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Former Energy Atom official named as suspect in Ukraine’s largest wartime corruption probe
Former Energoatom official was officially?named as a suspect by Kyiv’s National Anti-Corruption Bureau on Friday. The NABU is pursuing the largest?wartime?corruption case within the energy sector. NABU reported on Telegram that an executive director in charge of the physical security and protection of Energoatom's facilities is suspected of laundering over 30 million hryvnias (674,000 dollars) between 2023 and 2025. The agency didn't name the official. Energoatom did not immediately comment, but had previously stated that it was cooperating in the investigation and suspended several employees on NABU's behalf. Since the full-scale Russian invasion of February 2022, Ukraine's energy infrastructure has been a priority. Moscow has targeted power lines and substations with drone and missile attacks. The Midas Case, in which authorities claim a $100 million kickback was involved at Energoatom has affected 'figures near President Volodymyr Zelenskiy. It also casts a shadow on Ukraine's Government at a time that Kyiv wants to show its Western allies it can tackle high-level corrupt. German Galushchenko's arrest in February marked a significant development?in this case. He has denied any wrongdoing. Authorities investigating corruption have accused Timur Mindich of being the leader of a kickback scheme. They also named Andriy Yerimak, Zelenskiy’s former chief-of-staff, as a suspect. Both denied any wrongdoing. Reporting by Yuliia Dsya. Mark Potter edited the article.
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Rosatom stops the return of Bushehr nuclear workers
Rosatom, the state-owned nuclear corporation of Russia, announced 'on Friday' that it has suspended 'the return of their first employees to a construction site for new units at Iran's Bushehr 'nuclear 'power 'plant' following recent strikes against Iran. On Thursday, an Iranian official said that a U.S. missile had hit the perimeter of the facility and hit a military base on the outskirts Bushehr. Alexei Likhachev was quoted as saying that the Russian state corporation chief had halted the progress of his team in Tehran after the attack last night. He said, "We will decide the next steps in the near-future." Rosatom, which was building two new units in Bushehr, evacuated over 600 staff members to Russia following the United States' and Israel's war on Iran. Some of them began returning and arrived in Tehran where their journey to the plant had been halted. The Russian state-owned nuclear corporation left a mere?20 people to maintain construction and said that expanding the plant remained a priority. Rafael Grossi, the 'chief of the International Atomic Energy Agency, held talks with Rosatom on Friday in Kaliningrad. He said that the agency had not yet recorded any'strikes against the Bushehr Plant, but was still monitoring the situation.
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The price of coffee in the world has fallen as the market remains volatile
The ICE coffee exchange saw a sharp drop in prices on Friday. Arabica coffee fell 8%, as the market remained volatile. Prices of cocoa were also sharply down, though both coffee and chocolate were expected to make strong gains this week. Market participants reported that speculative funds looking for a new home flooded into the coffee and cocoa markets on Monday. They were also tempted by fears about El Nino weather patterns strengthening and leading to more adverse weather conditions in important growing regions. The ICE then increased its'margin requirements or down payments for coffee and chocolate futures contracts. This lowered the liquidity of the market, and subsequently increased price volatility. There's a lack of liquidity, and many of these speculators trade intraday. "They are out by the market close," said an agri-commodities analyst from a multinational trade house. ICE arabica futures fell 8.2% at 1304 GMT to $319.25 a lb after closing up 12.3% Thursday. After a 16% increase on Monday, the contracts were down by?6% Tuesday. ICE robusta futures dropped 6% to $3,801 per metric tonne, but were on track for a 2% weekly gain. The U.S. Climate Prediction Center forecasts an 81% probability of a very powerful El Nino in October-December, which would be among the biggest El Nino events ever recorded. Dealers reported that El Nino's excess rains have slowed in Brazil, the top growing country. London cocoa contracts fell 9.8%, to PS4,341 per ton, but they were on track to gain 15% in weekly gains, after reaching eight-month highs Thursday. New York cocoa contract prices plummeted by 9.2%, to $5,858 per ton. El Nino can be particularly problematic for cocoa, as it disrupts the weather patterns in No. Ecuador is the third largest cocoa producer, as well as West Africa where 70% of chocolate ingredients are grown. The price of cocoa futures almost tripled by 2024, 'after the West African crop failed due to an El Nino weather phenomenon that was'seen from mid-2023 until mid-2024. A?dealer said that the cocoa market appeared to be unstoppable against a background of poor pod counts and El Nino. The?dealer added that the rally had been "dominated by speculation". White sugar dropped 1.5%, to $471.30 per ton, after hitting a two-month high on Wednesday of 15.39 cents. (Reporting and editing by May Angel)
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The first large-scale UK lawsuits about diesel emissions are largely won by carmakers
Some of the world's largest carmakers won the first stage of a mammoth court battle on Friday over whether their diesel vehicles had "defeat mechanisms" that limited emission control systems. In a summary of her decision, Judge Sara Cockerill stated that she "rejected the majority?of the main allegations advanced against the manufacturers?whose vehicles?were examined at trial". The decision was made after a trial that?focused on?20 sample vehicles produced by five manufacturers: Mercedes-Benz, Ford, Nissan and Renault, as well as the Stellantis-owned Peugeot and Citroen. Cockerill said that in her summary, she made some negative findings. She stated that the "split mode of combustion" in a Citroen car was a "defeat device". The mammoth court trial that began in October was the biggest hearing yet for 13 groups of lawsuits filed by 1.6 million claimants. The Friday ruling will be binding on another 800,000 similar claims made against other carmakers. (Reporting and editing by William James; Sam Tobin)
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Tajikistan has enough fuel to last 60 days, despite Russian shortages
The local RFE/RL branch reported that Tajikistan has 60 days worth of fuel reserves. It is also in discussions with nearby countries to secure future supplies. This comes amid acute fuel shortages in Russia, a major trading partner. Radio Ozodi quoted the minister Daler Juma as saying "The export of some types?of petroleum products is still continuing from Russia to Tajikistan." At the same time, some difficulties continue. The broadcaster quoted the minister as saying that Tajikistan worked with Kazakhstan, Turkmenistan and Iran to ensure it had the fuel it needed. Tajikistan is a small country with a population of 11 million people that borders China and Afghanistan. It is heavily reliant on Russia for its fuel supply, as it is allied to Russia. Moscow banned diesel exports this month, due to a significant decline in production as a result of a escalating Ukrainian campaign against its oil refining facilities, which threatens fuel shortages in countries that depend on Russian imports. Fuel prices have risen in Central Asia in the last few weeks, due to the strike that has caused an acute shortage of fuel in Russia. Kyrgyzstan is another former Soviet republic in Central Asia that borders Tajikistan on the north. It has announced it has made agreements with Belarus and China for fuel supply amid Russian shortages. Felix Light reports.
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Namibia seals deals with China on mining, infrastructure and energy during state visit
China said on Friday that it would increase cooperation with Namibia, particularly in the energy, agriculture, infrastructure and minerals sectors. This was during talks between Chinese President Xi Jinping and Namibian president Netumbo Nandi Ndaitwah, which took place?in Beijing. Nandi-Ndaitwah is on a 7-day trip to China, since Sunday. He's seeking investment from China, the second-largest country in the world and the top lender. The goal of the trip is to implement the election promises to create jobs and diversify Namibia's economy. "In Namibia we affirm an unwavering commitment (to) this longstanding friendship" between Namibia and China, said Nandi Ndaitwah. She noted that her entourage consisted of dozens business people. "Your decision to visit China as your 'first state visit outside Africa' after assuming the Presidency shows the importance that you attach to this important relationship for which I express my appreciation, Xi said. Nandi Ndaitwah assumed office in 2025. This extended the 34-year-rule of the South West Africa People's Organisation, which led to the country's?independence in 1990 from apartheid South Africa, despite doubts about its electoral prospects due to growing frustrations with high unemployment and inequality. COOPERATION IN MINERALS AND ENERGY China and Namibia have signed eight documents including an agreement on green minerals, and a framework for economic partnership. The Chinese state agency Xinhua published a summary of the meeting. It stated that China was willing to "deepen its cooperation with Namibia" in areas such as infrastructure construction, energy, minerals, agriculture and youth education. Xinhua quoted a joint statement between China and Namibia as saying, "Both sides acknowledge the strategic value critical minerals...and agreed to enhance cooperation in the development key minerals such uranium and lithium." The statement emphasized the importance of local processing - a topic raised by several African commodity producers recently - technological transfer and local skill development. Shell and TotalEnergies announced plans to begin production after discovering an estimated 2.6 million barrels of crude oil. Angola, a neighboring country, produces 1.1 million barrels of oil per day. It uses this wealth to finance an overhaul of the?economy backed by China and a shift away from fossil-fuels. CHINESE FIRM HEAVILY INVOLVED IN NAMIBIAN METAL SECTOR According to a report by the International Monetary Fund, China is Namibia's largest export market, accounting for around one-quarter of its total shipments. Uranium made up 85% of the $1.3 billion in Namibian goods that China purchased last year. Data from the American Enterprise Institute shows that Chinese companies have invested $4.2billion in Namibia. All but $100m of this was in the metals sector. Nandi-Ndaitwah, in her inaugural speech, called for a "green" revolution that would monetise the agricultural sector and water resource of the country. IMF said that structural reforms will help create jobs. It highlighted agriculture, fisheries, and the new oil, gas, and green hydrogen industries. (Reporting and writing by Mei Mei Chu, Shi Bu, Joe Cash; editing by Jan Harvey).
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Georgian opposition politician sentencesd to 13-years on terrorism charges
The Interpress news agency reported that a Georgian opposition politician sentenced on Friday to a total of '13 years in prison for his conviction on a terrorist charge. He was convicted after he attempted to set fire to an 'official courthouse in the capital last year. The court said Aleko Elisashvili was a founder member of the Citizens Party who broke into the Tbilisi City Court chancellery in November 2025. He smashed a window with a heavy hammer and then poured gasoline on the inside before attempting to set the building ablaze. Elisashvili was found guilty of attempted terrorism, despite his plead not guilty. He claimed he was protesting against the government's crackdown on opposition. Georgia, once considered one of the most democratic and pro Western successor states to emerge from the Soviet Union, has grown increasingly authoritarian after the beginning of the conflict in Ukraine. The ruling Georgian Dream Party has banned Elisashvili’s party from its political grouping, accusing the opposition of trying 'to incite violent coups. The relationship between Georgia and the European Union has been strained by concerns about democratic backsliding. It wasn't immediately clear if Elisashvili was going to appeal. In his 'final address before the court,' he defended himself. Radio Free Europe/Radio Liberty, Georgian service reported that he said: "I wanted spit on the face of this government to show they couldn't oppress us." (Reporting and writing by Lucy Papachristou, Editing by Helen Popper; Maxim Rodionov)
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German Parliament passes a heating law that eases renewable energy requirements
The German Parliament passed on Friday a controversial heating law that scraps the requirement for new building heating systems to derive at least 60% of their energy sources from renewable resources. From 2029, new gas and oil systems will be required to blend in climate-neutral fuels at a rate of 10% by 2040. According to the government's plan, heating fuels will be completely climate neutral?by 2045. This is in line with Germany’s larger climate goals. The Left Party had sought to delay the vote in the parliament by bringing a last-minute 'injunction'. However, the Constitutional Court on Thursday refused. Environmental groups and opposition legislators have criticized the new legislation for reducing climate protection and slowing the transition away from fossil fuels. The government claims that the changes will allow homeowners to choose heating systems more freely and simplify the rules implemented by the previous administration. The bill must still be presented to the Bundesrat, which is the representative body of Germany's 16 states. The 'Bundesrat' can request amendments via a conciliation committee, but it cannot block a bill. (Reporting and writing by Christian Kraemer, Holger Hansen; editing by Kirsti Knolle).
Gold is under pressure due to Middle East tensions, which are driving up rate bets
Gold prices eased on Friday, and were 'on track for a weekly drop.' Higher oil prices related to the Middle East conflict fueled inflation fears and raised expectations of a tighter U.S.monetary policy.
Spot gold fell 0.5%, to $4101.70 an ounce, by 9:11 am EDT (1311 GMT), and U.S. Gold Futures for August Delivery dropped 0.7%, to $4110.60.
Bart Melek is the global head of commodity strategies at TD Securities. He said that the main factor is the resumption of tensions between Iran and the U.S., as well as the general unwillingness to hold onto gold?and?silver at this time.
According to the International Energy Agency, the recent escalation of hostilities between Iran and the United States could change its forecast for a significant surplus on the oil market next year.
The oil prices are expected to rise by a week, fueled by concerns about supply amid new U.S.-Iran strike.
The rising cost of energy fuels inflation fears, which in turn increases expectations for interest rate hikes from central banks.
Gold is often viewed as a hedge against inflation, but higher interest rates can make it less attractive.
"Everything points to the market being concerned about inflation, especially since oil has recovered in the past few days. Melek said that this will make central banks, and in particular the Federal Reserve, more vigilant.
According to the CME FedWatch Tool, traders are pricing in a 62% probability of a rate?hike this September.
Minutes from the Fed's June meeting showed a split between hawks and doves as concerns about a high inflation rate grew.
Investors will be watching the inflation data next week and Fed chair Kevin Warsh's testimonies for more insight on monetary policy.
Gold prices in India were at a discount this week, while demand in China was steady after the Chinese central bank announced its biggest?monthly? increase in gold reserve in over 2-1/2 years.
Silver fell by 0.4% per ounce to $59.7338, while platinum rose 0.4% to 1,617.45 and palladium jumped 2.2% to $1,000.94. (Reporting by Sukanya Mitra in Bengaluru; Editing by Vijay Kishore)
(source: Reuters)