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Gold Reserve can enforce a $1.1 billion arbitration against Venezuela in Portugal
Gold Reserve announced on Monday that the Lisbon Court of Appeal had confirmed its arbitration award against Venezuela and given it the green light to enforce approximately $1.1 billion in Portugal. In afternoon trading, shares of the company increased 1.5% to C$2.63. The company stated that the decision supports its ongoing efforts in Portugal to enforce its arbitral award, where it claimed it had obtained attachments orders "against numerous bank accounts" with more than $1.4 Billion. It added: "Recovery in Portugal legal proceedings is not guaranteed due to a number of factors." It added that "further court orders will be required in order to try to collect any of the funds attached." The Venezuelan Information and Communication Ministry did not respond immediately to a comment request. The Canadian company stated that its efforts to enforce the arbitral ruling in Portugal were in addition to the ones being undertaken in the U.S. This included its participation in an auction organized by a court of shares of Citgo Petroleum, the parent company of Venezuelan-owned refiner Citgo Petroleum. It was to be used to pay 18 creditors in Venezuela for debt defaults as well as expropriations. Citgo Petroleum, Venezuela's largest overseas asset, has been targeted by creditors who are seeking compensation for the nationalization wave of late President Hugo Chavez and the failure to pay debts made by President Nicolas Maduro. Gold Reserve said that any recovery from the U.S. courts proceedings will offset the amount recovered in Portugal. (Reporting from Pooja Menon and Marianna Pararaga in Bengallu; Additional reporting provided by Vivian Sequera, Caracas; editing by Sriraj Kalluvila).
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Congo bans exports of cobalt for four months in order to curb the oversupply
The Democratic Republic of Congo has temporarily stopped cobalt exports in order to reduce the flow of metals on the market, which they claim is oversupplied. In a press release, the Authority for the Regulation and Control of Strategic Mineral Substances' Markets (ARECOMS) said that the ban would be in effect for at least four month. "This is a measure to regulate the supply of goods on the international markets, which are currently experiencing a glut," Patrick Luabeya said in a statement. He said that the ban will be in effect on February 22. It could be modified or lifted after three months. Bloomberg News was the first to report on this temporary ban. China's CMOC Group, the world's largest cobalt producer, increased its production of the metal last year to 114,000 tons, up from 56,000 tons. This was due to the increase in copper production at two mines located in Congo. CMOC did not respond immediately to emailed inquiries. CMOC is the largest cobalt producer in the world. Eurasian Resources Group (another big Congo cobalt manufacturer) did not respond immediately to questions sent via email, while Glencore refused to comment. Congo is the top cobalt producer in the world. Cobalt is a critical component of batteries used for electric cars and mobile phones. Congo is the second largest copper producer in the world. The agency stated that the ban applies to all cobalt mined in the country. This includes small-scale or artisanal mining.
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Sources say that two tankers in the Mediterranean Sea were likely blown up by lumber mines
Three sources familiar with the investigation told reporters on Monday that mines set off by timers and attached to ship hulls are likely to have caused the explosions which damaged two crude oil tanks in the Mediterranean Sea between January and February. At least five ships have been damaged. This includes explosions aboard the Greek-managed Seacharm and Seajewel, which were reported last week. These incidents have sparked concerns about a new threat to security in the normally safe waters of Mediterranean. This is at a time when the shipping industry has been dealing with attacks on the busy Red Sea route. The alleged attackers are not known. According to data and sources on ship tracking, the vessels recently visited Russian ports. Greek and Italian authorities are investigating the cause of damage to the vessel. Sources who were familiar with the situation but spoke under condition of anonymity said that the location and type of blasts suggest the presence of limpet mines. One source said that "strong indications" suggest the use of BPM 1 or BPM 2 type limpet mines. Source: The explosives were used on Searcharm and Seajewel which were damaged in the Mediterranean between January and February. Two other sources confirmed that the damage to one of the Seacharm tankers was consistent with a device explosive such as a mine or limpet. Two maritime security sources have also indicated that limpet mines were behind the explosions on both tanks, based on their assessments and the damage. The Italian judiciary said that they were not allowed to make any comments while the investigation was ongoing. Thenamaris of Athens, the company that owns and operates Searcharm and Seajewel referred all questions to the Greek and Italian authorities who are overseeing the investigation. The name of the mines comes from a disk-shaped sea snail which clamps to rocks. One source said that the mines were attached to ships using magnets, and they usually contained TNT (trinitrotoluene), explosives which are activated by a timer. The Greek coastguard and military are investigating the explosion on Seacharm, off the Turkish coast. A military source revealed that the armed forces had been asked to determine the type of explosives used based on the sample of debris. Italian prosecutors launched a terrorism probe into the Seajewel event. Sources in maritime security have not ruled intentional damage out for the Koala and other tankers that were recently damaged by explosions. This includes the Koala which was damaged in the Russian Baltic Sea Port of Ust-Luga in this month, and the Russian cargo vessel Ursa Major which sank in December off Spain after reporting an explosive. Reporting by Renee Maltezou and Yannis Souliotis, Editing by Christina Fincher
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Sources say that India's gold imports in February will hit a 20-year low due to record prices.
India's gold exports will drop by 85% from the previous year in February, to the lowest level in 20 years. Record prices of the precious metal are causing a decline in demand, according to a government official, three bank dealers, and. Reduced gold imports may help India reduce its trade deficit, and could also support the rupee, which is currently trading at a record low against the US dollar. India is the second largest consumer of gold in the world. "Banks, jewellers and other businesses have cleared very little gold through customs this month." We are unlikely to see an improvement in import numbers unless prices crash within the next two to three days," said a government representative who refused to be identified as he wasn't authorised to speak to the media. On Monday, spot gold prices reached a new record of $2.956.15 an ounce. The official said that India's gold imports are expected to drop to 15 metric tonnes in February. This is the lowest monthly figure for at least 20 years, down from 103 tons of gold in February 2024. India imported an average of 76.5 tonnes of gold per month in the last decade. The price spike killed demand and we were stuck using the gold that we bought in January. "There's no point in importing any more gold in February," said the head of the bullion division at a bank that imports gold in Mumbai. Last week, the price of 10 grams of gold in India reached a new record high. A Mumbai-based dealer in bullion said that at least two Indian banks had moved gold stored at a free-trade zone to the U.S. because the Indian market was trading below par. He said that when the U.S. offers a nearly 1% premium on gold, it makes no sense to sell in India at a discount of $35 per ounce. A bullion dealer in Kolkata said that the sharp decline in imports in February was an unusual occurrence for the jewellery sector, since the wedding season in India is still ongoing. Normally, demand increases during this time. In India, weddings are the main reason for gold purchases. Bullion in the form jewellery is a key part of brides' attire and a very popular gift. (Reporting and editing by Christina Fincher; Reporting by Rajendra Jhadhav)
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Baker Hughes names Ahmed Moghal CFO
Baker Hughes, a U.S. oilfield technologies firm, announced on Monday that Ahmed Moghal has been appointed as its Chief Financial Officer with immediate effect. The shares of the company dropped 1.3% during morning trading. Moghal was the former finance director for the Industrial and Energy Technology (IET) division of the company. Baker Hughes, which is currently undergoing a strategic pivot in order to maximize its IET portfolio in order to grow and expand in the natural-gas and LNG sectors and to scale new energy and digital business, made the appointment. "... It is important to have a CFO who has a deep understanding of both our business segments and can foster collaboration, as well as a strong track record in financial performance and an understanding of the growth strategy, said CEO Lorenzo Simonelli. Keith Mackey, an analyst at RBC Capital Markets, said that Moghal’s extensive experience in the company is a great asset. Buese’s departure, however, appeared "relatively sudden" considering she had held the position since late 2022. Buese, a Houston-based Texas company, said that he will serve as a strategic advisor to the company until he departs on April 30. (Reporting and editing by Pooja menon in Bengaluru, Tasim Zahid and Leroy Leo)
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Gold Reserve wins $1 billion in arbitration against Venezuela
Gold Reserve announced on Monday that the Lisbon Court of Appeal had confirmed its arbitration award against Venezuela and given it the green light to enforce approximately $1.1 billion in Portugal. The company stated that the decision supports its ongoing efforts in Portugal to enforce its arbitral award, where it claimed it had obtained attachments orders "against numerous bank accounts" with more than $1.4 Billion. It added: "Recovery in Portugal legal proceedings is not guaranteed due to a number of factors." It added that "further court orders will be required in order to try to collect any of the funds attached." The Venezuelan Information and Communication Ministry did not respond immediately to a comment request. The Canadian company stated that its efforts to enforce the arbitral ruling in Portugal were in addition to the ones being undertaken in the U.S. This included its participation in an auction organized by a court of shares of Citgo Petroleum, the parent company of Venezuelan-owned refiner Citgo Petroleum. It was to be used to pay 18 creditors in Venezuela for debt defaults as well as expropriations. Citgo Petroleum, Venezuela's largest overseas asset, has been targeted by creditors who are seeking compensation for the nationalization wave of late President Hugo Chavez and President Nicolas Maduro’s failure to pay debts. Gold Reserve said that any recovery from the U.S. courts proceedings will offset the amount recovered in Portugal. (Reporting from Pooja Menon and Marianna Pararaga in Bengallu; Additional reporting provided by Vivian Sequera, Caracas; editing by Sriraj Kalluvila).
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Many dead or missing after clash between Ethiopian and Kenyan fisherman
Authorities from both countries reported that a border clash between Ethiopians and Kenyans fishermen left 22 Kenyans dead and missing, and 13 Ethiopians dead. Jeremiah Lomorukai, Turkana County Governor of Kenya, said that the fighting took place on Saturday night at Lopeimukat near the Omo River and along the Kenyan-Ethiopian border. Turkana County Police said that on Sunday, around 22 Kenyan fisherman were missing and 15 boats had been stolen. Six ethnic Dasenech Ethiopians were rescued and returned home. Tadele Hatte said that on the Ethiopian side 13 people were killed and three others wounded during the fighting. Kenya's interior minister Kipchumba Mukomen said on X Sunday that his government had increased border security and was working with AddisAbaba to "broker a peace between the communities". Humphrey Malalo reported from Nairobi and Dawit Endshaw in Addis Ababa. Hereward Holland wrote the article; George Obulutsa and Ros Russell edited it. Aidan Lewis and George Obulutsa provided editing.
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Gold reaches new record highs on the back of tariff fears and exchange-traded funds inflows
Gold prices surged on Monday to a new record high, driven by demand for safe havens amid fears over U.S. president Donald Trump's proposed tariffs. Inflows into the top gold-backed ETF in the world also helped. As of 09:33 am, spot gold was up 0.2% at $2,941.60 per ounce. ET (1433 GMT). The session began with a high of $2,956.15, its 11th highest record in 2025. U.S. Gold Futures increased by 0.2% to $2.957.50. The U.S. Dollar index reached its lowest level since December 10 during the session earlier, making bullion cheaper for buyers who use other currencies. Jim Wyckoff is a Kitco Metals senior analyst. He believes that the gold price will continue to rise in the weeks, months and years to come. As long as there is uncertainty, gold will continue to rise. Last week, Donald Trump warned that new tariffs were imminent. These plans are widely viewed as inflationary, and can spark trade wars. This will increase the demand for safe haven assets such as bullion. The SPDR Gold Trust is the largest gold-backed ETF in the world. Its holdings reached 904.38 tons on Friday. This was the highest level since August 2023. Investors are focusing on the $3,000 mark as prices above $2,950 an ounce have investors looking to the metal's price increase of more than 12% by 2025. The U.S. The Fed's preferred inflation indicator is the Personal Consumption Expenditures Report. A majority of economists who had previously predicted a rate cut in March believe that the Fed will wait until the next quarter to make another rate reduction. At least nine U.S. Central Bank officials are also expected to make speeches this week. They are expected reinforce a cautious approach on future rate cuts. Spot silver fell 0.3% to $32.45 per ounce. Platinum dropped 0.8% to $861.95, and palladium lost 2% to $948.00.
Copper prices fall on Chinese inventories and tariff threats
Copper prices fell on Monday, as traders focused their attention on U.S. president Donald Trump's threats to impose tariffs and the changing demand signals coming from China, the top copper consumer.
By 1236 GMT, the benchmark copper price on London Metal Exchange (LME), was down by 0.5% to $9,507 per metric tonne. It was up 8% from the beginning of the month, on the hope of a stronger demand in China following the Lunar New Year holidays.
Trump plans to impose tariffs to encourage producers to manufacture aluminum and copper in the United States.
"Tariffs are a drag on growth and demand," said Bank of America's Michael Widmer. "The last time Trump imposed tariffs, in 2018, many investors concluded that shorting metals was an attractive trade."
The Shanghai Futures Exchange (ShFE), which monitors copper stocks, has also been monitoring the stockpiles of this metal in warehouses.
Shanghai's bond warehouses
The International Copper Study Group's (ICSG) data also weighed on the copper market. It showed that the market had a surplus of 301,000 tons last year, compared to a shortfall of 52,000 tons in 2023.
Copper stocks in LME approved warehouses are up 12% since February 12 to 267,225 tonnes.
The LME's cancellations (metal earmarked for shipment) of 84,400 tonnes suggest that a large amount of copper is likely to be shipped out in the coming days and even weeks.
Many traders expect that much of the copper will end up in COMEX storage facilities in the United States.
Other metals saw a 1.2% decline in aluminium at $2655 per ton. Zinc fell by 1.8% to 2,876, while lead dropped 0.2% to $2,000, and tin declined 0.3% to $33,575; nickel rose 0.2% to $15,550.
(source: Reuters)