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Toronto FC wins rare road game at Real Salt Lake
Toronto FC hasn't beaten Real Salt Lake in Utah for nearly 18 years. Real Salt Lake is 10-0-2 against Toronto FC at home since their first ever meeting. They will look to add to that record when they meet in Sandy, Utah on Saturday. Toronto defeated Real Salt Lake 2-1 on July 4, 2007, in a match held on the University of Utah's campus in Salt Lake City. RSL has dominated home matches since then with an unbeaten streak, which includes a win in the 2010 CONCACAF Champions League. Toronto's first-year coach Robin Fraser stated, "It is a difficult place to play." They have played well there in the past. Toronto's results there haven’t been great over the years because it’s a difficult place. Toronto FC hasn't had a good season so far (0-4-4, four points). Toronto was 0-4-1 in its first five games before it played three consecutive draws. The club was held scoreless at Minnesota United last week. Deandre Kerr, a Toronto player, will miss his third consecutive game due to an injury to his ankle. Federico Bernardeschi and Deandre Kerr are tied with two goals each for the team's lead. Fraser believes Kerr will be out for at least another month. Real Salt Lake (3-5-0, 9 points), has lost three of its last four matches. The result last week was a painful one. Nashville's Sam Surridge scored in the first minute after the second half's stoppage time the decisive goal that sent visiting Salt Lake down 2-1. Diego Luna, who scored three of the team's best goals, sees a team in progress that is yet to find its full stride. "We're playing well," Luna said. The team is improving, we are growing, and the chemistry is developing, but there are still little things to fix to bring it all together. RSL coach Pablo Mastroeni said: "We made some good progress in the past couple of weeks and played good stuff in our last game." We want to dial in some moments where we were a little naive. Salt Lake's Javain Brown has retired from the league after having surgery on Wednesday to repair an ACL tear and meniscus damage to his left knee. Brown injured his knee during a training session. Field Level Media
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Indonesian woman uses mangroves to fight rising tides
Pasijah is a 55-year old housewife from Indonesia's Central Java Province. She wakes every morning with the sound of waves. It's not as idyllic as it sounds. It is the last remaining house in this area of Rejosari Senik. This small village, located on Java's north coast, was once dry land and is now under water. Pasijah and her family are not planning to leave. She said in February that she had "every intention" to remain at the house and her feelings towards it remained. Pasijah, who has lived in her house for 35 years, is soaked by water when she steps out. The floor inside has been raised above the water level by using a power pole and bamboo arranged in haphazardly. Demak is 19 km away. The closest land is 2 km (1.24 miles). Only by boat can you get to the island. Indonesia is an archipelago made up of thousands of islands with a coastline of 81,000 km. This makes it vulnerable to erosion and rising sea levels. Kadarsah, an official with Indonesia's Meteorology, Climatology, and Geophysical Agency, said that sea levels along the coasts of the country rose by 4.25 millimetres per year on average between 1992 and 2024. However, the rate increased in recent years. He said that rising sea levels were a sign of climate change, and added that small islands had vanished. Kadarsah pointed out that increased pumping has also exacerbated the land subsidence along Java’s northern coast. Jakarta, Indonesia's largest city, is especially affected by the problem. It is home to 10 million people. Indonesian authorities are turning to mega-projects for a solution. One of these is a 700-kilometre sea wall along the northern coastline between Banten province and East Java. Pasijah, her family and friends have also turned to the natural world. Over the last two decades, she has planted around 15,000 mangroves trees per year. She paddles in a boat that is made of a blue barrel every day to plant saplings and tend to bushes. Pasijah explained that the flood waters came in waves and not at once. "I realized that I had to plant mangroves after the water began rising. They would spread and protect my house from the wind and waves. Her family and she survive by selling fish that her sons have caught in the market closest to them. They said they would stay until the tide was held back. Pasijah explained, "I don't care about my feelings about being isolated here anymore since I've decided to stay. We'll just take one obstacle at a time." (Reporting and writing by Ajeng dinar Ulfiana; Budi Purwanto and Johan Purnomo. Additional reporting and writing by Stanley Widianto. Editing and editing by Gibran peshimam and Kate Mayberry.
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Sources say that KKR is among the asset managers competing for Abu Dhabi district cooling business.
Three sources confirmed that KKR, I Squared Capital and other global asset managers are bidding to buy a district cooling company owned by Abu Dhabi’s Multiply Group. The business is part of a $1.5 billion empire run by one of UAE's most powerful sheikhs. As an environmentally-friendly and more cost-effective alternative to air conditioning, district cooling plants deliver chilled water through insulated pipes in order to cool buildings such as offices, factories, and residences. Three people familiar with the situation, who declined to be identified because the details were not public, said that Investcorp is one of the possible suitors. According to the sources, CVC, which is backed by Engie, and National Central Cooling Co (also known as Tabreed) are in a race for a deal worth up to $1 billion. The Abu Dhabi energy and utility firm TAQA also has its eye on the deal. It is nearing its second round, with potential buyers expected next month to submit binding bids. Multiply Capital, I Squared Capital and Tabreed did not respond to requests for comment. Last month, it was reported that Tabreed worked with Citi to develop a possible bid. PCH's interest shows how local investment opportunities are being sought by buyout groups in the Gulf, as governments implement ambitious programs to diversify economies away from oil. Previously, equity firms raised money in the Gulf to invest elsewhere. Last week, KKR was the latest asset manager who announced plans to create a team to pursue Gulf deals in the region. Multiply is owned by IHC. Its chairman, Sheikh Tahnoon Bin Zayed Al Nahyan is the UAE's National Security Advisor and brother of its president. He controls an expansive business empire, including two sovereign funds. S&P Global Market Intelligence reported in January that private equity funds raised $680 billion worldwide in 2024. This is a decrease of 30% from the $966 billion raised by 2023.
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Trump will expedite the permitting process for 10 mining projects in the US
The White House announced on Friday that it would expedite the permitting process for 10 mining projects in the United States, as part of President Donald Trump’s efforts to increase critical minerals production. These projects, which will supply copper, antimony, and other minerals, have been given FAST-41 status. This is a federal initiative that was launched in 2015 for streamlined approvals of critical infrastructure. The White House announced that it would add more projects. The first 10 are listed publicly on a U.S. Federal website, where the progress of their permits can be tracked. This is part of a Trump administration push for greater transparency. The White House issued a statement saying that "this transparency leads to greater responsibility, ensuring an efficient process." This move will boost a number of projects, including a proposed Idaho gold and antimony mine by Perpetua Resources; a proposed Arizona mine from Rio Tinto; a proposed Montana silver and copper mine by Hecla Mining; an expansion of Albemarle’s Nevada lithium project, a direct lithium extraction project in Arkansas from Standard Lithium and a metallurgical coking coal project in Alabama from Warrior Met Coal. Steel is made from metallurgical coal. Former President Joe Biden has accelerated the Hermosa zinc and manganese project of South32 in Arizona, making it the first mine that received the FAST 41 treatment. Trump ordered earlier this week a probe of potential new tariffs for all U.S. imports of critical minerals, a major escalate in his dispute against global trading partners and an effort to pressure the industry leader China. (Reporting and editing by Lisa Shumaker; Ernest Scheyder)
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Sources confirm that Petrobras has approved the tender for restarting fertilizer plants in Brazil’s northeast.
According to four sources with knowledge of the matter, the board of Brazilian state oil company Petrobras approved plans on Thursday to select a new partner to restart its fertilizer factories in northeastern Brazil. Sources who asked to remain anonymous because the decision had not been made public said that the move hinged on the resolution of ongoing disputes with the current leaseholder, Unigel. The chemical company Unigel demanded compensation from Petrobras, according to previous reports. This impasse marked a setback in President Luiz-Inacio Lula's plan to reduce Brazil's dependence on imported fertilizer. Brazil, a major agricultural powerhouse in the world, is one of the top importers of fertilizers. It purchases more than 80%. Petrobras has leased to Unigel the two nitrogen fertiliser plants located in Bahia State and Sergipe State in 2019. The agreement is for 10 years. Both facilities were shut down in 2023. Unigel cited unfeasible conditions of operation due to the high price of natural gas in Brazil. Sources claim that Unigel has not yet responded to Petrobras after the board's decision. Petrobras refused to comment upon being contacted by. Unigel didn't immediately respond to our request for comment. Both companies are involved in arbitration related to their lease agreement, which includes disagreements about the shutdown of the operations, Unigel’s investments and gas supply terms. Sources said that a formal tender could only be advanced if an agreement was reached. The arbitration must be completed before the process can proceed. We can't go forward without it," a company source stressed. Second source: If the dispute is fully resolved, Unigel could participate in the next bidding process for the plant to resume operation. (Reporting and writing by Rodrigo Viga Gaier in Rio de Janeiro, Marcela Ayres in London; Editing by Matthew Lewis).
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Sources diplomatically confirm that Rwanda will allow Southern Africa troops to pass through Congo to Tanzania.
Three diplomatic sources confirmed on Friday that Rwanda had agreed to allow troops sent by the Southern Africa group to fight rebels fighting in eastern Democratic Republic of Congo through its territory, to Tanzania. The 16 member Southern African Development Community announced in mid-March that it had terminated its mandate and was beginning a phased removal of the SAMIDRC force from Congo. Three diplomats who were aware of the ongoing discussions between Rwanda and SADC confirmed that Rwanda accepted the request to allow the troops to travel through the country on land. Two diplomats said that they were informed by the regional force that its weapons would be sealed, for security purposes, but that it will leave Rwandan soil with the troops. When asked to comment, neither the SADC nor the Congolese or Rwandan government spokespeople responded immediately. On Thursday, General Rudzani Maaphwanya of the South African National Defence Force said that a team of technical experts was working in Tanzania on the finer points of their troop removal. In December 2023, SAMIDRC was dispatched to help Kinshasa fight rebel groups in Congo’s war-ravaged eastern borders. Since January, M23 has taken control of east Congo's largest cities. This is an expansion of a long-running war that began with the Rwandan genocide of 1994 and the struggle to control Congo's rich mineral resources. Reporting by Sonia Rolley, Nairobi Newsroom and Paris; Writing by Hereward and George Obulutsa and Editing by Kirby Donovan
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Ukraine says it wants to conclude mineral deal negotiations within a week
Kyiv announced on Friday that it hopes to conclude talks with Washington by the end next week on a deal on joint exploiting of Ukrainian mineral resources. Ukrainian officials hope this agreement will help to soften U.S. backing for their war against Russia. Washington has indicated that, even though the final terms aren't set in stone, it will have access to Ukraine’s natural resources as a form of compensation for its military support of the country for the past three year. The U.S. government and the Ukrainian government signed a letter of intent late on Thursday night, indicating their intention to finalise a deal involving minerals. The memorandum was a positive step in repairing the ties that were hanging by a thin thread between Kyiv, Ukraine and Washington when a February meeting between U.S. president Donald Trump and Ukrainian president Volodymyr Zelenskiy descended into an ugly shouting match. According to the text published by the Ukrainian Government on Friday, both parties aim to finish discussions on the final agreement by April 26 and sign it shortly after. The memo stated that Ukrainian Prime Minister Denys Schmyhal would travel to Washington, D.C. at the beginning of next week in order to meet U.S. Treasury Sec. Scott Bessent to work together on the deal. Yulia Shvyrydenko said, "We're happy to announce that we signed a memorandum with our American partners" on Thursday on social media. She was referring to a memorandum. She said that the document "testifies the constructive work of our teams, and our intention to finalise an agreement which will benefit both our peoples." The text of the Memorandum paves way for a deal on economic partnership and the creation of an investment fund to rebuild Ukraine. The text didn't give any details on the final deal, such as what access the United States will have and how much revenue they would gain. In Washington, Trump said to reporters: "We've got a mineral deal that I think will be signed Thursday." Trump has criticized the billions in aid that Joe Biden gave to Ukraine. He said it was a bad bargain for the United States. He also said he wanted closer ties to Moscow, who launched a full scale invasion of Ukraine in the year 2022. The White House has not responded to a request from a journalist for more information on the timing of the agreement and its contents. PRIZED RESERVES According to a source familiar with the matter, a draft of the mineral deal under discussion this month would grant the U.S. exclusive access to Ukraine's minerals and require Kyiv place all the income generated by Ukrainian state-owned and private companies from the exploitation and exploitation of natural resource in a joint fund. Source: The draft agreement included mineral deposits and infrastructure for natural gas transit in Ukraine. However, the proposed deal would not include U.S. guarantees of security for Ukraine, a priority for Kyiv, in its fight against Russian forces that occupy about 20% of its land. Inna Sovsun is a Ukrainian member of parliament who said that she was grateful for Washington's aid, but expressed concern about a proposed mineral deal. "It feels to us, as Ukrainians, like another country uses our vulnerability which we did not create." She said, before the memorandum had been signed: "It is also crucial that we design the future with the people who will be living here in the future in mind." The Ukraine is rich in natural resources including rare earths, which are highly prized for their use in electronic devices. The country has deposits of lithium, uranium and graphite among others. The road to a mineral deal has been bumpy. In February, Zelenskiy was at the White House meeting Trump and a previous version of the deal had been ready to sign. Washington briefly halted the intelligence sharing with Ukraine which is crucial in its efforts to resist Russian invasion. Then, Kyiv began to try to save the relationship and started talking with U.S. officials about natural resource cooperation. (Yulia Dysa, Angelo Amante, Trevor Hunnicutt and Kirby Donovan contributed additional reporting from Kyiv; Angelo Amante in Washington. Kirby Donovan edited the article.
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What are the critical minerals of Ukraine and why is Trump interested in them?
Kyiv announced on Friday that it hopes to conclude talks with Washington by the end next week on a deal on jointly exploiting Ukrainian minerals resources. Ukrainian officials hope this agreement will help to soften U.S. backing for their war against Russia. U.S. president Donald Trump said that he wanted Ukraine to provide the United States rare earth minerals in exchange for financial support of the country's efforts against Russia. Here is a list of critical minerals in Ukraine, including rare Earths and other natural resources that may be of interest to other partners and the U.S. What are rare earths and what do they serve for? Rare earths is a grouping of 17 metals, used in the production of magnets for electric cars, cell phones and missile systems. There is no substitute. The U.S. Geological Survey considers rare earths, such as nickel and lithium, to be crucial. Minerals are vital for industries like defence, high-tech appliances and aerospace, as well as green energy. What mineral resources does Ukraine have? According to Ukrainian data, Ukraine has 22 of the 34 critical minerals that the European Union identified. These include ferroalloys, non-ferrous and precious metals, industrial and construction materials and rare earth elements. According to the Institute of Geology of Ukraine, the country has rare earths like lanthanum, cerium and neodymium. These are used for wind turbines, electric vehicles and batteries. Erbium and yttrium can be used to produce lasers, nuclear power and other applications. EU-funded research indicates that Ukraine also has scandium deposits. All data is classified. World Economic Forum said that Ukraine is a major potential supplier of lithium as well as beryllium and other metals such as gallium, zirconium. State Geological Service of Ukraine said that Ukraine has one Europe's largest lithium reserves estimated at 500,000 tons - essential for batteries, ceramics and glass. Titanium reserves are located mainly in the northwestern and central parts of the country, while lithium deposits are found in the east, centre and southeast. The graphite reserves in Ukraine, which are used to make electric vehicles batteries and nuclear power reactors, account for 20% of the global resource. Deposits are located in the west and centre. Ukraine has also significant coal reserves. However, most of them are under Russian control in the occupied territories. What has Ukraine said about rare earths? Volodymyr Zelenskiy, Ukrainian president, said on 7th February that he is ready to make a deal with Trump which includes U.S. participation in developing Ukraine’s vast deposits of essential minerals including rare earths. Zelenskiy first presented the idea to Kyiv’s allies in his “victory plan” strategy last autumn. The Ukrainian government published a memorandum on intent on 18 April, which paved the way for a deal for economic partnership with the U.S. as well as the creation of an investment fund to rebuild Ukraine. According to mining analysts and economists, Ukraine does not currently have any rare earth mines that are commercially active. China is the largest producer in the world of rare earths, as well as many other essential minerals. Which Ukrainian resources are under Kyiv's control? The war in Ukraine has left a lot of damage, and Russia controls about a fifth. The majority of Ukraine's coal reserves, which powered the steel industry in Ukraine before the war, is concentrated to the east. According to We Build Ukraine, and the National Institute of Strategic Studies in Ukraine, data from the first half of the year 2024 shows that about 40% of Ukraine's metallic resources are under Russian occupation. The think-tanks did not provide a detailed breakdown. Since then, Russian troops continue to make steady progress in eastern Donetsk. In January, Ukraine shut down its sole coking coal mine near the city of Pokrovsk that Moscow is trying to seize. Russia occupied two Ukrainian lithium mines during the war, one in Donetsk, and the other in Zaporizhzhia in the southeast. Kyiv controls the lithium deposits of central Kyrovohrad. What mining opportunities does Ukraine offer? Oleksiy Sbolev said that in January, the government was working with Western allies, including the United States of America, Britain, France, and Italy, on projects relating to the exploitation of critical materials. The government estimates that the total investment potential in this sector will be around $12-15 billion between 2033 and 2033. The State Geological Service stated that the government is preparing 100 sites for joint licensing and development but did not provide any further details. Investors have highlighted a number barriers to investment, despite the fact that Ukraine has an extremely qualified and inexpensive workforce and developed infrastructure. Investors have highlighted a number of barriers to investment, including inefficient and complicated regulatory processes and difficulties obtaining geological data or land plots. They said that such projects would require years of development and a large upfront investment.
Sources say that TK Elevator owners are weighing up the US dollar for a potential multi-billion euro IPO.
Three people familiar with the matter said that TK Elevator owners are considering the United States for a possible initial public offering (IPO) next year, despite the market turmoil caused by U.S. Tariffs, which has slowed the pace of dealmaking.
The people, who spoke on condition of anonymity as the matter was private, said that the discussions are still at an early stage, and the preparations will be formalised by the end of 2025 with a view of conducting a company sale or listing next year.
People said that the business would likely be valued at over 20 billion euros in a transaction. However, there is no certainty about a deal, and the timing may change based on the market's developments.
One person said that the United States is TK Elevator’s largest market. It is also home to the sector leader Otis which commands the highest multiplier among its peers. This is one of many reasons it is being considered for an IPO.
Thyssenkrupp sold its elevator business in 2020 - renamed TK Elevator subsequently - to a consortium led by private equity firms Advent and Cinven, as well as Germany's RAG Foundation - for 17,2 billion euros.
Advent, Cinven, and RAG declined to comment.
TK Elevator did not respond to a request for comment immediately.
The recent actions of Titan Cement International and Holcim, both Swiss companies, have highlighted the hotly debated issue.
Fourth largest
The London Stock Exchange is trying to discourage companies from going to the U.S.
LSEG data shows that TK Elevator ranks fourth in the world for elevator sales, behind U.S.-based Otis and Schindler, as well as Finland's Kone. These companies trade at an average EV/EBITDA multiplier of 14.8, according to LSEG.
This ratio, based on an adjusted EBITDA (Earned Before Interest and Taxes) of 1.5 billion euro in fiscal year 2023/24, would give TK Elevator a value of over 22 billion euros.
Since the fiscal year 2020/2021, TK Elevator's sales have increased by over 16%. Its adjusted EBITDA has also increased by over a third. This has resulted in an operating margin around 16%. The strong global demand, and stable service business, are to thank for this.
Alat, a Saudi tech company, bought a 15% share in TK Elevator in February. It also launched a 160-million euro joint venture for elevator and escalator systems in Saudi Arabia.
Thyssenkrupp said last year that a minority share it still held in the elevator business had a book valuation of 1 billion euro. It added it was flexible about its options, which depended largely on what TK Elevator’s majority owners did.
(source: Reuters)