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Tinubu, the Nigerian president, lifts the emergency rule in oil rich Rivers State
Bola Tinubu, the Nigerian president, lifted an emergency rule of six months in Rivers State on Wednesday, reinstating Governor Siminalayi Fubara, and other officials. He had said that a crisis constitutional that had paralysed government had been resolved. The emergency rule was imposed on 18 March following a standoff that occurred between Fubara, the governor of the state and the legislature. This conflict disrupted the budget approvals leaving the government in limbo. Tinubu claimed that the emergency rule was necessary to avoid anarchy. Rivers State is located in Nigeria's oil-producing Niger Delta and is a major hub for crude exports. The militants have targeted pipelines before, which has affected output and revenue. Tinubu stated that intelligence reports indicated a "groundswell" of a new understanding among political stakeholders. This would pave the way for democratic governance to return. The governor, his assistant, and the House of Assembly, which consists of 31 members, are expected to return to work on September 18. The declaration of emergency triggered over 40 legal challenges across Abuja Port Harcourt, and Yenagoa. Tinubu justified the emergency declaration as a constitutional instrument to restore order and said dissent is part of democratic practice. (Reporting and editing by Chijioke Ahuocha.)
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Copper falls to a one-week low before US Fed rate decision
The price of copper fell to a new low on Wednesday, as traders reduced their positions in anticipation of the Federal Reserve's decision on U.S. rates. Meanwhile, the demand for metals from China - the world's largest consumer - was muted due to the recent rally. The benchmark three-month copper price on the London Metal Exchange dropped 1.3% by 1600 GMT to $9,999 per metric ton, but remained above the 21-day moving median, which keeps it at $9.912. Metal, which is used for power and construction, reached its highest level in 15 months on Monday, at $10,192.50. Alastair Mudro, Marex's senior base metals analyst, said that China has been offering copper this week. It was the absence of a systematic bid, and even bearish mean-reversion sell signals that triggered weakness in the complex. State data released on Wednesday showed that China's copper output rose 15% in August compared to the previous year. Neil Welsh, Britannia Global Markets' head of metals, said that traders are waiting for clarity from the Fed, not only on the rate reduction expected, but also the direction of the future policy. The dollar is down about 10% for the year to date and the labour data has softened. Traders are looking for signs that this could be the start of a series. Aluminium, among other LME metals fell 1.1%, to $2,686 per ton. The price of aluminium reached a new six-month record of $2,720, on Tuesday. This was when the spread between the cash contract and the three-month contract increased to $16 per ton. It was the highest level since March. This was a sign of tightness within the LME during the current settlement period, as short positions holders were forced to reduce or rollover their contracts. The premium for buying aluminum tomorrow and selling it a day later - also known as tom next - fell to $2 per ton on Tuesday. From Tuesday's $13 per ton, the price has dropped to zero. According to LME data, there was a long position holder who held more than 40% open interest in LME September Futures. There were also several short positions. LME zinc fell 1.7% to 2,941, while lead climbed 0.2% to $2,000, tin dropped 1.4% to $34,380 and nickel declined 0.1% to $15,405. (Reporting and editing by Ed Osmond, Vijay Kishore and Amy Lv. Additional reporting by Amy Lv.
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Gold prices ease after reaching record highs, Fed rate decision looms
Investors locked in profits on Wednesday after gold prices had risen to $3,700 in the previous session. The Federal Reserve policy decision is now in focus. As of 10:49 AM EDT (1449 GMT), spot gold was down by 0.1%, at $3,685.39 an ounce. It had hit a record-high of $3,702.95 per ounce on Tuesday. U.S. Gold Futures for December Delivery dropped by 0.1% to $3720.70. After retreating the previous session, the U.S. Dollar grew a little. Gold priced in greenbacks is less attractive to other currency holders due to a stronger dollar. The recent gains in gold are putting "some pressure on the price of gold" ahead of FOMC. Jim Wyckoff is a senior analyst with Kitco Metals. He said that fundamentals and technicals are still bullish on gold. The next price target is $3,800. A major price target would be $4,000 in the future. At 2 p.m., EDT, the most political Fed meeting in recent years will conclude. The speech of Chair Jerome Powell will follow. The markets are pricing in a rate cut of a quarter point. The focus will be on whether officials discussed a 50-bps reduction, given that President Donald Trump’s economic overhaul initiative raises new questions about the independence of the central bank. When interest rates drop, gold is often more attractive as the lower yields reduce the cost of holding this non-yielding investment. While raising its gold forecast, Deutsche Bank said that even though the bullion had screened as richer than fair value, it was largely due to strong official demand which is expected continue. In India, a key hub, the supply of used gold coins and jewellery, which is usually released when investors make profits, has been limited as many people expect prices to rise. Silver spot fell by 1.3%, to $42, platinum dropped 1.3%, to $1372.26; and palladium slid 1.5%, to $1158.88. (Reporting and editing by Shreya biswas in Bengaluru, Ashitha Shivaprasad in Bengaluru)
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Democratic lawmakers call on Trump to abandon plan to eliminate vehicle emission standards
In a letter seen by, 102 Democratic members of the U.S. House of Representatives urged the Trump Administration to drop plans to repeal vehicle emissions rules. In a letter, led by Representative Doris Matsui, 102 members of Congress called on the Environmental Protection Agency (EPA) to abandon its plan to repeal all greenhouse-gas emission standards for heavy-duty, light-duty and medium-duty engines and vehicles. In a letter to the editor, the lawmakers stated that repealing vehicle pollution standards could hamstring the growing automotive industry by killing thousands of well-paying American. The EPA didn't immediately comment. If we turn away from clean vehicles "The next generation of American cars will be more expensive to maintain and repair, due to the new technologies," said the letter, which was also signed by Representatives Rick Larsen and Alexandria Ocasio Cortez. According to the letter, EPA's analyses "suggest that the proposal to remove vehicle pollution standards could result in $1.3 trillion of lost fuel and maintenance savings." Trump's administration has attacked vehicle environmental regulations on several fronts. Trump signed the Environmental Protection Act in June. A resolution of disapproval is a Congressional Resolution. Review Act to prohibit California's landmark Plan to end the sales of gasoline-only cars by 2035, and two other vehicle regulations. NHTSA has released its June 2016 NHTSA Report. Fuel economy in the U.S. is now more flexible By declaring that the former president Joe Biden’s administration exceeded their authority, by assuming a high uptake in electric vehicles when calculating rules. Trump has also signed legislation eliminating penalties Automakers who fail to meet U.S. Fuel Economy Standards as far back as 2022. The EPA announced in July that it would be implementing a new program to help reduce the number of EPA-related deaths. The long-standing Finding that greenhouse gas emission endanger the health of humans, removing all legal foundations for U.S. regulations on greenhouse gases, which would mean a complete end to current limits in greenhouse gas pollution coming from vehicle exhaust pipes, power plants and smokestacks. (Reporting and editing by Lisa Shumaker, Franklin Paul, and David Shepardson)
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Ukraine and US Launch Fund for Critical Mineral Projects with $150 Million Investment
Officials said that Ukraine and U.S. International Development Finance Corporation each will commit $75 million towards a joint fund as part of Kyiv’s mineral deal with Washington, first signed in April. In a press release, Prime Minister Yulia Shvyrydenko stated that the U.S. Development Finance Corporation has committed $75 million as a pilot project. Ukraine will match this amount. DFC stated that the investment will support Ukraine's economic recovery, and also strengthen U.S. supply chains for natural resources. Svyrydenko stated that the initial focus will be on energy, infrastructure and critical minerals. In April, Ukraine and the U.S., who had been promoted to do so by President Donald Trump signed a deal that gave the United States access to new Ukrainian mineral projects in exchange of investment. Since the Russian invasion of February 2022, the U.S. is Ukraine's largest military donor. Trump has said that after his return to the White House in this year, the U.S. must get something back from its aid to Kyiv. The fund would receive half of the revenues Ukraine earned from the new mining extractions under the agreement, with profits being split between Kyiv & Washington. Three large-scale government projects are planned to be implemented by the end of 2026. "American partners pay particular attention to gas project," Economy Minister Oleksiy Solobolev said, adding that these projects could be implemented faster than minerals exploration. This month, DFC's team visited Ukraine to scout for potential projects. Sobolev stated that the delegation visited sites in central Kirovohrad, which had deposits of zirconium and titanium ore. The EU considers 22 minerals in the Ukraine to be critical for industries like defence, high-tech devices and green energy. The country also has ferro alloys, which are needed in the steel industry and non-ferrous materials used in construction. It also contains some rare earths. (Reporting and writing by Yuliia Dyesa; Editing by Bernadette B. Baum)
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Perenco Launches Reactivation Program for Two Mothballed Capos Basin Fields
Perenco has started active field reactivation program for the Cherne and Bagre fields in Campos Basin, acquired from Petrobras earlier in 2025, helping meet the industry’s mature field challenges and unlocking in excess of 50 mmstb of reserves.The multi-dimensional, two-year, reactivation program was designed to be executed in three linked stages with operational safety as the main guideline.The first step, which is already underway, entails the full integrity revitalization of the PCH-1 and PCH-2 platforms, systems and associated equipment.This integrity revitalization effort will take place throughout the two-year program, with workstreams ranging from the replacement or renovation of turbines and the water treatment systems to the modernization of the metering systems and maintenance or replacement of the upper deck flowlines. The main objective is to prepare for production resumption in a safe environment.The second phase will consist of installing a new 10-inch pipeline connecting the 27 km distance from PCH1 to the Pargo platform, and from there to the FSO Pargo through the existing export line.As part of the plan to upgrade the water injection system, Perenco will also install a water injection line between the PCH1 and PCH2 units. The third stage will focus on well interventions and re-entries to enable the resumption of production with 36 wells set to come back onstream. This will include 21 workover campaigns and a further evaluation effort for the best application of gas lift or ESP methods, the company said.This ambitious redevelopment plan of Cherne and Bagre has an anticipated 2025-2027 CAPEX of circa $250 million and will achieve a mid-term production from zero to 15,000 barrels of oil per day from the two concessions which were hibernated in 2020 ahead of their originally proposed decommissioning. “The work to safely resume production from the dormant Cherne and Bagre Concessions has now begun. This two-year program will lead to direct and indirect jobs being created, as well as the economic contribution from royalties and taxes.“We are very pleased to be able to invest and build upon our footprint in Brazil, where production from the new fields combined with Pargo will be 35,000 barrels of oil per day,” said Damien Szyszka, General Manager Perenco Brazil.Petrobras Completes Divestment of Cherne and Bagre Fields to Perenco
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SRE Picks Siemens Gamesa Turbines for Formosa 4 Offshore Wind Farm
Synera Renewable Energy (SRE) Group has selected Siemens Gamesa to supply 35 of its 14 MW wind turbines for the 495 MW Formosa 4 offshore wind project, off the west coast of Taiwan.The turbines will be provided from Siemens Gamesa’s industrial nacelle factory in Taichung, Taiwan.Formosa 4 was awarded capacity in the first auction round of Phase 3 Zonal Development in late 2022.The project marks SRE’s third offshore wind farm in Taiwan since entering the sector in 2012, and represents the company’s third partnership with Siemens Gamesa.Formosa 4, planned off the coast of Miaoli County, obtained its establishment permit in late 2024, becoming the first project among all first-round winners to achieve this milestone.Once completed, the wind farm is expected to generate enough clean energy to power around 500,000 households annually.“Over the past six years, we have delivered Formosa 1, Taiwan’s first offshore wind farm, and Formosa 2, the first among Phase 2 projects to reach commercial operation. Now we’re building on that success with Formosa 4.“Given the strong partnership forged with Siemens Gamesa during Formosa 1 and 2, we’re pleased to have them on board again for Formosa 4, deepening the collaboration and advancing sustainability together. With projects spanning every phase of Taiwan’s offshore wind journey, we have firmly established ourselves as the country’s leading offshore wind developer,” said Lucas Lin, Chairperson at SRE.
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BHP suspends operations and cuts jobs at Australian Coking coal mine
BHP announced on Wednesday that it would suspend operations and eliminate 750 jobs in a Queensland coal mine, which it shares with an affiliate of Mitsubishi. It blamed low prices and high royalties from the state government for its poor returns. BHP Mitsubishi Alliance (BMA), Saraji South, a part of the Saraji Mine Complex will be put into care and maintainance from November 2025. The Saraji Complex produced 8,2 million metric tonnes of coking coal during the year ending June 2025. BHP is one of the top exporters in the world of coking coal, which is used to make steel. It also owns, under the BMA name, four other mines in Queensland with Mitsubishi Development. This unit of Mitsubishi Corp. BHP, Mitsubishi Development and BMA Asset President Adam Lancey made a statement saying that they did not want operations to be halted or jobs to be lost. However, these decisions were necessary due to the combined impact on the Queensland Government’s unsustainable coal royalty rates and the market conditions. BHP stated that while the medium-term demand for hard coking coal is strong, it was not feasible to continue operations in areas with lower margins of the mine footprint under the current conditions. Queensland increased royalties to 20% in July 2022 for coal prices above A$175 ($117), with a 40% top tier for prices exceeding A$300. BHP CEO Mike Henry criticized the move as being made without consultation of industry. Prior to this, the top tier of royalty rates was 15% for coal prices above A$150 per ton. The price of coking coal has since normalised. It was last traded at around $190. Prices were above $600 per ton after Russia invaded Ukraine in 2022. The decision came days after the Mining and Energy Union was successful in a Federal Court ruling that rejected BHP's request to delay pay increases under Australia's Same-Job, Same-Pay regulations which were introduced under the Labor Government. This legislation ensures that workers hired by companies to perform the same tasks as employees of the company are paid the exact same amount. The union announced last week that as a result, around 1,800 employees from mining service firms who are contracted to BMA will see their pay increase by A$20,000-A$30,000. This would be in addition to an average coal salary that is A$120,000 per year, according the salary comparison website Payscale. Mitch Hughes, President of MEU Queensland, said that BHP should not use coal workers or communities as pawns to fight the Queensland Government about royalties.
Italgas posts third-quarter core revenue up 10.9% ahead of 2i Rete Gas acquisition
Europe's most significant gas distributor Italgas on Thursday reported 10.9% growth in thirdquarter adjusted core revenues, pointing out greater gas distribution turnover and cost cuts, as it prepares to gain the take advantage of its combination efforts.
Changed incomes before interest, tax, depreciation and amortisation (EBITDA) were 1.01 billion euros ($ 1.09 billion),. with gas circulation revenue up 11.5% at 1.21 billion euros.
The group, which has concurred this month to purchase smaller rival. 2i Rete Gas in a 5.3 billion euro deal, intends to release a rights. concern of 1 billion euros to fund the acquisition.
The Strategic Plan 2024-2030, that includes the. integration of 2i Rete Gas sets further and more ambitious. objectives in regards to financial investments, achievement of green shift. targets, and worth creation for all our stakeholders, CEO Paolo. Gallo said in a declaration.
Under its latest business plan published after striking the. deal, Italgas anticipates its turnover to reach 3.6 billion euros. and its core earnings to be 2.8 billion euros by 2030.
The board of directors likewise authorized the renewal of the Euro. Medium Term Notes (EMTN) Program for a nominal amount of up to. 10 billion euros, it stated in a separate statement on Thursday,. intending to release one or more bonds meant for institutional. investors within one year from now.
(source: Reuters)