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Mariners win 10th consecutive game against Royals
Seattle's trip to Kansas City a little over a week earlier had the potential of being important for both teams as they raced to earn wild cards in the American League. This three-game series, which begins on Tuesday, has lost its luster. The Mariners are aiming to win their 10th consecutive game, while the Royals are stuck in an untimely bad stretch. Kansas City's third straight win on Sept. 6 allowed it to remain one game behind Seattle in the AL for the final wild card spot. Since then, however the Mariners have won nine consecutive games, beating Atlanta, St. Louis, and the Los Angeles Angels 66 to 23. The Mariners are now one game ahead in the AL West before the Astros play the Texas Rangers on Monday night at home. Cal Raleigh's 54th season-long home run, hit against the Angels on Sunday, tied Mickey Mantle as the most home runs in a single-season by a switch hitter. Raleigh told ROOT Sports that the job was not done. "We have to win every game and continue our work," Raleigh told ROOT Sports. ... "Put ourselves in a position of strength." The Royals (75-75) have lost 42-27 points during a 2-6 streak, which has put them six games back of the Astros in the race for the final wild card spot. The Royals are now six games behind the Astros for the final wild-card spot. The Royals have been trying to stay afloat under the leadership of catcher Salvador Perez. He hit his 300th home run in his career Saturday at Philadelphia, and ended the weekend with 3 home runs in 2 games. Perez said to FanDuel Sports Network, "You just never know what will happen." "Play hard to the end." Seattle is looking to win its third straight road game after a 7-0 run at home. Raleigh is two home run short of Ken Griffey Jr.'s club record 56 in a single season, set in 1997 and equaled in 1998. Raleigh has four of his six home runs in career against the Royals. He is 0-for-12, with a strikeout and a walk, against the scheduled Royals starter Michael Wacha (11-11, 3.45 ERA). J.P. Crawford is 7-for-17 and has a homer against the veteran right hander, batting.348 in the last 14 games. In a 6-2 win at home on June 30, the Mariners took advantage of one big inning in order to beat Wacha. Wacha did not allow a run until his fourth inning, and then four runs in his final inning. Randy Arozarena sent Wacha into the stratosphere with a solo blast in the fourth inning and a triple-run blast in fifth inning. Wacha will make his first appearance since September 5, when Kansas City beat Minnesota 2-1 at home. He gave up a single run, two walks, and four hits in five 2/3 innings. Logan Gilbert, who has a 3.54 ERA and a 1-1 record with a 2.38 ERA over his last four starts for the Mariners, is their counter. The right-hander struck out eight batters in four and a half innings against the Cardinals on Wednesday, allowing a single home run among five other hits. Seattle won 4-2 in 13 innings. Gilbert only allowed one run, three hits and seven strikeouts in a 3-2 victory over Kansas City. He only lasted four and a half innings because he walked. Perez and Bobby Witt Jr., another Royals' star, are combined at 12-for-28. They have three home runs against Gilbert. Field Level Media
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California's top environmental regulator retires amid Trump battles
California's top environment regulator, who helped lead the state in its effort to ban gasoline-only vehicle sales starting in 2035 will retire on 30 September as the state spars over climate change regulations with President Donald Trump. Lauren Sanchez, the senior advisor to Governor Gavin Newsom for climate, will replace Liane Randolph. She has been a California Air Resources Board chair since 1992. Donald Trump has criticized the state's plans to reduce emissions and California has filed a lawsuit on several fronts against federal efforts that would loosen regulations related to climate change. In June, he approved three resolutions by lawmakers that barred California's diesel engine and electric vehicle mandates. Randolph was responsible for the adoption of a California plan to achieve carbon neutrality in 2045. This included efforts to reduce air pollution, and to promote green vehicles. About a quarter (25%) of California's new vehicle sales are now EVs. Eleven other states, which represent about a third in the U.S. automobile market, have adopted California's landmark proposal to stop selling gasoline-only cars by 2035. Trump has taken a number of steps to discourage EV sales, and to make it easier for gas-powered cars to be sold. This includes ending EV tax credit. In August, Trump's administration sued California in order to prevent the Air Resources Board (ARB) from enforcing strict emission standards for heavy duty trucks which Trump had recently declared null. The Environmental Protection Agency announced that it will also revoke the long-standing conclusion that greenhouse gas emission endangers human health. Randolph stated that this is "polluter fantasy over proven science." While back on Earth the planet continues suffering the consequences of unchecked CO2 pollution. Trump's Transportation Department also canceled grants of nearly $4.2 billion for California's high speed rail project. The project is part the state's emission reduction plan which California has challenged.
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ENAMI, a Chilean company that produces smelters, attracts the interest of traders and miners
ENAMI, the Chilean state-run mining company, said that 15 entities including major miner and traders expressed interest in financing a $1.7billion smelter project. WHY IT IS IMPORTANT ENAMI stated that interested parties include mining companies such as Rio Tinto, commodities traders like Hartree Partners and Vitol (Javelin Global Commodities), funds of investment (Orion Resource Partners), and banks, including SumitomoMitsui Bank Limited Macquarie Bank Societe Generale. ENAMI reported that the Japanese conglomerate Mitsui as well as Indo Asia Copper, a copper producer in India, and Foreign Engineering and Construction, a subsidiary of China Nonferrous Metal Industry, also expressed an interest. KEY QUOTE Ivan Mlynarz of ENAMI said, "It's been very gratifying seeing the market's enthusiasm for this mega-project... It's a signal of investor confidence in our company." CONTEXT ENAMI launched a process in August to find investors for a modernization of a smelter in exchange for the supply of copper cathodes. Renovations are being carried out at the Hernan Videla Lira Smelter, located in the Atacama Region. This will allow it to process up to 850,000 tons of copper concentrate per year and produce 240,00 tons of cathodes. The company has said that the initial offers will be due at the end of October. After this, ENAMI will move to the binding offer stage. (Reporting and editing by Rosalba o'Brien, Daina Beth Solon)
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Globe and Mail: Canada PM asked Anglo American to relocate its headquarters to Canada in exchange for Teck deal approval
The Globe and Mail, citing sources familiar with this matter, reported that Canadian Prime Minister Mark Carney had told Anglo American it would have to move its headquarters from the United States to Canada if its proposed acquisition by Teck Resources was to be approved. Anglo American, based in London, and Teck, based in Canada, announced last week a merger worth $53 billion. This is the second largest M&A transaction in the mining sector. The merged entity will be headquartered in Canada, with a primary listing in London. The Globe and Mail reported that Carney had made it clear in his discussions with Anglo American that any potential buyer of Teck must meet the requirement to move its headquarters. An Anglo American spokesperson declined comment on the report. However, they pointed out that CEO Duncan Wanblad stated last week Vancouver was the most natural location for the combined company given its operations and project are largely located in the Americas. The spokesperson said in an email that "Anglo American also has its Americas exploration teams based out Vancouver for a very long time. We are therefore familiar with the set-up." Could not verify the report immediately. Teck refused to comment. The office of PM Carney did not respond immediately to a comment request. (Reporting by Ananya Palyekar and Dheeraj Kumar in Bengaluru; Editing by Shinjini Ganguli)
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Draft shows that the EU will miss U.N. deadlines for new climate targets
A document from the EU's negotiating team, seen by, revealed that the European Union did not expect to meet its U.N. mandated climate goal in time to meet a crucial deadline this month. Instead, it has drafted plans for submitting a temporary target, which may change later. The EU is struggling to agree on a new climate goal for 2040. This has stymied plans to submit to the United Nations a 2035-target by the deadline of this month. The EU planned to base its 2035 target on the 2040 goal. The draft EU document seen by revealed that the bloc was now considering submitting to the U.N. a "statement-of-intent" about what its goal for 2035 will be. This will indicate a reduction of between 66.3% and 72.5% in emissions by 2035 compared to 1990 levels. Document stated that the EU would decide on its final target for 2035 after reaching an agreement with its 2040 climate goals. The draft will be discussed by the ambassadors of EU countries on Tuesday, but it could change during negotiations. The EU is taking this step to ensure that it does not go empty-handed to the U.N. General Assembly next week where Secretary-General Antonio Guterres asked all countries to declare their climate targets to generate momentum for the global COP30 Climate Negotiations in November. It leaves open the question as to how ambitious the EU’s final climate target will be. This increases the likelihood of the EU falling behind other major emitters such as China in setting their new climate goal. Manon Dufour is the executive director of the think tank E3G. She said that the plan would allow the EU and other countries to reach a more ambitious goal in the future, before the COP30. However, it also raised questions regarding the EU's leadership on climate change. She said: "It does little to dispel any doubts regarding the EU's internal transition or galvanize global partners in advance of the UN General Assembly. This is a crucial year for global climate change action." The document stated that the higher end of target range represents a path towards a 90% reduction in emissions by 2040, which is the climate goal 2040 for the EU countries. The lower end of the range is calculated by drawing an equilateral triangle between the EU’s current 2030 and 2050 goals for climate change. Diplomats from the EU said that countries such as Poland support a lower-end range, while others like Spain and Denmark prefer a higher goal. The document was drafted by Denmark, the country that currently holds the rotating EU Presidency. The company declined to comment. Reporting by Kate Abnett and Virginia Furness, London; editing by Matthew Lewis
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Bessent: US won't hit China over Russian oil with tariffs unless Europe first goes.
U.S. Treasury secretary Scott Bessent stated on Monday that the Trump administration will not impose any additional tariffs on Chinese products to stop China's purchase of Russian oil, unless European countries impose steep duties on China and India. Bessent and Bloomberg agreed in a joint-interview that European countries should play a greater role in cutting Russian oil revenue and ending its war in Ukraine. Bessent replied, "We expect Europeans to contribute now and we cannot move forward without them." Bessent was asked if the U.S. will impose Russian oil tariffs on Chinese products after President Donald Trump imposed an additional 25% duty on Indian imports. Bessent stated that he had pointed out to Chinese officials during discussions on TikTok and trade in Madrid that the U.S. has imposed tariffs against Indian goods. Trump also urged European countries to impose 50% to 100% tariffs on China and India in order to stop Russian oil revenues. He said that the Chinese response was that the purchase of oil is a "sovereign issue." Bessent criticised the purchases of Russian crude oil by certain European countries. Other countries buy petroleum products refined from Russian crude in India at discounted prices, he said, and that they were financing a conflict on their own soil. Bessent stated that "I guarantee that the war will be over within 60 to 90 days if Europe imposes substantial secondary tariffs against the buyers of Russian Oil" as it would eliminate Moscow's primary revenue source. The Treasury chief stated that the tariffs placed on Indian goods due to Russian oil purchases have brought about "substantial" progress in negotiations with India. New Delhi and Washington are holding another round of discussions with the U.S. Tuesday, amid a recent thawing in rhetoric between Trump's and Indian Prime Minster Narendra Modi. Bessent stated that the U.S. was willing to work with European nations to consider harsher sanctions against Russian entities, such as oil majors like Rosneft or Lukoil. He also said that steps would be taken to prepare for a greater use of Russian assets which have been frozen after Moscow's invasion of Ukraine in 2022. He said that this could be done by first seizing small amounts of the $300 billion frozen assets, or by placing them into a special-purpose vehicle which could serve as collateral to a loan for Ukraine. (Reporting and editing by Lisa Shumaker, Daniel Wallis, and David Lawder)
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Blue Water has been denied the right to extend Citgo's parent sale hearing by a US judge
A Delaware judge denied a request by Blue Water Acquisition Corp, a special purpose acquisition firm, to extend the final sale hearing at a U.S. court ordered auction of Citgo Petroleum’s parent company. Blue Water, a Venezuelan refiner owned by Blue Water, submitted last week a bid worth $10 billion. This included a $3.2-billion settlement proposal for holders of Venezuelan bonds that had defaulted. The company requested that the hearing be extended to allow its part to be taken into consideration by the court. Blue Water representatives informed the court that funding for the offer was not yet committed. The offer came after the deadlines to submit and improve bids. "Perhaps (Blue Water) could spend this week to see if they can commit the financing," Judge Leonard Stark stated, adding that later he may request that an auction officer engage the company about its bid. The company has not responded to any requests for comment. Robert Pincus, a court officer, selected last month a $5.9 Billion An affiliate of hedge fund Elliott Investment Management was named the frontrunner in the auction. Judge Stark stated that he will make a decision about the auction winner following the hearing. (Reporting and editing by Nathan Crooks, Nick Zieminski, and Marianna Pararaga)
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WTO ratifies agreement to reduce billions of dollars in overfishing subsidy
The World Trade Organization announced that a landmark agreement was signed on Monday to reduce billions of dollars worth of subsidies contributing to the overfishing. This is a positive step for global fish stock recovery. The WTO's first agreement since 2017 was signed after years of infighting and stalled discussions. More recently, the U.S. tariff surge has left many critics wondering if the Geneva-based organization still had a future. A WTO spokesperson stated that the formal ratification of the agreement by Brazil, Kenya Tonga, and Vietnam on January 14 meant the deal was now supported by two-thirds of the members. The original agreement, which took place in 2022, had been reached. The government is now forbidden from subsidizing overfished stock and fishing in international waters outside their jurisdiction. Poorer countries will have access to a fund that helps ease their transition into the agreement. Megan Jungwiwattanaporn, from the Pew Charitable Trusts, said: "Fish stock around the world have a chance of recovering. This will benefit local fishermen who depend on an ocean that is healthy." A 2019 Marine Policy study showed that governments around the globe pay $35.4 billion per year to their fishing fleets. This includes fuel subsidies, which allow them to fish on distant oceans. The top five subventioners were listed as China, EU, United States, South Korea, and Japan, though not all are covered by the WTO agreement. The negotiations on new fishing rules that cover divisive topics excluded from the original deal have failed, as India and many other developing economies are seeking carve-outs they see as impossible. The first part, which came into effect on Monday after more than 20 years' negotiations, will expire four years from now if no more comprehensive rules can be agreed. In an interview conducted earlier this month, Director-General Ngozi Okonjo Iweala expressed optimism that the organization could either end the talks or find ways to prevent the first agreement from expiring. (Reporting and editing by Andrew Heavens, Emma Farge)
How a Japanese suitor misread politics with U.S. Steel bid, regardless of indication
A month in the past Nippon Steel discovered its $15 billion takeover of U.S. Steel was on the brink of being torpedoed by President Joe Biden, the Japanese business got a strong tip that things were taking a turn for the even worse.
On Aug. 1, officials from the powerful Committee on Foreign Financial investment in the United States (CFIUS) informed representatives of Japan's most significant steelmaker and its U.S. target that the committee had actually identified a potential national security danger, 2 sources knowledgeable about the settlements informed Reuters. CFIUS was worried that the deal might decrease U.S. steel production capacity, interrupting vital industries like transportation and infrastructure, the authorities informed the executives in the call, which has not previously been reported.
The caution from the U.S. committee - which has the power to block foreign acquisitions on nationwide security grounds - must have actually rung alarm bells at Nippon Steel, which was already battling criticism from a labour union and U.S. politicians ahead of Nov. 5 elections.
Yet, the Japanese steelmaker hoped it could still win approval for the deal by patiently describing its service benefits, according to Reuters' interviews with two sources with knowledge of the discussions, one business source and a top Nippon Steel executive. In an Aug. 19 follow-up conference to the Aug. 1 call held at the Treasury Department according to among the sources, the business' agents worried to CFIUS the financial significance of Nippon Steel's financial investments provided U.S. Steel's. having a hard time business. They left feeling their case had been. heard, the two sources near the talks told Reuters.
And in an interview on Aug. 28 with Reuters, Nippon Steel's. primary arbitrator Takahiro Mori expressed confidence the offer was. on track. He stated he wanted to construct a constructive long-term. relationship with the unions and that he had actually fulfilled around 1,000. people, consisting of numerous workers, during five U.S. check outs considering that. the deal was announced in December to describe its financial. advantages.
The political power of the union will deteriorate. That's true. now and obviously after the election, he informed Reuters, including. that talks with CFIUS and other U.S. regulators were. advancing. A day later on, Nippon Steel openly pledged to. invest $1.3 billion to recondition U.S. Steel's aging facilities. But on Aug. 31, CFIUS sent the two merging partners a 17-page. letter detailing its issues and giving them simply one organization. day to react. Reuters and other media reported recently that. President Joe Biden was poised to kill the deal.
U.S. Steel, Nippon Steel and CFIUS did not talk about the. details of procedure as laid out .
We do not think this transaction creates any nationwide. security issues, Nippon Steel stated in a declaration, without. elaborating on the settlements.
U.S. Steel stated in a separate declaration that there was no. scenario in which it might make needed investments without. the Japanese company: A deal with Nippon Steel is the. best opportunity to ensure that U.S. Steel will have the ability to flourish. well into the future.
POLITICAL HOT POTATO
Nippon Steel had tried to approach the. politically-connected United Steelworkers union (USW) before it. announced it had accepted purchase U.S. Steel, a company based. in the pivotal swing state of Pennsylvania during an election. year. On Nov. 20, the Japanese steelmaker requested a conference with. USW, according to U.S. Steel filings in January. However attorneys for. the American company rejected the request, stating the union had. aligned with another suitor and talks would run the risk of breaking the. confidentiality of a competitive bidding procedure, the filings. stated.
The method backfired. When Nippon Steel's deal was revealed on Dec. 18, USW head. David McCall knocked the companies for keeping unions in the. dark. In a statement the exact same day, the union leader implicated U.S. Steel of neglecting workers' issues while selling out to a. foreign business.
He prompted the U.S. federal government to scrutinise the offer to see. if it served workers and national security interests.
Just three days after McCall's appeal, Biden's nationwide. economic consultant Lael Brainard said the takeover appeared to. should have severe analysis.
USW declined to discuss the merger process.
In hindsight it was apparent (Nippon Steel) needed to get. the union on board but I do not think they expected the union,. and in specific the leader of the union, to get as upset as he. did, said Nick Wall, an M&A partner at Allen & & Overy, who was. not associated with the negotiations.
In the weeks after the offer announcement, both Biden and his. Republican rival Donald Trump voiced opposition to the merger.
When Japanese Prime Minister Fumio Kishida headed to. Washington DC in April - the first state check out by a Japanese. leader in 9 years - Nippon Steel's acquisition was the. elephant in the space. McCall and his other half signed up with VIP guests such as Amazon creator. Jeff Bezos and actor Robert De Niro at a luxurious dinner Biden. scheduled Kishida, listening to live music by vocalist Paul. Simon. U.S. Steel and Nippon Steel magnates were not on. the list of more than 200 visitors released by the White House.
' LISTEN ONLY MODE'
As the political sound around the offer grew louder, Nippon. Steel still believed there was a path forward which the union. was merely attempting to draw out much better terms, two sources close to. the business told Reuters, asking for privacy due to the. sensitivity of the discussions. In May, chief negotiator Mori told Reuters he thought that,. once the election was over, the president would examine the. financial merits of the offer. Obstructing it might disturb among. America's closest allies and it appeared not likely any. administration would want to do that, he included.
But that logic headed out of the window on August 31, when the. CFIUS letter landed.
The letter argued the deal postured a danger without. using any discussion of ways to mitigate officials' issues. and gave the celebrations until Sept. 4 to respond, according to the. two sources acquainted with the discussions.
In a call on Sept. 1, attorneys dealing with the offer pushed. CFIUS authorities about why they had been provided so little time,. the sources said. We have actually been instructed to be in listen just mode, a CFIUS. official replied, an ominous sign as sources inside the Biden. administration were telling the two business the White Home. will block the takeover, the people stated.
The business began desperately preparing a response,. correcting what they viewed as factual errors,. proposing mitigation and arguing to conserve the handle a 100-page. letter delivered on Sept. 3.
The letter, reviewed , stated they anticipated USW to. be more forward-leaning in talks with the companies. The next day, nevertheless, news broke that the White Home was close. to revealing Biden was preparing to block the offer.
In the future, this offer will most likely be considered as a. textbook case of how a business stopped working to understand politics,. stated David Boling, a previous U.S. trade official now at Eurasia. Group.
(source: Reuters)