2026-02-11 18:29

Feb 11 (Reuters) - Crypto liquidity provider and lender BlockFills has halted client deposits and withdrawals amid a downturn in bitcoin prices, in a sign of knock-on impact from the latest crypto market drop. BlockFills, which is based in Chicago, said in a statement on Wednesday that it halted withdrawals last week and has been working to restore liquidity to its platform. The company is in active dialogue with its clients, which include crypto hedge funds and asset managers, a spokesperson said. Sign up here. The Financial Times first reported that the company had suspended withdrawals. BlockFills raised $6 million in 2021 and a further $37 million in 2022, from investors including CME Ventures and Susquehanna Capital, according to PitchBook data. CME Ventures and Susquehanna Capital did not immediately respond to a request for comment. The company has more than 2,000 institutional clients and facilitated more than $61.1 billion in trading volume in 2025, according to its website. Precious metals and cryptocurrencies sold off heavily on January 30, after U.S. President Donald Trump named Kevin Warsh as the next Fed chair, due to expectations he could shrink the Fed's balance sheet, potentially reducing demand for bitcoin. Digital asset prices have seesawed since, including a drop of 20% on Thursday of last week. The world's largest cryptocurrency was last down more than 3% at $66,534. It previously hit an all-time high of above $125,000 in October. BlockFills said clients have still been able to open and close positions in spot and derivatives trading despite the pause on withdrawals, which it called temporary. "BlockFills is working tirelessly to bring this matter to a conclusion and will continue to regularly update our clients as developments warrant," the spokesperson said. https://www.reuters.com/legal/government/crypto-lender-blockfills-suspends-withdrawals-amid-faltering-bitcoin-price-2026-02-11/

2026-02-11 18:02

AVZ disputes Zijin's production from Manono, citing arbitration KoBold delays construction due to unresolved ownership issues U.S. seeks to redirect Congolese supply to Western markets CAPE TOWN, Feb 11 (Reuters) - China’s Zijin Mining (601899.SS) , opens new tab will initiate Congo’s first lithium output in June from the disputed Manono deposit and move immediately to exports, the company and state miner Cominiere said, marking a major step in Beijing’s push to secure more critical minerals in Africa. Zijin had previously indicated a first‑quarter 2026 start but told Reuters on Tuesday that June now reflects updated planning. Sign up here. The Manono resource, one of the world’s largest undeveloped hard‑rock lithium deposits, is at the centre of arbitration after the Democratic Republic of Congo cancelled Australian miner AVZ’s (3A2.H) , opens new tab permit. It reassigned part of the site to Manono Lithium, Zijin’s joint venture with Cominiere. Zijin holds 61%, with Cominiere and the Congolese state owning the remainder. “Manono Lithium will produce its first tons in June, and exports will begin immediately after,” Cominiere Managing Director Alpha Monga Mwidia said on the sidelines of the Mining Indaba conference in Cape Town. AVZ declined to comment. A source close to the company said they had been informed blasting took place at the site this week near an area where AVZ still keeps staff, calling it a safety and procedural concern. Zijin declined to disclose production volumes or first‑year export targets. Mwidia said figures were not readily available. The launch comes as lithium prices remain under pressure after an 86% collapse from late‑2022 peaks, driven by China’s stockpiling and rising domestic output. The U.S. has been seeking to redirect Congolese supply toward Western markets through short‑term contracting, challenging Beijing’s longstanding dominance in Africa. Under the joint venture, all first‑phase output will be sold by Zijin, including Cominiere’s share. “Everything will be marketed or sold by Zijin on our behalf,” Mwidia said, adding Cominiere did not contribute to the roughly $1 billion project financing but will receive revenue according to its stake. Mwidia and Zijin said AVZ's arbitration does not affect schedules and operations remain compliant with existing law. By contrast, U.S.-backed KoBold Metals, which holds rights on the opposite side of the deposit, told Reuters it will not begin construction until ownership issues are resolved. “The Western system is different from the Eastern one,” Mwidia said. “The Chinese are more pragmatic." Cominiere is supplying 44 megawatts of power to the project through its unit Katamba Mining and plans to scale capacity to 120 MW for the mining sector and host communities. https://www.reuters.com/world/asia-pacific/chinas-zijin-launch-congos-first-lithium-output-june-disputed-manono-deposit-2026-02-11/

2026-02-11 17:57

Rollback creates uncertainty for companies investing in emissions reduction Repeal adds regulatory uncertainty for carbon-intensive industries Investors continue to demand climate risk management despite U.S. policy changes LONDON, Feb 11 (Reuters) - The Trump administration's decision to overturn an Obama-era legal analysis underpinning greenhouse gas rules will sow confusion and add costs for businesses and investors alike, shareholder advocates and portfolio managers say. U.S. President Donald Trump, who has called climate change a "hoax," plans on Thursday to formally rescind the 2009 scientific findings that tied carbon dioxide to health dangers – data that has guided pollution standards for more than 15 years. Sign up here. The Republican administration's most sweeping climate change policy rollback yet, the change follows a string of regulatory cuts and other moves intended to unfetter fossil fuel development and stymie the rollout of clean energy. Asset managers and shareholder activists say the move will leave companies in limbo, wondering whether they will have to course-correct under a future administration. Little will likely change for large multinational companies that will have to follow tougher emissions standards around the world. "This rollback creates profound uncertainty for companies that have already invested billions in emissions reduction," said Marcela Pinilla, director of sustainable investing at Zevin Asset Management. "We're interrupting a trajectory toward a low-carbon economy just as companies have committed substantial capital to that transition ... Those reversing course face stranded asset risk if policies change again." STOP-START PLANNING Beth Williamson, head of sustainable equity research at Calamos Investments, said the move "adds another layer of regulatory uncertainty for carbon‑intensive industries" and can move risk elsewhere. Such "stop-start" planning also pushes volatility into the supply chain, affecting upstream providers in semiconductors, power electronics, and industrial equipment, said Williamson, who's also an associate portfolio manager. Andrea Ranger, director of shareholder advocacy at Trillium Asset Management, said the repeal could make it harder for investors to pick winners in the transition and creates uncertainty for firms with major capital expenditure plans. "Because if the next administration comes in and says 'yep, we're going to do this again,' it's the whiplash effect." The reversal would add extra operational costs that most company boards are unwilling to bear, added Jonathan Pragel, executive director at Calvert Research and Management, part of Morgan Stanley Investment Management. "The cost of eliminating this infrastructure, and then needing to rebuild it if there is kind of another change in the reporting regime, that's a really expensive proposition." Commitments by U.S. companies to get to net-zero emissions across their business by 2050 grew 9% in 2025, data from the non-profit Net Zero Tracker showed, with 304 firms in the Forbes Global 2000 index doing so, up from 279 in the prior year. INVESTOR PRESSURE While automakers may be given the freedom from federal reporting requirements, their investors and other nations will continue to demand it, not least regulators in the European Union and elsewhere. "Investors will keep making clear that managing climate risk is essential to protecting both shareholders and the bottom line," said Giovanna Eichner, shareholder advocate at Green Century Capital Management. "Losing this finding weakens accountability, but not investor resolve. Climate risk still threatens shareholder value and company profits alike." Since German automaker BMW (BMWG.DE) , opens new tab is headquartered in the European Union, it will still have to follow disclosure and emissions requirements there, regardless of what the U.S. does, a spokesperson said. "Therefore, the changed U.S. regulation might not have a big influence on us as a global player." Fellow global automakers Ford (F.N) , opens new tab, General Motors (GM.N) , opens new tab, Stellantis (STLAM.MI) , opens new tab, Mercedes (MBGn.DE) , opens new tab and Volkswagen (VOWG.DE) , opens new tab did not immediately return a request for comment. Rachel Delacour, CEO of sustainability data management platform Sweep, said: "We know from the companies we work with, that those who are pulling ahead are integrating ESG data into how they run their business, not just how they report on it. That’s the competitive advantage." LEGAL CHALLENGES The repeal is also vulnerable to legal challenge after a federal court ruled in January that the Department of Energy violated the law when it formed a climate science advisory group which produced a report meant to support the repeal attempt. For Mark Wade, head of sustainability research and stewardship at Allianz Global Investors, the boards of many large companies with international investors that want the data would not want to lose them. "These U.S companies are now so big they need non-U.S. investors. If you start to remove that incremental buyer of risk, that's a problem for (share price) valuations, Wade said. Despite the Trump administration's pull back on climate, many U.S. companies continue to do the work on adapting their businesses to a low-carbon future, even if they are quieter about it. While the planned EPA repeal is "very unhelpful," many large U.S. companies are still looking to profit from the energy transition: "If you find the next nuclear fusion or hydrogen solution, you're the next billionaire," Wade said. https://www.reuters.com/sustainability/cop/trumps-rollback-greenhouse-gases-will-cause-confusion-could-add-costs-investors-2026-02-11/

2026-02-11 17:31

PARIS, Feb 11 (Reuters) - TotalEnergies (TTEF.PA) , opens new tab is asking the French government and EU Commission to clarify an EU ban on Russian liquefied natural gas (LNG) imports, CEO Patrick Pouyanne said on Wednesday. "It appears a European company cannot market Russian LNG, which we did not initially anticipate," Pouyanne told an analyst briefing, adding that if the French oil major could not market the fuel from its Yamal project in Russia, it may exit the project. Sign up here. Total is one of the largest buyers of Russian LNG, offtaking some 5 million metric tons of the fuel annually for delivery to clients in Europe and Asia. Pouyanne said last year that if the EU ban was only on importing Russian gas, he could divert cargoes to Turkey or Asia. On an fourth-quarter earnings call with analysts on Thursday, he said that restrictions on ownership of Russian LNG projects or selling the fuel elsewhere would pose problems. Total owns a 20% direct stake in Yamal LNG as well as a 19.4% stake in private Russian company Novatek, Yamal's parent. "If European firms are prevented from marketing Russian LNG, the risk of force majeure and project exits rises sharply, a development that could tighten Atlantic Basin supply and push up spot LNG and European gas prices,” said Aly Blakeway, manager of Atlantic LNG at S&P Global Energy. Total, which no longer includes its Russia holdings in its financial reports, declared force majeure on another Novatek project, Arctic LNG 2, in 2024 after the export facility was placed under U.S. sanctions. It has been unable to repatriate dividends from its Novatek shareholding, saying in 2024 that more than $2 billion was trapped in Russia. https://www.reuters.com/business/energy/totalenergies-seeks-clarity-eu-ban-russian-lng-says-ceo-2026-02-11/

2026-02-11 17:04

Companies say costs hurt EU versus US, China CEOs warn that power pricing structure is hiking costs High energy bills push investment out of EU ANTWERP, Belgium, Feb 11 (Reuters) - Top business leaders urged the European Union on Wednesday to act urgently to bring down energy prices, saying that was key for European industries to compete with the U.S. and China. The industries' message was timed to land just before EU leaders gather in a Belgian castle on Thursday for an informal "retreat" to thrash out a plan for how Europe can compete economically with China and the U.S. Sign up here. "The next five years will be the most challenging for Europe’s industry in many decades," CEOs gathered in the city of Antwerp said in a written statement. "While the situation is dire, the outcome is not inevitable. We can overcome, if you act," they told the EU leaders, calling for a package of emergency measures to cut energy costs in Europe, and support demand for "made in Europe" products. The statement was signed by hundreds of CEOs, including the world's biggest chemical producer BASF and Europe's biggest steel company ArcelorMittal, as well as several energy groups. COSTLY ENERGY Asked what his main message to EU leaders was, Jon Morrish, CEO for Europe of Heidelberg Materials, told Reuters: "Number one, on energy prices, that they must come down. They must take us seriously, and they must realize that that is really hampering Europe's competitiveness." Cement-maker Heidelberg, whose home market is Germany, was starting to move some investments out of Europe due to high energy prices, he said. Swiss specialty chemicals maker Clariant (CLN.S) , opens new tab CEO Conrad Keijzer told Reuters: "Why is Europe so much behind compared to the rest of the world? It's the energy situation." The loss of cheap Russian gas imports following Moscow's 2022 full-scale invasion of Ukraine hiked bills for many energy-intensive industries. Congested power grids, national taxes and the EU's CO2 emissions price also contribute to power prices - which for industries in Europe are more than double those in the U.S. and China, EU data shows. HIGH TAXES European Commission chief Ursula von der Leyen told the Antwerp summit that she agreed EU countries needed to better link up their power grids, among several proposals to reduce energy bills. "While energy costs are going down, national taxes on energy are going up. And the taxes that industry pays on electricity are 15 times higher than taxes on gas. This is just wrong," she said. NO QUICK FIX Yet, some companies also acknowledge there is no quick fix, in part because modernising power grids to ensure that cheaper low-carbon energy can flow freely across the bloc will take years. The EU's electricity system is designed so that the last power plant needed to meet total demand sets the power price. Often, that is a natural gas plant - leaving many consumers exposed to gas prices, which are significantly higher than in the U.S. Political will to change that system is scarce. EU governments decided against redesigning the market when they updated the EU's energy rules in 2024. They have also failed for five years to find the unanimous approval needed to reform EU-level energy tax rules to give low-carbon sources an advantage. Philippe Kehren, CEO of chemicals multinational Solvay (SOLB.BR) , opens new tab, said the sector now wanted leaders to intervene directly to guarantee stable power prices - potentially by setting a regulated price for industry. "I don't see any other option, frankly speaking. ... Industries cannot cope with super-volatile, high-level electricity prices," he told Reuters. https://www.reuters.com/sustainability/boards-policy-regulation/industry-steps-up-pressure-eu-cut-energy-prices-2026-02-11/

2026-02-11 16:48

ICE exploring rare earth futures, but less advanced than CME NdPr futures could mitigate financial exposure to rare earths Rare earths crucial for EVs, electronics, and defence sector LONDON, Feb 11 (Reuters) - CME Group (CME.O) , opens new tab is working on a plan to launch the world's first futures contract in rare earths, three sources with knowledge of the matter told Reuters, in a move that would allow governments, companies and banks to hedge exposure to a sector controlled by China. Rival Intercontinental Exchange (ICE.N) , opens new tab is also looking at rare earth futures, but is not as advanced in its planning as the CME, two of the sources said. Sign up here. CME declined to comment and ICE did not immediately respond to a request for comment. One of the main stumbling blocks in the West's drive to cut dependence on China, which controls 90% of processed material, is banks' wariness of providing finance to Western projects in an industry swayed by volatile prices. Rare earths are a group of 17 elements vital for the energy transition, electronics and the defence sector. TWO MOST IMPORTANT RARE EARTHS CME, the world's largest derivatives marketplace, is working on a new futures contract combining the two most important rare earths, neodymium and praseodymium (NdPr), said the sources, who declined to be named because the information has not been released publicly. The two elements, typically traded as a combined product, are rare earths needed to make permanent magnets, which are used in EV motors, wind turbines, fighter jets and drones. "It's such a key missing piece of the puzzle for the industry right now," one of the sources said. No final decision has been taken regarding any launch. One challenge is that rare earths are thinly traded and the market is tiny compared to those for most other metals futures. Rare earths are a crucial part of the West's efforts to work together to increase production of critical minerals, with the U.S. last week unveiling a preferential trade bloc with allies and launching a $12 billion strategic stockpile. In the most high-profile U.S. deal in the rare earths sector, Washington agreed a multibillion-dollar package last July with MP Materials (MP.N) , opens new tab, including a 15% stake and a price floor based on the NdPr price. PRICES SET IN CHINA Currently, NdPr prices are set in China, reflected in indexes from price reporting agencies such as Fastmarkets, Benchmark Mineral Intelligence and Shanghai Metals Market. China has two exchanges for the spot trading of rare earths - Ganzhou Rare Metal Exchange and Baotou Rare Earth Products Exchange. The Guangzhou Futures Exchange has said it plans to offer rare earths futures in the future. Benchmark Mineral Intelligence has also started publishing rare earth prices based in Europe and North America, where volumes are thin. According to SMM, NdPr prices based in China have surged by 40% so far this year, to the highest since July 2022, but in a sign of their volatility, tumbled by 50% during the 15 months to May 2023. Many rare earth mines and processing facilities outside of China struggle to get financing because banks are unable to forecast their future revenue and producers are unable to hedge potential price declines without futures. Futures would also help industrial magnet consumers like EV makers hedge their exposure to magnet prices. CME has already successfully launched futures in critical minerals lithium and cobalt, used in EV batteries. Earlier this month, the CME reported fourth-quarter profit that beat Wall Street estimates and average daily volume that rose 7.5% to a record 27.4 million contracts. https://www.reuters.com/world/china/cme-looks-into-launching-first-ever-rare-earth-futures-contract-sources-say-2026-02-11/