Latest News
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The Dangote refinery in Nigeria has fired some of its employees
A copy of the letter sent by the company to the PENGASSAN oil workers union, seen on Friday, shows that some employees of the Nigerian Dangote oil refining plant have been fired. This refinery, Africa's largest by far, has a crude processing capacity per day of 650,000 barrels. It could reshape the global fuel trade dynamics by creating a swing supplier within the Atlantic Basin. The number of workers who lost their jobs and whether or not the layoffs will affect production could not be confirmed immediately. In the letter, it was stated that the dismissals will be made by the evening on September 25. Dangote closed its gasoline unit at the end of August to undergo repairs that will take between 2-3 months. The refinery didn't respond to an immediate request for a comment. Kpler reports that the plant, which started processing crude oil in January 2024 exported more fuel oil in September. Modern oil refineries export more fuel oil during maintenance or outages. (Reporting and Additional Reporting By Owolabi Tife)
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Kremlin refuses to discuss the reported threat of shooting down Russian military planes violating European airspace
The Kremlin refused to comment on a Bloomberg article that claimed that European diplomats privately warned Moscow about NATO's readiness to shoot down any Russian aircraft that violated European airspace. Bloomberg reported that officials familiar with the conversation said the British, French, and German envoys delivered the warning during a meeting in Moscow. When asked how Russia would react if NATO shot down an aircraft, Kremlin spokesperson Dmitry Peskov replied: "You don't want to even talk about this. It's a really irresponsible comment." He said: "It is very irresponsible, because the accusations that Russia's military aircraft violated airspace or invaded someone else's sky are unfounded. "No convincing evidence has yet been presented." NATO claims that three Russian MiG-31 jet fighters violated Estonian Airspace on September 19, and stayed for 12 minutes, before being forced to leave. NATO countries have accused Moscow, after dismissing Russia's denials of any involvement in the conflict, of reckless and provocation behaviour. The Estonian incident occurred nine days after Poland shot at Russian drones violating its airspace. The British government said that the Russian incursions increased the risk of an armed conflict with NATO. (Reporting and writing by Dmitry Antonov, Lucy Papachristou and Mark Trevelyan; editing by Toby Chopra).
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Analyst Mistry claims that India's edible oils imports will reach a record high due to increased palm oil buying.
Dorab Mistry, an industry analyst, said that India's edible oils imports are expected to increase 4.6% in 2025/26 to a new record of 17.1 million metric tonnes, driven by increased palm oil purchases from the world's biggest vegetable oil buyer. India's increased palm oil purchases will encourage top producers Indonesia and Malaysia to reduce their stocks and support Malaysian palm futures benchmark. Mistry, a speaker at the Globoil India industry conference, told delegates that palm oil imports will likely jump by 13.4% in the next marketing year to 9.3 millions tons. Soyoil imports may drop to 5 million tonnes. Mistry stated that the imports of sunflower oil in the new season will likely fall to 2.7 millions tons from 3,000,000 tons this year. India imports mainly palm oil from Indonesia and Malaysia, while also importing soyoil, sunflower oil, and other oils from Argentina, Brazil and Ukraine. Mistry stated that the growth of palm oil production is slowing down, with a projected increase in 2025/26 of only 1 million tonnes, despite a rise in demand for biofuels and food. He said that Malaysian palm futures will rise after the peak production period in October. They could even surpass 5,000 Ringgit ($1,185 a ton) in November and December. Prices could continue to rise, with a potential high of more than 3,500 ringgit per tonne in January-March 20,26 due to tightening supplies caused by the increased consumption of biodiesel in Indonesia, a major producer. On Friday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for December delivery fell 43 ringgit or 0.97% to 4,396 Ringgit per ton.
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Kremlin refuses to discuss reported European threats to shoot down Russian military aircraft
The Kremlin refused to comment on a Bloomberg article that claimed that European diplomats privately warned Moscow about NATO's readiness to shoot down any Russian aircraft that violated European airspace. Bloomberg reported that officials familiar with the conversation said the British, French, and German envoys delivered the warning during a meeting in Moscow. When asked how Russia would react if NATO shot down an Russian plane, Kremlin spokesperson Dmitry Peskov replied: "You don't want to even talk about this. It's a really irresponsible comment." He said: "It is very irresponsible, because the accusations that Russia's military aircraft intruded on someone else's sky and violated their airspace are unfounded." "No convincing evidence has yet been presented." NATO claims that Russian fighter jets violated Estonian Airspace last week.
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Raw cat food is dangerous for cats and their owners
According to an analysis, commercial raw cat foods, especially those sold at room temperature on the shelves, can pose a significant health risk for cats and their families. Researchers reported in Communications Biology that the analysis found disease-causing bacteria, including some resistant to antibiotics. In a press release, Laura Goodman from Cornell University stated that "most of these products do not have warning labels that indicate that the meat ingredients in them are not fully boiled. This could mean that they harbor bacteria that is still alive and possibly viruses and parasites which would make a whole family sick." Researchers found Salmonella and E. coli on raw or partially-cooked meat that was sold in frozen, chilled or freeze-dried form in supermarkets and online. Goodman stated that "especially for freeze-dried foods sold on shelves, the consumers are likely unaware of this risk." The researchers also discovered antibiotic-resistant pseudomonas bacteria, which can cause life-threatening infections of the lungs, blood, and urinary system. They also found Klebsiella bacteria, which can cause fatigue, fever, and chills. It can even cause pneumonia or urinary tract infection. Researchers said that these pathogens could be transmitted from pets to people. They are especially dangerous for children and pregnant women, as well as older adults and those with compromised immune systems. Researchers also point out that in previous studies, antibiotic-resistant bacteria strains were found in dog food. Goodman stated that when the researchers uploaded their results from their cat food study into a federal database "there were in fact some human cases which were genetically similar ...,", revealing that potentially people were sickened by the same products that were studied. Researchers said that although the U.S. Food and Drug Administration tests for a small number of bacteria, this paper shows a larger range of pathogens. This information could be used by the agency to develop future policies. KILLING PAIN W/OUT AFFECTING HELPFUL IMMUNO RESPONSE Researchers suggested that painkillers over the counter could be replaced with alternatives that would control pain while preventing inflammation. This paper may lead to a change in how pain medications are designed. NSAIDs (non-steroidal antiinflammatory drugs) are the most common pain medication in the world. They include aspirin, ibuprofen and others. They block the enzymes that create prostaglandins. These work with the immune systems to promote inflammation. Prostaglandins can also increase the sensitivity of nerve endings to pain signals. Scientists generally believe that reducing or preventing inflammation is the best way to treat pain. Inflammation - the immune response to an injury or infection – can be beneficial and inhibiting this might delay healing and recovery. Researchers have found, as reported in Nature Communications that a protein present on the surface prostaglandins called the EP2 receptor is responsible for pain, but not inflammation. Researchers found that delivering drugs to silence the EP2 receptor alone reduced pain in mice, without affecting inflammation. Inflammation is good for your health, as it restores and repairs normal function," Pierangelo Geppetti, study author at the Pain Research Center of New York University said in a press release. "To our great surprise, blocking the EP2 receptor... abolished prostaglandin-mediated pain but the inflammation took its normal course. Geppetti stated that they had "effectively decoupled inflammation from pain". Researchers are investigating whether drugs that target EP2 receptors could be used to reduce pain associated with conditions such as arthritis, which would normally be treated by NSAIDs. TINY CAPSULES FIGHT INFLAMMATION OF THE BRAIN Researchers are working on tiny bioengineered capsules to fight brain inflammation without triggering the immune system. Inflammation can be beneficial in some cases, for example, to promote wound healing. However, inflammation of the brain has been linked with disabling conditions like Alzheimer's disease and Parkinson's disease. Bioengineers and Neuroscientists have developed a soft gel-like capsule about the size and shape of a grain sand. These capsules can be used to implant human brain cells, called astrocytes, into the brain. According to a report published in Biomaterials, the capsules contain astrocytes that secrete a protein known as interleukin-1 antagonist to the outside environment. This anti-inflammatory substance reduces inflammation in test tubes and the brains in mice. The capsules are designed to form a barrier between the astrocytes implanted and the brain tissue. This will allow the astrocytes to secrete anti-inflammatory protein while preventing immune rejection and unwanted brain migration, according a press release from Robert Krencik at Houston Methodist Research Institute. In a press release, Rice University's Omid Veiseh said that "encapsulating cells" in a manner to shield them from immune rejection has been a major challenge. The full newsletter is available for free by signing up here. (Reporting and editing by Bill Berkrot; Reporting by Nancy Lapid)
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The tough job of Fed gets even harder
What will the ROI team be reading, watching and listening to this weekend? Hello Morning Bid readers! Yesterday, the job of U.S. Federal Reserve became a little more difficult. The first was the news that the second quarter GDP had been revised upwards to 3.8%. This is now the fastest growth rate since 3Q2023. Donald Trump, the U.S. president, announced new tariffs including 100% levies for branded drugs as well as 25% tariffs for heavy-duty trucks. Details are unclear, and there will be certain exemptions. However, the combination of resilient growth and possible price increases calls into question expectations of aggressive monetary easing. Markets had previously priced in a probability of more than 80% that a 50 basis-point cut would be implemented by December. This has now dropped to about 60%. The PCE inflation figures will be released later today. Even if policy rates continue to fall, as is expected, inflation fears, fiscal concerns, and political uncertainty could cause the long end of curve to rise. Joachim Klement is an investment strategist with Panmure Liberum. He believes that this could be bad news to the AI boom. Central bank watchers were also treated to a number of Fed officials' talks this week. These included Chair Jerome Powell and Governor Stephen Miran as well as San Francisco Fed President Mary Daly. Atlanta Fed President Raphael Bostic spoke also on the Market Musings Podcast, suggesting that Fed should replace the 2% target with a range and abandon the "illusion" of precision. In the commodities market, much attention was focused on Ukrainian drone attacks on Russia's infrastructure. Ron Bousso, ROI Energy columnist, argues that these attacks could raise President Trump's ire if they are successful. Clyde Russell, columnist for ROI Asia Commodities, says that the future of seaborne coking coal looks increasingly divided between robust domestic markets such as China, India, and Indonesia, and a slowly fading seaborne industry. Gavin Maguire, ROI Energy Transition columnist, explains which countries will likely play the largest role in determining the future trends of pollution, beyond China. Andy Home, ROI Metals columnist, explains the reasons why traders believe that the nickel prices have hit a rock-bottom. Check out what the ROI team recommends you read, watch, and listen to as we enter the weekend. Stay informed and prepared for the coming week. Please contact me via Sign up for the newsletter to receive Morning Bid every morning in your email. Subscribe to the Morning Bid newsletter Website You can find us on LinkedIn. The opinions expressed are solely those of the authors. These opinions do not represent the views of News. News is bound by the Trust Principles to maintain integrity, independence and neutrality. (By Anna Szymanski.)
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Belarus claims it can supply nuclear energy in parts of Ukraine that are controlled by Russia
Belarus has proposed to build a nuclear plant in the eastern part of the country, which could provide electricity to parts of Ukraine controlled by Russia. President Alexander Lukashenko announced this on Friday. Lukashenko brought up the idea with Russian President Vladimir Putin during Kremlin discussions in Moscow. Lukashenko used the same language as Moscow to describe the territory of Ukraine that was captured by Russia. The offer highlighted the close relationship between Putin and Lukashenko even though U.S. president Donald Trump pursues an incentive-based strategy to encourage the Belarusian leaders to release political prisoners and improve relationships with the West. Putin replied that "financing was not a problem at all." It's no problem if there is a customer who will pay for electricity. Belarus is an ally of Moscow, and it has supported its war in Ukraine. It even allowed Putin's troops the use its territory in 2022 to enter Ukraine. Putin has met Lukashenko the most often of any foreign leader. Reporting by Mark Trevelyan, Lucy Papachristou and Andrew Osborn.
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IRNA reports that Iran and Russia have signed a $25 billion agreement to build four nuclear reactors in Iran.
IRNA, the Iranian news agency, reported on Friday that Iran had signed a 25 billion dollar agreement with Rosatom, Russia's nuclear state corporation to build four nuclear plants in Iran. Rosatom had previously stated that it signed a Memorandum of Understanding on Wednesday regarding the construction of small nucleo-power plants in Iran, but did not give a number. The Iranian official news agency IRNA said that the agreement for construction of Generation III plants in the Sirik area of the south-eastern province of Hormozgan will generate 5,000 Megawatts of electric power. The MOU has been signed in Moscow. Iran has only one nuclear power plant operating in Bushehr, a city located in the south of the country. This plant was built by Russia, and it has a 1 GW capacity. Russia has good relations with Iran, and in June it condemned the U.S.-Israeli strikes on Iranian nuclear facilities. Israel claimed, without proving it, that Iran is on the brink of acquiring nuclear arms. Iran denies that it has such an intention. Reporting by Jana Choukeir, Ahmed Elimam and Alison Williams; editing by Gareth Jones and Alison Williams
US stocks reach record highs as weak employment data fuels rate-cut bets
U.S. stock prices briefly reached record highs before trading lower on Friday. Data showing that U.S. employment growth slowed in August led investors double down on their bets the Federal Reserve would cut interest rates this month by up to 50 basis points.
The speculation that the Fed would lower rates more aggressively sent Treasury yields tumbling and the U.S. Dollar plummeting, but gold reached a record high of $3,600 an ounce. Equity markets are viewed as a positive by many investors when interest rates drop. This could result in lower borrowing costs for business. Gold, which doesn't pay interest, tends to shine as well when rates are low, and there is a lot of uncertainty.
Art Hogan, strategist at B Riley Wealth Management, Boston, stated that "this number today puts back on the table a rate cut of 50 basis points at the next policy meeting." "More importantly, I believe 75-basis point before the end the year is pretty much a lock." The U.S. government reported that nonfarm payrolls rose by just 22,000 jobs in August, after a 79,000-job increase upwardly revised in July. This was below the forecast of 75,000.
S&P 500 Index reached a record of 6,532.65 in early trading before pulling back and being down 0.32%. The Dow Jones Industrial Average hit a new record in the early minutes of trading before slipping 0.5%. Meanwhile, the Nasdaq Composite Index remained unchanged.
The yield on the benchmark 10-year Treasury note fell 8.3 basis points, or 6.4 basis point, in line with the expectation of lower rates.
The dollar index fell 0.5% to 97.747, as lower Treasury yields affected the U.S. Dollar. The euro rose by 0.6% to $1.17625, thanks to a softer dollar.
In Europe, STOXX 600 fell 0.2% in Europe, while the FTSE 100 remained unchanged. France's CAC 40 dropped 0.3%. The MSCI World Equity Index finished just 0.13% up due to a muted equity performance.
Olu Sonola is the head of U.S. Economic Research at Fitch Ratings, New York. He said that the warning bell that was ringing in the U.S. Labor Market a month earlier just got louder. A weaker than expected jobs report is almost certain to lead to a 25 basis-point rate reduction later this month. Fed Chair Jerome Powell has already reinforced speculation about rate cuts with an unexpectedly dovish address at the Fed symposium held in Jackson Hole last month. The market sentiment has improved in recent days, after the global stock markets fell this week, and European long-dated bond rates reached their highest levels in years. Investors were concerned about various countries' finances. France's 30 year yield was 4.3873% on Friday, down from its peak of 4.523% a day earlier, and the UK 30-year yield was 5.553%. This is after borrowing costs reached their highest levels since 1998 in the previous week. The benchmark German 10-year yield was 2.7051%. Data released on Friday revealed that German industrial orders fell unexpectedly in July. The U.S. has signed an agreement to lower auto tariffs for Japan after months of negotiation. The dollar fell 0.7% against the Japanese yen.
The oil prices fell for a third day in a row, before a weekend meeting between OPEC producers and their allies. Brent crude futures closed 2.2% lower, at $65.50 per barrel. U.S. crude dropped 2.5% to $61.87. The European Union energy commissioner said that the bloc would be happy to hear about President Donald Trump's plans to stop buying Russian crude.
Gold spot was up 1.2% to $3,589.01 an ounce after hitting a record of $3,597.66. The metal is on course for its biggest weekly gain in almost four months.
(source: Reuters)