Latest News
-
Elliott affiliate bids for Citgo parent company as competition heats-up
A filing updating the court-organized auction shows that an affiliate of hedge fund Elliott Investment Management raised its bid on the Venezuelan-owned parent of U.S. refiner Citgo Petroleum, bringing the total to $8.82 billion. The auction of PDV Holding was relaunched by the government in January, after a yearlong process that ended in chaos amid disputes over Citgo’s value and parallel legal proceedings. Last month, an officer of the Delaware Court supervising this auction recommended that a group headed by Gold Reserve bid $7.4 billion. The court received an $8.45 billion offer from a Vitol subsidiary last week, while the bid of Elliott affiliate Amber Energy came later. Next week, the court will hold an hearing to decide on the winner. Amber Energy's higher offer includes a payment provision for holders of a Venezuelan bond that has defaulted, according to an auction letter sent on Tuesday by Red Tree Investments, one of the creditors. The company stated in its filing that "Red Tree is of the opinion that Amber Energy, under Delaware law, is the highest bidder and should be selected to win the bid." Amber Energy didn't immediately respond to a comment request. Citgo and PDV Holding, both subsidiaries of Venezuelan state oil company PDVSA, are listed on the NYSE. In the Delaware case, the court found PDV Holding responsible for Venezuela's obligations, allowing creditors to sue the refiner for payment. Reporting by Marianna Pararaga Editing Bernadettebaum, Kirsty Donovan
-
Wildfires, fanned and fueled by heatwaves and strong winds, rage throughout Europe, destroying houses and factories
On Wednesday, wildfires caused either by arsonists, thunderstorms, or a combination of both, fanned along by heatwaves and strong winds, continued to rage in southern Europe, destroying homes, factories, and farms, and forcing thousands of tourists and residents to evacuate. A wildfire that spread through forests, olive groves, and the suburbs of Patras in northern Peloponnese (west of Athens) set fire to a cement plant. The smoke and flames were thick. What does it look? It looks like a doomsday. "May God help us, and help these people," said Giorgos Karavanis. He was a volunteer from Athens who came to Patras for help. On Tuesday, authorities ordered the evacuation of residents in a town near Patras of approximately 7,700 residents. They issued new alerts Wednesday advising residents to leave two nearby villages. Authorities warned people on the popular tourist islands of Chios in the east and Cephalonia in the west to get to safety because fires were spreading. A volunteer firefighter in Spain died of severe burns, and several others were hospitalised after the state weather agency AEMET issued a warning that fire was a very high or extreme risk throughout Spain. Officials in the region said that the 35-year old man was trying to build firebreaks in the area of Nogarejas in central Castile-Leon when he became trapped by the fire. This is the sixth wildfire-related death in Spain this year. According to emergency services, two other victims are firefighters from Tarragona & Avila. Alexander Held, senior expert in fire-management at the European Forest Institute, warned that firefighters' lives are at risk when they work in landscapes not prepared. He said that authorities should do more to prevent and anticipate wildfires, by clearing combustible plants and creating buffer zones. Held stated that firefighters in an industrial building would refuse to enter if there were no fire alarms, sprinkler systems, fire protection doors, or escape routes. Alfonso Rueda is the leader of Galicia in the northwest. He called the situation "complicated", and said that the weather conditions were not helpful. Six fires are burning in the province of Ourense, Galicia. The combined area is 10,000 hectares. ARSON SUSPECTED Sara Aagesen, Spanish Environment Minister, told SER Radio that arsonists were suspected of causing many fires in the country due to their "virulence". A male firefighter arrested on Tuesday was responsible for the fires that started in Avila, north of Madrid, two weeks ago. Meanwhile police announced late on Tuesday that they were investigating a woman aged 63 for allegedly setting a number of fires in Galicia’s Muxia region in August. Europa Press reported that the police have identified a suspect believed to have burns on his hands from starting a small blaze in a development along the southern coast of Cadiz. Thunderstorms caused fires in other places. Residents in Andalucia flooded the fire department with calls on Tuesday shortly after 5 pm, alerting them to a fire that was caused by lightning striking a chestnut-oak forest north of Huelva. Around 250 people were evacuated, but the fire was mostly under control by Wednesday morning. The civil protection service reported that a fire in Trancoso, Portugal that had been burning since the weekend took a turn in the worst direction during the night when a lightning re-ignited a zone that was previously considered safe. Albania's Defence Minister Pirro Vegu described it as a "critical" week, with major fires burning all over the country. The defence ministry reported that on Wednesday, more than 10,000 firefighters, soldiers, and police emergency units battled 24 wildfires in total across the country. Two villages in the middle of the country were forced to flee when flames broke out in their homes. The villagers took their livestock along with them. Hajri dragoti from Narte said, "We're going to the middle of the two rivers, because the fire is here." He fled with his wife, taking a donkey, a cow and a pet dog. "We can do nothing, it's like gun powder." Spain is in the 10th day of a record-breaking heatwave. The temperatures peaked at 45 degrees Celsius on Tuesday, and AEMET expects it to continue until Monday. Pope Leo moved the weekly audience he holds in St. Peter's Square into an indoor venue at the Vatican "to avoid the extreme heat and sun" after the Italian health ministry issued heat alerts on Wednesday for 16 cities, with Florence's temperatures expected to reach 39C.
-
Hudbay Minerals sells 30% stake in Arizona copper mine project for $600 Million
Hudbay Minerals announced on Wednesday that Mitsubishi Corp would buy a 30% share in its Copper World Project in Arizona for $600,000,000, providing a boost to the financing and strategic support for the U.S. Copper Mine. The transaction is expected to be completed later this year or early next. Why it's important Last month, U.S. president Donald Trump imposed tariffs of 50% on copper pipes and wiring, and other semi-finished goods. However, he exempted raw materials like ores and refined copper cathodes. Hudbay's "Made in America copper" production will strengthen the domestic chain, according to Hudbay. CONTEXT Copper World is a project being built in Pima County in Arizona. It consists of four open-pit mines for copper in the initial phase. Over the first 20 years, it is anticipated that the mine will produce 85,000 tonnes per year of copper. MARKET REACTION Hudbay, a U.S. listed company, rose by nearly 17% on the premarket. The analyst Shane Nagle at National Bank Financial says the $600m Mitsubishi joint venture deal is "significantly accretive". It highlights the rarity of shovel-ready projects in the world and the importance to invest in the U.S. essential minerals supply chain. By Number Mitsubishi will pay an initial $420 million upon closing, and the remaining $180 will be paid in 18 months. Copper World said it will help facilitate an investment of $1.5 billion in the U.S. critical mineral supply chain. (Reporting and editing by Sahal Muhammad in Bengaluru, Sumit Saha from Bengaluru)
-
Geneva temporarily makes public transport free in order to combat pollution spike
In a first in Switzerland, the public transport in Geneva will be free for a limited time. This is part of a number of measures to combat the pollution spike in the city. According to the World Health Organization, Geneva in western French-speaking Switzerland is experiencing a severe peak in ozone pollution. This harmful gas can cause breathing problems, headaches, and even asthma attacks. According to a Geneva Canton statement, the city's antismog system revealed that ozone levels had exceeded the threshold for environmental safety of 180 micrograms/cubic meter in 24 hours. The government issued heat warnings in the western and southern parts for Switzerland on Tuesday as temperatures reached 37 degrees Celsius. The Environment Office of the Canton of Geneva said that high temperatures and low clouds cover cause ozone pollution to accumulate and take longer for it to disperse. To reduce traffic emissions, the public transport system in the canton was freed for the first ever on Wednesday, encouraging residents and visitors alike to use buses, trams and trains instead of their own cars. The Environment Office said that "the measures taken under this protocol of emergency aim to reduce nitrogen oxide emissions, particularly by promoting the use of public transport and restricting the circulation of most polluting cars." In a press release, the authorities announced that passengers will no longer need a ticket and that ticket checks would be suspended until pollution levels improve. Only low-emission cars can circulate in the center of the city between 6 a.m. (0400 GMT), and 10 p.m. Reporting by Olivia Le Poidevin. Editing by Miranda Murray, Rachna uppal and Rachna Murray.
-
India and US nuclear regulators to meet for cooperation
India's Atomic Energy Regulatory Board said that it held a technical meeting bilaterally with the U.S. Nuclear Regulatory Commission in order to enhance cooperation on nuclear safety, regulation and legislation as India seeks to expand its nuclear energy capacity. AERB stated in a press release dated August 12 that an Indian delegation attended the meeting from August 6-8 at the NRC Headquarters in Rockville, Maryland. India is seeking to increase its nuclear power production capacity from 8 gigawatts today to 100 gigawatts in 2047. AERB reported that the countries discussed regulations for new and advanced reactors as well as codes and standards applicable to advanced reactor technologies. The AERB said that both sides identified areas of future collaboration. It was reported in April that India relaxed rules to allow foreign entities minority stakes to nuclear power projects. India's nuclear energy generation, which is just over 8 gigawatts in size, represents about 3% its total installed capacity. The statement stated that India and the United States discussed the long-term operations strategies for nuclear power stations, safety assessments and emergency preparation for small and advanced modular reactors. The state-run Nuclear Power Corporation of India has asked industries for proposals to build small electric nuclear reactors of up to 220 megawatts. This is part of the country's efforts to reduce carbon emissions and achieve its net-zero emission targets. Sethuraman N.R., Emelia Sithole Matarise (Editing)
-
Wildfires, fueled by a heatwave, rage in Europe, destroying houses and factories
On Wednesday, wildfires, fanned primarily by heat and strong winds, continued to rage in southern Europe, destroying homes, farms, and factories, and forcing thousands of tourists and residents to evacuate. A wildfire that spread through forests, olive groves, and the suburbs of Patras in northern Peloponnese (west of Athens) set fire to a cement plant. The smoke and flames were thick. What does it look like?" It looks like a doomsday. "May God help us, and help these people," said Giorgos Karavanis. He was a volunteer from Athens who came to Patras for help. On Tuesday, authorities ordered the evacuation of residents in a town near Patras of approximately 7,700 residents. They issued new alerts Wednesday advising residents to leave two nearby villages. Authorities warned people on the popular tourist islands of Chios in the east and Cephalonia in the west to get to safety because fires were spreading. A volunteer firefighter in Spain died of severe burns, and several others were hospitalised after the state weather agency AEMET issued a warning that fires could occur anywhere across the country. Officials said that the 35-year old man was trying to build firebreaks in central Castile-Leon region near Nogarejas when he became trapped by the blaze. In villages in Castile-Leon, more than 5,000 residents were evacuated after firefighter hosed down burning houses and warehouses. Alfonso Rueda is the leader of Galicia in the north-west. He called the situation "complicated", and said that the weather conditions were not helpful. Six fires are burning in the province of Ourense, Galicia. The combined area is 10,000 hectares. ARSON SUSPECTED Sara Aagesen, Spanish Environment Minister, told SER Radio Station that arsonists are suspected of causing many fires in the country due to their "virulence", although it is too early to know how many. Albania's Defence Minister Pirro Vegu described it as a "critical" week, with major fires burning all over the country. Delvina is a southern city where evacuees have returned home, but authorities remain vigilant. The heatwave that has affected large areas of the continent has made it difficult to put out the fires. Spain is in the 10th day of a record-breaking heatwave. The temperatures peaked at 45 degrees Celsius on Tuesday, and AEMET expects it to continue until Monday. Pope Leo moved the weekly audience he holds in St. Peter's Square into an indoor venue at the Vatican "to avoid the extreme heat and sun" after the Italian health ministry issued heat alerts on Wednesday for 16 cities, with Florence's temperatures expected to reach 39C (102F). Reporting by LouizaVradi, David Latona, and Gavin Jones. Writing by Charlie Devereux. Editing by Alex Richardson.
-
Thyssenkrupp nucera abandons US projects for green hydrogen that are no longer considered feasible. -CEO
Thyssenkrupp nucera's CEO announced on Wednesday that the company is currently in discussions with all stakeholders regarding its U.S. project portfolio and has abandoned those projects no longer considered feasible because of tax and spending reforms initiated by U.S. president Donald Trump. The global demand for green hydrogen had stagnated amid concerns among clean-tech industry players about what Trump's policy would mean for the sector. Werner Ponikwar, the chief executive of Thyssenkrupp Nucera, said that the company was more confident about the financial viability for U.S.-based projects following the passage of U.S. laws eliminating some tax credits on low-carbon sources of energy. Ponikwar told journalists in a conference call after the company announced its results, "We have eliminated all projects with a lower chance of success due to the changes in U.S. framework conditions." Trump's tax and spending legislation has made it more difficult to develop green technology projects in the U.S., by phasing them out after 2026 for projects that haven't started construction. Ponikwar stated that Thyssenkrupp will be able advance projects in the state sector, particularly those at an advanced stage, if construction begins before a new deadline of end 2027. Ponikwar stated that "we are convinced that there is still a lot of potential in the market for hydrogen electrolysis." He added that the company must be patient and wait longer than they had initially anticipated. Ponikwar reiterated his comments from December, saying that if U.S. project do not materialize, Thyssenkrupp Nucera would use its U.S. resource "for other purposes".
-
Muthoot Finance, India, beats its quarterly profit forecast on the strength of loan growth
Indian gold loan financier Muthoot Finance announced a 90% increase in its first-quarter profits on Wednesday. This was aided by a higher demand for loans as the price of precious metals soared. Muthoot Finance has reported a profit for the quarter April-June of 20,46 billion rupees (US$233.91m), which is above analysts' estimates of 16,24 billion rupees. This was based on data compiled by LSEG. Gold prices reached multiple records during the third quarter. Gold financiers benefit from this as the higher prices allow borrowers to get larger loans with the same amount. Analysts said that tighter lending conditions in the unsecured sector prompted people to turn to gold loans as a source of alternative funds. Muthoot Finance’s standalone loan assets were up 42% on an annual basis to 1.2 trillion Rupees by the end of the third quarter. Interest income was also up 53%, to 55.92 Billion Rupees. In a press release, Managing Director George Alexander Muthoot stated that "we are well-positioned" to continue strong growth into fiscal 2026. The company has also approved equity injections of 5 billion and 2 billion rupees into its two units, Muthoot Money, and Muthoot Homefin.
Dalian iron ore prices flatten amid production curbs and tight global supply
Dalian iron ore closed Wednesday with little change as investors struggled to deal with reports that steel production was being curtailed in northern China before a military parade, and signs of a tightening of global supply.
The January contract for iron ore on China's Dalian Commodity Exchange closed at 795 Yuan ($110.79).
As of 0707 GMT, the benchmark September iron ore traded on Singapore Exchange was $0.6% lower at $103.8 per ton.
Market sentiment was impacted by reports that steel mills were ordered to reduce production in order to maintain clear skies for a military display to mark the end of World War Two on September 3.
Analysts from ANZ said that the steel industry is highly sensitive to production controls mandated by the government. The short-term effect of these cuts are usually higher steel prices and profit margins. This allows the cost of inputs like iron ore, to increase.
Global iron ore exports have also declined due to the fall in shipments by Australia, the top producer.
Hexun Futures, a broker, stated that on the demand side, steelmills are replenishing their inventories as needed, and daily average hot metal output, an indicator for iron ore consumption, is high.
Galaxy Futures, a broker, says that domestic construction steel is contributing less to the iron ore market, while overseas crude steel and manufacturing demand continues to be high.
A Brazilian dam collapsed in 2015, which halted the company's operations for several year. The court has now approved Samarco to exit bankruptcy proceedings.
Coking coal and coke, which are used in the steelmaking process, fell by 3% and 2.83 %, respectively.
All steel benchmarks at the Shanghai Futures Exchange declined. Rebar fell by 0.92%, while wire rod, stainless steel, hot-rolled coil, and even rebar were all down. ($1 = 7.1758 Chinese yuan). (Reporting and editing by Sherry Jacobi-Phillips, Rashmi aich and Lucas Liew)
(source: Reuters)