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Egypt's EGAS signs a preliminary agreement with BP for the drilling of five Mediterranean gas wells
Egypt's Petroleum Ministry announced on Monday that the Egyptian Natural Gas Holding Company, or EGAS, has signed a preliminarily agreement with BP for drilling five new gaswells in Mediterranean Sea. The Ministry's efforts to increase exploration and production are reflected in the memorandum signed by EGAS, a state-owned company. Egypt, once the largest gas exporter in the region, is increasingly importing to meet its domestic demand, as production from old fields declines and new investments are slow. According to the Joint Organisations Data Initiative, gas production in May decreased by more than 40% compared to March 2021. The statement said that drilling of the five deep wells at 300 to 1,500 meters is expected to begin next year. The Petroleum Ministry announced on August 30 that it had signed four agreements with international companies worth over $340 million for the exploration of oil and gas in Mediterranean and Nile Delta. Shell, Eni of Italy, and Arcius Energy were among the firms. Arcius Energy is a joint venture owned 51% by BP, and 49% by ADNOC investment arm XRG. (Reporting and editing by Muhammad Al Gebaly, Jaidaa T.A. Haha)
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Databricks expects to generate $4 billion annually in revenue from the surge in AI demand
Databricks, a firm that provides analytics, announced on Monday that it is on track to reach $4 billion in revenue annually, an increase of more than 50% over the previous year. This was due to the surge in demand for its artificial-intelligence products. The Series K funding was led by Andreessen Hoowitz, Insight Partner, MGX Thrive Capital, and WCM Investment Management. It raised $1 billion with a valuation of over $100 billion. The proceeds will be used to accelerate the company's AI strategy. This includes expanding its products, launching an entirely new category of operational databases, as well as future AI research and acquisitions. The company, which serves around 15,000 clients, including Shell, a major energy company, and Rivian, an electric vehicle manufacturer, has exceeded a revenue run rate of $4 billion, with AI products exceeding $1 billion. Databricks aims to achieve a net revenue retainment of more than 140%. It also wants more than 650 clients with annual spending exceeding $1 million and a positive free cashflow over the last 12 months. Databricks CEO Ali Ghodsi said in an interview that the company has received numerous investor inquiries since July's successful $1.22 billion initial public offering of design software firm Figma, another venture capital-backed startup. Databricks CEO Ali Ghodsi stated in an interview that his firm has received many investor inquiries following the $1.22 billion IPO of Figma, a venture-backed software company, in July. Databricks was founded in 2013 and offers a platform that helps users to ingest, analyse, and build AI apps using complex data. (Reporting by Kritika Lamba in Bengaluru; Editing by Vijay Kishore)
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"It's best I walk alone": Man accused of attempting to kill Trump prepares for his trial
A man accused of trying to assassinate President Donald Trump at his Florida Golf Course last year began his trial Monday. Facing the possibility of life imprisonment, he chose to fire his legal counsel and defend himself. Ryan Routh faces five charges, including attempted assassination. Prosecutors claimed he concealed himself near the sixth hole of Trump International Golf Club, West Palm Beach with a rifle in order to shoot Trump in the final campaign weeks of 2024. According to court documents, a U.S. Secret Service Agent spotted Routh in the treeline and fired, prompting Routh flee before he could fire a shot. Routh has denied all of the charges. The jury selection in the federal court in Fort Pierce began on Monday. It is expected that the trial will provide a detailed account about what prosecutors claim was a second attempt to take Trump's own life within a two-month period. The gunman who shot Trump in the ear in the first attack was killed on the spot. The test will also be how far Routh can take the proceedings to express his views. Routh is a roofing contractor who has a long history of advocating for fragile democracies such as Ukraine and Taiwan. Aileen Cannon of the U.S. district court, who oversees the case in question, rejected Routh’s proposed questions for prospective jurors on Monday, calling them “very off base” and irrelevant to proceedings. Cannon stated that the questions included inquiries about pro-Palestinian activism by students and Trump's support of a U.S. invasion of Greenland. Routh, who fired his public defenders team in July, has used court documents to suggest a "beatdown" session with Trump. He also floated the idea of trading himself for an Iranian or Chinese prisoner and tried unsuccessfully to introduce expert testimony about his "narcissism." Routh will be presenting evidence in his own name, despite the fact that he has no formal training as a lawyer. He is also expected to make opening and closing remarks, interview witnesses, and question them. Two of his former attorneys will be "standby counsel" and ready to give advice when needed. Routh wrote to Cannon that it was absurd to think that a stranger who knows nothing about me could speak for me. "It's best I walk alone." TRUMP APPOINTEE Cannon was also in charge of the criminal case that accused Trump of illegally retaining classified documents. She received widespread criticism and attention for her decision to dismiss the case last year based on the finding that the lead prosecution was illegally appointed. Legal experts say that criminal defendants are entitled to self-representation. However, Routh's gambit adds a new element of uncertainty and risk into the trial. "If his only goal is to get acquitted then his chances will probably go down," said Erica Hashimoto a Georgetown University law professor who has studied the self-representation of criminal cases. If he wants to achieve something else by going to court, representing himself could be the best way to accomplish that. Routh has tried to show the jury that he is not violent by citing his previous writings in which he defended persecuted people and the "common person." Routh, in a 2023 self-published memoir, wrote that he had voted for Trump back in 2016 but was no longer a fan. He viewed the attack on the U.S. Capitol on January 6, 2021 as part of an international assault on democracy. Routh's ability to make political or ideological arguments during trial will be severely limited. Both the prosecution and defense agreed in advance that Routh could not argue that his actions were justified or necessary. Cannon has already ruled some of his previous writings are not admissible as evidence. In a recent court order, she warned Routh against using witnesses' testimony as "a tool for calculated chaos." The prosecution plans to show at least one letter Routh allegedly wrote. The letter, addressed to "Dear World," and allegedly left in a box with an acquaintance several months before the incident begins: "This was an assassination try on Donald Trump. I'm sorry I failed." The prosecution will need to prove that Routh had both the intention to kill Trump, and also took significant steps towards doing so. The prosecution alleges that on September 15, 2024 Routh built a "sniper’s nest" with a SKS style rifle and 20 rounds of ammunition, as well as ballistic plates to protect him. Prosecutors have stated that at the time Routh was spotted by the Secret Service, Trump was only a few hundred feet away, near the fifth green of the course. He would have reached the sixth green in about 15 minutes. (Reporting and editing by Scott Malone; David Gregorio, Marguerita Choy, Scott Malone)
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Databricks expects to generate $4 billion annually in revenue from the surge in AI demand
Databricks, a firm that provides analytics, is on track to reach $4 billion in revenue annually, an increase of more than 50% over the previous year. This was due to the surge in demand for its AI-based products. The company, which serves around 15,000 clients, including Shell, the energy giant, and Rivian, an electric vehicle maker, has exceeded a revenue run rate of $4 billion, with AI products exceeding $1 billion. The Series K funding was led by Andreessen Hoowitz, Insight Partner, MGX Thrive Capital, and WCM Investment Management. It raised $1 billion with a valuation of over $100 billion. The proceeds will be used to accelerate the company's AI strategy. This includes expanding its products, launching an entirely new category of operational databases, as well as future AI research and acquisitions. Databricks aims to achieve a net revenue retainment of more than 140%. It also wants more than 650 clients with annual spending exceeding $1 million and a positive free cashflow over the last 12 months. Databricks CEO Ali Ghodsi said in an interview that the company has received numerous investor inquiries since July's successful $1.22 billion initial public offering of design software firm Figma, another venture capital-backed startup. Databricks' CEO Ali Ghodsi stated in an interview that his firm has received many investor inquiries following the $1.22 billion IPO of Figma, a venture capital-backed software company, in July. (Reporting by Kritika Lamba in Bengaluru; Editing by Vijay Kishore)
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Brazil's JBS increases cattle tracking in Amazonian State of Para
According to a Monday statement, Brazil's JBS - the world's biggest meat company - has delivered 123 765 ear tags for tracking cattle individually in Para state. This could be a turning point in efforts aimed at halting deforestation of the Amazon. Para adopted a law late in 2023 that requires ranchers to identify their cattle in the state by the end 2026. JBS has said that it will deliver 2,000,000 tags to small ranchers of the state in partnership with The Nature Conservancy. JBS reported that 65,902 of the tags delivered to farmers have been attached to the ears of animals on 89 farms across the state. JBS' Maraba plant was able to process Para cattle for the first ever using individually tracked tags. The state of Para has a herd of about 26 million cattle, which is the same size as Australia's. This makes it a difficult task to track each individual animal. The move could prove to be a pivotal moment in the fight against the destruction of the largest rainforest in the world, since cattle and soybean farming have been the main drivers of deforestation. (Reporting and editing by Ana Mano)
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Gold rallies above $3,600/oz to a record high as Fed rate-cut bets are firm
Gold surged above $3,600 per ounce for the first time Monday, setting a new record high, as weak U.S. employment data reinforced expectations that the Federal Reserve would cut interest rates the following week. Gold spot rose by 1.3%, to $3,631.66 an ounce at 9:59 am EDT (1349 GMT). Bullion reached a new record of $3,636.69. U.S. Gold Futures for December Delivery rose 0.5% to $3670.80. Peter Grant, senior metals analyst at Zaner Metals and vice president, believes that the yellow metal will continue to rise in price, reaching $3,700-3,730 within the next few months. The bullion market could be sustained by the continued softening of the labor market and the expectation that Fed rates will continue to fall into early 2026. The Friday jobs report revealed that U.S. employment growth was slowed dramatically in August. According to CME FedWatch, traders now expect a 90 percent chance of the Fed cutting rates by a quarter point at its September meeting. Low rates reduce the cost of holding bullion that does not yield. Gold prices have risen 38% this year after rising 27% in 2024. This is due to the dollar's softening, central bank accumulations, dovish monetary policies, and increased global uncertainty. China's central banks extended its gold buying streak to 10 consecutive months in August, according to official data released on Sunday. The benchmark 10-year U.S. Treasury rates, on the other hand, are nearing their lowest levels in five months. Investors will now be waiting for the U.S. consumer price data and producer prices to come out on Wednesday. Fawad Rasaqzada is a market analyst for City Index and FOREX.com. He said that if the U.S. Dollar and yields continue to fall, the bullish momentum should also continue in gold. Razaqzada said that "if U.S. data surprises us in the next few weeks with surprising resilience, gold may correct from its current elevated levels." Silver spot rose 1%, to $41.39 an ounce. Platinum rose 0.7% to 1,382.25 and palladium rose 2.1% to 1134.56.
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McGeever: The 100 billion dollar Treasury record that you missed.
For good reason, the recent spike in 30-year bond yields has dominated world bond markets. With so much focus on the long end, it seems that few have noticed the historic changes in the ultra-short U.S. Treasury Market. The weekly sale of four-week T bills has now reached the landmark of $100 billion. The September 4 auction marked the fifth consecutive sales at this record-high amount. This new government strategy is reflected in the flood of bills being sold. The Trump administration wants to reduce interest rates and the debt maturity profile of the country by borrowing at the short end of the curve. It seems to be working so far. Investors expect at least 150 basis point of rate easing before the end of this year. This is not only bringing down short-term rates, but also longer-term yields. The benchmark 10-year rate is at its lowest level since the 'Liberation Day tariff chaos' in April, and the 30-year rate is once again slipping away from 5%. Investors who lend to Uncle Sam over a period of 10 years with the associated risk get paid 4.08% annually, while those who lend to Uncle Sam in a four-week period receive 4.20%. These bill auctions are generating strong demand. Last week's $100-billion sale was 2,78 times oversubscribed. What's the issue? Let me Roll It The greatest concern is the 'rollover risk'. The government must refinance large portions of its debt more often because it concentrates sales on the front of the curve. It is then more vulnerable to unexpected financial, political or economy shocks. These could lead to an increase in short-term borrowing rates or force the Fed's policy rate to be raised. Fed expectations may be skewed downwards right now. But what if inflation expectations start to rise and the Fed is forced to stop its easing cycle, or even raise rates? This is not a crazy scenario. Goldman Sachs says the Fed is likely to ease in a climate of 3% inflation, high equity markets and the most accommodative financial conditions for three-and-a half years. The Atlanta Fed's GDPNow model also predicts 3.5% economic growth. The full impact of Trump's new tariffs on inflation is not taken into consideration. The increased bill issuance is well-absorbed, but the cash that goes into them depletes liquidity pools and buffers elsewhere in the system. The overnight reverse repo facility of the Fed is almost empty and total bank reserve at the Fed is declining. Nobody knows the minimum level of comfortable reserves in the banking system. In late 2019, a sudden fall below this level caused significant volatility in the money markets and an increase in overnight rates. Experts believe that it is higher now, due to the expansion of the banking system and economy. Reserves are decreasing steadily and may soon fall below $3 trillion. Citi analysts warn that they will continue to "march" below this level as Tbill issuance increases, putting pressure on repo and funding costs. THRESHOLD According to Wall Street estimates, the Treasury is increasingly relying on T-bills as a funding source. This could mean that new issuances over the next 18 month may exceed $1.5 trillion. The share of outstanding bills is also likely to increase. This percentage is currently just under 21 percent, which is slightly below the average historical level of 22.5%. However, it is above the range of 15-20% recommended by the Treasury Borrowing Advisory Committee. T Rowe Price analysts believe the share will soon reach 25%. This is a level that was last seen during pandemics and the Global Financial Crisis. It suggests borrowing policies seen before crises may become the norm. All of this won't be a problem as long as the demand for increased issuance is strong. There's good reason to think that this will be the outcome. Money market funds, the largest buyers of T-bills, have seen their holdings explode from $4.7 billion in early 2020 to over $7 trillion today. There is also a massive demand for T-bills from stablecoin issues, who want to back their crypto assets using safe and liquid assets such as T-bills. The market may continue to "play ball" with the new government funding strategy. The Trump administration is hoping so, with over $1 trillion in new issuances coming.
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African leaders offer climate model following US withdrawal
African leaders want to provide a global model of tackling climate change through green investments. They said this on Monday after the United States pulled out of the Paris Climate Agreement, which deflated efforts against climate changes. Ethiopia is hosting its second climate summit, COP30. The continent has been ravaged by landslides and floods in the past year. "We are here to design the world's next climate economy," Ethiopian Prime Minister Abiy Ahmed said at the opening ceremony. "We are here to design the next climate economy," Ethiopian Premier Abiy Ahmed said at the opening ceremony. Leaders have positioned the 54-nation continental as being ripe for investment in carbon capture, solar energy, minerals critical for green technologies and food production, to keep the development on track despite the climate crisis. Abiy said that if we make the right decisions now, Africa could be the first continent in the world to industrialise its ecosystems without damaging it. He called for the creation of a new Africa Climate Innovation Initiative, funded by Africa, which would bring together African universities and research institutions, startup companies, rural communities, and inventors in order to develop 1,000 solutions by 2030 to address climate challenges. Officials say that although leaders sought additional funding at the Nairobi summit two years ago, the continent still receives only 1% of global climate finance each year. African countries are the most vulnerable and least responsible of the effects of global warming. Yet, they have demanded for years that the COP meetings provide more funding to assist them in adapting to climate change. Mahamoud Youssouf is the chairperson of the African Union Commission. Climate justice is needed to address the vulnerability of our members, which has been caused by the climate change, the debt burden, and the structural injustices of the international financial system. Leaders expressed concern about the possible damage that could be caused by a deterioration of the multilateral strategy to combat climate change. The Trump administration withdrew from the historic Paris climate agreement for the second consecutive time in the first half of this year. It has also pulled out of clean energy partnerships, including those with South Africa. William Ruto, Kenyan president, said: "Too many commitments are broken, and international solidarity dismissed as weak precisely when the magnitude of the climate crises demands increased cooperation, not lesser," Reporting by Dawit Endshaw in Addis-Abeba and Duncan Miriri, Nairobi; editing by Kevin Liffey
Marshall Islands drop fossil fuels as focus of UN climate change motion
The U.N. Human Rights Council adopted a motion Tuesday on climate change, human rights and the Marshall Islands retracted a divisive amendement that asked states to commit to a phased-out fossil fuels.
The motion calling for countries to "contribute to global efforts" to combat climate change was passed by consensus. This follows the 2021 council recognition of access to a healthy and clean environment as a right.
The original language had revealed divisions amongst the 47 members, after the Marshall Islands, which is one of the most vulnerable countries to rising sea levels and has made an amendment to it to mention the exiting of fossil fuels, as agreed by the states at the COP28 Climate summit in December 2023.
Doreen Debrum, Marshall Islands ambassador to the U.N. at Geneva, said to the council: "My country, like many of its Pacific neighbours, places a premium on collaboration and dialogue. We were willing to acknowledge this by withdrawing the amendment."
The motion instead referred to the "imperative of defossilizing economies" in a note, allowing it to pass without a vote whose outcome was not certain.
The decisions of the council are not legally enforceable, but they help to shape global standards.
Three diplomats claim that oil producing countries, including Saudi Arabia and Kuwait (a voting member), had previously voiced their opposition to this phrasing during negotiations. Riyadh instead called for "multiple paths" to reduce emission.
Kuwait's foreign ministry or Saudi Arabia's international press offices did not respond to requests for comment. The diplomatic missions of Saudi Arabia and Kuwait in Geneva failed to respond immediately.
Sebastien duyck, the human rights and climate campaigner at the Center for International Environmental Law said: "We regret the council's continued failure to call for an equitable phase out of fossil fuels - the root cause for the crisis."
Campaigners have accused leaders in climate action such as the European Union of scaling back their policies while dealing with the effects of an early summer heatwave.
After disengaging from the Council this year, the U.S. did not take part in the formal vote. (Reporting and editing by Alison Williams; Emma Farge)
(source: Reuters)