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Nigerian army confirms 19 deaths in Kano clashes, including troops and bandits
Nigeria's military said on Tuesday that 19 armed bandits had been killed in a gunfight in Kano State, marking an outbreak of violence rarely seen in this commercial hub in the northwest. In a press release, Babatunde Zubairu, the Army's spokesman said that in addition to two soldiers who died during the operation, a vigilante from the locality also perished. The army reported that the clash took place in Shanono where troops, backed by security agencies, raided an underground bandit den. The operation is part a larger military campaign to combat the escalating violence in northern Nigeria where armed group have murdered and kidnapped tens of thousands in recent years. Separately, Nigerian-Nigerian forces defeated an attack on a military facility in northeast Nigeria by Boko Haram fighters and Islamic State West Africa Province(ISWAP) fighters early Tuesday morning, killing six insurgents. The army reported that additional fighters were killed by airstrikes in the aftermath. In a press release, the regional counter-insurgency force of the Army said that an assault began at 0330 GMT on Forward Operating Base Kangar in Borno, a state bordering Niger. The attack involved drones with armed weapons and mortar fire. The statement stated that several soldiers and civilian JTF were injured, but they were quickly evacuated to receive treatment. Ahmed Kingimi, Maiduguri (Additional reporting by Ahmed Kingimi; writing by Elisha Gbogbo; editing by Aidan Lewis and William Maclean).
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Brazil's Conab increases sugar production despite smaller cane crops
Conab, Brazil's crop forecaster and food supply agency, raised Tuesday its projections for sugar production by the country in 2025/26. The season began in April. Conab's estimate of Brazil's sugar output was 45.02 millions metric tons. This is a half-million tons more than its previous forecast. This is higher than the 44.12 millions tons of sugar produced last year. According to the government agency, sugarcane production fell by 0.35% in the last stages of harvesting. Conab stated that the sugar production was higher despite the smaller sugarcane harvest because mills allocated more cane for the production of sweetener. They are now using less sugarcane to produce fuel ethanol. The Agency reduced its estimate of cane-based alcohol production by over 200 million liters to 26,55 billion liters. Brazil will, however, produce more corn-based bioethanol in 2025/26, with 9.6 billion liters compared to 7.8 billion in the previous crop.
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Brazil Supreme Court affirms the legality of soy moratorium, traders' group claims
The grain traders group Abiove said that the vote of Brazil's Supreme Court, which took place on Monday, recognising legality and effectiveness of the soy-moratorium, a corporate agreement under investigation by Brazil’s antitrust agency, confirms its legitimacy and efficiency. Why it's important The ruling by Supreme Court Justice Flavio DiNo supports a longstanding corporate environment agreement that prohibits soybean traders from purchasing from farmers who cleared land from the Amazon rainforest in July 2008. It also shapes the soy trading in Brazil, which is the world's biggest soybean exporter. CONTEXT The soy ban was intended to reduce deforestation by limiting soy purchases in newly deforested regions. However, it has been met with opposition from small and medium soy farmers who claim the moratorium acts as a cartel. The Supreme Court's ruling was part of an appeal about the legality a state law that prohibits tax benefits for soy processors and traders who participate in the moratorium. The Supreme Court's ruling on the legitimacy of the soy moratorium raises doubts about recent challenges against the pact at Brazil's antitrust office. KEY QUOTES Justice Dino stated that the soy ban "increased Brazil's credibility as it relates to international environmental commitments." Abiove stated: "A decision this size confirms that multi-sectoral pact is an effective, legitimate initiative aligned to constitutional principles while recognising the positive environmental and agricultural impacts." Reporting by Roberto Samora, Writing by Isabel Teles, Editing by Susan Fenton
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Victor Conte, 75, the founder of BALCO, the lab at the centre of an steroid scandal has died.
Victor Conte has died aged 75. He was the owner of BALCO, a now defunct laboratory, and a pivotal figure in the global steroid scandal, which involved high-profile athletes like baseball's home run king Barry Bonds. Conte died on Monday. He spent four months in jail and four months at home after pleading guilt in 2005 for distributing steroids among professional and Olympic athletes. His sports nutrition company announced his death in a post to social media. In a post to Instagram, SNAC System said that it was "heartbroken" by the death of Conte. The system called Conte a "anti-doping activist." "We will respect his wishes." SNAC will live on forever, and so will his legacy. "We LOVE you, Conte!" On the SNAC website, it said that Conte's BALCO days "forever changed" him and that he became an antidoping activist later. However, his commitment to "guiding athlete to become their best ever never wavered." Conte began his career as a musician. He played with the funk group "Tower of Power" at one time, but he entered the nutrition industry in the early 80s. Conte was the owner of BALCO, a small Bay Area lab on the outskirts San Francisco. The laboratory began to thrive in the late 1990s. It became the center of a massive doping controversy early 2000s. He used a gregarious personality and self-taught knowledge of nutrition to gain access to some of the top names in sport, including disgraced sprinter Marion Jones and baseball sluggers Bonds and Jason Giambi, supplying them with the latest in performance-enhancing drugs. Bonds was never formally found guilty of using performance-enhancing drugs in a court of law and has always denied any wrongdoing but overwhelming evidence and extensive documentation link him to the use of steroids. Conte, who was sentenced to federal prison in 2005 for his involvement in the steroid scam, said that he had never snitched or rolled or informed on anyone. "I was always a man of full disclosure. I explained to all the athletes that I worked with, as best I could, the risks and rewards of our association and how we approach performance enhancement. (Reporting from Frank Pingue, Toronto; Additional reporting and editing by Rory Carroll)
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Kimmeridge says the 2021 merger is a failure and calls for a complete overhaul of Coterra
Kimmeridge, an activist investor, called on Tuesday for a change in leadership and strategy within Coterra Energy. He said that the merger of Cabot Energy & Oil and Cimarex Energy into the new company by 2021 has failed to provide value and the stock is trading at a lower price than its peers. The private investment firm, in an open letter to the board, urged it to appoint a non-executive, independent chair, and to refocus its operations on the oil-rich Delaware Basin, claiming that the current mix of oil properties and gas properties had created inefficiency and reduced returns. In the letter, Mark Viviano said that "Coterra's past has been tainted because a boardroom is unwilling to admit its own mistakes." The investment firm is pushing Coterra to sell its Marcellus and Anadarko Basin properties to become a Permian-only producer. They argue that a more streamlined operation would be easier to run and could unlock a value re-rating. Kimmeridge stated that it has a "significant" stake in the oil company, without divulging any details. Coterra CEO Tom Jordan stated that Kimmeridge's email contained "some factual mistakes". He said, "We're disappointed that they chose to release a letter to the public without reaching out to [us]", on a call after earnings. Coterra shares rose by 1.7% this morning. Shares of Coterra have fallen 2.8% this year, compared to a 1.25% increase in the S&P 500 Energy Index. Coterra, the $17 billion merger of Cabot Oil & Gas with Cimarex Energy to form Coterra in 2021 was hailed as a "surprise", as it combined Cabot's Marcellus shale gas positions in northeastern U.S. and Cimarex oil-rich acres in West Texas. Coterra's third-quarter profit missed Wall Street expectations on Monday as lower oil prices offset an increase in production. (Reporting from Pooja Mathur and Pranav Menon in Bengalur; editing by Arun Koyyur.)
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Lukoil's network abroad buckles under the weight of Western sanctions
Sources claim that the Russian oil giant Lukoil struggles to maintain operations at its vast foreign businesses, as Western sanctions disrupt oil loads in Iraq, pumping stations in Finland, and trading in Switzerland. Last month, the United States and United Kingdom imposed sanctions against Russia's second largest oil company. This has complicated its operations. The U.S. Treasury Department has issued a license giving companies until 21 November to end any transactions with Lukoil or Rosneft, the number one oil producer. Sanctions are being felt in all regions where the company is active. Iraq's Somo, the state-owned firm, has cancelled the loading of three crude oil shipments from Lukoil equity production in the West Qurna-2 area, according to two sources on Tuesday. They cited concerns about U.S. sanctions and UK sanctions against the company. Lukoil holds a 75% stake in the field that produces 480,000 barrels per day. The remaining 25% is held by Iraq's North Oil Company. Sources said that the cargoes would be loaded on November 11, 18, and 26. Lukoil or Somo didn't immediately respond to a comment request. Since Britain imposed sanctions, several trading sources have reported that Litasco in Geneva, Lukoil’s trading arm, is having difficulty chartering ships because UK shipbrokers won't work with them. Trading sources who are familiar with the trader's operation said that Litasco also fired employees in response to the sanctions. Litasco declined to comment on a request. Around 1,000 Teboil employees and operators are concerned about losing their jobs as Finnish banks implement sanctions against Russian oil and Teboil owner Lukoil in the next few weeks. Teboil has not responded to our request for comment. Finance Finland, which represents Finnish banks in the country, has already begun freezing payments to Teboil ahead of November 21st deadline. Lukoil announced last month that it accepted an offer by global commodity trader Gunvor for its foreign assets which it sought to sell following Washington's sanctions.
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Output from QatarEnergy's North Field Expansion Slated for 2026
The CEO of QatarEnergy, one of the world's biggest liquefied natural gas producers, told Reuters on Monday that the company's massive North Field expansion project will produce its first LNG in the second half of 2026.The state-owned company said in May that first production at the field, which according to CEO Saad al-Kaabi was originally planned for the end of this year, would begin in mid-2026.Al-Kaabi attributed any delays to slowdowns related to COVID restrictions earlier this decade, and not to geopolitical tensions."I'm still looking at somewhere in mid-2026, in the third, fourth quarter 26 maximum," Kaabi said in an interview on the sidelines of the annual ADIPEC energy conference."It's looking quite positive. I think we are on track to meet that date. With these huge projects, it can move up and down a few months, but that's basically the range we're looking at."When at full production, the North Field expansion project is expected to produce 126 million metric tons of LNG per annum by 2027, boosting QatarEnergy's output by some 85% from its current 77 mtpa.The project involves the construction of six industrial units that cool natural gas into liquid form for export by ship, which are commonly known as gas trains. Production will begin when the first train is operational, Kaabi said.QatarEnergy has not said when full production would be reached.Qatar said in June that an Israeli strike on Iran's portion of the shared gas field, some 200 km (124 miles) from QatarEnergy's installations, was a reckless move.(Reuters - Reporting by Maha El Dahan; Writing by Andrew Mills; Editing by David Goodman and Jan Harvey)
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G20 Taskforce asks for global panel to address 'inequality crisis'
The G20 taskforce, established by the South African president Cyril Ramaphosa, has called for an international panel on inequality. They warn that extreme wealth disparities can disrupt democracy and lead to economic instability. Joseph Stiglitz is the chairman of the Extraordinary Committee of Independent Experts on Global Inequality. The report, commissioned by South Africa as part of its G20 presidency, found that since 2000 the richest one percent of the world's population has captured 41% of all new wealth. According to the World Inequality Lab, data shows that the poorest half of the population increased their wealth only by 1%. Stiglitz said that the situation is not only unfair, but also undermines social cohesion. It's a problem both for our economy and politics. In a press release, the taskforce stated that a panel on inequality would be modeled after the Intergovernmental Panel on Climate Change. The taskforce would monitor the causes and effects of inequality and provide insights to policymakers and governments. The report warns that countries with high levels of inequality, which account for 83% of the global population, are more likely than others to suffer from democratic decline. They cited "perfect storms" of global shocks, such as COVID-19 and the war in Ukraine, and trade disputes for escalating poverty and inequality. The authors noted that 1 in 4 people skip meals regularly and that the wealth of billionaires has reached its highest level ever. The G20's first taskforce on inequality is expected to make its findings known to the G20 leaders in Johannesburg, South Africa in November. The United States will take over the rotating G20 Presidency at the end this year. (Reporting and editing by Nellie Cawthorne, Andrew Cawthorne, and SiyandaMthethwa)
African bank tension test flags systemic dangers positioned by nature loss
A stress test of five of Africa's banking systems has actually discovered some lenders in the area could deal with collapse if nature loss slashes the revenues of farming and forestry companies they have actually lent to.
The analysis in Zambia, Ghana, Rwanda, Morocco and Mauritius showed that firms in certain sectors could see profits as much as cut in half over the next 20 years if effects like deforestation and the loss of pollinators like bees continue to be disregarded.
Africa is reliant on nature ... if we do not collaborate in terms of how we are managing the threats that are originating from nature, from climate change, we might begin seeing some systemic risks and contagion results on the monetary sector in Africa, said Oswald Mungule, a senior analyst at Bank of Zambia who was associated with the research study.
The caution comes ahead of the U.N.'s COP16 biodiversity conference in Colombia in October where world leaders are under growing pressure to prevent more damage of key environments.
Broadening on an initial analysis done in 2022, the brand-new tension test - shared specifically with - is the first considering that an international offer struck at COP15 in Toronto that year to look at how financially destabilising biodiversity loss might be.
The World Economic Forum estimates that almost two-thirds of Africa's financial output is either extremely or reasonably based on the natural surroundings.
The stress tests, collaborated by the African Natural Capital Alliance (ANCA) along with British advancement agency FSD Africa and consulting firm McKinsey, showed the agriculture, mining and food sectors faced the most intense challenges.
If little is done over the next 25 years, Ghana's. farming firms and Zambia's mining firms are expected to. suffer a 50% and 32% drop respectively in their earnings,. producing unfavorable feedback loops for banks.
The cumulative anticipated credit losses (across the 5. nations) might increase by as much as 21% by 2050 if no nature. favorable actions are taken, Dorothy Maseke head of ANCA and FSD. Africa Nature Lead stated. It paints an extremely alarming picture.
PROBLEMS AHEAD
Zambian central bank authorities Mungule explained that another. huge issue was the danger of food shortages, which history shows. increase both inflation and interest rates.
A severe dry spell in Zambia over the past year has actually caused a. rise in food prices, which represent over 50% of the nation's. CPI basket.
Coming on top of a nationwide debt crisis only now being. solved, it suggests nearly 14% of the loans that Zambia's. industrial banks have actually provided to agriculture and forestry firms are. now non-performing, a number that is most likely to rise.
Agriculture typically contributes less than 4% of. Zambia's GDP according to IMF data, however the mining sector, which. the research study warned could suffer a more than 30% drop in profits. over the next couple of decades, has a much larger 17.5% share.
To attempt and restrict these problems, Zambia's reserve bank is. promoting fewer loans to be offered to mining companies and more to. those with greener, more nature-friendly activities.
The reserve bank wants to likewise carry out regular. climate-stress tests on the banking system and is using to. join the Network of Central Banks and Supervisors for Greening. the Financial System (NGFS), Mungule added.
Maseke said ANCA now has 'memorandums of comprehending' with. 4 African countries, consisting of Zambia, to aid with. policymaking, and aims to be supporting 8 in overall by the. end of the year.
Stress test results for specific banks were not divulged. however they examined 3 primary scenarios: one assuming no. extra action to resolve nature and climate dangers; a 2nd. where governments toughen guidelines however business are slow to act;. and a 3rd where they take coordinated action together.
If companies have the ability to minimize their effect on nature and. adjust prices in action to the costs they deal with, the hit to. earnings might be in between 78% and 27% lower, the research study showed.
(source: Reuters)