnings by metal industry players from Europe regarding "carbon leakage", or the risk that industries worried about losing their competitiveness might move operations out of the region so as to avoid the costs of climate policies. The European Steel Association Eurofer stated in a press release that the proposals were flawed, but did not provide "a comprehensive and lasting response to jobs and carbon leakage", saying the number downstream products included is "very limited". Axel Eggert said that Eurofer, as Eurofer's Director General, was ready to continue discussions with legislators about how to make CBAM watertight. Norsk Hydro, a Norwegian aluminium manufacturer, was in the forefront of the 'lobbying' for the expansion CBAM. It said that 35% of EU aluminum recycling capacity would be lost if remelted scrap aluminium entered the EU free of a carbon levy. It said that the inclusion of "pre-consumer" scrap is a "big move forward". "However,?post-consumer scrap ?must also be added to the scope," a company spokesman ?said. "If we don't, the loophole for scrap will be open to half." Pre-consumer metal is scrap generated during manufacturing before a finished product reaches a consumer. Post-consumer metal, such as aluminum beverage cans, are end-of life metals. (Reporting and editing by Barbara Lewis; Tom Daly)
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The Peruvian Congress extends the informal mining permits program by one year
LIMA, December 17 - Peru’s Congress approved on Wednesday a one year extension to a temporary?permit?program?for small-scale miner amid ongoing protests that?sought to give miners a longer period of time to regularize their operation. The extension will last until the end of 2026. The government previously opposed a bill which sought to extend REINFO by two years. After receiving an initial approval at the beginning of December, the extension was approved by 13 votes in favor, 4 against, and 2 abstentions. The REINFO permits have been extended five times since the program began a little more than a decade ago. This program is for small-scale informal miners that extract gold and/or copper. These permits allow them to continue to work. Sources in the Peruvian industry and police claim that the temporary permits also fueled a'surge' of illegal mining, at a time where precious metals trade at record prices on the international markets. In July, more than 50,000 small-scale miner were removed from REINFO. This left about 31,000 people responsible for bringing the status of their mining up to date before the end 2025. Peru exported $15.5 billion in gold to the world in 2024. This is a huge jump from the $11 billion it had done last year. According to local financial regulator and sector data, it is estimated that 40% of the gold in this country is illegal. (Reporting and Writing by Marco Aquino; Editing and Revision by Brendan O'Boyle).
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Tunisians renew protests against pollution at state chemical plant in Gabes
Around 2,500 Tunisians marched in the coastal city of Gabes, renewing protests against pollution caused by a'state-owned' phosphate complex. The anger was rising over perceived failures regarding public health. The main slogan was "Gabes Wants to Live" on the 15th Anniversary of the pro-democracy revolt of 2011 that ignited the Arab Spring movement. The protest increased pressure on the government of President?Kais saied, who is currently dealing with a financial crisis, growing street unrest and protests by journalists, doctors, banks, and public transport systems. The UGTT, a powerful union in Tunisia, has called for a 'nationwide strike' next month. This is causing great tensions throughout the country. Recent protests have been widely viewed as one of the biggest challenges Saied has faced since he started ruling by decree back in '2021. Protesters marched towards Chatt Essalam (a coastal suburb to the north of the city) where Chemical Group industrial units are situated. Safouan Kbibieh is an environmental activist from the area. She said, "The chemical factory is a crime. We will not pass this environmental disaster on to our children. Residents claim that toxic emissions from the complex of phosphates have increased the rates of cancer, osteoporosis, and respiratory diseases. Meanwhile, industrial waste continues to be dumped into the ocean, causing harm to marine life and livelihoods. The protests in Gabes erupted again after?hundreds? of schoolchildren had breathing problems in the last few months. This was allegedly due to toxic fumes coming from a factory that converts phosphates into fertilisers and phosphoric acids. Saied has described the situation in Gabes, as "environmental murder", and blamed previous governments for their policy choices. He also called for urgent maintenance, to prevent toxic leaks. The protesters are rejecting the temporary measures, and demand the permanent closure of the plant and its relocation. (Reporting and editing by Ed Osmond, Tarek amara)
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Radiant raises more than $300 million for the construction of nuclear microreactors
Radiant, a startup company, announced on Wednesday that it had raised $300 million for its latest funding round to mass-produce nuclear reactors. The funding round was led by Draper Associates & Boost VC, and included funding from Founders Fund ARK Venture Fund Chevron Technology Ventures, and other investors. Why it's important After decades of stagnation, the U.S. nuclear industry is seeing a surge of demand. This is due to the demand for data centers that are used in artificial intelligence technologies as well as electrifications of industries like transportation and manufacturing. The funding round will assist Radiant in commercializing as it prepares for the early next year to break ground on its R 50 'factory' in Oak Ridge Tennessee. CONTEXT Radiant, based in California, is developing nuclear microreactors with a 1 megawatt capacity that are easily transportable. The company signed an agreement earlier this year to supply 20 microreactors for data center developer Equinix. The reactors were designed to provide a constant power source for applications such as disaster response, critical infrastructure, remote industry, and defense. Radiant plans to test its first nuclear reactor in 2026. Initial customer deployments will begin in 2028. KEY QUOTES Tim Draper of Draper Associates said that "portable nuclear power will?provide the bulk of our incremental energy in the coming years. Radiant is working with purpose, not just to turn on their first reactor but also building them in scale within months and not years."
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Tinubu wants a $30 billion budget reset in order to stop fiscal years overlapping
Bola Ahmed Tinubu, the President of Nigeria has asked Parliament to approve a 43.56 trillion Naira (US$29.96 billion), spending plan that repeals and reenacts 2024's budget to?run until December 2025. The goal is to eliminate fiscal cycles that overlapped in recent years and tighten control on public finances. This move comes after months of criticism from lawmakers about the government's reliance upon?rolling forward capital budgets. As a result, the 2024 capital spending was extended to June 2025 and then December 2025. After years of budget mismanagement, the 'proposal' aims to restore discipline and accountability in Africa’s most populous nation. The lawmakers now want to reset the calendar year cycle in 2026. In a letter read by Speaker Tajudeen Abbas on the floor of the House of Representatives on ?Wednesday, Tinubu said the proposed repeal-and-reenactment bill would authorise withdrawals from the federal account and allocate ?1.74 trillion naira for statutory transfers, 8.27 trillion naira for debt ?service, 11.27 trillion naira for recurrent spending, and 22.28 trillion naira for capital projects ?under a single framework. Tinubu stated that the measure would "put an end to running multiple budgets simultaneously"?and improve capital projects execution after repeated rolling over of 2024 expenditure into 2025 along with a separate 54.99 billion naira budget for 2025.
What's next after Biden obstructed the $15 bln Nippon Steel/US Steel deal?
U.S. President Joe Biden obstructed Nippon Steel's proposed $14.9 billion purchase of U.S. Steel mentioning nationwide security issues, in a possibly fatal blow to the offer after a yearlong review.
Biden, President-elect Donald Trump and a prominent labor union opposed the effort by Japan's leading steelmaker to acquire the iconic American firm, which would have produced the world's. third-largest steelmaker, according to World Steel Association. data.
The path forward is unclear. The business could take legal action against the. U.S. federal government, another buyer could swoop in for U.S. Steel, or. Republicans who favor the deal could prompt Trump to find a way to. approve it.
Here is what might follow:
THE OFFER ITSELF
The proposed deal has actually not yet been terminated by the. business even after Biden blocked the deal.
In a joint statement, Nippon and U.S. Steel called. Biden's choice unlawful, and Nippon Steel may submit a lawsuit. versus the U.S. government challenging the procedures behind. the choice, Japan's Nikkei organization daily reported on. Saturday.
David Burritt, U.S. Steel's president, said on Friday. we plan to fight President Biden's political corruption.
Some lawyers, such as Nick Wall, M&A partner at Allen &&. Overy, have stated a legal difficulty would be difficult.
Nippon Steel argued it made numerous concessions, consisting of. offering to move its head office to Pittsburgh, to meet the. needs of CFIUS, the Committee on Foreign Financial Investment in the. United States, the panel that picks whether foreign. purchases of U.S. business ought to move forward.
CFIUS was split over a decision and did not make a. suggestion on the deal.
If they go to court most of the choices by the. numerous CFIUS firms will be made public, stated Brett Lambert,. a previous senior Pentagon official under Barack Obama, citing the. rare relocate to forward a split decision to the president.
If the offer does not go through, Nippon Steel would have. to pay a $565-million separation fee.
U.S. STEEL'S FUTURE
Pittsburgh-based U.S. Steel had alerted that mills could. close and thousands of jobs would be at threat without the deal. U.S. Steel's profits have dropped for nine straight quarters. in the middle of a worldwide industry downturn, but it still sports a forward. price-to-earnings ratio of 12.87, more expensive than U.S. peers, according to LSEG information.
The United Steelworkers union, which opposed the offer,. has actually called the business's cautions baseless, saying Friday that. it is clear that U.S. Steel's current financial performance programs. it can easily remain a strong and resistant business.
Other suitors might emerge. U.S.-based Cleveland-Cliffs. , which previously bid for the business, could come back. with a lower offer. However, its market price is now smaller sized. than that of U.S. Steel.
One would believe that Nucor and Cleveland. Cliffs will be in discussions with U.S. Steel, however based on. presidential messages one would think the U.S. government may. concerned its aid and invest in its facilities, said Jay. Woods, primary worldwide strategist at Flexibility Capital Markets.
TRUMP'S POSITION
Trump, who takes office on Jan. 20, has actually consistently promised to. block the sale, a view he shared with Biden.
I am totally against the when terrific and effective U.S. Steel. being purchased by a foreign company, in this case Nippon Steel of. Japan, he composed on his Truth Social platform last month. As president, I will obstruct this offer from occurring. Buyer. Be careful!!!
Trump's transition group did not talk about Friday. However,. several existing and previous Republican officeholders on Friday. slammed Biden's decision, saying it would cost financial investment in. the U.S.
U.S.-JAPANESE RELATIONS
Some analysts warned that obstructing the offer might sour. relations between the United States and Japan, which Biden had. worked on improving to counter the danger of China's economic. and military rise.
Japan is the top U.S. investor in the U.S. and its. greatest business lobby has actually raised issues about political. pressure on the deal, a view the White Home rejected.
It would have helped us reconstruct our competitiveness and. counter China. To do this effectively, we need our friends,. especially Japan, Wendy Cutler, who worked as a senior trade. arbitrator under previous President Barack Obama, wrote on social. media platform X.
Trump's stance on trade might contribute to that worry when he. returns to office, as he has currently threatened heavy tariffs on. key allies Canada, Mexico and Europe.
(source: Reuters)