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Tusk: EU approves state aid to Poland's first nucleus plant
Donald Tusk, the Polish prime minister, said that the European Commission had agreed to allow Poland a?state?aid for the construction the first nuclear?power?plant in the country. In a press release, the?European Commission confirmed that it had approved state aid. In order to reduce its dependence on coal, Poland chose Westinghouse Electric for the construction of its first nuclear power plant along the Baltic Sea Coast. Poland plans to start constructing the first unit in 2028, and finish it by 2036. Tusk stated, "We'll soon receive official confirmation from the European Commission that it is willing to provide state aid for the construction of an nuclear power plant in Poland." We have received the entire?amount, which is 60 billion zlotys (16.51 billion dollars). The first?4.6billion zlotys of treasury bonds will be delivered to the interested party in?December. The CONSENT OF THE EUROPEAN COMISSION IS A CONDITION NECESSARY Tusk stated that the European Commission’s approval was necessary for the launch of the Polish nuclear program. He said: "We will be able, in fact, to start construction with enough momentum so that electricity from Poland's first nuclear power station can flow as soon as possible." The government officials said that the nuclear power plant would provide Poles with cheap and reliable energy. The power plant will provide electricity to Polish consumers as well as to Polish industry. It will do so at a low price...and will be able to generate free energy for the next forty years," said Wojciech Wrochna, Deputy Minister of Energy. This operation, in my opinion will enable us to achieve some the most competitive prices for energy anywhere in the world.
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Glencore ships first cobalt shipment under Congo's newly implemented quota system
One government source and two sources in the trade familiar with the matter said that Glencore was the first miner who exported cobalt to the Democratic Republic of Congo under the new quotas. They sent a "small" initial shipment as a test to the system. The government source confirmed that the Congo has cleared Glencore's shipment pending payment a 10% royalty. This marks the beginning of exports following a long-term ban which pushed cobalt prices sky high and strained the availability of metals needed for electric cars. Analysts estimate that the central African nation's production will be around 280.000 metric tons this year. This country accounts for over 70% of global supplies. The system was launched on 16 October and has a quota for the fourth quarter of 18,125 tons. It will cap exports to 96,600 tonnes per year from 2026. Two separate sources in the trade said that traders originally expected to see shipments of cobalt to smelters as early as January, after Congo implemented its quota system. However, they have now decided it will be longer. Two separate sources said that the first full-sized shipment of Congo's cobalt is expected in April. CHINA'S GLENCORE AND CMOC RECEIVE THE LARGEST ALLOCATIONS The world's largest cobalt producers, China's CMOC, and Glencore received the largest quota allocations. CMOC has a quota of 6,650 tons for the fourth quarter, while Glencore is allocated 3,925 tons. The regulator of Congo, ARECOMS, retains 10%?for strategic reserve. The government source stated that CMOC Tenke Fungurume mining has also begun the exporting process. Glencore declined comment. CMOC didn't immediately respond to a request for comment. Neither did ARECOMS or Congo's Mines Ministry. "We authorized the first shipment of Glencore to be released as a trial process. The procedure to determine quality and make a final decision about the amount of exports is still in progress. The 10% royalty is paid after the determination of quality. The source said that "once someone has done a first export it will be much easier to do the second." The sources were not allowed to be identified because they weren't authorised by the government to make public statements on this issue. Although the Congo government has imposed penalties for non-compliance with its laws, exporters are still struggling to comply with unclear payment procedures and procedural requirements. MINING LOBBY HAS SOUGHT URGENT TALKS IN ORDER TO TACKLE?DELAY The country's mining industry had previously called for urgent discussions to clear up legal ambiguities. The new requirements, including a royalty prepayment of 10% within 48 hours and a certificate of compliance before any cargo is moved, could cause delays in exports as well as disrupt global supply chains. Glencore, the company that operates the Mutanda, and Katanga mines, in the Congo, favored a quota system for exports, while CMOC sought a complete lifting of the embargo. Exporters are required to notify authorities and prepare samples for testing, and then wait for laboratory tests to verify quality and volume before royalties can be calculated and paid. A cargo cannot be moved without proof of payment. The price of cobalt metal is around $24 per lb, or $52,900 per ton. This compares to a nine-year low of around $10 per lb when Congo announced the suspension cobalt exports in February. (Reporting and editing by Veronica Brown, Barbara Lewis and Ange Kasongo; reporting by Pratima Deai and Maxwell Akalaare Adombila)
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Gold prices rise ahead of Fed rate-cut decision and key US employment data
Gold rose on Tuesday as traders were optimistic about the U.S. Federal Reserve's rate decision scheduled for Wednesday. They also looked forward to the U.S. Job Openings Report, which will provide further insight into the strength of the labor market. Gold spot rose by 0.1%, to $4.193.14 an ounce at 0922 am. ET (14.22 GMT), having fallen to its lowest levels since December 2. U.S. gold futures for delivery in February also increased by 0.1%, to $4,222.20 an ounce. Gold is expected to rise by a further?25 basis-points, which is generally a bullish sign. Bob Haberkorn, senior market strategist at RJO Futures, said that the market is still strong and could reach new highs following the Fed's announcement. Today, the Fed begins its two-day meeting on policy. The Fed will make a final decision by Wednesday. New data shows that inflation is stubbornly above the Fed's target of 2%, and secondary indicators suggest the once-red hot labor market has cooled in certain sectors. The traders now expect a cut of 25 basis points this week. Investors will also be watching for the release of the October JOLTS report at 10 a.m. ET on Tuesday to gauge?labour market conditions. The October JOLTS Report will be released at 10 a.m. ET on Tuesday to assess the?labour markets conditions. If the job openings report is softer-than-expected, gold could rally, Haberkorn said. Silver rose 1.1% to $58,78 an ounce, nearing the record high of $59.32. Historically, we have gone lower than 40 ounces. Maria Smirnova is the chief investment officer and senior portfolio manager at Sprott Asset Management. In order to purchase an ounce gold, you need 71 ounces silver. The October figure was 82 ounces. Smirnova continued, "Metals have a volatile nature. But unless we address the deficit, there is only one direction for silver, which is up." Palladium increased 0.6%, to $1474.28/oz. Platinum rose 0.1%, to $1646.03/oz. (Reporting and editing by Vijay Kishore in Bengaluru, with Sarah Qureshi reporting from Bengaluru.
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Tinubu approved Tinubu's troops deployment to Benin Republic following coup attempt
The Senate of Nigeria approved President Bola Tinubu’s deployment of troops to Benin Republic on Tuesday after Benin’s government asked for assistance from its larger neighbour on Sunday. Tinubu wrote to legislators that Benin had requested "exceptional and urgent air support" from Nigerian armed forces following a report of an "attempted unconstitutional seizure and disruption of democratic institution." According to Nigerian law?the president is required to seek Senate approval before deploying troops into a foreign country. Benin's Government said on Monday that Nigerian fighter jets carried out airstrikes in order to?thwart an attempted coup by mutinying troops who tried to seize President Patrice Talon. Tinubu emphasized Nigeria's commitment towards regional security, its "close ties of friendship and brotherhood" with Benin as well as the principles upheld by Economic Community of West African States. Tinubu urged legislators to act "immediately"?to support stability in Benin. Benin shares a 700-kilometer border with Nigeria, Africa's most populous nation. Omar Alieu Touray, the President of ECOWAS Commission, said that the bloc was facing a number of problems, such as coups and jihadist attacks. Touray said at a meeting of the ECOWAS Mediation and Security Council?in Abuja that it was safe to declare a'state of emergency' in our community. ECOWAS has deployed its standby force to Benin after it condemned the attempted takeover of power in the West African nation. (Reporting and writing by Camillus Eboh, Chijioke Ahuocha, Editing by Hugh Lawson).
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Three people are charged in Kosovo for a canal explosion that threatened power plants
Kosovo's state prosecutor announced on Tuesday that three suspects were charged over a?explosion? last year in a water 'canal' supplying the 'two main' 'power plants of the country. In a press release, the statement said that the suspects had allegedly detonated TNT in the canal. This caused damage to the concrete structure of the canal and cut off drinking water. It also disrupted the cooling system for coal-fired plants. Fears of a possible power outage were raised. The three men were identified by their initials: J.V. D.V. and I.D. They face charges including endangering constitutional order, terroristism, and espionage. Sources at the prosecutor’s office said that all three men were ethnic Serbs, and had already been arrested. The prosecutor said that J.V. is a suspect who 'works for Serbia Military Intelligence Service. Belgrade has denied the claim that Serbia orchestrated the explosion. The blast occurred in Kosovo's volatile north, where the majority of residents are ethnic Serbs, who reject Kosovo's 2008 independence declaration. The Kosovo Police have increased patrols near the canal. (Reporting and editing by Ros Russell, Fatos Bytyci)
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Argentina will lower its grain export taxes and boost the farm sector's support for Milei
The economy minister announced on Tuesday that Argentina would lower export taxes for grains, including soybeans and corn. This move will be welcomed by the farming sector, which has been one of Javier Milei's strongest supporters. Milei, who is running for president, has promised Argentine exporters he will cut?taxes. However, he warned him that he would have to do this in stages in order to avoid a sudden?decrease in tax revenue. In a blog post, Economy Minister Luis Caputo announced that the levy on exports of soybeans would be reduced to 24%, from 26%. Byproducts of soybeans will now be taxed 22.5% instead, compared to?24.5%. Export levies on soybeans and byproducts of soybeans were 33% at the start of Milei's tenure, around two years ago. Argentina is one of the largest soybean oil and meal exporters in the world. It's also the third-largest exporter for corn and a major global supplier of wheat. Export taxes for wheat, barley and corn will be cut from 9.5% to 7.5%. Caputo stated that "today, we are taking a step forward in the direction of tax relief for agriculture. We will be moving ahead on a permanent reduction of export duties on grain and byproduct chains." A source in the Argentine govt. said that the measure would take effect once it was published in the Official Gazette of the country in the next few days. Gustavo Idigoras of CIARA, the chamber of grain exporters and 'processors, said that the agricultural sector "valued" the decision. He said that it was important to keep making progress in reducing tariffs. The local farmer's confederation CRA also welcomed the measure. Carlos Castagnani, its president, said that it was "a first step to restore profitability in the sector". Reporting by Aida Pelaez-Fernandez, Maximilian Heath and Mark Potter; editing by Gabriel Araujo and Jan Harvey
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Standard Lithium JV attracts over $1 billion of funding interest for Arkansas Project
Smackover Lithium, the joint venture between Standard Lithium and Equinor announced on Tuesday that it had attracted more than $1 billion of financing interest for its southwest Arkansas Lithium project. Three export credit agencies including EXIM, Export Finance Norway and Export Finance Sweden have expressed interest in providing debt financing to the project. Standard Lithium's U.S. listed shares rose 5% during premarket trading. The joint venture seeks up to $1.1billion in senior secured debt for the majority of the $1.45billion cost of constructing the first phase of the project. Export credit agencies would provide loans and guarantees, while commercial banks would also add debt. Standard Lithium was awarded a grant of $225 million by the United States earlier this year. Department of Energy has given Standard Lithium a boost in its competition with Exxon Mobil for the title of first lithium producer in Arkansas, where one of North America’s largest deposits of battery metal is located. The?joint-venture, formed in May 2024 is developing direct lithium extraction projects, in which Standard Lithium holds 55% of the shares and operates the projects, and Equinor the remaining 45%. (Reporting and editing by Sriraj Kalluvila in Bengaluru)
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Tusk: EU approves state aid to Poland's first nucleus plant
Donald Tusk, the Polish Prime Minister, said that the European Commission had agreed to allow Poland to provide state aid for the construction a?country's?first nuclear power plant. In a press release, the European Commission confirmed that it had approved state aid. Westinghouse Electric was chosen by Poland to build its first nuclear plant on the Baltic Sea Coast. Poland plans to start construction on the first unit in 2028, and complete it by 2036. Tusk stated that "we will have a confirmation soon" from the European Commission that it is willing to provide state aids for the construction in Poland of a nuclear plant. We have received the entire amount of funding, which is 60 billion zlotys (16.51 billion dollars). The first 4.6 billion zlotys of treasury bonds will be delivered to the interested party in December, i.e. this year. Tusk said that the European Commission’s approval was necessary for the launch of?the Polish nuclear programme. He said: "We'll?indeed? be able? to begin construction? with enough momentum so that?electricity? from the first nuclear plant in Poland? can flow as soon as possible?."
Morning bid Europe-Nvidia kills buzz as profits are merely amazing, not legendary
Gregor Stuart Hunter gives us a look at what the future holds for European and global markets.
Tech stocks have fallen after Nvidia announced earnings that would make any CEO kill for.
The chip designer, a leader in AI, beat analysts' expectations and forecast revenue for Q3 that was higher than Wall Street predictions. A miss on data center revenue and concerns over China forecasts caused its shares to fall more than 3% after-hours.
Kyle Rodda is a senior market analyst for Capital.com. He said that Nvidia's results were not perfect, but they had to be free of flaws. The stock was trading at a high price, so any bad news would be punished.
After two days of gains that helped push U.S. stocks to record highs, S&P500 e-minis and Nasdaq eminis both fell by 0.1% after Nvidia’s results. MSCI's broadest Asia-Pacific share index outside Japan fluctuated between gains and losses, with the last one being down by 0.3%.
Spillover
As the chill spread across the Asian tech industry, Taiwan Semiconductor Manufacturing Co fell 1.7% and Samsung Electronics dropped 0.7%. This may give a hint as to what Dutch chipmaker ASML can expect in the European session.
Nvidia's Chinese rivals surged. SMIC gained 8.3%, and Cambricon Technologies added another 7.1%. The company announced on Wednesday that it had turned a profit. Both chipmakers pushed up the STAR 50 Index of Chinese Growth Stocks by as much as 5%.
Reducing Expectations
The yield on 30-year French bonds fell from its highest level since November 2011, as traders reduced their expectations that the political crisis in France would increase the cost of borrowing for the government.
The Nikkei stock index rose 0.6% after Kyodo reported that Japan's chief trade negotiator Ryosei Acazawa had cancelled his planned trip to the United States to finalize the details of the trade agreement agreed last month.
The following are key developments that may influence the markets on Thursday.
* Earnings: Pernod Ricard, CD Projekt, Brunello Cucinelli
* Eurozone data: Money-M3 Annual Growth for July
* August Business Climate, Economic, Industrial, Services and Consumer Confidence.
(source: Reuters)