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Sources say that the far-right AfD and Putin's envoy are preparing to negotiate a deal for Germany to receive Russian gas.
Two people familiar with the plan say that Russian President Vladimir Putin's top economic representative and Germany's AfD far-right leadership are preparing to meet in order to discuss restarting gas supply to Europe's largest economy. The talks for a March meeting highlight the close ties between Moscow and AfD. Although blocked from power by its rivals' coalition, AfD is Germany's most popular party among voters. One of the sources said that Kirill Dmitriev would attend, who is close to Putin and heads Russia's sovereign fund. He will also be joined by Alice Weidel, Tino Chrupalla and Alice Weidel, co-leaders of AfD. A spokesperson for AfD as well as a representative of Dmitriev refused to comment. Before sanctions were imposed in 2022 over Moscow's full scale invasion of Ukraine, Russia supplied Germany with more than a quarter of its crude oil and more than 50% of its natural gases. A person stated that the meeting would only take place if Russia and Ukraine had agreed on a framework for peace. Organisers hoped the event would bring together the AfD, Russia, and the United States. The person said that Israel, the United Arab Emirates, or India could be possible locations for the summit. In an interview in June, Weidel advocated ending the boycott of Russian oil and gas in order to boost Germany's flagging economic situation. Dmitriev attended a meeting in Moscow this month with US representatives Steve Witkoff, and Jatkushner. The person said that the organizers hoped Witkoff would?also be present at the gas meeting to examine the reopening of the Russian Nord Stream pipelines. Witkoff, Kushner and a senior US official were not invited or informed of the summit proposal by a senior US official. AfD HOPES to Score with Voters The AfD is not in power, so any gathering would only be symbolic. The preparations show the fragility in Germany's political system. Mainstream parties' refusal to work with the far-right, and the AfD's election success, is now being put to the test. AfD just achieved a major win in Saxony Anhalt in a state-wide election. It will now face another test on Sunday, in Mecklenburg/Western Pomerania in a local election. This is where the Russian Nord Stream pipelines enter Germany. The American Chamber of Commerce of Moscow welcomed this idea as a "positive and timely step". Robert Agee said, "Bringing Germany into the discussion as a major European economy will create a wider platform to discuss issues that are important for both these countries and the rest of world." Germany is still struggling to recover from the shock of the Nord Stream?pipelines being shut down. Some of these were damaged by explosions that occurred in September 2022. Any attempt to restart Russian gas or Nord Stream will be met with fierce opposition, not only in Germany but also among its allies in Eastern Europe. Michael Kellner said, "Germany can never again be dependent on Russia." Kellner was a Green legislator who headed the German energy policy during the crisis that was triggered by Russia's cutoff of gas after its invasion of Ukraine. He said, "We cannot make the same mistakes as the energy crisis." It cost us EUR50 billion. We can't go back. This would be treason. Putin uses the AfD for his own purposes." Roderich Käsewetter is a Christian Democrat member of parliament who represents Chancellor Friedrich Merz. He said that the AfD's meeting might encourage those in his party to buy Russian gas. "The AfD has sided with Russia, and is willing to betray Germany as well as Ukraine. Russia uses energy and especially 'Nord Stream' as a hybrid military weapon. Nord Stream reopening would be a disaster to European security, and isolate Germany. Weidel, the AfD's spokesperson, described "cheap Russian energy" as "the secret to the success of Made in Germany." One source said that the AfD is hoping 'the meeting will demonstrate their competence in foreign policies and expose the government for its inaction on high energy prices. Germany's support of Ukraine is causing increasing divisions. In the east of the country, where the Soviet Union ruled until the fall the Berlin Wall over 35 years ago, the relationship between the two countries is more important. Many in the east have a positive view of Russia, but a negative one towards Germany's protector, the United States.
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EDF, France's nuclear energy company, plans to build 10 small reactors in Europe by 2035
A senior vice-president of EDF said on Friday that the company aims to build 10 SMRs to produce nuclear energy in Europe by 2035. The project involves its Edison business. Vakisasai ramany, EDF's Vakisasai, said this at an Edison event attended by Italian firms that will be part the nuclear supply chain. Ramany said that the group is in discussions with Poland, Belgium and Finland about the possibility of building these small nuclear reactors in those countries. CATCHING UP?ON SMALL MODULAR REACTORS EDF is Europe's biggest nuclear power developer and it is racing to catch up to the United States of America, which has plans to begin manufacturing by the end if the decade. The French group originally planned a more ambitious project. However, design issues, fears of cost overruns, and delays led to a change in plans. Ramany stated that "it is not the most advanced technology on the market but the one that best meets a variety of expectations." NuWward SMR PRODUCES POWER AND HEAT Nuward's reactor will be able to deliver 400 megawatts and also heat. This makes it ideal for providing baseload power to industry. Ramany stated that the project will require "tens billions" of dollars in investment and added that the construction of ten reactors would help spread the costs. Edison CEO Nicola Monti said, "The 'targeted' cost of electricity (from NuWard SMRs) will be about EUR100 for every megawatt-hour... We are talking about dispatchable energy which shouldn't be compared to the cost of renewable energies, but with gas generating plants." Edison will build one of the 10 first reactors in Italy. Next week, the Italian government will 'approve' a new law on nuclear energy generation. This opens the door to nuclear power plants in a nation that had banned them nearly 40 years earlier after a referendum.
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Stocks and bonds fall as central banks raise rates to combat inflation
As markets neared the end of a volatile week that was marked by the global push of central banks to curb inflation, global shares and bonds declined on Friday. Japan's interest rate increase had been well-telegraphed but failed to support the yen. This week, monetary policy was a major topic of discussion, especially as the Middle East war is approaching its seventh month and shows no signs of ending. The conflict in the Middle East keeps oil prices at $100 per barrel, fueling inflation concerns. After the Bank of Japan increased rates to a record high of 1.25 percent, the Japanese currency was on its way to the biggest daily decline since mid-February. The dollar rose by 1.2% to reach 157.82. Two board members dissented from the decision. The Japanese currency is up 1.2% this month, due to expectations that the BOJ will increase its rate of hikes and signs of early repatriation by Japanese investors. The Federal Reserve increased rates on Wednesday for the first time in three years and took a more aggressive approach to inflation. This knocked down the yen. It is now on track for its worst performance weekly against the dollar since?two?years, down 2.6%. BOJ Governor Kazuo Ueda stated that with inflation nearing 2% the focus of the bank had shifted. Most members of the central board believe the policy is still accommodating, even after the Friday hike. Chris Scicluna is the head of research for Daiwa Capital Markets Europe. He said that with the Fed raising rates there was the risk that the yen would weaken again sharply, "further exacerbating the inflation." If inflation and demand are resilient, this should leave the door open to more tightening. He said that a rate hike of 1.50% by the end the year seemed like a good bet. HAWKS CRIRCLING The BOJ's decision concludes a series of meetings at which central bankers have increased their hawkish rhetoric. The average interest rate in September was the highest since July 2023. Four countries raised rates, and other G10 members indicated that they might need to raise rates soon. Bank of England left UK rates unchanged on Thursday, but warned that it could have to raise them if the Iran War drags on. Last week, the European Central Bank also indicated that further tightening was needed as they raised their rates. Australia's top banker said on Friday that some of the inflation risks were?materialising. RETRADING OIL PRICES LIFTS SENTIMENT Stocks and bonds suffered modest losses despite the decline in oil prices. Stocks in Europe dropped 0.5% in a single day. US stock futures, however, rose between 0.2% and 0.5%. This was largely due to the strength of tech shares which had reacted positively to the dire warnings earlier in the week by top AI executives regarding the dangers to humanity from unchecked AI developments. Brent crude futures dropped as much as 2,8% to $101.92 following a report claiming that China had?asked Tehran for help in reining in the Houthis, after their military offensive over the past seven days. This, along with the hope that Gulf exporters will find alternate routes to ship their oil, has set crude futures on a course for a weekly?2% drop. However, this strain is already showing up in 'physical markets,' where prices hover around $120. After another week of brutal selling, the yield on US 10-year Treasury bonds soared to a record high, surpassing 5%. The 10-year US Treasury yield jumped to its highest level since 2007 after another brutal selloff this week that took it beyond 5%. In the past week, yields in Britain and the Eurozone also reached multi-year highs. However, by Friday they were just a little bit higher.
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Nigerian forces fire on protestors after deaths of miners
Witnesses said that security forces fired on a crowd of hundreds in a central Nigerian city, Friday. They were protesting the death of 37 prisoners in the custody of paramilitary forces. The victims were discovered dead in cells of the Nigeria Security and Civil Defence Corps. (NSCDC) on Thursday. They had raided a suspected illegal gold mine and imprisoned dozens of Minna miners. The government has suspended senior officials and promised to investigate the deaths, but anger over the incident has led to clashes throughout the night and into Friday. Witnesses saw security forces firing live rounds at protesters, some of whom were armed with sticks, machetes, and traditional hunting rifles. Some protesters attempted to burn down government buildings in Tunga. Yusuf Auwal said, "We're not thieves. We are just trying to find a way to earn a living through mining." One body was found?on the street. To restore order, soldiers and police officers patrolled Minna. BODIES BURIED AFTER INVESTIGATIONS PROMISED The NSCDC stated that the detainees were 'held during raids against suspected illegal mines in the Wushishi Lukoto area, west of Minna on September 15 and 16. Initially, the NSCDC said that a suspected outbreak of disease may have contributed to their deaths. However, it later stated that medical examinations would determine what caused them to die. Interior Minister Olubunmi TunjiOjo has ordered that the Niger State NSCDC's commandant Suberu SiyakaAniviye be suspended immediately, pending the results of a thorough investigation. The Interior Ministry issued a statement saying, "It's an unfortunate incident, but a full investigation is being conducted, while the commandant whose supervision this occurred remains suspended." The victims were buried in the Islamic tradition late on Thursday, which raised questions as to whether or how authorities will conduct further forensic investigations to determine a cause of death. "WE WILL NOT FORGIVE THEM" Shafa'atu Suliman, the mother of one detainee, said outside the hospital that she visited her son Abdullahi and?found him cramped in a NSCDC cell before learning later that he was dead. She said that officials had refused to allow relatives to bring food to detainees, and demanded 100,000 Naira ($75), for their release. This is injustice. "We will not forgive them." NSCDC 'officials' did not respond to numerous requests for comment regarding her allegations. Nigeria has been trying for years to curb illegal mining in thousands of sites across the nation. Authorities claim that illegal mining causes environmental damage and reduces government revenue.
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Data and traders show that the price of Russian ESPO oil exceeds $120 per barrel
Three traders and calculations show that Russia's ESPO blend oil has risen above $120 a barrel for the first time since April. This is due to the demand of?Chinese re-finers, as the U.S./Israeli war against Iran disrupts Middle Eastern supply, they said. China increased its purchases as a result of disruptions in the supply of Saudi Arabian oil, which could leave Chinese refineries without feedstock before winter when heating fuel demand increases. US lawmakers approved legislation on Thursday allowing President Donald Trump the authority to approve tariffs on Russian oil purchases in an effort to limit Russia's capacity to finance the war in Ukraine. Many traders believe that the measure could hinder Russian oil supplies going to India and China. However, many others say it may lead to a spike in oil price, which could boost Russian earnings. Oil prices have surged globally in response to the emergence of unrest in Middle East. PREMIUMS TO BENCHMARK BRENT REACH RECORD HIGHS The premium of ESPO Blend to ICE Brent oil, which is used as a benchmark for physical cargo pricing, has reached record highs of $20 to $30 per barrel. This week, the price of Urals oil has also reached $110 a barrel. The amount of the premium depends on the cargo and the delivery time. Chinese refiners usually purchase ESPO two or three months in advance, as the distance to Russia's Far East is relatively short. However, market concerns over tight supplies led a number of buyers to secure December-loading programmes early. The bulk of the November and December volumes were purchased by Chinese state-owned energy companies. The resulting shortage of?supply forced small independent refiners (known as teapots) who are traditionally the grade's primary buyers to look to other markets on the spot market, increasing global prices.
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What we know of Russia's attempt to seize Nestle and Auchan assets
Nestle, the Swiss food giant and Auchan, the French retailer are scrambling for a response after Russian President Vladimir Putin put their local businesses under temporary administration. This could lead to the seizure of assets. This is the latest attempt by Russia to tighten its control over foreign-owned businesses since the beginning of the Ukraine War in 2022. According to an estimate from the Moscow law firm, "NSP", in 2025, the Russian state will have seized private property worth more than $50 billion, including assets belonging to foreign companies. Nestle announced on Friday that it will take "all necessary measures" to protect its own interests. Auchan declined comment. What businesses do Nestle and AUCHAN have in Russia? Nestle has been in Russia since 1990 and operates six factories that produce products such as coffee, pet foods and infant formula. Nestle has stated that it employs 7,000 people in Russia, which is about 1% of their global sales. Nestle has suspended many brands, halted advertising, non-essential exports and imports and stopped capital investments in Ukraine after Russia invaded the country in full force in 2022. However, some of its essential food operations have continued. Auchan entered Russia as early as 2002, and is still one of the largest foreign retailers in the country. It employed 24,236 employees and operated 229 Russian stores at the end of 2025. Sales of 127 billion Rubles ($1.5billion) were generated in the first half 2026. And unlike many Western companies Auchan didn't leave the Russian Market after the 2022 Invasion. Who is taking control? The decree names L.E.V. The decree names Management as temporary administrator for the assets. The Moscow-based firm was founded in 2024, and it has a limited profile. The Kommersant reported previously that a company named KS Logistika asked the Kremlin for Nestle's Russian assets to be placed under temporary administration. Why was Nestle targeted? It is still unclear. Kremlin spokesperson Dmitry Peskov stated on Friday that both companies are based in countries "unfriendly", without naming Switzerland and France. After Bern adopted the majority of European Union sanctions against Moscow, Russia has been increasingly critical of Switzerland's neutral stance in the Ukraine War. Kommersant reported earlier that Nestle was under the Moscow spotlight because it refused to expand its Russian operations or resume exports of products produced in Russia. The decree could be a way to force Nestle to reinvest in Russia. The decree could also be an attempt to "force" Nestle to sell its business, by requiring that it pay a large exit tax and to sell at a discounted price to a Kremlin approved buyer. How does temporary administration work? In 2023, Russia established the temporary administration mechanism?by a presidential order allowing it to place assets belonging to companies from "unfriendly countries" under temporary administration. The assets are not officially transferred, but the manager appointed by the state assumes control. HOW HAS RUSSIA USED IT SINCE WAR? Since the beginning of the war, Moscow has used this mechanism to target several foreign-owned businesses, including the Russian operations for French food group Danone and brewer Carlsberg, as well as energy company Fortum. In some cases, the temporary administration was then followed by sales of assets to Russian buyers who had ties to the Kremlin. Russia has tightened the exit requirements for foreign firms, imposing mandatory discount, exit taxes, and other restrictions on assets sales.
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ROI-Weekend Reads: China's AI guardrails, power-grid strain, EU mining woes
Are you looking for inspiration? Weekend Reads is a weekly roundup of what the Open Interest team was reading, watching, and listening to. This week's picks include AI safeguards and the 'power revolution', as well as Europe's quest for critical minerals. This weekend we are reading... ANNA SZYMANSKI is the Editor-in Charge of ROI. This week, US tech leaders warned that artificial intelligence could be a threat to humanity's existence. They were right. Reporters Eduardo 'Baptista' and Laurie Chen reveal in this article how Chinese officials are taking a different approach, while grappling with similar concerns. GAVIN MAGUIRE is a columnist for the Global Energy Transition. The energy think tank Ember shows how electric and informational "revolutions are convergent" in this thought-provoking presentation, The Age of Power. ANDY HOME: This report by the European Investment Bank highlights a lamentable situation in mineral exploration within the European Union. The first step in building resilient supply chains is to find new metals resources. However, EU funding for exploration lags behind global leaders by six or seven factors. Just four member countries are responsible for 75% exploration drilling in the EU. Listening to... RON BOUSSO is a columnist for ROI Energy. This podcast by Energy Gang examines if 'power systems, as we know it, are fit for purpose given?the rapid alterations we see in both demand (data centers) and supply (renewables). We're always watching... ANNA SZYMANSKI is the Editor-in Charge of ROI. In this?latest Econ World Podcast, Carmel Crimmins, and? US autos editor Mike Colias discusses how the Trump Administration's rollback on electric vehicle support has reshaped?the US automotive industry and its efforts to compete with China. The opinions expressed are solely those of their authors. These opinions do not represent News's views, which are committed to independence, integrity and freedom from bias under the Trust Principles.
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Record US diesel prices squeeze farmers; food prices may rise
Addie, a farmer of corn, soya beans and cattle, uses two combines, 3 semi-trucks, and several tractors to harvest and move her crops in northeast Missouri from mid-September until late October. She said that with diesel prices at an all-time high and only one combine needing 300 gallons, the best thing she could do was to try to cut back on other expenses. Drew Peterson is a farmer in southeast South Dakota who grows soybeans, corn, and cattle. He expects to pay up to $1,500 a day for fuel to run just one of the combines he uses to harvest his crops. This would be double what he spent last year. He said, "You can't say that diesel is too expensive and I won't harvest." "You just have to work it into your budget." Farmers in the U.S. are facing record-high diesel costs during harvest season. This is further tightening the margins that were already very thin. Prices are likely to rise at grocery stores in America ahead of the midterm elections this November, when cost of living will be a major concern for voters. The U.S. and Israeli war against Iran, as well as the Ukrainian attacks on Russian refineries have squeezed global fuel supplies. According to Energy Information Administration, the average U.S. Diesel price reached a record high this week at $6.29 per gallon. This is up 68% compared to $3.74 one year ago. According to David Ortega, economist at Michigan State University, higher diesel prices increase costs throughout the entire food supply chain, from the harvesting of food on farms to the freight delivery that transports food to supermarkets. Ortega stated that "the majority of our food is transported by trucks, and these trucks use diesel." Consumer prices for food rose by 2.7% in August over the same period last year, according to Consumer Price Index. FUEL PRICES DOUBLE Off-road diesel is available to farmers, and it's not taxed by the state or federal government. Even with the discount, however, many farmers still pay significantly more than last year for fuel. Wayne Gularte who grows vegetables on 600 acres in California near Gonzales said that his fuel costs rose by 40% from $5 to $7 per gallon. He has also parked one of the farm's diesel trucks to save money. Gularte stated that the only money they can earn is what they save. Michael Langemeier is an economist from Purdue University. He says that farm fuel costs have increased by $11 per acre compared to last year. Futures for corn, soy and grain have all rallied since mid-August. They reached multi-year highs early in September. Nick Paulson of the University of Illinois, an agricultural economist, warned that farmer margins are still thin when compared with historical averages. He said that he was concerned that a diesel price of $6 or more per gallon would start to exert inflationary pressures, even on some of the better profit potential. Jon Paul Driver, second vice president of Washington Farm Bureau and a hay producer near Spokane in Washington, said that many farmers had already tightened their belts. They left little room to accommodate the fuel price hikes. Driver stated that any increase in fuel prices right now would be an additional debt to the farm. U.S. Senator Roger Marshall (a Republican from Kansas) asked Agriculture Secretary Brooke Rollins, in a letter dated September 11, to provide temporary relief to farmers who "absorb substantial fuel costs unplanned during one of most diesel-intensive seasons of the year." A USDA spokesperson stated that the agency "is not leaving any stone unturned," in regards to the high diesel prices. She referred to an interview Rollins gave to NewsMax on September 15, in which she said that Rollins would have more information to share in the coming week. FOOD PRICES MAY RISE Ortega stated that even though fuel is a relatively small part of the food cost, the consumer could still expect to see prices increase as the supply chain absorbs higher fuel costs in the months ahead. Ortega explained that these effects may take some time to manifest because retailers might try to absorb price increases in the short term, or if freight contracts at lower prices have not yet reflected fuel surcharges. He said that the most vulnerable items to price increases are groceries like dairy, meat and produce that require fuel-intensive refrigeration trucking. The rates to transport apples and pears out of Washington State’s Yakima Valley via refrigerated trailers have reached a four-year high, even though the harvest season is only half over. This was confirmed by Dean Croke at DAT Freight&Analytics. Costs to transport California produce outside the state have increased by 40% to 120% in comparison to a year earlier. Croke stated that diesel prices in some California cities have reached $8 per gallon. Croke warned that independent truckers who pay upfront for fuel may be unable to handle further increases. He said that the rising price of diesel would lead to bankruptcy for trucking companies.
Noel Tata takes centre stage in battle over future of India’s Tata empire
Noel Tata spent most of his life in the shadows, while his half-brother Ratan Tata became the face of the conglomerate.
The low-profile executive is now a key player in a battle which could determine the ownership and leadership structure of the 158-year old Tata empire.
Noel Tata is the chairman of Tata Trusts. This charity arm owns about 66% of Tata Sons. He now occupies one of the most powerful positions in Indian corporate governance.
Noel Tata, who succeeded Ratan Tata in the role of chairman of the philanthropic foundations following the death of Ratan Tata in October 2024 has a voice that is decisive for the future of this autos to aviation conglomerate.
Separate disputes are now testing that influence, including the possibility of Tata Sons being listed on the stock exchange and the reappointment N. Chandrasekaran as Chairman of Tata Sons.
Noel Tata is opposed to a listing for Tata Sons. He believes it should remain privately owned and that every option must be explored to avoid a public offering.
He said that if he were forced to vote on a list, he "would have no choice but to veto".
Tata stated in a press release that a listing would destroy the character of a company and go against its core principles.
He said that once listed, 'Tata Sons' would be under pressure from investors seeking financial gain, leaving them little room to invest in rescuing group companies or backing projects with long-term payoffs.
His position pits the charity arm which controls the 'Tata empire' against the Tata Sons Board and puts him in the middle of a wider debate about how India’s largest conglomerate, Tata Sons, should be run.
DEBATE ABOUT LISTING
The listing debate intensified when India's central banks rejected Tata Sons request to surrender their registration as a non-banking upper-layer financial company, potentially opening them up to regulations which could require a listing.
Shapoorji Pallonji Group - Tata Sons second largest shareholder, with 18.4% stake - backed a public listing on Friday. It said it was looking forward to working with the company in the process.
The group is evaluating an offer to sell a part of its stake at least for $2.6 billion.
Noel Tata, however, has taken a different view and insists that Tata Sons remain a private company.
The dispute goes beyond ownership. Tata Trusts has also challenged Tata Sons’ Sept. 17, 2017 decision to ask Chandrasekaran for a third-term, just weeks after he had indicated that he would not be seeking reappointment at the end of his term in February 2027.
The Trusts called this resolution "legally nullity", arguing Tata Sons articles of association requires both Trust nominee directors vote on a chairman's nomination or reappointment.
Tata Trusts reports that four directors voted for Chandrasekaran while Noel Tata did not.
Noel Tata's vote pushed him into a battle for succession that could determine the future of the Tata group. It also reinforced his role as a kingmaker in the Tata empire.
Retail and Trading Roots
Noel, who was long overshadowed and dominated by Ratan Tata in the Tata group, built his career on less glamorous areas of the company, including retailing and trading, rather than Tata's flagship businesses in steel, software, and automotive.
Noel Tata was a quiet influencer, unlike Ratan Tata. Ratan Tata is one of India’s most well-known corporate leaders.
He did not seek publicity even though he held board positions in the Tata group and was a respected adviser to the Tata establishment.
He was rarely seen in public but spent many years on the boards of companies before becoming a key figure following Ratan Tata’s death.
He was unanimously elected chairman of Tata Trusts and later joined Tata Sons as a nonexecutive director.
Noel Tata said at an August event that the task was to "find?the most efficient allocation of our resources, make decisions on how to meaningfully deploy these resources, and do what's best for India."
Noel Tata graduated from Britain's Sussex University and joined Tata International. He then moved to Trent, a small retailer.
He was the managing director of Trent from 1999 to 2002, and helped turn it into India's largest retail success story, with brands like Westside, Zudio, and value-fashion chains.
He became Tata International's managing director in 2010, increasing revenue from $500 million to over $3 billion. In 2021, he stepped down as chairman of the board after reaching the retirement age set by Tata for senior executives.
He has held senior roles in the company, including vice-chairmanships with Tata Investment Corporation, Tata Steel, and Titan Watch and Jewellery.
Sanjay Singh, a former Tata Sons executive, told 2024: "He is quintessential Tata. He has kept his profile low so that the outside world does not know him very well. But he's quintessential Tata."
(source: Reuters)