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What if you prayed to stop climate change? Now there's a Catholic Mass to stop climate change
The Vatican published a new rite on Thursday that will allow priests celebrate a Mass exhorting Catholics to care for the Earth. This is the latest effort by the global Church of 1.4 billion members to combat global climate change. Since centuries, Catholic priests can celebrate special Masses in order to pray for their nation, to give thanks following a harvest, or to ask God to stop a natural catastrophe. Two Vatican offices have prepared a new "Mass for caring for Creation" that allows priests pray for Catholics to "lovely care" for the creation and to "learn how to live in harmony with every creature". "This Mass... calls us faithful stewards to what God has entrusted us with - not just in daily choices and policies, but in our prayer and worship and in our way of life in the world," Cardinal Michael Czerny said, presenting the ritual at a Vatican Press Conference on Thursday. Priests can offer Masses to meet a variety of needs. The Vatican has 50 options, including the new rite approved by Pope Leo. Pope Francis, who died in 2016, was a strong advocate of caring for the creation. He was the very first pope who embraced the scientific consensus on climate change, and urged countries to reduce carbon emissions according to the 2015 Paris Climate Accord. Rev. Bruce Morrill is a Jesuit priest at Vanderbilt University and an expert in Catholic liturgy. He said: "This new theme Mass shows the Church's full recognition of the grave threats caused by climate change." The new Vatican Rite comes just two days after Catholic Bishops from Asia Africa and Latin America published a joint call to action, the first of its type, to urge governments around the world to take more action to combat climate change. (Reporting and editing by Saad Saeed; Joshua McElwee)
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News agencies report that Russia is suing for its ownership stake in Uzhuralzoloto's gold producer.
Russian news agencies, citing sources in law enforcement, reported that the office of Russia’s Prosecutor-General has filed a suit to transfer ownership of certain shares of gold producer Uzhuralzoloto. Russian prosecutors have increased the seizure and confiscation of assets in Russia through the courts. This year they have ordered the transfer to the government of a major grain trader, the Domodedovo Airport, as well as strategic warehouse assets. Uzhuralzoloto (UGC), Russia's fourth largest gold producer and listed on the Moscow Stock Exchange, was down 9.4% at 0829 GMT after falling around 17% in earlier trading. UGC is subject to U.S. sanction. The UGC and the Prosecutors did not respond immediately to a comment request. The woman who answered the telephone at the Russian Prosecutor's General Office said that she couldn't confirm the report, and that her office would only reply to written requests for information. UGC is owned and controlled by Konstantin Strukov. He has been sanctioned by several Western countries including Britain for his role as director of an extractives company in Russia. According to a source from the prosecutor’s office, the lawsuit was filed to transfer Strukov’s shares to state. The Kommersant reported that Strukov is accused of obtaining control of UGC illegally in the lawsuit. The newspaper reported that a preliminary hearing would be held on July 8. Strukov has been contacted by UGC for comment. Since Russia's troops entered Ukraine in February 20, 2022, foreign companies have faced the threat of state seizing their assets. However, Moscow has been increasingly focused on domestic assets, citing domestic security and strategic stability. Last month, Igor Krasnov - the prosecutor general who led the government's effort to seize assets worth 2.4 trillion rubles ($30.46billion) - said that foreign companies returning to Russia would be closely monitored to ensure Russia benefits. $1 = 78.8000 Roubles (Reporting and editing by Andrew Osborn, Barbara Lewis and Anastasia Lyrchikova)
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South African miners say proposed Chrome Export Tax threatens jobs
The Minerals Council of South Africa has warned that the proposed tax on chrome ore exports will reduce profitability for miners and cause job losses in the industry. Africa's most developed economy is the largest exporter of Chrome, which is mainly used to manufacture stainless steel. South Africa used to be a major producer of ferrochrome (a mixture of chrome and iron), but has lost this position to China. This is mainly due to the high cost of electricity, which forced many smelters into closure. As part of its efforts to stem the decline of the chrome industry, the South African cabinet announced on June 26 that it had agreed to lower the power tariffs for the chrome smelters and impose a proposed tax on the export of chrome ore. Minerals Council South Africa (MCSA), which represents the largest miners in the country, stated that the tax would not "achieve the government's goals of maintaining the ferrochrome sector and the preservation jobs". This would "have a detrimental impact on chrome producers, and the significant contribution that this industry makes both to South Africa's economic growth and the jobs they sustain and grow". According to the Minerals Council, the South African chrome industry directly employs 25 000 people and will generate 85 billion rand (4.85 billion dollars) in export revenues by 2024. In 2024, it exported a record number of 20.5 million tons of chrome concentrator, mainly to China, which is the largest importer in the world. South32, Tharisa Plc, and Glencore are among the companies that mine and process chrome in South Africa.
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Gold held at a narrow level as the spotlight turns to US employment data
The gold price was stuck in a range on Thursday, as investors waited for the non-farm payrolls report from the United States that could affect when Federal Reserve will cut interest rates. By 0801 GMT, spot gold had fallen by 0.1% at $3,352.59 per ounce. U.S. Gold Futures increased 0.1% to $3363.10. Nitesh Nitesh, commodities strategist at WisdomTree, said that gold is searching for new triggers. The non-farm payrolls may be the trigger later. ADP released data showing that private payrolls in the United States fell by 33,000 positions in June. This was the first drop in over two years. According to a survey, the non-farm payroll report, due on Thursday at 1230 GMT, is expected to show a decline from May's 139,000 jobs to 110,000 in June. The U.S. stock market reached record highs following President Donald Trump's announcement that the U.S. had struck a deal with Vietnam. This included a 20% tariff for exports into the United States. He also expressed optimism regarding a deal with India. ANZ analysts wrote in a report that "more trade deals with lower tariffs can build confidence that inflation will be benign and allow the Fed to ease monetary policies." Gold that does not yield a return tends to do well during low interest rates and times of financial and political uncertainty. Other precious metals saw spot silver rise 0.1% to $36.93 per ounce, platinum remained steady at $1.417.85 (near a 10-year high reached last week), and palladium rose 0.1% at $1.155.97.
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Nippon Steel will raise $5.6 Billion in Subordinated Loans to Fund U.S. Steel Deal
Nippon Steel, Japan's steel giant, announced on Wednesday that it will raise 800 billion yen (5.6 billion dollars) via two subordinated loan to partially finance its recent $14.9 Billion acquisition of U.S. Steel as well as refinance existing loans. The largest steelmaker in Japan will partially repay the 2 trillion yen loan it secured for this deal by using a subordinated 500 billion yen loan. Separately, a 300 billion yen refinancing loan will be used to refinance an earlier 450 billion subordinated loan. Nippon Steel's spokesperson confirmed that the 500 billion yen loan would be covered by Japan’s three major banks – Mitsubishi UFJ Financial Group Sumitomo Mitsui Financial Group Mizuho Financial Group – as well as Sumitomo Mitsui trust group and Development Bank of Japan, by September 18. On July 22, the 300 billion yen will be divided among four banks, including Sumitomo Mitsui Trust and three megabanks. According to the spokesperson, the remaining 1.5 trillion yen will be financed using a variety of methods based on interest rates, market conditions, and other factors. The spokesperson stated that "although additional capital-based funding is one of the options being considered, any such move will be based on avoiding earnings per share (EPS) diluting." Nippon Steel’s debt-to equity ratio increased to around 0.8 as a result of the acquisition. It was 0.35 on March 31, but it rose to 0.8 after the bridge loans were made and the loss from the sale of a joint venture in the U.S. with ArcelorMittal. Nippon Steel sold its joint venture stake in order to get approval for U.S. Steel's acquisition. The company wants to reduce the ratio to 0.7 by the end March 2026 using measures like cash flow from earnings or asset sales.
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US court recommends Dalinar’s $7.38 Billion bid for Citgo parent
According to a filing in court and a statement from the company, a U.S. court official overseeing the auction of PDV Holdings - the parent company of Venezuelan owned U.S. refiner Citgo Petroleum - has recommended that Gold Reserve subsidiary Dalinar Energy submit a bid for $7.38 billion. Two sources familiar with the bid told us on Wednesday that a group led by commodities trading company Vitol submitted a bid in excess of $10 billion during the last hours of an auction organized by a U.S. federal court. In the second round of bidding for PDV, the court chose an offer of $3.7 billion from Red Tree Investments, a Contrarian Funds affiliate. The bid included an agreement with holders of Venezuelan defaulted bonds to be paid. According to court documents, Robert Pincus, the court officer, said that he thought Dalinar's offer was the best of all those submitted. The filing stated that "Dalinar’s proposed sale transaction" was approximately $3.576 Billion higher than Red Tree's stalking horse transaction, and that Dalinar’s bid was "the highest offer that meets the requirements". Gold Reserve reported that Dalinar’s revised $7.38 billion offer relies on equity and debt funding and is backed by a consortium consisting of Rusoro Mining and two units of U.S. company Koch, as well as Germany’s Siemens Energy. Dalinar initially bid $7.1 billion for PDV. A judge must approve the sale.
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Prices of copper remain near their multi-month highs due to supply constraints and US tariff fears
The London Metal Exchange (LME) and Shanghai Futures Exchange (SFE) both held copper near its highest level since late March. This was due to concerns about a tight supply in the region and an increase in shipments to the U.S., as traders rush to avoid potential import tariffs. The most traded copper contract on SHFE fell 0.07%, to 80,560 Yuan ($11246.37) or its highest level since March 27, and three-month copper on LME fell by 0.35%, to $9,978 per ton at 0703 GMT. The United States may decide to deal with the copper tariff later. This has given traders more time to transport copper to the United States, when prices are higher. The SHFE copper stocks are too small in absolute terms, which is more supportive of prices. The SHFE monitored warehouses had copper stocks totaling 81,550 tonnes by June 27. This was down 69.6% on the highest day of the year on February 28, or 74.5% on the previous year. U.S. Comex Copper Futures rose by 2% on Wednesday to $5.199 per pound, with a premium of 14% over the LME Copper futures. Total Copper Stocks As of Wednesday, the total amount of copper in LME registered warehouses was 93 250 tons, a 65.6% drop from the highest level of the year in mid-February. This is because cargoes have been rushed into the United States after its investigation of copper imports, and due to the threat of new tariffs. SHFE nickel rose 0.8% to 121 790 yuan per ton. Lead gained 0.5%, to 17,245 Yuan. Zinc was up 0.5%, at 22,325 Yuan. Aluminium edged higher by 0.07% to 20,680 Yuan. Tin fell 0.33%, to 268,420 Yuan. LME nickel rose 0.44%, to $15,370 per ton. Lead grew 0.34%, to $2.066.5. Tin climbed 0.05%, to $33,730. Zinc fell 0.49%, to $2.744, while aluminium declined 0.34%, to $2.611. Click or to see the top news stories about metals, and other topics. ($1 = 7.1632 Chinese Yuan) (Reporting and editing by Sherry Jab-Phillips; Vijay Kishore and Hongmei Li)
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China moves to reduce industrial overcapacity, resulting in a rise in iron ore
Iron ore futures rose on Thursday as China redoubled its efforts to reduce industrial excess capacity and curb price wars triggered by increased competition. The September contract for iron ore on China's Dalian Commodity Exchange ended the morning trading 1.33% higher, at 725 Yuan ($101.19). As of 0440 GMT, the benchmark August iron ore traded on Singapore Exchange was down 0.05% at $95.1 per ton. Analysts from ANZ stated in a report that Beijing's commitment towards curbing low-priced competition and reducing surplus industrial capacity indicates the leaders' desire to combat the deflationary forces affecting the Chinese economy. ANZ stated that these measures should provide relief to the steel sector, which has struggled with overcapacity. Everbright Futures, in a recent note, said that despite the fact that molten-iron production continued to rise month-on-month, shipments of top producers Australia, Brazil, and China have all decreased. Hexun Futures reported that shipments from major iron ore producers such as Rio Tinto BHP, Fortescue Metals Group and Vale also declined from the previous months. The Chinese Yuan fell against the dollar as investors closely monitored the trade talks between the U.S. Dollar-denominated investments become more expensive to holders of other currencies when the greenback is stronger. Coking coal and coke, which are used to make steel, also increased in price, by 3.09% each and 1.87 percent respectively. The Shanghai Futures Exchange steel benchmarks gained a majority of ground. Rebar increased by 0.89%; hot-rolled coils rose 0.7%; stainless steel gained 0.44% and wire rod fell 0.09%.
Q&A: Is Venezuela on the verge of losing its prized foreign asset, Citgo?
At least three consortiums have submitted improved bids at the last minute in an auction of shares of Citgo Petroleum, the parent company of Venezuelan-owned Citgo Petroleum. This could increase the price of the refiner that is the seventh-largest in the United States.
The Delaware court officer who oversees the auction will recommend a winner by Wednesday, unless he asks for more time to review the revised bids that were permitted through Tuesday.
The auction was organized by the court in response to an eight-year old case Crystallex, a Canadian miner, filed against Venezuela in Delaware. Citgo Holding's parent company, PDV Holding was found liable by the federal court for Venezuela's past debts and expropriations. This allowed over a dozen creditors to seek compensation for nearly $19 billion.
After a series of delays, a second round of bidding initiated this year will be completed shortly when a winner has been selected. However, results may be delayed until the evaluation of all improved bids. The final hearing for the results has been set for August 18
The round began in March with a $3.7 billion bid from Red Tree Investments of Contrarian Funds. This included a $2 billion agreement for the payment of holders who had defaulted on Venezuela bonds. In April, rivals began to make their bids.
According to court documents and sources, rival bidders included a consortium headed by commodities house Vitol and a subsidiary of Gold Reserve, Rusoro Mining, and conglomerate Koch.
Amber Energy, an affiliate of Elliott Investment Management, also considered a bid. However, it is unclear whether it made a revised offer in the "topping period", which ended on June 18, but allowed for revisions to be made up until July 1.
Robert Pincus, a court officer who oversees the sale of assets, said last month that the recent resolutions of parallel legal proceedings pursuing the same assets encouraged new bids.
What could be the possible loss for Venezuela?
Venezuela would lose its largest overseas asset if it fails to retain equity in the refinery and its U.S. parent companies. With a foreign debt of $150 billion, the country has already lost assets in Europe, Asia and elsewhere to creditors.
Leonard Stark, a Delaware judge, has allowed parties representing Venezuela the opportunity to make an offer. The boards that supervise the refinery would have to get the backing of politicians from both Caracas as well as Washington. This is a difficult task given the U.S. sanctions against the OPEC nation, and the strained relationship between the two countries.
Prior to the sanctions, Citgo's 807,000-barrel-per-day refining network was a primary processor of Venezuela's heavy sour crudes. Citgo's parent company, the Caracas state-run oil firm PDVSA, cut its ties to Citgo in 2019. Venezuela is now struggling to find markets for its oil. The Houston-based refiner turned to other crude sources.
Venezuela's opposition has been lobbying Washington and funding legal defenses to keep Citgo for years. Treasury Department must approve the winner of the auction. Treasury Department has protected Citgo in recent years from creditors.
Citgo, according to opponents of Venezuelan president Nicolas Maduro, could help the nation's economy recover if democracy was restored. Maduro officials rejected U.S. sanction and called the auction a robbery.
Can creditors claim post-auction compensation?
Yes. Yes.
If they are not satisfied with the results, creditors who rejected the result of the bidding round in the past due to the conditions set by Elliott's affiliate Amber Energy can file objections.
The U.S. courts can continue the parallel cases that have so far not made significant progress in enforcing bond-related claims, or proving that PDVSA U.S. subsidiary should be responsible for Venezuela's obligations, a step necessary to pursue Citgo assets.
Three of the original 18 creditors cleared by the court have withdrawn due to mounting legal fees and uncertain prospects for recovery. Other participants, such as the owner of artifacts belonging to Venezuelan independence hero Simon Bolivar and a collector of Bolivar-related items, failed to meet all requirements set by the court.
All creditors will be compensated
Unlikely. Citgo's value was between $11 billion to $13 billion in the Delaware case.
The refiner's recent poor performance, which includes a loss that dropped to $305 millions last year, from $2 billion by 2023, may affect its valuation.
This suggests that some of the registered creditors who collectively claim $18,9 billion may not be eligible to receive any distributions.
(source: Reuters)