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September 7th - According to a report by the Ukrainian National News Agency on the evening of the 6th, Ukrainian President Zelenskyy told the media after meeting with US President Trumps special envoy Witkov and son-in-law Kushner that Ukraine, along with representatives from the US and European countries, discussed issues related to the Russia-Ukraine conflict, including winter aid and security guarantees. Zelenskyy described the talks as "very substantive." He said the talks covered not only the necessary security guarantees but also economic guarantees aimed at ensuring Ukraines post-war reconstruction, and the need to maintain a strong military. He added that complex issues such as territorial disputes related to the Russia-Ukraine conflict need to be discussed at the leadership level. Zelenskyy said all parties agreed to hold a new round of trilateral talks between Ukraine, the US, and Europe in the near future, although the location has not yet been determined. Witkov told the media that the US had made significant progress in its previous talks with Russia, and that these views had been conveyed to Ukraine. The US considers cooperation "crucial."Jared Kushner, Trumps son-in-law: The Israeli governments actions in Gaza are "a bit irrational."Amazon (AMZN.O): We are working closely with local government and officials to understand the specifics of the incident.Amazon (AMZN.O): Confirmed that an Amazon plane operated by 21 Airlines crashed while landing at Miami International Airport today.On September 7th, the United Nations Conference on Trade and Development (UNCTAD) released its latest Global Trade Update report, which points out that trade in services is reshaping the global trade landscape, but least developed countries (LDCs) are increasingly marginalized in digital trade. The report shows that over the past decade, digitally deliverable services have grown at an average annual rate of 7.1%, now accounting for 56% of global service exports. Meanwhile, the share of LDCs in global service trade has fallen to 0.6%, with digitally deliverable services accounting for only 16% of their service exports. The report identifies insufficient internet connectivity and digital payment infrastructure as major obstacles to LDCs participation in digital trade. The report calls for strengthening digital infrastructure to help developing economies, especially LDCs, participate more fully in global digital services trade.

The $5.8 billion offer by BHP Group for Oz Minerals was rejected

Charlie Brooks

Aug 08, 2022 11:02

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Monday, Australian copper miner OZ Minerals Ltd (ASX:OZL) rejected a $5.8 billion purchase offer from BHP Group (ASX:BHP), citing the deal's "seriously undervalued" nature.


BHP offered A$25 per share for Oz Minerals on Monday, representing a premium of 32,1% over the stock's weekly closing price. Oz Minerals will sell the Carrapateena and Prominent Hill copper holdings in South Australia to the world's largest mining business.


However, the board of directors of Oz Minerals rejected the offer because it could not comprehend the development potential of its copper and nickel holdings.


We extract minerals that are in strong demand, particularly for the global electrification and decarbonization trend, and our Resource and Reserve base has a long life. We do not feel that BHP's proposal appreciates these features appropriately," Oz Minerals CEO Andrew Cole said in a statement.


In addition, the company revealed that BHP had purchased a stake in the company through derivative instruments comprising less than 5 percent.


Copper prices have plummeted as a result of a global downturn in industrial activity, and BHP's offer comes at a time of great uncertainty.


A series of COVID lockdowns in China, the largest copper importer in the world, have considerably impacted copper consumption. This has resulted in a decrease of more than 40 percent in the stock price of Oz Minerals so far this year.


The second half of 2022 is predicted to witness a major reversal of this trend as the government adopts further economic development stimulative measures.


By expanding its copper presence, BHP is aiming to diversify its interests outside its principal export of iron ore. The majority of the company's copper output comes from the Escondida mine in Chile, which has been the scene of several worker clashes in recent years.


BHP's chief executive officer, Mike Henry, released a statement expressing his "disappointment" at Oz Minerals' rejection of the offer.


Copper and nickel demand is predicted to expand in the coming years due to their widespread usage in electric vehicles and lithium-ion batteries.

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