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Blue Water has been denied the right to extend Citgo's parent sale hearing by a US judge
A Delaware judge denied a request by Blue Water Acquisition Corp, a special purpose acquisition firm, to extend the final sale hearing at a U.S. court ordered auction of Citgo Petroleum’s parent company. Blue Water, a Venezuelan refiner owned by Blue Water, submitted last week a bid worth $10 billion. This included a $3.2-billion settlement proposal for holders of Venezuelan bonds that had defaulted. The company requested that the hearing be extended to allow its part to be taken into consideration by the court. Blue Water representatives informed the court that funding for the offer was not yet committed. The offer came after the deadlines to submit and improve bids. "Perhaps (Blue Water) could spend this week to see if they can commit the financing," Judge Leonard Stark stated, adding that later he may request that an auction officer engage the company about its bid. The company has not responded to any requests for comment. Robert Pincus, a court officer, selected last month a $5.9 Billion An affiliate of hedge fund Elliott Investment Management was named the frontrunner in the auction. Judge Stark stated that he will make a decision about the auction winner following the hearing. (Reporting and editing by Nathan Crooks, Nick Zieminski, and Marianna Pararaga)
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WTO ratifies agreement to reduce billions of dollars in overfishing subsidy
The World Trade Organization announced that a landmark agreement was signed on Monday to reduce billions of dollars worth of subsidies contributing to the overfishing. This is a positive step for global fish stock recovery. The WTO's first agreement since 2017 was signed after years of infighting and stalled discussions. More recently, the U.S. tariff surge has left many critics wondering if the Geneva-based organization still had a future. A WTO spokesperson stated that the formal ratification of the agreement by Brazil, Kenya Tonga, and Vietnam on January 14 meant the deal was now supported by two-thirds of the members. The original agreement, which took place in 2022, had been reached. The government is now forbidden from subsidizing overfished stock and fishing in international waters outside their jurisdiction. Poorer countries will have access to a fund that helps ease their transition into the agreement. Megan Jungwiwattanaporn, from the Pew Charitable Trusts, said: "Fish stock around the world have a chance of recovering. This will benefit local fishermen who depend on an ocean that is healthy." A 2019 Marine Policy study showed that governments around the globe pay $35.4 billion per year to their fishing fleets. This includes fuel subsidies, which allow them to fish on distant oceans. The top five subventioners were listed as China, EU, United States, South Korea, and Japan, though not all are covered by the WTO agreement. The negotiations on new fishing rules that cover divisive topics excluded from the original deal have failed, as India and many other developing economies are seeking carve-outs they see as impossible. The first part, which came into effect on Monday after more than 20 years' negotiations, will expire four years from now if no more comprehensive rules can be agreed. In an interview conducted earlier this month, Director-General Ngozi Okonjo Iweala expressed optimism that the organization could either end the talks or find ways to prevent the first agreement from expiring. (Reporting and editing by Andrew Heavens, Emma Farge)
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Sources say that China's former climate ambassador will meet with EU in order to revive the flailing UN pact
Three sources have confirmed that China's veteran climate envoy who secured two important climate agreements with the United States will meet the EU's top official for green transition on Tuesday in order to revive the floundering international climate talks ahead of the COP30 Summit in Brazil. Xie zhenhua, a former climate envoy who retired after the COP28 talks in Dubai, in late 2023, is scheduled to visit Brussels on 16 September and meet Teresa Ribera, the executive vice-president for the European Commission for a Clean, Just, and Competive Transition. He will encourage the EU to announce ambitious climate goals, and coordinate diplomatic efforts in advance of a preliminary climate summit at U.N. headquarters scheduled for September 24. Two sources said that the purpose of the meeting was to boost the COP30 Climate Summit, which will start in Belem in Brazil in November. Due to the lack of hotel rooms and the high cost, there could be a low turnout at the summit. The United States has also withdrawn from the negotiations process. Three sources confirmed that Xie would meet Ribera who he's known for a very long time. However, they couldn't confirm if the meeting was official or if it would result in a joint agreement or statement. Two sources confirmed that the current climate envoy Liu Zhenmin will not attend the meeting, but the ecology minister Huang Runqiu would. In the run-up to Belem, the U.N. wants to exert pressure on major economies such as China and Europe. Last week It urged all countries In September, the United States will set up more ambitious climate plans to achieve goals previously pledged in 2015 under the Paris Agreement. These are known as Nationally Determined Contributions. The EU is struggling to reach a consensus on its proposed plan. This month, countries such as France and Poland have called for a postponement of the approval of 2040's goal. Two sources have confirmed that China will announce its new NDC on September 24. The U.S., China and their U.S. counterparts John Kerry & Todd Stern had achieved great victories in climate diplomacy before President Donald Trump. However, the U.S. - China relationship is now defined by national security competition and trade tension. (Reporting and editing by Nia William, Kate Abnett in Brussels, Valerie Volcovici & Liz Lee; Additional reporting by Kate Abnett)
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Kazakh miner Solidcore expects a gold rally to offset production decline
Solidcore Resources, a Kazakh gold miner, expects that high gold prices will offset a large part of the production decline due to sanctions related disruptions in concentrate shipments into Russia. The gold price has risen by about 40% in the past year. It reached a record-high of $3,673.95 per ounce, last week, on expectations that the U.S. will soon cut interest rates. Solidcore, previously Polymetal International sold its Russian assets after the U.S. imposed sanctions on its business in Russia. However, it continues to send gold concentrator to Russia to be processed with U.S. approval. The company's profit nearly doubled in 2024 due to high gold prices, but sanctions against concentrate deliveries to Russia caused a 58% decline in the first six months of the year. Vitaly Nesis, CEO of the company, said that the situation had improved significantly in July and August. The company also plans to reduce its inventory in the first quarter 2026. The gold price in 2025 will offset the downward revision of 11% to the production forecast. He said that the gold price rise this year is not sustainable. He said, "I believe there will be a decline." "I wouldn’t be surprised (if the price of gold drops to $3.200 by the year's end). Solidcore, the second largest gold miner of Kazakhstan, has postponed previously discussed acquisitions in Central Asia. These were not likely to be completed this year. "Both deals are not in good shape, if they're not totally off." The gold price has risen, as have sellers' expectations. We are not ready to raise our offer significantly yet. Solidcore will continue to process gold concentrate in Russia under an agreement toll at the Amursk Pressure Oxidation Plant until Solidcore launches its own Ertis plant scheduled for 2028. Nesis stated that the company expected to reach an agreement in the first quarter 2026 with international institutions to secure $500-$600m in project funding for the Ertis facility. The deal could be finalized by the second quarter. (Editing by Gleb Brnski and Jan Harvey).
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India's highest court-appointed panel clears Ambani's son's Wildlife Centre of wrongdoing
The Supreme Court of India announced on Monday that a wildlife rescue center run by a philanthropic branch of Mukesh Ambani’s group was cleared of accusations of animal mistreatment and illegal acquisition. It cited findings of a committee appointed by the court. In August, India’s top court appointed an investigation team to investigate complaints by non-profits and wildlife groups alleging mistreatment of animals at Vantara. Questions were raised about how the animals had been brought to the centre. The court ruled that the evidence does not support the claims of abuse or illegal acquisition. Vantara, a project led by Anant Ambani - the son of the billionaire - is located in the western Gujarat state. It's a major undertaking for the Reliance Foundation as well as the Ambani Family. The facility, which claims to house more than 150,000 animals of more than 2,000 different species, says its 998-acre 404-hectare elephant welfare trust is world's largest facility for rescued eagles. The Supreme Court stated on Monday that the SIT's investigation had covered allegations related animal acquisition, smuggling and welfare, conservation, breeding climate suitability, financial misconduct but found no violations of wildlife rules. The SIT report and the order of the Supreme Court have shown that doubts and accusations raised against Vantara’s animal welfare mission are without basis. Vantara released a statement. Nishit Navin, Bengaluru (Reporting; Pooja Deai, editing)
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Goldman T. Rowe will sell co-branded alternatives investments to wealthy clients by the end of the year
Goldman Sachs, T. Rowe Price and other asset managers, who announced their partnership this month, will offer new alternative investments to wealthy clients before the end of the calendar year. This plan follows an executive order issued by Donald Trump that broadened the access to 401(k), retirement accounts for alternative investments, such as private equity, private credit and others. This move could allow private asset managers to access about $9 trillion in 401(k), or retirement, accounts. Goldman and T. Rowe have recently signed a deal where Goldman becomes a shareholder of the asset manager. The stake could be up to $1 billion. Both companies will offer retail investors products in partnership. T. Rowe is responsible for managing $1.6 trillion of which approximately $1 trillion is related to retirement. T. Rowe CEO Rob Sharps said in an interview that the alternatives would be tailored for different types of customers at the end the year and through the first quarter. Investors like funds that have a specific retirement date. Portfolios will have a small amount invested in alternative assets, and the remainder in liquid and public investments. As the investor approaches retirement, the proportion of alternative assets may decrease. Alternative portfolios combining private credit and equity or equity funds combining private equity with stocks will be available to wealthy clients. These products will initially be available to Goldman T. Rowe and Goldman Sachs clients, but they may be made more widely available. Marc Nachmann is Goldman's director of wealth management and asset management. Analysts warned of risks like lack of transparency and liquidity after the approval of alternative investment in retirement funds. Sharps stated that "new structures can provide an element of liquidity and pricing on a daily basis to give individual investors more comfort." Managers will allocate a limited proportion of funds to alternative investments, with the goal of maximizing returns. Nachmann stated that "it's still early days. Today, investors in alternative investments are mostly large institutions such as endowments and high-net worth individuals." Sharps stated that alternative investments could reach 10% to 20% in retirement accounts over the long-term. Sharps and Goldman's President John Waldron began the initial talks for the deal a year before, talking about convergence in markets and the growth of private assets. Sharps stated that the companies have had a long-standing relationship and that substantive talks about the deal began early this summer. (Reporting and editing by Lananh Nguyen, Sharon Singleton and Lananh Nguyen)
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India's highest court-appointed panel clears Ambani's son's Wildlife Centre of wrongdoing
The Supreme Court of India announced on Monday that a wildlife rescue center run by the philanthropic branch of Mukesh Ambani’s group was cleared of accusations of animal mistreatment and illegal acquisition. This conclusion was based on findings of a committee appointed by the court. In August, India’s top court appointed an investigation team to investigate complaints by non-profit groups and wildlife organizations alleging animal abuse at Vantara. Questions were raised about how the animals had been brought to the centre. The court has ruled that the evidence does not support the claims of abuse or illegal acquisition. Vantara, a project led by Anant Ambani - the son of the billionaire - is located in the western Gujarat state. It's a major undertaking for the Reliance Foundation as well as the Ambani Family. The facility, which claims to house more than 150,000 animals of more than 2,000 different species, says its 998-acre (408 hectares), elephant welfare trust is world's largest facility for rescued eagles. The Supreme Court stated on Monday that the SIT's investigation had covered allegations relating to animal acquisition, smuggling and welfare, conservation, breeding climate suitability, financial misconduct but found no violations of wildlife rules. The SIT report and the order of the Supreme Court have shown that doubts and accusations raised against Vantara’s animal welfare mission are without basis. Vantara released a statement. Nishit Navin, Bengaluru (Reporting; Pooja Deai, editing)
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UN restricts staff at COP30 Climate Summit over Accommodation Concerns
The United Nations has asked its staff to limit their attendance at the COP30 Climate Summit in Brazil, which will take place in November. Meanwhile, government delegations continue to scramble to find hotels within their budgets. As delegations become increasingly concerned over the rising cost of accommodation, the city of Belem on the coast of the Amazon is hosting the COP30. Brazil is working on nearly doubling the number of hotel beds available, but rising prices have led some governments to call for a relocation of the COP30 conference. Brazilian officials, however, have refused. In a UNFCCC document, Simon Stiell, executive secretary of the U.N. Climate Secretariat (UNFCCC), said: "In light of the capacity limitations in Belem I would like to request that heads United Nations system, special agencies and other organizations review the number of their delegations and reduce it where possible." A Brazilian spokesperson who is in charge of the COP30 presidency has not responded to a comment request immediately. The UNFCCC didn't issue such a demand ahead of the U.N. Climate Summit in Baku, Azerbaijan last year. The annual U.N. Summit will bring together nearly every government to discuss efforts to combat climate change. The prices of accommodation in Belem have increased dramatically due to a lack of rooms. Developing countries are unable to afford them. According to the official summary of the meeting that was seen by, at a meeting between representatives of countries and U.N. officials held last month, UNFCCC requested Brazil to subvention hotel rates so that rooms would be available for $100 per night for delegates of the poorest countries in the world and for $400-$500 for all other countries. Miriam Belchior told journalists that Brazil had already incurred significant costs in hosting COP30, and couldn't provide any more subsidies. Brazil offered rooms to poorer countries at a maximum of $200 per night. This week, representatives of the U.N. and countries will meet to discuss the accommodations for COP30. Reporting by Kate Abnett. Additional reporting by Lisandra Paraguassu. Mark Potter (Editing)
Gold reaches record highs as yields and dollar ease. Focus on Fed meeting
The price of gold rose to a record high on Monday. This was largely due to a weaker dollar and lower Treasury yields. Investors were positioning themselves ahead of an important Federal Reserve meeting that will take place this week, which could set the tone of the rest of the calendar year.
As of 1151 am EDT (1551 GMT), spot gold was up by 0.9%, at $3,674.09 an ounce, after reaching a session high of $3674.63 in the earlier part of the session. Bullion rose about 1.6% in the past week.
U.S. Gold Futures for December Delivery were up 0.7% to $3,712.70.
The dollar index dropped to its lowest level in a week, which made gold more appealing for holders of other currencies, while the yield on the benchmark 10-year Treasury note edged down.
According to CME's FedWatch, markets are almost certain that the Fed will announce a 25 basis-point rate reduction on Wednesday. This is the first cut since December. However, some investors still hope for a 50-basis point move.
Peter Grant, senior metals analyst at Zaner Metals and vice president, said that the expectation of a rate cut of 25 basis points is largely baked in at this stage. He added that one or two rate cuts could occur before the end year.
In a low-interest rate environment, non-yielding gold bullion is often considered to be a safe haven asset in times of uncertainty.
Grant said that the $3,700 level is the next important target. Other levels to watch in the near term include $3,730, $3,743, and $3,730.
The Fed is under unusual pressure as a result of a leadership dispute, and Donald Trump's push for more influence over policy. The Senate also opened the door for Trump's economist Stephen Miran, to join the committee that sets rates in time to vote Wednesday.
The Fed is on track to reduce rates, as recent data shows that the U.S. consumer price index rose in August at its fastest rate in seven months.
Other than that, silver spot was up by 1% to $42.59 an ounce. Platinum gained 0.5%, to $1.397.80, and palladium fell 1.4%, to $1.181.09. (Reporting from Anushree mukherjee in Bengaluru and Sherin Elizabeth varghese). Emelia Sithole Matarise and Mark Potter edited the story.
(source: Reuters)