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Former Southern Water CEO accused of fraud for'manipulating the wastewater testing'
Former Southern Water Chief Executive Matthew Wright has been charged by Britain's Environmental?Agency with conspiracy to defraud the agency. The alleged fraud was committed through the manipulation of wastewater treatment checks. The 'Environment Agency' alleges that Wright and three other former Southern Water employees "conspired" to defraud both the Environment Agency and the water regulator Ofwat from 2012 until 2017, saving the company at least PS45,000,000 ($60 million) of penalties. Wright had claimed that the Environment Agency did not have the authority to prosecute him on conspiracy to defraud. However, the High Court dismissed his appeal on Wednesday. Southern Water, which has more than 4 million customers, stated that the charges related "to a historical set of failures", and the individuals charged are no longer employed by the company. In a press release, Southern Water said that the findings were discovered during an internal investigation conducted in 2017. Southern Water notified regulators and the Environment Agency as soon as it was identified. Ofwat didn't immediately respond to requests for comment. Wright's attorney said in a press release that Wright denies "all wrongdoing" and has fully cooperated with the Environment Agency investigation. The charges are made amid a growing public outrage against privatised water firms in Britain. This anger is focused primarily on sewage discharges. Also, the new Prime Minister Andy Burnham said that nationalisation was the best solution for Thames Water - Britain's biggest water company. Angela Eagle, the Environment Secretary, said that in a press release: "The public is rightly sick of pollution and attempting to hide it is outrageous." Any person found guilty will be subject to the full force the law. She said that the government had committed to end operator self-monitoring, "to make sure this does not happen again in the future." The Environment Agency claims that there was a deliberate attempt to stop wastewater treatment plants from being tested properly when it was thought that the site might fail. This was done to prevent accurate results from being given. High Court ruling: The regulator argues that Southern Water avoided penalties of approximately PS45 million on its own assessment, but the regulator claims the figure is higher. The charges of conspiracy to defraud will now be heard at the Medway Magistrates Court. If convicted, the charge can result in a maximum of 10 years imprisonment. $1 = 0.7482 pound (Reporting and writing by Muvija and Sam Tobin; editing by Paul Sandle and Elaine Hardcastle)
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Vale shareholders elect Oliveira as chairman following governance tensions
After weeks of tensions in governance, Vale shareholders elected Manuel 'Lino' Oliveira to the position of?chairman? of its Brazilian mining company?s board?. This was a decision backed by Previ, Vale?s largest shareholder. Oliveira was elected after the resignation of former Chairman Daniel Stieler earlier this month. About a month later,?pension funds Previ and?pension fund Previ had requested a meeting for shareholders to vote on his removal. Previ, a pension fund that holds a 7% stake and manages retirement funds for Banco do Brasil employees, argued that Oliveira could help improve governance at?one?of?the world's largest iron-ore producers. Oliveira (also known as Ollie) served as the lead independent director on Vale's Board. The vote follows a conflict between Previ's representatives and Vale's board regarding the proposed leadership change. The board recommended to shareholders last month that they reject Previ’s proposal to remove Stieler. However, three directors, including Oliveira, abstained. Stieler resigned as Vale chairman in July, after serving as board member since 2021 and Vale chairman since 2023. Vale shares rose more than 3% following the shareholder meeting. They outperformed Brazil's benchmark index Bovespa, and were also boosted by strong iron ore production figures for the second quarter released late on Tuesday.
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India targets five nuclear reactors by 2033, including small reactors
India announced on Wednesday that it has advanced plans to build small modular reactors in-house. It aims to have at least five of these units operational by 2033, as the country tries to reduce its dependence on fossil fuels. The Bhabha Nuclear Research Centre is working on a 220 megawatt Bharat Small Modular Reactor. It also has a 55 MW reactor, and a high temperature gas-cooled reactor that can produce hydrogen. Jitendra Singh, a minister in the atomic energy ministry, said that the Atomic Energy Commission approved Tarapur as the site of both the 220MW and 55MW projects. India, which wants to increase its use of "clean energy", opened up its nuclear sector last year to both domestic and foreign companies in the private sector. It plans to increase nuclear capacity from 8.8 GW to 100 GW in 2047. The minister stated that India intends to increase its nuclear installed capacity to approximately 22 GW by 2031-32. Small reactors are expected to play a part in the expansion plan. Several countries are developing small modular reactors, including the U.S.A., Russia, and South Korea. They're seen as a viable solution for supplying clean energy to industry. The state-run Nuclear Power Corp of India - currently India's only operator of nuclear power plants - aims to 'have 50 GW of capability' while NTPC - the top coal plant operator in India - aims for 30 GW of nuclear capacity. Adani Group, Tata Power, and Reliance Industries among others are interested in investing. Reporting by Sethuraman N.R.; editing by Alison Williams
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French modeling scout who was linked to Epstein is found dead
Prosecutors announced on Wednesday that a model scout named Daniel Siad who had ties to the late Jeffrey Epstein was found dead in his home near Paris. Siad was found dead on Monday night. The Nanterre prosecutor’s office announced that an autopsy would be performed to determine the cause. Siad was mentioned nearly 2,000 times by the U.S. Department of Justice in its Epstein files. According to French media reports, at least five women have accused Siad of rape and trafficking in human beings. Siad has denied these allegations. In an email, Siad’s lawyer said that the modelling scout had never been formally the "subject" of judicial proceedings. In France, suspects can only be placed under formal investigation after an initial?probe. This means that the investigating magistrates have reasonable grounds to suspect a crime. Siad, in May, told French broadcaster BFM that his relationship with Epstein is strictly professional. Meyna Arabic-Tigrine said that Daniel Siad had never ceased to proclaim his innocence. She added that Siad died from a heartattack. Siad is now the second person who has been publicly linked to Epstein that has died in France. In 2020, French authorities arrested'modeling agent' Jean-Luc Brunel on allegations that he had procured women to Epstein. Brunel, who had spent 14 months in prison awaiting trial for charges of rape and sexual harassment of minors, was found hanging in his cell in 2022. He denied the allegations, as well as any involvement in Epstein's sexual?trafficking. Epstein died while in prison in 2019, awaiting a trial for sex-trafficking. (Reporting and editing by Makini Boyle, Richard Lough, and Dominique Vidalon)
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French modeling scout who was linked to Epstein is found dead
Daniel Siad was found dead in his home near?Paris on Wednesday. He had ties to the late Jeffrey Epstein, who was convicted of sex crimes. Siad was found dead?on??Monday night. The Nanterre prosecutor’s office announced that an autopsy would be performed to determine the cause. Siad was mentioned nearly 2,000 times by the Department of Justice in its Epstein files. According to French media reports, at least five women have accused Siad of?rape, and human trafficking. Siad has denied these allegations. In an emailed message, Siad’s lawyer said that the modelling scout had never been the subject of formal judicial proceedings. In France, suspects are only placed under formal investigation after a preliminary probe, meaning that the investigating magistrates believe there are reasonable grounds for believing a crime was committed. Siad, in May, told French broadcaster BFM that his relationship with Epstein is strictly professional. Meyna Arabic-Tigrine said that Daniel Siad had never stopped claiming his innocence. She added that Siad died from a heartattack. Siad is now the second person publicly associated with?Epstein to die in France. In 2020, French authorities arrested 'Jean-Luc Brunel' a modelling agent on allegations that he had procured women to Epstein. Brunel, who had spent 14 months in custody awaiting trial for charges of rape and sexual harassment of minors, was found hanging in his cell in 2022. He denied the charges and any involvement in Epstein's sexual exploitation. Epstein died while in prison in 2019, awaiting trial for sex-trafficking. (Reporting and editing by Makini Boyle, Richard Lough, and Dominique Vidalon)
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Investors watch Middle East conflict as gold climbs to a two-week high
Gold reached a two-week high on Wednesday. Supported by technical 'buying' and safe-haven demand as investors watched diplomatic efforts to ease the Middle East conflict, and prepared for the U.S. Federal Reserve Meeting next week for clues about interest rate outlook. Gold spot rose by 1.1% at 1200 GMT to $4,121.90 an ounce, after hitting its highest level since 7th July earlier in the day. ?U.S. Gold futures for August deliveries rose 1.3% to $4 128.00. Safe-haven demand, and the hope that the ongoing diplomatic 'efforts' between the U.S., and Iran, could still lead to a lowering of oil prices, are offseting the concerns that higher oil costs could fuel inflation and keep interest rates high for longer. He said that the current price rebound is likely to be hampered by volatile energy prices. However, the $4,000 an ounce level still provides strong technical support. Marco Rubio, the U.S. secretary of state said earlier on Wednesday that Washington was willing to negotiate a resolution to the Iran Crisis but that Tehran wasn't serious about talking. Three oil tankers carrying Saudi crude bound for China and India reversed their course in the Red Sea after being threatened by Iran-aligned Houthis from Yemen, driving up oil prices. Gold prices are down from the record highs reached in January. The war has stoked inflation fears, and increased the likelihood of higher interest rates for longer. Gold is often seen as a hedge against inflation, but high interest rates can make it less attractive. A poll revealed that the Fed is likely to maintain its key rate for the rest of 2026. Markets are pricing in two rate increases by the end March of next year. CME FedWatch Tool showed that traders now expect a?70% probability of an interest rate increase in September. Silver spot rose by 1%, to $59.34 an ounce. Platinum gained 0.9%, to $1.643.96, while palladium climbed 2.3%, to $1.311.00.
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Why are Washington and the Middle East concerned about a proposed US/Saudi nuclear agreement?
Two sources claim that the Trump administration supports a nuclear energy agreement with Riyadh, which allows Saudi Arabia to enrich and process spent atomic material. This could worry states in the region concerned about proliferation of weapons. Here are some of main issues: What has happened so far? Washington and Riyadh are discussing a deal for nuclear cooperation that would allow Saudi Arabia to access U.S. technologies and American companies to compete to win large contracts?for Saudi atomic power facilities. Concerns about security, weapons proliferation, and political complications have always been a major concern with nuclear technology. Saudi Arabia, like 'all signatories' to the Nuclear Non-Proliferation Treaty NPT, has already agreed to accept international inspections and not develop an atomic weapon. Washington has always sought additional protections. This week, two sources said that the Trump Administration was ready to present an agreement to Congress. The sources claimed that the pact did not include a "gold standard", which would have prohibited Saudi Arabia from enriching or processing spent nuclear fuel, both of which could be used to make material for warheads. It also does not contain a "additional protocols" of additional international oversight. These omissions will likely worry U.S. Middle East Allies, including Israel. They also raise questions about consistency. One of the reasons for the U.S. War on Iran in this year was the refusal of Iran to give up its enrichment programme. Congress may also be opposed to the deal, as members have demanded stricter restrictions in the past. Why Does Saudi Arabia Want a Nuclear Program? Saudi Arabia, the world's biggest oil exporter, may not appear to be an obvious candidate for nuclear energy, but its Vision 2030 economic plan, led by Crown Prince Mohammed bin Salman, aims to reduce carbon emissions and release crude for export. In 2024, the U.S. Energy Information Administration stated that 68% Saudi electricity is generated by burning natural gas and 32% using oil. During June's peak power month, 1.4 million barrels of crude oil are used per day for power production. The kingdom could make more money by selling oil if it used atomic power to replace some of the energy intensive water desalination systems and air conditioning. Saudi Arabia also stated that it would be forced to develop a nuclear weapon if Iran did so. This was a statement made in an apparent attempt to increase pressure on Tehran but also fueled concerns about the kingdom's own ambitions. Many nuclear-power-producing countries do not enrich uranium domestically, relying instead ?on imported enriched uranium fuel for use in their reactors. Saudi Arabia announced in January 2025 that it would enrich its uranium, a process which can be used for military purposes as well. The goal was to produce 'yellowcake fuel' that could be sold. What's in it for the United States? Commercial and strategic gains could be made. In an attempt by Trump's former Vice President Joe Biden, civil nuclear cooperation and security guarantees were important inducements in order to broker a deal between Saudi Arabia and Israel for normalizing relations. These two issues have been separated, according to a report, although a nuclear agreement could be an incentive for U.S. diplomats to work with the Kingdom. Riyadh rules out normalizing relations with Israel in the absence of a Palestinian state. Last year, U.S. Energy Sec. Chris Wright met with Saudi Energy Minister Prince Abdulaziz bin Salman and stated that the two countries are on "a path" towards a civil nuclear deal. He did not mention a wider agreement over other issues, such as normalisation. The deal would place U.S. companies in the best position to win contracts for building nuclear power plants in Saudi Arabia. It would also provide insight into the kingdom’s atomic program, which could ease any U.S. concerns over weapons proliferation. Section 123 (U.S. Atomic Energy Act) of 1954 allows the U.S. to?negotiate with other countries agreements for significant civil nuclear collaboration. The document specifies nine criteria that states must meet in order to prevent them from using nuclear technology to create nuclear weapons or to?transfer sensitive material to others. The U.S. Constitution stipulates that such pacts must be reviewed by Congress. SAUDI ARABIA HAS OPTIONS Even at this late date, several countries that have established nuclear industries are interested in or seen as potential partners with Saudi Arabia's nucleo-technical programme. China National Nuclear Corp, a state-owned company, reportedly bid for a nuclear plant in 2023. Rosatom, the state-owned nuclear company of Russia, which has built a reactor in Egypt, also signed a preliminary agreement with Riyadh. South Korea and France are also potential candidates, as they built reactors near the United Arab Emirates. The choice of a partner will depend on the technological offering, financing and geopolitical alignment. This includes conditions related to nuclear energy handling. URANIUM ENRICHMENT The key question is whether Washington would agree to build an uranium-enrichment facility in Saudi Arabia, when that might happen, and whether Saudi personnel could have access or if it was run by U.S. personnel under a "black box arrangement". Saudi Arabia could theoretically, without any safeguards in an agreement, use an enrichment plant to produce highly-enriched uranium. This material, when purified, can be used for bombs. Sources told us that the proposed U.S. Saudi agreement would provide a legal path for cooperation in the nuclear fuel cycle. This includes uranium enlargement, but it does not obligate Washington to transfer technology or capabilities related to this to the Kingdom. Then there are the diplomatic issues: Washington's closest regional ally, Israel, has consistently voiced its opposition to a Saudi nuclear civil programme.
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NOVAGOLD Resources will acquire Paulson Donlin's interests for $4.2 billion
NOVAGOLD Resources announced 'on Wednesday that it would acquire 'the shares in Donlin Gold that it doesn't already own from Paulson Advisory in a stock deal, creating a gold producer with 4.2 billion dollars in value. Gold prices have risen to record levels, boosting cash flow and improving access to capital for miners. This has encouraged them to increase their reserves of precious metals - as well as their presence in safe mining areas such Canada and the United States. Upon the completion of the deal, a new company, NovaGold Corporation, will be formed. NOVAGOLD shareholders will own nearly 65%, and Paulson about 35%, in exchange for Donlin Gold's interest. Paulson will own approximately 40% of the new company, including its current equity in NOVAGOLD. The 'new company', which will be incorporated in Delaware will be co-chaired by NOVAGOLD Chairman John Paulson and Thomas Kaplan, with its board?expanded from 10 to 11. The deal is expected to close by the end of the fourth quarter. Reporting by Dharna Baffna, Bengaluru. Editing by Jonathan Ananda
Gold reaches a two-week high on a softer dollar. Fed outlook is in focus
The gold price rose on Wednesday to its highest level in two weeks, boosted by a softer dollar and technical purchases, as the markets assessed signs of lingering Middle East tensions and awaited new clues from the Federal Reserve on U.S. Interest Rates.
Gold spot rose 1.3%, to $4,130.59 an ounce, by 8:32 am EDT (1232 GMT), after hitting its highest level in July at $4,141.59?per ounce, earlier that day. U.S. gold futures for delivery in August rose by 1.5% to $4135.40.
"Gold has exploded higher, punching over $4,140, as a weaker Dollar and dip buyers have injected new inspiration to bulls," Lukman Otunuga said, senior research analyst at FXTM.
He added that "the fundamentals could limit upside gains, especially since oil prices are up more than 3% this morning."
On Wednesday, the U.S. dollar index weakened, making greenback priced bullion more accessible to overseas buyers. Marco Rubio, the US Secretary of State, said that Washington was willing to negotiate a solution to the Iran Crisis but Tehran wasn't serious about talking. Four tankers carrying Saudi crude bound for Asia were forced to turn back in the Red Sea Wednesday due to the growing conflict. The Houthis of Yemen, which are Iran-aligned and control the coast along the southern route out, had threatened them. On hearing the news, oil prices soared to their highest level in six weeks.
The increased oil prices caused by the Gulf supply disruptions are affecting gold prices. They have raised expectations for higher interest rates in the future, which tends to reduce the appeal of gold that doesn't yield. The Fed will likely keep its key rate unchanged for the remainder of 2026. According to a poll, markets are pricing in two rate hikes before the end of next March. According to the CME FedWatch tool, traders expect an interest rate increase in September. Investors will be watching the FOMC's interest-rate decision next week to get more clues about the Fed's policy.
Spot silver increased by 1.1%, to $59.4 an ounce. Platinum rose 1.1%, to $1.647.17, and palladium climbed 2.9%, to $1.319.74. (Reporting by Sukanya Mitra in Bengaluru; Editing by Jonathan Ananda)
(source: Reuters)