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Dominion Energy receives approval from shareholders for merger with NextEra
Dominion Energy announced in a regulatory document on Thursday that its shareholders had approved the previously announced $66.8 billion merger with NextEra Energy. 671.32 millions votes were cast "in favor" of the 'deal. In May, the companies announced their merger plan. This is expected to result in one of the largest electric utilities in the world. Dominion, a Virginia-based company, serves the largest concentration of data centres in the world. After nearly two decades stagnant electricity consumption, a resurgence of electricity demand has led to a wave major utility mergers. The deal is subject to regulatory approval and will create the third largest U.S. Energy Company, behind oil giants Exxon?and Chevron. Its enterprise value will be higher than the combined value of the two next biggest U.S. Power companies. Virginia Governor Abigail Spanberger announced in August that she would intervene during the regulatory review of NextEra’s merger with Dominion. She would be pressing for promises on?electrical bill affordability, job security and clean energy investment. The Governor said that she would become a formal party in the case before the Virginia State Corporation Commission. This would give her access to the filings and the ability to ask questions or raise concerns about the transaction. Maine Governor Janet Mills also said that same month, the deal would give NextEra an excessive amount of control over New England's energy assets. It would also limit competition and make it harder to reduce energy costs. In April, a 'Maine legislation' imposed a ban on the construction of new data centers due to concerns about their impact on energy bills and on the environment.
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Opposition leader: Oil investors need a democratic Venezuela to be stable
Maria Corina Machado, Nobel Peace Prize winner and opposition leader, said in a video on Thursday that only a "serious democratic government" could provide investors with the stability they need. In a signing event overseen by Delcy Rodrguez, interim president of the United States and Chris Wright, U.S. Secretary of Energy, international energy firms committed to expanding their projects in the country on 'Wednesday. Eni, GE Vernova, and Chevron are among the companies that have signed agreements to revive Venezuela's oil industry. The country produces only about 1.25 million barrels of crude oil per day, a far cry from its peak production of 3 million bpd in the late 90s. These deals are distinct from the Caracas-Washington agreement that grants access to 17 oilfields for the U.S. The deals are separate from a Caracas-Washington deal that gives the?U.S. Machado stated in a video that was posted on X, "The United States are the principal partner Venezuela requires to fully develop its strategy potential." "The enemies (of the United States) in Venezuela are sitting at Miraflores today." We all have to ensure that the strategic partnership between Venezuela, the United States and both countries is properly implemented. She added, "We must attract capital, and sustain long-term investments under conditions of profitability, security and certainty, and deliver a real reduction of Venezuela's country risks." "This is only possible if a serious democratic government provides stability and legitimacy." TRUMP?ADMINISTRATION TIES Machado has spent years cultivating close relationships with the Trump Administration, which in January removed Venezuelan president Nicolas Maduro. She has been living outside Venezuela since late last, when she fled after hiding to accept her Nobel Prize. Since then, his former vice president Rodriguez has taken the reins. U.S. officials have defended Washington's deal with Venezuela, including Secretary Marco Rubio who is close to Machado. They argued that it was part of an effort to align Venezuela's?energy industry?with America while also helping rebuild a country ravaged by corrupt practices. I just don't believe they are ready yet. It's a very new thing. We got them out of a dictature, and now we get along well with the government," U.S. president Donald Trump told journalists on Wednesday. He praised?Rodriguez. "But soon. "We look forward to doing it soon." DEAL DETAILS QUESTIONED Speaking at a Thursday press conference, Vice President JDVance said that Washington's agreement would benefit both countries, while increasing global oil supplies and lowering gasoline prices. However, he did not give a timeline. Vance, without going into detail, said that "a lot of revenue will go to the people in Venezuela, but it also... puts us in a position where the American people can receive directly some of the royalty payments." Machado stated on Thursday that it was unclear what the "true scope of the deal" was, who would be signing it, what kind of guarantees would be provided, and what the benefits were for Venezuelans. International observers have criticised the official results for a presidential election in 2024, which Machado’s political movement claims it won with a landslide. Venezuela's top court and electoral authorities said Maduro won.
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UK loans $541 Million to Brazil's Tropical Forest Fund
The British government will lend PS400 million ($541.04million) to the Tropical Forests Forever Facility. This initiative, led by Brazil, is designed to fund?the conservation of endangered forest. Brazil launched the initiative at the COP30 U.N. Climate Summit last?year? with the ambition of raising $10 billion in public money within its first year. It has already raised almost three quarters of this target. The TFFF is an innovative model that manages the fund 'like an endowment' and pays eligible countries an annual stipend based on their tropical forest remaining standing. Britain supported the concept at the summit, but didn't make an initial taxpayer-funded contribution. The then-Prime minister Keir starmer's government was under pressure to balance the books "at home". Andy Burnham has said that some of Britain's climate contributions abroad should take the form of loans and not grants. The UK Department for Energy Security and Net Zero in Britain said that the UK's investment as a loan and not a grant ensures value for British taxpayers. Burnham stated in July that the money saved from converting climate project contributions into?loans' would be used to fund a bus fare cap. Mauricio?Voivodic, executive -director of?WWF Brazil, described the UK's "very significant" commitment, adding that "it reinforces a needed change in the way the world recognizes?the conservation?of tropical forests and finances it." Two sources said that they expect to reach the $10 billion target by year's end. If this happens, further funding from the United States could be made available. The TFFF aims at raising $125 billion in total, including $25 billion from public institutions and governments.
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Stocks rally after Fed Governor Waller's comments on bond yields
Bond yields fell on Thursday, as Federal Reserve Governor Christopher Waller's comments signaled a willingness for the Fed to be patient in raising interest rates. Waller said in remarks at a NEXT Newsmaker event that if upcoming data?confirmed?inflation pressures were cooling off, he was inclined to argue for keeping interest rates steady at the next policy meeting of the U.S. central bank. In remarks for a NEXT Newsmaker, Waller said that if upcoming data 'confirmed' a cooling of inflation pressures, he would be inclined to advocate keeping interest rates constant at the next meeting of the U.S. Central Bank. After the comments, the expectations for an increase in rates at the Fed’s mid-September meetings dropped. According to CME FedWatch, the market is now pricing in roughly a 50% chance of a hike compared to 63.2% the previous session. The global bond yields jumped this week, as inflation fears grew with the U.S. - Iran war's biggest flare-up since the summer and the rise in oil price. Bruce Zaro is the managing director of Granite Wealth Management, Plymouth, Massachusetts. In the absence of (Fed chair Kevin) Warsh's forward guidance, you have the governors expressing their opinions. You have hedge fund managers saying that, contrary to what you might think, this is a good time to buy bonds because the total amount of debt does not seem like a problem. The yield on the 10-year Treasury note benchmark fell 3.6 basis point, on track for its biggest drop since August 25 to?4.758%. The yield of the 10-year Treasury note reached 4.818% on Wednesday, its highest level since November 1, 2023. The yield on the 10-year German note was down by 2 basis points at 3.353%. The Yen jumps on rate hike bets As traders increased their bets that the Bank of Japan would raise interest rates, the Japanese yen rose by 2% against U.S. dollars. Following Waller's remarks, the dollar continued to lose value. The dollar index (which measures the greenback in relation to a basket of currencies, including the yen and euro) fell by 0.72%, reaching 98.88. The sudden, sharp rise of the yen in relation to the dollar on Tuesday sparked speculation that Japanese officials were intervening to support the currency. However, analysts pointed out BOJ data which showed no official intervention. Investors are eagerly awaiting Friday's U.S. jobs report to get more information. The Dow Jones Industrial Average rose by 613.15 or 1.16% to 53,675.10; the S&P 500 gained 75.23 or 0.98% to 7,741.83?and the Nasdaq Composite jumped 336.84 or 1.29% to 26,555.54. The MSCI index of global stocks?rose 11,82 points or 1.03% to 1,154.69. The pan-European STOXX 600 Index rose by 0.49%. John Williams, the New York Fed president, said that on Wednesday he still needed to collect information before he made his next monetary policy decision. Brent crude reached $95.75 a barrel, an increase of 0.13% for the day. U.S. Crude rose by 0.74%, to $91.69 per barrel. The U.S. strike on Iran and the renewed Israeli threat against Tehran have fueled fears about disruptions.
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UK pledges $541 Million to Brazil's Tropical Forest Fund
The United Kingdom announced on Thursday that it would invest PS400,000,000 ($541,000,000) in the Tropical 'Forever Facility' (TFFF), a Brazil initiative designed to?finance?the protection of endangered forest. Brazil's announcement of the TFFF was a major project at the COP30 talks on climate change last year. The United Kingdom's refusal to?contribute to the fund was met with criticism because the UK helped design the fund. The TFFF aims at raising $125 billion from governments, public institutions and other sources, including $25 billion. This money will be used to compensate countries based on how well they preserve forests. In a press statement, the UK government announced that the commitment would be structured as a loan, signaling its climate finance strategy of acting as "an investor instead of a donator." The statement stated that the investment is subject to due diligence and the UK's role in overseeing the fund. Mauricio?Voivodic, executive -director of WWF Brazil, described the UK's pledge as "very significant,"?adding it "reinforces a needed change in the way the world recognizes?and finances the conservation of tropical forests." Two sources say that Brazilian officials expect to reach their goal by the end of this year.
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Aluminium reaches a three-week high due to tight supply and a weaker dollar
Aluminium prices rose for the fifth consecutive session on Thursday. They reached their highest price in over three weeks due to tight supply and a weaker dollar. As of 1600 GMT, the benchmark three-month aluminum?on London Metal Exchange was up 0.8% to $3,308.50 per metric tonne. Metal prices had risen to $3,328.50 earlier today. This was the highest since August 12. EwaManthey, commodities analyst at ING, said: "Aluminium's price is being supported by tightening physical markets and the expectation of stronger seasonal demand in China." LME aluminium stocks The Shanghai Futures Exchange inventories of metals in China are at the lowest since 1990. Shanghai Futures Exchange stocks in China, the top metals consumer, are at their lowest level since 1990. Since June 12, the number of tons has fallen by 11 weeks, dropping from 528,885 to 391,498. Analysts predict that the aluminium market will remain deficient this year, despite the hopes of a return in supply from Middle East smelters which account for about 9% global capacity. The LME complex also gained 0.8%, to $14.327.50 per ton. This was due to a weaker dollar and the diminishing expectations of a 'U.S. The Federal Reserve is expected to raise interest rates in this month. Dollar-denominated commodities are more affordable to holders of currencies other than the U.S. dollar when it is weaker. Data showed that U.S. imports of copper reached a record monthly high of 225,000 tons around July. The LME curve for copper remained in reverse, which indicates near-term tightness. However, the premium of cash contracts over three-month forwards was higher. As stocks became available, the price of a ton has dropped to $68 from over $500 on August 17. The average has risen. Backwardation is when the price of prompt delivery is greater than future contracts. Zinc, on the other hand, rose?1.1%, to $3,904.50, after hitting a high of four years near the $4,000 level on Tuesday. Zinc backwardation for three months The price of zinc at the LME was $138 despite 9,975 tonnes of deliveries to LME warehouses Wednesday, which eased some?the shortage. LME zinc stocks that are available, or those on warrant Now stand at 80.225 tons. Exchange data shows that one entity controls more than half of the LME zinc warrants, cash contracts and exchange rates. This gives it a significant degree of control over physical supply. Nickel fell 0.7% and lead rose 0.5%, to $1,903.50 per ton. Tin increased 1.1%, to $54,840, while tin gained 1.1%, to $54,840.
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Libya's NOC reports drone attempt at fuel depot
The National Oil Corporation (NOC), a state-owned company, said in a press release that a remote-controlled 'drone' attack on a fuel depot in Tripoli, Libya, caused?minor damages. As a precaution, the NOC stated that teams of technical experts had started removing fuel from tanks. No one has claimed responsibility for the attack and the authorities have not revealed who they believe was behind it. The attack caused minor damage to tanks and pipelines no. Ahmed Al-Masallati is the?spokesperson of Brega Petroleum Marketing, who are responsible for Libya's fuel supply. The incident had no impact on supply operations and there were no casualties reported. Since the 2011 uprising, which toppled Muammar Gaddafi after a long period of chaos and turmoil, Libyan oil installations have been repeatedly attacked and?closed for various technical and political reasons. In August, several explosive-laden drone strikes targeted fuel tanks in the western part of 'Tripoli. One tank was completely destroyed. The NOC stated that attempts to target oil facilities represent "a direct threat to the supply system".
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Colombia repeals 10 Resolutions that restrict mining in certain areas
Mining Minister Maria Nohemi Arboleda stated that the Colombian government repealed 10 resolutions on Thursday which restricted the exploration and exploitation of natural resources in certain parts of the country. The previous leftist government had established the resolutions. Abelardo De La Espriella, the new right-wing president of Ecuador, has "promised" to reverse policies that limit oil and mining in an effort to boost the country's economy. Abelardo De La Espriella, the new right-wing president, has 'promised to roll back policies limiting oil and mining?in a bid to boost the economy. "Mining districts were intended to bring order to land use and to support mining regions. They were, however, used to replace mining and were poorly designed. As a result, they discouraged exploration and investment, which dealt a blow to the small-scale mining and efforts to formalize this sector," Arboleda stated during a mining confrence in the city of Cartagena. She added, "We will eliminate a large number of procedures and we'll be flexible because we want to see results." Juan Camilo?Narino President of the Colombian?Mining Association told? In August, Juan Camilo?Narino, president of the Colombian?Mining Association, told?odatăzeug?? The association claims that the South American nation has significant copper, gold, nickel, and coal potential.
Mongolia, a coal-rich country, aims to increase trade with China despite the risk of dependence
Mongolia hopes to increase trade with China by more than 10% this year, as it is the largest destination for its coal and mineral exports. This will help further strengthen its economic dependence on China.
The two-way trade is expected to reach $20 billion this year, Ukhnaa Khuraelsukh, the President of Mongolia, told Wang Yi, Chinese Foreign Minister, during his first visit to Ulaanbaatar over the weekend.
This is a rise of over 10% from 2025 despite the Iran War limiting the economic outlook of?the second largest economy in the world at a time when domestic demand has been stagnant.
Chinese customs data show that two-way trade dropped to $17.7 billion last year, from $18.3 in 2024.
In a statement issued on Monday, the neighbours committed to boosting economic and trading ties but did not specify a specific goal for trade.
According to estimates from international organizations, every 1% increase in the?China economy can lead to a 4% increase in Mongolian exports, and a 0.6% boost in its economic growth, Wang said at a Saturday press conference after meeting with his Mongolian counterpart.
"The trade momentum has been quite positive," said Xu Tianchen senior analyst at Economist Intelligence Unit. "China is ready to accept the increasing copper production in Mongolia."
He said that China's coal demand is likely to grow after the mining disaster in northern Shanxi killed 82 workers, placing pressure on domestic coal supply.
Data from Chinese customs shows that Mongolia, a landlocked country sandwiched in between China and Russia, shipped more than 80 millions metric tons (tonnes) of coal last year.
Wang stated that a second railway link will boost connectivity between the two countries.
"All eyes are on the ?completion of the Gashuunsukhait-Gantsmot border crossing railway, which will facilitate trade even further," added Xu.
Wang announced that China would supply 1,000,000?doses? of vaccines to Mongolia in order to combat a recent outbreak?of foot-and-mouth?disease?in its livestock.
Khurelsukh said that as the relationship between China and Mongolia grows, Mongolia will refrain from taking any action that would harm China's interest, irrespective of its relations with other countries. (Reporting and editing by Clarence Fernandez; Xiuhao chen, Ryan Woo)
(source: Reuters)