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Mogadishu: Seven people killed by heavy rains on Friday
According to a government spokesperson, at least seven people were killed in Mogadishu's two districts after heavy rains triggered a flood that swept the nation east of Africa on Friday night. "We can confirm that seven people, including two females, have died." Saleh Hassan said that the rain collapsed nine homes and filled 200 houses. According to Hassan, some infrastructure, including six main roads in Somalia's Capital, has also been damaged, causing a disruption in the movement of people. A young boy was among the dead, whose body was found in the rubble on one of the streets damaged on Saturday. "I hoped the water would spit out his body but it was all in vain." My friends and I removed his body this morning with spades and hammers, said local resident Nuradin Muhammad on Saturday. (Reporting and writing by AbdiSheikh, Editing by Tomaszjanowski)
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CIP Sells 10% Stake in Fengmiao I Offshore Wind Farm to MOL
Copenhagen Infrastructure Partners (CIP), on behalf of its fund Copenhagen Infrastructure V (CI V), has entered into an agreement to divest a 10% stake in the 495MW Fengmiao I offshore wind farm in Taiwan to Mitsui O.S.K. Lines (MOL).The transaction, for which no further details were revelaed, is subject to customary closing conditions, filing for Foreign Investment Approval and filings with the Ministry of Economic Affairs, Taiwan R.O.C.Following closing of the transaction, CI V will remain the controlling shareholder and operator of Fengmiao I.Fengmiao I is CIP’s third offshore wind project in Taiwan and is located off the coast of Taichung County.Construction of Fengmiao I was initiated following financial close in March 2025, and the offshore wind farm is on track for completion of construction by the end of 2027.CIP Reaches Financial Close for Offshore Wind Farm in TaiwanGoogle Signs PPA with CIP for Taiwanese Offshore Wind FarmCIP Orders Vestas Offshore Wind Turbines for 495MW Taiwanese ProjectFengmiao I is financed through a combination of equity and senior loans from a consortium of 27 international and Taiwanese banks and financial institutions, partly guaranteed by four export credit agencies and Taiwan’s National Credit Guarantee Administration.Once operational, the 495 MW offshore wind farm will deliver much-needed clean energy to a group of six large local and international energy users in Taiwan who have entered into long-term power purchase agreements with Fengmiao I for its entire capacity.“We are delighted to welcome MOL as co-investor in Fengmiao – and I am confident that we together will bring a project of the highest standards to commercial operation. The transaction recognizes the value created by CIP during the development phase as well as CIP’s strong offshore wind track record in Taiwan,” said Thomas Wibe Poulsen, Partner and Head of Asia-Pacific at CIP.
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US Judge halts land swap for Rio Tinto copper mining opposed by Native Americans
A U.S. Federal Judge on Friday temporarily stopped the Trump Administration from transferring land for a copper mining project to Rio Tinto or BHP, which Native Americans opposed. The judge cited the Supreme Court’s ongoing deliberations. The Resolution Copper project has been a long-running battle between the San Carlos Apaches of Arizona and Washington, who want to increase minerals production while also protecting the religious rights. In an 18-page ruling, U.S. district judge Steven Logan stated that the Apache Stronghold (a nonprofit group comprised of Apaches and their allies) is likely to be dissolved. The Supreme Court of Canada has heard the appeal and ruled in favor of the plaintiff The land transfer should therefore be stopped for the time being. Logan stated that it was "clear that the balance is in favor of (Apache Stronghold) and that, even in the short-term, there's a high probability of irreparable damage if the transfer proceeds." The conflict centers around the federally-owned Oak Flat Campground, where many Apaches worship their deities. The site is located on top of a copper reserve that contains more than 40 billion lbs (18.1 million tons). Copper is a key component in electric vehicles and electronic devices. If the Resolution project were to be built, it would create a crater that was 2 miles wide (3 km) and 1,000 feet deep (304 m), which would slowly swallow up this worship site. The Apache has been unable to stop the transfer since 2021. The rulings Deferred to 2014 The U.S. Congress, and President Barack Obama at the time, made this statement. President Donald Trump Start the Land Transfer In his first term, the move undone Now, the U.S. Supreme Court will decide whether or not to accept the case. The Supreme Court has stated at least thirteen times that it will continue deliberating on the appeal request. This is an unusually lengthy timeframe. Meanwhile, Trump last month Restart the land transfer Logan was contacted by his administration to expedite the process. His administration is aiming to finish it as early as June 16. Logan stated in his ruling on Friday that "there are good reasons to anticipate" the Supreme Court taking the case. He added that Rio's and BHP’s promises that they would maintain the public access to land as long as it is safe to do so "are inadequate," since they are not legally bound. Logan dismissed the testimony of a Rio executive - given at a Hearing earlier in the week The company has "voluntarily" chosen to spend an extra $11 million per month on maintenance on top of the $2.7 billion it has spent so far on Resolution. Rio issued a press release to say that it would be reviewing the ruling of the district court. Rio's spokesperson said that "this short-term order... does not change anything about the merits" of the legal questions currently before the Supreme Court. BHP, who owns 45% to Rio's 50% of the project, has not responded to a comment request immediately. Wendsler Norsie, one Apache Stronghold leaders, expressed his gratitude that "the judge stopped this land take in its tracks, so that the Supreme Court can have time to protect Oak Flat against destruction."
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Brazil's Unigel approves Petrobras deal on fertilizer plants
Petrobras confirmed a report from Friday that Brazilian chemical company Unigel had approved a Petrobras deal to settle legal disputes relating to two fertilizer factories in the northeastern Brazil. The agreement would allow Petrobras, the state-owned fertilizer company to resume operations at the two plants located in the states Sergipe and Bahia. This is part of President LuizInacio Lula Da Silva's efforts to reduce Brazil's dependence on imported fertilizer. Petrobras leased two nitrogen fertilizer facilities to Unigel under a 10-year contract in 2019. However, both plants have been closed since 2023. Unigel has cited unfeasible conditions for operating due to the high natural gas price in Brazil. Petrobras announced in a filing that the deal, which is still subject to arbitration court approval, restores Petrobras ownership of the two plants. It added that operations will resume following a bid process for contracting services to operate and maintain the plants. Reporting by Marta Nogueira, Rodrigo Viga Gaier and Gabriel Araujo. Writing by Chizu Nomiyama; Editing and proofreading by Rosalba o'Brien and Rosalba Nomiyama.
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Source: Nippon Steel executive headed to Washington next Week in order to push for US Steel agreement
Nippon Steel Vice Chair Takahiro Muri will be in Washington next week to try to get approval for its $15 billion offer to buy U.S. Steel, according to a source familiar with the situation. Semaphor reported the news first, and cited sources to say that Mori will meet with officials of the Trump administration during his trip. U.S. Steel & Nippon Steel didn't immediately respond to comments. The former president Joe Biden, citing concerns about national security that were not specified and related to the national security review conducted by the Committee on Foreign Investment in the US on the deal in January, blocked the proposed tie up. The two companies then sued CFIUS (which examines foreign investments to determine if they pose a national security risk), claiming that Biden had influenced the committee's decisions and violated their right to an impartial review. Biden, they claimed, did this in 2024 when he expressed opposition to the agreement while running for reelection in Pennsylvania (a swing state), where U.S. Steel has its headquarters. The Biden administration defended the review, claiming it was essential for protecting infrastructure, security and supply chains. In April, Donald Trump was elected President CFIUS was asked to conduct a new review The merger will be evaluated to determine if “further action” is necessary, raising the hope that the deal may finally get the green light. Since then, Trump has doubled down On comments opposing the deal, he said later that month he didn't believe a foreign company could control U.S. Steel. This dimmed hopes of approval. Reporting by Alexandra Alper and Arsheeya Bjwa, both in Washington; editing by Shilpa Majumdar and Chizu Niyama
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Sources: Brazil's Unigel approves Petrobras' deal on fertilizer factories
Two sources familiar with this matter say that the board of directors at Brazilian chemical company Unigel approved on Friday a deal proposed to them by Petrobras in order to settle legal disputes relating fertilizer plants located in the northeastern part of Brazil. The agreement would allow Petrobras, the state-run fertilizer company to resume operations at the two plants located in the states Sergipe and Bahia. This is part of President LuizInacio Lula Da Silva's efforts to reduce Brazil's dependence on imported fertilizer. Petrobras leased two nitrogen fertilizer facilities to Unigel under a 10-year contract in 2019. However, both plants have been closed since 2023. Unigel has cited unfeasible conditions for operating due to the high natural gas price in Brazil. According to Petrobras, the deal will reestablish Petrobras ownership over the two facilities, and operations are set to resume following a process of contracting services to operate and maintain them. Reporting by Marta Nogueira, Rodrigo Viga Gaier and Gabriel Araujo. Editing by Leslie Adler, Chizu Nomiyama and Leslie Adler.
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Greenland's quest for special status intensifies as the US considers it
U.S. Officials are discussing a plan that would bring Greenland under the sphere of America's influence. This is a similar agreement the United States used to maintain close ties with a number of Pacific Island Nations, according to U.S. Officials and a person familiar with these discussions. According to the plan under consideration, the Trump Administration would suggest that Greenland's leadership enter into an agreement with the United States called a Compact of Free Association (COFA). COFA agreements vary according to signatory but the U.S. government provides most essential services. This includes everything from emergency management and military protection to mail delivery. In exchange, U.S. troops can operate freely in COFA nations and the trade between the U.S. and COFA is mostly duty-free. Donald Trump, who floated the idea to acquire Greenland during his first term, has been even more insistent since he took office in January. He refuses to rule out the possibility of taking the island with force. Denmark, the country that governs Greenland, has strongly rejected the idea. A COFA would not allow Trump to achieve his goal of making the island, which has 57,000 residents, a part the United States. The sources say that this is not the only Greenland proposal on the table and that it would have to overcome many practical obstacles. Before Trump's election, it was reported that some advisors had suggested the idea informally. It was not previously disclosed that White House officials had begun discussions about the logistics of such a proposal. Two sources confirmed that some officials from the National Security Council as well as the National Energy Dominance Council (both of which Trump created) are involved in these talks. One of the sources said that the National Economic Council was also involved. COFA agreements were previously signed with independent countries. Greenland, however, would need to be separated from Denmark in order for this plan to move forward. Greenlanders may be interested in independence but they are also not keen on being part of the U.S. Markus Thomi is one of the people involved in these discussions, according to the two sources. He is the acting senior director of the National Security Council Western Hemisphere Section. One of the sources stated that David Copley is the key mining official for the NEDC. The White House, the Danish Embassy and Greenland's Washington representative office did not respond to our request for a comment. Interior Department also didn't respond. The Office of Insular Affairs of the Interior Department plays a major role in implementing COFA agreements. COFA DEALS TROUBLES The existing COFA agreements between Washington and Palau, Marshall Islands and Micronesia is seen as crucial by all political parties in the United States to counter China's increasing influence in Asia Pacific. Yet, in the past, these agreements have run into problems. Republican lawmakers have sometimes opposed budget elements allocated to fund COFA agreement, causing deep frustration in countries that depend on the funds. A COFA does not guarantee that the United States will not use influence to try and influence a country. Reports in April indicated that Chinese nationals were able to establish close relationships with senior political figures on Palau. This alarming U.S. government officials. One senior European official stated that the White House has not approached the Danish government about the COFA plan and they have had no substantive discussions about Greenland’s future status. Danish officials publicly rejected the notion of the U.S. buying Greenland and insisted that Greenlanders should determine their own future. Officials in the administration claim that the island is vital to the U.S. because of its mineral deposits, which have high-tech and other military applications but are not tapped due to labor shortages and lack of infrastructure. A senior administration official said that the U.S. is helping Greenland to diversify its economy, and achieve greater economic independence with Denmark. Officials from the U.S. Development Finance Corporation and Export-Import Bank could both play a part in this process. According to the official, the Tanbreez project, where rare earths will be extracted and processed on the island, but then shipped back to the U.S. for processing, is a bright spot in Greenland's relations. New York's Critical Metals Corp has a stake of 42% in the project. However, that stake may increase as part a complex deal expected to be finalized later this year. The official stated that a COFA could be "an elegant way to address certain concerns we have in regards to Greenland's security," but made no other comments on the possible existence of such an agreement. Reporting by Gram Slattery and Valerie Volcovici; Editing Don Durfee, Alistair Bell
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Investors warn EU against data reductions in green rule review
The political drive to reduce EU sustainability regulations should not result in investors losing valuable information about material risks, or forcing them to rely on third party data providers more often. This was the message from Europe's leading asset management trade association on Friday. The European Commission is reviewing the planned rules for corporate disclosures, amid concerns that they are preventing European companies from competing against other regions. This is especially true in light of a tariff war driven by the United States. The Commission has proposed changes in February that will exempt thousands of smaller European companies from the rules and reduce the obligations on larger firms to monitor their supply chains and check for environmental and human rights problems. The European Fund Managers' Association, EFAMA said that it supported the Commission in its efforts to reduce regulatory burden, but warned against removing key information about sustainability risks, which could harm the EU's broader climate objectives. Ilia Békou, policy adviser at EFAMA said that simplifying disclosure requirements can help EU competitiveness, by promoting innovation and growth in key technological areas across the EU's economy. EFAMA's proposal stated that it was preparing a list of data points which companies could report. It estimated this would reduce the reporting requirements by 80%. This could be supplemented with additional voluntary disclosures. The report also cautioned against reducing too much the number of green companies that are covered by the regulation, as this could make it more difficult for European investors and businesses to invest in smaller green enterprises. Another suggestion is to ensure that the changes are in line with an upcoming review of sustainability reporting for asset managers. (Reporting and editing by Simon Jessop, Susan Fenton and Virginia Furness)
Ex-Lundin, Glencore executives launch firm to hunt for copper and gold assets
Former Glencore executives and Lundin executives set up a mining shell company in order to buy gold, silver, and copper assets across the Americas. The aim is to tap into estimated $15 billion of capital available held by private equity firms.
Matthew Rowlinson was the head of copper business at Glencore and Kololian is a former chief financial officer for Toronto-listed Lundin Gold. Together, they have set up Moranda Metals.
The potential for shortages of minerals, which are seen as essential for the energy transformation, has been exacerbated by years of underinvestment.
Kololian said, "We are sat with high commodity prices but at the same we have all-time high investor apathy in the mining sector."
"And we can see that there is approximately, if you want to say, over $15 billion in dry powder. So, capital is readily available today."
He said that the estimated $15 billion capital included money held by mining companies and mining finance companies.
In recent years, the mining industry has seen an increase in mergers and purchases (M&As), partly due to strong commodity prices and a need to invest in more projects.
Kololian stated that Moranda will initially target businesses with a value of between $200 million to $500 million.
He said that the firm was in discussions with some firms who may be interested in selling off non-core assets at a lower value, or whose management teams might need new capital to refocus and rebrand their strategy.
He added, "There's no silver platter of assets, but there are some very exciting opportunities, particularly in copper and gold." (Reporting and editing by David Holmes; Clara Denina)
(source: Reuters)