Latest News
-
Queensland tropical cyclone leaves thousands of Australians powerless
On Sunday, thousands of people in Australia’s northeastern state?of Queensland lacked power after a tropical cyclone swept across the coast and brought heavy rains and destructive winds. The nation's forecaster said that Koji, a Category One cyclone, made its landfall between Ayr, and Bowen (about 500 km / 310 miles north of the state capital Brisbane) before fading to a Tropical Low. It said that the storm with its wind gusts up to 95 km/h (59mph) and heavy rain hit coastal towns, including Mackay. Mackay is a tourist destination, as well as the gateway to 'Great Barrier Reef. Queensland Premier David Crisafulli stated that around?15,000 homes had lost electricity due to Koji. The storm also damaged boats and property, and closed the roads. Crisafulli stated that Koji, which brought rains of up to 200mm (7.8") to some areas over night, was expected to bring 'heavy downpours' in the next 24 to48 hours. In televised remarks, he stated that Queenslanders would be able to handle the flooding. Prime Minister Anthony Albanese had earlier described flash floods as a major risk along a large stretch on Queensland's coastline. The?weather report said that the severe weather would likely continue through Sunday, before possibly abating on Monday. Koji follows the March storm Alfred which brought heavy rains and damaging winds to the state, cutting off power for hundreds of thousands.
-
Bob Weir died aged 78.
Bob Weir was a veteran rock musician who played rhythm guitar for the Grateful Dead. He helped guide the band through decades of change and success. A statement on his verified Instagram page said that he died at the age of 78. The statement stated that he was diagnosed with lung cancer in July. He died surrounded by his loved ones. The statement did not specify when or where he died. Weir, along with late Grateful Dead co-founder and lead guitar Jerry Garcia who was the center of the?universe of Deadheads, was one of?two main vocalists and frontmen for the majority of the band's existence. Weir sang the verses of the trademark boogie song, "Truckin'." He also wrote key songs like "Jack Straw," "Playing in the Band," and "Sugar Magnolia." "Bobby", a young, ponytailed singer who grew up to be an eclectic songwriter with a handsome appearance and varied musical influences?helped widen the appeal of the band. The Independent newspaper in Britain called?Weir?rock's greatest rhythm guitarist, even if it was eccentric. Weir, who died in 1995 at the age of 53, had a 'interesting but somewhat neglected solo career. He spent most of his time with his band RatDog and took part in various reunions between surviving Dead members. (Reporting and writing by Steve Gorman, Los Angeles; Additional reporting by Matthew Lewis, Chicago; Editing by Diane Craft).
-
Fico: Slovakia will sign a nuclear energy agreement with the US
Slovakia will sign a nuclear cooperation agreement with the United States next week, Slovak PM Robert Fico said on Saturday. The country is moving towards a deal for a new nuclear unit to be built with U.S. assistance. Since last year, Slovakia has been in discussions with Washington to build a large nuclear plant with the U.S. company Westinghouse. Fico stated on Saturday that the plant would have a capacity of nearly 1,200 megawatts, larger than existing units. He said that "in cooperation with our 'American partners,' we would like to build a?new huge block?under purely state ownership, on the site of the nuclear power plant at Jaslovske bohunice." Fico stated that he would like to attend the signing of a more "general agreement" on U.S.Slovak nuclear cooperation on Friday in Washington. He did not provide any further details about the signing. In October, the Slovak Government approved an intergovernmental agreement with the U.S. for the construction of a new nuclear power unit. Fico said in December that U.S. president Donald Trump invited him to sign a nuclear deal in the United States during the World Cup this year.
-
FOCUS: Rio Tinto's bid to buy Glencore puts pressure on BHP
Rio Tinto's plans to acquire Glencore, and thus create a global leader in the mining industry, could spur consolidation efforts throughout the copper-hungry sector, and put pressure on BHP to react. The 'bid' could be among the top 10 M&A transactions ever, depending on the final price. It reflects the appetite for scale, which bankers say could lead to mega-deals by 2026. Mark Kelly, CEO of advisory firm MKI Global said, "This is another example that mining is consolidating, and big firms are forced to take corporate action to generate value." Anglo American, a London-listed company, announced in September last year what was at the time the second largest M&A deal for that sector. The plan was to merge with Canada’s Teck Resources, and create a global heavyweight focused on copper. The deal is awaiting regulatory approval. BHP is under pressure to act, say some analysts BHP's $161 billion market capitalisation is most likely to sabotage Rio's talks with Glencore. This could result in a company worth almost $207 billion. BHP may look at another deal if it decides to stay out of current negotiations. Unnamed banking sources said this was the most probable outcome, as the company believes Glencore's portfolio to be too diverse, and that asset sales would benefit the company. To ease competition concerns, regulatory authorities would most likely require some dispositions. BHP has declined to comment. Richard Hatch, an analyst at Berenberg, said that BHP is the most likely to interfere in this deal. BHP, who is primarily interested in copper, could bid to buy Glencore, keeping the copper and selling the rest. The talks between Rio and Glencore are in a preliminary phase. Rio has until the 5th of February to submit a formal proposal, but this deadline could be extended. Both sides have failed to reach an agreement in previous talks. George Cheveley is the Natural Resources Portfolio Manager at Ninety One. Ninety one, a Glencore shareholder, stated that BHP might feel compelled to intervene but may also find it emotionally difficult, given its repeated failures to purchase Anglo American. BHP attempted to buy Anglo American for months in 2024 to try and reinforce its declining dominance in the copper industry. In November of last year, it briefly revived the effort. Sources say that BHP is also preparing to name a new CEO. It will most likely be an internal candidate, who will have to bring about change. BHP has declined to comment about its CEO succession. SIZE DOES MATTER AND SO DOES COPPER Copper is the main reason for mining tie-ups, aside from the desire to scale up and increase margins while containing costs. Copper is the most cost-effective conductor of electricity. Mergers can be an advantage because they provide access to assets that are producing, and avoid the long, expensive, and uncertain process of searching for new reserves. Kelly said, "The copper deal was the real takeaway from this deal and Anglo-Teck. We know that copper is appealing and buyers want to access it." There are alternative targets that could be considered if it fails to bid for Glencore. Kelly said that "Vale and Freeport will both be on the agenda - but it is unlikely they are for sale." Analysts say that BHP could decide to do nothing. Kaan Peker is an analyst with RBC. She said that BHP had a better growth profile for copper than the merged Rio/Glencore, so she didn't believe they needed to do anything. "That being said, if this transaction is successful you may get some pressure from shareholders who will ask: 'How did Rio pull it off when you couldn't do the same with Anglo ?'."?' Reporting by Anousha Saoui in London, Clara Denina and Melanie Burton in Sydney. Charlie Conchie contributed additional reporting. Editing by Veronica Brown (and Barbara Lewis).
-
Yemen's main separatist groups denies disbanding
The Southern Transitional Council (Yemen's largest separatist group), denied on Saturday that it was disbanding. This contradicted a statement made by one of its members who claimed the group had dissolved itself. The conflicting statements show a split within the STC. This group, supported by the United Arab Emirates, took over parts of the southern and eastern Yemen last December, in an advance that increased tensions between Saudi Arabia and another Gulf power. Saudi Arabia and UAE used to?work together in a coalition battling Iran's backed Houthis during Yemen's civil conflict, but the STC?advances revealed their rivalry. Saudi-backed fighters largely retook the southern and eastern Yemeni areas that the STC had seized. An STC delegation travelled to the Saudi capital Riyadh, for talks. STC leader Aidarous al-Zubaidi, however, skipped the meetings planned and fled Yemen Wednesday. The Saudi-led coalition then accused the UAE for helping him escape via a flight tracked to Abu Dhabi's military airport. One of the members of the STC announced that the STC has decided to dissolve in an announcement broadcast by Saudi state media on Friday. In a statement released on Saturday, the STC stated that it held an "extraordinary" meeting following the announcement made in Riyadh. It declared it to be "null and void", stating it was made "under pressure and coercion". The group said that its members in Riyadh were also detained and "forced" to make statements. The STC called for a mass protest in southern cities this Saturday and warned against any attempts to target its "peaceful" activities. According to an official directive, authorities in Aden who are aligned with Yemen’s Saudi-backed Government on Friday banned demonstrations in southern city, citing safety concerns.
-
Bushfires in Australia ravage homes and cut off power to thousands
On Saturday, thousands of firefighters battled the bushfires that ravaged homes in Australia's south-east. They also cut off power to thousands homes and destroyed vast areas of bushland. Authorities said that the blazes had destroyed more than 300,000.00 hectares (741.316 acres) in Victoria since mid-week, and ten major fires are still burning across the state. The Rural Fire Service reported that several fires near the Victorian border in New South Wales were at the emergency level - the highest rating of danger - as temperatures reached mid-40s Celsius. Authorities said that more than 130 structures including homes have been destroyed, and around 38,000 homes and business are without power as a result of the fires. The fires are the worst to have?hit Victoria since the Black Summer flames of 2019-2020, which destroyed an area as large as Turkey and killed 33 people. Victoria Premier Jacinta Allen told reporters that thousands of firefighters are on the ground to bring fires under control. The Prime Minister Anthony Albanese warned that the country was facing a day with "extremely dangerous" fire weather. This is especially true in Victoria where a large part of the state had been declared a catastrophe zone. Albanese made televised comments from Canberra, saying that his thoughts were with Australians living in these regional communities during this difficult time. Authorities have reported that one of the biggest fires near Longwood, 112 km north of Melbourne, destroyed 130,000 hectares of bushland and 30 structures. It also destroyed vineyards and agricultural lands. Authorities have evacuated dozens of communities in the vicinity of the fires and closed many state parks and campgrounds. The nation's forecaster reported that a heatwave warning was issued for a large part of Victoria on Saturday, and likewise, he said, a fire weather warning was also in effect for broader areas of Australia, including New South Wales. The weather forecaster for the nation said that the temperature in the capital of New South Wales, Sydney, reached 42.2 C on Saturday, which is more than 17 degrees higher than the average January maximum. The forecast predicted that conditions would ease over the weekend, as a change in the wind direction to the south brought milder temperatures into the state. (Reporting from Sam McKeith, Sydney; Editing done by Tom Hogue and Stephen Coates.)
-
Trafigura and Vitol agree on US Government request to sell Venezuelan oil
Commodities trading houses Trafigura &?Vitol agreed to provide marketing and logistical services for the sale of Venezuelan oil, at the request of?U.S. A Trafigura spokesperson confirmed this via email. First reported on Thursday, citing people familiar with the discussions, that both companies were in negotiations with the U.S. Government for such deals. They were in competition with U.S. producers of oil and other commodities traders for lucrative deals to export Venezuelan oil. U.S. officials have said that they want to control Venezuelan Oil Sales Indefinitely After the U.S. captured South American country's president Nicolas Maduro Saturday. Richard Holtum, the Chief Executive of Trafigura, told U.S. president Donald Trump earlier Friday that the company will be loading its first vessel with Venezuelan crude oil exports next week. Holtum Trafigura has not provided any further information. Trafigura's spokesperson confirmed that the company adheres to all applicable sanctions. Trafigura, according to the spokesperson, has all of the licenses necessary for transactions relating to Venezuela. Vitol, based in Geneva, has also been able to secure?a Preliminary Special License Reports on Thursday included imports and exports for Venezuelan oil. John Addison said, "We are here to make sure that you can move this oil around the globe," at the White House event on Friday. Ben Marshall, Vitol's head of Americas, thanked Trump for giving him the chance to 'work with the U.S. government and the Venezuelan government' to bring the crude oil from the South American nation to the market at an affordable price. "Vitol's long history of working on complex energy deals requiring agile operations, finance and logistics is a testament to its expertise." Marshall stated in a press release that he was "pleased to use our expertise" to help PDVSA move its crude oil and other products to the market.
-
Chevron can increase Venezuelan production by 50%: US Energy secretary
U.S. Energy Secretary Chris Wright stated on Friday that Chevron sees a 'pathway to increase its Venezuela production by?50%. His comments came after a meeting between President Donald Trump and oil companies in the South American country. Wright stated that Chevron had "said we could do additional things for them.... which are just approvals and permissions." Wright added that the company "sees a path to grow their production 50% within 18-24 months." Wright said Washington's relations with Venezuela were "fantastic," after the U.S. military seized ousted president Nicolas Maduro in a raid last weekend. Trump met Friday with executives of some of the largest oil companies in the world to discuss Venezuela. Wright replied that the White House had received "tremendous interest" from oil companies on Friday. Trump ordered the U.S. Military to seize Maduro who was brought to New York. The U.N.?human rights office said that the U.S.'s actions in Venezuela constituted a violation of international laws, which made the world less secure. Trump stated this week that the U.S. The U.S. will continue to monitor Venezuela "much" longer than a year. Officials from the Obama administration have stated that they want to maintain control of Venezuela's oil revenues and sales indefinitely. They say this will ensure that Venezuela acts in America’s best interests. Some U.S. competitors and Latin American countries have characterized the U.S.'s actions as "unilateral and illegal acts of bullying." (Reporting and editing by David Gregorio in Washington, Kanishka Singh from Washington)
US may lift more Venezuela sanctions next week, Bessent says
U.S. Treasury secretary Scott Bessent told reporters that additional sanctions against Venezuela could be lifted as soon as next week to facilitate oil sales. The sanctions against Venezuela could be lifted next week in order to promote oil sales.
Bessent stated in an interview late on Friday that the IMF Special Drawing Rights (money assets) currently frozen by Venezuela could be used to rebuild its economy.
Bessent, during a tour of a Winnebago Industries facility for engineering, said: "We are de-sanctioning oil that is going to be purchased." Treasury is examining ways to facilitate the return of oil sale proceeds from ships to Venezuela.
How can we help them get back to Venezuela to run the government and security services, and to get that to the Venezuelans? He was referring to the Treasury's analysis of sanctions.
Bessent, when asked about the removal of more sanctions from Venezuela, said that it could happen as early as next week, but he did not specify which sanctions.
The move is part of the Trump?administration’s effort to stabilise Venezuela and encourage U.S. producers of oil to return to the country. This comes a week after U.S. troops captured Venezuelan President Nicolas Maduro and brought him to New York for?drug-trafficking charges.
U.S. sanctions prohibit international banks and creditors from dealing with Venezuelan officials without a license. This is cited by the institutions as a barrier to a $150 billion debt restructuring, which many believe will be key to?the return private capital to Venezuela.
Donald Trump signed a presidential executive order on Friday evening that prohibits courts or creditors from seizing Venezuelan oil revenues held in U.S. Treasury accounts. Treasury accounts and declared that these funds were to be "safeguarded" in order to help Venezuela achieve "peace, stability, and prosperity."
IMF and World Bank Re-engagement
Bessent, the U.S. shareholder who controls the IMF and World Bank's dominant shareholding, has said that both institutions have already contacted him regarding Venezuela.
The Treasury chief stated that the U.S. Treasury is willing to convert Venezuelan Special Drawing Rights at the Fund into dollars to be used in rebuilding Venezuela.
Venezuela has 3.59 billion SDRs worth $4.9 billion, according to Friday's exchange rates, but cannot access them. SDRs can be made of dollars, euro, yen sterling, Chinese yuan, and yen.
Last year, the Treasury agreed to support a $20 billion swap line with Argentina's SDRs. This was done to stabilize Argentina's peso as well as help Javier Milei win the parliamentary elections.
A spokesperson for the IMF said that it was closely watching developments in Venezuela, and declined to comment on Bessent’s reference to a meeting next week.
Venezuela hasn't had any IMF engagement for over two decades. The last IMF assessment of Venezuelan economy was completed in 2004. Venezuela repaid its last World Bank loan when Maduro’s predecessor, Hugo Chavez, declared that Venezuela “will no longer need to go to Washington” for funding.
Source familiar with World Bank internal discussions about Venezuela stated that the development lender was exploring ways it could help Venezuela. They noted that the bank acted quickly to provide assistance to Afghanistan and Syria following regime changes, and that they provided early support to Gaza as well as Ukraine.
FAST MOVERS
Bessent stated that he believes that smaller, privately-held companies will move quickly back into Venezuela's petroleum sector, despite the reluctance expressed by some oil majors, including Exxon Mobil whose previous Venezuelan assets have been nationalized twice.
"I believe it will be a typical progression, where private companies are able to move quickly and come in very fast. Bessent stated that they haven't discussed financing at all.
"Chevron is there for a long time, and they will remain there. I think that their commitment will increase."
Bessent also said that he thought the U.S. Export-Import Bank could play a role in guaranteeing finance for Venezuela's petroleum sector, echoing comments made by U.S. Secretary of Energy Chris Wright. (Reporting and editing by Andrea Ricci; Reporting by David Lawder)
(source: Reuters)