2025-12-01 23:00
HOUSTON, Dec 1 (Reuters) - Lawyers representing Venezuela, refiner Citgo Petroleum, its parent companies and miner Gold Reserve (GRZ.V) , opens new tab on Monday appealed against an order last week from a Delaware judge that approved the sale of PDV Holding's shares. Delaware Judge Leonard Stark last week authorized the sale of Citgo parent PDV Holding to an affiliate of hedge fund Elliott Investment Management, following the confirmation of the company's $5.9 billion bid in a court-organized auction. Sign up here. The transaction is pending approval from the U.S. Treasury Department, but Elliott's affiliate Amber Energy has said it expects it to close next year. "The forced sale process has been marked by deficiencies and irregularities, including a conflict of interest involving advisers to the court," the Venezuelan parties said in a release last week. Amber and a court officer overseeing the auction have denied any wrongdoing. Gold Reserve's appeal, filed before the U.S. Court of Appeals for the Third Circuit, challenges the sale order and all prior orders and decisions supporting it, including Judge Stark's opinion on the best bid submitted. Venezuela and rival bidder Gold Reserve had previously filed objections to Amber's bid and motions to disqualify the judge and advisors the court selected to evaluate the offers, which were denied by Judge Stark. The sale process aims to compensate up to 15 creditors for debt defaults and asset expropriations in Venezuela. If the transaction is completed, companies including miners Crystallex and Rusoro (RMV.L) , opens new tab and oil producer ConocoPhillips (COP.N) , opens new tab are set to recover billions from auction proceeds. https://www.reuters.com/legal/litigation/venezuela-challenges-us-judges-sale-order-citgo-parent-before-appeals-court-2025-12-01/
2025-12-01 22:05
ORLANDO, Florida, Dec 1 (Reuters) - Global bond yields rose and stocks fell on Monday after Bank of Japan Governor Kazuo Ueda hinted that interest rates may rise later this month, cooling investor optimism around an expected U.S. rate cut and getting December trading off to a rocky start. If you have more time to read, here are a few articles I recommend to help you make sense of what happened in markets today. Sign up here. Today's Key Market Moves Today's Talking Points * Japan's Ueda scares the horses A heavy wave of equity and bond selling in Japan rippled through global markets on Monday, as investors braced for a Bank of Japan rate hike on December 19. Interestingly though, for once the spike in JGB yields lifted the yen. Has the Japanese currency bottomed? The prospect of an imminent rate hike intensifies the spotlight on JGBs, how much longer Japan's consumers and businesses can tolerate surging yields, and the fiscal-monetary policy nexus. Prime Minister Sanae Takaichi's planned fiscal stimulus may not be accompanied by her preferred monetary accommodation after all. * High-ho, silver lining The latest run-up in silver means the metal has now doubled in price so far this year. Silver hit a record high of $58.83 an ounce on Monday, up 104% from the $28.87 close on December 31. It is up as much as 20% in the last week alone. Tight supply, the prospect of more Fed easing, investor diversification, and bullish momentum have all fueled the surge. Silver has shown remarkable resilience in recent weeks, consolidating and even strengthening when gold, stocks, crypto and other assets have retreated to varying degrees. * Global manufacturing down in the dumps Global growth may be holding up ok, but tariffs and trade tensions are taking their toll on manufacturing - the latest purchasing managers' index (PMI) figures show activity in the United States, euro zone, China and Japan contracted last month. Factory activity in the U.S. has now shrunk nine months in a row, suggesting that President Donald Trump's plans to onshore and ultimately revive U.S. industry have yet to bear fruit. There are some bright spots - notably Britain and Italy - but overall it's a fairly gloomy picture. What could move markets tomorrow? Want to receive Trading Day in your inbox every weekday morning? Sign up for my newsletter here. Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles , opens new tab, is committed to integrity, independence, and freedom from bias. https://www.reuters.com/world/china/global-markets-trading-day-graphic-2025-12-01/
2025-12-01 21:21
Dec 1 (Reuters) - Pipeline operator Targa Resources (TRGP.N) , opens new tab said on Monday it would buy Stakeholder Midstream in a $1.25 billion all-cash deal, expanding its processing capacity in the key Permian Basin. Dealmaking in the midstream sector has been picking up pace as companies look to cut costs or add scale and gain access to attractive oil- and gas-producing regions, as well as export facilities on the U.S. Gulf Coast. Sign up here. "This acquisition is a nice bolt-on asset that has meaningful free cash flow supported by a stable to modestly growing volume profile with minimal capital needs and executed at an attractive valuation," Targa CEO Matt Meloy said in a statement. Targa expects Stakeholder to generate adjusted free cash flow of about $200 million annually. U.S. midstream companies are also benefiting from rising natural gas demand driven by LNG exports and soaring power generation tied to AI operations, cryptocurrency mining and data centers. In November 2024, Energy Transfer (ET.N) , opens new tab said it would buy WTG Midstream Holdings for about $3.25 billion, expanding its transportation and processing footprint in the Permian. Targa expects to fund the acquisition, which is expected to close in the first quarter of 2026, with cash and its existing $3.5 billion revolving credit facility. https://www.reuters.com/business/energy/targa-resources-acquire-stakeholder-midstream-125-billion-2025-12-01/
2025-12-01 21:08
Nestlé seeks to divest premium coffee chain Blue Bottle Coffee Investment bank Morgan Stanley is working on the process Nestlé acquired the chain in 2017 Dec 1 (Reuters) - Swiss food giant Nestlé (NESN.S) , opens new tab is working with investment bank Morgan Stanley (MS.N) , opens new tab to review options, including a potential sale, of its Blue Bottle Coffee chain, according to three sources familiar with the matter. The move is part of a broader strategic review under new Chief Executive Philipp Navratil to streamline the company's portfolio and exit the business of operating physical retail locations, reflecting a wider industry trend. Sign up here. Nestlé acquired a majority stake in Blue Bottle Coffee in 2017, valuing the premium roaster known for its drip coffee at roughly $700 million. A sale is expected to value the chain at a discount to that, the sources said, requesting anonymity as the matter is private. Coca-Cola (KO.N) , opens new tab is also exploring a sale of its coffee chain Costa Coffee. Nestlé and Morgan Stanley (MS.N) , opens new tab declined to comment. In July, Nestlé launched a strategic review of certain vitamin brands, including Nature's Bounty, Osteo Bi-Flex, Puritan's Pride and its U.S. private label business. It also plans to divest its water business, which includes the Perrier and S.Pellegrino brands. Nestlé operates around 100 Blue Bottle locations across the U.S. and Asia. It also sells Blue Bottle-branded products like coffee grounds and mugs. One source said Nestlé could decide to sell the cafes but retain the brand's intellectual property to continue selling the products. Founder James Freeman launched Blue Bottle in 2002 in Oakland, California, with the first storefront opening in 2005 in San Francisco. Nestlé's bigger coffee businesses include Nescafé and Nespresso. https://www.reuters.com/business/finance/nestl-explores-sale-blue-bottle-coffee-sources-say-2025-12-01/
2025-12-01 21:01
FRANKFURT, Dec 1 (Reuters) - A group of Swiss and German law enforcement agencies said on Monday they shut down cryptomixer.io, one of the largest platforms to cover up the tracks of bitcoin transfers from illegal activities. Germany's federal investigation agency BKA said in a statement it worked with regional prosecutors in Frankfurt as well as authorities in Zurich to shut down the cryptomixer.io site on Wednesday last week. Sign up here. It added that Cryptomixer.io, started in 2016, had been one of the largest bitcoin mixers with billions of euros in revenues, most of which were gained from criminal activities. Cryptomixing is a service to anonymise crypto transactions by breaking them up and mixing them with other funds. Under the operation, which was led by Zurich law enforcement agencies, authorities seized servers in Switzerland, along with the cryptomixer.io internet domain, and confiscated over 12 terabytes of data and Bitcoins worth more than 25 million euros ($29 million). "The findings will also contribute to the investigation of further cybercrimes," said BKA, adding that Europol, as well as agencies of the European Union and the U.S., were involved in the investigation. Europol said in a separate statement that Cryptomixer.io, suspected of facilitating cybercrime, including ransomware schemes and money laundering, was accessible both on the regular web and the dark web. ($1 = 0.8598 euros) https://www.reuters.com/business/finance/swiss-german-authorities-shut-down-cryptomixerio-money-laundering-crackdown-2025-12-01/
2025-12-01 21:00
LONDON, Dec 1 (Reuters) - The cost of shipping commodities through the Black Sea climbed on Monday after Ukrainian naval drones hit two tankers heading to a Russian port, with fears of further attacks driving up war risk insurance costs, industry sources said. The Black Sea is crucial for the shipment of grain, oil and oil products. Its waters are shared by Bulgaria, Georgia, Romania and Turkey, as well as Russia and Ukraine. Sign up here. War risk rates for a typical seven-day voyage period, which are set by individual underwriters and are based on the value of the ship, rose to 0.5% for calls to Ukrainian ports from 0.4% over a week ago, shipping and insurance sources said. War risk insurance for Russian Black Sea ports, which is typically higher, was quoted at between 0.65-0.8% versus around 0.6% last week, the sources added. TANKERS ATTACKED WHILE SAILING TO NOVOROSSIYSK The two tankers, which were under Western sanctions, were attacked by navy drones while they were empty and sailing to Novorossiysk, a major Russian Black Sea oil terminal, an official at the Security Service of Ukraine told Reuters. The Black Sea incidents point to a campaign by Ukraine to restrict Russian oil revenue which was "shaping underwriters’ assessment of intent and capability", said Munro Anderson, head of operations at marine war risk and insurance specialist Vessel Protect, part of Pen Underwriting. "Rates have firmed in line with that view. For Russian port calls, underwriters are pricing in a broader range of possible strike locations and a higher likelihood of repetition," he said. "As Ukrainian activity increases, the probability of reciprocal Russian action grows. That creates a more even risk gradient across both trades than we have seen in some time." Turkish President Tayyip Erdogan said on Monday that attacks on commercial ships in the Black Sea were unacceptable, issuing a warning to "all related sides". The latest Black Sea incidents were the first attacks on non-military, non-Russian flagged vessels in international waters, said Andrii Ryzhenko, a naval analyst and former deputy chief of staff of the Ukrainian navy. Ryzhenko said it was unlikely that Russia would retaliate against commercial shipping heading to Ukraine when it was in the territorial waters of Turkey, Bulgaria and Romania, as that would amount to an attack on NATO territory. "They're (Russia) attacking (vessels) all of the time, at least in Ukrainian territorial waters and using different types of weapons." MYSTERIOUS BLASTS There have been at least seven blasts on separate tankers that called at Russian ports since December 2024 at locations including the Mediterranean, with Ukraine suspected of carrying them out, maritime security sources said. A Turkish-owned oil tanker that was damaged near Senegal's coast last week was hit by four external explosions, but there were no injuries or pollution, its manager said on Monday. The Mersin tanker had previously called at a Russian port, and maritime security sources said their initial assessment was the vessel had been targeted by limpet mines, similar to other incidents this year which have not been confirmed by Ukraine. The vessel was currently secured and under close control, a spokesperson with Dakar Port Authority said, confirming "a serious incident in the engine room caused a major water ingress". The spokesperson added that the exact nature of the incident would be made public in due course. https://www.reuters.com/business/energy/black-sea-shipping-insurance-rates-rise-after-ukraine-attacks-tankers-sources-2025-12-01/
