The number of claims against Radiant World assets has doubled in the last decade, according to filings
Radiant World is one of the largest iron ore traders in the world. It has 21 registered creditors who have registered claims on its assets. This number will more than double before 2025. Bloomberg reported in late July that Vitol Group, Cargill and Glencore have ceased trading with Radiant World. Bloomberg reported that two of these trading firms found that Radiant World's banks had received documents or invoices that were not valid.
The financial week in five charts - Spiking yields; widening spreads; and a long cold winter
Every Friday, Open Interest distills the week's financial data into five charts that highlight the main trends, surprises and overlooked movements. 1. COST OF CREDITIBILITY JAMIE MCGEEVER, ROI Markets: On Wednesday, the 30-year Treasury yield soared to 5.20%, its highest level in almost two decades. The 30-year Treasury yield surged above 5.20% on Wednesday, the highest level in nearly two decades.
TotalEnergies invests in a $1.2 billion energy project in Kazakhstan
French energy giant TotalEnergies announced on Friday that it will invest $1.2 billion in a Kazakhstan onshore wind project and energy storage system. The company plans to sell electricity produced to the government of Kazakhstan under a 25 year agreement signed in 2023. The Mirny Project, scheduled to?reach full capacity in?2029, will combine one gigawatt of wind capacity with 600 Megawatt Hours of battery energy storage.
US gas prices reach $4 per gallon due to the Iran war which has wreaked havoc on energy supplies worldwide
The U.S. average gas prices rose to $4 per gallon for the first time since more than three years on Monday, according to data from the price tracking service, GasBuddy. This was the largest monthly increase in decades. Last August 2022, after the Russian invasion of Ukraine, was when we reached $4 per gallon. Analysts have called this price a psychological barrier to consumers. The price of crude oil…
Aurubis raises premium for 2026 European Copper to a record $315 per ton
Three market sources reported on Tuesday that Europe's largest copper smelter Aurubis would charge European customers an additional $315 per ton of refined copper in the coming year. This is a record-high for the German company. The premium is added to the London Metal Exchange copper price, which is used in construction and power. It is 38% higher than the $228 per ton paid in 2025 or the two previous years. Aurubis has declined to comment.
The Grasberg Mine accident reduces the global copper supply estimates
Metals analysts have cut their estimates for global copper supply for this year and the next after an incident at the giant Grasberg Mine has dramatically tightened the market outlook. Last week, copper prices reached a 15-month-high of $10 485 per metric ton after Freeport McMoRan declared Grasberg mine in force majeure and cut the sales forecast for Indonesian unit this year and by 2026.
Gunvor expands its precious metals trading into physical trading
Gunvor, a global commodity trading company, has announced that it is expanding its precious-metals business beyond trading derivatives to include physical metal. The company also revealed that it has hired experts in London and Singapore's trading hubs. Gunvor's growth in this sector coincides with an upswing that has seen the gold price double since late 2022, as investors sought refuge from geopolitical and economic turmoil.
Wall Street Futures dwindle after record session
The U.S. index futures took a break on Friday after the S&P 500, Nasdaq, and other stock markets closed at record highs the previous day on the back of positive economic and earnings data. Netflix's outstanding profit also failed to spark enthusiasm. At 6:57 am. S&P E-minis rose 2 points or 0.03% at 6:57 a.m. ET. 69,586 contracts were traded. Nasdaq E-minis rose 12.5 points or 0.05% and Dow E Minis gained 12 points or 0.03%. Wall Street continued its winning streak overnight.
French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. Exmar reported on Thursday a decline in FY IFRS revenues to $348.9 millions but an increase in IFRS EBITDA at $204.7 million. It will not be proposing a dividend in 2024. Fluxys announced on Thursday that FY revenues and EBIT had increased to 608.8 millions euros ($657.0) and 133.9million euros, respectively. It proposes to pay a EUR 1.4 dividend per share.
Palm prices rise on strong demand and supply concerns; expected to gain weekly
The price of Malaysian palm oils futures rose for the third session in a row on Friday, reaching their highest level in almost three weeks. This was due to expectations that production would be weak in August and an improving demand. The benchmark palm-oil contract for delivery in November on the Bursa Derivatives Exchange rose 43 ringgit or 1.12% to 3,869 Ringgit ($884.95) per metric ton.
Palm prices rise on strong demand and supply concerns, resulting in a weekly gain
The price of Malaysian palm oils futures rose for the third session in a row on Friday, reaching their highest level in almost three weeks. This was due to expectations that production would be weak in August, and an improving demand. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for November delivery had gained 15 ringgit or 0.39% to 3,841 Ringgit ($877.34). The contract gained 4.35% for the week, the biggest weekly gain since the end of May.
Floating Solar: DNV Advises on Indonesian Floating Solar Photovoltaic Project
Floating solar photovoltaic (PV), initially considered a niche technology, is now the fastest-growing solar PV category, alongside ground-mounted utility-scale solar and rooftop PV. As of August 2020, more than 60 countries have actively pursued the deployment of floating PV, with more than 35 installing an estimated 350 operational floating PV systems, equal to a total 2.6 GW of installed capacity.
Barclays Rejects Arctic Drilling
U.K.-based international bank Barclays announced a new energy policy that significantly restricts the bank’s financing for the exploration or extraction of oil and gas in the Arctic.The policy rules out funding for companies seeking to drill in the Arctic Refuge as well as other climate change threats.According to the British multinational investment bank and financial services company headquartered in London…
Oil Majors Join Blockchain Platform
Oil majors Chevron and Total, along with major Indian refiner Reliance Industries, have joined the blockchain-based platform Vakt, London-based Vakt said on Tuesday.Vakt, already in use by other major trading firms since the end of last year, is the first of many blockchain pilot schemes for commodities trading to go live.The firm was created in 2017 by a consortium that includes oil majors BP and Royal Dutch Shell…
Oil Rises 3 percent; Lifted by OPEC Cuts
Oil prices climbed about 3 percent on Monday, rebounding further from 1-1/2-year lows reached in December on support from OPEC production cuts and steadying equities markets.Brent crude futures rose $1.47 to $58.53 a barrel, a 2.6 percent gain, as of 11:12 a.m. EST (1612 GMT). U.S. West Texas Intermediate (WTI) crude futures rose $1.56 to $49.52 a barrel, a 3.3 percent gain.Oil futures…
Saudi Aramco joins oil blockchain platform Vakt
Saudi Aramco Energy Ventures has bought into blockchain-based trading platform Vakt with $5 million in new shares, Vakt said on Tuesday.Aramco Trading Co, a subsidiary of Saudi Aramco, will use the platform.The VAKT platform specializes in post-trade processing.
Oil Stabilizes, Supported by Bullish U.S. Inventory Data
Oil prices steadied on Thursday, supported by a bullish U.S. inventory report from the previous session even as an escalating trade dispute between the United States and China weighed on demand expectations.Brent crude oil was up 2 cents a barrel at $74.80 by 11:13 a.m. EDT [1513 GMT]. U.S. light crude was 2 cents lower at $67.84 a barrel."The market is trying to balance the worries…
Bahrain's Oil Company Targets $1 Bln Through Dual-tranche Bond
Bahrain's state-owned oil company Nogaholding plans to raise $1 billion through a dual-tranche U.S.
SGRE Raises $1.6Bln in ‘Green’ Credit
Siemens Gamesa Renewable Energy (SGRE) has announced that, in less than a year, it has accumulated €1.48 billion ($1.6Bln) in green guarantee lines.The turbine maker has just completed a deal with Societe Generale to convert a 230 million euro guarantee line to "green”. This is the third green guarantee line that Siemens Gamesa has arranged so far this year, in addition to 1.25 billion…
Palm oil closes at a seven-month-low due to weak exports and competing oils
The price of Malaysian palm oils futures fell to their lowest level in over seven months on Monday, due to weak exports in August so far and weaker rival oils. Lower inventories, however, put a ceiling on the declines. The benchmark contract for palm oil delivery in July on Bursa Derivatives Malaysia Exchange dropped 0.51%, to 3,689 Ringgit ($829.73), ending at its lowest level since January 5.