Latest News
-
Trump Administration appeals ruling that prevents EPA from sending California auto emission rules to Congress
President Donald Trump's administration on ?Tuesday appealed a federal court's ruling blocking the U.S. ?Environmental Protection Agency from sending landmark California vehicle emissions rules to ?the Republican-controlled U.S. Congress seeking ?a fast-track repeal. On September 2, the U.S. District Judge Beryl howell ruled that the EPA acted in an improper manner by sending four waivers to Congress in June, including rules enacting tougher emission standards for cars, trucks and lawn-and-garden machinery. The Trump administration is waging a multi-pronged campaign to deny California's ability to mandate cleaner and more electric cars. The EPA, Congress and other agencies have also enacted regulations that make it easier for automakers and truck manufacturers to sell gasoline-powered vehicles and trucks while?making EVs more expensive. If the Trump administration succeeds, it will bar California from regulating "tailpipe emissions" indefinitely and a future Democratic President would not be able to easily "restore its regulatory powers." The EPA stated in June that the waivers for vehicle emissions granted to California by previous Democratic administrations, should have been sent directly to legislators under the Congressional Review Act. This would allow the U.S. Senate the ability to repeal the waivers with a simple majority, rather than the usual 60 votes required to pass most legislation. Only?regulations can be repealed under the CRA. California filed a federal court lawsuit to stop the action, claiming that it was illegal for the waivers to be sent to the 'Senate in accordance with the CRA as they were waivers and weren't regulations. Separately the?U.S. The House of Representatives will vote this week on repealing California's environmental rules for ocean-going vessels, and?commercial harbour craft. This is despite Howell’s Friday ruling that the EPA had improperly transmitted these rules to Congress. Congress removed the authority that California had to ban gasoline-powered cars?after 2035. Toyota, General Motors, and other automakers lobbied to be exempted from the state's emission regulations. After the EPA had sent waivers to Congress, the action was taken. California is currently pursuing a separate legal challenge against that action.
-
Oil prices rise as government bond yields increase
U.S. Treasury Yields reached their highest level since 2007, and oil prices rose, on Tuesday. This weighed down global stocks which continued a'selloff' from the previous session. Investors have been increasingly concerned about inflation and the long-term fiscal outlook of the United States. This has led to a steady increase in yields on U.S. government debt. Germany's yields also reached their highest level since 2009. Fed Chair Kevin Warsh is reluctant to give any guidance about the future of rates, but it's expected that rates will rise by at least one quarter point. There should be no shock factor in the fact we've seen an exuberant economy, earnings growth just hitting 30% last quarter, and a geopolitical conflict driving up commodity price," said Edison Byzyka. Chief investment officer at Credent Wealth Management. I think the Fed must raise rates immediately. If the Fed doesn't raise rates at least by a quarter (percentage point), we will see the bond markets punishing the Treasury market. The three major?indices of Wall Street all finished lower. Losses were led by consumer discretionary, communications services, and utilities stocks. The?biggest gainers were energy shares. The Dow Jones Industrial Average dropped by 0.63%. The S&P 500 fell 0.45% and the Nasdaq Composite was down by 0.78%. The STOXX Europe 600 Index fell by 0.28%, after reaching its lowest level since the 12th of June. The main MSCI world stock index fell by 0.5%. Benchmark Brent crude futures were above $108 a barrel after Yemen's Iran aligned Houthis launched another wave of attacks against Saudi Arabia, and began digging in positions along the Red Sea coast on the west of Yemen. The price of oil has also steadily risen, as have the prices for gasoline and diesel. Energy supplies have been limited since U.S.-Israel launched joint attacks against Iran late February, prompting that nation to blockade Strait of Hormuz. Recent Houthi attacks further impeded the flow of energy out the Middle East. INTEREST RATE IN FOCUS The yield on 10-year Treasury notes reached a peak not seen since 2007 in advance of the Fed's rate announcement on Wednesday. The yield on the benchmark U.S. 10 year notes increased 4.5 basis points, to 5%. The benchmark German Bund yields in the Eurozone rose to 3.56%, their highest level for over 17 years. Bank of Japan will likely raise interest rates by?25 basis points to 1.25% on Friday at the conclusion of its two-day session, signaling further tightening in the future. The yen is being bolstered by policymakers after an intervention that helped to?steer it away from a low of 40 years. The dollar gained in value against its peers before the Fed's possible rate increase. The dollar gained 0.49% against the Japanese yen to 155.11. The euro currency fell 0.07% to $1.1539 against the dollar. The dollar index (which measures the greenback in relation to a basket currency) rose by 0.16%, reaching 99.65. Spot gold dropped 0.06% to $4.295.52 per ounce.
-
Global stocks fall as Treasury yields reach new peaks
The global stock market fell on Tuesday. This was a continuation of the selloff that began in the previous session. Treasury yields reached their highest level since 2007. Oil prices are also firmly above $100 per barrel. U.S. Treasury Yields have increased over the last month as investors take into account expectations of higher interest rates, resilient growth in the economy and concerns regarding the long-term fiscal prospects for the country due to rising inflation. Investors were looking to the Federal Reserve. Traders expected at least a quarter point hike. Fed Chair Kevin Warsh is reluctant to give any guidance on future rates. All three major Wall Street indexes traded lower. Consumer discretionary, communications services, and utilities stocks were the main losers. The biggest gainers were energy shares. The Dow Jones Industrial Average dropped by 0.76%. The S&P 500 fell by 0.49%. And the Nasdaq Composite lost 0.83%. The STOXX Europe 600 index fell by 0.28%, after reaching its lowest level since June 12th. The European Tech Stock Index fell 0.37%. We have to acknowledge that this is an appropriate move on the Treasury market. There should be no shock factor given the exuberant economic background, the 30% earnings growth last quarter, and the geopolitical conflict driving up commodity costs, said Edison Byzyka. Chief investment officer of Credent Wealth Management. I think the Fed must raise rates immediately. If the Fed doesn't raise rates by at the very least a quarter (percentage point), we will see the bond markets punishing the Treasury market." The main MSCI world stock index fell by 0.55%. Benchmark Brent crude futures were above $108 per barrel as Yemen's Houthis, who are aligned with Iran, launched a fresh wave of attacks against Saudi Arabia. They also dug into positions along the Red Sea coast on Yemen's western coast. INTEREST RATE IN FOCUS The yield on benchmark?U.S. Treasury 10-year bonds?reach a peak not seen since 2007. This was ahead of Wednesday's Fed rate decision. The yield on the benchmark?U.S. The yield on benchmark?U.S. 10-year notes increased?3.47 basis point to 4.996%. The benchmark German Bund yields in the Eurozone rose to their highest levels in 17 years, at 3.56%. Bank of Japan will likely raise interest rates by 25 basis points to 1.25% on Friday at the conclusion of its two-day meeting and signal further tightening in the future. The Bank of Japan is attempting to stabilize the yen following intervention that helped the currency recover from a 40-year low. The dollar rose against its peers as the markets anticipated a possible Fed interest rate hike. The dollar gained?0.50% against the Japanese yen to 155.12. The euro was down by 0.05% to $1.1541. The dollar index (which measures the greenback in relation to a basket currency) rose by 0.14%, reaching 99.63. Spot gold increased 0.2% to $4.30619 per ounce.
-
Three people are killed in Israeli attacks on Gaza, according to medics
Israeli airstrikes in Gaza's northern strip killed three "Palestinians" on Tuesday, including one patient at a "healthcare center", medics reported. According to medical personnel, Israeli airstrikes targeting a vehicle in Sheikh Radwan (northern Gaza Strip) killed two Palestinians - one of whom was a child - and injured seven others. Israeli military officials said they had killed a militant near the site, but did not elaborate. Witnesses reported that some of the casualties were caused by a second attack near a group who had rushed in to help?the original victims. The video was not verified immediately, but it showed at least five men being hit by a missile. A British charity for Palestinian health said that in a separate incident, a patient died at a Jabalia health center they support. According to the organization, a quadcopter drone used by Israeli military was responsible for the shooting. Israel has not yet responded. Palestinians held funerals for two people killed in Israeli airstrikes a day earlier, Ahmed Al-Batsh Rafat Zummar. According to Hamas sources and the Israeli army, Batsh was a local Hamas leader. Medical personnel said that Batsh was killed in an attack against his vehicle in northern Gaza Strip. In separate statements, the Israeli military claimed that both men were killed. Zummar was also described as a Hamas leader. Hamas did not immediately comment on Zummar’s affiliation. At Gaza City's Al Shifa Hospital, relatives and friends honored Batsh’s body draped with a Hamas flag and a white shroud. On top of the corpse was a?M16 assault weapon. Khalil Al Batsh, the relative of a dead Hamas militant, said: "Israel believes... that it will eliminate resistance and the spirit (devotion) in us." He told mourners at the funeral that "this cowardly operation" only strengthened our people's resolve to continue down this path. A U.S.-backed ceasefire in October 2025 halted the large-scale fighting, but did not end Israeli attacks and made little progress towards permanent peace. Hamas claims that Israel violated the ceasefire, and undermined efforts to implement?U.S. Donald Trump's plan to end Gaza conflict includes an Israeli withdrawal from Gaza and Hamas disarmament. Israel claims that Hamas has violated the agreement. According to Gaza's health officials more than 1,300 Palestinians, mainly civilians, were killed since the ceasefire came into effect. The Israeli military, however, claims that four Israeli soldiers died. Hamas doesn't usually reveal information about the deaths of its fighters.
-
On Saudi disruptions, some physical oil cargoes are nearing the record of April, with prices above $130 per barrel.
On Tuesday, the price of some physical 'oil cargoes' in Europe jumped to more than $130 per barrel, nearing a record high reached in April. This is because buyers are rushing to find alternative supplies in Middle East due to increasing disruptions caused by intensifying conflict. Trade sources say that Saudi Arabia, in addition to other disruptions related to the Iran War, has canceled late-September cargoes to European buyers following an attack last week on its East-West Pipeline, which forced it to suspend loadings at Yanbu, a key Red Sea port. On Tuesday, buyers bid higher for?potential alternative oil such as North Sea. North Sea Forties crude According to LSEG, the price of oil has risen to $136.75 a barrel, which is close to the record high of $147.37, reached on April 13, shortly after the Iran War disrupted Middle East Exports. Brent oil futures contracts rose by over $3 on Tuesday. The Brent contract is now approaching $100 a barrel. This was due to the suspension of Saudi loadings and the halting of operations in Libya at three oil fields. Physical cargoes have a higher price than crude futures such as Brent, in part because they are delivered in 'a few weeks time. This is earlier compared to the oil traded on futures markets. Brent is a contract for delivery in November.
-
Agnico Eagle has said it will not participate in Barrick's North American IPO
Ammar Al-Joundi, CEO of Agnico Eagle in Canada, said that the company is not interested in Barrick Mining's proposed North American initial public offering. Al-Joundi stated that it would be a waste of money for Agnico Eagle to invest in Barrick Mining's proposed North American IPO ...,". He said that it was not a matter of valuation, or whether the deal is a good one or not. Al-Joundi said that it was up to Barrick's board and management at this point to decide if Agnico will attempt to buy the Nevada assets of Barrick in the future. Barrick declined comment. Agnico Eagle ranks among the top three gold producers in the world. Barrick, a Canadian-based company, wants to list its North America business by selling 10-15% of the equity. The proposed IPO is aiming to be listed in both New York and Toronto. Agnico Eagle shares have outperformed their peers in this year's performance, making it a contender to make a big-ticket acquisition. Agnico Eagle's share prices have risen 15% in 2026. This makes it one of the most popular large gold companies with institutional investors.
-
Hitachi Energy invests $528 Million in new transformer plant in Mississippi
The company announced on Tuesday that Hitachi 'Energy' plans to build a $528-million factory in Mississippi for the production of electrical?transformers. This will be the largest?investment made by the company as part of its U.S. Manufacturing expansion. Electricity demand in the United States has reached record levels, largely due to the growth of data centers for the tech industry and the electrification and modernization of buildings and transport. However, there is a shortage of essential electrical infrastructure like circuit breakers and transformers. The Gallman, Mississippi plant is expected to begin operations in 2029 and will be approximately twice the size of Hitachi Energy’s Crystal Springs facility?in the state. The Gallman facility will manufacture mid-range transformers for data center projects, semi-conductor factories and other industrial operations that require large amounts of power, according to the company. These transformers are smaller than the large transformers that are used for very high voltage grid infrastructure. They would be about the size of an attached garage compared to a two-story home, according to Hitachi Energy in Zurich, Switzerland. Andreas Schierenbeck said, "The transformers that will be produced in the next couple of years are essential for building data centers and investing in semiconductors because they close this critical gap between transmission transformers and industrial production," at a conference held in Houston. Hitachi said that its new Mississippi investment would 'complete the $1.5billion?the company has spent to boost production capacity in the U.S. The factory could be able to?produce dozens of Transformers per year, according the company. At a 'Houston conference, U.S. Energy Sec. Chris?Wright stated that the new?Hitachi plant is a necessary component to help build a large electrical infrastructure. "We need transformers to build this big expansion."
-
Global stocks fall as Treasury yields reach new peaks
The global stock market fell on Tuesday as it continued a downward trend from the previous session. This was after U.S. Treasury Yields reached?their highest levels since 2007 and oil prices remained above $100 a barrel. U.S. Treasury Yields have increased over the last month, as investors take into account expectations of higher interest rates and resilient economic growth. They also consider concerns about the long-term fiscal outlook for the United States due to rising inflation. Investors were looking to the Federal Reserve. Traders expected at least a quarter point hike. Fed Chair Kevin Warsh is reluctant to give any guidance on future rates. All three major Wall Street indexes are trading lower. Consumer discretionary, financial and communication services stocks were the main losers. The biggest gainers were energy shares. The Dow Jones Industrial Average dropped by 0.89%. The S&P 500 fell by 0.46%. And the Nasdaq Composite lost 0.69%. STOXX Europe 600 dropped 0.29%, after reaching its lowest level since June 12. After losing more than 2% Monday, the European Tech Stock Index rose by 0.10%. We have to acknowledge that this is an extremely?appropriate movement in the Treasury Market and there shouldn't be any shock factor given that we've seen an 'exuberant' economic backdrop. Last quarter, earnings growth hit 30% and we are experiencing a geopolitical crisis that's driving commodity prices up, said Edison Byzyka. Chief investment officer at Credent Wealth Management. I think the Fed must raise rates immediately. If the Fed doesn't raise rates by at the very least a quarter (percentage point), we will see the bond markets punishing the Treasury market." The main MSCI world stock index fell by 0.53%. Benchmark Brent crude futures were above $108 per barrel as Yemen's Iran aligned Houthis launched another wave of attacks against Saudi Arabia, and dug into positions along the western coast of Yemen on the Red Sea. INTEREST RATE IN?FOCUS The yield on 10-year Treasury notes reached a level not seen since 2007. This was ahead of Wednesday's Fed rate decision. The yield on benchmark U.S. 10 year notes increased by 3.47 basis points, to 4.996%. The benchmark German Bund yields in the Eurozone rose to 3.56%, their highest level for over 17 years. It is expected that the Bank of Japan will raise its interest rates by 25 basis points to 1.25% at the end its two-day meetings on Friday, and signify more tightening in the future. The Bank of Japan is looking to strengthen the yen following intervention that helped the currency recover from a low for the first time in 40 years. As markets awaited a possible Fed rate increase, the dollar gained against its peers. The dollar gained 0.48% against the Japanese yen to 155.07. The euro was down by 0.08% in relation to the dollar, at $1.1540. The dollar index (which measures the greenback in relation to a basket currency) rose by 0.14%, reaching 99.63. Spot gold dropped 0.33%, to $4283.64 per ounce.
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)