Original title: Stocks Rebound Modestly as Testing Month Begins: Markets Wrap US stock futures staged a small rebound from a technology-led selloff, setting a steadier tone as a testing month begins with markets near record highs. S&P 500 and Nasdaq 100 contracts advanced 0.2%, with cash trading in US stocks and Treasuries closed for the Labor Day holiday. The dollar was little changed. Original article
Original title: Nigeria Cuts Oil Firms’ Cost-Recovery Cap to Boost Budget Income Nigeria has set a lower threshold by which oil companies can recover their expenses as it seeks to boost government revenue amid lower crude oil prices threatening to widen the budget deficit in the West African nation. Firms with production-sharing contracts with the government will now claim a maximum of 70% of their expenses, down from a previous 80% ceiling, Bashir Ojulari, group chief executive officer of the Nigerian National Petroleum Co. Ltd. said during a briefing in Abuja, the capital on Monday. ...
Original title: CapVest Jumps Into PE Big Leagues With €10 Billion Stada Buyout Europe’s largest leveraged buyout this year wasn’t done by a Wall Street giant like Blackstone Inc. or KKR & Co. Instead, it’s from a lesser-known British private equity firm that manages just €12 billion ($14 billion). London-based CapVest Partners announced Monday it will buy control of German drugmaker Stada Arzneimittel AG in what’s by far its largest-ever purchase. The acquisition, which values Stada at around €10 billion, caps a few furious days of around-the-clock negotiations as CapVest raced to seal a deal with the drugmaker’s owners at Bain Capital and Cinven. ...
Original title: Argentine Pulp Maker Blames Milei as It Seeks Bankruptcy Protection Pulp and paper manufacturer Celulosa Argentina SA filed for bankruptcy protection Bloomberg Terminal Monday, blaming the government of President Javier Milei for creating a bad business environment for local industry. After missing bond payments, Celulosa, based in agricultural export hub Rosario, is now seeking protection from creditors in Argentina’s equivalent of a Chapter 11 process, according to an investor filing. Its locally traded shares slumped by as much as 17% on Monday and are down nearly 80% so far this year. ...
Original title: Saudi Arabia, Iraq Stop Oil Shipments to Nayara After Sanctions Saudi Arabia and Iraq aren’t shipping any crude to Nayara Energy Ltd.’s refinery in western India after it was sanctioned by the European Union. Saudi Aramco halted crude oil sales to Nayara after the bloc’s measures, according to two people with direct knowledge of the situation. One of the people cited payment issues due to sanctions as the reason for the stoppage. Likewise, Nayara didn’t receive any shipments from Iraq state oil marketeer SOMO in August, another person familiar with the matter said. ...
Original title: Glencore Mulls Job Cuts at South African Ferrochrome Venture Glencore Plc’s ferrochrome venture in South Africa said it’s started restructuring talks that may lead to job losses months after shuttering some of its plants. Merafe Resources Ltd. – which owns a 20.5% stake in the operations – said on Monday that the consultation process will focus on two smelters that were closed in May. While South Africa is the world’s largest producer of chrome ore, the domestic processing industry has been hammered in recent years by high electricity costs and fierce competition from Chinese facilities. ...
Original title: Swaps Pioneered by Credit Suisse Take On New Life in Age of War Debt swaps pioneered by Credit Suisse to fund nature conservation are enjoying a second life, as bankers see an opportunity to apply the model to everything from post-war reconstruction to energy security. The swaps help governments refinance debt at more favorable terms and put any savings toward a pre-determined policy goal. After a drought in dealmaking since late last year, as many as four new swaps may be completed by the end of 2025, according to Jake Harper , senior investment manager, private credit at Legal & General Group Plc. But none of them has a nature-focused goal, he says. ...
Original title: EU Nations Seek to Close Off Loopholes for Russian Gas Flows European Union countries are looking to ways to plug any remaining loopholes to ensure that Russian gas won’t be furtively mixed into the bloc’s supplies once a ban takes effect by the end of 2027. Denmark, which holds the EU’s rotating Presidency, has proposed changes that would require importers to provide national authorities with evidence to prove that the gas hasn’t been produced in Russia, according to a document seen by Bloomberg. The document highlights particular concerns with gas flows coming through TurkStream, a major gas pipeline running between Russia and South East Europe. ...
Original title: Gold and Silver Jump as Rate-Cut Wagers Reignite Bull Run Silver surged above $40 an ounce for the first time since 2011 and gold approached an all-time high as the prospect of Federal Reserve rate cuts gave fresh impetus to the multiyear bull run in precious metal markets. Spot silver rose as much as 2.6% to $40.7599 an ounce — taking gains this year to about 40% — while gold jumped as much as 1.2% to just below its April record above $3,500 an ounce. Gold hit a record Monday in a London Bullion Market Association auction. ...
Original title: French Prime Minister Acknowledges Talks This Week May Fail to Save Him French Prime Minister Francois Bayrou struck a combative tone in his effort to gain support for a Sept. 8 confidence vote, while acknowledging that talks with political parties may fail to save his government from being ousted. “Compromise is a beautiful thing, but I’m not sure it’s possible,” Bayrou said in an interview with French news channels on Sunday evening. That followed comments by several opposition leaders over the weekend that appeared to sweep aside any chance of their support. ...