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SB Energy will sell shares worth up to $500,000,000 to Japanese investors as part US IPO
A filing on Tuesday showed that the SoftBank Group-backed Data 'centre developer SB Energy will sell up to $500 million worth of shares to Japanese investors as part a a U.S. public listing. The filing stated that the firm would issue new shares to the Japanese investors and the funds raised would be used for "general operating costs" for the development of data centres, "power generation", and other infrastructure projects. The filing did not disclose the size of the U.S. Initial Public Offering. SoftBank could be looking for a $50 billion valuation for SB Energy. SB Energy's investment prospectus from September reported that Nvidia had committed to investing $1.5 billion at the IPO price in a private placing, while OpenAI was issued warrants valued at approximately $5.5 billion. Investor interest in artificial intelligence led to a flurry of 'public listing' in related firms this year. SpaceX listed in June, and Anthropic is preparing to list in the second half of.this year. Japanese investors?secured a total of $2.2 billion in SpaceX shares at its IPO.
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Interior Secretary Burgum: US wants to issue deep sea mining permits in a few months
The Trump administration announced on Monday that it was close to approving permits to'mine' the deep sea as part of an broader effort to increase U.S. access to the vital minerals needed across the U.S. economy. Interior Secretary Doug Burgum told a G20 gathering in Houston of energy ministers that the permits could be issued within months, as the administration pursues its strategy of "energy add" to expand the supply chains of the country and its allies. Donald Trump, since returning to office in 2017, has taken steps to bolster the deep-sea mine industry. However, he still hasn't issued operational permits to allow it to move forward. Many environmentalists are concerned that seabed mining could lead to irreversible biodiversity losses. The Pacific Ocean, and other parts of the world are believed to have large quantities of polymetallic nodules (potato-shaped rocks) that can be used as building blocks for electronic vehicles, weapons and electronics. Burgum stated that "those nodules we have to vacuum up from the sea floor (are filled with?critical minerals we need." Burgum said that part of the solution is to ensure that we have a diverse, reliable, and affordable supply of essential minerals. In the last 18 months, U.S. exports of critical minerals, especially those processed in China by Chinese companies, have been limited as Beijing limits its exports. This has increased pressure on Washington, which is now urging it to support efforts to increase domestic mining. Burgum responded to Burgum's question about when the federal government could issue permits for deep-sea diving: "Those discussions are taking place right now." He added that "you'll hear more in the coming weeks and months because there's exciting developments on that front." Burgum's Interior Department supervises the Marine Minerals Administration which must approve all?permits for mining?U.S. Territorial waters. The MMA review would begin with a lease to allow private companies to have exclusive access to a part of the seabed. Then, a review process would be conducted to determine if an operational permit was needed. This would include a variety of scientific data. Separately Trump wants the Commerce Department to issue international permits. This could lead to a conflict with the United Nations' International Seabed Authority, which has tried to set standards for more than 25 year. The Metals Company, a privately-held company, and Impossible Metals are among the companies that have requested permits for seabed mining. Other companies have also applied for exploration permits.
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Texas penalizes data centers for violating water laws
On Monday, the 'governor' of Texas, a state that is one of the fastest-growing areas for artificial intelligence infrastructure, instructed'state regulators to penalize any data centers who fail to provide details regarding their water usage. Texas, which has halted new data center connections to the state's?electrical grid, pending an assessment of the facilities' water and power use, amongst other issues, re-examines its regulations for server warehouses. Governor Greg Abbott has directed the Texas Water Development Board to "impose legal consequences" to data centers and large water-using entities that fail to report their water usage. Abbott's office issued a statement saying that "major water users including data centers appear to have violated civil and criminal laws by failing to provide TWDB the required information about water usage." The 'Texas water regulator tries to survey data centres about their 'water use and consumption expectations. The data center will be denied new or renewed environmental permits if it fails to submit the survey by the deadline.
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Interior Secretary: US oil export ban unlikely lower energy prices
U.S. Interior Secretary Doug Burgum stated on Monday that a ban on U.S. fuel or oil exports was unlikely to help lower energy prices for consumers in the midst of the Iran War. Burgum, speaking to reporters at the G20 meeting on energy in Houston, said: "We'd consider an export prohibition if it actually could lower prices. But that's not true." Burgum, a Trump appointee, stated that a ban on the export of oil, gasoline, or diesel could result in retaliatory measures from other countries. This could harm consumers in California, whose energy imports are largely dependent on. Burgum stated, "We stopped exporting products, and then someone said, "We're not going to export to California." Burgum stated that California has already shut down several oil refineries which has contributed to the rise in fuel prices. Burgum stated that California already has the highest gas and diesel prices in the nation due to their policies. We don't want to make it worse. The Trump administration has run out of options to reduce prices for diesel and oil, which recently reached a record-high above $6 per gallon, and are even higher in California. The White House is considering how it can use the Cold War Defense Production Act in order to increase U.S. refinery capacity.
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US EPA will undo carbon emissions limits for power plants during G20 meeting
The U.S. Environmental Protection Agency announced Monday rules to repeal former President?Joe Biden?s limits on carbon emission from coal-and-gas-fired power stations and to prevent future climate regulations of these facilities. The move is part President Donald Trump’s effort to undo U.S. Climate Policy, which his administration claims has hampered energy production. The announcement was made at the sidelines of the G20 Energy Ministers' meeting in Houston this week, where global officials will discuss "regulatory efficiencies," expanding baseload power, and energy security. EPA Administrator Lee Zeldin stated that 'new measures to prevent future regulation on greenhouse gas emissions in the power sector would enable the U.S. build new generating infrastructure to meet the skyrocketing demand for electricity. He said that the Americans have demanded more common sense from federal agencies under President Trump’s leadership at a press conference held in Houston. "That means reducing red tape so that we can build a new power-generating system." Environmental groups slammed this new proposal. They said that it would be more expensive in terms of damage to the public and the environment. Nearly a quarter (25%) of U.S. emissions are attributed to the electricity sector. In June 2017, the Trump administration proposed to repeal regulations written by Biden that would have reduced emissions of mercury, carbon dioxide and other air pollutants at power plants. Biden's carbon emissions rules for power plants would reduce greenhouse gas emissions by one billion metric tonnes by 2047 as part of his administration’s fight against climate changes. This rule would have required that coal-fired power stations and new natural gas-fired generators install equipment to capture emissions in the next decade before they reach the atmosphere. This requirement made zero-emissions options like solar and wind attractive. Denying the existence of climate pollution that accounts for a quarter in the United States is reckless. Maggie Coulter said on Monday that it would 'lead to greater suffering and loss of life from extreme heatwaves, severe storms and destructive 'wildfires', similar to those we have seen this summer. According to a report by a reporter, Under Secretary of Energy Kyle Haustveit said that the new regulations would boost 'coal-fired electric power in the U.S. which has been steadily declining due to the availability and cheaper natural gas. He said, "President Trump has ended the war against beautiful, clean coal." "Coal has many advantages: it is affordable, reliable and secure."
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VTB sanctions imposed by the U.S.
Treasury Department: The United States imposed Iran-related Sanctions on Monday against?Russia's VTB Bank Public Joint Stock Company accusing it of involvement in Iranian sanctions evasion. Washington is seeking to increase economic pressure on Tehran. This action is a continuation of the sanctions that were imposed in 2022 against VTB, Russia’s second largest?lender. The bank was targeted following Moscow's full-scale invasion into Ukraine. Treasury Secretary Scott Bessent stated that "Under Operation Economic Outcast Treasury will continue to target those who provide material or financial support to the Iranian regime to enable it to maintain its terrorist enterprise." Treasury will not tolerate any regime support and will continue to expose and isolate Iran’s "enablers." Bessent warned that the Trump administration will sanction a "large bank" as it continues to exert economic pressure on Tehran in order to end a six-month conflict between the U.S. and Iran. Since the conflict began in February, the 'United States' has taken a number of economic measures to target Iran, including oil exports, shipping networks, channels for weapons procurement, financial intermediaries and digital asset exchanges.
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European shares fall on AI concerns and inflation fears
European shares dropped on Monday, as technology stocks were under pressure following leaders of top AI companies who pushed for a slower pace of development. Meanwhile, a surge in global bond yields and oil prices dampened risk appetite. The pan-European STOXX 600 index was down by 0.5%, at 635.99. The majority of regional markets fell, but London and Zurich's indices rose by 0.4% and 0.8% respectively. As AI-linked stocks fell globally, technology shares were among the worst performers, falling 2.1%. Dario Amodei, CEO of Anthropic, called for companies to halt the advancements in AI models due to misuse concerns. This view was backed by xAI’s Elon Musk as well as OpenAI CEO Sam Altman. The STOXX 600 was led by the French chipmaker Soitec, which fell 12.5%. However, software stocks gained. Octave Intelligence, Capgemini, Sage and Relx all rose between 5% and 75%. Chris Beauchamp is the chief analyst at IG. He said, "These stocks were victims of SAASpocalypse on fear AI would wipe their businesses out." "Those fears were exaggerated, but if the AI giants put their foot down, the outlook for revenue for Sage, RELX, and their SAAS brothers globally becomes much brighter. Even if this only delays a long-term loss of biz." European miners declined 2.5% as a result of the weakness in commodity prices. Healthcare stocks rose 2.7%, bucking the trend. GSK grew by 4.7% following the positive results of two lung cancer drugs. This added to the momentum in this sector. Energy stocks fell 0.8% but crude prices rose 2% as supply concerns increased after new strikes on Saudi energy infrastructure, and attacks against ships in the Middle East. Recent oil prices have heightened inflation concerns, which has led to expectations that central banks around the world could raise interest rates this year. The European economies are especially vulnerable to rising oil prices, as they heavily rely on imports. ECB policymakers warned 'on Monday' that euro zone inflation may exceed high forecasts. Traders now price in an additional 25 basis-point ECB rate increase by the end of the year after last?week?s rate hike. Government bond yields soared as a result of the developments. The 10-year bund - considered to be the benchmark for the region - was at its highest level since mid 2009. The benchmark U.S. 10-year Treasury yields also rose to a psychologically important level of 5%. The U.S. Federal Reserve is widely expected to raise its main lending rate by at least 25 basis point this week --?in stark contrast to the split chances between a hike or a pause that were seen only a week earlier. After a close election, which reduced the influence of the far right, Sweden's opposition centre-left appeared most likely to win power on Monday.
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German Finance Minister demands UniCredit CEO to meet certain conditions regarding possible Commerzbank acquisition
On Monday, German Finance Minister Lars Klingbeil outlined a list of demands to UniCredit CEO Andrea Orcel regarding the possible acquisition of Commerzbank by the Italian bank. The German Ministry of Finance said that these included Commerzbank staying listed on the stock market, maintaining its base in Frankfurt, and continuing to fund German medium-sized businesses?at home as well as abroad. After Berlin failed to stop a takeover, the meeting in Berlin marked an important turning point in the two-year struggle for control of Germany's largest bank. Klingbeil said, "In a productive discussion with Mr. Orcel I made it clear to him that future negotiations should be conducted responsibly." Orcel stated in a press release that the meeting was "a good and constructive first discussion that will be quickly followed by others." He said, "Both sides should now reflect on this initial discussion to find a way forward that is in the best interests of all stakeholders and shareholders."
Jose Mujica was Uruguay's former rebel leader, icon of cannabis reformation and former leader. He died at the age of 89.
Jose Mujica has died at the age of 89. He was a former guerrilla who became president of Uruguay. His unpretentious manner and progressive reforms won him countless articles in international media.
Mujica's straight-talking style, which is known by many Uruguayans as "Pepe", was the driving force behind the leftist government of this small South American nation from 2010 to 2015. He did so after convincing voters that his radical past had been closed.
In a message on X, President Yamandu Orsi wrote: "It's with great sadness that we announce the passing of our comrade Pepe Mjica." "Thank you for all you did for us, and for the deep love you have for your people."
Mujica, as president of Colombia, took a liberal position on civil liberties issues that was considered groundbreaking at the time. Mujica signed laws allowing homosexual marriages and abortions during early pregnancy. He also supported a proposal for legalizing marijuana sales. Both were major shifts for Latin America's Catholic Church, while the second was almost unheard of at the time.
Mujica chose to remain in his modest house in a suburb near Montevideo, where he ran a small farm, during his tenure as president.
He was often seen driving around in an old VW Beetle and eating at restaurants downtown where office workers ate lunch. He also avoided wearing a suit and tie.
In an interview in May 2024, in the same house with a tin roof that he and his wife, the former senator Lucia Topolansky shared, he stated that he still had the old Beetle in "phenomenal condition".
He added that he liked a tractor ride because it was "more enjoyable" than driving a car, and you have "time to think."
Mujica was criticized for his tendency to ignore protocol. His blunt, and sometimes uncouth, statements forced him, both under the pressure of political opponents and allies, to explain himself.
His down-to earth style and progressive thoughts won him the hearts of many Uruguayans.
Mujica stated during the interview in 2024 that "the problem is that people are running the world by old folks who have forgotten what it was like to be young."
Mujica was 74 years old when he became President. He received 52% of votes, despite concerns from some voters about his age.
Lucia Topolansky has been Mujica's partner since their Tupamaros days. She served as her vice president and they married in 2005.
They remained active in politics after leaving office. They attended the inaugurations in Latin America and gave crucial support to candidates in Uruguay including Orsi who assumed office in March 2025. The couple stopped growing flowers in their smallholding, but continued to grow vegetables. Topolansky would pickle tomatoes each season.
BARREN BACKS
Jose Mujica was born in 1935 on his birth certificate, but he claims that there was a mistake and he was born one year earlier. He described his childhood as "dignified poverty."
Mujica lost his father when he was between 9 and 10 years old. As a child, he worked with his mother to maintain their farm where they raised chickens and cows.
When Mujica first became interested in politics in Uruguay, the left was weak and fragmented. He began his career as a politician in the progressive wing of center-right National Party.
He joined the Marxist Tupamaros Guerrilla Movement in the late 1960s. The group was a Marxist guerrilla that sought to weaken Uruguay’s conservative government by committing robberies and political kidnappings.
Mujica said later that he had never killed anyone, but was involved in violent clashes between police and soldiers. He was also shot six times.
The Uruguayan security forces had the upper hand on the Tupamaros when the military took power in 1973. This marked the beginning of a 12 year dictatorship during which 200 people were killed and kidnapped. Many more were imprisoned and tortured.
Mujica spent nearly 15 years in prison, most of them in solitary confinement. He slept at the bottom a horse trough, with nothing but ants to keep him company. He was able to escape twice. Once by tunneling through a house. He later admitted that his biggest "vice" was talking to himself as he neared 90. This was a reference to the time he spent in isolation.
Mujica returned to politics after the restoration of democracy in the 3 million-person farming country, and gradually became a prominent leftist figure.
He was the agriculture minister of Tabare Vazquez's center-left coalition, which would succeed him as president from 2015 to 2020.
Mujica had a strong support base on the left, but he also maintained a fluid dialog with his opponents in the center-right by inviting them to barbecues.
We can't pretend that we agree on everything. "We have to accept what is and not what we want," he said.
He believes that drugs should be decriminalized under "strict state control" and that addiction needs to be addressed.
"I don't defend drug use. "I cannot defend (a prohibition) because we now have two problems, drug addiction which is a serious disease and narcotrafficking which is even worse," he said.
He remained optimistic in retirement.
After a cancer diagnosis, he told the youth: "Life is beautiful but it wears you out and you fall."
The point is to begin again every time you fall. If there is anger in your heart, turn it into hope.
(source: Reuters)