MADRID – Naturgy said on Friday its main shareholders will not tender their shares, although its board considers the 4.9 billion euros ($5.76 billion) bid from the Australian fund IFM to acquire a 22.69% stake in the Spanish energy group to be reasonable. The bid is subject to securing at least 17% in the Spanish energy group, although IFM said in its prospectus filed last week it could decide to lower the minimum threshold to…"Naturgy’s main shareholders not selling, although IFM bid is “reasonable” board says"
PARIS – The International Monetary Fund’s ethics committee and board need to look into a report alleging its chief Kristalina Georgieva pressured staff to boost China’s ranking in a flagship report while at the World Bank, a French finance ministry source said on Friday. Georgieva has headed the IMF since 2019, during which it has seen its role ramped up, distributing around $650 billion in new Special Drawing Rights, its quasi-currency, as part of a…"IMF chief in spotlight after China rigging report"
LONDON – Economists at investment funds expressed dismay on Friday at revelations that World Bank leaders put “undue pressure” on staff to boost China’s ranking in its influential “Doing Business 2018” report, and the series’ subsequent cancellation. They said the World Bank’s discontinuation of the “Doing Business” reports, which rate countries according to how easy it is to do business in them, could make it harder for investors to assess where to put their money.…"Bad for business: World Bank China rigging scandal rattles investors"
MEXICO CITY – Mining companies in Mexico should expect tough environmental reviews given their projects’ major impacts, a senior official told , insisting that a backlog of evaluations is easing despite industry claims that the opposite is true. A top-10 global producer of over a dozen minerals, Mexico’s multi-billion-dollar mining sector makes up around 8% of Latin America’s second-biggest economy, but miners are concerned they are facing increased hostility from Mexico’s leftist government. Tonatiuh Herrera,…"Mining firms in Mexico must face ‘strict’ scrutiny, says senior official"
BEIJING/HONG KONG – One of China Evergrande Group’s main lenders has made provisions for losses on a portion of its loans to the embattled property developer, while some creditors are planning to give it more time to repay, four bank executives told . The Chinese banks’ measures, reported for the first time, show how financial institutions in the world’s second-largest economy are bracing for a possible collapse of Evergrande. The developer epitomised China’s freewheeling era…"Exclusive: China Evergrande’s lenders weigh up loan losses, rolling over credit – sources"
LONDON – International investors that have been piling into China in recent years are now bracing for one of its great falls as the troubles of over-indebted property giant China Evergrande come to a head. The developer’s woes have been snowballing since May. Dwindling resources set against 2 trillion yuan ($305 billion) of liabilities have wiped nearly 80% off its stock and bond prices and an $80 million bond coupon payment now looms next week.…"Analysis: Investors brace for a great fall in China"
WASHINGTON – U.S. Democratic lawmakers on Thursday asked the chiefs of four major fossil fuel companies and two lobbying groups to testify next month on whether the industry led an effort to mislead the public and prevent action to fight climate change. House Oversight Committee Chairwoman Carolyn Maloney and Ro Khanna, Chairman of the Subcommittee on Environment, sent letters to chief executives of Exxon Mobil Corp, Chevron Corp, BP USA, Royal Dutch Shell Oil Co,…"U.S. House panel to probe oil companies over climate disinformation"
PARIS – A French appeal court on Thursday lowered to three million euros a fine France’s markets watchdog AMF had imposed on U.S. news agency Bloomberg for publishing a hoax press release, French media report. In December 2019, AMF fined Bloomberg News five million euros ($5.88 million) for publishing a hoax press release relating to construction group Vinci in November 2016. AMF said at the time Bloomberg should have known the information in the press…"French court lowers AMF watchdog’s fine on Bloomberg over Vinci hoax-media"
– U.S. mining companies are blasting proposals in Congress that would set royalties for copper, lithium and other minerals extracted from federal land, with executives saying the measures would hurt domestic production of the building blocks for solar panels, electric vehicles and other green technologies. The House of Representatives Natural Resources Committee added language to the proposed $3.5 trillion reconciliation spending measure last week that would set an 8% gross royalty on existing mines and…"U.S. miners decry mineral royalty plan floated in Congress"
MOSCOW – Russia on Thursday threatened U.S. social media firms with sizeable fines if they fail to delete content Moscow deems illegal and demanded Apple and Google stop allegedly meddling in its internal affairs on the eve of parliamentary elections. Internet services are coming under increasing pressure ahead of Russia’s Sept. 17-19 parliamentary vote. Russia’s authorities have said foreign firms are hampering their efforts to block virtual private networks (VPNs) and online resources linked to…"Russia ramps up pressure on foreign tech firms on eve of election"