Latest News
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Bloomberg News reports Holtec Nuclear has suspended its planned US IPO.
Bloomberg News reported on Wednesday that Holtec Nuclear had suspended its planned U.S. Initial Public Offering, citing "people familiar with the matter". A report citing a person said that the IPO had been put on hold due to market conditions. Holtec didn't immediately respond to an inquiry for comment. Could not verify the report immediately. The company's listing was expected to be the most popular during the first week of the autumn window. This is traditionally the busiest time for new listings. Holtec wanted to raise up to $900'millions by selling 50 million shares at between $15 - $18 a piece in its IPO. The price was expected on Thursday. The latest blow to the issuers in the nuclear sector is a postponement. Their stocks have been on a downward trend over the past few months. Standard Nuclear's shares have fallen 20.6% since the IPO price on July 1st. X-Energy is trading at 36.7% less than its IPO price. Holtec was founded in 1986 by Krishna Singh and specializes in a number of areas, including heat transfer, reactor components, spent-fuel storage, and decommissioning nuclear plants. Holtec is also developing small modular reactors, with the first two units to be installed at its Palisades facility.
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US DFC approves EUR85 Million Loan to Ukraine's DTEK
DFC and DTEK announced on Wednesday that the U.S. International Development Finance Corporation approved a EUR85 million (USD 97.5 million) loan for Ukraine's largest energy private?company DTEK to expand their?battery?storage. The DFC has made the largest loan to Ukraine's energy industry since the beginning of the Russian invasion in 2022. Maxim Timchenko is the chief executive officer at DTEK. He said, "This EUR85million loan allows us to release more funds for building more battery storage projects and other projects." "For me, I think the financial aspect is important, but it's more significant that DFC is willing to support Ukraine and DTEK." He said, "They have done an assessment of risk and know how to manage it. They are telling private investors that they should follow." Ben Black, the chief executive of DFC, said in a press release that "U.S. DFC was authorized to invest by President Donald Trump. These projects will secure vital infrastructure and resources across Africa, Central Asia, Ukraine, Jordan and Jordan and help U.S. firms compete in some of the world's most important markets. DTEK belongs to SCM Holdings. Rinat Akhmetov is the sole shareholder of SCM Holdings and its ultimate beneficiary. DTEK opened Ukraine's largest storage facility for batteries last year to "ensure stable" power supplies, as Russia had repeatedly targeted Ukrainian energy infrastructure in missile and drone strikes during the more than four years of war. Six battery storage systems were?connected to the power grid of the capital Kyiv and the Dnipropetrovsk Region in Eastern Ukraine. The 'facilities', built in partnership with Fluence, an American battery storage technology company, can store 400 megawatts of electricity, enough to power 600 000 Ukrainian households for 2 hours.
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US Senators ask for more information about Trump's Saudi nuclear plan, says letter
Democratic and Republican U.S. Senators on Wednesday asked President Donald Trump's administration to declassify?and release?all information regarding a?proposed?agreement?with Saudi Arabia?on civil nuclear energy?, including?two classified?side letters?agreed with Riyadh? The senators wrote to Secretary of Energy Christopher Wright and Secretary of State Marco Rubio, noting that the government had reached dozens such agreements, also known as the 123 Nuclear Agreements, with other countries, without hiding any information. The letter stated that "access to the full text" was required to ensure that the Senate and public had a clear understanding about the commitments made on behalf of the United States and Saudi Arabia. Requests for comments from the Departments of State and Energy were not immediately responded to. The letter was written by Democrats Jeff Merkley and Ed Markey from Oregon and Massachusetts. It also included 13 other Democratic Senators, an independent who caucuses with Democrats and two Republicans: Rand?Paul from Kentucky and John Kennedy from Louisiana. Trump sent a proposed agreement with Saudi Arabia in August to Congress, giving lawmakers 90 days to review it and to consider a resolution disapproving the deal. Since then, lawmakers have been pressing for the declassification and release of documents related to the side letters that were reached in conjunction with the proposed deal. Nuclear agreement also raises questions as to whether Saudi Arabia will get the deal if normalized relations with Israel are not achieved. Trump said that it would only 'go into effect' if Riyadh did so. However, congressional aides said there was nothing in the pact which addressed?that question. The letter sent on Wednesday didn't mention Israel. The 30-year deal includes the construction of AP1000 nuclear reactors. This is a 'project worth tens and tens billions dollars, which would benefit Westinghouse. Democrats and nonproliferation activists have criticised the nuclear pact because it does not prohibit Saudi Arabia from enriching uranium, or reprocessing its nuclear waste. These are two potential ways to make a nuclear bomb. The United Arab Emirates accepted such measures, also known as the "gold standard", in their 2009 civil nuclear agreement with Washington. The Trump Administration says that the deal contains non-proliferation provisions required by law.
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Brazil diesel imports are at risk due to a rise in global prices and a widening Petrobras price gap
The gap between international diesel prices and Brazil's state owned oil company Petrobras has reached record levels due to a recent rally in international diesel prices. Industry executives have said that independent importers are delaying purchases because of this. Petrobras diesel prices were $0.79 per liter less than import prices according to Abicom. This was despite the fact that local production had reached its maximum. Sergio Araujo, Abicom's President, said that Brazilian refineries are currently operating at close to capacity. Brazil imports about one-quarter of the diesel it consumes. Petrobras, which is part of Brazil's Luiz Inacio Lula Da Silva, has been working to reduce diesel prices since the beginning of the U.S. - Israel conflict with Iran. They have done this by boosting the domestic supply, and by participating in the Brazilian president's subsidy program to combat inflation before the October election. Lula da Silva wants to run for another term. Petrobras' profitability is hurt when it imports diesel at higher prices abroad than what it charges domestically. This squeeze on margins also reduces the incentive for other importers. In recent weeks, international oil prices have risen. Brent crude reached $108 per barrel on Tuesday. This is up from $93 at the beginning of the month. U.S. Diesel futures also hit a record due to Middle East conflict and Russian export restrictions. LOCALIZED DISRUPTIONS As the planting of the summer crop is underway, the Rio Grande do Sul agriculture federation, Farsul, reported to Brazil's fuel regulator ANP that there were delays and restrictions in diesel deliveries for farmers in the southern states. According to a person who works with fuel distributors, customers from neighboring countries that depend more on imported diesel are seeking it in Rio Grande do Sul, which could be straining the local supply. ANP stated that diesel deliveries were proceeding as usual and that it had not yet identified any risk of a supply shortage in Rio Grande do Sul. Petrobras stated that its deliveries were proceeding "as planned" and that all volumes contracted are being delivered. Localized fuel shortages and bottlenecks in the logistics system are similar to what was seen earlier this year, but widespread shortages of fuel remain unlikely. Bruno Cordeiro is a StoneX market intelligence specialist. He said, "The market is tighter, but there are no concerns about supply disruptions."
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SEC wants to stop monitoring shareholder votes, which is a blow for reformers
The U.S. Securities and Exchange Commission proposed on Wednesday to 'end its oversight of corporate shareholders votes?on topics such as climate change or executive compensation, a move that critics see as a blow to corporate reforms. The move is part of the SEC's broader power shift away from investors and towards corporate managers. It was expected since last month. Wall Street's top regulator has also proposed changes, including the end of a rule that requires companies to produce glossy annual reports. In a recent statement, SEC chairman Paul Atkins stated that the SEC lacked the statutory authority to supervise shareholder voting. This area was best managed by the states. Texas is one of the states that has offered favorable treatment to companies who incorporate locally. Atkins stated that "as we are experiencing an exciting period of increased competition among states for corporate domicile," it is the perfect time for the Commission, in relation to state law, to acknowledge the limits of their authority for regulating shareholder proposal. Many corporate annual meetings have focused on investor resolutions that address topics such as carbon emissions, diversity in the workforce, or executive roles. However, this number has decreased over recent years. Activists are concerned that the SEC’s decision to 'dismantle' long-standing processes could diminish their influence in areas like?environmental matters or CEO pay. Now, the proposed changes will be subject to public comments and further SEC action. In a recent statement, New York State Comptroller Thomas DiNapoli (who oversees the state retirement funds) said that "for more than 80 year, shareholder proposal has been a cornerstone in American corporate governance, which has strengthened board oversight and improved risk management and fostered productive dialogue between investors, companies and their shareholders." DiNapoli stated that the SEC's proposal allows corporate management to escape accountability.
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Media reports claim that a suspected London "Putney Pusher" has been found dead.
British media reported that the man suspected to be the "Putney Pusher" who allegedly pushed a woman in the path of a bus nine years ago in London in a'mysterious incident' which received a lot of publicity has died. The reports stated that Nicholas Brandram, 44 years old, was arrested in June under suspicion of grievous body harm in relation to the incident, which took place on Putney Bridge on May 17, 2017. Closed circuit TV captured the moment that a 33-year old woman was pushed to the ground by a jogger on the bridge. Her upper body and head fell into the path an oncoming bus, which managed to swerve away from her. The incident drew a lot of media attention but no suspect or motive was ever found. Media reports claimed that Brandram, who was a descendant from Queen Victoria and had been arrested for drug possession, has now been found dead in his west London home. London Police confirmed in a press release that a man was found unconscious at an address 'in Chiswick' on Tuesday. The 44-year old man was declared dead on the spot. The statement stated that his next of kin had been notified. At this time, his death is being treated as unexpected but not suspected. British?media reported that Brandram is a 'grandson of Princess Katherine?of?Greece & Denmark', has served in the British Military and worked for HSBC Private Banking.
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UN chief raises alarm over AI threat after Trump plays down
U.N. Secretary General Antonio?Guterres warned on Wednesday world leaders?that rapidly evolving artificial intelligence poses risks that?cannot?be ignored. This puts him at odds with Donald Trump, who has argued that existing safeguards are enough. Guterres, speaking ahead of the U.N. General Assembly meeting in New York next week, told reporters that the need for stronger supervision would be the major focus of his discussions with the global leaders who will be visiting the city. Guterres said, "We cannot ignore the concerns raised by those who are at the forefront of AI development." "The first duty of any government is to protect their citizens, including against the threat of artificial intelligence." After Anthropic researcher Jacob Coxon announced last week that he was resigning, the public is becoming more concerned about the dangers of AI. "People building AI believe earnestly that it could kill all of us?by the?end?of the decade." Some of the biggest companies in the industry have called for a slowdown of AI's development. Trump claimed on Monday that there are already guardrails to regulate and prosecute AI firms in the U.S., downplaying concerns raised by industry leaders. Guterres is a long-time advocate of global AI governance. In 2023 the U.N. established a 39 member advisory body on AI. Members included tech company executives, officials from government and academics, including those from the U.S. and Japan. Diplomats have said that the U.N. Security Council may also meet on AI next week during the annual gathering in New York of world leaders. In 2023, the 15-member council held its first meeting on artificial intelligence. Guterres stated that the countries at the forefront of AI should "establish mechanisms for contact, information exchange and common guardrails to avoid a race to the bottom which could one day lead to a global 'disaster. Trump said that China would be able to benefit from the "doubt" being cast about AI development. Next week, he will meet with Chinese President Xi Jinping in Washington. It was reported earlier that two countries were planning a separate gathering in mid-September, to discuss AI risks. Guterres stated on Wednesday that "we need to have a shared understanding about how to progress the safe, secure, and responsible development AI" while also identifying situations where increasingly powerful systems might require additional safeguards or measures to mitigate potential risks.
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Poland's Orlen buys 16 extra crude cargoes amid Saudi disruption
Poland's Orlen announced on Wednesday that it had purchased?16,000,000 barrels of additional oil for its Polish,?Lithuanian, and Czech plants. Traders said the company was rushing to secure crude in order to cover disruptions in Saudi supply until November. Saudi Arabia's petroleum industry is struggling to cope with the effects of a series of attacks from Iran-aligned militias, one of which shut down its East-West Pipeline?on 10 September. Saudi Aramco, the state-owned oil company, has been Orlen’s biggest supplier of oil since 2022. It provides around 40%. Orlen announced in a Wednesday statement that it had contracted for 16 additional deliveries of fuel to its refineries located in Poland, Czech Republic, and Lithuania, including those from Norway, Great Britain and Algeria. Saudi Arabia has not said when it will re-open its East-West Pipeline. Market sources say Orlen buys to cover the demand in September and October. Orlen published two new tenders on Wednesday to purchase crude oil. One was for North Sea crude oil and the other was for Brazilian or Guyanese crude oil. Orlen, which was a major oil consuming country a decade ago, has weaned off Russian crude in the last few years. It signed a contract with Equinor of Norway last month to supply?25% its needs in Sverdrup crude. Orlen said that the remaining part of the demand was covered by a contract signed in August with Equinor, Norway. He added that the company monitors the raw materials market and has a diverse supplier portfolio.
Argentina's mining exports will top $5 billion by 2025, despite lithium struggles. Industry body claims
The president of the Argentine Chamber of Mining Companies, CAEM, predicted that Argentina's mining exports would exceed $5 billion by 2025. This is up from $4.6 in 2024.
Roberto Cacciola, in an interview with he said that the main mining exports of Argentina, gold and silver, would remain the same or even decline slightly by 2025, due to the maturation process for mining projects. However, the rising prices would make up the volume decrease.
Cacciola stated that the mining exports could reach $5 or $5.2 billion this year.
He said that he expected the opposite for lithium. He expects a rise in production when prices are falling.
He added: "In terms volume, there are no significant changes for gold or silver. There may be a slight reduction. In lithium, volume is increasing, but the price has dropped, which will keep exports of lithium at a level similar to that in 2024." According to the National Mining Secretariat, in 2024 gold contributed $3.14billion, or 68%, silver $641m, or 14%, and lithium $631m, or 13.6%.
The libertarian government of Argentine president Javier Milei is trying to boost the promising mine sector in order to increase income, which it desperately needs to maintain macroeconomic stability.
It created the Large Investment Incentive Regime, which offers tax, exchange rate, and customs benefits to investments exceeding $200 million.
The government has approved only the Anglo-Australian company Rio Tinto's Rincon Project, a $2.7billion investment in Salta, a northern province, for construction of a Lithium Carbonate Plant. Cacciola stated that the fall in lithium prices caused by an excess of supply and a lower demand for electric cars has delayed investments. In the last two years, China's oversupply has caused prices to fall more than 90%.
"Lithium firms are working hard to break even or may be running a deficit. He said that this is a temporary situation, but a reality.
He said, "Everyone thought about expanding and growing. Now they are thinking about survival." "Some expansions were delayed. "We're not going to be able to recreate the same euphoria as in 2022-2023 because of the sharp drop (in prices)."
Argentina, along with Chile and Bolivia is part of "the lithium triangle", which contains the largest reserves in the world. The country also has world class copper projects. However, none of them are currently in production.
Cacciola estimates that the government would extend by an additional year the deadline for submitting projects to the RIGI, which expires on July 8, 2026. This is because many projects – especially copper – have expressed interest in participating in the incentive scheme.
McEwen Copper, a Canadian company, has only applied for Los Azules to be included in the RIGI.
The RIGI is operating. It's planned, I believe. Cacciola stated that he did not see any obstacles to the extension of the program.
He added that the copper projects were "all set to be submitted, they just need some definitions." (Report by Lucila SIGAL; edited by Nicolas Misculin & Jamie Freed).
(source: Reuters)