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Russell: Iran's response to D-Day sanctions is crucial.
Scott Bessent, U.S. Treasury secretary, invoked the 1944 D-Day landings of Allied forces in?France when announcing sanctions against Iran. The measures taken are superior to the much less successful Anzio Beachhead landing in Italy, which was another amphibious landing during World War II. Anzio was a battle that began with a successful landing of the Allies, but a lack of leadership led to the campaign stalling and turning into a long campaign of attrition. Bessent’s new measures are designed to choke Iran economically. They target companies and countries that do business with Iran in five different sectors: digital assets, technology and gold, aviation, and shipping. Bessent, rather than go for broke upfront, is warning countries that they must work with the United States to maintain access to the global financial system based on the dollar. The new measures are therefore more of a danger than they are a reality. Even if these plans do come to fruition, there is doubt as to whether or not they are severe enough to force the Iranian rulers to surrender. Or if they will even be effective in forcing a desperate Iranian population to rise up and successfully overthrow its clerical leaders. Iran has shown its ability to get around sanctions by setting up front companies and working closely with allies like China. Beijing is unlikely to agree to any U.S. sanction, so Bessent will have to be prepared to impose measures on Chinese refiners and shippers, traders and banks. This may be a level that Washington would be reluctant to pursue. The new sanctions confirm that a diplomatic resolution to the Iran conflict remains a "distant" option. They also reinforce the belief of the Trump administration that some sort of victory is still achievable. History teaches us that when both sides are confident they can still win a war and believe time is on their side then the conflict will continue. IRANIAN RESPONSE How Iran reacts will determine the future of energy markets. Iran's social media messages have been aggressive, but it has not yet renewed missile and drone attacks against energy and other infrastructure within Gulf nations that host U.S. bases such as Kuwait and Qatar. Tehran also hasn't been able fully to close the Strait of Hormuz. While there's some disagreement over the volume of crude that moves through the narrow waterway the important thing is it isn't zero. Every barrel that passes through lessens Iran’s leverage. Iran also feels the pain of the U.S. port blockade, which is far more effective than sanctions. According to Kpler, data from commodity analysts shows that Iran exported 1.75 million barrels of crude per day in the three-month period leading up to U.S. and Israeli attacks on February 28. The crude oil demand has fallen to 255,000 bpd, from 893,000 in July. This is even lower than the 259,000 bpd of May, the lowest level since May 2020. Bessent and Trump have a problem because the more effective their economic and blockade sanctions are, the more Iran is compelled to retaliate with all the military weapons it has at its disposal. If Iran's leadership sees itself in an existential struggle, it is unlikely that they will accept being economically throttled and not try to take back the initiative by attacking infrastructure and vessels throughout the Gulf. Crude oil prices will likely remain high due to the uncertainty surrounding Iran's reaction. Brent futures, the global benchmark, fell 2.4% to $92.17 per barrel on Monday after Bessent announced his decision. This is still 31% more than the $70.14 per barrel that they dropped to in the short ceasefire between Iran and the U.S., which lasted mid-June through early July. You like this column? Check out Open Interest, your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of the columnist, who is also an author. (Editing by SonaliPaul)
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Ghana gold buyers were left without funds for weeks, according to sources
Five industry sources have confirmed that Ghana's artisanal marketing agency for gold,?GoldBod, has been unable to provide funds to its "gold suppliers" in the last three weeks. This forced some operators to stop purchases or borrow money to remain in business, despite a surge of bullion prices. The last two weeks have been terrible. Last week, a gold dealer in Ghana's Ashanti Region stated that you could wait for a day and still not receive funds. A buyer from Ghana's Western Region who was funded by GoldBod said that funds hadn't been received in about three weeks. Sources requested anonymity as they were not authorized to speak publicly about the issue. GoldBod - which makes advance payments to licensed gold aggregators - said in a Monday statement that there was no shortfall of funding and that the funds were provided on the basis of creditworthiness and security assessments. The state agency stated that its gold-purchasing operation remained fully funded, operational and rejected any suggestions the agency had abandoned or was unable finance its statutory mandat. Kwaku Ohemeng Amosh, the chief executive of the Chamber of Gold Buyers, stated that GoldBod’s decision to fund the trade on its own balance sheet, after decoupling itself from the Bank of Ghana, may have contributed towards the funding constraint. He added that buyers can seek additional financing. Sammy Gyamfi was GoldBod’s chief executive at a recent press conference. He said that GoldBod had raised $839 million for purchase advances between March and may. GoldBod raised $75 million in a foreign exchange sale to commercial banks on 3 August before halting the auction for consultations with central bank. Three bank executives stated that the Bank of Ghana considered GoldBod’s auction program to be inconsistent with its operating structure and that both institutions are working together to resolve the concerns. Ghana, Africa's largest gold producer, created?GoldBod 2025, with the exclusive right to buy, export and sell artisanal gold, as part of efforts to?curb smuggling, and?boost foreign currency inflows. GoldBod's initial purchases were funded by the Bank of Ghana, which helped boost Ghana's economy. However, the IMF has called for a stop to central bank financing following losses associated with purchases. GoldBod stated in a statement released on Monday that it currently has two licensed aggregaters working under its trade finance framework. It also said that tighter controls were introduced from August 1 including due diligence, trade financing agreements, and security guarantees to strengthen risk management and protect the public funds. The Bank of Ghana didn't respond to all requests for comment immediately. Banking executives stated that less than five banks took part in GoldBod’s auction programme. They added that lenders felt more secure when the central banking backed the arrangement. Maxwell Akalaare Adombila reported from Dakar, and Emmanuel Bruce reported from Accra. Christian Akorlie contributed additional reporting from Accra. Editing was done by Pratima Deai, David Goodman, and Cynthia Osterman.
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Aggreko, a power supply company, files for an IPO in the US amid the data center boom
Aggreko filed for an?U.S. The power supply company announced on Monday that it had filed for an initial public offering. The company plans to list its ordinary share on the New York Stock Exchange with the ticker "AGKO". However, it did not reveal the number of shares or price range. Aggreko filed with the U.S. Securities and Exchange Commission at a time when investor interest has soared in the sector, partly because of an AI-driven datacenter boom. This year, nuclear companies X-Energy (formerly Standard Nuclear) and X-Energy went public via traditional IPOs. Goldman Sachs, ?J.P. Morgan and BofA Securities will serve as joint bookrunning?managers of Aggreko’s offering. Barclays and Morgan Stanley, on the other hand, will be bookrunning managers. The Glasgow-headquartered company's revenue grew 28% to about $1.92 billion for the six months ended July 4, helped by strong demand from data centers and other power-intensive industries. The company recorded a profit of $80m from its continuing operations, compared to a loss $196m in the previous period. According to the filing, data center revenues nearly doubled in the year ending January 3 to $391 millions. Aggreko reported that it has $6 billion in?net revenues secured as of July 2026. This gives the company a clear view of its future performance. The company was acquired by TDR Capital in 2021, and I Squared Capital. It provides temporary power generation, cooling, and energy solutions for customers across industries including utilities, mining and manufacturing. The company employs a little over 8,000 people and operates in 80 countries. It also serves more than 14,000 customers worldwide. The company has a total of more than 17 gigawatts available in its fleet.
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Nevada sues Trump administration to block Colorado River plan
Nevada filed a lawsuit against the Trump administration on Monday, claiming that its plans to cut water supplies from the drought stricken Colorado River would devastate Nevada and violate laws governing the Colorado River. The Department of the Interior finalized on Friday its plan, which included a reduction of 21% in the water flowing from the river into California, Nevada and Arizona over a two-year period starting in 2027. Arizona and Nevada say that the cuts to the three states in the lower basin could double after 2028. Colorado, Utah New Mexico and Wyoming are the four states that make up the so-called upper Basin and do not face any mandatory?cuts in the new 10-year management plan for the river, which provides water and power to 6 million people and is managed by the federal government. After more than three years, the states could not agree on how to divide the water after a plan expiring this year. The upper basin states have refused to make mandatory cuts in their water supply, claiming that they are already facing steep reductions because of the drought that has lasted for decades in western United States. Three lower basin states claim that all seven states who share the river are required to reduce their water consumption. This is the first time that the plan has been challenged. The lawsuit was filed in federal court, Las Vegas, and named the Interior Secretary Doug Burgum and the U.S. Bureau of Reclamation, as well as its Commissioner, Aubrey Bettencourt, as defendants. The Interior Department refused to comment, and the Bureau of Reclamation didn't immediately respond to a comment request. The lawsuit claimed that the administration violated administrative laws, environmental laws, and the group of agreements, treaties and court rulings known collectively as the Law of the River. The lawsuit alleged that the administration failed to comply with the requirements to take into consideration reasonable alternatives and foreseeable economic effects, fully respond to comments or adequately analyze mitigation measures. The lawsuit stated that "decisionmakers and stakeholders have to guess how federal defendants will interpret and apply the Law of the River which they all agree governs the proposed actions."
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Netanyahu claims Iran attempted to kill one his sons
Benjamin Netanyahu, Israeli Prime Minister, said that Iran had allegedly tried to kill his son, but did not provide any details as to when it took place, who was the target, or how close he came to executing this plot. Netanyahu's claim highlights the increased tensions that have been present since the U.S. and Israeli war against Iran began in early February. During this conflict, the Supreme Leader Ayatollah Ayatollah Khamenei as well as other senior Iranian officials were killed. Netanyahu's coalition, which is in the rear of opinion polls just two months out from a general election on October 27, made this claim in a phone interview with Israel’s Channel 14. He was responding to reports that one of Israel's Security Agencies had refused to protect a political opponent ahead of the nationwide election. "As to my sons. Yes, this is quite incredible. Iran targeted one of my sons. Iran attempted to kill or murder one of my sons," Netanyahu said to the conservative channel known for its positive coverage of the government. "Iran attempted to murder one my sons and therefore, this security protection isn't a luxury," said he, without giving any more details about the alleged plan or how close it was to being executed. It wasn't immediately clear to whom he was referring. Netanyahu's older son, Yair lives in Miami. The Iranian mission to the United Nations at 'New York' did not respond immediately to a question about?the accusations. Netanyahu said he also told Shin Bet chief David Zini he wanted to ensure that 'any candidate for prime ministerial office' would be adequately protected. Israeli media reported that Zini refused to provide security to Gadi Eisenkot, and told the country’s election authority that there was no conspiracy to harm him. Eisenkot's Party is expected to?win the most seats? in the election. However, Israeli governments are formed by coalitions between multiple parties and not by one party gaining a majority. Reporting by Andreea P. Popescu and Alexander Cornwell, Editing by Howard Goller
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Thirty people are killed in a gang attack near Haiti's capital.
Jean Massillon, the mayor of Kenscoff, told reporters on Monday that at least 30 people had been killed in a gang attack near Port-au-Prince. Kenscoff, a hillside town that overlooks Port-au-Prince, has been the scene of frequent gang violence in recent years. Human rights groups reported rapes and homicides in mass numbers, as well as arson, kidnappings and arson. This forced thousands of people to flee. RNDDH, a Haitian rights group, estimated that 30 to 40 people were killed in the overnight raid which began at 10:30 pm local time (0230 GMT) but cautioned it was still difficult to determine a total number. Haiti's Prime Minister's Office on Monday afternoon condemned the "heinous attacks", noting that all security forces are on high alert, and that reinforcements have been deployed. In a press release, it stated that "Kenscoff?will not be abandonned." "The authority of the government will be restored without delay and without any weakness in Kenscoff." Haiti's National Police did not respond immediately to a comment request. The community is strategically located to?overlook routes leading into Petion-Ville, home to several embassies and upscale hotels as well as the temporary seat for government. Local?media reported that?several homes were set ablaze, including the residence of Jean William Pape - a leading 'public health expert' in Haiti. The attack took place as the U.N. Gang Suppression Force - mandated to assist police in fighting gangs, and replace a 'underfunded and ill-equipped predecessor - plans?to achieve a full?capacity?of over 5,500 troops this fall. The report was written by Daina Beth Solor and Sarah Morland. Inigo Alexander, Natalia Siniawski, and Harold Isaac edited the article.
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France and Saudi Arabia agree to EUR6 billion Dragon Ball Z Theme Park Project near Paris
The Elysee Palace announced on Monday that Saudi Crown Prince Mohammed bin Salman had visited Paris and agreed to build a manga-themed amusement?park near Paris?. The Elysee said that the project, which is based on the popular Japanese manga and anime series Dragon Ball Z, would be built in Cergy-Pontoise to the northwest of Paris, and was expected to create 22,000 jobs. Macron advisers claim that the idea came about after French President Emmanuel Macron discovered a common interest in Dragon Ball Z with Saudi Crown Prince during Macron's trip to Saudi Arabia 2025. The project will be funded by the Saudi entertainment and investment group, 'Qiddiya. It is part of the Kingdom's efforts to diversify their economy and expand globally in the leisure sector. Construction of what would be Europe's largest themed park is expected to take many years. Bin Salman - who owns a Chateau near Paris - is making a rare official trip to the United States and appeared with Macron on Sunday at the closing ceremony for the Esports World Cup in Paris. The Dragon Ball Z project is a sign that France continues to attract foreign investment. However, the key details of the sprawling development which would include three theme parks have yet to be determined.
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What options does Iran have to escalate the situation in response to US economic threats?
LONDON, August 24 - U.S. threat to impose 'the toughest sanctions ever in history' to force Iran to submit to its demands following nearly six months of war has raised the prospect of another round of escalation?in?the Gulf. How can Iran respond to economic pressure? Can Iran stop more oil from leaving the Middle East? Mohsen Rezaei is the former chief of the 'Revolutionary Guards' and secretary of Iran’s Supreme 'National 'Security council. He has already threatened to stop oil exports, which has been one of Tehran's major strategic moves since the war started on February 28. He said that if the economic war continued, "not a single drop of crude oil would be exported through the Strait of Hormuz or from anywhere else in the Persian Gulf." Iranian threats and attacks on shipping have already halted most traffic in the Strait of Hormuz. This waterway carried around a quarter of the world's energy prior to the conflict. Despite some oil tankers passing through the Strait of Hormuz in recent weeks the volume remained very low. On Sunday, Iran blacklisted 45 tanks for failing to adhere to the rules they want to impose to Hormuz shipping. In the first six months of this conflict, missiles, speedboats or drones have been used to attack oil tankers leaving the Gulf. This has caused the price of oil to rise. Tehran's Houthi ally has restricted Red Sea shipping by threatening to block all Saudi Arabian shipping that carries crude oil to Asia via the Bab 'el-Mandeb Strait, past the group’s Yemeni stronghold. Initially, only a few vessels were stopped, but by mid-August more than half of the vessels had made it through. This is causing a problem for shippers, as Chinese shipping companies are now rerouting their ships away from Bab el-Mandeb. Sources in the industry say that further attacks such as Monday's attack on a vessel near the main Saudi Red Sea terminal at Yanbu or an early August drone strike near Suez Canal could increase oil market anxiety and crude oil price. GULF STATES - STILL at Risk of IRANIAN Attack? Iran has warned that it will retaliate if any of its neighbours join the U.S. in their efforts to choke off the economy of Iran with "earthquake force". It has repeatedly targeted the Gulf States and Jordan during the war. The main focus was on U.S. military bases, but it also hit energy infrastructures and other targets. Attacks on upstream oil and gas facilities, if intensified, could cause energy prices to rise even more. This could result in political damage for the Trump administration. It could also be harder to reverse compared with attacks on shipping. The targeting of power and desalination facilities in this hot, parched area would pose a serious risk to the U.S.-aligned Gulf kingdoms that are important financial hubs. Can IRAN attack western countries directly? The Revolutionary Guards have historically found ways to attack the West, even though they are out of range for Iran's primary munitions. Britain reported on Monday that hackers with ties to Iran had shut down a small power station, while U.S. officials said Tehran is likely responsible for cyber attacks against water plants in Minnesota. Iran hasn't commented on these allegations. Western security services also accuse Iran of recruiting locals to stage attacks or assassinate in the west. Iran denies that. (By Angus McDowall, Editing by Aiden Lewis)
Brazil Steelmaker CSN launches new bid round for Cement Unit
Two people with knowledge of the negotiations said that a Brazilian steelmaker,?CSN, is planning a second round of bidding this week for its cement division. The deal could be worth more than 10 billion reais (1.95 billion dollars). Sources said that the top contenders were China's Huaxin, a consortium?formed by Brazil's Votorantim, and Italy's Cementir. Both proposals will?exceed 10 billion reais.
Sources claim that the Brazilian group Polimix is also involved in the process. It is one of the largest cement companies in the country.
The first newspaper to report the new round of bidding was Valor Economico, a Brazilian publication.
Votorantim refused to comment. CSN, Huaxin Cementir, and Polimix have not responded to our requests for comment.
CSN is divesting key assets in order to reduce its debt burden.
Conglomerate hired advisers to sell CSN Cimentos and a stake in CSN Infrastructure which runs its railways and logistics assets.
In April, Chief Financial Officer Marco Rabello said that deals would be closed by the end of the year. However, final approval might take longer as the Brazilian antitrust regulator CADE will need to approve them. Reporting by Luciana Magnhaes, Editing by Brad Haynes & Rod Nickel
(source: Reuters)