top of page
Writer's pictureICMSS

TGIF Monthly Wrap: October 2024

  • Rio Tinto’s US$6.7B Arcadium acquisition, Amazon’s US$500M nuclear investment, WIKA’s Rp15.5T IKN contract, Robinhood’s Harris vs. Trump political contracts.


    By Fayza Nawra Avanitanya, Muthia Noor Safitri, Kenzie Aryasatya, Imam Fakhri Prayogo Harianto

    October 4, 2024 at 16:30 GMT+7


    Rio Tinto booth in Cape Town, South Africa | Source: Dwayne Senior/Bloomberg/Getty Images


    Rio Tinto's US$6.7 Billion Arcadium Lithium Acquisition


    Rio Tinto has acquired U.S. lithium producer Arcadium for $6.7 billion, positioning itself as one of the largest global lithium suppliers. Arcadium's value surged to $4.56 billion, with shares spiking 37% this week and 30% in premarket trading. 


    CEO Jakob Stausholm noted that the acquisition complements Rio Tinto's aluminum and copper operations, aligning with its strategy to expand in critical materials for energy transition. The deal accelerates Rio Tinto’s entry into lithium and enables growth through potential brownfield investments, building on existing operations for efficiency.


 

CEO of AWS, Matt Garman| Source: Amazon



Amazon Web Services (AWS) is investing over $500 million in small modular nuclear reactors (SMRs) to address its growing energy needs and support zero-carbon targets. Partnering with Dominion Energy in Virginia and Energy Northwest in Washington, AWS aims to generate 300 megawatts of clean energy to power data centers, particularly in Virginia, where demand for technology infrastructure is soaring.


 This initiative aligns AWS with Google and Microsoft, who also use nuclear power for stable energy supply. The investment is part of AWS's larger $35 billion commitment to expand data center infrastructure in Virginia by 2040.


 

Ibu Kota Negara, Nusantara | Source: IKN Web



PT Wijaya Karya (WIKA) secured Rp15.5 trillion (US$996 million) in contracts as of October 2024, driven by the infrastructure, building, industry, property, and Engineering, Procurement, and Construction (EPC) sectors. Major projects include the Sukamahi Dam Glass Bridge, the Sepaku 4 Ring Road in Nusantara's capital city (IKN), and flood control in Demak. 


WIKA CEO Agung Budi Waskito emphasized the company’s commitment to supporting national infrastructure and enhancing public accessibility and connectivity, particularly in IKN, by employing advanced 5D Building Information Modeling (BIM) and Multi-Utility Tunnels in projects like the 6.89-kilometer Sepaku road, expected to be completed by 2026.


 

Robinhood Application | Source: Scott Olson/Getty Images


Robinhood's Political Market: Harris vs. Trump Contracts


Robinhood now offers political prediction contracts, allowing users to trade on 2024 presidential candidates such as Kamala Harris and Donald Trump. To trade in political prediction contracts, traders must meet certain criteria, including U.S. citizenship. Robinhood entered the political prediction market after Kalshi won a ruling against the CFTC, allowing election outcome trading. 


This move introduces political contracts to a crowded and controversial market, as many begin to join. Robinhood’s entry may redefine part of the financial market, positioning event-based contracts as a legitimate form of trading and influencing future innovation, investor behavior, and regulatory practices.


 

Sources:

Bloomberg

CNBC

Reuters

WSJ


42 views1 comment

Recent Posts

See All

1 Comment


Iman Satyo Adi
Iman Satyo Adi
Nov 04


Like
bottom of page