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Sources say GIP is in negotiations to purchase Aligned Data Centers
Two people with knowledge of the situation told us on Friday that Global Infrastructure Partners, a BlackRock-owned company, is in negotiations to buy Macquarie's Aligned Data Centers. One source said that the acquisition could be worth around $40 billion. The deal reflects the growing investor interest in data centres that serve the booming artificial intelligence market and help to power its adoption around the world. Sources said that the talks, in which Abu Dhabi-based AI Investment firm MGX is involved, have reached an advanced stage. Bloomberg News reported this development Thursday. People familiar with the matter have said that MGX, a joint venture between sovereign wealth fund Mubadala, and G42, could invest in Aligned. Mubadala owns a small stake in the operator of data centers. Aligned, MGX, and Mubadala didn't immediately respond to requests for comments. Macquarie BlackRock GIP and GIP have declined to comment. Aligned of Texas, which is a specialist in AI infrastructure, raised over $12 billion in the first month of 2019. According to its website, the company operates more than 80 data centers with a total capacity of over 5 gigawatts. Aligned's customers include hyperscale cloud providers, such as Lambda, and artificial intelligence companies. The Aligned acquisition would be one of the biggest ever private data center deals. OpenAI, SoftBank Oracle, and Abu Dhabi’s MGX have announced plans to invest in Stargate - a $500 billion dollar supercomputer project - to meet the growing computing demands. Investors poured record amounts into digital infrastructure in 2018, betting on the fact that data centers will become critical real estate assets as power consumption increases. McKinsey estimated that investments in AI infrastructure could reach $6.7 billion by 2030. Sources told us on Wednesday that GIP was also in the final stages of talks to purchase utility company AES, in a deal valued at over $40 billion. Reporting by Rhea Rosa Abraham, Gnaneshwarrajan and Akash Shriram in Bengaluru. Editing by Sonia Cheema, Shinjini Ganuli and Sonia Cheema.
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Rate cut bets on US shutdown worries will cause gold to rise for the seventh consecutive week
Gold prices rose on Friday as they were poised to make a weekly gain for the seventh time in a row, boosted by concerns about an extended government shutdown, and expectations that U.S. rates will be cut. Gold spot rose 0.5%, to $3.874.66 an ounce at 09:13 am. After hitting a record-high of $3,896.49 Thursday at 1313 GMT, ET (1313 GMT) is the next time to buy gold. The prices have risen 3.1% this week. U.S. Gold Futures for December Delivery rose by 0.8% to $3.899.1 an ounce. "I believe the longer the government remains shut down, the more bullish the gold market will be." If there is a weekend surprise agreement to reopen the government, it would be a bearish factor, said Jim Wyckoff senior analyst at Kitco Metals. There is no indication that either of the dueling Democratic or Republican plans will be adopted to end a shutdown which has now entered its third day. Investors are now relying on alternative indicators to confirm the cooling of the labor market, and to maintain expectations for a rate cut imminent. According to CME Group’s FedWatch tool, investors are pricing in 98% of the probability of a rate cut of 25 basis points in October. They also expect a similar reduction of 90% in December. Gold is often used to store value in times of uncertainty. It thrives when interest rates are low and has increased by over 47% this year. UBS said in a note that it expects the price of gold to reach $4,200 an ounce in the next few months. This is because the "opportunity costs of holding gold are falling due to the declining real interest rate in the U.S. While expectations of continued broad U.S. Dollar weakness are another tailwind." Spot silver rose by 1.4% to $46.73 per ounce. Platinum increased 1.9% to $1599.01 per an ounce. Palladium climbed 1% to $1253.75 per an ounce. Reporting by Noel John in Bengaluru and John Biju from Mumbai
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Fitch warns that Saudi Arabia faces increasing fiscal risks due to rising spending and a drop in oil prices.
Fitch Ratings warned on Friday that Saudi Arabia's fiscal consolidation path is fraught with risk, due to lower oil prices, heavy spending commitments linked to Vision 2030, the country's economic transformation plan, and the Kingdom's financial situation. Vision 2030, led by a Public Investment Fund of nearly $1 trillion, aims to reduce reliance on crude oil, and develop sustainable revenue streams. This requires hundreds of millions of dollars of investment. Fitch Ratings' warning that Saudi's ambitious spending plans face risks follows the Saudi government's 2026 pre-budget statement on Tuesday, which signalled a shift toward tighter fiscal discipline after a sharper-than-expected widening of the 2025 deficit. Saudi Arabia, the top oil exporter in the world, forecasts that its fiscal deficit will be 5.3% of the gross domestic product by 2025. This is nearly twice the initial projection of 2.3%, and then it will shrink to 3.3% by 2026. This compares to an earlier estimate for 2025 of 2.9%. Fitch said that the decline in revenue for 2025 is primarily due to lower oil revenues. Fitch noted that non-oil revenue was likely to remain robust due to a strong economy outside of oil and conservative budgeting. Flagship projects include NEOM - a futuristic, massive urban and industrial development near the Red Sea that is almost the size of Belgium. Saudi Arabia's government projects that its revenues will increase by 5.1% by 2026, while its expenditures will drop 1.7% from 2025. Fitch anticipates fiscal tightening due to stable oil revenue, increased non-oil income, and modest reductions in current and capital expenses. Reports in April stated that the falling oil price was increasing pressure on Saudi Arabia, forcing it to either reduce spending or increase debt in order to finance its ambitious agenda. Fitch said that the fiscal strain highlighted the Kingdom's vulnerability to oil price swings even as it intensifies efforts to create alternative revenue streams. Reporting by Jana Choukeir and Tala Ramadan; Editing by Susan Fenton
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Madagascar President Rajoelina is 'willing to listen', but refuses to resign
Andry Rajoelina, Madagascar's president, said on Friday that he is willing to listen in order to find solutions for the problems of this poor island nation. However, he ignored calls from a youth-led movement to resign. Since last week, protests in Madagascar have exploded into a wave of unrest that is the biggest in recent years. The protests are based on the "Gen Z" generation, which has been demonstrating in Kenya and Nepal. The president disbanded his government on Monday night in an effort to calm public anger. However, the move did little to alleviate the grievances which first erupted on September 25, over the worsening of water shortages and outages. According to the United Nations, at least 22 people have been killed and over 100 others injured in the first days of protests. The government disputes those figures. "Nobody benefits from the destruction the nation. "I am here. I stand ready to listen. I'm ready to lend a hand. And above all, I'm ready to bring solutions for Madagascar," Rajoelina stated in a Facebook broadcast. He claimed, without proving it, that politicians were planning to exploit the protests, and had even considered staging a coup, while he addressed the United Nations last week in New York. "Criticism about existing problems doesn't have to be expressed on the street; it should be done by dialogue," said Rajoelina. He himself came to power through a coup in 2009 after leading mass demonstrations against the government. Rajoelina posted a message on his X page on Friday saying he met with various groups over the past three day to discuss the current situation. Real TV Madagasikara aired footage showing that protests in the capital resumed on Friday, after a day-long pause. Police fired tear gas at some marchers to disperse them. Madagascar is one of the world's poorest nations despite its significant mineral wealth, biodiversity and agricultural land. The World Bank says that between 1960 and 2020 the income per capita fell by 45%. It blames this on the tight control over institutions and resources of an unaccountable, elite group, as well as a lack competition and transparency. (Reporting and writing by Lovasoa Rabary; Editing by Bate Fesia and Ammu Kanampilly.)
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Nestle and others warn that EU law delays endanger forests worldwide
Nestle, Ferrero, and Olam Agri are among the major agri-food firms that have warned about the dangers of deforestation in forests around world due to delays by European Union. The EU last month proposed delaying the launch of its anti-deforestation law for a second time, citing concerns about the readiness of information-technology systems needed to support the law. The ban on palm oil imports linked to forest destruction could be delayed for an additional year. The EU and its trade partners, such as Brazil and the United States, are strongly opposed to this law. Last week, EU Commissioner Jessika Roswall stated that the delay in implementing the law was not due to U.S. concerns. In a letter sent to Roswall, a copy was also sent, the companies that operate in the cocoa and dairy sectors, as well as the wood, rubber and other agrifood industries, stated that it is essential to have clear rules for EU competition and that they were already investing and preparing "in good faith" to comply. The letter from October 2 stated that "we remain on track to meet the EUDR obligations in full by the 31 December 2025." The proposed delay will put at risk the conservation of forests around the world, accelerate climate change effects, and undermine trust in Europe's regulatory obligations. Companies said that any change at this time would create uncertainty, annoy investors and increase the risk of rules being further watered-down. Francesco Tramontin (Vice President, Institutional Affairs, Ferrero Group) said that greater transparency in the supply chain is crucial for managing risk. The EU deforestation legislation was set to come into effect on December 30 and will require operators who sell goods such as soy, beef, and palm oil to EU markets to prove their products do not cause deforestation. (Reporting and editing by Emelia Sithole Matarise; Virginia Furness)
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Anglo American initiates arbitration against Peabody for failed deal
Anglo American, a U.S. based company, announced on Friday that it had initiated arbitration proceedings against Peabody Energy as a result of the termination by the British mining giant of an agreement to purchase its steelmaking coal assets. Peabody, August Withdrawal After two companies were unable to agree on a lower price after a mine explosion, Anglo American made a $3.78 billion offer for Anglo American’s Australian coal assets. Peabody has agreed to buy the mines located in Queensland's Bowen Basin. This is the top steelmaking coal producing region of the world. Anglo had been looking to sell off or spin-off non-core assets after BHP failed to takeover the company last year. In April, the operations at Moranbah North were stopped after a fire underground caused by high levels of gas. Peabody invoked a clause that allowed it to walk out or renegotiate the contract if there was a major event between signing and completion. Anglo returned $29 Million of the $75 Million deposit due to Peabody. The U.S. coal miner added that it has demanded the repayment of the remainder "without further delay".
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Andy Home: Tin prices rise as Indonesia cracksdown on illegal miners
This time, the tin supply chain is in trouble again. The government of Indonesia has launched a massive crackdown on illegal mining. The London Metal Exchange's (LME) 3-month tin price has risen to more than $37,500 per ton. This is the highest since April, when supply was threatened by the Bisie Mine in Democratic Republic of Congo. Indonesian President Prabowo Subianto announced the latest price hike, saying that the government plans to close 1,000 illegal mining operations in the tin rich islands of Bangka & Belitung. It is impossible to estimate how much tin these operations produce, but there could be a positive offset if the closure of such operations leads to a higher level of production in the official sector. The price of tin is rising again because it is another drop in the cauldron that is the supply crisis. LONG CAMPAIGN Since the deregulation of the tin industry at the turn of the century, the Indonesian authorities are struggling to regain their control. Many of the tin mined in this country is produced by small-scale and artisanal miners. It's difficult to know who has a licence. The boundaries have blurred so much that PT Timah - the top producer in the country - has been accused of facilitating black market trade. Some illegal "mines", however, are nothing more than rafts that are sent out to dredge tin at night in waters licensed by PT Timah or other operators. The tin ore is then smuggled from the country in small boats. One such boat was seized by the Malaysian Maritime Enforcement Agency this week, which contained 530 gunny sacks weighing 26 tons. Prabowo stated that the latest cracking of the regulatory whip began at the beginning of last month, and it has already led to multiple closures. SHADOW SHADOW PRODUCTION How much tin is produced in Indonesia's shadow industry? As such material is by definition not detected by the country's Customs Service, it exists as a statistical blackhole. Indonesia's official export statistics capture flows of refined Tin, which is the only metal form that is supposed be shipped overseas. Both Chinese and Malaysian customs departments record monthly imports from Indonesia of "ore and concentrates". According to World Bureau of Metal Statistics, Chinese imports totaled 1,192 tons during the first eight month of the year. Malaysia imported 642 tons of metal in the same period. This is just the tip of the Iceberg. The Indonesian Tin Exporters Association's (ITEA) chairman told local media up to 12,000 tonnes of tin is illegally exported every year. Prabowo said that the shadow sector could represent up to 80% of the production in the Bangka Belitung area. Estimates will always differ but there is general agreement that the problem became much worse over the past year. The illegal production boom is reducing the capacity of the official sector. PT Timah attributed a drop of 32% in ore production year-on-year in the first half 2025 to the competition with the shadow industry. The ITEA expects a modest rebound to 53,000 tonnes this year. Last year, Indonesian exports fell to a record low of 46,000 metric tons. In theory, the closure of illegal activities should help compensate the official sector in terms of production. However, it is unclear how much compensation and for what period. CAULDRON Tin price has not been waiting to find out. It has risen by 10% in the last week, as time spreads have tightened. Only a few weeks ago, the LME cash price of tin was trading at $167 below the three-month price. This week, the price has flipped up to $105 as shorts have been forced to buy their positions. The price response to the Indonesian announcement says a lot about the fragility and dependence of the tin chain on a few large producers. One of the largest tin mining operations in the world is still not operational. Man Maw, in the semiautonomous Wa State of Myanmar, is expected to reopen after a two year absence. The flow of raw tin materials to China is still a trickle. This suggests that the mine has not yet reached its previous production level before the authorities closed it for an audit. The Bisie Tin Mine in the Congo has resumed operations after a brief suspension in March, due to the M23 rebels' advance. The threat is still there. M23 appears not to be aware that the United States is leading the effort to resolve the decades-old conflicts in eastern Congo. Kony Ng’ang’a, one of the M23 leaders, was uncompromising in an interview with CNN last month. Tin traders had already enough flash points to worry about. Now they have a new one. These are the opinions of a columnist who writes for.
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Net-Zero Banking Alliance collapses following mass exodus of members
Net-Zero Banking Alliance will cease operation after a vote. The group had already lost a number of members due to allegations made by some U.S. legislators that its membership violated antitrust laws. In 2021, the alliance was established as the main organisation of the banking sector to lead the global effort by the industry to reduce carbon emissions. In August, after the departure of many large banks, a new structure was proposed to replace the membership-based organization with a "framework project". A spokesperson for the group stated that "as a consequence of this vote, NZBA will cease its operations immediately." The resources developed over a period of several years will be available to banks who are seeking guidance on setting decarbonisation goals. The spokesperson stated that "the Guidance for climate target setting for banks and supporting implementation resources is the most widely-used global banking framework focused on specifically setting decarbonisation goals and will remain publically available." This decision is similar to one made by a climate group in the insurance industry for 2024. After facing similar political pressure, another climate-focused asset management organisation is also evaluating its next steps. It's a bitter disappointment to see that the largest banks in the World voted to step back from their commitments around preventing the worst effects on global warming," said Jeanne Martin. She is co-Director for Corporate Engagement at the non-profit ShareAction. Martin said that senior bankers must use their influence to increase standards of accountability for climate change if they want to see the transition to clean energy become a reality. (Reporting and editing by Virginia Furness, Jane Merriman, and Simon Jessop)
Tharisa plans on spending $547 million for underground platinum mine project
Tharisa Plc, a South African company, announced on Friday that it plans to invest $547 million in an underground mining project for platinum group metals over the next decade. The company is betting on these metals as being essential to the global switch to cleaner energy technologies.
It said that the company plans to convert its Tharisa open pit PGM and Chrome co-producing mine in South Africa's Bushveld Complex from an open pit mine to underground mining by 2020.
Phoevos Poullis, CEO of the company, said in a conference call that the underground project was a natural progression. It has been set up to enhance the mine life and access multi-generational minerals resources.
He said that PGMs were "critical metals that the world is now aware are necessary for a transition to a new world".
The metals can be used to produce clean hydrogen and fuel cells.
Pouroulis stated that Tharisa’s mechanised underground operation, which is expected to begin delivering ore in the second quarter 2026 from the first two shafts, will increase efficiencies, reduce costs, and increase output.
The underground operations will deliver at least 200,000 pounds of PGMs annually and 2 million tons of chrome concentrate. Tharisa's 2025 financial year is expected to produce between 140,000-160,000 ounces PGMs, and 1.65-1.8 million tons chrome concentrates.
It is developing two new greenfield mining projects, including Ivanhoe Platreef in South Africa and the Karo open pit platinum mine, which produces 226,000 ounces of platinum per year.
South African Platinum miner Northam said that the number of PGM mines had fallen from 81 to 53 in 2008 due to the advancement of electric vehicles. Reporting by Nelson Banya, Editing by Mark Potter
(source: Reuters)