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Source: RBI issues a caveat after rejecting Tata Sons' bid to avoid listing
Sources familiar with the situation said that the Reserve Bank of India, the country's central bank and regulator of banking, has preemptively approached the courts to seek to be heard on any matter related to the listing of Tata Sons. This move comes after the RBI rejected Tata Sons’ application to deregister from the non-banking finance company (NBFC) category, a decision which pushes the holding firm closer to a listing on the stock exchange. ? The BBC reported on Saturday the RBI's decision to impose a ban in a letter sent to Tata Sons. Local media reported that certain factions within the group had resisted being listed. Source: The RBI filed what is called a "caveat" in legal terms in the Bombay High Court. This will allow it to be heard by the court if someone challenges the central bank's decision or requests a stay. The source explained that this was "a routine measure" to make sure the court heard the appeal or stay request. Tata Sons and RBI did not respond to requests for comments sent by. Tata Sons is the holding company for the Tata Group. It has businesses such as Tata Consultancy Services, Tata Motors and Tata Steel. The shares of the group companies increased on Tuesday. The RBI has jurisdiction over it as it's?currently registered? as a core investing company. According to RBI regulations, all nonbank financiers, including core investment firms?with assets in excess of 1 trillion rupees ($10.45billion) or with access to public funds must list. Tata Sons reported a standalone asset of 1.75 trillion rupees in March 2025. This is the latest available data.
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Indonesia's Pertamina promises to boost fuel supply in Makassar City to reduce 1-km-long lines
Pertamina, Indonesia's energy company, announced on Tuesday that it had stepped up its efforts to make more fuel available at Makassar in eastern Indonesia. In the past week, a queue of more than one kilometre long formed outside the gas stations. Energy Minister Bahlil lahadalia stated that customers are scrambling to get fuel at subsidised prices in order protect themselves from the oil price increases caused by the Middle East war. The government has promised to maintain subsidised prices until the end of this year. He said that the problem is now that many people are switching to subsidised fuel because of the price increase. "That's?what's happening to a certain extent in Makassar." Bahlil stated that "no matter what the global price of fuel is, we won't increase the subsidised fuel prices." A shortage of supplies has forced the authorities in Makassar (a city with 2.8 million residents) to implement emergency driving restrictions. They have also implemented a policy that allows civil servants to work from home. Pertamina announced in a press release that it had extended the hours of operation at its gas stations, and boosted the?subsidised supply to meet the increasing demand and reduce?queues. We apologize for the inconvenience. Deny Sukendar, a Pertamina official, said that the company has implemented recovery measures. According to a?witness, the lines of cars?queuing up at gas stations in Makassar were still about 100 metres long on Tuesday. On Monday, around 150 students and workers protested against the shortages at Pertamina offices in Makassar.
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NEWS MAKER: From a schoolboy sweets seller to Africa's richest person, Dangote is eyeing his biggest deal yet
Aliko Dangote, a serial entrepreneur who began his career by selling candy to classmates in Northern Nigeria more than 50 years ago, is now preparing Africa's largest stock market listing. The'sale' of $1.6 billion in shares of his giant Lagos oil refining company -- an initial public offer that will see the'refinery - list in Nigeria in November -- valued the company at $47.3 billion. This deal represents the culmination in Dangote’s efforts over the past decade to build a mega-refinery that is now among the 10 largest refineries in the world. This is also the culmination of a career which has seen him go from a schoolyard sweets seller to Africa's wealthiest man. The 69-year old has no intention of stopping there. Proceeds from the IPO will be used to expand the Nigerian refinery and launch a project in Kenya that will see the capacity doubled. SALT, SUGAR, CEMENT AND RICE Born in Kano, a northern Nigerian state, in 1957, Dangote grew up primarily with his maternal grandfather. He has credited him for encouraging his business interest. In a 2015 interview, he stated that "when you're raised by entrepreneurial parents?or grandparents you pick up this aspiration." It makes you more aggressive and think that anything is possible. I was unable, despite my repeated requests, to get an interview with Dangote. In 1977, after graduating from the?university of Egypt, he started trading rice and sugar with a relative. In the early 1980s he founded Dangote Industries. He now owns 85% of it. It is a multinational conglomerate that operates in over a dozen African nations. Dangote’s personal fortune is estimated to be between $31 and $35 billion. This was a result of his cement business, which has been very profitable. Nigeria became largely self-sufficient in the building material after government policies?fostered local cement production?. However, they also fueled criticism that prices were high because of limited competition. ECONOMIC FOLK HERO FOR SOME, VILLAIN FOR OTHERS Influence came with wealth In a 2005 cable, leaked by U.S. diplomatic sources, they said that he had been viewed by some as an "economic folk-hero", but by others he was seen as a villain, because he was suspected of using his close proximity to politics for his business. They wrote: "The truth lies somewhere between these caricatures." Dangote is often described as being reserved by those who have met him, despite his wealth and power. Gina Din Kariuki, a Kenyan author and businesswoman, said: "He has an instinct for opportunities and the discipline to make his ambitions real." "But it wasn't his ego that stayed with my, it was the humility." He avoids flashy displays and drives himself. He has a habit of threatening to purchase his favorite soccer team, London's Arsenal. But he is proud that he keeps the majority of his wealth in Nigeria. Bismarck Rewane is the CEO of Financial Derivatives Company Ltd in Lagos, and has known Dangote more than two decades. Some people have called him a control-freak. I see it more as a passion to get things done. Local fuel traders in Nigeria, however, accuse Dangote, of using political connections to squeeze out competitors. He argues his ?700,000-barrels-per-day refinery can now meet Nigeria's fuel needs and is battling in court to end imports. Regulators have, however, warned against the risk of a "fuel supply monopoly". The Dangote Group and Dangote neither responded to inquiries for comment regarding the allegations. He has stated that the listing will help to counter concerns about monopoly. He told a conference in 2013: "They'll say that we now have shares. So let everyone have a piece of it." Dangote's mission to push Africa towards self-sufficiency was brought into sharper focus by the Iran war, which exposed Africa's dependency on fuel imports. According to a source familiar with the talks, after the conflict raised concerns about fuel supplies, Kenya approached Dangote regarding the construction of an East African refinery. Dangote announced the project two months later with Kenyan and Ugandan officials. He said that it will begin this month.
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India's met-coke imports reach record levels despite antidumping levies
Executives said that India's met-coke imports will reach a new record high this year, despite the?antidumping levy implemented in July. Domestic?shortages? and strong demand from pig-iron producers are driving higher overseas purchases. India, which is the second largest crude steel producer in the world after China, will import 6 million metric tonnes of met coke during the fiscal year, which began in April. This represents a 32% increase from the previous year, mostly from Indonesia and Poland. Steelmakers have been opposing import restrictions for more than a month, claiming that domestic production is not enough to meet the demand. In a previous report, the federal ministry of steel supported the steelmakers in their efforts to withdraw the anti-dumping duties. In July, the government imposed a 5-year anti-dumping tax on met-coke. Met coke can be used to make pig iron, a product intermediate used to manufacture steel. Indonesia is a major supplier of steel, with a total import volume of 2.1 million tonnes this year. This represents a 165% increase from the previous year. The executive stated that domestic coke production rose by only 6% on an annual basis, which is below the demand for steel and pig iron. PIG IRON DRIVES IMPORTS The executives stated that pig iron producers import large amounts of met coke to avoid the import duties when they convert the coke into pig iron. They said that because of this exemption, imported met?coke is cheaper than local coke. The executives stated that the lower prices of Indian pig-iron have helped it to gain market share over Ukraine. According to commodities consultancy BigMint, Indian pig iron can be purchased for $50 less per tonne. Brazil, Ukraine, and India are the main importers of U.S. goods, which amounts to 4 to 5 millions metric tons. According to BigMint, the price of met coke in August rose by 24% compared to a year ago, to 35,850 rupees ($375.63). "Met coke is increasing because of the rise in coking coal," said Monica Bachchan Duvvuri of Metalogic PMS. She said that met coke could go up 3-4% in price this week. Last week, it was reported that the steel price is expected to increase further in the next few weeks due to rising coking coal prices.
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Sources say that Samsung's India Public Policy Chief resigns
Two sources familiar with the resignation said that Rajiv Aggarwal - Samsung's India head of public affairs and ESG - resigned on Tuesday after nearly four years in a?the job. It was unclear why he resigned. Aggarwal is serving his last week as Samsung India's head of government relations. The sources declined to identify themselves because the information was deemed confidential. The 57-year old former Indian bureaucrat who has worked at Uber and Meta declined to comment. Samsung Electronics didn't respond to any questions. Samsung and Apple had to contend recently with the Indian government's demands to pre-install apps that were run by state agencies, which they opposed due to?privacy concerns. Samsung is one of the companies that has contested in court a policy by the Indian government that increased payments from businesses to electronic-waste recycling firms. It shares a 16.2% market share with Oppo, and is just?behind the market leader Vivo. It was India's number one smartphone player in 2023. In 2023, it was India's No.
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French and Benelux stocks: Factors to watch September 15
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. EIFFAGE: Eiffage, a French construction group, was selected to carry out civil engineering work at the Neomat CAM plant in Dunkirk. The project represents an investment of nearly EUR 500 million. Construction and development work will continue through 2028, employing up to 400 workers. EXAIL TECHNOLOGIES Exail Technologies, a French high-tech firm, announced that its preliminary first-half operating profit rose by 61% on an annual basis to EUR46.07 million ($53.07m). The company has postponed the full announcement of first-half earnings until September 24. The first-half cash flow of Exail Technologies was characterized by a rise in working capital of approximately EUR70 million. However, very significant cash inflows are expected in the second part of the year. GENFIT: After a significant reduction in mortality among severe COVID-19 patients, Genfit, a French biopharmaceutical firm, is moving nangibotide to a Phase 2A ACLF trial in the fourth quarter 2026. Data are expected in 2027. Nangibotide showed a favorable safety profile in four clinical trials. TOTALENERGIES: TotalEnergies, a French energy major, and the Iraqi Government have agreed to begin discussions on large-scale energy projects that will boost Iraqi oil production and contribute to the energy transition of the country. Separately the company announced an EUR100 million partnership to use AI models from Mistral in order to support TotalEnergies geosciences exports. The French insurance company has released financial targets for the period of 2027-2029. AXA targets a payout ratio of 75% and expects to generate approximately EUR25 billion in cumulative organic cash. The?company stated that it now expects its underlying earnings growth to be in the range of 6%-8% and its return on equity at the upper end of its target range of 14%-16%. Pan-European ?market data: European Equities speed guide................... FTSE Eurotop 300 index.............................. DJ STOXX index...................................... Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurotop ?300 sectors..................... Top 25 European pct gainers....................... Top ?25 European pct losers........................ Main stock markets: Dow ?Jones............... Wall Street report ..... Nikkei 225............. Tokyo report............ London report ........... Xetra DAX............. Frankfurt items......... CAC-40................. Paris items............ World Indices..................................... Survey of global bourse outlook ......... European Asset Allocation........................ News in a nutshell: Top News ............. Equities.............. Main Oil Report ........... Main currency report .....
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Former DeepMind researcher from Google adds to the warnings that AI will 'kill humans'
Former Google DeepMind employees warned on Monday that AI technology could "kill off all humans", and that time was running out for the avoidance of this outcome. The public is becoming more concerned about the potential danger of AI. Anthropic researcher Jacob Coxon announced last week that he was resigning, partly because "people who are building AI believe it will kill us by the end the decade." Evan Hubinger, an anthropologist, responded to?Coxon’s comments by saying that he agreed with him and believed that there was a higher than?10% probability that AI would kill all humans in the next decade. Bilal Chughtai, a writer for X, wrote: "I recently resigned... from Google DeepMind where I worked on AGI alignment and safety research." "I honestly believe that AI could kill us all, and we may be running out of time." Chughtai was a research engineer at Google DeepMind and worked as such until July 2026. His LinkedIn profile states that he left the company. Google didn't respond to an outside of regular business hours request for "comment". Anthropic CEO Dario modei, in response to recent concerns, called for a halt in the pace of AI?development. He received rare support from SpaceXAI’s Elon Musk and OpenAI CEO Sam Altman, sparking a discussion on AI "doomerism." Chughtai said that steering AI safely is?possible, but coordination would be required "to avoid the manic race between AI companies." He added, "We must pace AI development at a rate that the society can handle. Emerging risks should be addressed before extreme harm occurs." The President Donald Trump has, however, dismissed the warnings. He said on social media that the AI industry's calls for regulation are a "hoax."
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Arbitration sought by Combined BHP Ports Unions over wage dispute
The union announced on Tuesday that it would take BHP, the world's largest?miner, to arbitration if the two parties could not agree on the?terms of a new wage?deal in Western Australia for the Port Hedland Iron Ore Operations. Port Hedland, the largest iron ore export center in the world and BHP's main shipping gateway to the Pilbara region, is the hub for BHP Pilbara operations. The union, which represents 450 workers on the site (operators and maintenance), will apply for a "intractable bargaining statement" which allows the Fair Work Commission to determine the terms of the agreement. Over the past nine months, both sides have been in talks to determine a wage agreement that will last four years. They've met almost weekly in recent weeks, with Fair Work Commission as a facilitator. ".....BHP refuses to negotiate an accord that reflects their specialized skills, the extreme conditions they work in and the personal sacrifices made by the employees who have generated more than $13 Billion in profits for the company?this past year", the Combined BHP Ports Unions stated in a press release. In response to a?request for comment, a BHP spokesperson stated: "Our focus is on delivering an?fair?and reasonable?agreement." BHP offers a 17% increase in pay for most workers over the four-year agreement. This includes a 'transition payment' of A$25,000 (17,802.50 USD) spread over two years as well as a rise in roster allowances. The union claims that 40% of workers would be worse off if this proposal were to go through.
United States targets scrap to close the vital minerals space: Andy Home
The United States hasn't had a tin smelter because 1991. That year marked the closure of the Longhorn plant in Texas, which was constructed with federal funds in 1942 to decrease the country's import dependency at a time when can quite actually fed the war effort.
Tin is still a crucial metal, now for its usage in circuit-board soldering instead of in preserved food, and the U.S. federal government is as soon as again thinking about how to decrease the nation's dependence on imports, presently performing at 75% of yearly usage.
Without any mines and no active reserves, the only way of closing the import space is to recycle more. The Department of Defense (DOD) has actually recently awarded $19 million to U.S. secondary tin manufacturer Nathan Trotter & & Co. to expand domestic recycling capability and catch more of the 38,000 metric lots of tin scrap that is exported every year.
Such recycling, or city mining, is the typically overlooked part of the crucial minerals self-sufficiency formula.
URBAN MINING The DOD has also funnelled funds to business such as 6K Additive, which recycles titanium alloys, and Rare Earth Salts, which recuperates terbium from old light bulbs. The Department of Energy (DOE) will invest $22 million for an upgrade of Golden Aluminum's recycling operations in Colorado and allocated approximately $270 million for boosted copper recycling at Wieland's Shelbyville facility in Kentucky. The DOE is also aiming to construct from scratch an electric car (EV) battery recycling chain. It has dispersed funds for new processing capacity, brand-new scrap arranging innovation and, in the case of B2U Storage Solutions, even the transportation of utilized batteries.
Urban mining has many advantages over main mining and smelting. Recycling metals is less expensive than producing virgin metal because it needs much less energy, up to 90% less in the case of aluminium.
It is for that reason also much greener, giving off 80% less greenhouse gas than primary metal, according to the International Energy Company's (IEA) just-released unique report on recycling.
Maybe most notably of all for U.S. supply-chain coordinators, increasing domestic crucial metals production by broadening recycling capacity indicates a much shorter allowing procedure than constructing brand-new mines.
UNTAPPED POTENTIAL
Recycling alone will not replace the requirement for new mines however it can make a huge distinction, possibly minimizing global demand for new mining activity by 25-40% by 2050 in a scenario that meets nationwide climate promises, according to the IEA.
Nevertheless, city mining's full capacity has yet to be fulfilled.
The share of secondary supply of copper in international need, consisting of direct melt scrap in products make, fell from 37% in 2015 to 33% in 2023, the IEA said.
The share of recycled nickel reduced from 33% to 26% over the exact same period. Aluminium bucked the pattern with an increase from 32% to 35% thanks to well-established waste management programs and helpful regulations, the IEA kept in mind.
But the United States is a laggard with secondary copper representing simply 30% of national usage, lower than the international average.
The country is the world's largest exporter of both copper and aluminium scrap, much of the outbound circulation ending up in China.
The core problem is the hollowing out of U.S. scrap processing capacity, particularly that needed to deal with old end-of-life material that often needs careful sorting and taking apart before getting in a remelt heating system.
An effective recycling economy likewise requires an efficient collection system, which is still doing not have in the United States.
U.S. recycling rates for aluminium cans, among the easiest products to loop back into the supply chain, are listed below 50%,. according to the U.S. Aluminum Association. That indicates the. equivalent of $800 million of important resource going to. land fill every year, almost enough to build a new main. smelter.
BATTERY OBSTACLE
Recycling EV batteries comes with an entire different set of. challenges.
Extracting important metals such as nickel and cobalt from a. invested battery can be a rewarding organization but what about. batteries with none of those components?
The EV battery sector has actually rotated towards cheaper. lithium-iron-phosphate (LFP) chemistry in the last couple of. years, such batteries now accounting for around 40% of the. global market.
The fairly low worth of the core metal inputs undercuts. the financial case for recycling LFP batteries, implying the. sector may need to take a look at different rates mechanisms such as. toll-based recycling.
A global regulatory framework for recycling spent EV. batteries is also still operate in progress. Waste codes for black. mass, the concentrated mixture of cathode and anode in an invested. battery, differ extensively by country and region.
Additionally, as the IEA report explains, China still. controls the middle processing stage of the supply chain, where. recycled metals are fed back into precursor aspects for new. batteries.
Today the world's leading 20 business for invested battery. pre-treatment and materials recovery are Chinese, representing a. new possible dependence for Western nations.
LEAD TEMPLATE
Most of the difficulties can be gotten rid of with the right policy. mix, both at national and global level, according to the. IEA.
An effective design template for EV batteries and indeed all metals. recycling is supplied by the simple lead-acid battery. Recycling. rates for what is classified as a health hazard can be as high. as 99% in developed countries such as the U.S. or in Europe.
The lead market still needs new mines but far fewer of them. thanks to its high recycling rate.
As the U.S. federal government is finding, purchasing brand-new. scrap processing capacity is far less expensive and greener than. developing brand-new mines. Most notably of all from a nationwide. security viewpoint, the metal is likewise already captive in the. domestic market.
The opinions expressed here are those of the author, a. writer .
(source: Reuters)