Funding & Business
Elliott Recommended as Citgo Buyer With $5.89 Billion Proposal

An Elliott Investment Management affiliate emerged as the recommended bidder in the court-ordered auction of Citgo Petroleum Corp.’s parent, offering $5.89 billion and a deal to pay off bondholders that have a pledge on the asset.
On the other side of the legal fight was Gold Reserve Ltd., a Venezuelan creditor suing the country for the expropriation of its mining assets. The firm was also offering to buy US-based PDV Holding, Citgo’s parent, for more than $7 billion in a proposal that would exclude bondholders.
Funding & Business
Indonesia Protests: Prabowo Calls for Firm Action as Unrest Escalates

Indonesian President Prabowo Subianto ordered the police and military to take firm action against unlawful acts, following days of violent protests over rising living costs and inequality that have left at least three people dead, buildings torched, and officials’ homes looted.
In a televised address on Sunday, Prabowo instructed security forces to crack down on the unrest, which has escalated into some of the worst street protests since he took office 10 months ago.
Funding & Business
German Gas Reserves Reach Key 70% Threshold, Easing Winter Risks

Germany has filled its gas reserves to a critical storage level two months ahead of schedule, easing fears about winter heating shortages that only recently fueled talk of potential government intervention.
As of Friday, Germany’s gas storage sites were 70% full — a threshold the government aimed to reach by Nov. 1. Earlier this year, slow injections rattled Europe’s gas market as traders saw little incentive to stockpile. But falling summer gas prices have since spurred a rapid build-up.
Funding & Business
China Factory Activity Slump Continues Despite US Tariff Relief

China’s factory activity remained stuck in contraction in August, as a government crackdown on price wars holds back production offset the boost for manufacturers of the US’ extended trade truce.
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