Brazil

Brazilian President Luiz Inacio Lula da Silva asked Congress on Monday to acknowledge a state of public disaster for the heavy rains that have actually eliminated a minimum of 85 individuals in the country's southernmost state of Rio Grande do Sul. More than 130 people are still missing out on after flooding that has actually impacted more than two-thirds of the almost 500 cities in the state, leaving about 150,000 individuals displaced, the state civil defense authority said. Floods have actually destroyed roadways and bridges in numerous cities setting off landslides and leaving a path of destruction. Lula's step asks...

Abu Dhabi National Oil Company (ADNOC) has terminated talks to purchase a. managing stake in Braskem, the Brazilian. petrochemical producer stated on Monday, driving its shares down. nearly 15%. ADNOC provided a non-binding deal in November for the. Braskem stake held by corporation Novonor, with an indicated. rate of 37.29 reais per share for an equity worth of 10.5. billion reais ($ 2.1 billion). Nevertheless, ADNOC has actually now informed Novonor about its choice. not to go forward with the negotiations, Braskem said in a. securities filing. Braskem's Sao Paulo-traded shares dropped as much as 16.3%. on Monday to its...

Brazilian energy major Petrobras has loaded diesel from India on board a Suezmax crude oil tanker after a monthlong delay, according to shiptracking information and trade sources, the very first such delivery from India in more than a year amidst unstable freight rates for clean item tankers. The conversion of a petroleum tanker to bring clean items enabled Petrobras to deliver larger volumes of diesel from Asia at lower costs, with Asian sellers also looking for need outlets outside this area, the sources said. The bigger shipments will likely alleviate down pressure on an oversupplied Asian diesel market and create...

The big raw sugar delivery at the expiry of the May agreement on ICE is not always a bearish indication, traders stated on Wednesday, as it could show strong need in the physical market. ICE said in a notification on Wednesday that the shipments amounted to 32,914 agreements, or around 1.67 million metric tons, the third largest for a May agreement and the fourth largest for any contract month. The notification confirmed preliminary info provided by traders on Thursday. Big deliveries are normally thought about bearish, since it can indicate sellers could not discover better offers for that sugar in...

Portuguese energy group Galp Energia reported a biggerthanexpected 35% increase in firstquarter earnings on Tuesday and stated it anticipates its significant oil discovery off the coast of Namibia to support growth in the coming decades. Changed net profit at 337 million euros ($ 360.69. million) beat the 262 million euros expected by 16 experts. surveyed by the company as lower tax payments balance out decreases in. unrefined production and refining margins compared to a year. previously. Adjusted incomes before interest, taxes, devaluation and. amortisation (EBITDA) also beat expectations, increasing 13% to 974. million euros. Galp shares, already up more than...

Shareholders of Petrobras voted on Thursday for the Brazilian staterun oil firm to pay 50% of the remarkable dividends it kept in March, reducing investor concerns about the location of those funds. Petrobras is set to administer about 22 billion reais ($ 4.26. billion) relative to its 2023 results, while the remaining 50%. will be kept in a fund for future disbursement, which the. government signified might occur by the end of this year. The vote settled a matter that rocked the oil giant because. its government-controlled board decided to withhold the additional. dividends on March 7, which surprised markets...

Portuguese oil company Galp Energia stated on Sunday it had concluded the very first phase of expedition in the Mopane field off the coast of Namibia and estimated it might have at least 10 billion barrels of oil. Galp stated it conducted screening operations at the Mopane-1X well in January and the Mopane-2X well in March. In both wells, which are 8 kilometres apart, it stated significant light oil columns were discovered in top quality tank sands. The Mopane field lies in the Orange Basin, along the coast of the southern African nation, where Shell and France's TotalEnergies have made...

French oil and gas giant TotalEnergies on Monday said a prepared new liquefied gas (LNG) task in Papua New Guinea would require ' more work' before a final financial investment decision might be reached. TotalEnergies stated its President Patrick Pouyanne just recently told Papua New Guinea Prime Minister James Marape the job would require to work with third-party specialists to reach commercially practical engineering, procurement and construction agreements. In that view, the task will examine the structure of some packages and open the competitors to a bigger panel of Asian contractors. As an effect, FID (last investment decision) of Papua...

Brazil's staterun oil company Petrobras said in a filing on Monday that it has ended up an investigation over an agreement with chemical business Unigel and found no abnormalities. The examination checked out whether 2 Petrobras directors interfered into regular treatments of a deal inked in December, where Petrobras agreed to provide gas for Unigel to produce fertilizers at two plants it rented from state-run company. The company's governance system has been totally appreciated, said the statement. The internal inquiry became public after Brazil's. federal audit court (TCU) last month pointed to possible. irregularities on the contract's signing and questioned...

OPEC+ will think about extending voluntary oil output cuts into the 2nd quarter, three OPEC+ sources informed , to provide additional assistance for the market, and could keep them in location until completion of the year, according to two of them. Last November, the Organization of the Petroleum Exporting Countries and allies led by Russia accepted voluntary cuts amounting to about 2.2 million barrels each day (bpd) for the first quarter this year, led by Saudi Arabia rolling over its own voluntary cut. Oil costs have found support this year from increasing geopolitical stress due to attacks by the Iran-aligned...

Brazil's government is still enthusiastic that it can raise 31 billion reais ($ 6.2 billion). this year through a program settling business tax conflicts,. although it has actually secured just 0.1% of that so far, a tax authorities. said on Wednesday. Tax Profits Secretary Robinson Barreirinhas stated 11. companies have concluded tax settlements within the initiative,. which offers discount rates and beneficial payment conditions,. ensuring the government will collect an additional 45 million. reais in 2024 and 376 million reais over ten years. The program is among the essential steps from President. Luiz Inacio Lula da Silva's government aimed at...

Staterun energy company Petrobras has hit growing resistance from Native groups and federal government companies to its premier exploration job, which would open the most appealing part of Brazil's northern coast to oil drilling. Environmental company Ibama denied Petrobras a license for exploratory drilling offshore in the Foz do Amazonas location last year, mentioning possible influence on Native groups and the delicate coastal biome. However a Petrobras appeal for Ibama to reverse its decision has actually drawn effective political support. President Luiz Inacio Lula da Silva said in September that Brazil should have the ability to research the region's capacity...

Imports of iron ore by China, the world's biggest buyer, in 2024 are expected to be around 1.170 to 1.180 billion metric tons, similar to last year's 1.18 billion loads, a senior authorities of miner Vale stated on Wednesday. In the near term, we are still seeing strong durability in the Chinese economy, although the property market is slowing down in the next couple of years, Eduardo Mello Franco, marketing manager for rates at Brazilian mining business Vale informed an industry conference in Singapore. We see infrastructure for example is still growing strongly in China, he stated, including that manufacturing...

Brazilian steelmaker Gerdau published on Thursday a 47.9% reduction in its adjusted net revenue for the first quarter from the very same period a year earlier, impacted by lower steel sales amid higher imports in Brazil. It reported a 1.25 billion reais ($ 244.6 million) adjusted net profit for the three-month period ended in March. Gerdau, which has most of its organization in Brazil and North America, published a net profits decline of 14.1% year-on-year, as steel sales fell 8.6% in volume, with the business attributing the performance to excessive imports in the Brazilian market. However, the company welcomed Brazil's...

Vale , BHP and their joint venture Samarco have presented Brazilian authorities with a settlement proposal associated to reparations for the 2015 Mariana tailings dam burst, but local district attorneys still want them to bump up their offer. The proposition, the Brazilian mining giant said in a. securities filing on Monday, foresees an overall payment of 127. billion reais ($ 24.88 billion), consisting of 37 billion reais. currently paid out. The dam collapse at the Samarco iron ore mine near the town. of Mariana in Brazil's southeastern state of Minas Gerais caused. a huge circulation of mud and mining waste...

Brazilian miner Vale reported on Wednesday a 9% decrease in its firstquarter net benefit from the exact same period a year earlier, as a weaker functional performance amidst lower costs of its items weighted on its outcomes. Vale, one of the largest iron ore producers on the planet, published a $1.7 billion net profit for the quarter ended in March, while analysts surveyed by LSEG were expecting a $1.9 billion revenue. The primary influence on Vale's net revenue when compared to the first quarter of in 2015 came from lower recognized prices of iron ore, nickel and copper, according to...

Brazil's. government on Tuesday decided to establish import quotas for 11. steel items and to impose higher taxes on them when those. volumes are exceeded, after steelmakers complained about inexpensive. foreign steel flooding the regional market. The relocate to hike import tariffs to 25% will be requested. 12 months on products such as types of rolled steel and pipes,. which currently have import costs of 9% to 12.6%, according to. the decision from state foreign trade body Gecex/Camex. Vice President Geraldo Alckmin informed press reporters the 25% tax. will be imposed when imports of each of these 11 steel products....

China's. first quarter imports of iron ore and its domestic production of. the steel basic material both increased highly, however output of crude. steel fell. This divergence sets up a dilemma that can be fixed in a. variety of methods, consisting of lower iron ore imports, an increase to. steel output or a sustained rise in China's iron ore stockpiles. China, which buys more than 70% of global seaborne iron ore. volumes, saw imports rise by 5.5% in the very first quarter to 310.13. million metric tons, up 15.79 million from 294.34 million in the. initially three months of 2023....

The following are the leading stories in the Financial Times. has actually not validated these stories and does not guarantee their precision. Headlines - Thames Water lending institutions face losses of approximately 40% in occasion of nationalisation - BHP told to turn over executives' employment information in Brazil dam disaster lawsuits - EU offers to strike youth movement handle UK - UK will not 'switch on' post-Brexit checks of EU products for worry of border delays Overview - Some lenders to Thames Water would lose as much as 40 percent of their money under federal government contingency plans to nationalise...

A local court has once again suspended the operating license for Brazilian miner Vale's. Onca Puma nickel mine in the north of the country,. according to a business securities filing. Brazil's Para state won an appeal overturning a previous. court judgment that had actually restored the mine's operating license,. Vale stated in a filing late on Wednesday. The company stated it will adopt the suitable legal steps,. looking for to reverse the current choice. Para's environment department originally suspended the. license to run Onca Puma, which has actually an estimated nominal. capability of 27,000 metric lots of nickel each year,...

The principles consultant to Norway's $1.6. trillion sovereignwealth fund is evaluating whether to recommend. the financier to divest its multibillion dollar stake in mining. huge Rio Tinto for ecological concerns, the Wall. Street Journal reported on Wednesday, citing individuals familiar. with the matter. The council on principles has actually told Rio Tinto in current months. that it is evaluating the business for ecological damage from. its operations in the Brazilian Amazon, the report stated, mentioning. a letter seen by WSJ. The world's largest sovereign wealth fund, which owns 1.5%. of the international listed shares throughout 8,800 business checks out. financial...

Iron ore futures were set for a sharp weekly drop amidst persistent worries about demand in top customer China, even as costs rebounded on Friday on issues over possible supply disruption in Brazil due to a. train accident. The most-traded May iron ore agreement on China's Dalian. Product Exchange (DCE) ended daytime trade 0.45%. higher at 899 yuan ($ 124.91) a metric heap, publishing a drop of. 6.5% for the week. The benchmark March iron ore on the Singapore. Exchange was 0.43% higher at $120.2 a heap, as of 0713 GMT,. shedding 5.6% up until now today. It's more of...

Vale, a Brazilian mining company, reported a 6.1% increase in iron ore production in its first quarter compared to a year ago. This was due to an improved output at a major project in northern Brazil. Sales also increased during the period. Vale reported that its iron ore production in the first quarter of this year was 70.84 millions metric tons. This is a result of its S11D Mine in Para State, which has had the best performance for four years. Iron ore sales, on the other hand, increased 14.7% to reach 63.83 millions tons. Vale stated that the quarter...

The Baltic Exchange's main sea freight index fell to over a threeweek short on Monday, weighed down by weakness in the capesize and panamax vessel segments. * The general index, which factors in rates for capesize, panamax and supramax shipping vessels, succumbed to the fifth straight session by 73 points, or 3.3%, to 2,123 points. * The capesize index lost 187 points, or 5.4%, at 3,295, its least expensive level because Feb. 27. * Average everyday earnings for capesize vessels, which usually carries 150,000-ton freights such as iron ore and coal, reduced by $1,150 to $27,325. * Iron ore futures...