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Cemex shares in Mexico are up as Dominican assets sale boosts profits
The shares of Mexican cement maker Cemex rose on Monday, as the sale in Dominican Republic nearly tripled its net profit in the first quarter of 2025. This was despite the fact that the company's core earnings fell year-over-year. Cemex shares rose 4.5% on the morning market, becoming the largest gainer in Mexico's main index. The company reported a profit of $734 million for the first quarter, up 189%, thanks to the Dominican Republic deal. Cemex reported that 618 million dollars of its net profits in the quarter were from discontinued operations. It also reported a 18% drop in earnings before interest taxes, depreciation, and amortization, at 601 million dollars, which is in line with LSEG estimates. This was due to a lower peso, and a decline in volume at home. Cemex reported that the peso had caused an EBITDA hit of $65 million, and volumes in Mexico dropped due to the rush to complete government infrastructure projects last year before a presidential elections. Jaime Muguiro, the incoming CEO, said that he expects his EBITDA for 2025 to remain flat, with a value of upwards of $3 billion. Muguiro said during the phone call that he was conducting an extensive review of our organization and costs as part of his transition. This could lead to further savings. Muguiro replaced Fernando Gonzalez, the retiring CEO of Cemex USA at the start of April. Cemex's biggest market in the first quarter was the United States, followed by Europe and the Middle East. Mexico came third. In recent years, the firm has shifted their focus to the U.S. and sold off non-core business, including in Guatemala. The Philippines, Dominican Republic, and the Philippines. Bloomberg News reported in February that Cemex had been gauging interest to sell its Colombian unit. Cemex stated on Monday that it is still interested in small to mid-sized acquisitions within the United States. Analysts viewed the results as mixed. They praised the positive net income but noted the lower-than-expected core earning. (Reporting and editing by Lincoln Feast, Kevin Liffey and Aida Pelaez Fernandez)
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India's Adani says an independent review of the US indictment revealed no irregularities
India's Adani Green said on Monday that it had not found any irregularities or non-compliance in its independent review of U.S. charges against founder Gautam Adani, and other top Adani Green executives who were accused by the U.S. of paying $265,000,000 in bribes to secure power contracts. The U.S. authorities charged Gautam Adani in November along with his nephew, Executive Director Sagar Adani, and Managing Director Vneet S. Jaain. They alleged that the trio paid bribes for Indian power supply contracts, and misled U.S. investor during fund raisings. Adani Group denies the allegations, calling them "baseless." In January, the company hired independent law firms to review the U.S. charges. Adani Green, in a filing on the exchange, said that, after this review, management of the holding firm concluded that, together with its subsidiaries it complied to applicable laws and regulations. The company said it did not expect that the U.S. proceedings would have any material impact on the group. In February, the U.S. Securities and Exchange Commission requested assistance from Indian authorities in its investigation. The company has reappointed Vneet JAIN as its managing director, with effect from July 10, for another five-year term. Adani Green released a statement saying that Jaain "has spearheaded the group's energy and infrastructure strategy and has been instrumental to growing various businesses, from conception to operation." Sethuraman N.R. in Bengaluru, and Tasim Z. Zahid edited the report.
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Trump Administration allows temporary sale of higher-ethanol summertime fuel
The Trump administration issued an emergency waiver on Monday to allow a higher-ethanol blend of gasoline to be sold nationwide this summer. They said it would increase fuel supply and lower costs during the U.S. peak driving season. This move will likely benefit corn farmers and biofuel producers, as the market is expected to grow for their products. Both industries are pushing for year-round nationwide sales of E15 blends, which contain 15% ethanol. U.S. Agriculture Secretary Brooke Rollins stated that the decision to allow summer sales of E15 would provide immediate relief for consumers. It will also provide more choice at the pump and increase demand for corn produced, processed and used in the United States. The government restricts the sale of E15 gas during summer months because it is concerned about smog. However, biofuels say that these concerns are unfounded. The emergency waiver is set to take effect on 1 May. The Environmental Protection Agency (EPA), which issued the waiver said that it expected to extend it until it no longer considered it necessary. In recent years, the EPA issued similar waivers during summer. Geoff Cooper is the president of Renewable Fuels Association. The EPA announced earlier this year that it would support a date of April 28, 2008 for the implementation of a request by governors from Midwestern states to permit year-round E15 sales. The EPA announced Monday that it had waived provisions which would have made E10 gas sold in Illinois, Iowa Minnesota, Missouri Nebraska South Dakota and Wisconsin conform to a stricter standard than conventional fuel in other parts of the country. (Reporting and editing by Alistair Bell; Stephanie Kelly)
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Analysis-Russian expulsion of Ukrainian troops from Kursk removes obstacle to peace
The ejection by Russia of Ukrainian troops in the Kursk area ends the largest incursion on Russian soil since World War Two. It also removes an obstacle to a peaceful settlement that Moscow had been reluctant to reach with so many hostile troops on its territory. Vladimir Putin, the President of Russia, declared a unilateral ceasefire of three days the day after Moscow announced that the Kursk operation was complete. This was to commemorate the 80th anniversary since the Soviet Union's victory in World War Two. On condition of anonymity, two Russian sources said that the Kremlin would not accept a settlement to the war as long as Ukrainian troops are in Kursk. Ukraine launched its most daring attack on August 6, just over two years after Russia invaded the Kursk area in 2022. Supported by drones and heavy Western weapons, the country rammed through the Russian border. The attack was costly to Kyiv, as the Ukrainian forces claimed almost 1,400 square kilometers of Kursk at its peak. According to Ukrainian open-source maps, Russia now controls an area of Ukraine that is roughly equal in size to the U.S. State of Pennsylvania. Analysts say that the diverting of Kyiv forces to Kursk helped Russia accelerate its advance in eastern Ukraine. "Essentially, Ukraine exchanged territory that it valued the most, its own, for territory it did not value and could not hold forever," said Christopher McCallion. McCallion is a fellow with Defense Priorities in Washington DC, an organization advocating a strong U.S. army with a conservative foreign policy. Ukraine, who has been retreating from Kursk for weeks, but claims to still have some active troops there, believes that the incursion distracted Russia, forcing it to deploy troops elsewhere. Kyiv said that its objectives included securing its border with Sumy and gaining territory for future peace negotiations. Washington's shuttle diplomacy has now pushed these talks forward, but without Ukraine's bargaining chip. There are still major differences that could undermine the peace efforts of President Donald Trump. One source said that if the talks fail, Russian forces would continue to fight. Requests for comment from the Kremlin or Ukraine's general staff were not immediately responded to. Local officials claim that Russia has intensified its attacks on Sumy in recent weeks. This is across the border from Kursk. A Russian missile attack in the capital of Sumy killed 35 people on April 14. Russia claimed it targeted a group of Ukrainian soldiers. Volodymyr Zelenskiy, the president of Ukraine, acknowledged that Kyiv forces are now active in Russia’s Belgorod Region, also near the border. He described it as a move to protect Ukrainian towns. Russia has a few slivers across the border in Kharkiv from Belgorod. According to U.S. proposals for a peace agreement, Ukraine would regain control of all of its territory at Kharkiv while Russia would keep control of just over a fifth. THE BATTLE FOR KURSK The Kremlin was embarrassed by the invasion of Kursk in 1943. This was the scene of the biggest tank battle ever fought in history, between Soviet and Nazi forces. The announcement of victory against Ukrainian troops coincides with the 80th anniversary celebration of the Soviet Union’s victory over Nazism on May 9. This gives Putin a victory to show off in front of dignitaries such as Luiz Inacio Lula Da Silva from Brazil and China's Xi Jinping. According to Russian sources, despite warnings of an imminent attack, the Russian forces were caught off guard by the Ukrainian assault. Russian officials spoke at the time of chaos, as Russians fled to the east and the Russian border guards and army attempted to combat small, highly mobile Ukrainian unit speeding along country roads in Kursk with Western weapons and vehicles. A minimum of 120,000 people had to be evacuated. Putin, visibly incensed, was seen publicly scolding Alexei Smirnov who, at the time, was the governor of Kursk. He was arrested on April charges of embezzling money intended for border defense. He denies these charges. The size of the Russian military operations was impressive when I visited Kursk, Russia, in March: tanks, missiles systems, and thousands of soldiers on the move, while civilians warned of the danger of drones and missile attacks amid the air attack sirens. North Korean troops and shells helped Russia to fight back against the Russians in Kursk. Putin expressed his gratitude personally to Kim Jong Un, the leader of North Korea. According to the Russian defence ministry, Ukrainian forces lost over 412 tanks and several thousand military vehicles in Kursk. Ukraine says that Russia has suffered over 62,000 deaths and injuries during the operation. Both sides have not released their own numbers of casualties. Both sides dispute these numbers, which are not independent. OFFENSIVE In August, as Ukrainian forces raced to expand their territory at Kursk in Russia, the country sent units into the area to slow down the advance and stop Ukrainian forces from reaching Kurchatov Nuclear Power Station which provides a large portion of the electricity for southern Russia. In less than a month the front was stabilised, and Russia could counterattack. David J. Betz is a professor at King's College London who specializes in war and the modern world. He said that there were likely some Russian generals who were embarrassed by the Ukrainian incursion. He said that Russia has a long history of successfully defending its borders. However, unlike other countries who are able defend themselves using geography, Russia is forced to use human bodies and distance to do so. Russian and Western sources reported that Russian forces gradually began to grind down the Ukrainian defences while Moscow deployed thousands of fibre-optic, or "fibre-optic" drones. These drones are harder to jam than any other drones. According to Ukrainian maps, within three months Russia had reduced the area controlled by Ukraine by more than half. By February 6, this area had been reduced to just 428 square kilometers. Putin, who had been in military fatigues during the Russian invasion of Ukraine on the third anniversary, made a surprise trip to Kursk to order the top brass to continue their advance. He also suggested that Russia create a buffer along the Ukrainian border. In March, Ukraine lost over 300 square kilometers of territory that it held in Kursk. Valery Gerasimov is the top Russian general in charge of the war. He told Putin that Russia cleared Kursk after the last Ukrainian troops were forced out of Gornal, a village near the border. He claimed that Ukraine had deployed 60,000 troops to Kursk during the height of the operations, which undermined its other forces. He also praised the North Korean troops who fought "shoulder-to-shoulder" with their Russian counterparts. Gerasimov said that Russian forces "continued" to carve a buffer zone in accordance with Putin's orders, and had taken over 90 square kilometers of Ukraine's Sumy Region. Ukrainian officials had previously claimed that Russian assault groups were in Sumy. (Reporting and editing by Guy Faulconbridge)
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BRICS nations discuss a shared response to Trump's trade policies
Foreign Ministers of BRICS Group of Developing Nations met on Monday, to discuss a common defense of the global trading system and coordinate their response to President Donald Trump's barrage of new duties. The group, which was formed by Brazil and Russia but has recently been expanded to include China, South Africa, India and South Africa, is expected to issue a joint statement in Rio de Janeiro criticizing the "unilateral trade measures" of this group. Brazilian Ambassador Mauricio lyrio stated that the ministers were negotiating a statement to reaffirm multilateral trade agreements as the primary axis for action in the trade. "They will reaffirm the criticism they have long held against unilateral measures, regardless of their origin. U.S. Trade Actions pose a serious threat to the expanded BRICS Group, which last year added Egypt, Saudi Arabia and the United Arab Emirates as well as Ethiopia, Indonesia, and Iran. China, whose exports were hit with tariffs of 145%, has demanded a more harsh tone in the communiqué. However, a source with knowledge of the negotiations says that the final text is likely to be critical, but not confrontational. Trump has criticized the BRICS as a group, threatening to impose another 100% of tariffs if they move forward with a single currency in place of the dollar for trade relations. Brazil has already abandoned the pursuit of a single currency during its BRICS Presidency, according to a report in February. However, its agenda could pave the path for a less reliance on U.S. dollars in global trade. In preparation for the United Nations Climate Summit Brazil will host in November, BRICS Ministers will also discuss a common position on climate financing, a priority of Brazil's Presidency. The wealthier nations are increasing their pressure on the major developing nations, including China, to finance adaptation and mitigation projects in the poorest nations. "What's not on the agenda" is the review of the countries who have to pay the transitional costs and those that will eventually be able to finance the energy transition themselves. "This distinction is absolutely crucial," said Lyrio. He added that "the financial obligation to fund the fight against climate changes and the energy transformation in developing countries rests with rich countries."
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Bloomberg News reports that Woodside is in talks with Kuwait Petroleum to sell its Louisiana LNG stake.
Bloomberg News reported Monday that Woodside Energy was in discussions with an overseas division of Kuwait Petroleum about selling a stake in their Louisiana liquefied gas plant. The report was based on people familiar with the matter. Kuwait Foreign Petroleum Exploration is also looking at securing LNG from the project. Other companies are interested in both LNG and equity, according to the report. Woodside Energy and Kuwait Foreign Petroleum Exploration did not respond immediately to comments. Woodside, Australia’s largest gas producer, agreed earlier this month to sell a 40 percent stake in its Louisiana Liquefied Natural Gas plant to U.S. Infrastructure Investor Stonepeak for $5.7 Billion. In April, the company also signed a deal to supply 1,000,000 tonnes of LNG annually from this project with German utility Uniper. Woodside acquired Tellurian last year for $1.2 billion to develop the 27,6 million metric ton per year Louisiana LNG Project, formerly known as Driftwood in four phases, to meet the growing demand for natural gas. The first phase will cost approximately $16 billion. Woodside reported that in February it held discussions with potential Louisiana LNG buyers including Tokyo Gas, Japan’s JERA, and Saudi Aramco’s MidOcean Energy.
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US Sanctions Shipping Companies for Delivering Oil and Gas to Houthis
Washington continues to pressure the Iran-backed Houthis over their attacks against Red Sea shipping. On Monday, Washington imposed sanctions on three vessels and owners for delivering gas and oil products to Yemen’s Houthis. Treasury Department released a statement that targeted Marshall Islands registered Zaas Shipping & Trading Co, Great Success Shipping Co and Bagsak Shipping Co as well as Mauritius registered Bagsak Shipping Co. These companies and their cargo vessels were used to deliver oil products and gas to the Houthi controlled port of Ras Isa. Michael Faulkender, Deputy Secretary of Treasury, said: "Today's actions underscore our commitment to disrupt Houthis efforts to fund dangerous and destabilizing attack in the region." Treasury will continue to use its tools and authority to target those that seek to allow the Houthis to exploit Yemenis and continue their violent campaign. Houthi-controlled TV had broadcast a video of the sanctions just hours earlier A U.S. Airstrike in Yemen killed 68 people inside a center of detention for African migrants. In March, the United States designated the Houthis a "foreign terrorist organization," accusing them of threatening American civilians in the Middle East and their personnel as well as other partners in the area and the global maritime trade. The Houthis claim that the attacks on ships are in solidarity with Palestinians living in Gaza. They have disrupted the global economy, increased inflation fears and heightened concerns about the aftermath of the Israel-Hamas conflict. Since it overthrew the government in 2014, the group controls the majority of Yemen's population, including Sanaa. (Reporting Katharine Jack and Daphne Psaledakis, Editing by Doina Schiacu)
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EU sets duties on Chinese construction machinery
The European Commission announced on Monday that it had imposed import duties up to 66.7% for Chinese machines that lift workers in construction after concluding the producers benefited from unfair subsidies and sold at artificially low price. The Commission stated that the extra duties on Chinese mobile equipment (MAE), will range from 20,6% to 66,7%. It said this to protect the domestic producers of the EU market, which is worth over 1 billion euro ($1.14 billion per year). These tariffs are part of a series EU anti-dumping duties and anti-subsidy measures aimed at Chinese imports. This includes a high profile investigation into Chinese electric vehicles that culminated in October last year. The EU executive that conducted the investigation said Chinese MAE manufacturers had benefited from preferential funding, grants and state provision of inputs below market rates. According to the Commission, Chinese producers gained 41% of the market in 2022 from 29% in 2010 and sold their products at a price that was around 20% lower than EU competitors. EU MAE producers Haulotte, Manitou and Zoomlion are French companies. The European Union has imposed anti-dumping and anti-subsidy tariffs on nearly 80 Chinese products, from ironing boards to truck tyres. Reporting by Philip Blenkinsop, editing by David Evans.
Eletrobras filed a filing showing that it has the necessary shareholder votes to approve the deal with Brazil.
A filing on Monday with votes cast remotely revealed that the Brazilian power company Eletrobras had enough votes to accept a proposed agreement to end a dispute with the government over voting rights in the company.
The approval is not final until the shareholders' meeting on Tuesday. Voters who voted remotely can change their votes before that date.
Eletrobras and the government reached an agreement last month that allows the government to nominate up to three board members of Eletrobras, from the current zero.
Eletrobras shareholders will elect a new board of directors on Tuesday.
Eletrobras is freed from its planned investment in the controversial Angra 3 Nuclear Plant as a result of the agreement with the government.
In 2023, the government of President Luiz inacio Lula da Silveira pushed to gain influence at Eletrobras to better reflect their 46% share of common shares. A mediation process lasted over an year.
Eletrobras, the Brazilian energy company, was privatized by Jair Bolsonaro in 2022. Under its bylaws, no shareholder can hold more than 10% stake to vote on company decisions. Leticia Fucuchima reported from Sao Paulo. Additional reporting and writing was done by Andre Romani. Editing was done by Aida Pelaez Fernandez and Brendan O'Boyle.
(source: Reuters)