2025

BELGRADE, Dec 24 (Reuters) – The U.S. has granted Serbian oil refiner NIS until March 24 to negotiate the sale of its Russian owner’s stake, Serbia’s state-owned RTS TV reported on Wednesday.

However, RTS said NIS had not obtained an operating licence that would allow it to buy and process crude oil.

The U.S. Treasury Department’s Office of Foreign Assets Control imposed sanctions on NIS in October, as part of broader measures against Russia’s energy sector, after granting a series of waivers since January.

The sanctions have halted crude supplies via Croatia’s JANAF pipeline, shutting down production at the Pancevo refinery.

Russia’s Gazprom has an 11.3% stake in NIS, while its sanctioned oil unit Gazprom Neft holds 44.9%. The Serbian government has 29.9%, with the remainder held by small shareholders and employees.

Serbian President Aleksandar Vucic said on Tuesday that Gazprom was in talks with Hungary’s MOL over a possible sale of its majority stake in NIS.

(Reporting by Ivana SekularacEditing by Mark Potter)

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By Hyunjoo Jin, Heejin Kim and Heekyong Yang

SEOUL , Dec 24 (Reuters) – A South Korean court on Wednesday rejected a request by two major shareholders of Korea Zinc – MBK Partners and YoungPoong – to block the zinc refiner’s plan to issue new shares to help fund a $7.4 billion U.S. smelter.

The ruling, which clears the way for the project, sent Korea Zinc shares up as much as 5%, while YoungPoong shares fell as much as 10.5%.

Last week, Korea Zinc, the world’s biggest refined zinc producer, said it would build a $7.4 billion critical minerals refinery in the state of Tennessee that will be largely funded by the U.S. government and aimed at reducing U.S. reliance on China for materials used in chips, electronics and weapons.

Under the plan, Korea Zinc will sell shares worth $1.9 billion to a joint venture controlled by the U.S. government and unnamed U.S.-based strategic investors, which would then control around 10% of the South Korean firm.

In a statement, Korea Zinc thanked the court for its decision, adding that it would proceed with its U.S. smelter project and work to enhance corporate and shareholder value.

“We will also seek to contribute to the national economy and South Korea’s economic security as a key player in the critical minerals supply chain,” it said.

SHARE DILUTION CONCERNS

Private equity firm MBK Partners and conglomerate YoungPoong, which together hold about 46% of Korea Zinc, said that they were disappointed by the court’s decision, reiterating concerns over potential shareholder dilution and the fairness of investment terms.

“Despite this outcome, YoungPoong and MBK Partners intend to support the U.S. smelter project so that it may deliver genuine ‘win-win’ results for the United States, Korea Zinc, and the broader Korean economy,” the pair said in a statement.

In a regulatory filing, Korea Zinc said the Seoul Central Court determined that the transaction was intended to support a U.S.-led restructuring of the global critical minerals supply chain, deepen cooperation between South Korea and the U.S. and secure stable global demand.

The filing noted that the U.S. government sought to take an equity stake through the joint venture to ensure the project’s success, concluding that direct investment or subsidies alone would not be sufficient.

Governance experts say a major beneficiary of the U.S. smelter deal would be Korea Zinc Chairman Yun B. Choi, who since October last year has been locked in a battle for control with MBK and YoungPoong. Issuing shares to a potential ally could tip the balance of power in Choi’s favour.

Korea Zinc has said the U.S. smelter project aligns Washington’s push to diversify mineral supply chains with the company’s goal of building a growth base by gaining an early foothold in the United States, the world’s largest critical minerals market.

Shares of Korea Zinc and YoungPoong were trading down 2.7% and 10.4%, respectively, compared with a 0.2% drop in the benchmark KOSPI as of 0529 GMT.

(Reporting by Hyunjoo Jin, Heejin Kim and Heekyong Yang; Editing by Ed Davies)

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HONG KONG (AP) — Asian markets were mixed on Wednesday after the benchmark S&P 500 closed at another record high following a report that the U.S. economy grew at an unexpectedly strong 4.3% annual rate in July to September.

The U.S. government’s first estimate of growth for the third quarter showed inflation remained high, while a separate report said consumer confidence faded further in December. The U.S. economy expanded at a 3.8% annual pace in April-June.

Trading in Asia was thin, with many global markets due to be closed Thursday for Christmas. Markets in the U.S. will end early Wednesday for Christmas Eve and stay closed for Christmas.

Tokyo’s Nikkei 225 fell 0.1% to 50,344.10 and South Korea’s Kospi slipped 0.2% to 4,108.62.

In Chinese markets, Hong Kong’s Hang Seng gained 0.2% to 25,818.93. The Shanghai Composite index edged 0.5% higher, to 3,940.95.

In Australia, the S&P/ASX 200 slipped nearly 0.4% to 8,762.70.

Markets in Hong Kong and Australia closed early due to Christmas Eve.

Taiwan’s Taiex picked up 0.2% while the Sensex in India gained less than 0.1%.

Gold and silver extended their rally after hitting record highs this week driven by heightened geopolitical tensions. The price of gold rose 0.3% early Wednesday to $4,525.20 per ounce, adding to gains of about 70% for the year. Silver rose 1.6%.

U.S. futures edged lower early Wednesday.

On Tuesday, big gains for tech stocks pushed the S&P 500 up 0.5%, even though most stocks in the index fell. It closed at 6,909.79. The Dow Jones Industrial Average added 0.2% to 48,442.41, while the Nasdaq composite rose 0.6% to 23,561.84.

Nvidia advanced 3% and Google’s parent company, Alphabet, edged up 1.5%.

Novo Nordisk jumped 7.3%, after U.S. regulators approved a pill version of the weight-loss drug Wegovy, the first daily oral medication to treat obesity.

The government’s update on the economy showed inflation hovering higher than the central bank prefers. The Federal Reserve’s favored inflation gauge — called the personal consumption expenditures index, or PCE — climbed to a 2.8% annual pace last quarter, up from 2.1% in the second quarter.

On Wednesday, the Labor Department will release its weekly data on applications for jobless benefits, which stands as a proxy for U.S. layoffs.

Investors are betting the Fed will hold steady on interest rates at its January meeting. Recent reports show high inflation and shaky confidence among consumers worried about high prices. The labor market has been slowing and retail sales have weakened.

In other dealings early Wednesday, the dollar continued to fall against the Japanese yen, after officials said they could intervene with excessive moves in the yen. The dollar was trading Wednesday at 155.96 yen, down from 156.17 yen.

The euro slipped to $1.1797 from $1.1796.

Oil prices edged higher as traders kept an eye on risks of supply disruptions in Venezuela and Russia.

U.S. benchmark crude oil added 20 cents to $58.58 per barrel. Brent crude gained 17 cents to $62.03 per barrel.

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