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What is Radiant World and why is it in the news? Published on 10/02/2026 at 02:54 am EDT - Modified on 10/02/2026 at 02:59 am EDT SINGAPORE, Oct 2 (Reuters) - Iron ore trader Radiant World has been at the centre of a widening crisis since banks and counterparties began distancing themselves over concerns it may have used invalid documents to raise financing. Radiant World has denied any wrongdoing. WHAT IS RADIANT WORLD? The company was founded in the early 2000s by Indian national Pinkesh Nahar, a 45-year-old who until recently was little known outside the niche world of iron ore trading. With offices in Singapore, Britain, China, India, Switzerland, the US and the United Arab Emirates, it became one of the world's biggest iron ore traders, handling more than 80 million metric tons of the steelmaking raw material annually, according to its website. More recently, it built up its business trading base metals such as aluminium and copper. Corporate filings for its main operating entity, based in Singapore, show revenue of $9.6 billion in its financial year ended September 30, 2025. WHAT IS THE LATEST? Radiant World faces mounting legal challenges. This week, New York-based fund Mariner Atlantic Multi-Strategy LLC showed in a US court filing that it had made a criminal complaint in mid-September in Switzerland against Radiant World and related companies alleging fraud and money laundering. The complaint is related to about $48.6 million that Mariner says it lent to Radiant World in late June that was underpinned by trade receivables. WHAT OTHER LEGAL CLAIMS HAVE BEEN MADE AGAINST IT? In late September, a Singapore High Court judge appointed KPMG as interim judicial managers of the Singapore operating entity in a case brought in August by creditor Mizuho Bank. In appointing KPMG, the judge said interim judicial managers were needed to investigate suspected fraud at Radiant World. Mizuho in June provided some $100 million in credit to Radiant World that was secured by invoices that a counterparty to the iron ore trader, London-listed Glencore, later said were invalid, Reuters reported, citing documents and a source with direct knowledge of the matter. Interim judicial managers typically take over management of companies while the court decides whether to appoint a full judicial manager. A fund linked to US bank Jefferies secured freezing orders against Radiant World as well as Sapphire Minmetals, which used to be part of the firm, from courts in Britain, Singapore and Hong Kong. The fund, LAM Trade Finance Group II, said it purchased iron ore receivables from firms linked to Radiant World and/or Sapphire, buying the right to be paid by traders such as Glencore and Vitol. But those receivables either did not exist or were not validly assigned, it said in its claim against Radiant World. Italian bank Intesa Sanpaolo and Deutsche Bank have demanded Radiant World repay credit they extended based on documents that counterparties later said were invalid, according to last week's Singapore judgement. WHAT IS THE GLENCORE CONNECTION? In early August, Swiss-based commodity trader Glencore said it had booked a provision on its exposure to Radiant World and later said it had stopped all business with it and exited its obligations with the firm. In September, Radiant World and related entities filed a lawsuit against Glencore in Singapore seeking more than $2 billion in damages over allegations of fraud, breach of contract and conspiracy. Glencore called Radiant World's claims against it "meritless". "We have incurred losses and been exposed to risks by Radiant World companies and will take appropriate action," it said on September 15. Glencore recently suspended its head of iron ore trading Peter Hill pending a review of its historic business activities with Radiant World, Sapphire Minmetals and associated companies, according to a source familiar with the matter. WHAT DOES RADIANT WORLD SAY? "Radiant World rejects, in the clearest terms, the allegations of wrongdoing that have been made against it and the companies associated with it," it said on its website. "This is, and has always been, a commercial dispute arising out of a genuine and longstanding trading relationship." WHAT OTHER FALLOUT HAS THERE BEEN? Singapore police said in August they were investigating Radiant World after receiving reports about the company, without giving further details. Some steelmakers in China, the world's biggest metals consumer, have ceased dealing with Radiant. Some Radiant World staff have left the firm, including its head of China iron ore. Broker Marex has frozen Radiant World's accounts, Reuters reported in August. (Reporting by Solomon Cefai in Singapore, Pratima Desai in London and Tony Munroe in Singapore; Editing by Jamie Freed) (C) Reuters - 2026

Australia's largest gold producer rejects a $27 billion takeover offer. The Australian giant Northern Star declines a takeover offer from Gold Fields, valuing the company at $27 billion. As gold prices soar, the sector is in a frenzy. Investors are awaiting strategic decisions to maximize the value of assets. Published on Sept. 28, 2026 at 4:23 p.m. Updated on Sept. 28, 2026 at 4:58 p.m. Premium reserved for our Premium subscribers Could do better. Less than two days after receiving the offer from its South African rival Gold Fields, the Australian company Northern Star declined the cash-and-shares takeover proposal for an amount that valued it at $27 billion. The offer does not reflect the group's "fundamental value" and its growth potential, the Australian group said. The proposal, sent just before the commissioning of a new mine and the arrival of Suresh Vadnagra, a former Glencore and Newcrest Mining executive, as head of the group next month, was deemed "opportunistic". Northern Star is under pressure from activist investor Elliott Management, which criticizes the group's performance and calls on it to examine the possibility of selling assets and reviewing the organization of its board of directors. Gold Fields fell as much as 13% on the Johannesburg Stock Exchange on Monday. Before the rejection of the proposal was announced, Northern Star's share price, for its part, rose as much as 11% early in the session before ending at the valuation price implied by the offer. This content is reserved for Premium and Premium Entreprises subscribers Unlock the rest for €2. Don't stop where the analysis begins.

Renewable energy news: ML System+, Glencore, Green Hydrogen Projects in Germany. September 26, 2026 The latest renewable energy news includes announcements from ML System+, Glencore, Green Hydrogen Projects in Germany, and others. ML System Wins PLN 17.6 Million Contracts for Two Polish Battery Projects Discover more wind generation Wind Power Renewable energy ML System subsidiary ML System+ has signed two contracts worth PLN 17.6 million net with BESS-Group to design and construct battery-storage systems in Warzyce and Niegłowice in Poland's Podkarpackie region. Each facility will provide 5 MW of power and 10 MWh of storage, giving the pair combined capacity of 10 MW/20 MWh. The contracts include ML System's proprietary NexuView SCADA energy-management system, which the company highlights for its cybersecurity capabilities. ML System has historically specialised in photovoltaic and building-integrated PV technology but is expanding into battery storage. The contracts represent concrete project awards, moving its storage strategy from technology development into commercial deployment. Glencore Signs Polish Wind PPA with ERG Covering 820 GWh Glencore has agreed to purchase approximately 820 GWh of wind-generated electricity in Poland from ERG under a corporate power-purchase arrangement. The agreement provides ERG with a contracted route to market for renewable generation while giving Glencore access to a defined volume of clean electricity. Corporate PPAs are increasingly important in Poland because they provide renewable developers with long-term revenue visibility outside conventional subsidy mechanisms while helping industrial buyers manage electricity costs and emissions. The contracted 820 GWh represents a substantial volume of wind output and creates a direct commercial link between renewable generation and industrial demand. Discover more Renewables Solar Power Solar Panel Germany Opens New Funding Call for International Green Hydrogen Projects Germany's economy and energy ministry has opened its third funding call for international renewable-hydrogen projects, creating another financing route for production and associated infrastructure outside Germany. The programme targets green hydrogen and derivatives that can support future German and European demand while developing international supply chains. Funding can help projects bridge the cost gap between renewable hydrogen and conventional fossil-derived hydrogen during the early commercial phase of the industry. The new call represents deployable public capital rather than a general hydrogen-policy statement and follows Germany's efforts to secure future imports from regions with strong renewable resources. Selected projects will need to demonstrate credible renewable-power sourcing, hydrogen production technology, implementation plans and potential contribution to international supply chains.