2025-10-06 12:52
Oct 6 (Reuters) - Shares of Critical Metals (CRML.O) , opens new tab surged over 62% on Monday after Reuters reported the U.S. government was in talks to buy a stake in the miner, the latest in Washington's deal-making push to secure the supply of rare earths. A deal, if successful, would give the U.S. government a direct interest in the largest rare earths project in Greenland, a strategically important and mineral-rich Arctic territory that President Donald Trump has previously suggested the U.S. should take over. Sign up here. "A U.S. stake in (Tanbreez) would mark a significant step toward building a diversified 'mine-to-magnet' supply chain independent of China," said Neha Mukherjee, a research manager at Benchmark Mineral Intelligence. Washington has been pushing to secure critical minerals and reduce reliance on China, taking stakes in producers such as Lithium Americas , opens new tab(LAC.TO) , opens new tab and MP Materials (MP.N) , opens new tab. The government is not just backing domestic projects, it is also targeting overseas assets in resource-rich but underdeveloped regions, Mukherjee said. "It also signals that we could see more such deals emerge, particularly in early-stage projects with significant resource potential." Critical Metals had acquired Greenland's Tanbreez rare earth deposit last year for $5 million in cash and $211 million in stock. The company applied earlier this year for a $50 million Defense Production Act grant, which Washington has since discussed converting into an equity stake, the Reuters report said, citing four sources. If finalized, that conversion would equal roughly an 8% stake, though talks remain preliminary, the sources said. Separately, Critical Metals said it agreed to raise $35 million from an unnamed institutional investor to fund Tanbreez's development. Shares have gained more than 91% this year, including Monday's gains. As of last close, the company was valued at $787 million. On Monday, the firm also said it has restated financial statements for the six months ended December 31, 2024, and 2023, cautioning investors not to rely on the earlier reports. https://www.reuters.com/business/energy/critical-metals-shares-surge-after-reuters-report-says-washington-eyeing-stake-2025-10-06/
2025-10-06 12:40
Oct 6 (Reuters) - U.S. Treasury Secretary Scott Bessent will remain in his role as commissioner of the Internal Revenue Service, CNBC reported on Monday citing sources. Bessent is expected to announce that Frank Bisignano will serve in the newly created position of CEO at the IRS, CNBC said. Sign up here. https://www.reuters.com/world/us/us-treasurys-bessent-remain-irs-commissioner-cnbc-reports-2025-10-06/
2025-10-06 12:21
NEW DELHI, Oct 6 (Reuters) - India's trade strategy could fall behind in global markets unless it expands exports to China and lowers import tariffs on raw materials, the head of a government policy think tank said on Monday. With Asia set to drive global growth, engaging with China was essential to boost India's manufacturing exports, said B.V.R. Subrahmanyam, CEO of NITI Aayog, a government policy think tank, while releasing the quarterly Trade Watch report. Sign up here. "If you don't focus on Asia, if you are not able to sell much to China, it is pointless because it's a $15 trillion economy. You can't avoid that economy,” he said at a press briefing, underscoring China's critical role in India's exports. Prime Minister Narendra Modi's government is seeking to diversify exports and cut manufacturing costs after U.S. President Donald Trump doubled tariffs on Indian goods to as much as 50% from August 27 over Russian oil purchases. India's exports to China fell 7% in 2024 to $15.1 billion, while imports rose 10% to $109.4 billion on higher shipments of items such as electronic goods and chemicals. The report underscored India’s weak performance in key sectors such as leather and footwear, where exports stood at $5.5 billion in 2024, just 1.8% of global trade worth $296.5 billion. Non-leather footwear, a global market valued at about $110 billion, remains largely untapped. "India imposes 10% tariffs on key footwear inputs, while Vietnam and Italy levy near-zero rates," the report said, recommending tariff cuts to boost competitiveness. With similar reliance on China for sourcing, Vietnam’s lower duties give its producers a cost edge,” said lead author Pravakar Sahoo, adding that high tariffs on plastics and vulcanised rubber sheets make Indian products less competitive. https://www.reuters.com/world/china/indias-trade-strategy-risks-lagging-without-china-focus-says-government-think-2025-10-06/
2025-10-06 12:09
BANGKOK, Oct 6 (Reuters) - Thai Prime Minister Anutin Charnvirakul on Monday ordered urgent relief efforts after flooding triggered by days of heavy rain and storms hit 16 provinces over the past week, killing 12 people and affecting more than 100,000 households. The Interior Ministry said the floods inundated parts of northern, central and northeastern Thailand, with Uttaradit province in the upper northern region, where five people were killed, among the worst hit. Sign up here. "The water rose so rapidly and we moved to the roof but it was collapsing and we had to leave," a resident, who gave only his first name, Sakchai, told state-broadcaster ThaiPBS. "We're staying at a temple now," he said. Anutin said officials were working to deliver aid and assess the damage done. They were also preparing for more rain as the monsoon season kicks in. "Thailand is facing floods, storms and landslides across many provinces, causing extensive damage to property and loss of life," he said at a task force meeting. Last year, 22 people were killed by f lash floods and mudslides caused by monsoon rains across Thailand. https://www.reuters.com/business/environment/thai-pm-orders-urgent-relief-floods-hit-16-provinces-killing-12-2025-10-06/
2025-10-06 11:50
NEW DELHI, Oct 6 (Reuters) - There is enough supply of Russian oil for Indian refiners in the market as Ukraine's attacks on Russia's energy facilities have reduced its refining capacity and made more crude available, a government official told Reuters on Monday. U.S. President Donald Trump has demanded India stop buying Russian oil, and Washington doubled tariffs to as much as 50% on U.S. imports from India when it refused to comply. Sign up here. But Indian refiners continue to buy Russian oil, said the official, who did not wish to be identified due to the sensitivity of the issue. India is the top buyer of Russian seaborne oil, sold at a discount after some Western nations shunned purchases and imposed sanctions on Moscow for its invasion of Ukraine. Discounts for Russian Urals crude delivered to India have, however, narrowed to about $2-2.50 per barrel below dated Brent for November loading, trade sources said, from discounts of $20–$25 per barrel when the war began in February 2022. Ukrainian attacks on refineries and export pipelines have reduced Russian oil refining by almost a fifth on certain days and cut exports from key ports, pushing Moscow close to reducing its oil production. Russia's refinery outages in September surpassed , opens new tab those in August, due to Ukraine's drone attacks . Indian refiners are also looking at buying more oil and liquefied petroleum gas from the United States, the first source said, adding that this would depend on the outcome of New Delhi's trade negotiations with Washington. https://www.reuters.com/business/energy/enough-russian-oil-available-market-indian-refiners-government-source-says-2025-10-06/
2025-10-06 11:40
Oct 6 (Reuters) - French investment firm Ardian is acquiring one of Ireland's largest energy utilities Energia Group from I Squared Capital, the companies said in a statement on Monday, in a bet on a power supplier poised to serve the booming AI industry. The deal will value Energia at over 2.5 billion euros ($2.93 billion), the Financial Times, which first reported the deal, said citing people familiar with the matter. The companies did not disclose the financial details of the transaction. Sign up here. I Squared Capital acquired the company in 2016 for 1 billion euros. The deal underscores surging investor interest in data centres that cater to the booming market for AI tools and power their growing adoption across the globe. Ireland in particular has become a global hub for data centres and new technology, which grid operator EirGrid predicts will account for 31% of the country's electricity demand by 2030, up from around 20% today. “Ireland is at a pivotal point, with rapid electrification, growing demand from new technologies, and global investment in digital infrastructure," Ian Thom, CEO of Energia, said in a statement. Ardian managing director William Briggs said the Irish utility was well placed to benefit from that trend. “Energia is at the forefront of the convergence between energy utilities and digital infrastructure," he said in a statement. Energia also said on Monday it has agreed to partner in the development of a 165-megawatt data centre in Dublin, without disclosing any further details. Energia owns and operates wind farms and gas-fired power plants in Ireland capable of generating around 17% of the country's total electricity demand. ($1 = 0.8540 euros) https://www.reuters.com/business/energy/ardian-acquires-29-billion-irish-utility-energia-ft-says-2025-10-06/
