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Gold prices rise as the dollar weakens ahead of Fed decision
Gold prices rose on Wednesday as investors waited for the Federal Reserve to announce its policy and make comments that might provide more clues about the timing of their next moves. As of 1056 GMT, spot gold was up by 0.1%, at $3,328.15 an ounce. U.S. Gold Futures rose 0.1% to $3,325.10. Gold became less expensive to holders of other currencies after the dollar index fell by 0.1%. "There is a combination of factors that are holding gold prices back." "From a geopolitical perspective, we seem to be making some progress in the tariff negotiation but no one is willing to commit to anything," StoneX analyst Rhona o'Connell stated. The focus will be on the developments between China and the United States after both officials have agreed to extend their 90-day truce on tariffs following two days in Stockholm of constructive discussions. Investors' fears were eased by the trade agreements reached with Japan and the European Union last week. This week, the risk sentiment on the stock market was also lifted. The Fed is expected to maintain rates on Wednesday despite President Donald Trump's repeated calls for them to be lowered. The markets will be watching Fed Chair Jerome Powell for further clues about the rate path. The markets have priced in two cuts by year's end, which is probably a bit too mild. "The Fed will not yield to political pressure, but it will interesting to see if the vote is unanimous today," O'Connell stated. In an environment of low interest rates, gold tends to perform well. Spot silver was down 0.6% at $37.97 an ounce. Platinum fell 0.5% to 1,388.59, and palladium rose 0.3% to $1,000.19. (Reporting and editing by Ronojoy Mazumdar, Emelia Sithole Matarise and Brijesh Patel in Bengaluru)
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The Russian ESPO premium oil prices in China remain stable despite US tariff threats
Four traders reported on Wednesday that premiums for ESPO blend crude oil loaded from Russia's Kozmino Port in late August or early September to be delivered into China have remained stable as buyers ignore the threat of higher U.S. Tariffs to meet a robust demand. Trump shortened the deadline on Monday for Moscow to reach a peace agreement with Ukraine or face secondary tariffs up to 100% within 10-12 days. The deadline for Russia is August 7 to 9. Cargoes destined for ESPO loading in September will be traded. The Russian oil market continued to operate as usual, according to traders. The premium of ESPO Blend to the international benchmark ICE Brent for cargoes that loaded at the end of August and beginning September was $2-2.20 a barrel, as higher refining margins boosted Chinese interest in buying crude oil. According to them, independent refiners from the eastern Shandong Province have increased crude processing rates slightly as margins improved. This month, state oil companies also increased their rates. As Middle East crude oil prices have risen, the traders who were not able to be identified publicly said that ESPO was considered by Chinese refiners to be the most cost-effective crude. Trade sources reported last week that Unipec, the trading division of Sinopec, had purchased 7-8 cargoes for August-loading ESPO. They did not give numbers from previous months. Sinopec didn't immediately respond to an'inquiry for comment. Last week, traders reported that Shandong Yulong Petrochemical had also purchased Urals crude from Russia. Traders said that the decline in exports in Russian Sokol crude produced on Sakhalin Island due to maintenance work at the oilfield in August has also supported ESPO price. Kpler data showed that most Sokol crude was exported to China, with the remainder going to India. (Reporting in MOSCOW by Siyi Liu and Florence Tan in SINGAPORE, Editing by Barbara Lewis and Florence Tan)
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Scientists say that coastal erosion in Chile could wipe out 10 beaches in a decade.
According to a group of scientists, the central and southern coasts of Chile, which stretch for thousands (miles) on the Pacific Ocean, are at risk of erosion, which could lead to the disappearance or 10 beaches within the next decade. In an interview conducted this month at the Renaca Beach near Vina del Mar, the director of the Coastal Observatory of Universidad Catolica said, "It's going to be very hard for these beaches in the next 10 year," Her team tracked erosion at 67 beaches and found that 86% of them are shrinking steadily -- even in spring and summer when they usually recover. The rate of erosion has doubled in the ten areas that already experienced high erosion rates in 2023. Martinez stated that the causes of the epidemic are both human-made and natural. She cited climate change as a major factor, pointing to the increasing frequency and intensity of swells, rising sea levels, downpours and heatwaves. Urbanization unchecked and degradation of river basins, which supply sand along the coast, have also played a role. Storm surges in Puerto Saavedra have created sinkholes on cliffs and roads, preventing some communities from accessing the area. Saltwater also damages forests. Martinez stated that "we're noticing cliffs and sand shores receding rapidly." Local businesses in tourist-friendly towns are already feeling its impact. Maria Harris, owner of a beachfront Valparaiso restaurant, said that last year was brutal. "The beach disappeared." "There was no distance between us and our sea." Construction continues along the coast, sometimes near dunes and wetlands. Martinez warns that the effects go beyond the environmental. She said, "We are transferring the costs of these disasters onto people, including fishermen, coastal communities and the tourism industry." (Reporting and writing by Nicolas Cortes, Carolina Fernandez and Daina Beth Solon and Lucinda Elliot; editing by Sandra Maler).
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Portugal and Spain battle wildfires
T housands firefighters battled through the night to extinguish a dozen fires that raged in central and northern Spain and Portugal. This is the biggest wave of fires on the Iberian Peninsula this year, after weeks of intense heat. Since Monday, the largest wildfire in the Arouca region, which is a wooded mountainous area, has been burning. This is about 300 km (185 mi) north of Lisbon. It has led to the closure scenic trails, Passadicos do Paiva. The fire was tackled by 800 firefighters, seven waterbombing planes and other aircraft. Helder Silva, the Civil Protection Commander, told reporters that "there was a lot of work done during the night. Now we are in a calmer state." He warned, however, that their job was not yet finished due to shifting winds and difficult terrain. He said, "It is a large wildfire that has difficult access." A fire has been burning in the Peneda Geres National Park near the Spanish border since Saturday, covering nearby villages with thick smoke and forcing residents to remain at home. Portuguese firefighters were able to contain two large fires which started Monday in central areas of Penamacor, and Nisa. The authorities said that the Penamacor fire had destroyed 3,413 acres (7,413 hectares) of forest. Emergency services reported that shifting gusts of air in Spain's central province Avila hindered the efforts of firefighters and a military special unit. Residents of El Arenal village, located about 100 km west of Madrid in central Spain, were warned to stay indoors because of heavy smoke. Blas Rodriguez, a farmer in Mombeltran, near Avila, fought back tears while he walked through his scorched olive grove. This land is mine and my father's. The fire burned 16 years ago, but the olive trees were spared. This time there's no saving them. Everything is totally burnt. Authorities said that the fire in the west province of Caceres has spread to 2,500 hectares and forced the evacuation of homes located throughout the Caminomorisco region. In the past few years, the rising temperatures have led to more destructive wildfires. Portugal and Spain experienced the hottest June ever recorded. (Reporting and writing by Leonardo Benassatto. Emma Pinedo. Editing by Alexandra Hudson.
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Utility Entergy exceeds Q2 profit expectations on power demand surge
Entergy, the U.S. electricity utility, beat analyst's estimates for second-quarter profits on Wednesday. This was due to higher electricity rates and a strong demand for energy. The company has also confirmed its adjusted 2025 profit forecast, which ranges from $3.75 per share to $3.95. LSEG data shows that analysts expect a profit per share of $3.87. According to the U.S. Energy Information Administration (EIA), power consumption is expected to hit record highs by 2025 and 2026. This will be driven by the rapid expansion of data centres dedicated to artificial intelligence, cryptocurrency and home and business use more electricity to heat and transport. The S&P Index tracking utilities increased 3.5% during the quarter ending June 30. The Trump administration's global trade war threatens to slow down the AI frenzy, as companies rethink their spending of billions of dollars allocated for AI infrastructure. U.S. utilities are adding billions to their capital budgets, as they receive massive requests from Big Tech companies looking for locations that could be suitable for data centers. These firms can support complex AI tasks. Entergy is based in New Orleans and provides electricity to more than 3 million customers throughout Arkansas, Louisiana Mississippi, Texas, and Louisiana. According to LSEG, the company reported an adjusted profit per share of $1.05 for the three-month period ended June 30. This compares with an average analyst estimate of 92c. Reporting by Katha Kalya in Bengaluru, Editing by Shailesh Kuber
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SPECIAL RELEASE-Less Rain, More Wheat: How Australian Farmers Fought Climate Doom
Curtis Liebeck, in a newly planted wheat field scoops up some sand and pours it through his fingers. The light brown dirt is a far cry from the dark, clumpy soil of more rainy nations. The Liebeck farm in Western Australia is 300 km (186 miles), away from Perth. It receives half as much rain as the wheatbelts in central Kansas and northern France. The state's growing-season rainfall has decreased by one-fifth in the last three decades. It should be harder to farm. Liebeck's yield of wheat has doubled in the last two years. Liebeck, 32 is part of the revolution in farm management which has allowed Australia to produce 15 million metric tonnes more wheat per year than it did in the 1980s despite the hotter and drier climate. This is the equivalent of around 7% of the wheat that is shipped around the world each year, and it's more than Britain's annual harvest. According to U.S. Department of Agriculture statistics, Australia's wheat-farming productivity has surpassed that of the United States, Canada, and Europe. It continues to grow, while other developed markets are slowing or reversing. Many growers and scientists say that the ability of Australia's wheat farmers to produce more for a growing world population is largely due to a series of innovations made since the 1980s. These innovations changed how farmers planted seeds, how they planted them, and the way they cultivated the soil. The Australian system of applied researchers and the relentless search for efficiency by farmers who receive minimal subsidies have accelerated these advances. This account of the way Australia's wheat farmers defied climate odds is based upon interviews with over 20 farmers and scientists, a review and analysis of more than 12 academic papers and a thorough examination of decades worth of farm and weather records. Visited four farms, two government research facilities and a seed breeding company. Australia's fields aren’t the most productive, nor is it the largest wheat producer. It is still important, but for two different reasons. The modest population of the country means that its extra production is used to feed other countries. It is also the driest continent inhabited, and climate variability may have made some farming unviable. It is one of the top exporters of wheat in the world. Five scientists said that Australia's success in dry-crop land research has inspired other countries, such as the U.S., Canada and Australia. Some Australian practices like soil reengineering have not been widely replicated, but that's because the ground conditions were less suitable. The country's focus in closing the gap between maximum theoretical crop yields, and actual results has spurred worldwide efforts to improve productivity during the last 15 years. Ken, his 66 year old father, was amazed that Liebeck's farm produced 1 ton per hectare despite the lowest rainfall it had seen in 50 years. Liebeck said: "I asked my dad what life would have been in his time and he replied, 'Absolute Disaster'." In such conditions, the elder Liebeck said he would only have produced 400 kg per hectare around the turn-of-the millennium. BEACH SAND Australia's farming has always been a precarious business. Weather conditions can change from drought to heat, fire, and flooding. The soil lacks nutrients. Official weather data shows that Western Australia has experienced the largest decline in rainfall average of Australia's cropping regions over the last three decades. The rainfall patterns have changed, with more rain falling in the summer when fields are fallow and less in the winter when crops are growing. It also has some the most poor soils. Imagine beach sand, said Tress Wamsley, CEO at Perth-based InterGrain. The company develops wheat varieties to better adapt to Australian conditions. These soils are depleted of nutrients, toxic and resistant to water. At the end of every season, the crop is dehydrated. The thirst for water was the catalyst for many changes in Australian agriculture. Scientists Reg French and Jeff Schultz calculated in 1984 that, under ideal conditions, Australia's growers should be able, after evaporation of water, to produce 20 kilograms per hectare of wheat for every millimeter rain received during the growing season from April to October -- four times more than they were currently achieving. John Kirkegaard is a plant scientist with the Commonwealth Scientific and Industrial Research Organisation, the national science agency of the Australian Government. The researchers and growers focused on closing the yield gap and began benchmarking the water-use efficiency in order to extract more crop from each drop. The key was to switch from tilling agriculture to no-till. The constant plowing of soil to control weeds damaged the soil and exposed it for evaporation. This reduced the amount water that could be stored by crops. The dust bowls of the 1930s in America gave rise to no-till techniques, which use herbicides rather than plowing. According to the Grains Development and Research Corp., Australian adoption increased from 5% to 80% in the early 1980s. Western Australia has a higher adoption rate than the rest of Australia. Over time, the compacting of soils by farm equipment driving over tilled fields hampered water infiltration and root development. Farmers began to restructure the soil, first spreading lime to lower acidity and then using other types of heavy machinery to address this problem. Liebeck shows off his deep ripper. It is a huge, orange steel frame with ten metal claws which can rip through soil up to 84 cm deep. The machine is so heavy that even his tractor with 540 horsepower can only pull it at walking speed. The spader is a rotating cylinder that has protruding shovels heads. It breaks up the compacted earth layers. No-till farming is a tillage method that does not use plowing or ripping to prepare the soil for planting. Spading and ripping are bolder, but less frequent interventions that often go deeper. The soil is restructured and the constituents are changed. Unproductive layers become a more absorbent mixture that holds water and nutrients better. Liebeck stated that dragging the ripper across a field could increase his wheat yield between 36% to 50%. The machine cost A$220,000 (roughly $143,396). He said that the machine was "a bit expensive for a glorified hoe," but "digs up profits." Farmers and researchers say that rippers and spaders may be used in other countries, but not as extensively as they are in Australia. In areas that are wetter, such as Europe and the UK, rippers can be difficult to pull through heavy soils. Two-thirds of Western Australia's roughly 4,000 growers had deep-ripped, spaded or inverted their soil by 2023, state government-commissioned research found, up from 52% in 2019. Kirkegaard said that efforts to improve Australian soil echo those in Europe and North America, where land is drained and then reclaimed from the sea. He said that the strategies used in Australia to turn poor farmland into productive land were probably unique. Other innovations helped farmers curb disease. They introduced new crop rotating, including canola (also known as rapeseed), an oil seed, and lupins (a legume used in animal feed). Canola area in Australia has risen from 50,000 ha in 1989 to 3.5 mil hectares now, according to data provided by the agriculture ministry. Kirkegaard explained that farmers began sowing up to four weeks early, and sometimes on dry soil, in order for plants to flower at the best time. Kirkegaard said that sowing began around mid-April. This gives wheat a few months to grow in the winter and spring when there is still water available. TAKE-OFF Productivity soared. In the early 1980s, Western Australian farmers grew 3.3 kilograms of wheat per hectare, which is a third less than the national average. This was a third lower than the average for the entire country, according to government data. In 2024 they were only one-fifth short of the national average of 11.5 kg. These improvements have helped Australia double its exports of wheat in the past four decades, to over 20 million tonnes a year. The majority of the wheat is exported to Southeast Asia and Middle East where population growth has been rapid. The rising production has held prices in check. In the 1980s, a bushel of Chicago Board of Trade wheat, which is the benchmark for the world, cost an average of $3.50. Since then, the world population has increased by 3.5 billion. However, a Chicago bushel now costs $5.50. This is a far lower increase than inflation. Dennis Voznesenski is an agricultural analyst with Commonwealth Bank of Australia. He said that a serious threat to the Australian wheat supply could cause prices to increase significantly. He noted that Australia accounts for the same proportion of global trade as Ukraine before Russia's invasion. Wheat prices increased by 60% after the war caused disruptions in production and exports. Farmers and researchers agree that there is still room to improve productivity. Kirkegaard said that advances in seed breeding and farming management should increase maximum theoretical yields from 25 kg to 30 kg, and possibly even more. According to Greg Rebetzke of the CSIRO, researchers and breeders have been testing wheat varieties whose protective sheaths - called coleoptiles – can be pushed up to a depth of soil between 10 and 12 centimeters, rather than 2 to 4 centimeters, allowing the seeds to penetrate the subsoil. According to Rebetzke, field trials have shown that long coleoptiles can increase yields up to 20%. Several varieties will be commercially available in Australia within the next five years. Rebetzke explained that people are interested in the technologies developed by Rebetzke and want to know if they will be useful for their country. He cited Canada, India and Bangladesh as examples of countries with a high level of interest. "The dry climate we are experiencing is the future for some countries which are currently wetter." Researchers in Western Australia have been experimenting with soil re-engineering, including the addition of clay, compost, and gypsum, to increase the earth’s ability to retain water and produce grain, according to Gaus Azam. Ty Fulwood is a grower from Grass Valley in the east of Perth who showed what was achieved. He said that they were trying to make the perfect soil by adding clay to the top 10 centimeters of soil. Fulwood admitted that the system is expensive but, if it can deliver on its promise of doubling yields, researchers and farmers will invest money in it. There are limits to adaptation. Wheat does not thrive in conditions of high temperatures, as they accelerate the evaporation process and growth phase. The rain is decreasing and becoming less predictable. In a paper published in 2017, plant scientist Zvi Hochman found that hotter and drier conditions reduced Australia's maximum wheat yield achievable by 27% from 1990 to 2015. Hochman said that if we continue to work hard, we could achieve 80% of the potential yields. But going beyond this in a climate with a high degree of variability is unlikely to be economically viable. There are also downsides. Scientific studies have shown that herbicides are harmful to the environment and can encourage resistant weeds. Australian farmers use more synthetic nitrogen fertilizer, even though it is less per hectare, than other countries, according to U.N. This synthetic nitrogen is made from natural gas and contributes to carbon dioxide emissions. They are also affecting the Earth on a large scale. Azam, a researcher, said: "We must always be careful because we disturb the natural soil." "But benefits far outweigh risks." Other Nations Australian yields are low by international standards due to challenging soil and weather conditions. USDA data shows that Australia's yield of 2.6 tons/hectare was lower than the U.S. (3 tons), China (5.9 tonnes), and Britain (7 tons) last year. Since the 1980s, some developing nations have improved wheat yields faster than Australia, including China, India and South Korea. According to the USDA however, productivity growth has been slower in many advanced economies. This is due to soil degradation, restrictions on pesticides and fertilizers, and other factors. Scientists and farmers credit Australia's low-subsidy system and its applied research system for setting it apart. The Grains Research and development Corp is a statutory company established by parliament in 1990 to drive innovation within the industry. The government adds funding to the 1% that farmers give. The committees are made up of farmers, scientists and executives from agribusiness. Kirkegaard said that the research agenda doesn't revolve around farmers looking for quick fixes or scientists working on blue-sky projects. This model is not replicated by many countries. Canada also has research groups that are funded by levy, but they're less centralised. Kirkegaard says that in Europe, researchers might never have spoken to a farmer. This can lead to studies that are not practical. According to the OECD, Australia is among the countries with the lowest levels of agricultural subsidies. They are mainly used for biosecurity and research, not payments to farmers. Liebeck, who lives in a farmhouse surrounded by eucalyptus trees, said that he's not intimidated by the increasingly hostile climate. He said, "The challenge to grow more crops with less rain is thrilling." "I'm optimistic."
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ADNOC Drilling reports a 19% increase in profits on Services Strength
ADNOC Drilling, a division of Abu Dhabi’s state oil company, reported on Wednesday a 19% increase in the second quarter profit, supported by a strong performance in oilfield services and an expansion into unconventional drilling. According to the financial statement of the company, the net profit increased to $351 millions in the three-month period ending June 30 from $295million a year ago. Revenue increased by 28%, to $1.2 billion. ADNOC Drilling's CEO Abdulla Ateya Al Messabi said that the company had achieved "record financial results and operational results" as it continued to expand its fleet and provide oilfield services. Al Messabi who became chief executive of the company last month said that the company is pursuing M&A, especially in the U.S. ADNOC Drilling increased its unconventional and integrated drilling operations to support ADNOC’s production targets, resulting in a 121% increase in oilfield services revenue. "Unconventional Drilling, which didn't contribute in Q2 of last year, has now become a major contributor." In an interview, Chief Financial Officer Youssef Salm said that we have drilled more than 60 wells. We expect to drill just under 100 wells by the end of the year. The company increased its net profit guidance for 2025 to $1.375 from $1.35 billion, while the ceiling remains at $1.45 billion. ADNOC Drilling’s board has approved a second quarter dividend of $217 millions, which is in line with its first-quarter payout. EBITDA for the company increased to $545 millions in the third quarter from $472million a year ago. Gross profit increased to $573 from $506 millions. Salem stated that despite rising costs, the margins of Salem's company remain strong due to long-term contracts, which give us full visibility on prices, and our constant optimization of costs through technology. (Reporting and editing by Joe Bavier; Yousef Saba is the reporter)
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UK regulator reviews alternative energy pricing for consumers
Ofgem, the British energy regulator, announced on Wednesday a review of how costs are allocated throughout the energy system. This includes alternative pricing models for consumers, in order to better adapt to a more renewable energy supply. The UK has set a goal to decarbonise the power sector in its entirety by 2030. This will require a reduction of its dependence on gas-fired plants, and accelerated growth in renewable energy capacity. Ofgem stated that a less reliance on gas prices will reduce the variable costs in the energy system. Jonathan Brearley, Ofgem's chief executive, said that fixed costs could increase, including those for upgrading the energy grid to provide cleaner and more reliable power to homes. Energy bills are used to pay for system costs. Electricity and gas bills are separate. Ofgem stated that, given the anticipated system changes, and the increasing proportion of household energy costs than before, it was now the right time to examine potential alternative models for how bill payers are charged. It added that this included ensuring increased fixed costs did not adversely impact vulnerable and low-income customers. The regulator made it clear that at this stage, they are only looking for opinions and not making any recommendations. Nora Buli, reporting from Oslo; Nina Chestney, editing.
Konstantin Strukov is the Russian gold billionaire who faces asset seizure in Russia
The Russian state is seeking to take over the majority of Konstantin Strukov’s stake in Uzhuralzoloto, a major gold producer.
The Sovetsky District Court, in the Urals town of Chelyabinsk, will hear a case on July 8, which is the latest in an ongoing series of seizures of assets by the Russian government.
Who is KONSTANTIN STRUKOV?
Strukov was born in the Russian Orenburg Region in 1958. He began working in mining immediately after graduating Magnitogorsk State Technical University.
Uzhuralzoloto, founded in 1976 as a Soviet company, was privatised after the collapse of the Soviet Union in 1993. Strukov took over the enterprise in 1997 when production had nearly stopped.
The Svetlinsky Gold Deposit, the largest gold deposit in the Urals region, was transferred to a business with the same name.
Strukov acquired the assets of the company and shares of a new firm for 162,600 roubles.
Production was restarted after that thanks to the gold deposits they had acquired in Khakassia, Krasnoyarsk and other regions.
UGC increased its annual production from 3 tons to 10 tons between 2004 and 2012. The company owns 17 core assets, and has eight processing facilities spread across two regional bases.
Due to the closure of some mines at the regulator's request, production in 2024 will fall by 17%. This amounts to 10,6 tons. UGC anticipates that production will increase to up to 14.4 tons this year.
Strukov's fortune, estimated by Forbes to be $1.9 billion by Forbes, was put under sanctions by certain Western countries, including Britain. They did this after Moscow sent troops into Ukraine. Britain said that his role as director of a Russian extractives company supported the Russian government.
Strukov is a member of the legislative assembly in Chelyabinsk Region since 2000. He is the deputy speaker of Chelyabinsk Region's Parliament and a member the ruling United Russia Party.
What is the case against STRUKOV
The Chelyabinsk Court reported that the deputy prosecutor of Russia had filed a lawsuit accusing Strukov and other individuals of acquiring property "through corrupt means".
The statement did not provide any further details. However, Russian news agencies, citing an official source in law enforcement, reported that prosecutors are seeking to convert Strukov’s entire stake at UGC into state property.
Citing court documents, the Kommersant newspaper reported that prosecutors believed Strukov had used bankruptcy procedures and his position as an official of state to transfer assets to UGC. Kommersant reports that searches were carried out at UGC's offices last week for alleged violations to environmental legislation and industrial safety regulations.
Citing court documents, the newspaper reported that Strukov could have 200 billion roubles in assets confiscated, and that he used an offshore Cypriot company to hide his involvement with UGC.
Strukov was contacted by UGC for a comment.
Strukov owned 67.8% of UGC according to data from the company as of 2024. Gazprombank's company bought 22% of UGC shares late last year. The remaining 10% was floated at the Moscow Exchange between 2023 and 2024.
After a two-session decline of almost 30%, the central bank suspended UGC's Moscow listed shares trading on Friday.
In a blog aimed at investors, the company stated that Friday protecting minority shareholder rights was its top priority.
A commenter anonymously commented on the post: "The stock market is more volatile than the casino."
What is the impact on Russia's business climate?
Since Russia's troops entered Ukraine in February 20, 2022, foreign companies have faced the threat of state seizing their assets. However, Moscow has been increasingly focused on domestic assets, citing domestic security and strategic stability.
Why Strukov and UGC was targeted is not known.
Moscow sends mixed messages about foreign investment. It wants to portray Russia as an attractive destination for foreign capital while at the same time arresting business leaders. Since the beginning of the conflict with Ukraine, foreign investment has dropped sharply.
Vadim Moschkovich, billionaire founder and CEO of Rusagro - Russia's largest agriculture company - has been in pre trial detention since March, on charges of embezzlement, which he denies.
(source: Reuters)