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The auto sector struggles with Nexperia disruption amid hope for Dutch-China discussions
Bosch said that thousands of employees are facing production interruptions due to a global shortage of chips caused by a dispute with the manufacturer Nexperia. China and the Netherlands are locked in a fight for control of Nexperia. However, there is hope that the standoff will ease with the Dutch government sending an official delegation to Beijing to try to reach a compromise. Bosch reported that it was experiencing disruptions at three of its sites: Ansbach, Salzgitter and Braga (both in Germany) and Braga (Portugal). It said: "We continue to do everything possible to serve our clients and to avoid or minimize production restrictions." FURLOUGH MEASURES - USE 'AS NECESSARY' The chips from Nexperia, a Dutch company, are simple in design but widely used for car electronics and other consumer goods. In September, the Dutch government took control of a Chinese-owned firm over concerns about technology transfers. Beijing then halted the exports of finished products made by the company from China. The Chinese commerce ministry granted exemptions to some of the export bans, which has left major suppliers such as Bosch, Aumovio, and ZF Friedrichshafen scrambling to find alternative suppliers. Bosch sends workers home as needed when the production is slowed by the shortage of supplies. The spokesperson stated that in Germany, the company uses state-backed furloughs "as necessary" for 300 to 400 employees at Salzgitter where 1,300 are employed, and around 650 out of the 2,500 at Ansbach. The spokesperson said that Braga has about 2,500 employees affected by temporary adjustments in working hours or furloughs. ASSOCATIONS OF THE INDUSTRY WARN OF PRODUCTION RISKS IN THE NEXT WEEKS ZF Friedrichshafen has confirmed that its supply of chips will last until mid-next week. A spokesperson said that furloughs are not necessary at ZF until then but "cannot be ruled out". The German VDA automobile association stated that the situation remains tense. Marcus Bollig, VDA's Managing Director, said: "It is still too early to declare the situation as resolved. We cannot rule out any further impact on supply chains over the next few weeks." A person with knowledge of the situation said that shortages have affected supply chains worldwide. Nissan, for example, will cut production at its Kyushu factory by 1,400 cars next week. Honda, on the other hand, signaled some easing by saying that it would resume its regular production at its North American factories. Reporting by Ilona wissenbach and Rachel More. (Editing by Jan Harvey, Mark Potter and Jan Harvey)
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Two tourists reported dead after being lost in a snowstorm in Patagonian Chile
Media reports said that rescue workers searched on Tuesday for a group who had gone missing during a powerful storm in Torres del Paine National Park in Chile, located in southern Patagonia. The storm killed at least 2 Mexicans. According to T13, one of the victims died after she was evacuated. Guillermo Ruiz is the delegate of the president for Chile's southern Ultima Esperanza Province. He told T13 the first responders are still searching for seven people but bad weather has complicated the search. The tourists are lost in the Los Perros camp of the national park, Ruiz stated. It was only reachable by foot after a 4- to 5-hour trek. A snowstorm swept through the area with winds exceeding 193 kmh (120mph), which is equivalent to a category 3 hurricane. The tourists' origins were unclear. Torres del Paine National Park is a vast area of about 1,810 sq km (700 sq miles), with a subpolar forest and jutting mountains. It hosts thousands of tourists each year. (Reporting and editing by Rod Nickel.)
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Elliott invests in Barrick Mining according to a source
Sources familiar with the situation said that Elliott Investment Management, an activist investor, has built up a substantial stake in Barrick Mining. Barrick had a difficult year. It was marked by the loss of control over its Mali gold mining operation, which led to a $1 billion write off, and Mark Bristow's departure as CEO after almost seven years. The Financial Times earlier reported that Elliott was among Barrick's top 10 shareholders. Its stake is estimated to be worth $700 million. Barrick, it was reported last week, has discussed the possibility of splitting its company into two separate businesses. One would focus on North America while the other would be focused on Africa and Asia. The Canadian miner wants to develop the Fourmile Gold Project in Nevada. The FT reported that Elliott was encouraged by Barrick's possibility of splitting into two companies. Barrick didn't immediately respond to our request for comment. Reporting by Arunima in Bengaluru, and Anousha in London. Editing by Leroy Leo.
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Gabon signs landmark climate finance deal for Congo rainforests
The Gabon government and a group of donors signed an agreement to protect 34,000 square kilometers (13,000 square miles), of the Congo Basin rainforests in the country. The plan, dubbed "Gabon Infini", will combine $94 millions of donor money such as that from the Global Environment Facility or the Bezos Earth Fund over a 10 year period with $86,000,000 of government funding. The model, known as "Project Finance for Permanence", aims to finance national parks and tackle elephant poaching while boosting eco-tourism. It is a method that ties funding disbursements to important government policy changes. The model is becoming more popular. Brazil announced on Monday a similar deal covering almost 243,000 square kilometers of Amazon rainforest. Kenya and Namibia were also finalising agreements. Gabon is a vital ecological anchor in the vast Congo Basin. Nearly 90% of its land is covered in tropical rainforest. It is home to over half of the remaining African forest elephants and a quarter of the western lowland chimpanzees. The new plan is based on a "debt for nature swap" that was completed only weeks before the military coup of 2023. In that deal, Gabon refinanced $500 million of loans with a bond that set aside funds for coastal protection. The country's finances are once again causing concern. The draft budget for 2026, approved in September, plans to almost double government expenditures next year. Rating agencies warned that the debt-to GDP ratio would increase to nearly 90% from 73% by the end of 2018. The former minister Maurice Ntossui Allogo who oversees the new conservation plan said that Tuesday's Letter of Intent Agreement marked "a crucial milestone" for Gabon’s conservation drive. Ryan Demmy Bidwell of The Nature Conservancy, a non-profit organization that has worked with the government to protect the forest, stated that Gabon is important because almost 90% of it is intact. He added that the Infini project would lead to the creation of new national parks, and other protected areas, so as to cover 30% of its rainforests, up from 15% at present. Bidwell stated, "We hope Gabon can serve as a role model for other countries in the Congo Basin and in Africa." (Reporting and Editing by Peter Graff.)
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EU approves subsidy of $2 billion for German coal
The European Commission announced on Tuesday that they had approved a compensation payment of 1.75 billion euro ($2.03 billion), from Germany, to the power company LEAG in exchange for it ceasing coal use by 2038. In 2020, the German government agreed that coal-fired plants would be shut down by 2038 as part of its effort to achieve climate neutrality by 2045. The compensation amount was agreed upon with LEAG, subject to EU approval. LEAG will supply 7 gigawatts (about 10%) of Germany's total lignite-fired electricity in 2024. This shift, which included a planned repurposing opencast mines in eastern Lusatia, caused social unrest. In 2021, the Commission opened an investigation into whether the payment distorted the free competition on the EU's inner market. The Commission Representation in Germany released a press release that said: "The European Commission reviewed and approved an German subsidy up to 1,75 billion Euros in favour of Lausitz Energie Kraftwerke AG" (LEAG). This was in accordance with EU State Aid rules. The support will compensate for the additional fixed costs that arise from the early closing of the power plants. This includes social costs for employees to change jobs as well as lost profits. The European Commission signaled that it would grant its approval in June last year.
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Gold prices rise as the dollar weakens, and traders consider US rate cuts
The gold price rose on Tuesday from its one-week low, boosted by a weaker US dollar and weaker U.S. job numbers. Investors viewed the possibility of a Federal Reserve rate cut in December, ahead of delayed U.S. economic data this week. As of 10:15 am, spot gold was up by 0.4% to $4,059.39 an ounce. ET (1515 GMT), having hit its lowest level since November 10, earlier in the session. U.S. Gold Futures for December Delivery fell 0.4% to $4,509.20 per ounce. Dollar-priced gold is now affordable to holders of other currencies, as the index has fallen by 0.2%. The data released on Tuesday revealed that the number Americans receiving unemployment benefits reached a two-month-high in mid-October. In the week ending October 18, the claims for continued benefits rose to 1.9 millions. The data is slightly increasing market expectations for a rate cut in December. The data is helping silver and gold, which are trying break a 3-day losing streak," said Tai Wong an independent metals dealer. The CME FedWatch tool shows that the markets now expect a 50% probability of a rate reduction at the December meeting. This is up from the 46% they had earlier in the morning, but down from the 67% seen last week. Gold is a non-yielding investment that tends to perform well when rates are low. Prices dropped over 3% on both Friday and Monday, as investors reduced their bets that another rate cut would occur this year. The markets are now awaiting the minutes of the Fed's most recent meeting, which is due on Wednesday, as well as the September jobs data, which will be released on Thursday. Both have been delayed because of the U.S. Government shutdown. Analysts at Deutsche Bank wrote in a report that they expect the elevated official demand for Gold to continue into the near future. "This supports a bullish strategy and an upward revision to our average forecast of USD 4,00/oz next year," they said. Other than that, silver spot rose by 0.4%, to $50.4 an ounce. Platinum fell almost 1%, at $1.518.15, while palladium declined 0.6%, at $1.385.18. (Reporting from Pablo Sinha in Bengaluru and Kavya Baliaraman; editing by Ed Osmond.)
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As anger grows, a corruption case in Ukraine causes a standoff in the parliament
On Tuesday, one of Ukraine's major opposition parties physically prevented lawmakers from voting in parliament to dismiss two Ministers due to a corruption probe. They demanded the removal of the whole cabinet. The standoff in parliament is the latest manifestation since Ukraine's largest wartime corruption scandal broke out last week. Ukraine's anticorruption bureau has revealed that it is investigating a $100-million pay-to play scheme at the state-run nuclear power company run by the Energy Ministry. Five suspects were detained, and two remain at large. One of the former business associates of President Volodymyr Zelenskiy fled the country in the last week. The parliament was to vote Tuesday on the dismissal Svitlana Svitnchuk, Energy Minister and her predecessor German Galushchenko who is now minister of Justice. All the allegations are causing fury as WAR's fourth winter approaches The vote did not take place because the European Solidarity Party, the main opposition party, blocked the access to the podium. Members of parliament held cardboard signs with slogans like "What is darkness' price?" The session was halted by Ruslan Stefanchuk, the Speaker. A member of the opposition said that a new vote was likely to be held on Wednesday. Both cabinet members deny wrongdoing. Hrynchuk offered to resign, and Galushchenko was suspended pending the results of the investigation. Zelenskiy is in favor of removing them both. The European Solidarity party, led by the ex-president Petro Petroshenko, said that it would try to remove the entire cabinet. This measure has now little support in Parliament. Members of Zelenskiy’s Servant of the People accused the opposition of grandstanding, and of preventing the parliament from taking any action. "While some thieves hide and run, other populist politicians put on a display," said Danylo Hentmantsev a Servant of People senior lawmaker. As the fourth winter of war nears, the allegations made by the National Anti-corruption Bureau of Ukraine have caused widespread anger. Most Ukrainians are living with daily power outages caused by Russian bombardment of their grid. Timur Mindich is the co-owner, along with Zelenskiy, of the TV studio in which he began his career, as a star of a sitcom, before becoming president of Ukraine in 2019. Zelenskiy imposed financial sanctions against Mindich, and the studio stated that Mindich no longer plays a decision-making role. Ukraine is being pressed by the international community to address its corruption issues, even though it has been a problem for decades. This pressure comes as Ukraine seeks to become a member of the European Union. Zelenskiy attempted to curtail some of the powers of NABU, an anti-corruption organization earlier this year. However, he backed down following a backlash from the public as well as European allies. He claimed that his changes would make government more efficient. He denied accusations that he tried to shield his associates from investigation. (Reporting and additional reporting by Anastasiia malenko and Yuliii Dysa.)
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Focus on wildfire prevention at COP30 amid record destruction
Wildfires caused the largest tropical forest losses in 2024 Global warming is expected to worsen destruction Communities put in the center of fire prevention at COP30 By Andre Cabette Fabio The government agencies responsible for the environment and forests in Ecuador, Peru Ghana and Kenya, along with more than 30 environmental and indigenous groups from around the world, signed an agreement that will secure $100 million by 2030. The pledge will initially focus on the Amazon Basin - the largest tropical forest in the world, which is located mostly in Brazil. Fires are raging in forests that were not likely to catch fire in the past. According to data from more than 20 years released by the environmental NGO World Resources Institute in June, last year was one of the hottest on record. Wildfires also caused unprecedented losses in tropical forests. Emanuel Lins is a government advisor from the Biodiversity division of the Brazilian Ministry of Foreign Affairs. He spoke at COP30. He said, "Fire does not respect borders and we need to work together". According to Lins, more than 60 nations also signed an independent call to action, proposed by Brazil, to include more Indigenous knowledge in efforts to prevent and manage wildfires. Lins stated that this was the first time that wildfires were tackled at a scale of such magnitude. INDIGENOUS KNOWLEDGE According to the Wildfire Action Accelerator, "fire has become a key feature of the global crisis," and requires more attention on prevention rather than emergency response. According to a report by the United Nations Environmental Programme, wildfires will increase by 14% globally by 2030 and by 30% by 2050. Wildfires have been more intense in wealthy countries such as the United States, Canada, and Greece in the last year. According to WRI, Brazil is responsible for 42% (6.7 million hectares) of the forest loss record in 2024. Lins says that communities can prevent wildfires by creating firebreaks, and burning dead vegetation before the dry season. The pledge calls on countries with large tropical forests to recognize traditional fire knowledge of forest and Indigenous groups by 2030, placing local communities in the forefront of wildfire prevention. Selvyn Pérez, Maya leader and President of the Guatemalan Community Forestry Association, said: "Our peoples know how to use fire. We know where and when to use it. In a press release, he stated that "this pledge finally acknowledges that Indigenous Fire Knowledge is not a remnant of the past but a key for the future resilience of the planet." Indigenous and local communities in Brazil are crucial to Brazil's new law on fire management, passed last year. They make up around half of the over 4,000 firefighters that were hired this year for federal natural areas. Indigenous groups in Brazil use drones to collect data and perform early interventions as part of their efforts to prevent wildfires. Indigenous groups also demanded more funding at COP30 to better respond wildfires. Tabea Coronado is a Peruvian indigenous leader and the national secretary of the Interethnic Association for the Development of the Peruvian Forest. She said, "We need direct access to funding so that we can act faster, without having reports sent to authorities and waiting for their response." Researchers have found that wildfires are becoming more destructive and releasing carbon, reducing the forest's ability to act as a carbon sink. This is crucial for halting global warming. Ane Alencar is a senior researcher at Brazil's IPAM Amazonia (Amazon Environmental Research Institute), which signed the pledge to combat wildfires. She added that it is possible to control the fires, since they are usually started by humans, such as small and large farmers who burn pastures or clear forest in order to remove unwanted vegetation. She said that preventing people from setting fires could protect forests, even in hotter climates.
Renewables and distribution drive Greece's PPC EBITDA up by 24% in the nine-month period
Public Power Corporation (Greece's largest utility) reported on Tuesday that its adjusted core profit grew by 24% in the first nine-month period of 2025 compared to the same period last year, mainly due to higher distribution revenues and a higher output from renewables.
PPC reported that adjusted earnings before interest tax, depreciation, and amortisation (Jan-Sept) were 1.7 billion euro ($2 billion), a significant increase from the 1.3 billion euro earned a year ago.
In a press release, Chairman and Chief Executive Georgios STASIS said: "We are fully committed to the execution of our Transformation Plan and invest actively in clean and versatile electricity generation."
The first nine months in 2025 saw investments totaling 1.9 billion euro, of which approximately 88% were allocated to projects involving renewable energy sources.
The group said that RES production rose 5% on an annual basis in the first nine months despite a drop of 15% in large hydro output because of lower reservoir inflows.
The wind and solar power generation grew by 48%, respectively, with the new capacity including Ptolemaida's largest solar park.
PPC said that its installed RES capacity was 6.4 gigawatts as of end-September. 3.9 GW were under construction or are ready to be built. Renewables now account for 33% in its energy mix. The utility intends to phase out the use of lignite in 2026.
The group confirmed its outlook for the year 2025. It said it was on course to achieve adjusted EBITDA in excess of 2 billion euro and a net profit above 400 million euro.
It plans to pay 0.60 euros per share in dividends, an increase of 50% over 2024.
(source: Reuters)