Latest News
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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.
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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."
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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.
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Britain strengthens diplomatic relations with Venezuela
Britain announced on Tuesday that it would be upgrading its diplomatic relations with Venezuela by appointing an ambassador in the country. This move, it claimed, would enhance Britain's ability to support a democratic transition. In a written statement to the parliament, the government stated that "this decision is part a broader international reengagement." Britain stated that the move was not an endorsement of Venezuela's disputed election of 2024 or any political party, but rather reflected its longstanding policy to maintain?relations? with the Venezuelan state. After the U.S. ousted Nicolas Maduro from power in January, the government of acting President Delcy Rodriguez is now in charge. Venezuela welcomed the decision. Oliver Blanco said that Caracas appreciated Britain's'move' to improve diplomatic relations. Blanco stated that "we reaffirm our willingness to further a respectful dialogue and promote cooperation on areas of common interest to both countries, and to help'recover resources which?rightfully belongs to the Venezuelan people."
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Israeli strikes in Gaza killed two people including a child.
Health officials in Gaza said that Israeli airstrikes on a vehicle Tuesday killed at least two Palestinians including a child and injured seven others. The strikes occurred in Sheikh Radwan, a neighbourhood located north of the Gaza Strip. The Israeli military claimed it had?struck a?militant? in the area without providing any further details. Witnesses said that some of the casualties were caused by a second strike which hit near people who had rushed to assist in the rescue. The video was not immediately verified, but it showed that a missile had exploded near at least five people. Palestinians held funerals for two Palestinians who were killed in Israeli airstrikes a day earlier, Ahmed Al-Batsh Rafat Zummar. According to Hamas and Israeli military sources, Batsh was the local Hamas commander. Medical personnel said that Batsh was killed in an attack against his vehicle in the northern Gaza Strip. In separate statements, the Israeli military claimed that both men were killed and described Zummar as a Hamas leader. Hamas did not immediately comment on Zummar’s affiliation. In Gaza City, Al Shifa Hospital, relatives and friends bid farewell to Batsh’s body. It was draped in a Hamas flag and a white shroud. On top of the corpse, an M16 assault weapon was placed. Khalil al-Batsh said that Israel believed it would eliminate the spirit of jihad and resistance within us. At the funeral, he said: "I tell them this cowardly operation strengthens our people’s determination to keep on going down this path." A U.S.-backed ceasefire in October 2025 halted the large-scale fighting?in Gaza. However, it did not end Israeli strikes, and little progress has been made on the?steps toward permanent peace. Hamas claims that Israel violated the ceasefire, and undermined efforts to implement U.S. president Donald Trump's plan?to resolve the Gaza conflict. This includes the Israeli removal from the Gaza Strip and the disarmament by Hamas. Israel claims that Hamas violated the agreement. According to Gaza's health officials, more than 1,300 Palestinians (mostly civilians) have died since the ceasefire came into effect. The Israeli military, however, claims that four Israeli soldiers were killed. Hamas doesn't usually reveal information about the deaths of its fighters.
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Investors' appetite for IPO tests is tested by Dangote's profits in Europe
Nigeria's Dangote Oil Refinery has emerged as one of the key suppliers of fuels to Europe, following disruptions in Middle East exports. This highlights its growing influence on global fuel markets. It also generated a record profit before its debut at the stock exchange. According to the prospectus of the Lagos refinery, by increasing?fuel?exports during this crisis, the company has been able to achieve a profit of 1.82 billion dollars in the first six months of 2026, on revenues of over $13 billion. This is a significant improvement from the $476 million loss it suffered in 2025 due to conflict-related disruptions that increased the demand for the refinery's exports. Dangote’s refinery, built to end Nigeria’s dependence on imported oil, is influencing global fuel flow at a time when the market is under stress. The trend will continue, as Middle East disruptions persist and refinery capacity is expanded. Janiv Shah, Rystad Energy, said that "Dangote will likely increase its role in the upcoming years". The gasoline industry will have the largest structural impact. "Jet fuel and diesel are also growing in importance". In response to U.S. and Israeli attacks, Iran closed the Strait of Hormuz at the end February. Europe lost a quarter its diesel and jet fuel supply. Fuel inventories at the oil trading hub in Northwest Europe have plummeted to their lowest levels in 12 years as a result of the Middle East's drop in exports. According to Kpler, Europe imported around 80,000 barrels of jet fuel per day from Dangote in the second quarter. This is equivalent to 13% of the supply shortage and makes the refinery Africa's biggest supplier of fuel. The data shows that only the U.S. accounted for more imports from Europe than Nigeria during this time period. "Without Dangote Europe would have still sourced fuel, but at a much higher clearing price. Shah of Rystad said that there could have been deeper stock draws. REFINERY HELPS TO SATISFY TIGHT MARKET Dangote has also increased exports of gasoil and diesel, which are both?part of a group known as middle distillates of fuels. Kpler reports that Dangote's exports of diesel and gasoil have increased by 23%, to 488,000 bpd as of 2026. Sumit Ritolia, Kpler analyst, said that "these barrels have been increasingly supplying West Africa and Europe where they helped ease an otherwise tight middle distillate market". Dangote's influence on the gasoline flow has been significant since Dangote started operating in 2024. Kpler reports that Dangote has produced between 270,000 and 300,000 barrels per day of gasoline since 2026. Nigerian imports have fallen from around 400,000 bpd to 83,000 bpd. Europe has traditionally provided the majority of this volume in a trade worth $17 billion per year. Dangote wants to double its capacity to 1.4m bpd in 2029. This would make the refinery the second-largest in the world, alongside Reliance’s Jamnagar facility. When asked about refinery expansion plans, Chief Executive David Bird said that a?diesel hydratreater will allow Dangote a greater range of diesel specifications to be exported. He said, "We must ensure that we can sell our product anywhere in the globe, any time of the year."
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Germany's Merz promises relief plan 'soon' as pump prices hit record
The embattled German Chancellor Friedrich Merz, who is under pressure to respond to citizens' concerns ahead of an upcoming state election, promised that he would be bringing "very soon" proposals to protect consumers from record fuel prices. Merz's Christian Democrats (CDU), which are largely rural, face the prospect of their worst ever state election results in Mecklenburg/Western Pomerania. Merz said at a business conference that the price of a litre E10 gasoline in the United States had reached a record of EUR2.286 per gallon. Prices have increased since the conflict in the Middle East began late February. Merz did not give details on how an intervention would work, but he said that he was consulting the 16 federal states in Berlin and his coalition partners. Lars Klingbeil of the Finance Ministry, who will be 'pressing for a windfall-tax on European energy companies at an informal meeting of EU finance ministers said that he didn't know Merz’s proposals, but it was important to make a decision quickly. The CDU-led Economy Ministry has resisted the idea of a price ceiling, which is supported by Klingbeil’s Social Democrats. They claim it would be hard to implement. In May and June of this year, the government reduced energy taxes by 17 cents a litre. STATE PREMIER CALLS FOR A PRICE CAP Merz has promised to better connect with voters following his party's?trouncement in a state election held this month, which handed an historic victory to the far-right Alternative for Germany. According to a source within the party, the chancellor has said repeatedly that he intends to serve his entire four-year term. His conservatives will meet on Sunday in order to rally around him. Manuela Schwesig is the SPD state premier for Mecklenburg/Western Pomerania, hoping to win a second term. She has accused Merz of standing aside while fuel prices rise, and she wants a national fuel price cap, based on Luxembourg's model. ($1 = 0.8665 euros)
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ADNOC Trading sources claim that it buys millions barrels of Iraqi crude.
Three people with knowledge of the matter said that Abu Dhabi National Oil Co. (ADNOC), a trading company, has purchased millions of barrels at a discount from Iraq's?state?oil firm. This is an expansion of its role in the market amid the disruptions caused by the Iran War. Two Iraqi energy sources reported that the state-owned company of the United Arab Emirates, through its trading division, was the largest lifter of Iraqi oil in August and in September. This helped boost Iraqi exports, which had been severely curtailed during the early months of the conflict. ADNOC has agreed to purchase 32 million Iraqi barges in August, at discounts of $24.90 to 27% per barrel. A further 40 million barrels will be purchased in September. This includes 10 million?barrels for $18 a barrel and 30 million barrels with a discount of $25, according to one Iraqi source. According to the second Iraqi source, while Iraq's state oil marketing organisation SOMO allocated ADNOC 32 millions barrels in august, the UAE giant lifted only 20 million barrels because of export restrictions and Basra Oil Company’s inability to secure enough crude. ADNOC has so far lifted 14 millions Iraqi barrels in September, a person told me. A third source claimed that ADNOC bought 20 million barrels from the state-owned SOMO of?Iraq in tenders for a discount between $25 and $27 per barrel. Other companies also buy Iraqi crude. Trade sources said that SOMO had offered August-loading shipments at steep discounts. This attracted other buyers, including Chinese state giants PetroChina and Zhenhua oil, TotalEnergies and Vitol as well as Trafigura Mercuria, and Cathay Petroleum. Iran's official news agency IRNA said that Iran had granted permission to a number of oil tankers transporting Iraqi crude oil through the Strait of Hormuz last month after Baghdad repeatedly requested it through different channels. Iraq's exports were severely curtailed during the early months of the war, in part due to its location on the top of Gulf and the absence of its own shipping fleet. ADNOC, the state-owned oil company, has become more agile since the start of the war. It uses an expanding fleet of tankers as well as a pipe to Fujairah in order to move oil out of the Gulf of Aden and across the Strait of Hormuz. Put the past behind them Despite the attacks on ADNOC tanks, 'Iranian president Masoud Pezeshkian met with UAE crown prince Sheikh Khaled Bin Mohamed bin Zayed Al Nahyan at the BRICS Summit in New Delhi on Sunday, stating that the two sides agreed to 'put the past behind them. According to Kpler, Iraq exported about 2 million barrels per day in this month. This is down from the 2.354 millions bpd of August but higher than the 1.374million bpd of July. According to Kpler, UAE crude exports rose to 3.236 millions bpd last month. This is up from 2.886million bpd during August and 2.871million bpd during July. One of three sources stated that ADNOC intends to process the majority of crude oil purchased from other Gulf producers and sell it more on the international market.
A US-China EV trade war threatens Biden's clean-car agenda
The Biden administration's. plan to slap heavy brand-new tariffs on Chinese electric cars and. batteries would offer short-term defense for U.S. vehicle jobs,. potentially at the cost of White House efforts to eliminate. climate modification by accelerating U.S. EV adoption.
Few Chinese-made EVs are presently offered in the United. States, so the instant effect on customers of greater EV. tariffs would be very little, analysts stated. The White House likewise. strategies to more than triple tariffs on Chinese EV batteries and. battery parts to 25%. Graphite, permanent magnets used in EV. motors and other EV minerals would get new 25% responsibilities added. These tariffs could affect a more comprehensive variety of lorries.
U.S. President Joe Biden's administration provided tailpipe. contamination requirements in April created to drive the share of. electric automobiles up from 8% in 2015 to as much as 56% by. 2032. Car manufacturers have actually warned that striking the EV targets will be. challenging, in part because various Biden administration. rules reject federal subsidies to EVs that get excessive content. from China.
Without access to lower-cost batteries and battery materials. made in China, EVs will be too pricey for mainstream U.S. consumers, automakers have actually said.
U.S. automakers exported 155,337 lorries worth $6.3 billon. to China in 2021, according to the most recent U.S. federal government. information. China sent out simply 64,067 lorries to the United States in. the same year, worth $1.45 billion. Most of the automobiles. imported from China were offered under U.S. brand names, led by General. Motors' Buick division.
At present, 4 lorry lines offered in the United States are. made in China, according to federal government information: Ford's. Lincoln Nautilus SUV, the Buick Envision SUV, the Polestar 2 and. Volvo's S90 sedans. Polestar and Volvo are affiliates of Chinese. automaker Geely.
Chinese vindictive tariffs that targeted U.S. vehicles. might harm workers at the BMW factory in Spartanburg,. South Carolina, which sends about 25,000 lorries to China per. year, or the Mercedes-Benz SUV plant in Alabama that. builds electrical SUVs offered on the planet's biggest market.
A clean-technology trade war in between the United States and. China might also increase the expenses of EVs, batteries and other. EV hardware, keeping total EV rates high, industry executives. and some experts said. EVs wearing U.S. brands, such as the. Mustang Mach-E or Tesla Design 3, have 30% to 51%. Chinese content, according to U.S. Transportation Department. information.
From the battery, from the mining, from all the innovation. integration, the Chinese supply chain now is the leading supply. chain. It's the best, Stella Li, head of Chinese EV and battery. maker BYD's operations in the Americas, stated at the. Milken Conference recently. Why do not you allow a U.S. business. to have the flexibility to select the very best provider?
Even before Biden's action on Tuesday, electrical automobiles had. taken a central position in the U.S. presidential race. EVs are. now symbolic in partisan arguments over climate policy and how the. U.S. should react to China's efforts to control critical. technologies in the 21st century.
Democrat Biden and his presumptive Republican challenger. Donald Trump agree on really little, other than when it comes to using. steep tariffs and other trade barriers to keep Chinese EV makers. out of the U.S. market. Biden and Trump are wagering that. anti-China trade policies will interest voters in swing states. such as Michigan, Wisconsin and Pennsylvania, which depend on. manufacturing tasks.
A PAGE FROM CHINA'S PLAYBOOK
Professionals are divided over whether stronger tariff defense. will assist U.S. automakers in the long run, or work to the. advantage of consumers.
The tariffs buy essential time, stated Michael Dunne, a. consultant who has actually viewed the Chinese auto industry for years. The U.S. is 5 to seven years behind China when it comes to. electrical lorries and battery supply chains. China safeguarded. its automakers in the 1990s and 2000s, Dunne stated. U.S. political leaders might rightly say we are simply obtaining a page. from China's playbook.
Supporters of speeding up the rate of EV adoption to cut U.S. co2 emissions caution that decreasing pressure from. Chinese EV makers will backfire.
Longer-term, Detroit car manufacturers sheltered from Chinese. competition could replay the experience of the 1970s and 1980s,. when import constraints on imported Japanese cars gave the. domestic car manufacturers a reprieve from low-priced rivals.
Those trade barriers motivated Toyota, Honda. and Nissan to transplant their lean production. systems to new U.S. factories. The success of North. American-made Japanese lorries required General Motors, Ford and. the previous Chrysler, now called Stellantis, to shed. countless jobs and undergo agonizing overhauls in the 1990s.
BYD's recent announcement that it plans to construct an electrical. pickup truck in Mexico changes a hypothetical danger into a. genuine one for incumbent U.S. automakers. A Mexican-made EV with. adequate North American-sourced parts could qualify for. tariff-free entry to the U.S. market.
If General Motors, Ford and Stellantis don't have to. contend against foreign business that make EVs, they won't make. them. The marketplace will go to BYD. And the Americans will lose. market share like they carried out in the 1970s, said Daniel Becker of. the Center for Biological Diversity, an ecological group that. has actually pressed the Biden administration for stronger climate. policies.
It is not clear how China will respond to the Biden tariff. relocations. When Europe threatened to trek tariffs on Chinese-made. EVs, China responded by threatening high duties on French. cognac.
GM President Mark Reuss last week minimized the risk that. Chinese authorities might make life more difficult for the. Detroit automaker's Chinese operations, which dipped into the. red during the very first quarter of this year. 2 of GM's most significant. brand names in China are U.S. names: Chevrolet and Buick.
For us in China this has actually been a fantastic advantage for us to. be partnered so deeply for many years with our JV partners,. SAIC and Wuling, Reuss stated. In China,. Reuss stated, Buick is viewed as both a Chinese and american brand name.
It's not as clean or as crisp as you might suggest from a. more international, geopolitical perspective, he said.
(source: Reuters)