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Israeli attacks in Gaza kill three Palestinians, test fragile truce
Palestinian health officials said that Israel attacked the Gaza Strip on Friday for a forth day, killing three, another test of an fragile ceasefire. Residents reported Israeli gunfire and shelling in northern Gaza, despite Israel's claim that it is committed to the ceasefire brokered Donald Trump. The Israeli military didn't immediately respond to a comment request. The Palestinian WAFA news agency reported that another Palestinian had died from wounds caused by previous Israeli shelling. Since its implementation three weeks ago, the U.S.-brokered truce, which did not resolve thorny questions like Hamas' disarmament and the timeline for Israel's withdrawal from Gaza, has been put to the test by periodic violence. Israel launched a series of bombardments in Gaza between Tuesday and Wednesday to retaliate for the death an Israeli soldier. Gaza's health authorities reported that 104 people were killed. MORE BODIES HANDLED OVER Gaza's Health Ministry said that the Red Cross delivered 30 bodies of Palestinians who were killed by Israel in the war. This was a day after Hamas had handed over the bodies of two hostages. In the ceasefire agreement, Hamas agreed to release all of its hostages in Gaza for nearly 2,000 Palestinian wartime prisoners and detainees. Israel, on the other hand, agreed to withdraw its troops, stop its offensive, and increase its aid. Hamas has also agreed to exchange 360 militants Palestinians killed during the war for the remains of the 28 hostages. Hamas handed over 17 corpses after Thursday's release. 225 Palestinians bodies have been returned so far to Gaza. Hamas said it would take some time to find and recover the bodies of the remaining hostages. Israel accuses Hamas for violating the ceasefire by delaying the transfer of hostages. Gaza's health authorities report that the conflict has killed more than 68,000 Palestinians in two years and destroyed the enclave. Israel began the war in Gaza after Hamas-led fighters invaded southern Israel, killing 1,200 and taking 251 hostages to Gaza.
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Tchiroma, the opposition leader of Cameroon, says that loyal soldiers brought him to safety
Issa Bakary, the opposition leader in Cameroon, said that he was escorted by his loyal soldiers to a safe location for his safety. This could be a sign of a division within the army after a disputed vote. Tchiroma has been holed-up in his Garoua house since the presidential election of October 12, in which he declared victory. He did not specify the number of soldiers but his claim that the members of the military are loyal to him may indicate a split in the security forces of the country. Tchiroma posted a Facebook message saying, "I thank the loyalist Army for escorting and protecting me in a safe place." The central African nation's Defence Ministry declined to comment. The Cameroon Constitutional Council declared on Monday that President Paul Biya - the oldest leader in the world at 92 years old - was the winner of the elections, causing violent protests across the nation's oil and cocoa producing cities. According to a group of civil society activists, the disputed election heightened tensions across the country. Security forces are accused of detaining and killing over 500 protesters, while also killing 23 others. Tchiroma, in a separate Facebook message posted on Friday, called for a 3-day lockdown starting Monday. He urged supporters to stop all activities and stay at home as a way to express their disapproval of the results. Tchiroma, in a video, said: "Let's bring the country to a complete standstill so that everyone knows we are resisting. We will not give up." "Let's keep our shops shut, suspend our activity, and remain at home in silence to show our solidarity, and to remind the regime that an economy's strength is its people." (Reporting and writing by Anait Miridzhanian; Amindeh Atabong, Bate Felix)
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LyondellBasell profits exceed forecasts due to cost reductions and demand recovery
LyondellBasell Industries announced on Friday that it is on course to save $1.1 billion by 2026. Improved demand and tighter control of costs helped the chemicals manufacturer beat quarterly profit expectations and signal a steady improvement. In premarket trading, the company's shares rose by nearly 4% as better-than expected results helped ease some concerns about demand and rising costs of raw materials in Europe. LyondellBasell's cash improvement plan launched earlier this year is still on track to generate an incremental cash flow of $600 million by 2025. Following the turnaround of plants in Texas, the company's olefins-and polyolefins Americas division saw an improved profit. This was due to higher olefins sales and higher polyethylene margins. The company reported that the demand for polyolefins is beginning to show signs of improvement. U.S. sales of polyethylene are rebounding following a slump lasting two years, while European volumes have increased by 3% in volume year-to date. LyondellBasell posted a loss of $890m, or $2.77 a share, in the third quarter of 2008, compared to a profit $573m a year ago. The losses included $1.2 billion of non-cash assets write-downs, and other one-time costs, mostly related to the company's European operations and portfolio reorganization efforts. The region's strict regulatory environment has led firms to review their operations and implement cost-cutting strategies. LyondellBasell has announced that it has made progress in its portfolio overhaul. It secured approvals for the sale of four European assets, and plans to temporarily shut down plants in Germany and Texas. The company expects higher feedstock prices and seasonal weakness to impact margins during the fourth quarter. Global capacity reductions are helping to rebalance the supply. LSEG data shows that adjusted earnings per share were $1.01, exceeding analysts' expectations by 81 cents. Reporting by Pranav Mathur in Bengaluru, Editing by Krishna Chandra Eluri & Saumyadeb Chkrabarty
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Oil prices are being held down by a subdued supply and a large amount of oil despite geopolitical risk
A poll conducted on Friday showed that analysts are keeping their oil price predictions largely the same as OPEC+'s rising output targets and a lacklustre market demand have offset geopolitical risk to supply. According to a survey conducted by 36 economists and analyst in October, Brent crude is expected to average $67.99 a barrel in 2025. This is about 38 cents higher than the estimate from last month. West Texas Intermediate will average $64.83 per barrel in 2025. This is slightly higher than September's estimate. Brent and WTI have been averaging $69.27 and $65.92 respectively so far this year. Tobias Keller, UniCredit's analyst, said that the oil prices of 2025 will be shaped by a delicate equilibrium between supply growth, modest consumption, and geopolitical uncertainties. The market is well supplied, thanks to the rising production from OPEC+ producers and non-OPEC ones. However, the demand growth, although positive, has slowed, especially in OECD countries. Analysts predict that oil will be in surplus by 2026. Estimates range from 0.19 million barrels per daily (bpd) to 3.0 million. Oil prices fell to their lowest level in five months on October 20 due to fears of an oil glut and economic concerns related to U.S. China trade relations. Since April, OPEC+ has increased its output targets by over 2.7 million bpd. This is around 2.5% global supply. It's also just under half of the 5.85 millions bpd cut the group previously agreed on. After a 137,000-bpd increase for November, the group has indicated that it is inclined to make another modest increase in its oil production for December. Suvro Sarkar, DBS analyst, said that while the OPEC+ response to market conditions continues to be flexible, the current action appears to be driven more by a desire for market share than a desire to support oil prices. The U.S. imposed sanctions on two of Russia's biggest oil companies this month, and markets are monitoring the fragile ceasefire that has been reached in Gaza. Keller said that the ceasefire in Gaza has reduced regional risk premiums while new sanctions against Russian oil and attacks on infrastructure have brought up fresh concerns about supply. Analysts predict that global oil demand will grow between 0.65 and 2 million bpd in this year. This growth is largely due to the growth of China.
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Gold drops as investors reduce rate-cut bets. Set for third monthly gain
Gold fell to $4,000 per ounce as the dollar remained near its three-month highs due to uncertainty about another rate cut by the U.S. in December. However, it is still on track to make a third consecutive monthly gain. Gold spot was down 0.5% to $4,004.37 an ounce at 0936 GMT. It had gained almost 4% this month. U.S. Gold Futures for December Delivery were unchanged at $4,016.30 an ounce. Dollar-priced gold is more expensive to other currency holders because the dollar index has been near its highest level in three months. Ricardo Evangelista, an analyst at ActivTrades, said that "gold is under pressure because the dollar has strengthened on the backs of these hawkish comments (by Fed chair Powell)." He said that markets had taken another rate reduction in December as a given. The Fed cut rates on Wednesday by 25 basis points, for the second consecutive time in this year. This brings the overnight benchmark rate down to a range of 3.75% - 4.00%. CME Group's FedWatch showed that after Chairman Jerome Powell made hawkish comments, the markets now place a 67% chance of a 25 bp reduction, compared to 91.1% a week earlier. The demand for safe-havens has also declined due to the optimism surrounding trade after trade talks between China and the U.S. this week. Donald Trump, the U.S. president, said on Thursday that he agreed to reduce tariffs against China in exchange for Beijing crackingdown on illegal fentanyl trafficking. He also stated that he would resume U.S. purchases of soybeans and keep rare earths exports flowing. Evangelista said that the macro-environment remains favorable for gold over the medium and long term. This is due to the ongoing geopolitical turmoil in Ukraine, the Middle East and between the U.S. Silver fell by 0.2% at $48.82 an ounce. Platinum dropped 1.5% at $1,586.64 and palladium declined 0.4% to $1,438.72. (Reporting by Ishaan Arora in Bengaluru; Editing by Jan Harvey)
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Vedanta, an Indian miner, has seen its quarterly adjusted profit increase on the back of higher metal prices
Vedanta, an Indian conglomerate that converts metals into oil, reported a higher adjusted quarterly profit on Friday. This was largely due to higher metal prices. The company's profit before taxes and exceptional items increased 21.7% compared to a year ago, reaching 70.14 billion rupiahs ($798m) for the quarter ending September 30. The operating profit margin increased to 22%, up from 20%. This was due to stable expenses. Due to the uncertainty surrounding U.S. Trade policies, the benchmark three-month aluminium prices and copper rose by 8.2% and 5.6% respectively on an annual basis during the quarter. Mining companies tend to benefit from higher commodity prices by increasing their margins and selling prices. The total revenue of the miner increased by 5.5%, to 392,18 billion rupees. Vedanta’s aluminium business in India is the largest and accounts for nearly 40% of its revenue. Copper is followed by zinc as the company's second largest business. Copper revenue grew by 3.6% and aluminium revenues rose by 14%. India Zinc, Lead, and Silver segment revenue grew by 3.5%. Total expenditures rose by 0.8%, to 334.49 Billion Rupees. The company reported net extraordinary expenses of 20,67 billion rupees. This included a write-off amount of 14,07 billion rupees as well as a settlement of 6,60 billion rupees. Vedanta’s subsidiary Hindustan Zinc reported a higher profit for the quarter on strong silver prices and zinc.
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Trump's nuclear reactor plans raise safety concerns
The Trump administration announced a huge nuclear deal earlier this week that provides an incentive of multi-billion dollars for the U.S. Government to issue permits for new Westinghouse Reactors. Critics say the structure is unprecedented and poses safety and environmental risks. The U.S. Government will help to secure approvals and permits for the $80 billion worth Westinghouse nuclear reactors. The plan gives the U.S. Government a way to get a share of 20% future profits, and even a possible 20% stake in the firm if it's value exceeds $30 billion by the year 2029. The deal represents one of the most ambitious plans for U.S. nuclear energy in recent decades. It highlights President Donald Trump's desire to maximize energy production to meet the booming demand in artificial intelligence data centres. Safety advocates and regulatory experts say that financial incentives could cloud regulatory scrutiny to prevent nuclear accidents. Greg Jaczko is a former Chairman of the Nuclear Regulatory Commission. He said that Three Mile Island and Chernobyl are three of the most serious nuclear accidents in history. All of these problems are linked to a lack of regulatory independence. The White House has said that concerns about safety are unfounded. The regulatory regime is unchanged and not compromised. The White House stated in an email that there was no agreement about regulatory changes. Cameco, the owner of Westinghouse, declined to comment. Brookfield and Westinghouse have not responded to requests for comment. TD Cowen's analysts said in a recent research note that they expect Westinghouse will have 10 large-scale nuclear reactors under construction - enough to power several millions of homes - by 2030. It takes an average of ten years to build a nuclear power plant, mostly due to the complex construction and high costs. Patrick White, an expert in nuclear technology and regulatory issues at the Clean Air Task Force said that effective regulation does not have to be a long or slow process. White stated that it was in both the companies' and the public's best interests to ensure nuclear regulation is timely and predictable. Todd Allen, an expert in nuclear engineering at the University of Michigan said that the Westinghouse design is well-established, but questioned the speed of the projects. Allen stated, "With this aggressive timeline and the demand for reactors all over the world, I'm wondering if there is enough manpower to handle these projects." DURATION DELAYS IN PREVIOUS U.S. WORK PROJECT Westinghouse was forced into bankruptcy in 2017 by its last nuclear project in the United States, the construction of two nuclear reactors in the Vogtle Power Plant in Georgia. The cost of the two reactors was about $35 billion and seven years behind schedule, which is more than twice as much as the initial estimate of $14 billion. Patty Durand has spent many years studying this project. She fears that a fast-tracked permitting process will overlook climate change risks. She said that severe droughts in Europe and America have forced operators to reduce nuclear power to avoid overheating reactors. Westinghouse had a number of issues with its modular design for the AP1000 reactors. For example, some parts were not sized correctly when they arrived at their site. The AP1000 was also used to build the new reactors. They were built using prefabricated parts, and assembled on-site. Edwin Lyman is a physicist with the Union of Concerned Scientists. He fears that the Trump administration may exert too much control over the Nuclear Regulatory Commission in order to have the new reactors approved. (Reporting by Tim McLaughlin and Timothy Gardner; Editing by Nia Williams) (Reporting by Tim McLaughlin, Timothy Gardner and Nia Williams).
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Newmont CEO: Ghana's fiscal stability is key to the $900 million gold mining project opening
Newmont CEO Tom Palmer said that fiscal stability and fair tax systems and royalties are essential if countries wish to attract mining investments. The company had just opened its $900m Ahafo North Mine in Ghana. Newmont only operates in Ghana in Africa, which is one of the most stable mining jurisdictions on the continent. It offers stability agreements to firms that lock in royalties over a period of five to fifteen years. However, the government intends to tighten oversight of mining companies. Palmer, in an interview on Thursday, following the inauguration the Ahafo North Mine, Newmont's second mine in Ghana, after selling the Akyem to China's ZIJIN last year, said that Newmont's investments are based on "very stable fiscal régimes" and on "robust and fair tax and royalties systems." "It's important to have a fair and transparent regime... He said that if the capital is not moved elsewhere, it will. This week, it was reported that Ghana, Africa’s largest gold producer, had ordered audits on mining companies, including Newmont of the United States, AngloGold Ashanti and Gold Fields, as well as China’s Zijin. Ghana is also preparing for major legal reforms as West African countries push to gain greater control over their natural resources in the face of a global commodities boom. Palmer said that the investment climate is still favorable. He said that Ghana was a crucial place. "We are in Australia, Canada and the United States. We're also in Peru, Argentina, Mexico and Suriname. All of these locations were carefully chosen, and we chose to stay there long-term because we know we can maintain and build lasting relationships." Newmont operates two mines in Ghana, Ahafo South & Ahafo North. Palmer called them "cornerstones of the global portfolio" for Newmont. "We've lived here for 30 years." "I expect Newmont to be here for at least another thirty years." Jane Naana Opoku Agyemang, Vice President of Ghana, said that the Ahafo North Mine marks a new phase in inclusive growth for Ghana’s economy. This partnership must be more than just a business deal. She said that the partnership must be able to deliver value for the people of Ghana and in particular those living in the host communities. Ghana's regulatory climate is more stable than in other parts of Africa, where governments led by military forces, such as those in Burkina Faso and Mali that are rich with gold, iron ore, uranium and bauxite and Mali and Niger, tighten fiscal regimes for state revenue. On October 20, spot gold prices reached a new record of $4,380 per troy ounce. This boosted the revenue for miners. The Ahafo North Mine, located 30 km (19miles) from Newmont’s Ahafo South mine, is expected produce 50,000 ounces gold this year. Production will increase to 275,000-325,000 over the course of its 13-year lifespan. Palmer stated that the mine would employ around 1,000 permanent workers. Newmont will produce around 800,000 gold ounces in Ghana by 2024.
Abu Dhabi's Lunate purchases stake in ADNOC pipeline assets
Abu Dhabi investor Lunate stated on Wednesday it had actually bought a 40% stake from private equity companies BlackRock and KKR in the entity that leases Abu Dhabi National Oil Business's (ADNOC) oil pipelines.
The regards to the deal were not revealed. The transaction returns the stake to local hands after the 2 U.S funds purchased it for $4 billion in 2019, becoming the first foreign financiers to acquire infrastructure properties of a Gulf national oil business.
It highlights how Abu Dhabi, home to three wealth funds that collectively handle about $1.4 trillion of possessions and positions itself as the Capital of Capital, is developing a new nationwide champ in the alternative investments sector with Lunate.
Alternative investments remain in locations such as private equity and infrastructure, instead of traditional monetary instruments such as equities and bonds.
ADNOC Oil Pipelines, which has a 23-year lease on ADNOC's. ownership interests in 22 pipelines, was formed as part of a. broader strategy by ADNOC to raise billions of dollars through. sales of stakes in energy possessions and draw in foreign financiers.
Lunate's investment lines up with our long-term capital. technique to determine and buy premium infrastructure. possessions, handling partner Murtaza Hussain said in a declaration. It likewise presents a chance to invest in a core Abu Dhabi. possession and shows our confidence in the UAE economy.
Lunate handles $105 billion of possessions and belongs to a. organization empire guided by Sheikh Tahnoun bin Zayed Al Nahyan,. the United Arab Emirates' (UAE) nationwide security consultant and. sibling of UAE President Sheikh Mohammed bin Zayed Al Nahyan.
Sheikh Tahnoun also chairs the Abu Dhabi Investment. Authority, estimated by wealth fund tracker Global SWF to manage. $ 968 billion in possessions, and ADQ, the emirate's third largest. wealth fund.
Lunate invests across private markets consisting of buyouts,. development equity, early and late-stage equity capital, private. credit, real assets, and public equities and public credit,. according to its website.
It launched a $30 billion climate fund called ALTÉRRA at the. COP28 U.N. climate summit, in collaboration with international asset. managers BlackRock, Brookfield, and TPG, in December.
Lunate falls under a freshly formed holding company called. 2PointZero, whose portfolio includes properties across industries. from possession management to mining, and which is owned by IHC, Abu. Dhabi's biggest listed company. IHC is planning to list. 2PointZero next year, Bloomberg reported last month.
(source: Reuters)