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Nornickel, a Russian company, recommends a 6-month dividend at 1.85 roubles per share
Norilsk Nickel, the largest palladium producer in the world, announced on Wednesday that its board recommended a dividend for the first half 2026 of 1.85 Rubles ($0.0219) per share. In a press release, Chief Financial officer Sergey Malyshev stated that the company has sufficient cash flow and a comfortable debt level to make the payment, adding that this would help maintain its attractiveness. Nornickel shares were still down 1.7% at 10:41 local time (741 GMT) on the Moscow Exchange. The miner last paid an interim dividend to its shareholders in 2023. It offered 9.15 roubles per share. It reported in July a sharp rise in revenue and profit, due to the rising metal prices. The company said that it would be considering paying an interim dividend. It hasn't paid out full-year dividends from 2022-2025 due to a heightened level of macroeconomic uncertainty and political tensions. On September 30, shareholders will vote on the board's proposal. Alfa Investments analysts estimate the proposed dividend yield to be around 1.5% at current market prices. Nornickel CEO?Vladimir Potanin is a Russian billionaire who owns 33,51% of the company, down from his previous 37% stake. Rusal is its second largest shareholder, with a 26.39 percent stake.
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The gold rally takes a break ahead of US inflation figures
Gold prices eased on Wednesday as they were on course to snap a three-session winning streak. The focus now shifts to the U.S. inflation figures due later today, which will provide signals about Federal Reserve's interest rate outlook. Spot gold dropped 0.6% by 0745 GMT to $4,630.72 an ounce, after the price of gold climbed to its highest level since May 14, Tuesday, following the U.S. Treasury Department's announcement about bond buybacks. U.S. Gold Futures fell 0.2% to $4687.20. Nikos Tzabouras is a senior market analyst for Jefferies owned Tradu.com. He said, "Gold prices have been subdued as the rally appears technically stretched. Markets are adopting a cautious approach ahead of important events that could'shape their trajectory." The U.S. The U.S. The soft producer and consumer inflation numbers published in this month have reduced the likelihood of an interest rate increase in September. According to the CME FedWatch tool, traders are pricing in a 64% probability that the Fed will keep rates the same next month. In a high interest-rate environment, gold's non-yielding nature can make it less appealing. If Warsh is tight-lipped, we can expect a renewed easing of the dollar, and a further interest in gold on the basis that it's uncertain. However, if Warsh is resolutely steadfast in his?intentions, then the price of gold may be under pressure. Iran announced that it has re-started discussions with Oman about managing the Strait of Hormuz, as it faces increased economic pressure by U.S. president Donald Trump. China's net imports of gold?via Hong Kong? in July? rose 11% compared to a month ago, according to?data released on Tuesday. This was largely due to an increase in investment demand. (Reporting by Sukanya Mitra in Bengaluru; Editing by Rashmi Aich) (Reporting by Sukanya Mitra in Bengaluru; Editing by Rashmi Aich)
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Lynas looks to expand its global footprint and new rare earths deals
Australia's Lynas Rare Earths announced on Wednesday that it planned to expand its global supply chain. Discussions were held to secure new?mine supplies from project developers all over the world, and to set up a magnetic processing facility in the United States. Comments were made after the largest producer of rare earths in the world outside China, reported a sharp increase in annual profits, aided by record-high average selling prices for Rare-Earth Oxide and strong demand. However, it missed market expectations. Shares of the company fell up to 8%. Interim CEO Pol Le Roux'said Lynas was in discussions with project developers for ionic deposits around the globe to secure new supplies and that he expects new 'deals' to be announced soon. He didn't say if that meant buying material or acquiring existing ionic-clay businesses. Daniel Morgan, a Barrenjoey analyst, said: "I believe they left the door open - and they are considering everything." Le Roux said that Lynas is in the early stages of talks with different parties about developing a magnet manufacturing facility?in the U.S. He said, "But we're on track with that development. And more is coming," on an earnings call. The U.S. and its allies are racing against time to create supply chains that will reduce their dependency on China. China accounts for 90% of the global production of rare-earth products, such as magnets, used in aerospace, automotive, and defence industries. The one-year export control suspension announced by China for several medium and heavy rare Earth products expires on November 30. Soaring Profits Missed Predictions Lynas reported a net loss after tax of A$222.4million ($159.37million) for the year ended June 30. This is up from A$8million a year earlier. Visible Alpha's consensus estimate was A$242.5million. The company also cited rising costs and operational challenges at its Mt Weld Mine in Australia. It said that it had resolved the quality problems at its 'Kalgoorlie' plant. They have "fixed" a lot of problems. Morgan said, "It's good to know that they have improved their operational stability." Lynas stated that the earnings surge was a result of firm prices and agreements on floor?price with Japanese and U.S. clients, which helped to reduce volatility. Its average selling ?price rose 59% to A$80.7 per kilogram, helped by improved pricing of neodymium-praseodymium, a key rare-earth magnet material, and a higher share of heavy rare-earth sales and ?sales with pricing not linked to the ?market index. It said that despite export restrictions, customers continued to prioritize sustainable rare-earth supply chain outside of?China, and strong demand boosted sales volumes. After Amanda Lacaze's retirement, the company is looking for a new chief executive officer.
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Nepal flash flood destroys villages and damages power projects
Authorities warned against the possibility of fatalities after a massive flash flood in Nepal's Himalayan region washed away villages and damaged roads, bridges, and power projects. Officials said that the areas of Syapru Besi, Timure, and the surrounding mountainous district, Rasuwa with a combined population of around 50,000 people, were heavily affected. They also urged those who live on the Bhote-Koshi river's banks to move higher ground. District administrator Narendra Pariyar said that he had received reports of villages being washed out and infrastructure projects being destroyed, but no estimates of property or casualties were immediately available. He added, "There could have been a lot of casualties or property loss." "But I can't say for certain now." The cause of the flood was not immediately apparent, but the draining a glacier pond last year that caused a deadly flash flooding on the same river. The Nepalese water resources ministry stated that hydroelectric projects, roads and bridges were all damaged in the floods. The government said that the damage caused by the earthquakes has disrupted the electricity supply in the region. Prime Minister Balendra Shah stated that?rescue teams and relief teams as well as the police and military have been dispatched in order to assist the aid effort. He said: "Instructions were given...to move people from the lower areas into'safer places. People along the river should exercise extra caution and stay alert. The Bhote-Koshi River originates in Tibet, empties into the Trishuli river of Nepal and flows into India as Gandak. The Bhote-Koshi flood of last year killed nine people and left 24 others?missing. It also washed away the 'Friendship Bridge,' which linked Nepal with China, disrupting?trade and transportation for months. A regional climate monitor stated that the flood was caused by the draining a supraglacial water in Tibet. (Reporting and writing by Gopal Sharma, Shilpa jamkhandikar; Editing by Clarence Fernandez).
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Nepal's flash floods wash away villages and project sites near Tibet's border
Authorities warned of heavy casualties as they urged people living along river banks to move higher ground. Government officials have said that the areas of Syapru Besi, Timure, and the mountainous district Rasuwa are severely affected. They also called for residents to be extra vigilant along the Bhote-Koshi River. District administrator Narendra Pariyar said that he had received reports of villages and infrastructure projects being washed out, but that a number of deaths or damage to property were not immediately known. He said, "There could have been a lot of casualties or property loss." "But I can't say for certain?now." Prime Minister Balendra Shah announced that rescue and relief teams as well as the police and military were dispatched to assist in the aid effort. He said that "instructions were given" to relocate people in lower areas to safer places. In a statement, the government advised people to be extra cautious and alert. The Bhote?river is a?river that originates in Tibet. It empties into the Trishuli?river of Nepal, which eventually flows to India as the Gandak river. The 'Friendship Bridge,' which links?Nepal with China, was destroyed by a flood in the 'Bhote Koshi River last year. Nine people were killed and 24 others are still missing. This caused a disruption to?transportation and trade that lasted several months. A regional climate monitor stated that the flood was caused by the draining a supraglacial water in Tibet. (Reporting and editing by Clarence Fernandez; Gopal Sharma)
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Mike Dolan: Autumn reckoning in Europe -- Bonds, Budgets and Billionaires
Washington is the dominant headline, but Europe has its own headaches after a hot summer. Three?things that the markets are looking at are a fraught European Budget Season, a drumbeat of joint euro debt, and an examination of super-rich trends on the east side. SEASONAL CHILL It's the season. The European budget season begins in September, runs into the fall and is usually a nerve-wracking affair for euro sovereign bonds markets. The inflation spike caused by the Iran oil crisis and the European Central Bank’s rate hike in response, along with the spillovers of volatile U.S. Treasury bonds and Japanese government bonds markets is making this 'year' more nerve-wracking than usual. Budget-setting is complicated by the messy politics of the Big Three economies in eurozone. France is a standout, as its presidential election in 2027 is now approaching and there's a real possibility that either a candidate from the far right or the far left will be elected to the Elysee following the April vote. Davide Oneglia, TS Lombard's Davide Oneglia, believes that there is a risk of this stalling agreement on the upcoming Budget. There is a possibility that no budget may be agreed by this time next. A further 0.5 percentage point increase in the deficit will bring it closer to U.S. levels, which are about 6% GDP. The French 10-year OAT rates are at their highest level in 18 years. The borrowing premium over Germany has returned to the levels of two years ago, during the heights of the budget crisis. And high-flying French banks stocks have retreated. Italy's budget and political landscape have been a lot more stable over the past few years as shown by its historically rare 10-year BTP rates trading below France's. Rome could be in for an even rougher 2027, as speculation is rife about a general elections as early as April when France goes to polls and Prime Minister Giorgia Melons right-wing coalition faces pressure from Futuro Nazionale a new, more right-wing party. Germany's political scene is no cleaner. Even though there is no federal election next month, three state elections will determine the "political climate" in Berlin, according to ING's Carsten Brzeski. The popularity of Chancellor Friedrich Merz is low and the AfD is doing well in two of these states. How soon will speculation begin to circulate about the ECB’s Transmission Protection Instrument (TPI), which would limit excessive intraeuro bond spreads, if euro bond markets become jittery -- or global bond-market anxiety overwhelms them? BONDED? The risks could refocus the minds of many on a joint euro issue, even if TPI is not used or not enough to calm the euro bond storm. In recent years, many proposals have been made for euro zone or European Union bond issues that are jointly backed. The latest paper was published this week on CEPR’s VoxEU website. The economists believe that the reform of the EU fiscal frameworks in 2024 still falls short on two fronts: In a deep recession the frameworks provide too little flexibility fiscally to avoid deflationary slowdown and perhaps too much for national debt sustainability concerns. In the paper, it is argued that "a Eurobond-financed fiscal capacity can reduce both tail risks." This proposal would shift the stabilisation of common shocks to the euro area level, while national debt is still firmly held at national levels. The economists claim that Eurobonds could be used for large European investment programs, if there are no severe shocks. This is similar to how joint debt was used after the pandemic of 2020. The use of joint debt to address budgetary concerns has been opposed many times over the past 27 years. The moment could have finally arrived, although the same fractious European politics which bring back the thinking may also be what makes joint action less likely. EURO BILLIONAIRES German businessman Klaus-Michael Kuehne died on Monday at the age of 89. He was the controlling shareholder of Swiss logistics company Kuehne + Nagel. Forbes lists his holdings in various businesses at $44 billion. This makes him Europe's 7th richest person. This has led to a debate about how many billionaires Europe has in comparison with the U.S., and whether or not public policy should take a stand on the rise of a super-wealthy group. Rebecca Christie, a senior fellow at Bruegel, has written this month on the pros and cons for the super-rich. This topic is egregious because of the scale of wealth and the inequality. It seems absurd that anyone would need as much money as these tycoons. There are many benefits from the economic dynamism which has fuelled this ascent. She wrote that policymakers must now figure out how to?court them, tax and regulate them". The numbers may surprise you if you thought that Europe was far behind the U.S. in this regard. Forbes puts the number of American millionaires at 989. The number of billionaires in Europe, including Britain, Switzerland and the EU as well as other countries is 875. The opinions expressed are those of Mike Dolan a columnist at. This column is great! Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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Andy Home: Chinese exports ease the pain of London zinc shorts
The London Zinc Market remains a hazardous place for "bears". Metal that was expected to drop in price this year has risen. London Metal Exchange's (LME) 3-month zinc?hit a new four-year high of $3,858 a metric ton Tuesday morning. The relentless rally has been accompanied by an abrupt?reduction in LME time-spreads. The premium for metals delivered over a three-month period The price of flexed steel has dropped to $131 per tonne, which is a throwback to October last year when it reached a record high of $323 a tonne. The market tightening is due to the low LME inventories that were the cause of the last year's squeeze. Help is on the way for LME shorts. China has begun lifting exports and dispatching metal directly to LME Hong Kong warehouses. A Tale of Two Markets Zinc demand is not booming. According to the International Lead and Zinc Study Group, global consumption grew modestly by 1.5% from January to may. The Group assessed a global surplus of 145,000 tons of refined metals in the first five months of the year, based on a 3.5% increase in output. However, the catch is that the majority of the growth in refined production came from China as it did last year. Western smelters are facing extreme margin pressure due to the collapse of treatment terms and a series of supply issues. The majority of surplus metal is therefore also found in China. Since the beginning of January, the stocks registered at the Shanghai Futures Exchange has more than doubled. LME stock levels, which include those in off-warranty storage, remain 6,500 tonnes lower, at 124.677 tons, despite recent daily deliveries to LME warehouses. HONG KONG FAST TRACK Since the beginning of last week, there have been daily warranting actions as the LME premiums for cash deliveries are increasing. The volumes have been modest, totalling 17,000 tons. However, they are enough to stabilize the on-warrant stock at around 95,000 tons. The number of off-warrant stock has increased from 15,480 to 29,627 tonnes, a high compared to the low in July. Hong Kong has delivered around two thirds of the LME-mandated deliveries and also holds another 5,000 tonnes in storage off-warrant. Hong Kong was approved by the LME for good delivery only in January of last year. The first warehouse opened in July. But it is clear that Hong Kong has already become a conduit for arbitrage. China has been historically a major importer of zinc refined. As recently as 2024, volumes reached as high as 445 000 tons. The country's smelter capacity is now so large that it is close to self-sufficiency. Imports dropped by one-third to 299,000 tonnes last year. China became a net exporter both in November and December. It delivered metal to LME storage facilities in Singapore and Taiwan in order to take advantage of the London cash crunch. Shanghai Metal Market (SMM), a local data provider, reports that the country became a net exporter in July with shipments of 9,200 tonnes and imports continuing to fall. This time, the pace of arrivals has clearly slowed down. So far. Turning Bullish Bulls bet that even China's Smelters will have to reduce operating rates due to bombed out treatment charges. There are many zinc bulls in town. Over 110,000 tons of long positions have been accumulated by investment funds, making it the largest collective bet since the LME began publishing its position reports in 2018. The LME option market also shows a renewed interest in zinc. The LME options market also shows renewed interest in zinc. The bull story is that of a limited mine supply. Global mine production increased by 4.8% last year after three consecutive years of decline. ILZSG reports that the momentum has waned quickly this year with growth only reaching 1.1% between January and May. According to SMM, the competition for mined concentrats is so fierce that spot-treatment charges for Chinese imports have now reached a record low of minus $117.50 a ton. China's smelters are still battling. According to ILZSG, growth was "significant" during the first five month of 2026. How important will the LME bulls be? And, even more importantly, how urgent will it be for LME short position holders? Andy Home is a columnist at. This column is great! Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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Investors focus on oil costs as Nigeria's Dangote refining plant nears record IPO
After months of high earnings, boosted by the Iran War, Nigeria's Dangote Refinery is expected to list its biggest IPO in Africa in October. The company will be looking to raise $5 billion. Investors are wondering if Aliko Dangote's Dangote can maintain its profits without sacrificing its ability to source enough crude oil in order to fund its plans for doubling capacity within three-years. The IPO is part of the funding. Rob Thummel is a senior portfolio manager with Tortoise Capital Management in the U.S. He said that if Nigeria was the only source of oil for Dangote, the investment risk would be higher. Dangote doesn't disclose its margins. But as a group, the refinery industry has seen higher profits after the Middle East disruption increased the demand for alternative fuel sources. Dangote was ideally placed to meet the demand in Africa and beyond. It was a new refinery that reached its maximum capacity of 650,000 bpd in February, just before U.S. and Israeli attacks started the war against Iran. The refinery's production has been tested at 700,000 barrels a day. Diversifying the sources of crude oil is another priority. The pitfalls of buying Nigerian crude Dangote should ideally rely on the domestic oil industry, particularly since Nigeria is Africa's largest producer, with a production of 1.6 millions bpd. In reality, much of the Nigerian National Petroleum Company Limited (NNPC)'s joint venture crude is tied to oil backed loans and pre export deals. This reduces the amount available to Dangote. David Bird, the chief executive officer of Dangote Refinery, said that imports represent between 30 and 40 percent of crude intake. Both economics and availability are factors that affect the problem. Mikolaj JUDSON, an analyst with the risk consultancy Control Risks, said that "challenges in obtaining feedstock at competitive rates would increase costs, compress margins, and reduce utilisation rates. This could impact on the refinery's performance commercially and its valuation." The crude oil that Dangote purchases from other African producers as well as distant producers such as the United States and Guyana is priced in dollars. Dangote claims that although some domestic Nigerian crude oil is priced in nairas, it is still very expensive because the NNPC 'prices Nigerian Crude against international benchmarks like Brent, which include freight and logistic costs, even though domestic refiners don't incur them. Edwin Devakumar, Group Vice President at Dangote Industries Limited, said that certain Nigerian cargoes are more expensive than comparable imported goods without providing precise figures. According to S&P Global Energy Platts, the grades Dangote imported include U.S. WTI 'Midland Crude,' which generally traded higher than Nigerian grade Bonny Light by 2026. Nigerian authorities claim they want to increase the flow of "local crude" Oritsemeyiwa Eysen, the chief executive officer of the regulatory body 'the Nigerian Upstream Petroleum Regulatory Commission', stated that authorities were looking into a 'crude swap system, which would match refiners and local producers in order to reduce delivery time and simplify logistics. Dangote is able to import goods because of its coastal location. Alan Gelder, Wood Mackenzie's analyst, said that the main risk was the cost to import these barrels.
Couche-Tard offers tender for all shares in Poland's Zabka
Canada's Alimentation "Couche-Tard" announced on Wednesday that it was launching a voluntary offer for all the shares of Polish convenience-store chain Zabka, at 32 zlotys per share. This is in line with their earlier plans.
The offer is expected to run until September 25 and is 2.3% above Zabka's last closing price on the Warsaw stock exchange of 31.28 Zlotys. It values the company at approximately 32.6 billion Zlotys (approximately $8.8 bn).
Couche-Tard announced in 'July' that it would buy Zabka, the Canadian convenience store operator’s largest deal to date. Last year, they had rejected a $46 Billion offer for Japan’s Seven & I.
Ipopema Securities will act as the intermediary. Circle K Polska is a subsidiary of Couche-Tard.
Couche-Tard estimates that the acquisition will create annual cost savings of 'around $250 million' within three years. It also said it may seek to delist Zabka, if it gains 95% ownership.
Zabka operates approximately 13,000 stores across Poland and Romania.
(source: Reuters)