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Nigerian forces kill 30 terrorists in counter-operation against the bandits of Katsina, northwest
The state's commissioner of internal security said that Nigerian security forces have killed at least thirty bandits during coordinated counter-operations conducted in the Faskari District in Katsina State in the northwest. Nasir Mua’zu said that the joint forces, consisting of police, military and air force, responded simultaneously to attacks by hundreds bandits in the communities of Kadisau Raudama and Sabon Layi on Tuesday evening. Mua'zu, in a press release, said that after intense clashes the security forces had repelled attackers. Thirty of them were killed as they fled by coordinated air attacks, Mua’zu stated. He said that five security officials, one civilian and a civilian injured were all killed. A civilian who was being treated for injuries died. In recent years, gangs of heavily-armed men known as bandits have caused havoc in northwest Nigeria, kidnapping and killing thousands. They also make it dangerous to travel on the road or farm in certain areas.
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Indian Oil upgrades Panipat Diesel refinery to green jet fuel production
Arvind Kumar said that Indian Oil Corp will shut down its 300,000 barrels per day diesel desulphuriser at its Panipat refinery next year for an upgrade to produce sustainable aviation fuel. Kumar said at an industry event held in New Delhi that the overhaul of diesel unit was scheduled to take place late this year or very early next year. India targets a 1% share of sustainable aviation fuel in aviation fuel in 2027. This will double to 2% by 2028. As the refinery has diesel hydrotreaters on the Panipat site, the diesel production would not be affected by the shutdown. He said that the upgraded unit would process used cooking oils (UCO) and produce 30,000 tons of SAF per year. Indian Oil, as the largest refiner in India, is also looking at upgrading some kerosene producing units at other refineries so that they can make SAF. Indian Oil is also planning to invite bids soon for a green hydrogen plant capable of producing 70,000 tons per year and a project for sustainable aviation fuel. Indian Oil has awarded the contract to build a green hydrogen facility capable of producing 10,000 tons per year at its Panipat refinery, to Larsen and Toubro. L&T will construct and operate the plant, and sell green hydrogen at a price of 397 Indian Rupees per kilogram to Indian Oil. He said that India had set an ambitious target for its refiners: to meet half their hydrogen needs through green hydrogen. $1 = 85.6490 Indian Rupees (Reporting and Editing by Louise Heavens).
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Thames Water confirms it has received a bid following FT's report on the Redesdale move
Thames Water confirmed that it had received an offer in response to a Financial Times article about a desperate rescue attempt by former Liberal Democrat Energy spokesman Rupert Redesdale, and investment firm Muinin Holdings. A company spokesperson, without confirming the identity of the bidder said that the offer had "little credibility or viability" to recapitalise business. He added that the company was progressing with discussions about the senior creditors plan with Ofwat. Due to breaches in sewage treatment, the country's largest water provider has been on a verge of nationalisation. Its debt has ballooned to 24.48 billion pounds (18 billion pounds). According to a report in the FT, Rupert Redesdale, who heads specialist water retailer The Water Retail Company joined Muinin last month as a director, in preparation for Thames Water's bid. Rupert Redesdale has not responded to requests for comment. Thames Water received a separate proposal for a rescue plan for its bondholders. The offer is to inject 5 billion pound in new equity utility and debt utility, in exchange for more lenient pollution targets and clemency with fines. Ofwat is currently evaluating the plan. Redesdale's offer would be the second after U.S. Private Equity Major KKR walked out of a plan last month to inject equity worth $5.44 billion into the struggling company. According to its website, Muinin is based in Mayfair and specializes in alternative investments. It also helps with capital raising for projects that incorporate sustainability strategies, along with providing a variety of trade finance investment functions.
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SHFE copper drops as US tariffs are seen to be hitting China harder
The Shanghai Futures Exchange saw copper prices fall more than in London, as analysts say that China is likely to bear the brunt from the United States' decision imposing a 50% tariff on imported copper. By 0708 GMT, the most traded copper contract on the SHFE had fallen for the fifth consecutive day, down 0.39% to 78,600 Yuan ($10,952.87 per metric tonne). On Thursday, it touched 78.190 yuan ($10,952.87), the lowest level since June 23. On the other hand, copper for three months on the LME recovered on Thursday, after five consecutive days of losses. It was up 0.36% to $9,665.5 per ton. On Wednesday, the most active COMEX Copper Futures contract was hovering near a new record high. Its premium over LME copper also jumped by 26%. According to SHMET, an institution that conducts metals market research, China, which is the world's biggest copper producer, could be hit harder by U.S. copper tariffs. A Shanghai-based metals analysts at a futures firm said that the tariff move could boost copper shipments into China, as some supplies will be redirected outside of the U.S. She also added that COMEX stocks Prices could be affected by the rising production from China and Democratic Republic of Congo, as well as the high levels of SHFE. On Thursday, LME Nickel gained 1.14%, to $15,150 a ton. Tin was up 0.91%, to $33,585. Zinc rose 0.86%, to $2766, while lead gained 0.49%, to $2066, and aluminum gained 0.4%, to $2607. SHFE nickel increased 1.41%, to 121140 yuan per ton. Zinc was up 1.38%, at 22,385 Yuan. Tin rose 1.2%, to 266,740 Yuan. Aluminium was up 0.9%, at 20,700 Yuan. Lead was up by 0.17%, to 17,230 Yan. Click or to see the latest news in metals, and other related stories.
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The price of iron ore has risen for the past two months on hopes that China will stimulate steel production and reduce its supply.
Iron ore futures rose for the third consecutive session on Thursday. They reached multi-month highs as optimism grew over a new reform wave to curb steel production and additional stimulus measures by China, the world's largest consumer. The daytime trading price of the most traded September iron ore contract at China's Dalian Commodity Exchange was 3.67% higher, closing at 763.5 Yuan ($106.39), a three-month record. As of 0724 GMT, the benchmark August iron ore traded on the Singapore Exchange rose 3.41% to $99,35 per ton. This is the highest price since May 22. The main reason for the rise in prices is the anticipation of a supply-side steel reform, according to a Shanghai analyst who spoke on condition of anonymity because he was not authorized to speak to media. The head of China's state planner announced on Wednesday that China's GDP will surpass 140 trillion yuan in this year despite the ongoing trade war with the United States, and the persistent deflationary forces. Analysts at Yongan Futures stated that this fueled some hopes about "whether there will be more stimulus at the high-level meetings later in the month." Pei Hao is an analyst with international brokerage Freight Investor Services. She said that iron ore has benefited from the recent rally on the coal markets, which was driven by the expectation of supply-side changes. The iron ore supply and demand did not change fundamentally. Although shipments fell, a decrease in arrivals is likely to be visible until late July. Coking coal and coke, which are both steelmaking ingredients, also saw gains. They rose by 4.24% each and by 3.56% respectively. The benchmarks for steel on the Shanghai Futures Exchange have strengthened. Rebar gained 1.89%; hot-rolled coil grew by 2.16%; wire rod climbed 1%, and stainless steel jumped 1.06%. ($1 = 7.1762 Chinese Yuan) (Reporting and editing by Amy Lv, Lewis Jackson and Mrigank Dahniwala).
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Seven & i's profit is boosted by overseas convenience store profits
Seven & i Holdings, a Japanese company, announced on Thursday that its operating profit rose by 9.7% during the quarter from March to May, exceeding analysts' expectations, thanks to an improved performance of its overseas convenience store business. 7-Eleven is being pressured to improve its financial situation in response to a takeover offer of $47 billion from Alimentation Couche-Tard, based in Canada. Six analysts polled at LSEG estimated 58 billion yen as the profit for the first quarter. The Japanese retail giant announced previously a share purchase, that it is selling non-core assets and intends to list its North American convenience stores business. The company's domestic convenience store business saw a decline in profit, while the overall net profit rose due to the sale of assets by retailer Ito-Yokado. Seven & i reported that gross profit margins in the U.S. improved due to an expansion of proprietary products, and optimisation of labor costs. Seven & i's shares fell 1.6% before the earnings report, and are down 13% for the year. By the end of December, the company had spent 156 billion yen on repurchasing its shares. The retailer kept its forecast for earnings. (1 dollar = 146.2300 Japanese yen). (Reporting and editing by Jacqueline Wong, Kate Mayberry, and Sam Nussey)
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China's wheat production remains stable despite drought-hit harvest
China's summer wheat harvest 2025 was down by 0.1% compared to the previous year, according to official data released on Thursday. This is due to a severe drought that has affected key growing areas, including Henan Province, the nation's grain storage. In the harvest of 2016, the world's largest wheat producer produced 138.16 millions metric tons. This is a slight decrease from 138.22million tons harvested in previous years. This includes both winter wheat and early spring wheat. Winter wheat production, which was sown last autumn and harvested early this summer, dropped by 45,000 tonnes to 135,45 million tons. This represents 98% of total wheat output. According to National Bureau of Statistics, the total wheat planting area dropped by 0.1% on an annual basis to 23,07 million hectares 57 million acres. In a separate press release, the NBS stated that "this year, severe droughts occurred in major grain producing areas, such as Henan, and Shaanxi. This adversely affected summer grain production." In May, these two provinces, which produce over a quarter (25%) of China's wheat, were severely affected by the hot and dry weather. Some farmers in Shaanxi, Henan and other provinces reported that their wheat production had been cut by up to half. The NBS stated that timely irrigation efforts, as well as fewer natural disasters, helped keep the overall production stable. Analysts said that even with a small decrease in production, China's imports of wheat are expected to be roughly the same as 2024 levels. "China's exports will be restricted if output drops by 0.1%." It will be similar to the last year", said Ole Houe. Director of advisory services at IKON Commodities, Sydney. Rosa Wang, an agroconsultant from Shanghai, JCI, said that domestic stocks were sufficient to curb imports. Imports have fallen even more this year after falling in 2024. China was the top wheat importer worldwide in 2022-2023. In the first five month of 2025, imports of wheat fell by 80% compared to last year. Australia is now the only major supplier due to the slump in demand. Extra wheat The NBS reported that China's total summer grain production also fell 0.1% from the previous year to 149.74 millions metric tons. Meanwhile, grain planting acres for the entire year decreased by 0.1%, at 26.58million hectares. China's total grain production in the summer harvest also includes legumes, tuber crops, and other cereals like barley, oats, and buckwheat.
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Kazakhstan's leader told Trump he hopes to compromise with Trump on the new U.S. Tariffs
In a letter, Kassym Jomart Tokayev, the Kazakh president, told Donald Trump that he is ready to engage in constructive dialogue with regard to trade issues following Trump's reimposition of reciprocal 25% tariffs against Central Asia. Trump has launched a global trade war, increasing tariffs on many countries in order to continue his "America First' policies. Commencing August 1, all goods exported by Kazakhstan to the United States are subject to a reciprocal 25% tariff. The new tariffs won't affect the majority of Kazakhstan's oil-rich exports. According to the Kazakh Trade Ministry, its key exports are oil, uranium and silver, ferroalloys tantalum, titanium, ferroalloys and ferroalloys. Tokayev wrote in a letter addressed to Trump that his country was willing to continue the dialogue with the White House for a rational resolution to trade issues. In a press release, the presidential service stated that "Tokayev is confident of reaching a trade compromise". In 2024, the trade turnover between Kazakhstan & U.S. will be $4.2 billion - 4% more than in 2023. Kazakhstan's primary export to the United States is crude oil. This accounts for 56.2%. Other commodities include uranium, silver, ferroalloys, and tantalum.
ADNOC-Led Consortium Makes $18.7B Bid to Buy Australia’s Santos
Australia's second-largest gas producer Santos said on Monday it intended to support an all-cash $18.7 billion takeover bid from an international consortium led by Abu Dhabi's National Oil Company (ADNOC), which wants to grow a global gas business.
Santos shares jumped 11% by the close on Monday, but that was well short of the 28% premium offered against their previous close, which analysts said reflected risks that the deal may not win regulatory approval in Australia.
ADNOC's investment arm XRG with Abu Dhabi Development Holding Company (ADQ) and private equity firm Carlyle proposed to offer $5.76 (A$8.89) per Santos share. The stock last traded at A$7.72.
Taking into account net debt, the deal gives Santos an enterprise value of A$36.4 billion, which would make it the largest all-cash corporate buyout in Australian history, according to FactSet data.
"For ADNOC, this is in line with their aggressive growth plans," said Kaushal Ramesh, vice president, gas and LNG research, at Rystad Energy.
The takeover bid emerged as oil prices reached multi-week highs as Israel and Iran traded air strikes, sparking concerns oil exports from the Middle East could be widely disrupted.
With Santos in its fold, the XRG-led consortium would gain control of two Australian liquefied natural gas operations - Gladstone LNG and Darwin LNG, as well as stakes in PNG LNG and the undeveloped Papua LNG. Santos' interests in Papua New Guinea are considered its most prized assets.
The company is also developing an oil project in Alaska, Pikka, due to start producing in mid-2026.
XRG said in June it aims to build a gas and LNG business with capacity of between 20 million and 25 million metric tons a year by 2035. Santos last year sold 5.08 million tons of LNG, with more than 60% of that from Papua New Guinea.
"What ADNOC really wants is the LNG assets, since they are inside the Asia Pacific basin. Since their plan is to expand in LNG, they will want assets close to where the future of demand lies," Rystad's Ramesh said.
Australian Treasurer Jim Chalmers, who makes the ultimate decision on major takeovers based on advice from the Foreign Investment Review Board, declined to comment on whether he had any concerns about an ADNOC-led takeover of Santos.
"It would be a big decision," he said in an interview with Australian Broadcasting Corp TV.
Santos said the latest offer came after it had rejected two previous proposals made by the consortium in March at $5.04 and $5.42 per share that were not made public.
Its board said if a binding offer is made it "intends to unanimously recommend that Santos shareholders vote in favour of the potential transaction, in the absence of a superior proposal."
The XRG consortium said it was negotiating to carry out due diligence with Santos on an exclusive basis before formalising the offer which would need at least 75% support from Santos investors.
"The proposed transaction is aligned with XRG's strategy and ambition to build a leading integrated global gas and LNG business," it said in a statement.
XRG, which was set up in November, last month acquired a stake in an offshore gas block in Turkmenistan. ADNOC has also struck several international deals for assets to sit under XRG, including gas and LNG interests in Mozambique.
Regulatory Hurdles Could Be Steep
Santos said the deal required approval from Australia's Foreign Investment Review Board (FIRB), Australian Securities and Investments Commission, National Offshore Petroleum Titles Administrator, PNG Securities Commission, PNG Independent Consumer and Competition Commission and Committee on Foreign Investment in the United States (CIFIUS).
XRG said it would maintain Santos' headquarters in South Australia, in a move to try and appease some regulators.
MST Marquee senior energy analyst Saul Kavonic said FIRB approval "may be a major risk to the deal" as Santos controls significant critical energy infrastructure in Australia.
Any spin-off of domestic infrastructure assets to potentially satisfy regulators would be difficult, as the facilities are saddled with decommissioning costs, he said.
Santos rejected a $10.8 billion offer from private equity-backed Harbour Energy in 2018 and walked away from talks with its bigger Australian rival Woodside Energy WDS.AX last year to create a possible A$80 billion oil and gas giant, saying it would look for other ways to bolster its value.
In February it reported a nearly 16% fall in underlying annual profit in 2024 and cut its dividend by 41%.
While Santos has long been a takeover target, Kavonic said a competing bid "is very unlikely as only ADNOC may be willing to pay such a premium to realise their global LNG ambitions."
($1 = 1.5425 Australian dollars)
(Reuters - Reporting by Scott Murdoch in Sydney and Emily Chow in Singapore, additional Shivangi Lahiri in Bengaluru; Editing by Kim Coghill and Sonali Paul)