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Blue Water has been denied the right to extend Citgo's parent sale hearing by a US judge
A Delaware judge denied a request by Blue Water Acquisition Corp, a special purpose acquisition firm, to extend the final sale hearing at a U.S. court ordered auction of Citgo Petroleum’s parent company. Blue Water, a Venezuelan refiner owned by Blue Water, submitted last week a bid worth $10 billion. This included a $3.2-billion settlement proposal for holders of Venezuelan bonds that had defaulted. The company requested that the hearing be extended to allow its part to be taken into consideration by the court. Blue Water representatives informed the court that funding for the offer was not yet committed. The offer came after the deadlines to submit and improve bids. "Perhaps (Blue Water) could spend this week to see if they can commit the financing," Judge Leonard Stark stated, adding that later he may request that an auction officer engage the company about its bid. The company has not responded to any requests for comment. Robert Pincus, a court officer, selected last month a $5.9 Billion An affiliate of hedge fund Elliott Investment Management was named the frontrunner in the auction. Judge Stark stated that he will make a decision about the auction winner following the hearing. (Reporting and editing by Nathan Crooks, Nick Zieminski, and Marianna Pararaga)
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WTO ratifies agreement to reduce billions of dollars in overfishing subsidy
The World Trade Organization announced that a landmark agreement was signed on Monday to reduce billions of dollars worth of subsidies contributing to the overfishing. This is a positive step for global fish stock recovery. The WTO's first agreement since 2017 was signed after years of infighting and stalled discussions. More recently, the U.S. tariff surge has left many critics wondering if the Geneva-based organization still had a future. A WTO spokesperson stated that the formal ratification of the agreement by Brazil, Kenya Tonga, and Vietnam on January 14 meant the deal was now supported by two-thirds of the members. The original agreement, which took place in 2022, had been reached. The government is now forbidden from subsidizing overfished stock and fishing in international waters outside their jurisdiction. Poorer countries will have access to a fund that helps ease their transition into the agreement. Megan Jungwiwattanaporn, from the Pew Charitable Trusts, said: "Fish stock around the world have a chance of recovering. This will benefit local fishermen who depend on an ocean that is healthy." A 2019 Marine Policy study showed that governments around the globe pay $35.4 billion per year to their fishing fleets. This includes fuel subsidies, which allow them to fish on distant oceans. The top five subventioners were listed as China, EU, United States, South Korea, and Japan, though not all are covered by the WTO agreement. The negotiations on new fishing rules that cover divisive topics excluded from the original deal have failed, as India and many other developing economies are seeking carve-outs they see as impossible. The first part, which came into effect on Monday after more than 20 years' negotiations, will expire four years from now if no more comprehensive rules can be agreed. In an interview conducted earlier this month, Director-General Ngozi Okonjo Iweala expressed optimism that the organization could either end the talks or find ways to prevent the first agreement from expiring. (Reporting and editing by Andrew Heavens, Emma Farge)
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Sources say that China's former climate ambassador will meet with EU in order to revive the flailing UN pact
Three sources have confirmed that China's veteran climate envoy who secured two important climate agreements with the United States will meet the EU's top official for green transition on Tuesday in order to revive the floundering international climate talks ahead of the COP30 Summit in Brazil. Xie zhenhua, a former climate envoy who retired after the COP28 talks in Dubai, in late 2023, is scheduled to visit Brussels on 16 September and meet Teresa Ribera, the executive vice-president for the European Commission for a Clean, Just, and Competive Transition. He will encourage the EU to announce ambitious climate goals, and coordinate diplomatic efforts in advance of a preliminary climate summit at U.N. headquarters scheduled for September 24. Two sources said that the purpose of the meeting was to boost the COP30 Climate Summit, which will start in Belem in Brazil in November. Due to the lack of hotel rooms and the high cost, there could be a low turnout at the summit. The United States has also withdrawn from the negotiations process. Three sources confirmed that Xie would meet Ribera who he's known for a very long time. However, they couldn't confirm if the meeting was official or if it would result in a joint agreement or statement. Two sources confirmed that the current climate envoy Liu Zhenmin will not attend the meeting, but the ecology minister Huang Runqiu would. In the run-up to Belem, the U.N. wants to exert pressure on major economies such as China and Europe. Last week It urged all countries In September, the United States will set up more ambitious climate plans to achieve goals previously pledged in 2015 under the Paris Agreement. These are known as Nationally Determined Contributions. The EU is struggling to reach a consensus on its proposed plan. This month, countries such as France and Poland have called for a postponement of the approval of 2040's goal. Two sources have confirmed that China will announce its new NDC on September 24. The U.S., China and their U.S. counterparts John Kerry & Todd Stern had achieved great victories in climate diplomacy before President Donald Trump. However, the U.S. - China relationship is now defined by national security competition and trade tension. (Reporting and editing by Nia William, Kate Abnett in Brussels, Valerie Volcovici & Liz Lee; Additional reporting by Kate Abnett)
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Kazakh miner Solidcore expects a gold rally to offset production decline
Solidcore Resources, a Kazakh gold miner, expects that high gold prices will offset a large part of the production decline due to sanctions related disruptions in concentrate shipments into Russia. The gold price has risen by about 40% in the past year. It reached a record-high of $3,673.95 per ounce, last week, on expectations that the U.S. will soon cut interest rates. Solidcore, previously Polymetal International sold its Russian assets after the U.S. imposed sanctions on its business in Russia. However, it continues to send gold concentrator to Russia to be processed with U.S. approval. The company's profit nearly doubled in 2024 due to high gold prices, but sanctions against concentrate deliveries to Russia caused a 58% decline in the first six months of the year. Vitaly Nesis, CEO of the company, said that the situation had improved significantly in July and August. The company also plans to reduce its inventory in the first quarter 2026. The gold price in 2025 will offset the downward revision of 11% to the production forecast. He said that the gold price rise this year is not sustainable. He said, "I believe there will be a decline." "I wouldn’t be surprised (if the price of gold drops to $3.200 by the year's end). Solidcore, the second largest gold miner of Kazakhstan, has postponed previously discussed acquisitions in Central Asia. These were not likely to be completed this year. "Both deals are not in good shape, if they're not totally off." The gold price has risen, as have sellers' expectations. We are not ready to raise our offer significantly yet. Solidcore will continue to process gold concentrate in Russia under an agreement toll at the Amursk Pressure Oxidation Plant until Solidcore launches its own Ertis plant scheduled for 2028. Nesis stated that the company expected to reach an agreement in the first quarter 2026 with international institutions to secure $500-$600m in project funding for the Ertis facility. The deal could be finalized by the second quarter. (Editing by Gleb Brnski and Jan Harvey).
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Gold reaches record highs as yields and dollar ease. Focus on Fed meeting
The price of gold rose to a record high on Monday. This was largely due to a weaker dollar and lower Treasury yields. Investors were positioning themselves ahead of an important Federal Reserve meeting that will take place this week, which could set the tone of the rest of the calendar year. As of 1151 am EDT (1551 GMT), spot gold was up by 0.9%, at $3,674.09 an ounce, after reaching a session high of $3674.63 in the earlier part of the session. Bullion rose about 1.6% in the past week. U.S. Gold Futures for December Delivery were up 0.7% to $3,712.70. The dollar index dropped to its lowest level in a week, which made gold more appealing for holders of other currencies, while the yield on the benchmark 10-year Treasury note edged down. According to CME's FedWatch, markets are almost certain that the Fed will announce a 25 basis-point rate reduction on Wednesday. This is the first cut since December. However, some investors still hope for a 50-basis point move. Peter Grant, senior metals analyst at Zaner Metals and vice president, said that the expectation of a rate cut of 25 basis points is largely baked in at this stage. He added that one or two rate cuts could occur before the end year. In a low-interest rate environment, non-yielding gold bullion is often considered to be a safe haven asset in times of uncertainty. Grant said that the $3,700 level is the next important target. Other levels to watch in the near term include $3,730, $3,743, and $3,730. The Fed is under unusual pressure as a result of a leadership dispute, and Donald Trump's push for more influence over policy. The Senate also opened the door for Trump's economist Stephen Miran, to join the committee that sets rates in time to vote Wednesday. The Fed is on track to reduce rates, as recent data shows that the U.S. consumer price index rose in August at its fastest rate in seven months. Other than that, silver spot was up by 1% to $42.59 an ounce. Platinum gained 0.5%, to $1.397.80, and palladium fell 1.4%, to $1.181.09. (Reporting from Anushree mukherjee in Bengaluru and Sherin Elizabeth varghese). Emelia Sithole Matarise and Mark Potter edited the story.
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India's highest court-appointed panel clears Ambani's son's Wildlife Centre of wrongdoing
The Supreme Court of India announced on Monday that a wildlife rescue center run by a philanthropic branch of Mukesh Ambani’s group was cleared of accusations of animal mistreatment and illegal acquisition. It cited findings of a committee appointed by the court. In August, India’s top court appointed an investigation team to investigate complaints by non-profits and wildlife groups alleging mistreatment of animals at Vantara. Questions were raised about how the animals had been brought to the centre. The court ruled that the evidence does not support the claims of abuse or illegal acquisition. Vantara, a project led by Anant Ambani - the son of the billionaire - is located in the western Gujarat state. It's a major undertaking for the Reliance Foundation as well as the Ambani Family. The facility, which claims to house more than 150,000 animals of more than 2,000 different species, says its 998-acre 404-hectare elephant welfare trust is world's largest facility for rescued eagles. The Supreme Court stated on Monday that the SIT's investigation had covered allegations related animal acquisition, smuggling and welfare, conservation, breeding climate suitability, financial misconduct but found no violations of wildlife rules. The SIT report and the order of the Supreme Court have shown that doubts and accusations raised against Vantara’s animal welfare mission are without basis. Vantara released a statement. Nishit Navin, Bengaluru (Reporting; Pooja Deai, editing)
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Goldman T. Rowe will sell co-branded alternatives investments to wealthy clients by the end of the year
Goldman Sachs, T. Rowe Price and other asset managers, who announced their partnership this month, will offer new alternative investments to wealthy clients before the end of the calendar year. This plan follows an executive order issued by Donald Trump that broadened the access to 401(k), retirement accounts for alternative investments, such as private equity, private credit and others. This move could allow private asset managers to access about $9 trillion in 401(k), or retirement, accounts. Goldman and T. Rowe have recently signed a deal where Goldman becomes a shareholder of the asset manager. The stake could be up to $1 billion. Both companies will offer retail investors products in partnership. T. Rowe is responsible for managing $1.6 trillion of which approximately $1 trillion is related to retirement. T. Rowe CEO Rob Sharps said in an interview that the alternatives would be tailored for different types of customers at the end the year and through the first quarter. Investors like funds that have a specific retirement date. Portfolios will have a small amount invested in alternative assets, and the remainder in liquid and public investments. As the investor approaches retirement, the proportion of alternative assets may decrease. Alternative portfolios combining private credit and equity or equity funds combining private equity with stocks will be available to wealthy clients. These products will initially be available to Goldman T. Rowe and Goldman Sachs clients, but they may be made more widely available. Marc Nachmann is Goldman's director of wealth management and asset management. Analysts warned of risks like lack of transparency and liquidity after the approval of alternative investment in retirement funds. Sharps stated that "new structures can provide an element of liquidity and pricing on a daily basis to give individual investors more comfort." Managers will allocate a limited proportion of funds to alternative investments, with the goal of maximizing returns. Nachmann stated that "it's still early days. Today, investors in alternative investments are mostly large institutions such as endowments and high-net worth individuals." Sharps stated that alternative investments could reach 10% to 20% in retirement accounts over the long-term. Sharps and Goldman's President John Waldron began the initial talks for the deal a year before, talking about convergence in markets and the growth of private assets. Sharps stated that the companies have had a long-standing relationship and that substantive talks about the deal began early this summer. (Reporting and editing by Lananh Nguyen, Sharon Singleton and Lananh Nguyen)
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India's highest court-appointed panel clears Ambani's son's Wildlife Centre of wrongdoing
The Supreme Court of India announced on Monday that a wildlife rescue center run by the philanthropic branch of Mukesh Ambani’s group was cleared of accusations of animal mistreatment and illegal acquisition. This conclusion was based on findings of a committee appointed by the court. In August, India’s top court appointed an investigation team to investigate complaints by non-profit groups and wildlife organizations alleging animal abuse at Vantara. Questions were raised about how the animals had been brought to the centre. The court has ruled that the evidence does not support the claims of abuse or illegal acquisition. Vantara, a project led by Anant Ambani - the son of the billionaire - is located in the western Gujarat state. It's a major undertaking for the Reliance Foundation as well as the Ambani Family. The facility, which claims to house more than 150,000 animals of more than 2,000 different species, says its 998-acre (408 hectares), elephant welfare trust is world's largest facility for rescued eagles. The Supreme Court stated on Monday that the SIT's investigation had covered allegations relating to animal acquisition, smuggling and welfare, conservation, breeding climate suitability, financial misconduct but found no violations of wildlife rules. The SIT report and the order of the Supreme Court have shown that doubts and accusations raised against Vantara’s animal welfare mission are without basis. Vantara released a statement. Nishit Navin, Bengaluru (Reporting; Pooja Deai, editing)
New west-east route keeps Europe hooked on Russian gas
Western European federal governments have sought to decrease their energy dependence on Russia considering that the break out of the Ukraine war, however when it comes to gas, they have significantly substituted the country's pipeline products with its melted gas (LNG).
A analysis of information found more than a tenth of the Russian gas previously shipped by pipeline to the European Union has actually been replaced by LNG provided into EU ports.
The rise is partially the result of discount rates, industry and trading sources say.
Personal Russian manufacturer Novatek in 2015 sold low-cost cargoes into the EU turned down by purchasers in other parts of the world, while state-owned Gazprom increased exports from its new Portovaya LNG task, offseting its falling pipeline deliveries westward.
Home to the EU's largest fleet of import terminals, Spain, which did not formerly import piped Russian gas, has become the leading re-exporter of seaborne Russian supply.
EU stats and estimations reveal the rise in LNG has pressed the share of Russian gas in EU supply back up to around 15% after pipeline imports from Gazprom had plunged since the war to 8.7% from 37% of EU gas supply.
Russia sent more than 15.6 million metric heaps (mt) of Russian LNG to EU ports last year, according to information analytics company Kpler, a small increase from 2022 and a 37.7% jump compared to 2021.
The increase does not breach EU law.
Western European federal governments enforced sanctions on oil following the break out of the Ukraine war in February 2022, but they have actually not done the exact same for gas.
Instead the European Commission has called for a voluntary phaseout of all Russian fuel imports by 2027.
The switch from pipeline to LNG imports has, nevertheless, a. significant environmental expense, as energy is needed to gasify,. ship and re-liquefy the fuel - a pattern at chances with the EU goal. of reaching net absolutely no greenhouse gas emissions by 2050.
ULTIMATE ORIGIN ENDS UP BEING UNNOTICEABLE
Delivery records just reveal freights' previous locations,. rather than the supreme origin.
That indicates LNG landing in Belgium, France Spain and the. Netherlands sheds its Russian label - which can prevent purchasers -. before being piped inland or reloaded onto other ships.
In late 2023, independent traders sold Russian volumes on. the Spanish market at a discount of 1 euro ($ 1.07) per. megawatt-hour (MWh) less expensive than the European benchmark cost. TTF, industry and trading sources told .
That relates to savings of approximately 920,000 euros on a. common cargo worth 41 million euros at area rates, . estimations revealed.
This year, a discount of between 30-50 eurocents has. used, the sources said.
Sales data is private, but ship-tracking satellites showed. 4 Swiss trading companies bought and sold 1.3 mt of Russian LNG. in Spain last year: Gunvor, MET, ENET and DXT.
That included a freight initially destined for Argentina,. before issues over sanctions on monetary deals with. Russia stopped the sale.
Gunvor diverted the turned down tanker to Spain.
Gunvor and MET decreased comment on their Russian trading. ENET and DXT did not react to requests for comment.
Big Spanish energy companies, including Repsol, Cepsa,. Endesa and Iberdrola said they do not buy Russian gas straight.
However, Endesa CEO José Bogas did not rule out that it. discovered its method into volumes purchased from 3rd parties.
Spain's Naturgy, France's TotalEnergies and Britain's Shell,. have stopped additional area purchases, however state they are obliged. to pay for the minimum quantity of gas on their long-term. contracts whether they take it or not.
The Russian imports have improved Spain's and the EU's. energy profile.
In 2023 the 5.08 mt imported from Russia a little surpassed. the total volume of gas Spain exported to 21 nations around. the world, consisting of some members of the EU.
TURNAROUND OF FLOWS
Until February 2022, the bulk of the gas Russia provided to. Europe showed up through the Nord Stream pipeline to Germany. Now,. it lands on Europe's western periphery and makes its way inland,. reversing the previous east-to-west flow.
France's 3.6 mt of Russian LNG imports last year represented. 41% of its net exports.
When including the volumes sent eastward by Portugal and. Spain, all the gas France piped to Belgium and Germany and. almost half what was sent to Switzerland and Italy might be. attributed to Russian LNG, information from grid operators reveal.
Belgium imported some 4.8 mt of Russian LNG - practically double. the volume it piped to the Netherlands.
About 0.7 mt was available in through Dutch terminals.
Those estimations exclude transhipments, when LNG changes. ships in an EU port before sailing on.
Germany - which no longer directly imports Russian gas - is. the ultimate location.
In 2015, Germany imported 48.6% of its gas through pipeline. from Belgium, France and the Netherlands, according to the. federal network regulator Bundesnetzagentur.
As much as 13.7% of gas in the German grid could be Russian,. in a circumstance where those nations passed on as much Novatek. LNG as possible.
The reality is probably less when representing nationwide. intake and supply blends.
Physically, it is imaginable that Russian gas molecules. could come to Germany, a Bundesnetzagentur spokesperson said.
We do not know whether German importers buy Russian LNG. amounts directly. It would not be forbidden, the. representative added.
STRUGGLE TO REDUCE DEPENDENCE
As the share of Russian LNG grows, the impact especially. sticks out in Greece.
It cut gas consumption and minimized its pipeline Russian. imports by 20%.
But because Gazprom LNG shipments more than quadrupled, the. share of Russian gas in Greece's supply reached 47% in 2015,. up from 36% in 2022, according to grid operator DEFSA.
Greece's state-controlled DEPA has considering that filed for. arbitration versus Gazprom, partially based upon data revealing those. LNG sales to Greek rivals were at a high discount to. DEPA's pipeline gas contract cost.
Beginning in April, EU nations can legally ban Russian. firms from booking their facilities capability to deliver LNG.
Significant importers Spain and Belgium, however, stated they. probably will refrain from doing so.
If I prohibit it unilaterally and it comes to France? Spanish. Energy Minister Teresa Ribera said. We need a typical position.
(source: Reuters)