2025-10-07 11:51
EGA works with Morgan Stanley on potential CBA acquisition, sources say CBA offers full aluminium production chain, attractive to investors EGA plans $4 billion aluminium smelter project in Oklahoma SAO PAULO/DUBAI/NEW YORK, Oct 7 (Reuters) - United Arab Emirates-based Emirates Global Aluminium (EGA) is exploring an acquisition of Companhia Brasileira de Aluminio, two sources said, as the Brazilian producer’s operations along the entire production chain have made it an attractive target. EGA, jointly owned by the Abu Dhabi sovereign wealth fund Mubadala and the Dubai sovereign wealth fund Investment Corporation of Dubai, is working with Morgan Stanley as its investment banking adviser on the potential deal, the people with knowledge of the matter said. Sign up here. CBA (CBAV3.SA) , opens new tab had a market capitalisation of $487 million as of Monday's close, according to LSEG data. The two sources spoke on condition of anonymity because the matter is private. Reuters could not determine if an offer has been made. CBA, in which Brazilian conglomerate Votorantim S.A. owns a 69% stake according to LSEG data, produces low-carbon aluminium across seven Brazilian states. Its operations encompass the entire aluminium production chain, from bauxite mining and refining to smelting and manufacturing diverse primary aluminium products. CBA is an "all-inclusive asset" with upstream operations, its own mines and access to bauxite that could strengthen an investor's market positioning, one source said. EGA said it continually evaluates potential opportunities for growth, but does not comment on market rumours and speculation. CBA, Morgan Stanley and Votorantim declined to comment. Earlier this year EGA predicted volatility in aluminium prices would continue this year due to tensions in global trade. President Donald Trump has imposed tariffs on steel and aluminium imports into the United States, which is a key market for United Arab Emirates suppliers. EGA was among a group of companies agreeing $200 billion worth of deals with the Trump administration after the president's visit to the region in May. EGA said it would invest to develop a $4 billion primary aluminium smelter project in Oklahoma, the first new "primary" aluminium production plant in the U.S. since 1980, according to its press release. The plans are subject to securing a competitive long-term power supply for the plant, state and local investment incentives and tax credit arrangements, the company said, which added it was in advanced negotiations with the Public Service Company of Oklahoma (PSO) and the Oklahoma government. EGA said in March that annual net profit for 2024 declined by 23.5% due to an impairment charge following the suspension of exports from its operations in Guinea and the introduction of a corporate tax in the United Arab Emirates. https://www.reuters.com/world/middle-east/emirates-global-aluminium-explores-bid-brazilian-aluminium-firm-cba-sources-say-2025-10-07/
2025-10-07 11:34
MOSCOW, Oct 7 (Reuters) - Russia's state nuclear energy company said on Tuesday that a Ukrainian drone had tried to strike a nuclear plant in Russia's Voronezh region, which borders Ukraine. In a statement, Rosenergoatom said the drone was "suppressed by technical means" and detonated after crashing into a cooling tower at the Novovoronezh plant. Sign up here. "There was no damage or injuries; however, the detonation left a dark mark on the cooling tower. The safe operation of the nuclear power plant is ensured," the company said, adding that radiation levels were normal and unchanged. There was no immediate comment from Ukraine on the alleged incident, which Rosenergoatom described as "another act of aggression by the Ukrainian armed forces against Russian nuclear power plants". Moscow has previously accused Kyiv of attacking nuclear power stations in the Kursk and Smolensk regions of western Russia. Ukraine, in turn, has accused Russia of deliberately creating radiation risks at nuclear power stations on Ukrainian territory. https://www.reuters.com/world/europe/russia-says-ukrainian-drone-crashed-into-nuclear-plant-without-causing-damage-2025-10-07/
2025-10-07 11:13
Bitcoin hits record high amid ETF inflows U.S. leads crypto ETF inflows, followed by Switzerland and Germany Oct 7 (Reuters) - Exchange-traded funds (ETFs) tracking crypto assets drew record inflows of $5.95 billion globally last week, as strong demand for digital assets helped propel bitcoin to an all-time high. Digital asset investment products garnered the record capital in the week ended October 4, according to data from Coinshares. Sign up here. Bitcoin , the world's largest cryptocurrency, surpassed its August peak to hit a record high on October 5, extending its gains to reach $126,223 for the first time on Monday. The United States led with $5 billion inflows in crypto ETFs, followed by Switzerland at $563 million and Germany at $312 million, both setting new records, Coinshares said. Bitcoin attracted $3.55 billion, ether $1.48 billion, while solana and XRP drew $706.5 million and $219.4 million, respectively. Bitcoin's ascent comes alongside a record rally in traditional safe haven gold , as a weakening U.S. dollar amid trade uncertainty and economic concerns is pushing investors to diversify their portfolios. "This level of investment highlights the growing recognition of digital assets as an alternative in times of uncertainty," said James Butterfill, head of research at CoinShares, in the weekly report. Deutsche Bank expects bitcoin to feature on most central banks' balance sheets, alongside gold, by 2030. The cryptocurrency rally this year has been driven by more supportive policies under U.S. President Donald Trump, demand from institutional investors, and bitcoin's deepening integration with global financial markets. https://www.reuters.com/sustainability/boards-policy-regulation/global-crypto-etfs-attract-record-595-billion-bitcoin-scales-new-highs-2025-10-07/
2025-10-07 11:06
Stablecoins seen as safer option amid currency crises Emerging markets face potential $1 trillion deposit flight Stablecoins could reach $1.22 trillion in developing economies by 2028 LONDON, Oct 7 (Reuters) - The boom in U.S. dollar-backed stablecoins, helped by Donald Trump's crypto policies, could suck $1 trillion worth of deposits out of emerging economy banks in the next few years, a report from Standard Chartered estimates. About 99% of all stablecoins are pegged to the dollar, which economists say effectively makes them dollar-based bank accounts and increasingly attractive in parts of the world prone to currency crises. Sign up here. Standard Chartered (STAN.L) , opens new tab, a bank renowned for operating in developing economies, said the desire to avoid savings being wiped out will drive individuals and companies to put their money into stablecoin wallets instead of banks. "We see the potential for $1 trillion to leave emerging market banks and move into stablecoins in the next three years or so," the bank's report published on Monday said. While new U.S. crypto laws aim to mitigate deposit flight by prohibiting U.S.-compliant stablecoin issuers from paying direct yields - the equivalent of an interest rate on a bank account - Standard Chartered said that developing world populations will still want them. "Return of capital matters more than return on capital," the bank said, estimating that current trends point to the use of stablecoins as savings across developing economies jumping to $1.22 trillion by the end of 2028, from around $173 billion now. While a large number in absolute terms, its analysts stressed that would still represent just 2% of bank deposits in the 16 countries they deem at "high-risk" of this kind of deposit flight. They include the likes of Egypt, Pakistan, Bangladesh and Sri Lanka, Morocco and Kenya which have all suffered currency crashes in recent years, but also heavyweight economies such as Turkey, India, China, Brazil, South Africa. "Many of them, with the key exception of China, have twin deficits that leave them relatively vulnerable to global risk aversion and sudden sharp currency depreciation," the report said. Policymakers in a number of countries have already voiced concerns about stablecoins, including the risk they could facilitate capital flight if a crisis breaks out, and also make it harder to stop. There is little data about who holds stablecoins but the CEO of the world's largest stablecoin issuer Tether , opens new tab said last year that emerging markets were the source of much its recent growth due the perception of its USDT coin as a dollar-like asset. Most emerging market central banks, meanwhile, are eyeing digital versions of their fiat currencies, although economists point out that they too are likely to attract money away from commercial banks given they are effectively government backed. https://www.reuters.com/business/finance/stablecoins-could-suck-1-trillion-em-banks-next-three-years-standard-chartered-2025-10-07/
2025-10-07 11:01
DHAKA, Oct 7 (Reuters) - Bangladesh has approved the purchase of about 220,000 metric tons of U.S. wheat under a government-to-government deal aimed at easing trade tensions with Washington after import tariffs were imposed by U.S. President Donald Trump’s administration. The Cabinet Committee on Government Purchase cleared the deal on Tuesday, officials said. The wheat, priced at $308 per ton, will be supplied through Agrocorp International, a Singapore-based trading house authorized by U.S. Wheat Associates, according to official documents. Sign up here. The agreement follows a memorandum of understanding signed in July for Bangladesh to import 700,000 metric tons of wheat annually from the United States over the next five years as part of efforts to diversify grain sources and strengthen trade ties. The South Asian country currently depends heavily on lower-cost wheat from the Black Sea region while importing smaller volumes of higher-grade grain from the United States and Canada for blending and quality enhancement. Until the Trump administration dismantled USAID this year, Bangladesh had also received U.S. wheat and other grains as food aid. Officials said the latest deal is part of a broader strategy to reduce Bangladesh’s $6 billion trade deficit with the United States and seek more favourable treatment for key export items - particularly ready-made garments, which dominate the country’s shipments to the U.S. Bangladesh has secured a reduction in U.S. tariffs on its exports to 20%, down from the 37% initially proposed by Washington, offering much-needed relief to the nation’s apparel exporters. Alongside the wheat purchases, Dhaka is expanding imports of agricultural products such as soybean and cotton, and has ordered 25 aircraft from Boeing. The committee also approved the purchase of 50,000 metric tons of rice from an Indian trader at $359.77 per ton through an international tender as it battles to control prices of the staple grain. https://www.reuters.com/world/asia-pacific/bangladesh-approves-us-wheat-imports-hoping-ease-trade-tensions-2025-10-07/
2025-10-07 10:57
U.S. invests $35.6 million in Trilogy Metals Trump permits access road to Alaska's Ambler district Australia's South32 shares rise after Trilogy news Oct 7 (Reuters) - Shares of Trilogy Metals (TMQ.TO) , opens new tab tripled their gains in premarket trading on Tuesday after the White House said it would acquire a 10% stake in the Vancouver-based miner. U.S.-listed shares were at $5.69, valuing the company just shy of a $1 billion market capitalization. Sign up here. Washington has been taking equity stakes in industries it considers essential to national security, including critical minerals and semiconductor companies, as part of President Trump's wider policy to reduce reliance on China. The U.S. government announced a $35.6 million investment in Trilogy on Monday after markets closed and said it had received warrants to purchase an additional 7.5% stake. President Donald Trump also signed an executive order directing his administration to permit construction of an access road to Alaska's Ambler mining district, an area that could also yield deposits of rare earths. The order overturns the Biden administration's 2024 decision , opens new tab blocking a 211-mile (340 km) road over concerns that mining could threaten caribou and fish vital to dozens of Native subsistence communities. Trilogy, a key developer in the Ambler district, operates a joint venture there with Australia's South32 (S32.AX) , opens new tab. Earlier on Tuesday, South32's shares climbed as much as 6.1% to their highest since August 14. "The federal backing and executive orders reduce political and regulatory uncertainty around the road/access for the Ambler Project," a group of Royal Bank of Canada analysts led by Kaan Peker said in a note. "While the timing of final permits, legal challenges and first production are uncertain, we believe this decision unlocks a major gating constraint; resulting in a higher probability for Ambler reaching development and hence higher option value for the project." As part of Trump's policy shift, the U.S. government has already invested in (INTC.O) , opens new tab, MP Materials (MP.N) , opens new tab and Lithium Americas (LAC.TO) , opens new tab, with Reuters reporting that Critical Metals (CRML.O) , opens new tab is also under consideration. https://www.reuters.com/business/trilogy-metals-shares-soar-us-takes-strategic-stake-2025-10-07/
