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Showing posts sorted by date for query CARGILL. Sort by relevance Show all posts

Thursday, September 03, 2026

BRAZIL'S JBS

Trump's meeting with 'billionaire beef bro' flagged by legal expert: 'The timing stinks'

Bennito L. Kelty
September 2, 2026
RAW STORY


FILE PHOTO: A cow stands in the Lubbock Feeders feedlot, that has 350 acres of feedyard pens, in Lubbock, Texas, U.S., April 22, 2026. REUTERS/Annie Rice/File Photo

Lawyer and journalist Katie Phang is questioning the timing of a private Oval Office meeting between President Donald Trump and a bribery-linked Brazilian billionaire.

On August 20, Joesley Batista met with Trump, and the following day, the president announced the U.S. would allow up to 300,000 metric tons of imported beef product over the next 90 days, sold at 25 percent below market price, Phang explained in a Wednesday podcast episode. She noted that Batista's company, JBS, processes meat and is the world's largest meatpacker.

"I'm calling him the Brazilian billionaire beef bro of Donald Trump," Phang said.

She characterized the Trump White House as a "pay-to-play kind of place" and noted that the two men reportedly discussed how additional supply from Brazil could help if Trump dropped a 26 percent import tax.

"It's like you can't even script it, right?" Phang said. "You can't even script it."

The arrangement, which Trump framed as relief for "working American families," drew immediate pushback from cattle ranchers who say the move undercuts them, Phang explained.

"The timing stinks, does it not?" she asked. "Be mad. Farmers, ranchers, those of you that supported Donald Trump, be outraged. Be outraged that your bottom line is being impacted by corruption and grift and graft."

Phang tied the deal to a broader pattern and pointed to Pilgrim's Pride — majority-controlled by JBS — as the single largest donor to Trump's inaugural committee at $5 million. The figure prompted a letter from Sen. Elizabeth Warren, Phang noted.

"Its $5 million donation amounts to more than the contributions from Apple's CEO plus Amazon, Meta, and Google combined," Phang said.

JBS admitted in 2017 to paying bribes to Brazilian politicians. Joesley and his brother Wesley later served jail time, Phang said.

"You think that just because they got caught in Brazil bribing politicians to get favorable deals, you think that would stop in Brazil?" Phang asked. "What's to stop them from doing the same thing in America?"

The Justice Department is simultaneously running an antitrust probe into the major meatpackers, including Tyson Foods, Cargill, JBS and National Beef, after Trump blamed foreign-owned processors for high prices.


Tuesday, August 25, 2026

 


Radiant World lays off staff as lenders back away, sources say


Iron ore trader Radiant World has laid off some operations staff as banks and counterparties retreat, cutting off the credit the Singapore-based firm needs to fund its trades, according to two sources familiar with the matter.

Earlier this month, a handful of back-office staff were laid off at Radiant’s Dubai operation, the sources said, as the ramifications from a string of negative headlines around invoicing and document improprieties on its iron ore trades undermined the firm’s ability to trade. They did not know the exact number of layoffs.

Radiant has previously described those claims of wrongdoing as “inaccurate and unsubstantiated.”

The sources declined to be identified due to the sensitivity of the topic. Radiant employs more than 100 people, according to its website, via offices in Singapore, Dubai, Shanghai, London, Geneva, Connecticut and Mumbai.

A spokesperson for Radiant declined to comment on the job cuts.

Amid the scrutiny, the Singapore Police Force said on Thursday it had received reports about the company and was looking into the allegations.

Deutsche Bank and KBC Group NV have frozen some of Radiant’s Singapore bank accounts, while some other lenders have suspended credit lines, Bloomberg News reported earlier in August. Deutsche Bank and KBC Group declined to comment at the time.

Commodities broker Marex Group has frozen all Radiant World’s accounts following the allegations, according to two sources with knowledge of the matter. Marex also declined to comment.

To raise cash, Radiant World has sold a large chunk of its aluminium inventory to STG, a trading company funded by principals of the U.S. hedge fund Squarepoint, Reuters reported last week. Squarepoint declined to comment.

Radiant was founded by Pinkesh Nahar in the early 2000s, according to its website, which says the firm trades more than 80 million metric tons of iron ore annually. That would be worth more than $7.5 billion at current SGX prices SZZFU6.

That compares to 60 million to 70 million tons of iron ore traded annually at Cargill and the 95 million tons traded by Glencore’s marketing division last year.

Radiant World’s Head of Refined Metals Adhitya Sethaputra left the company, less than two years after joining, Reuters reported last month.

(Reporting by Solomon Cefai and Pratima Desai; Editing by Kate Mayberry)

Sunday, August 16, 2026

The ecosocialist alternative: An interview with Sabrina Fernandes


[Editor’s note: Sabrina Fernandes will be speaking at Ecosocialism 2026, September 11-13, Magan-djin/Brisbane, Australia. For more information on the conference visit ecosocialism.org.au.]

Sabrina Fernandes is a Brazilian political economist who has published books and articles on ecosocialism, internationalism, leftist organising, Global South politics and ecosocial transitions. Fernandes is also a member of the Global Ecosocialist Network.

Speaking with Federico Fuentes for LINKS International Journal of Socialist Renewal, Fernandes puts the case for ecosocialism, notes some of its important contributions to modern Marxist theory, and explains why we need an eco-territorial internationalism.

Ecosocialism has been gaining traction within the radical left. How do you define it?

Some people still view ecosocialism as just socialism with environmentalism added on, or that it means you are a socialist who is also interested in the environment, climate change, etc. But I understand ecosocialism as a strain within Marxism and socialism that does not treat nature as just another issue we occasionally talk about and sometimes forget. Nature is central for ecosocialists — it is something we read into class, gender, race and capitalist exploitation.

The prefix “eco” is not there by chance. “Eco” modifies how we think about a socialist society. It reflects our understanding that we cannot build socialism on a scorched Earth and that we must consider the planet we will inherit. Ecosocialists do not separate the struggle against capitalism from the struggle against capitalism’s destruction of nature.

We also understand that a post-capitalist society must do more than just overcome capitalism. It will have to overcome productivism, extractivism and other practices that disrespect nature and cause irreparable damage to Earth. We need to change the mode of production not just to end labour exploitation but also the exploitation of nature.

Anti-imperialist ideas are very important on the left, particularly with more wars and imperialist interventions in the Global South. How can ecosocialist ideas better equip us to fight imperialism?

Ecosocialists in Brazil and Latin America are well aware we need to be anti-imperialist. I live in Brazil where United States President Donald Trump is intervening in our elections, scheduled for October. Imperialism is definitely a major challenge. But being anti-imperialist is not enough — we need to be ecologically anti-imperialist.

Imperialism cannot simply be reduced to imperialist powers intervening in the economies and politics of the Global South, or superexploiting labour there. It also turns nature in the Global South into resources. If our anti-imperialism does not take nature into account, we can end up replicating practices that destroy nature in the name of fighting imperialism.

An example is the Amazon forest, which spans across nine South American nation-states. The Amazon is also home to hundreds of indigenous groups that have lived there and taken care of this territory for thousands of years. The Amazon is the result of their labour and care for nature.

If we treat anti-imperialism as simply a question of Brazil versus the US, or Colombia versus the US, we can end up arguing against imperialists destroying our forest, but saying that if South American governments do it, that is fine, or at least within our rights. This is a vulgar notion of sovereignty, but standard among the developmentalist left, and even some in the socialist left.

We need to talk about sovereignty, but if we treat it as simply a question of property, control or dominion, we can end up replicating imperialist frameworks. The sovereignty we fight for must be ecological sovereignty, which intertwines internationalism and concerns over sovereignty with the notion of ecosystemic responsibility.

Of course, we know that global imbalances, developmental inequalities, colonial legacies, and imperialism still exist. But we can not genuinely fight imperialism if we replicate imperialist notions of development, especially around nature.

Our pathway must be different, building ecological anti-imperialism and showing in practice that another way of life is possible — one that adjusts our mode of living and mode of production in accordance with nature.

Regarding imperialism and nature, ecosocialists have developed important ideas such as sacrifice zones. Could you explain this concept?

Sacrifice zones is a concept from the environmental justice movement. It reflects the level of inequality and violence seen when certain regions are treated as completely disposable. These zones are seen as worth sacrificing for the good of the economy or nation-state.

Sacrifice zones are ultimately places to displace economic externalities. When I started studying economics, we were taught to treat costs that do not fit within the model as externalities. Ultimately, someone has to deal with that externality.

As Karl Marx explained in Capital Volume 2, crisis is inherent to capitalism. A convenient way to manage a crisis is organising zones where its impacts are felt hardest. These are mostly territories already subjected to colonialism, imperialism, racial oppression, dispossession, etc, making them vulnerable to further exploitation.

Chile has got to a point where you have officially recognised sacrifice zones to deal with the effects of copper mining. Local communities are forced to deal with health impacts, with water being taken away and soil being contaminated. As such, people there have started organising around this question of sacrifice zones.

Nowadays, due to what is called the “green transition” — which is really about decarbonising electricity rather than a real transition — what we find are green sacrifice zones. These zones come with a twist though: they are justified with the argument that you cannot complain about lithium or cobalt mining because we need these minerals to fight climate change.

This is just a rehash of the argument to justify iron ore mining because we needed this for “development” and “progress”. The difference now is that if you resist green sacrifice zones, you are supposedly not just against progress but against fighting climate change — a quite perverse argument.

So, it is important to take the sacrifice zone concept seriously and develop ideas on production that manage impacts without sacrificing specific people or territories. That involves questions of industrial policy, trade, sufficiency, growth, etc. That is why socialists have been discussing with degrowthers and post-growthers to achieve a synthesis that acknowledges the realities of inequalities between the Global North and South.

Is this where the ecosocialist concept of “ unequal ecological exchange” can be useful?

Yes. Unequal economic exchange can be seen in the flow of goods. Global South countries primarily export cheap raw materials and import expensive manufactured goods. This trade imbalance creates an economic hole in Global South economies and makes them dependent on the Global North, resulting in dependent capitalism.

Unequal economic exchange also acknowledges workers in the Global South are super exploited compared to the labour of workers in the North. They may not earn as much as the elites in their countries, but there is a difference between workers’ pay in the Global North and South.

Ecosocialists also want unequal ecological exchange in the conversation, because until now the transformation of nature into resources has been mostly ignored. An example is meat. Argentina and Brazil export a lot of meat to the US, Europe and China. But they are not just exporting animals — through a lot of cruelty — but the water, soil, nutrients and everything else needed to grow that animal too.

Unequal ecological exchange happens there, and we need to raise this as it connects to ecological anti-imperialism and the question of degrowth. We need to ensure a just degrowth that does not create more inequalities, but instead accounts for them.

Are there other ecosocialist concepts that can help us better understand the world today?

Something ecosocialists talk about is eco-territorial internationalism. I helped develop this concept with Breno Bringel and others. It grapples with the view many socialists hold of the state as being above everything else. Even though as ecosocialists we engage with the state, we find this view problematic.

Dealing with issues of sovereignty or democracy participation only through the state can end up simply replicating colonial relationships, especially with regards to indigenous peoples with traditional connections to territory. It can also distract us from areas that could hold solutions.

Right now, the far right in South America is seeking to take over the state, and in many places has done so. One important way to fight back is by taking the state back from the far right. But we can also do other things along the way, and this affects how we think about international solidarity.

A great example of eco-territorial internationalism is energy sector trade unions connecting across borders to promote work stoppages and strikes to stop oil exports to Israel. Brazil finally stopped exporting oil to Israel last year after this kind of pressure. This did not come from the state or government, but an alliance of trade unions working with people in solidarity with Palestine across different countries. Together, they tracked the oil and the ports where it was switching ships to get to Israel.

But imagine if Brazil was still under a far-right government. Arguing that we must first elect a progressive government before applying this pressure would not make sense. Eco-territorial internationalism allows us to find other avenues for internationalism that are not just about the state.

Another important concept that I recently learnt about is terricide. This concept was developed by Moira Millán, a Mapuche writer, warrior and defender of indigenous territories in Argentina.

The concept of terricide reminds us that ecocide is not just about the death of nature, but the death of our world-making with nature. We are not just destroying the territory but also our sense of belonging, cultures and ways of existing.

We need to fight terricide on all fronts. Some believe fighting for better environmental management or against environmental crimes is enough, but terricide reminds us that we are becoming more alienated from nature and this must be reversed.

The far right is not in government in Brazil, but it is still present in the form of Bolsonarism, the political movement behind former far-right president Jair Bolsonaro. How do you view the resurgence of the far right?

Brazil had four years of Bolsonaro government [between 2019-2022], and the far right is making a very strong comeback across the region right now. We saw this in Chile with José António Kast’s election [in 2025], Abelardo de la Espriella was just elected in Colombia, and, of course, there is Javier Milei in Argentina.

We also have Trump’s attacks on Venezuela, a country in a very tough situation especially after the earthquakes, and recent right-wing wins in Peru and Bolivia. Things are not very easy right now; in fact they are really bad. And not just in South America, we are seeing this basically everywhere.

Moreover, the far right are quite connected and working together to advance their perspectives and objectives. They want to gain or retain power, but also retain a specific mode of production and a certain flow of goods and resources.

An example of this is Trump’s Shield of the Americas. This organisation only involves right-wing presidents in the region and was created with the supposed purpose of fighting criminal organisations and drug cartels. But Trump wants to use it to empower himself to continue with extrajudicial killings and interventions in other countries. The ultimate aim is ensuring a favourable flow of goods and services into the US as he imposes sanctions on everybody else.

We cannot treat this comeback of the far-right as just ideological. Yes, these people are very authoritarian, they hate everyone, and are very sexist and racist. But they also want to further entrench a very violent form of capitalism. That is why we need to fight the far right on the economic and environmental fronts.

What has the far-right’s rise meant in terms of the environment?

It is interesting to see how nature is treated amid this neo-fascist wave.

On one hand, the far-right directly destroys nature through pillaging for resources, deforestation, mining for rare earth minerals, etc. Brazil has large rare earth mineral reserves that China is interested in, which matters a lot to the US. The US is not happy with [Brazilian president] Lula [da Silva] because, even though Lula is not a big nationalist and is pro-extractivism, he has a different policy to the Bolsonaro family, which prefers to give away Brazil’s minerals to the US.

On the other hand, the Lula government wants to use rare earth minerals, be it for wind turbines and other technologies to fight climate change, or even in military tech. Lula promotes a capitalist model of the energy transition within Brazil, more akin to energy addition or diversification. So, things are complex; they are not as binary as some think.

The Lula government sees nature as something to control. They might not sound like your standard climate denialist, but they fit the profile for partial denialisms. That is why we need to talk about the dangers of green capitalism. There is a tendency to accept certain aspects of climate change as long as they can profit from them. But if a fact is an obstacle to profit and growth, then it is ignored or downplayed.

Even with Trump, he is willing to pull out of the Paris Accords, defund science, etc, but he is also quite happy to promote a huge resource grab to build renewables for his friends in Silicon Valley.

We have also seen the emergence of an eco-fascist trend within the far-right…

Yes. In Europe, we have an eco-fascist trend that says climate change and catastrophe are coming, therefore we must protect ourselves from immigrants. That is where authoritarianism comes in. So, we also need to be aware of this danger.

The main proponents of eco-fascism are found in more developed economies. But the Global South is not immune. Many big business sectors want the far-right in power to enable more violence against indigenous communities and relaxed environmental laws. At the same time, these business sectors know climate change is affecting their crops, and that they will also be subject to environmental collapse. They are preparing for it, including through resource grabs.

So, we need a more complex view of society. Otherwise, we may think the only climate denialists are those who say climate change is the fault of volcanoes or does not exist at all. But that is only a very specific and fringe aspect of denialism.

Climate denialism is everywhere — even on the left. The developmentalist left pretends the situation is not as serious as it is while continuing to promote productivism.

Socialists traditionally place great emphasis on working-class struggles. Ecosocialists have sought to raise the importance of struggles by peoples of the Global South and, in particular, indigenous peoples. How do these struggles intersect?

As capitalism gets more complex, it takes on a different face depending on where you are in the world. In Nordic countries it might look more like a welfare state, whereas in El Salvador it can have a very authoritarian character. Meanwhile, in places such as the Congo it can mean slave labour to obtain cobalt.

But while the faces are different, capitalism remains the same, and each face is interconnected. So, how capitalism looks to people depends on where they fit within it.

In this sense, indigenous struggles are not separate from working-class struggles. In reality, indigenous peoples are expelled from their lands and turned into workers in the city. As capital expands, indigenous people are de-territorialised and become completely dependent on selling their labour power for much less than what they produce. This process is at capitalism’s core.

An indigenous group today may live isolated in their territory and not yet be subject to direct proletarianisation. But their territory will be slowly taken away, because the whole world is subject to proletarianisation. So, how could I treat indigenous struggles as separate from working class struggle?

This is where, again, eco-territorial internationalism is a useful lens. It shows us that these connections and potential alliances exist.

These are not just based on thinking that what is happening to someone else is morally awful and deserves our sympathy and support. Eco-territorial internationalism shows us that, in the end, we are all part of the same “we” and that our solidarity is built on something more concrete than just compassion. By moving beyond morality to political economy, we see how we are all fighting on the same basis and the same fronts.

Drawing out these connections is part of our job. We also must make sure we do not box ourselves into orthodox identities — which were not all that orthodox even in the writing of Karl Marx or other original Marxist thinkers such as Rosa Luxemburg.

Could you expand on this?

Claudia Horn has just published a beautiful edition of Rosa Luxemburg’s Herbarium, in which Luxemburg catalogued species of plants. The book contains a touching letter Luxemburg wrote from prison, discussing a buffalo outside her prison that she felt a lot of empathy for, showing there was a lot of sensitivity for other beings, not just humans, in many of the writings and struggles of the past.

Understanding this is key. It is also why I think ecosocialism is quite a strong and potent movement, even if we are small compared to the world at large. Ecosocialism reminds us that to succeed we need to become different as a species. We need to change relationships — both among ourselves and with nature.

This means having to go back a little to the basics and, at the same time, adapting a little. It means looking at technology, economic production and how the family organises care labour in a different way. All these things matter and I think the working class is interested in this conversation.

That is why a big demand for ecosocialists is reducing the workweek or workday. Everybody wins with this demand. We have to both learn to live within our means and make sure that gains in productivity and efficiency flow to workers, not billionaires.

This is a conversation that goes to the core of working-class struggles, but it is also a conversation about nature. The synthesis is quite obvious if you really look into it.

Could you talk about some positive projects or ideas in terms of building alternatives that point to how an ecosocialist society could look?

Last year, during COP30 in Brazil, we had a really big struggle against the government. Lula’s government was pushing the dredging of a river in the Amazon. With droughts becoming more extreme, mining companies and agribusiness can no longer export goods along the river year-round, hence their need to dredge it.

The area is heavily affected by mining, with a lot of mercury sediment in the riverbed. Dredging activity would have brought that all up and mixed it into the water, affecting not only indigenous communities in the area, but every person who lives and depends on the river.

So, this was happening while the government was being all climate friendly at COP30. Of course this inconvenienced the climate leader image it was trying to portray.

At the time, I said this was one of the biggest, perhaps strongest, class struggles in the country, but it was not led by a traditional left party or trade union. It was led by indigenous peoples and allies who occupied Cargill and the local airport. They insisted this could not happen without consulting them.

We can take some lessons from this movement, not just in terms of exposing the hypocrisy but of the destruction that the government promotes. One lesson is not to back down, because in the end they won.

Of course, we know that consultancy processes established through things such as [International Labor Organization] Convention 169, even if important, will not save us from destruction, especially as indigenous people have no veto power. But from this struggle, we could move onto further conversations around agroecology and food sovereignty.

Is agroecology another example of how change can be promoted at the local level?

There is a misconception that agroecology cannot be scaled up; that you cannot produce food for the entire planet using agroecological methods. The argument says we need to instead push to adjust industrial agriculture, through things such as supplements that help cows emit less methane.

This kind of thinking is promoted by many environmental NGOs and organisations, with financing from groups such as the Gates Foundation. It is even promoted directly by agribusiness corporations, such as the Brazilian meatpacking and processing giant JBS. It seeks to obstruct alternatives: rather than changing the way we produce, they want to limit discussion to technological changes and innovations.

But agroecology is scalable — it might not look the same everywhere, because we are talking about different biomes, different soil composition, growing different things, but it is scalable.

This discussion also challenges us to think about food differently; to think about reducing animal exploitation and meat intake, and introducing other crops in our diet.

This may not be commercially viable for capitalism, but it is part of traditional cultures and heritage. That is why the internationalist element of agroecology is really important: we need to think about food production around biomes and what is possible within planetary boundaries.

We already have pockets of great agroecological production in Latin America, Africa, Europe, India. This also requires us to think about machinery for agroecological production in different ways, such as projects to build tractors better suited for small-scale producers.

So now the discussion is about connecting to questions of industrial policy too. This is one of my major interests. Things are happening, but are often dismissed because these alternatives are not embedded in the statist model.

You referred to the difficulties of raising real alternatives. There is also a strong sense that things have gotten so bad that it might be too late to truly change things, or that such change is not even possible. What are your thoughts on this?

A big issue we face is that our imagination has been captured, our horizon has been limited. People say “tell me a country where ecosocialism is working.” Well, if for something to work it requires a whole country, then I cannot give you an example — but I can also say that there is no country where capitalism is working fully; in fact, it is collapsing everywhere.

But we should not limit ourselves to the state level. We should look at examples at the level of sectors and alliances that are forging alternative modes of living and production.

When we do, we see that change is already happening. We can see pushback against utilities’ privatisation and struggles to expand free transit in many areas in the Global North and South. These are ecosocialist struggles.

We have a lot to be proud of and build on. This can help us not feel so distraught. It is easy to be pessimistic. Things are not going completely in our favour right now, but everything is not lost.

I have been talking with Michael Löwy, also from the Global Ecosocialist Network, about how a lot of people are very fatalistic right now.

Of course, the data is very bad and the sensationalism around social media is not helping — telling people that everything is lost and that they should run to the mountains produces a lot of likes and online engagement, which means there are many irresponsible people doing that. Yet, everything is not lost and running to the mountains is a luxury reserved for the very few.

We have a responsibility to help each other and to value good news. This is not the same as saying everything is fine and I do not need to do anything. We need to tell the hard truths, but also value good news, get inspired by that, learn how to build from it, and organise together, as internationalists, for a real ecosocialist transition.

Thursday, August 13, 2026

 

Glencore’s exposure to Radiant World more than $500 million, sources say


Stock image.

Glencore’s (LON: GLEN) exposure to Radiant World, a company with which the London-listed miner and trader has stopped doing new business, amounts to more than half a billion dollars, two sources familiar with the matter told Reuters.

Commodity traders Vitol Group and Cargill have also stopped trading with Radiant World, one of the world’s largest iron ore traders, after invoices or other documents it provided to banks were found to be invalid, Bloomberg reported late last month.

Last week, Glencore CEO Gary Nagle said the Swiss-based commodity trader had taken a provision related to Radiant World, but that its exposure to the iron ore trader was not material. It did not provide a figure for the provision. Glencore’s first-half earnings jumped 86% to top $10 billion.

The sources said Glencore had the largest exposure to any financial problems at Radiant World, at between $500 million and $800 million.

Glencore refuted the report. “The reporting by Reuters is incorrect. As indicated on our earnings call last week, the exposure on our books is not material and well below our threshold of $500m,” it said in a statement.

RIPPLE EFFECTS

Glencore’s auditors set materiality for the group’s 2025 accounts at $500 million, based on net assets, meaning inaccuracies below that level are considered too small to distort the figures.

Radiant World was founded by Pinkesh Nahar in the early 2000s, according to its website, which says the company trades more than 20 million metric tons of iron ore annually.

Industry sources say Radiant has built up its iron ore business over the past five years and now trades closer to 75 million tons a year, worth more than $7 billion at current prices SZZFU6.

One of the sources said that volume was large enough to create ripple effects across commodity and financial markets. It could unsettle insurance, banking and debt markets and damage legitimate businesses, the source said.

Radiant World declined to comment.

A third source familiar with the matter said Glencore had been assessing potential losses linked to Radiant World for some time and had already set aside funds and written off some exposure. He said this reflected concerns about commercial and credit risks associated with Radiant rather than a response to recent allegations against the trader.

Glencore’s marketing division traded more than 95 million tons of iron ore last year, up 28% from 2024, according to preliminary results published on its website.

(Reporting by Pratima Desai. Editing by Veronica Brown and Mark Potter)

Tuesday, August 11, 2026

 

Ghana to raise cocoa funds from bond market, ending decades of syndicated loans

Ghana to raise cocoa funds from bond market, ending decades of syndicated loans
/ bne IntelliNewsFacebook
By bne IntelliNews August 11, 2026

Ghana's cocoa regulator will this month issue cedi-denominated commercial paper and other domestic debt instruments to finance its operations, marking a sharp break from the syndicated-loan model it relied on for more than three decades, Citi News reported.

Randy Abbey, CEO of the Ghana Cocoa Board (COCOBOD), said the state agency planned to issue 270-day commercial paper under a funding programme expected to operate over the next five years, speaking at a media briefing on the new Ghana COCOBOD Bill, 2026.

Part of the proceeds would be used to service outstanding debts requiring COCOBOD to make substantial annual payments over the next three years, he said.

"We need to raise the money this month. We are hopeful that we will be able to raise the money and have an enduring funding policy for cocoa," Abbey said.

The domestic market has considerable liquidity, with Ghanaian pension funds managing more than GHS100bn ($8.5bn). COCOBOD has already engaged fund managers and advisers to structure the new financing model.

Abbey said the government believed the domestic market had sufficient liquidity for COCOBOD to raise about GHS16bn annually, allowing it to borrow roughly half of its funding requirement at any one time and roll over the short-term notes.

COCOBOD historically financed its operations, principally cocoa purchases from farmers, through annual syndicated loans from international banks. The model came under severe strain during Ghana's debt crisis, with the 2023 facility delayed before syndicated financing ultimately failed for the 2024/25 crop season after 32 years.

The regulator has since moved towards domestic and alternative financing as part of broader reforms intended to improve its financial sustainability.

COCOBOD also restructured about GHS7.93bn of short-term Cocoa Bills in 2023 into longer-dated bonds maturing between 2024 and 2028 as part of Ghana's domestic debt restructuring.

The resulting obligations leave COCOBOD facing debt-service payments of about GHS2.6bn annually, including payments falling due in 2026, 2027 and 2028, adding to pressure on its finances.

Ghana is the world's second-largest cocoa producer after Côte d'Ivoire, with the two countries accounting for about 60% of global production. Cocoa accounted for about 1.9% of Ghana's GDP in the first quarter of 2026, while COCOBOD estimates that the crop supports around 850,000 farming families and generates about $2bn in foreign exchange annually.

Major cocoa processors operating in Ghana include Cargill, Barry Callebaut (SIX:BARN) and ofi, owned by Olam Group (SGX:VC2), alongside the locally listed Cocoa Processing Company (GSE:CPC). The government is seeking to deepen domestic value addition, with a target for at least 50% of Ghana's cocoa beans to be processed locally from the 2026/27 crop season.

Saturday, August 08, 2026

Deutsche Bank, KBC freeze some Radiant World funds in Singapore


Iron ore cargo. Stock image.

Radiant World is under growing pressure after two of its key banks froze its funds and major miners moved to cut ties with the iron ore trading house. 

Deutsche Bank AG and KBC Group NV have frozen some of the company’s Singapore bank accounts, while some other banks have suspended credit lines, according to people familiar with the matter who asked not to be identified due to the sensitivity of the subject.

The moves came after Bloomberg reported last week that some of the largest commodity-trading firms had stopped dealing with Radiant World amid concerns it provided banks with falsified documents about iron ore trades, citing people familiar with the matter. 

Two of the world’s largest miners, Rio Tinto Group and Vale SA, have struck Radiant World off their lists of approved customers, people familiar with the matter said.

Commodity traders like Radiant World rely on credit from a wide range of suppliers, customers and financiers to handle huge quantities of goods whose value often dwarfs their own net worth. The private company grew quickly in recent years to become one of the world’s largest traders of iron ore with annual revenues of about $12 billion. Now, uncertainty about Radiant World’s business is already being felt in the iron ore market, where prices this week fell to the lowest in more than a year.

A spokesperson for Radiant World said: “Radiant World remains well capitalised with healthy liquidity, supported by a consortium of long-standing banking partners. We continue to meet our obligations to our financing and trading partners and remain well on track to deliver on our Q4 targets.” He declined to comment on individual counterparties. 

In response to Bloomberg’s previous coverage, Radiant World has denied wrongdoing and said it “conducts its business to the highest commercial and legal standards.”

While Radiant World is little known outside the metals industry, its scale in the iron ore market has put it at the center of a network of trade relationships involving some of the world’s top miners, traders and steelmakers. It has established ties with dozens of banks and funds that finance it through lending facilities backed by documents like invoices and shipping receipts, cash in its own bank accounts, or direct ownership of commodities in transactions known as repo financing, according to corporate filings and people familiar with the matter.

Pulled back

Several of Radiant World’s banks have pulled back from dealing with the company in the past week, the people said. Deutsche Bank and KBC have frozen some bank accounts while they carry out compliance reviews, the people said. 

In addition, Arab Bank Switzerland Ltd., a key financier of Radiant World’s business, has stopped issuing new letters of credit for the trading house’s iron ore shipments, according to two of the people. ICBC Standard Bank Plc has suspended repo financing with the company, several additional people familiar with the matter said, also asking not to be identified discussing sensitive information.

Societe Generale SA is also reducing its exposure to Radiant World, though it began the process several months ago after becoming aware of allegations of fraud in the market, separate people familiar with the matter said.

Spokespeople for Deutsche Bank, KBC, Arab Bank Switzerland, ICBC Standard Bank and Societe Generale declined to comment. 

Bloomberg previously reported that Intesa Sanpaolo SpA and Jefferies Financial Group Inc.’s Point Bonita fund were reviewing their exposure to the company, and that Intesa had taken a provision on its exposure.

Meanwhile, several key trading counterparties are also moving to cut ties with Radiant World, according to people familiar with the matter.

Rio Tinto and Vale, the world’s two largest iron ore miners, have stopped doing new deals with Radiant World, the people said, asking not to be identified due to the sensitivity of the matter. The two miners typically supply much of their iron ore directly to steelmakers under long-term contracts, but also sell additional cargoes to a relatively small group of approved trading houses in the spot market.

The miners have both removed Radiant World from those approved customer lists, the people said. Rio still has some limited pre-existing contractual commitments to fulfill to Radiant World, one person familiar with the company’s position said.

Both miners were listed in a December 2024 Radiant World presentation as being among the company’s “diverse network” of suppliers and counterparties. Other companies listed in that presentation include Glencore Plc, Cargill Inc., Trafigura Group, BHP Group and CSN Mineração. 

Bloomberg reported last week that Cargill had stopped dealing with Radiant World several months ago and that Glencore was not entering into new business with the company. On Wednesday, Glencore CEO Gary Nagle confirmed that the company had halted new business and was “checking how to exit” its outstanding exposures.

A spokesperson for Trafigura said: “We do not trade with Radiant World.” 

BHP hasn’t traded with Radiant World for at least several months, according to a person familiar with the matter, while Brazilian miner CSN hasn’t sold iron ore to Radiant World since the end of 2024, a person familiar with the matter said. 

Spokespeople for Rio Tinto, Vale, BHP and CSN declined to comment. 

(By Alfred Cang, Katharine Gemmell, Jack Farchy, Priscila Azevedo Rocha, Mark Burton and Arno Schütze)

 

Iron ore mine depletion to underpin prices next decade, Rio Tinto says



(Image of the Paraburdoo operation, in the Pilbara, courtesy of Rio Tinto)

Supply pressure stemming from the depletion of iron ore mines built earlier this century, such as those in Australia, is set to underpin the iron ore market and prices over the coming decade, a Rio Tinto (ASX: RIO) executive said on Wednesday.

Rio expects to invest more than $13 billion on new mines, plant and equipment in the Pilbara region from 2025 to 2027 while estimating that 800 million tonnes needs to be added globally across the next decade to maintain supply.

Only 300 million tonnes has been committed. 

“It feels like every year, the demise of iron ore is very much being exaggerated,” Matthew Holcz, Rio’s iron ore chief executive, told a lunch event at the Melbourne Mining Club.

“While I think the demand story has been reasonably well understood, I really think it’s been on the supply side, so disruptions have been underestimated,” he said, pointing to annual cyclones that strike Western Australia’s Pilbara coast from November to April.

“I think the rate of depletion is very much underestimated,” Holcz added.

“If we look at when the industry really boomed, 2005, 2010, 2015, a lot of those assets are now 15, 20 years old, and the scale of the iron ore industry … has increased.”

Investment in new supply is only a fraction of that seen at the start of last decade, Holcz said. 

“Marginal costs are a lot higher … so we think there’s good price support around the levels that we’re enjoying in recent years.”

China’s demand is expected to be stable until 2030 before declining slightly, but the Global South will bolster demand, particularly India, which Rio expects to be a net iron ore importer around 2035.

Change in leverage

On China’s state buyer, now more assertive in price talks with suppliers, Holcz said tension between buyers and sellers always prevailed but Rio was focused on long term ties and “win-win” opportunities.

“The supply-demand balance has shifted,” he told media in remarks on the sidelines. “You’ve got a market that is much more in balance, and certainly that’s shifted some of the leverage.”

Referring to union matters in the Pilbara, where workers are set to strike this weekend at BHP’s (ASX: BHP) Port Hedland operations, Holcz favoured a “direct relationship” with workers that he said has historically led to better outcomes.

Future capital spending decisions would hinge on competition, industrial relations and tax provisions elsewhere, areas in which Australia is falling behind.

Rio Tinto has no major exposure to iron ore trader Radiant World, Holcz added.

Trading houses Vitol Group and Cargill have stopped trading with Radiant World over concerns that invoices provided to its banks may not have been valid, Bloomberg News said last week, which Radiant world denies.

“From a Rio Tinto perspective, there isn’t any exposure there that we’re concerned about,” Holcz said. 

(Reporting by Melanie Burton in Melbourne; Editing by Clarence Fernandez)

CMRG tells some steel mills to halt talks with Rio Tinto, sources say

Rio operates 4 independent shipping terminals at 2 locations, Cape Lambert (pictured) and Dampier. (Image courtesy of Rio Tinto.)

China’s state iron ore buyer has directed some steel mills to halt negotiations with Rio Tinto (ASX, LON: RIO) for shipments from September, two sources with knowledge of the matter said, escalating pressure on the world’s top iron ore producer during annual supply talks.

China Mineral Resources Group (CMRG) has increasingly used its buying power to wrest better terms for its steel makers by restricting purchases from big iron ore miners while contract talks are underway.

In the run-up to the expiry of annual supply deals, miners typically discuss with customers their desired volumes and specific cargo and shipment dates for the next year, a trader said. CMRG has asked some mills not to settle those details, they said.

Larger procurement volume

CMRG is negotiating for more than half of China’s annual import volumes, according to commodity research group Wood Mackenzie’s estimates.

The push to stall talks with Rio Tinto was aimed at pressuring mills that have not given up negotiation rights to CMRG to do so, two traders and an analyst said, which would hand the state-run trader a larger procurement volume and boost its bargaining power.

The most active iron ore contract on China’s Dalian Commodity Exchange (DCE) DCIOcv1 closed daytime trade up by 2.57% to the highest since July 31 at 719 yuan ($106.54) per metric ton, while the benchmark September iron ore SZZFU6 on the Singapore Exchange jumped 2.15% to $96.45 a ton as of 0823 GMT, also the highest since July 31.

CMRG has already targeted Australia’s other top iron ore producers — (ASX: BHP), Fortescue (ASX: FMG) and privately held Hancock Prospecting, owned by Australia’s richest person, Gina Rinehart.

Australia supplies more than half of China’s iron ore imports, making it by far its largest source of the steelmaking ingredient, and the material is Australia’s most valuable commodity export.

CMRG did not immediately reply to a request for comment. Rio Tinto declined to comment.

Under pressure

BHP faced progressive purchasing bans on some products through late 2025 and early 2026 as its annual term contract negotiations dragged on. Restrictions were lifted following a visit by its then incoming CEO Brandon Craig in April.

Meanwhile, a top executive at Fortescue last week said CMRG’s actions were undermining China’s stable iron ore supply.

Rio Tinto had been seen as insulated from some of that pressure given its largest shareholder is China’s state-owned Chinalco, which also leads the consortium partnering Rio Tinto in the Simandou iron ore project in Guinea.

However, this week its chief executive of iron ore, Matthew Holcz, said negotiating leverage has shifted away from iron ore producers as growing supply has balanced the market.

Holcz said tension was always present between buyers and sellers, but Rio was focused on long-term ties and “win-win” opportunities.

Australia’s major miners and their lobbyists have asked Canberra for help in pushing back against Beijing’s efforts, including raising the prospect of a single selling desk for the country’s most valuable commodity export.

But the view from at least one miner was that Canberra has been trying to repair its relationship with China so might not want to take up this fight right now. China unofficially banned a swathe of Australia’s commodity exports, including coal, wine and beef, between 2020 and 2023.

($1 = 6.7489 Chinese yuan renminbi)

(Reporting by Melanie Burton and Reuters staff; Editing by Sonali Paul and David Holmes)


India’s Odisha state warns iron ore miners, steelmakers over grade manipulation

Steel mill in India. Stock image.

India’s top iron ore producing state of Odisha has warned steelmakers and miners of strict action over alleged grade manipulation and misdeclaration, according to documents reviewed by Reuters and three sources, a crackdown that analysts say could tighten domestic iron ore supplies.

India, the world’s second-largest crude steel producer after China, is expected to produce 340 million to 345 million metric tons of iron ore, the key raw material used in steelmaking, in 2026-27, up from about 316 million tons a year earlier, commodities consultancy BigMint said.

Any disruption to supplies from resource-rich Odisha could scupper those production targets.

The warning follows inspections that “revealed a consistent grade manipulation by the lessees,” which include major steel producers, resulting in a “substantial loss” of state revenues, according to a July 6 government document reviewed by Reuters.


The companies named in the July 6 letter included JSW Steel, Tata Steel, state-run Steel Authority of India (SAIL), Jindal Steel and ArcelorMittal Nippon Steel India.

A Tata Steel spokesperson denied any discrepancies, saying it pays royalties as per prescribed norms and that most of its iron ore dispatches are in the highest royalty grade.

JSW declined to comment. SAIL and Jindal Steel did not respond to Reuters‘ emails seeking comment. Odisha’s Directorate of Mines and Geology also did not respond to requests for comment.

Government officials met steel and mining associations and company executives last month to discuss the findings, according to July 13 meeting minutes and a source familiar with the matter.

“Any deliberate grade manipulation, misdeclaration or suppression of mineral value affecting government revenue shall be viewed very seriously and strictly dealt with,” the meeting minutes showed.

Odisha’s steel and mines department directed lessees to revise mining plans and seek approval from the Indian Bureau of Mines where actual ore grades differ from approved grades, according to the minutes.

Analysts say stricter inspections are already affecting lower grade ore availability.

Offers for lower grade ore have become limited in the merchant market over the past month because of intensified inspections by Odisha authorities, BigMint said.

“Since Odisha is the largest producer of iron ore in the country, if the issue escalates, it might impact the overall availability of iron ore in the country,” said B.K. Bhatia, a mining expert and former director general of the Federation of Indian Mineral Industries.

Industry representatives disputed the state’s allegations.

“Industry has raised concerns that the grades extracted are as per the geology and that is not under anyone’s control,” one industry representative said, declining to be identified because they were not authorized to speak to the media.

(By Neha Arora, Jatindra Dash and Arpan Chaturvedi; Editing by Mayank Bhardwaj and Saad Sayeed)