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UniCredit turned CEO Orcel's younger brother to broker Russia deal
Riccardo Orcel is a former senior executive at the Russian state-backed VTB Group, and brother to UniCredit CEO Andrea Orcel. He helped broker an agreement recently?to?sell?the Italian bank's Russia division. His involvement, which was previously unknown, provides insight into the way Italy's second largest bank secured an agreement to leave Russia. It draws on the expertise of the former VTB executive, who was once among the most well-known Western bankers in Moscow. Riccardo orcel left VTB in the past, and it is now subject to Western sanctions. In a press release, UniCredit said that Riccardo orcel had presented a proposal relating to their Russian business. He was appointed as an independent advisor by UniCredit’s Board for the implementation of this process. "The successful result of this work was the?transaction' announced last month." Riccardo orcel has declined to comment. According to Stefano Gatti of Bocconi University in Milan, the Bank of Italy's complex rules on related party transactions govern the appointment of relatives of senior figures within Italian lenders. He said that "any potential conflict of interests...?is monitored by the regulator, and must be assessed carefully by the related-party committee of the bank, its board of director and statutory auditors." Gatti stated that the scope of a conflict appeared to be "relatively limited" as it involved a brother, who was a former manager, but is now a free-lance adviser and not in a place to create credit risk for UniCredit through lending. He said that "UniCredit’s compliance function would have examined the case very thoroughly before assigning the assignment." REGULATORY SPRESSURE UniCredit has been operating in Russia for many years, despite the pressures from regulators. In May, the bank announced that it had reached a non-binding agreement to sell a portion of its Russian bank in order to "a well-established private investor" from the United Arab Emirates. It retained only its payments business within Russia. The buyer is not well-known beyond the UAE. Dubai has become a major hub for doing business with Russia after sanctions forced traditional centres like Vienna to close. Riccardo Orcel was Andrea Orcel’s younger brother. He served as vice-chairman of VTB Capital, the investment banking arm of Russia's second largest bank. In 2022 he left Russia and joined gold producer Polymetal International, then agricultural trader Quanton Commodities. The state-controlled VTB is still a major player in Russia. Andrey Kostin is close to President Vladimir Putin. In order to stem the corporate exodus that followed its invasion of Ukraine?Russia tightened exit regulations for Western companies and imposed steep discounts when selling foreign assets. A UniCredit deal would need a presidential order and approval from the central bank. The Milan-based lender, under regulatory pressure, has scaled back its Russian operations. In 2022, it was ranked as one of the top 15 banks in the country. Reporting by Valentina Z and Elvira pollina from Milan, and John O'Donnell from Frankfurt. Elisa Martuzzi, Tommy Reggiori Wilkes, and Mark Potter edited the story.
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US signs loan agreement with Energy Fuels worth $725 million to boost domestic rare-earth production
On 'Thursday, the U.S. government signed a conditional loan agreement of $725 million with Energy Fuels to boost domestic 'processing' of rare earth elements as part its efforts reduce dependence on China. Energy Fuels shares surged by 9.25% during the morning trade on Thursday in New York. Energy Fuels will expand operations in rare earth separation and metallization. This is vital for the production permanent magnets. The Office of Strategic Capital of the Department of War released a statement. OSC stated that the company's increased production of rare-earth oxides will "directly?support permanent magnets across the U.S. industry base and improve supply chains for specialty defense and industrial product." The Department of War has been renamed by President Donald Trump. In the past year, many countries, including the U.S. have increased their investments in the rare earth mining and processing industry following China's decision to restrict?exports? of?rare Earth magnets. Magnets of this type are used in the manufacture of motors for electric vehicles, wind 'turbines, and hard disk drives. Energy Fuels is required to meet financial, legal and technical due diligence requirements as part of the conditional loan contract, according to OSC, without providing any further details. (Reporting from Mike Stone in Washington, and Nandan Mandayam at Bengaluru. Editing by Shinjini Giguli and Jan Harvey.)
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Next week, nuclear power production will be limited by high temperatures in the French River
The French utility?EDF warned Thursday that production at three nuclear reactors would be curtailed next week due to high temperatures along the Rhone and Garonne rivers. France is currently experiencing its second heatwave of this spring. The French nuclear output has been fairly consistent in recent years, as it has recovered from the lows of several previous years. However, the exceptional heatwaves that occurred at the end of spring in the northern hemisphere have increased water temperatures above levels where reactors are at risk of a?curtailment of their output. EDF, the operator of the nuclear fleet in the country, limits production at times when temperatures reach a certain threshold. This threshold varies according to the type of plant. Shallower and slower rivers are more likely to be affected. The company issued warnings about production at the Golfech, Blayais and Bugey nuclear plants located on the Rhone river in the southeast as well as on the Garonne in the southwest. It also updated an earlier warning it issued on Thursday that the Saint Alban nuclear plant, located in the Rhone region, was likely to be affected as of June 23. Next week, the heat is expected to intensify. LSEG data indicated that temperatures are expected to reach river temperature thresholds at Cruas and Tricastin nuclear plants, as well as Chooz, Nogent, and Chooz. Analysts at Engie EnergyScan predict temperatures to continue to rise next week. They expect to see temperatures close to 8 degrees Celsius (46,4 degrees Fahrenheit), a few degrees above the seasonal norms of low 30s. This will likely increase demand for cooling. Summer thermal restrictions, however, are typically small and only account for a fraction of a percent. The temperature-driven curbs may add EUR5 per megawatt hour to the prices on those days but shouldn't cause a seasonal structural increase, according to AlphaValue analyst Pierre Alexandre Ramondenc. He added that if insufficient volumes result in forced shutdowns this could lead to a 'price swing of several tens per megawatt hour on intraday peaks, and 'day-ahead pricing. This year, hydro availability has been limited due to the lack of snow and rain in autumn and winter. The result is higher power prices. Recently, the French spot 'price' has also been high for this?season as a combination of hot temperatures and low renewable output have pushed up prices. The French front-month contract has risen above EUR60/MWh recently, reflecting the market's concern over continuing heat.
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Dubai Exchange to launch gold contracts on the same day, targeting safe haven flows
Dubai's commodities market will launch a gold futures contract with same-day settlement on Monday. The CEO said that the move was to tap into safe-haven demands and a faster trading infrastructure in order to increase liquidity. Dubai Gold and Commodities Exchange, part of Dubai Multi Commodities Centre, said that shorter settlement cycles are a reflection of broader market trends towards speed and efficiency. Gold Spot T+0 Contracts have been designed for bullion dealers and refineries. They are also available to clearing members, institutional participants and brokers. The contract offers improved price certainty, as well as physical delivery via approved vaults. Ahmed Bin Sulayem, Chief executive of DMCC, said in an exclusive interview that "more than 10 years ago T+1 and T+2 was a big deal, but now everyone is talking about faster settlements, better technologies, and the exchange market as a whole." Geopolitical tensions, such as the U.S. - Iran conflict, are driving up gold trading volumes. Investors are seeking refuge in this metal. Gold's long-term investment appeal is not affected by the fact that prices have fallen from their record highs. Rather, it has been bolstered by the widening fiscal deficits and central bank purchases. Bin Sulayem stated that "we've noticed in the first two or three weeks of a war, the gold contract volume on DGCX increased." Because it is a fact that the tourism industry will be affected but not trade. "As long as airports work, traders will be there." GOLD HUB AMBITIONS As exchanges and clearinghouses upgrade their systems and adopt new technology to reduce counterparty risks and release capital more quickly, financial markets around the world are moving towards shorter settlement cycles. The global gold derivatives market offers only a limited number of options for refiners, traders, and jewelers to hedge and settle their positions immediately. Bin Sulayem stated that the new system would "serve" the gold market and give people a better option than they currently have. Dubai has long been positioned as a global hub for gold trading between Africa, Asia, and Europe. This is due to its logistic infrastructure, tax framework, and proximity to important consumer markets like India. PIPELINE The gold contract is part of an broader pipeline that the exchange is considering, which includes new currency pairs and virtual assets. "We are looking at crypto derivatives but not on the short term. He said it could be on a medium- or long-term basis. "The yuan dollar is probably the newest currency that we are looking to list." He said that historically, currency products traded on the exchange were typically linked to major commodities producers or trading centers. Reporting by Clara Denina and Pratima Dasai, Editing by Veronica Brown and Kirby Donovan
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Zimbabwe's Mimosa revives $130 Million platinum project following price rebound
A Zimbabwean executive revealed on Thursday that the Mimosa Platinum Mine, owned jointly by Impala and Sibanye Stillwater in Zimbabwe, has revived its $130m North Hill Life-extension Project after a recovery in metal prices. Mimosa, Zimbabwe’s second-largest?platinum manufacturer after Impala’s Zimplats suspended the project in 2020 as prices plummeted amid destocking and weak automotive demand, with expectations of rapid adoption of electric vehicles. The price of platinum group metals, used as autocatalysts, has recovered since then. This is due to a tight supply coming from the top producer in South Africa. Mimosa is looking at an extension of its mine life, as South Hill ore becomes depleted and more expensive to mine. This was revealed by Stephen Ndiyamba, the general manager, during a mining conference held in Victoria Falls. Ndiyamba stated that "currently, we are working on internal consideration of a mine life extension project. This will require an?capital expenditure of approximately $130 million." He added that "this has the potential to replace our current operations on South Hill, and extend mine life by 15 years." South African miner, who account for about 70% of global production, are cautious in their plans to increase output, despite the recent price rise. Impala, for example, has a preference for life-extension programs to maintain production. Reporting by Chris Muronzi. Nelson Banya is the writer. Mark Potter (editing)
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Russian nuclear chief accuses Ukraine that drone attack killed worker at Zaporizhzhia Power Plant
On 'Thursday, the head of Russia’s state nuclear corporation Rosatom accused Ukraine of killing an important?worker during a 'drone attack on a Russian-controlled Zaporizhzhia Nuclear Power Plant in southeast Ukraine. The statement was not independently verified and there was no immediate reaction from Ukraine. Russia took control of the plant in 2022, shortly after its forces invaded Ukraine. Both sides accuse one another of putting the safety of the nuclear power station at risk through military action. Alexei Likhachev - the head of Rosatom - said in a press release that Ukrainian drones attacked Enerhodar, the city where the majority of station employees reside, on Wednesday. He stated that one employee of the power 'plant working in the central repair workshop at the station had been killed and that doctors were battling for the life of another employee who was injured in the attack. Likhachev stated that "this is the plant's core personnel, who are directly responsible for the safe operation of all equipment at Europe's biggest nuclear power 'plant". In April, Russia claimed that another worker at the plant was killed by a Ukrainian drone. Reporting and Editing by Andrew Osborn
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Gold falls as Fed signals hawkish boost dollar and rate hike bets
Gold prices fell on 'Thursday', despite hawkish signals from the Federal Reserve. A stronger dollar and the U.S. Iran ceasefire agreement, which reduced inflation fears and sent oil markets down, also helped to keep the price of gold stable. At 9:07 am, spot gold was down by 0.2% to $4,249.16 an ounce. ET (1307 GMT). Last week, prices reached their lowest level since November 2025. U.S. Gold Futures dropped 2.6% to $4268.40. The Fed's hawkish stance yesterday was the most important thing. The dollar is at its highest level for the year. This puts gold under pressure, according to Peter Grant, senior metals analyst at Zaner Metals. The Fed held interest rates at the same level on Wednesday. However, nine of 19 policymakers believe that a rate hike is needed later in the year. After the policy announcement, the U.S. Dollar climbed and is now at an all-time high. This makes greenback-priced gold more expensive for foreign buyers. According to the CME FedWatch Tool, markets now price in an 88% probability of a U.S. interest rate increase in December. This is higher than a?61% probability before the Fed's statement. Gold is a non-yielding investment that struggles when interest rates are high. Since the beginning of the Middle East conflict, prices have been under pressure as rising fuel costs stoked inflation fears. On Wednesday, the U.S. released the text from an interim agreement that their presidents had signed to end their conflict. U.S. Donald Trump threatened to resume attacks on Iran and to?kill Iranian officials? if it failed to honor its commitments. Brent futures fell to their lowest level since March 2, the first trading day after 'the initial U.S. - Israeli strikes against Iran. WTI also dropped to its lowest level since March 4. Silver fell by 2% at $66.65 an ounce. Platinum lost 1%, to $1718.78. Palladium dropped 0.9%, to $1300.03. (Reporting by Anjana Anil in Bengaluru; Editing by Tasim Zahid)
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Giants sweep Atlanta with offense-driven play
The San Francisco Giants, in search of their first road sweep over the Atlanta Braves since 2008, will take their newly-found offensive success into Thursday's finale of a 3-game series. The Giants have won three consecutive?games. They scored 14 runs over two wins (7-2 and 7-5) against the?Braves. San Francisco is looking to achieve a four-game winning streak and a series sweep for the first time in 2026. Landen Roupp (5-7, 4.24 ERA), a right-hander from the United States, will be looking to improve on a mediocre start to June. He is scheduled to start Thursday. He has a 8.16 ERA and is 0-2 in his last 3 starts. Roupp failed for the second consecutive time to finish five innings in his three previous starts. He gave up four runs on four hits over 4 2/3 inning of a Chicago Cubs 5-1 defeat. Tony Vitello, the manager of San Francisco's football team, said that Roupp had a difficult time. It seemed that once he was ahead, things didn't get better. Roupp was 5-1 with a 2.55 ERA in April, before losing six consecutive decisions. Roupp explained: "I get guys 0-2 but then I look up to see that it's now 3-2." "I need to get better at getting guys out and also not strike out so much. First-pitch strikes are great and I need to be able to compete better in the 'zone. Roupp has a 2-0 record with a 2.45 ERA in four career appearances against the Braves. Atlanta is struggling through its worst stretch this season. The Braves lost six out of seven games in their last week, and the Phillies, who are currently second in the National League East have closed the gap to 6 1/2 game. On May 22, the division lead was 10 1/2 game. Martin Perez, a veteran left-hander (5-3, 2.90), will be looking to win his fourth consecutive game for Atlanta on Thursday. Since being reinserted into the rotation on May 19, Perez has pitched at least five innings each of his five previous starts. Last time, he went 5 1/2 innings and allowed just one run while striking out four. He won 3-1 on the road against the New York Mets. Walt Weiss, Braves manager, said that Perez's latest performance was "outstanding". "He has been fantastic. He is a master at carving up lines. He can get out of trouble when he gets into it. "He's one of our best starters." Perez had been designated for assignment by Atlanta on 12 April before being resigned. Perez has responded by posting a?second-best starting ERA in the staff, behind only Chris Sale's 2.30. Weiss is a former Braves' player who says Perez represents the way in which the franchise maximizes players' talent. Weiss stated that "even in the past, when I played for Atlanta, they always got the best out of the guys." "I think it has to do with winning culture, and I believe that elevates the game of a player." "We've won a lot here over the past few decades. I think that when guys come in, it's infectious." Perez has a 1-1 record with a 2.51 ERA over five career starts against the Giants. Field Level Media
UniCredit used the brother of CEO Orcel to broker Russia deal
Riccardo Orcel - a former senior banker of the Russian state-backed VTB Group, and brother to UniCredit's CEO Andrea Orcel – helped broker a deal for UniCredit to sell its Russia business.
His involvement, which was previously unknown, provides insight into the way Italy's second largest bank negotiated a deal with Russia. He drew on the expertise of the former VTB executive - who was one of the most well-known Western bankers working in Moscow. Riccardo orcel left VTB in the past, and it is now subject to Western sanctions.
In a press release, the bank stated that "UniCredit?confirmed" that Riccardo?Orcel had presented a proposal pertaining to their Russian business. He was also appointed by UniCredit?Board as an independent advisor in relation to the execution of this process. "The successful outcome was the transaction announced last month."
Riccardo orcel has declined to comment.
REGULATORY SPRESSURE
UniCredit has been one of the largest Western banks in Russia for many years. It continued to operate after the invasion of Ukraine, despite the pressure from regulators.
In May, the bank announced that it had reached a non-binding agreement to sell portions of its Russian bank in order to "well-established investors" in the United Arab Emirates. It retained only its payments business within Russia.
The buyer is unknown beyond the UAE. Dubai has become a major hub for doing business with Russia, since the sanctions have closed down traditional centres like Vienna.
Riccardo Orcel was Andrea Orcel’s younger brother. He served as vice-chairman of VTB Capital, the investment banking arm of VTB, Russia’s second largest bank. He left Russia in 2022 and joined agricultural traders Quanton Commodities, then gold producer Polymetal International.
VTB, which is controlled by the Russian state, remains a major player in Russia. Andrey Kostin, its chairman, is an ally of Vladimir Putin.
To stop a corporate exodus after its invasion of Ukraine Russia tightened exit regulations for Western companies, and imposed steep discounts to foreign asset sales. Any UniCredit agreement would need a presidential decree and central bank approval.
The?Milan lender is under regulatory pressure to reduce its Russian operations. In 2022, it was ranked as one of the top 15 banks in the country. Reporting by Valentina Z and Elvira pollina in Milan, and John O'Donnell from Frankfurt. Elisa Martuzzi, Tommy Reggiori Wilkes, and Mark Potter edited the story.
(source: Reuters)