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Greylock withdraws from steering committee of Venezuela creditor group, sources claim
Greylock Capital is withdrawing from its "steering" committee role on the Venezuela Creditor Committee, but will still remain a part of the larger group, according to two sources. This move may be seen as an early indication of tension within the group as they wait for Venezuela's financial adviser, Centerview Partners to provide a report on debt sustainability later this month, ahead of what could be one of the largest and most complex debt restructurings undertaken. Analysts estimate that the?government and Petroleos de Venezuela's (PDVSA), which is Venezuela's state oil company, have about $60 billion in?bonds currently in default. Once interest accrued, other claims, and arbitration awards are added, analysts believe that total liabilities may exceed $150 billion. The steering committee is a core group composed of major creditors who coordinate?negotiations, formulate restructuring proposals and work to align wider?creditor participation under agreed terms. Thomas Laryea, the group's Orrick legal advisor, stated that the VCC steering comittee was "substantially" the same, and that the broader?creditor participation had increased since January. This group includes GMO Fidelity T. Rowe Price Mangart Capital and Morgan Stanley Investment Management. Houlihan Lokey, the?group's?financial advisor, did not respond immediately to a comment request. Reporting by Marc Jones and Rodrigo Campos; editing by Dhara Raasinghe
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Gold falls as Fed signals hawkish boost dollar and rate hike bets
Gold prices fell on Thursday as a result of hawkish signals from the Federal Reserve, a stronger dollar and the U.S. Iran ceasefire agreement that lowered inflation fears and pushed oil markets down. At 1:30 pm, spot gold was down by 0.8% to $4,225.39 an ounce. ET (1730 GMT). Last week, prices reached their lowest level since November 2025. U.S. Gold Futures closed 3.1% lower, at $4,245.9. The Fed's hawkish stance yesterday was the most important thing. The dollar is at new heights for the year. This, in turn, keeps gold under pressure, said Peter Grant. Nine out of 19 policymakers believe that a rate hike is needed later in the year. After the policy announcement, the U.S. Dollar climbed and reached a new high of one year on Thursday. This made greenback-priced gold more expensive for foreign buyers. According to the CME FedWatch Tool, markets are pricing in an 85% probability of a U.S. interest rate increase in December. This is higher than 61%, which was the chance before the Fed made its policy statement. In an environment of high interest rates, gold, which is a non-yielding investment, struggles. Since the start of the Middle East conflict, prices have been under pressure as fuel costs increased and inflation fears were stoked. On Wednesday, the U.S. and Iran released a text of a interim agreement that their presidents had signed to end their conflict. U.S. President Donald Trump threatened to resume attacks on Iran and to kill Iranian officials?if they did not honor their commitments. Brent futures fell to their lowest level since March 2, the first trading day after the initial U.S.-Israeli strike on Iran. WTI was at its lowest point since March 4. Silver fell by 3%, to $65.96 an ounce. Platinum dropped 1.9%, to $1703.94, while palladium lost 2.2%, to $1285.96. (Reporting and editing by Tasimzahid and Daniel Wallis; Bengaluru-based Anjana Anil)
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GRAINS-CBOT Soybeans fall from two-week-high as US dollar strength weighs down on market
The Chicago Board of Trade soybeans futures dipped on Thursday after hitting a two-week high in the previous session. A stronger dollar and lower oil prices tempered a rally fueled by talk of Chinese consumption. The rebound on grain markets has slowed, as traders adjust their positions in anticipation of the US holiday weekend. The traders reported that a flurry of U.S. news about exports on Thursday morning kept prices a little bit lower. Exporters sold 132,000 tons of?U.S. The U.S. Department of Agriculture reported that it sold soybeans to China and another 120,000 tons of beans to unidentified destinations. It also said that 285,775 tonnes of corn were shipped to Mexico. USDA reports that all are for delivery during the 2026/27 year. Many market traders worry that China will not purchase the soybean volume USDA predicted for this year. It's not surprising, then, that China has?returned to U.S. markets as prices have fallen. Chuck Shelby, market analyst and broker for Zaner 'Ag Hedge, said that the buyers were value-based. With the price drop, it's logical that buyers would want to get a better deal. Shelby stated that traders will be looking for stress signs in the Midwest corn and soybean crops as we move into next week. Shelby said that recent heavy rains in eastern Iowa, central Illinois, Indiana and parts of Ohio, have prevented farmers from spraying or applying nitrogen fertilizers. The excess water could also be harmful to plants. Shelby explained that "when you look at the total rainfalls in these areas during June, you will see an excessive amount." "I would expect crop rating conditions to begin falling." At 11:54 AM CDT (1654 GMT), the most active soybean contract was down by 0.63% to $11.42 per bushel. The benchmark reached a two week high on Wednesday after recovering from a four month low on Monday. CBOT Wheat was down 1.69% at $6.10-3/4 bushels, while CBOT Corn lost 1.13% at $4.16-1/4 bushels after reaching a week-high. Chicago's markets will be closed on Friday, Juneteenth for the holiday. Dollar index reaches a new high of one year after Federal Reserve policy meeting reinforced expectations that interest rates will be raised in the United States this year. A stronger dollar makes U.S. commodities dearer for overseas buyers. Crude oil dropped to its lowest level since the beginning of the 'Iran War' as a temporary deal to end the conflict and reopen Strait of Hormuz improved the global supply outlook. The rise of Russian attacks against Ukrainian seaports, vessels and terminals could reduce monthly grain shipments as much as one third. Terminal operators are now facing losses that they claim they can't cover on their own. (Additional reporting from Gus Trompiz and Naveen Thkral in Singapore, with editing by Kirby Donovan.)
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The top cases in the US Supreme Court docket
The U.S. Supreme Court has been deciding important cases in its current term. These include voting rights, presidential power, tariffs and birthright citizenship. Other issues are race, transgender sportspeople, campaign finance laws, LGBT "conversion therapies" and federal agency authority. The term began in October, and will run through the end of June. Separately, the court has also acted in emergency cases in several cases that challenge President Donald Trump's policy. VOTING RIGHTS ACT On April 29, the court gutted a crucial provision of the Voting Right Act, making minorities less likely to challenge electoral maps under the landmark civil right law as racially biased. The court blocked an electoral map which would have given Louisiana a 2nd U.S. Congress district with a majority of Black people. The decision severely undermined Section 2 in the Voting Rights Act which Congress passed to prohibit electoral maps that could dilute the power of minority voters. The ruling allowed Republican-led Southern States to demolish Democratic-held districts with majority-Black or majority-Latino voters ahead of November's midterm elections. After the Supreme Court gutted another part of the Voting Right Act in 2013, Section 2 gained more importance as a barrier against racial bias in voting. Black and Latinos tend to vote for Democratic candidates. Birthright Citizenship The court expressed skepticism about the legality of Trump’s directive on April 1, to restrict the birthright citizenship of Americans. The justices asked the administration's attorney about the legal validity and practical implications of Trump's order. The lower court ruled against Trump's executive order that instructed U.S. agencies to not recognize citizenship for children born in the United States. If neither parent is a legal permanent resident or an American citizen, this is also known as a "green-card" holder. The court found that Trump's policies violated both the 14th Amendment of the U.S. Constitution and a federal law codifying birthright rights. The Supreme Court will likely rule by the end June. TRUMP'S TARIFFS On February 20, the justices struck down Trump's sweeping trade tariffs, which he pursued in accordance with a law intended for national emergencies. This ruling has major implications for 'the global economy'. The ruling, which was 6-3 in favor of the lower court's decision, confirmed that Trump had exceeded his authority when he used this 1977 law. The court ruled that Trump's claim to have the authority to impose tariffs was not supported by the law in question, the International Emergency Economic Powers Act (IEEPA). Congress has the power to impose taxes and tariffs, not the President, according to the U.S. Constitution. Tariffs are at the heart of a global trade conflict that Trump started after he entered his second term in office. This war has alienated trading partner, affected financial markets, and created global economic uncertainty. TRUMP'S FIRE OF FED OFFICIAL Justices expressed skepticism about Trump's attempt to fire Federal Reserve governor Lisa Cook, a move that could threaten the independence of the central bank. The justices said they would not grant Trump's request for a judge to overturn a decision that prevented him from firing Cook immediately while her legal case is being resolved. Congress created the Fed by passing a law, the Federal Reserve Act, that contained provisions designed to protect the central bank against political interference. The law stipulated that governors could only be removed "for cause" and did not specify the procedure for removal. Trump claimed that Cook's firing was due to unproven allegations of mortgage fraud, which she has denied. Cook, who is still in her position for now, said that the allegations were a pretext used to fire Cook over differences of monetary policy, as Trump pressures the Fed to reduce interest rates. The ruling is expected to be made by the end June. PROTECTED STATUS OF IMMIGRANTS On April 29, the justices heard arguments examining Trump's administration's actions to strip humanitarian benefits from hundreds of thousands Haitian and Syrian migrants, as part of his signature crackdown on immigration. The Trump administration appealed two federal judge's rulings that halted its efforts to terminate Temporary Protected Status (TPS), which the U.S. Government had previously granted to over 350,000 Haitians and 6,100 Syrians. Some conservative justices seemed to agree with the administration that courts could not second-guess the decision of the government to end TPS. Several justices questioned also the claim of the challengers, that the administration failed to follow mandatory protocols when making decisions in accordance with the law governing TPS. The ruling is expected to be made by the end June. Federal Trade Commission Firing The conservative justices of the court have indicated that they will uphold Trump's legality in firing a Federal Trade Commission Member and give an historic boost to president power, while also putting at risk a 90-year old legal precedent. On December 8, the court heard arguments in the Justice Department appeal of the lower court's ruling that the Republican President exceeded his authority by dismissing Democratic FTC member Rebecca Slaughter before the term she was due to finish. The conservative justices seemed sympathetic to the Trump Administration's argument that tenure protections granted by Congress to independent agency heads unlawfully infringed on presidential powers under the U.S. Constitution. Trump was allowed to remove Slaughter until the case concluded. The court is expected to make a decision by the end June. TRANSGENDER SPORTS PARTIcipation The conservative justices seemed ready to uphold the state laws that ban transgender athletes from participating in female sports teams, amid an escalating nationwide effort to restrict transgender rights. On January 13, the court heard arguments from Idaho and West Virginia in appeals of lower courts' decisions siding with transgender student who challenged the bans imposed in both states for violating the U.S. Constitution as well as a federal antidiscrimination act. 25 other states also have laws similar to Idaho's. The conservative justices expressed concerns over imposing a uniform law on the whole country, amid a sharp disagreement and uncertainty about whether medications such as puberty-blocking hormones or gender affirming hormones remove male physiological advantages in sport. The ruling is expected to be made by the end June. LGBT "CONVERSION THERAPEUTY" The court rejected on March 31, a Democratic-backed Colorado Law that prohibited psychotherapists from utilizing "conversion talk therapy" intended to change a LGBT minor's gender identity or sexual orientation. The 8-1 decision sided with the Christian licensed counselor who argued that the ban was an intrusion into free speech rights. The Colorado court rejected the argument that their law only protected speech, but regulated professional conduct. The court reversed a lower-court decision which had upheld a law brought by Kaley Chiles who argued it violated First Amendment protections from government abridgment. HAWAII GUNS LAW The conservative Justices expressed skepticism about a Hawaii gun law which restricts the carry of handguns in public places, such as businesses. They appeared ready to expand the right to own a firearm again. On January 20, the court heard arguments in an appeal filed by opponents of the law, backed by Trump's administration. The challengers were appealing a ruling that Hawaii’s Democratic-backed measure complies likely with the U.S. Constitution’s Second Amendment right. Hawaii's law demands that a property owner "expressly authorize" the bringing of a handgun on private?property accessible to the public. Four other states in the United States have laws similar to Hawaii's. The ruling is expected to be made by the end June. Drug Users and Guns The court, on June 18, limited the application of an U.S. Law that prohibits firearms possession by some drug users. It rejected a position taken the Trump administration which threatened the rights of millions Americans who use marijuana while owning firearms. The justices upheld the decision of a lower court to dismiss a charge of illegal gun possession brought under the law in question against Ali Hemani. Hemani is an American-Pakistani who lives in Texas and told authorities that he regularly used marijuana. The Supreme Court found the government failed to prove that its prosecution of Hemani complied?with the U.S. Constitution’s Second Amendment right "to keep and bear arms." CAMPAIGN FUNDING The court heard arguments in December 9 on a Republican-led attempt to overturn federal limits on spending by parties and candidates coordinated with each other in a case that involved Vice President JDVance. The conservative justices seemed to be sympathetic towards the challenge. However, the three liberal members of the court appeared inclined to maintain the spending limits. The debate centers around whether federal limits on campaign spending coordinated with candidates' input violate First Amendment protections against government abridgment. Vance and Republican challengers have appealed the ruling of a lower court that upheld restrictions regarding the amount of money political parties can spend in campaigns, with input from candidates who they support. This type of spending is called coordinated party expenses. The ruling is expected to be made by the end June. MAIL-IN-BALLOTS On March 23, conservative justices expressed skepticism about a Mississippi law that was challenged by Republicans. The law allows for a five-day period of grace to allow mail-in votes received after Election Day be counted. This case could lead to stricter voting laws across the country. The Trump administration supported the challenge against Mississippi's law that allows mail-in votes sent by certain voters be counted as long as they are postmarked before Election Day and received within five business days of a federal election. In Mississippi, absentee voting is only available to certain categories of voters. These include the elderly, disabled and those who live away from home. A lower court ruled that the law was unconstitutional. The court is expected to rule by the end June. U.S. ASYLUM - PROCESSING: The court seemed likely to rule for the Trump administration's defense of its authority to reject asylum seekers if officials deem U.S. - Mexico border crossings to be too overburdened to process additional claims. On March 24, the court heard arguments in a dispute over a policy known as "metering," which Biden's administration dropped in 2021. The Republican president may want to reinstate it. It allowed U.S. immigration officers to stop asylum seekers and refuse to process their applications indefinitely. The decision is expected to be made by the end June. WEEDKILLER CANER CLAIMS The court seemed divided on Bayer AG’s attempt to close down thousands of lawsuits alleging that the German company failed to warn users of the active ingredient of its Roundup herbicide causing cancer. On April 27, the court heard arguments in Bayer’s appeal of a Missouri state court jury verdict awarding $1.25million to a man called John Durnell, who claimed he had been diagnosed with non-Hodgkin's lymphoma following years of exposure. The lower court rejected Bayer’s argument that U.S. pesticide law bars lawsuits based on claims made under state laws. The ruling is expected to be made by the end June. Human Rights Abuses Around the World The court heard arguments in April 28 on a case that has broad implications for American human rights litigation. Members of the Falun?Gong spiritual movement have accused Cisco Systems, of facilitating religious persecu- tion in China. Cisco appealed the 2023 ruling of a lower court that gave new life to the 2011 lawsuit brought under the Alien Tort Statute of 1789. The case accused Cisco of developing technology which allowed China's Government to monitor and persecute Falun-Gong members. Cisco asked the court to limit the scope the Alien Tort Statute which allows non-U.S. Citizens to sue in American courts over violations of international laws. The court is expected to make a ruling by the end June. SEC "DISGORGEMENT" POWER On June 4, the court rejected a challenge against the U.S. Securities and Exchange Commission’s broad authority to recover illicit profits through a financial remedy known as disgorgement. This strengthened one of the key powers of the Wall Street watchdog. The court upheld the decision of a lower-court that had supported a broad use of disgorgement powers by the SEC. In this case, the Trump administration defended the SEC. The case was brought by an?defendant' who was ordered to pay more than $3,000,000 in ill-gotten gain and interest by a California court at the SEC's request. FCC FINES FOR WIRELESS CARRIERIES The Supreme Court ruled on June 4, defending the Federal Communications Commission system of levying fines and ruling against AT&T's and Verizon's challenge to the agency. Trump's administration defended FCC's system of assessing financial penalties known as forfeiture order. The carriers argued that FCC's internal proceedings deprived them their right to a trial by jury under the U.S. Constitution. 'GEOFENCE" WARRANTS On April 27, the court heard arguments in a Virginia case about whether or not law enforcement's use a "geofence warrant" to identify suspects using data from a?cellphone near crime scenes is a violation of the Fourth Amendment's bar against unreasonable searches. Geofence warrants approved by the court compel companies, such as Alphabet’s Google in this instance, to search for mobile devices near crime scenes around the time of the crime. In this case, a defendant pleaded conditionally guilty to robbing an institution of higher learning while reserving the right to argue against evidence obtained from what he believes was an illegal search. The ruling is expected to be made by the end June. CRISIS PREGNANCY COUNTER The court sided on April 29, with the operator in New Jersey of Christian faith-based "crisis pregnancies centers" that are anti-abortion and trying to impede an investigation by the state into whether these facilities engage in misleading practices. First Choice Women's Resource Centers brought a lawsuit against a subpoena issued by the state attorney general in 2023 to obtain information about the donors and doctors of the organization. The lawsuit had been dismissed by a lower court. First Choice's facilities are designed to discourage women from getting abortions. RASTAFARIAN INMATE The conservative justices seemed inclined to reject the Rastafarian inmate's attempt to sue Louisiana state prison officials after they shaved his head in violation of religious beliefs. On November 10, the case was argued in front of the court under a federal statute protecting incarcerated persons from religious discrimination. Plaintiff Damon Landor's religion requires that he let his hair grow. He appealed the decision of a lower court to dismiss his lawsuit, because they found that the statute in question did not allow him to sue officials for money damages. The ruling is expected to be made by the end June. DEATH ROW INMATE A man convicted in Alabama of a murder committed in 1997 was spared the execution on May 21, after the court upheld a ruling that the inmate has intellectual disabilities and is therefore ineligible to receive the death sentence. Alabama officials appealed a lower court decision on how to determine Joseph Clifton Smith’s intellectual capacity. The justices rejected the appeal. This method involved weighing the multiple intelligence quotient (IQ) test scores along with expert testimony. In a 2002 Supreme Court decision, the court ruled that executing a person with intellectual disabilities violated the Eighth Amendment of the U.S. Constitution prohibiting cruel and unusual punishment. JURY COMPOSITION On May 28, the justices sided with an inmate on death row who claimed that prosecutors had discriminated against him by excluding Black potential jurors in a trial where he was found guilty in 2006 of his involvement in the murder?of a supermarket owner. The justices found that the state courts of Mississippi had not evaluated Terry Pitchford’s claim that four Black prospective jurors were unlawfully dismissed, in violation of a 1986 Supreme Court precedent called Batson v. Kentucky which prohibits exclusion based on race. SENTENCE REDUCTIONS The court ruled that on May 28, judges could not order early release of prisoners based on the fact that they would receive shorter sentences following the 2018 criminal justice reform law. The court upheld lower-court decisions against two Pennsylvania men who were convicted of armed burglaries and sought compassionate release on the basis of the First Step Act that Congress passed many years after their sentences. SECURITIES LITIGATION The court sided on June 11, with a group investment funds affiliated to BlackRock and other asset management firms in their attempt to defend against certain lawsuits filed by private plaintiffs based on a federal securities law. The court reversed an earlier ruling that allowed the hedge fund Saba Capital Master Fund, to sue the Investment Company Act of 1941 to invalidate fund bylaws that restricted the voting rights of activist shareholders. The Trump administration backed BlackRock and FS Credit Opportunities, as well as other funds in the case including Adams Diversified Equity Funds, Adams Natural Resources Funds and Royce Global Trust. COX COPYRIGHT DISSENSION The court ruled that Cox Communications could not be held responsible for the piracy of songs by subscribers to its internet service. These labels included Sony Music, Warner Music Group Universal Music Group, and others. This ended their multi-billion dollar music copyright suit. The ruling of 9-0 overturned the decision by a lower court to order a trial to determine the amount the internet service provider was liable for the record labels under a form liability known as contributory copyright violation. Cox said that a retrial would have resulted in a verdict of up to $1.5 billion against the Atlanta ISP. PHARMACEUTICAL SKINNY LABELS The court ruled that the generic version of Amarin Pharma Vascepa, a cardiovascular medication made by Hikma, did not violate Amarin Pharma patents. This decision could make generic drugmakers more resistant to patent suits involving "skinny label" claims. The justices reversed a decision by a lower court in favor of Amarin. Generic drugmakers argued that Amarin's victory in the case could have deterred them from producing and selling their cheaper drugs, and raised U.S. drug costs.
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Italy's highest court clears Milan prosecutors of Eni Nigeria charges
The top court of Italy acquitted on Thursday two prosecutors from Milan who were accused of not submitting documents that would have supported the position of energy group Eni in an international corruption case. Eni, Shell and all other defendants were acquitted of the charges in March 2021, in what had been described as the largest corruption case in the oil industry, relating to the $1.3 Billion acquisition of an oilfield in Nigeria more than 10 years ago. The Italian highest court, the Court of Cassation, reversed a lower-court ruling and acquitted Prosecutors?Fabio de Pasquale, and Sergio Spadaro. They said "the offence doesn't exist". "My colleague Fabio Federico and I are really happy." "This ruling brings justice to many years of suffering", said Massimo Di Noia one of the prosecutors lawyers. In October 2025, judges in Brescia, a northern city in Italy upheld a sentence of eight months in prison. They found that the two prosecutors failed to fulfill their duty by failing to submit documents which could have?aided the defense. De Pasquale and Spadaro were not available to comment on the decision, which was made after a five-year investigation. In the appeal in Brescia, Spadaro stated that "there was neither a refusal nor an omission", and that the prosecutors acted according to "conscience and law". The Milan court which?acquitted Eni, Shell and other defendants, had stated that the prosecutors did not file among the trial documents a video taken by an ex-?external attorney for Eni?that they deemed relevant to this case. Brescia courts has jurisdiction in cases involving judges, prosecutors and other officials from Milan. Reporting by Emilio Parodi. Mark Potter edited the article.
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Scheffler's US Open bid to win a career Slam is off to a rocky start
Scottie Scheffler had a tough start to his quest for a career Grand Slam on Thursday, when he shot a three over par during the early first round of U.S. Open play at Shinnecock Hills Golf Club. Masters champion 'Rory McIlroy' was even par through nine holes. The world number one Scheffler couldn't get his putter moving as he only managed to make one birdie on the front nine. Windy conditions, with gusts of up to 54 kph (34 mph), tested the field. A thick fog blanket forced a delay of two hours in the first round. Scheffler is a two-time winner of the Masters and is now attempting to complete his career Grand Slam after winning both the PGA Championship and British Open last year. He misjudged his putt on the par four eighth hole, resulting in a double bogey. Scheffler started alongside amateur Mason Howell, and defending champion J.J. Spaun. Last year, J.J. Spaun rolled a'monster 65-foot putt to win the championship by two strokes over Scotland's Robert MacIntyre. The toughest test in golf USGA Chief Championships officer John Bodenhamer said to reporters this week that measures had been put in place to slow the greens down. Standstill traffic in the fashionable seaside town delayed ticket holders for the 156 player tournament. The field included 12 former U.S. Open winners and 49 debutants. McIlroy, a man who won his own career slam in Augusta a year earlier and who retained the Masters title last April, began on the back nine. He grinned when a gust of air knocked off his hat at the 13th hole. Adam Scott was playing in his 100th successive major, which began at the 2001 British Open. The 45-year old Australian was two shots over par after nine holes. Two of the 13 LIV Golf players in the field have afternoon tee time. These are former champions Jon Rahm (left) and?Bryce DeChambeau (right). Among those who started late were Aaron?Rai (PGA Championship winner) and the high profile trio of Xander Schauffele, Justin Thomas and Hideki Matsuyama. The field score at Shinnecock Hill in 2018 was 74.65. This is the highest average scoring relative to par over the past 18 years. Reporting by Amy Tennery, Southampton, New York; and Frank Pingue, Toronto. Editing by Toby Chopra, Pritha, Sarkar and Toby Chopra.
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Radev, Prime Minister of Bulgaria, says Bulgaria will not accept new EU sanctions against Russia
Rumen Radev, Bulgaria's Prime Minister, said that the country will veto the latest European Union sanctions package against Russia. This is because they may negatively impact its economy. Also, because their government does not agree with the sanctions against a Russian Bishop. The EU's sanctions list was expanded on Monday by adding a total of?34 people and 47 entities that are linked to Russia’s military and industrial complex. It also includes a shadow fleet?of?oil-and-gas tankers?and others who have been involved in political interference. This includes a Russian Orthodox bishop. Radev said that the operation of Lukoil, the Russian oil company, which is one of the biggest motor fuel retailers in Bulgaria, and operates the only refinery in the country, Burgas, was at risk. "We want to exclude it from the list," Radev said, a prorussian eurosceptic. Radev won the April parliamentary elections after stepping down as Bulgaria's mostly ceremonial president to run. He also mentioned the potential disruption of the?supply for the Sofia Metro as well as fertilisers. Radev stated that "all these issues will need to be addressed by the EU's decision making bodies." How have sanctions impacted the war? In what way did they help peace? Radev stated that Bulgaria is not in agreement with the sanctions imposed against dignitaries from?the Russian church. This war has already surpassed the trenches; we can now see its impact in sports, culture and on economics. It is only a matter of time before it also engulfs religion. Radev did say that Bulgaria would not obstruct EU decisions about Ukraine. He said: "We will support Ukraine's accession process to the EU."
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Industry body warns that Mozambique’s new rules on mine ownership could discourage foreign investment
A Mozambique executive said that the new law, which requires the state to have a 15% share in all mining ventures, could discourage foreign investment. The'southern African nation' is among the world's leading producers of graphite. This material is used to make batteries for electric cars and energy storage. Mozambique claims it has amended its mining law to "strengthen its management of strategic resource in defence of?national interests", but the Chamber of Mines of the country fears that it may upset?investors. Geert Kok, vice-president of the industry group, said at a mining conference held in Victoria Falls, Zimbabwe, "We regret that we will see a minimum of 15% state free carry stake in mining companies. We 'fear this will not make Mozambique more attractive as a destination for foreign capital." Exports of semi-processed and unprocessed minerals are also prohibited, unless ministerial approval is tied to plans of local processing. Kolk said the industry body supported the push for local processing. He said: "This is a regional trend, a trend that has been gaining momentum in Africa to increase the value-add within the country. He said that governments should ensure reliable water, electricity and logistical support to make local processing viable for entrepreneurs. The Balama Mine of Syrah Resource in the north has one of the largest graphite reserves in the world. Gemfields'?world largest ruby mining operation, Montepuez?, is also located in northern Mozambique. It also owns significant coal assets that were previously owned by Rio Tinto, Vale and Brazil. Reporting by Nelson Banya. Mark Potter (Editing)
Ganfeng Argentina and Lithium Argentina are looking for a third investor to fund a lithium project
The president of Lithium Argentina said on Thursday that Chinese miner Ganfeng Lithium and its Swiss partner Lithium Argentina were 'looking for a third investor to finance the Pozuelos - Pastos Grandes Lithium project in northern Argentina.
The "Lithium Triangle" is composed of Argentina, Chile, and Bolivia. This triangle contains the world's largest reserves of white metal for use in batteries and electric vehicles. Argentina is the fourth largest lithium exporter in the world.
Ignacio Celorrio, of Lithium Argentina, stated that the Pozuelos - Pastos Grandes Project in Salta province is expected to produce 150,000 tons of lithium each year with an investment of more than $3?billion across three stages.
He said that a third investor would be selected in the next few months without providing any further details. Ganfeng submitted a request in March to include the project under Argentina's Large Investment Incentive Regime, which offers tax benefits and stability over a long period of time for investments exceeding 200 million dollars.
The Cauchari-Olaroz?project is also operated by Ganfeng, Lithium Argentina and JEMSE in the neighbouring province of Jujuy. The project received approval in May to join the RIGI, for a 1.2-billion dollar expansion. Argentina exports gold and silver, and there are copper?projects in development. The majority of these projects will begin production around 2030. According to a CAEM projection, its total?mining?exports will reach $6.073 billion by?2025. By 2026 they are expected to rise?to $9.3 billion. (Reporting and writing by Leila Miller; Additional reporting by Lucila Sigal)
(source: Reuters)