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After talks with the US energy chief, EU has decided to stick to its 2028 Russian gas withdrawal.
After a meeting on Thursday with U.S. Secretary of Energy Chris Wright, EU Energy commissioner Dan Jorgensen stated that the EU will stick to its deadline for phasing out Russian oil imports by 2028. The EU is currently negotiating legal proposals that will completely phase out the imports of Russian gas and oil by January 1, 2028. A ban on short-term contracting will be implemented next year. However, it faces pressure from both the United States and Russia to stop Russian energy imports earlier. As part of the new sanctions against Moscow, EU Commission President Ursula von der Leyen stated on Wednesday that the EU is considering a quicker phase-out for Russian fossil fuels. Jorgensen confirmed that Wright and he did not discuss sanctions during their meeting in Brussels last Thursday. He said that Jorgensen was focused on getting the EU countries to approve the phase-out of 2028 - separate from any EU sanctions. He said, "This is an ambitious plan." He said: "I am happy to do anything else that can be done at the same time that puts pressure on Russia." A White House official revealed that U.S. president Donald Trump told European leaders to stop buying Russian oil last week in order to end the conflict in Ukraine. Jorgensen refused to comment on whether Wright asked the EU to stop using Russian oil and gas faster. Wright, speaking to reporters following the meeting in Brussels, said: "Our goal is deploying American energy exports around the world... This point strikes home in Europe where I'm today. Nearly 50% of the imported natural gas comes from Russia." We're working to reduce that number to zero. The biggest contributor to that has been the energy exports of the United States. We will continue this and stop all Russian energy imports to the EU. Jorgensen stated that they agreed Europe needed to move as quickly as possible in order to achieve this. They had discussed "several different ways" to make it happen. Jorgensen explained that the EU's phase-out plan by 2028 was designed to "avoid price increases and future supply issues", adding that it would force Europe to purchase more U.S. Liquefied Natural Gas. (Reporting by Kate Abnett, Writing by Mathias de Rozario, Editing by Susan Fenton)
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US CPC predicts 71% La Nina in Oct-Dec
The U.S. Climate Prediction Center said that a transition from El Nino/Southern Oscillation neutral to La Nina will likely occur in the next few months. There is a 71% probability of La Nina between October and December. Climate Prediction Center reported on Thursday. The U.S. forecaster said that "La Nina will be favored in the future, but chances of it occurring are expected to decrease from 54% between December 2025 and February 2026." Why it's important La Nina is a part of El Nino-Southern Oscillation, a climatic cycle that affects the water temperatures in central and eastern Pacific Ocean. La Nina causes cooler water temperatures which increases the risk of droughts and floods. This can have an impact on crops. When ENSO neutral, water temperature stays around average, leading to better weather and possibly higher crop yields. KEY QUOTES Donald Keeney is an agricultural meteorologist with Vaisala. He said that if we do get a weak La Nina it will be brief and weak. All the models should warm back to neutral at the end of the calendar year. Neutral conditions usually result in favorable conditions for growing in the north-central U.S. but dryer conditions in the Central and Southern Plains in the fall/winter. He added that the outlook for South America was a little more positive, particularly in central and northern Brazil. CONTEXT Japan's The weather bureau reported on Wednesday that the chance of rain was 60% Chance The La Nina phenomena would not appear and normal weather conditions will continue into the Northern Hemisphere Winter. The World Meteorological Organization On Tuesday, it was reported that the return of La Nina could start to influence global weather patterns in September. Reporting by Noel John, Bengaluru. Editing by Mark Porter
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TPG to buy Proficy software from GE Vernova for $600 Million
As part of its cost-cutting efforts, GE Vernova, a U.S. manufacturer of power equipment, announced on Thursday that it had agreed to sell Proficy (its industrial software business) to asset management company TPG for $600,000,000. In premarket trading, shares of the company increased by 1.2% to $651. Proficy accounts for approximately 20% of GE Vernova’s electrification revenue. This more than doubled in the second quarter to $332 millions from a year earlier. GE Vernova stated on its first quarter call in April that it expected a $300-400 million increase in cost in 2025. It also said they were looking to offset tariffs, inflation and other costs through pricing. The company also invests to strengthen its supply chains and announced in January a $600,000,000 investment in U.S. factory over the next two-years to meet global electricity demand. The Proficy transaction is expected to be completed in the first half 2026. TPG will own and control the company, while GE Vernova will retain a seat on the board as an observer. GE Vernova anticipates receiving additional proceeds from the sale in the future, depending on different outcomes and conditions. The company stated that the deal would make Proficy a stand-alone software business. TPG Capital is the private equity platform of TPG, which has offices in Europe and the United States. (Reporting and editing by Tasimzahid and Pooja Deai in Bengaluru, and Sumit Saha from Bengaluru)
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Stocks and the euro slump as ECB remains steady, US inflation increases
The euro and the dollar were largely unmoved by the European Central Bank's decision to keep interest rates unchanged and the U.S. inflation figures that showed a slight increase. The ECB held its rate at 2% as expected. However, with the ECB reducing its inflation forecasts during its press conference and Christine Lagarde at the helm of it, traders were looking for any indication of when another rate reduction might be coming. The euro moved a fraction lower to $1.1672, after soaring nearly 13% against the dollar in this year. Bond vigilantes have not yet been able to push France's politically-strained borrowing costs above Italy. The headline rate for August U.S. Consumer Price Inflation was 2.9%, the highest since January. However, the core measure remained at 3.1%. Stock markets mostly shrugged off the news as it was in line with expectations. Wall Street futures continued to price in more record highs on the S&P 500, Nasdaq and Dow after the 36% jump in Oracle shares Wednesday was the latest driver. The pan-European STOXX 600 rose 0.4% ahead Lagarde. Benoit Begoc, ABN AMRO's strategist, said that while the ECB was widely expected to maintain rates in the near future, it is important for Lagarde to keep the door open. "I'm wondering why you don't cut rates more." Begoc stated. Begoc said. Oracle's U.S. surge helped Asia overnight, where Japan's, Taiwan's and South Korea’s main stock exchanges also achieved record highs. Germany's 10-year Bond yield fell to 2.63% as Lagarde began to speak. It had reached 2.80%, its highest level since March last week. Oil prices fell 1.2% on the commodity market after three consecutive days of gains. Poland's downing a suspected Russian drone sparked new talk of sanctions on Wednesday, while Israel had attacked Hamas leaders in Qatar the previous day. Gold, the safe-haven metal, also dipped from recent records and copper, the bellwether of metals took a break from its 20%+ rally since U.S. president Donald Trump's tariffs on trade shook markets worldwide in April. TRADERS BET ON TRIO OF FED CUTS The Federal Reserve is expected to cut interest rates next week, despite the higher U.S. data on consumer prices. Recent signs of weakness in employment markets have led many to expect this. Wall Street futures point to further gains in fractions when the markets return at record levels soon. Oracle's 36% gain on Wednesday was the largest one-day increase for the 48-year old tech giant since 1992. Investors now fully price in a quarter point move by the Fed during next week's meetings, with an 8 percent chance of a cut of 50 basis points. Katy Stoves is an Investment Manager with Mattioli Woods. She said that despite the modest increase in inflation, the market expects a rate cut of 0.25% next week. Turkey's Central Bank was also in the spotlight after it cut interest rates by more than expected 250 basis points amid growing concerns over a crackdown on the political opposition of the country and recent higher-than anticipated inflation. The foreign exchange market was relatively quiet, with little movement in the U.S. Dollar and the six-currency dollar index barely above its seven-week low. The 10-year Treasury yields remained at 4.03% after falling 4 basis points Wednesday following the PPI data. A solid 10-year note sale also helped to ease investor concerns about long-term U.S. government debt. The Treasury's sale of $22 billion in 30-year bonds, which will take place on Thursday, is a more accurate gauge. The 30-year bond yield remained at 4.68% after falling more than 30 basis point since briefly topping 5% last week.
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Namibia will boost its sulphuric production as the critical mineral output increases
Namibia will increase its production of sulphuric acids in response to the critical rise in mineral output. Vedanta and Green Metals Refining announced plans to establish and revive plants on Thursday. The extraction of metals such as uranium and copper is a common process. Namibia, which is the third largest producer of uranium in the world, has eight critical minerals projects that are set to place it at the forefront for global green energy initiatives. Green Metals Refining, based in London, plans to invest $59 million for the first phase of an acid plant that will be able to produce 175,000 tons of sulphuric acids a year. In a Thursday statement, the company stated that it expects to increase annual production to 720,000 tonnes. Derk Hartman, CEO of Green Metals Refining, said that Namibia is a net exporter of sulphuric acids and has a large pipeline containing acid-consuming projects. We have therefore established a compelling case for local metals projects by third parties. The company plans to build a sulphuric-acid plant in Walvis Bay port, which will supply the country's copper and uranium mines. Both plants should be operational by the end 2027. Vedanta announced this week that it will recommission its Skorpion Zinc operations sulphuric plant within the next 4 to 6 months, to produce approximately 1,000 tons of sulphuric acids per day Since 2020, the facility has been on care and maintainance.
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Slovak leader Fico sets out conditions to support more Russia sanctions
Robert Fico, the Prime Minister of Slovakia, said that Slovakia will not support any more European Union sanctions towards Russia until it receives EU proposals aligning climate targets to carmakers' and heavy industries' needs. Fico demanded also that measures be taken to reduce electricity prices across the EU. The EU is currently debating the 19th package in its sanctions against Russia for its invasion of Ukraine. EU diplomats said that a new package would likely include additional listings of Chinese companies and Russian banks, as well as vessels from Moscow's "shadow fleet" which evades sanctions. They also predicted a ban on Russian oil transactions. Fico has long maintained that sanctions don't work. He has met with Russian President Vladimir Putin on three occasions since last year and has broken ranks among European allies because of his pro-Moscow position. Fico stated on Thursday that "he will not support the adoption of another package, until the Commission presents realistic proposals which align the demands of climate targets to the needs of car production, not just in Slovakia, but also with the heavy industry's needs". After meeting the EU Council President Antonio Costa, he said: "I won't support any other package until the European Commission makes realistic proposals about electricity prices in Europe." Fico held up temporarily the last package of sanctions, demanding guarantees to cover potential losses resulting from a separate EU-wide plan that would end all gas imports and oil exports from Russia by 2028. How many sanctions do we need to adopt before Russia changes its approach to war? Fico said. In an effort to cripple Russia's economy, the West has imposed sanctions worth tens and thousands of dollars on Russia for its three-and-a-half-year war in Ukraine and its 2014 annexation Crimea. Fico also said that the EU should not provide military aid to Ukraine, but instead work for peace. (Reporting and editing by Jan Lopatka, Jason Hovet)
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The price of copper drops from $10,000 to $9,000 on the back of a stronger dollar and uncertainty about tariffs
The copper price fell on Thursday. It climbed above $10,000 per metric ton, but then retreated under the pressure of a stronger dollar and lingering uncertainty about how tariffs would affect demand. After touching $10,015, the price of three-month copper at the London Metal Exchange dropped 0.3% to $9.983 per ton during official open-outcry trades. This was the second consecutive session that it moved above $10,000. Nitesh Sha, a commodities strategist at WisdomTree, said: "I believe the news on copper markets is still quite positive, but the dollar has firmed up a little this morning and added some headwinds to prices." Dollar index remained steady as traders awaited important U.S. consumer prices data to get a hint on Federal Reserve's interest rate-cutting path. The strong dollar increases the cost of commodities in other currencies for those who use it. Shah continued, "Miners have experienced more disruptions in their production than expected. This is combined with the fact capex for copper mines just aren't enough to keep pace with metal demand growth." After an underground incident, Grasberg, one of the largest copper mines in the world, temporarily halted its mining operations this week. The Shanghai Futures Exchange's most traded copper contract gained 0.6%, to 80,130 Yuan ($11251.37) per ton. Since March, when it reached its highest level in over eight months at $10,0164.50, copper has struggled to break through $10,000 several times. Shah said that many investors were waiting to see whether U.S. Tariffs would dampen the demand as expected. He said that the situation was more complex and that the overall effect could be that the metal demand is not really affected by all the other stimuli. Other metals include LME aluminium, which rose by 0.9% to $2.649.50 per ton, and tin, which gained 0.1%, to $34,650. Zinc fell 0.3%, to $2.879, while lead dropped 0.1%, to $1.985, and nickel, down 0.5%, to $15,065. Click here to see the top metals stories ($1 = 7.1218 Chinese Yuan) (Reporting and editing by David Goodman).
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Sources say that the Indian court has dismissed Asian Paints' appeal against the antitrust investigation.
Six people with knowledge of the proceedings confirmed that an Indian court dismissed Asian Paints' request to halt a current antitrust investigation against the company on Thursday. The Competition Commission of India has opened an investigation into Asian Paints. This paints manufacturer, with a 52% share of the market, was investigated after officials found that a complaint by Birla Opus, the biggest paints producer in India, had merit. Birla Opus claimed that Asian Paints abused their dominant position by giving discounts and incentives for dealers. Asian Paints tried to end the inquiry by filing a case at the High Court of Mumbai in July, arguing CCI officials had damaged the company's reputation by publishing and then deleting allegations made against its CEO in the investigation order. Six sources said that the High Court dismissed the company’s claim in a short hearing on Thursday. A detailed order would be issued later. One source said that the court found no merit in Asian Paints' complaint. Asian Paints has not responded to our request for a comment. CCI and Birla Opus - the paints division of Aditya Birla Group, Grasim Industries led by billionaire Kumar Mangalam Birla – also failed to respond to requests for comments. Paints are a profitable business in India. The country is one of the fastest growing economies on the planet. Elara Capital data show that Birla has eroded Asian Paints dominance since its launch in 2024. The company has grown rapidly, reaching a market share of nearly 7% by March. In its initial review, the CCI found that Asian Paints had imposed unfair conditions to dealers. It called this "exploitative behavior".
Long lines as South Africans vote in the majority of competitive election since end of apartheid
South Africans voted on Wednesday in the most competitive election given that the end of apartheid, in the middle of high turnout and with viewpoint polls suggesting the African National Congress might lose its parliamentary bulk after 30 years in federal government.
Well after dark, voters were still forming miles-long queues to cast their tallies. Chief Electoral Officer Sy Mamabolo informed a news conference that turnout will be well beyond the 66% we had in 2019.
The Electoral Commission said ballot stations would remain open for anybody who remained in line at the closing time at 9 p.m. ( 1900 GMT). 2 hours later, just 55% of polling stations nationwide had closed.
We are experiencing a late rise and are processing a big variety of votes in particular locations, especially the city locations, Mamabolo said.
Voters mentioned high rates of unemployment and criminal activity, regular power blackouts and corruption in ANC ranks as reasons that they would elect opposition celebrations.
I matured liking the ANC due to the fact that of how they fought for the flexibility we have today. That is why I chose them all these years, stated entrepreneur Skhumbuzo Mnyandu, 48, who came out to vote in KwaMashu, a municipality near to Durban.
But this time Mnyandu stated he was electing uMkhonto we Sizwe (MK), a brand-new celebration backed by previous president Jacob Zuma.
Others nevertheless watched out for change.
Pensioner Charles Louw, 62, stated he would stay loyal to the ANC as he wondered about the pledges made by opposition celebrations to create jobs, end power cuts or crack down on criminal activity.
The ANC have been attempting to do it, they are there, they have actually got experience, they know how to accommodate everything. But the brand-new celebrations, where will they start? he said after voting in Alexandra, a vast township east of Johannesburg.
Then-led by Nelson Mandela, the ANC swept to power in South Africa's very first multi-racial election in 1994 and has actually won a. bulk in nationwide elections held every five years ever since,. though its share of the vote has actually slowly declined.
Young citizens who did not endure apartheid were. particularly disillusioned with the ANC and the country's. economic potential customers.
There's no tasks for the youth. We have degrees, but there's. no getting tasks, stated Nosipho Mkhize, a 28-year old - the. typical age in South Africa - describing why he was voting MK.
If the ANC falls short of 50% this time, it will need to. negotiate with several smaller sized parties to govern -. uncharted and possibly choppy waters for a young democracy. that has actually up until now been controlled by a single celebration.
Voters are electing provincial assemblies in each of the. nation's 9 provinces, and a brand-new national parliament which. will then select the next president.
With the ANC still on course to win the biggest share of the. vote, its leader President Cyril Ramaphosa is likely to remain. in office.
More than 27 million South Africans are signed up to vote. at more than 23,000 polling stations, with ballot due to end at. 9 p.m. (1900 GMT).
Turnout has gradually fallen considering that the start of the. democratic period and is among the essential variables this time.
The election appeared to be going smoothly in a lot of places,. with 93% of ballot stations opening on time, according to. Masego Sheburi, a senior authorities at the electoral commission.
press reporters saw separated occurrences, such as. citizens being turned away from a Johannesburg polling station. due to the fact that they were not registered to vote there, and in one. Alexandra place voting was delayed for hours due to the late. arrival of tally documents.
' A LOT OF CONSEQUENTIAL ELECTION'
After enacting Soweto, a substantial municipality outside. Johannesburg, Ramaphosa stated the ANC had actually run a strong project.
I have no doubt whatsoever in my heart of hearts that the. individuals will invest their self-confidence in the African National. Congress, he said.
John Steenhuisen, leader of the pro-business Democratic. Alliance (DA) party which won the second-largest share of the. vote in the last election in 2019, prompted voters to turn out in. great deals to bring modification to South Africa.
This is the most consequential election because 1994, he. stated after casting his tally in Durban.
Other opposition celebrations intending to loosen the ANC's grip on. power consist of the Economic Liberty Fighters (EFF), founded by. Julius Malema, a firebrand former leader of the ANC's youth. wing. The EFF wants to nationalise mines and banks and take. land from white farmers to attend to racial and financial. disparities.
We see ourselves surpassing the ANC, not the DA. The DA is. small boys. We have no time for little boys, a generally. combative Malema informed reporters as he got here to cast his tally. in Seshego, in the northern province of Limpopo.
We're opting for the real giant, which is the ANC. We are in. an election to eliminate the ANC, he said.
Opinion polls suggest EFF support has actually been hovering between. 10% and 12%, far short of the ANC on 37% -44%, however Malema could. discover himself in position to be a kingmaker depending on the. election results.
Zuma's brand-new MK celebration looks set to consume into both ANC and EFF. support, especially in his home province of KwaZulu-Natal where. he has enduring influence despite being forced to quit as. president in 2018 after a string of scandals.
The election commission is expected to begin releasing. partial results within hours of polling stations closing and. outcomes within three or four days at most.
(source: Reuters)