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Petroperu's chairman is ousted by the new government of Peru, says regulator
The country's market regulator announced on Friday that the interim government of Peruvian President Jose Jeri has dismissed the chairman of Petroperu, the cash-strapped energy company owned by the state. In a document, Peru's market regulator stated that the decision was taken to dismiss chairman Alejandro Narvaez during a shareholder's meeting on Thursday. Narvaez's position was terminated that same day. Fidel Augusto Moreno, the current vice-chairman of the board, was appointed as interim chairman. Officials from the Economy Ministry and Energy and Mines Ministry are the main shareholders in the oil company. Jeri appointed their new heads after taking office last week, following the sudden ouster of Dina Boluarte. Narvaez was appointed chairman of Petroperu’s board in November. The company is facing a financial emergency due to heavy debts and tight cash flow after an investment of $6.5 billion in modernizing its Talara refinery, which was more than twice the original estimate. (Reporting and writing by Marco Aquino, Editing by Sarah Morland; Brendan O'Boyle)
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The family of the Mango fashion tycoon says they are confident in their son's innocence.
After several local media outlets reported that he was under investigation for possible murder, the family of Mango founder Isak Andic said they were confident Jonathan was innocent. In a press release, the family stated that they "will continue to work with the authorities as it has been doing up until now." It also hopes that the process will be completed as quickly as possible, and that Jonathan Andic will be proven innocent. The company said that it would not provide any further comments at this time. COURT SAYS CASE IS NOT DIRECTED AT AN INDIVIDUAL La Vanguardia reported late Thursday that Jonathan was officially investigated by the judge investigating Andic's murder in September because of the contradictory testimony he provided as a witness. Authorities were also searching his phone to find more evidence. The press office of the Barcelona Court said Friday that this case, which was still sealed, did not target any specific individual. La Vanguardia reported that investigators had not found conclusive proof linking Jonathan Andic with the death of his father during their 10-month investigation. Isak Andic fell more than 100 meters (328 feet) while hiking in the Montserrat Caves near Barcelona with his family. Mango was founded in 1984 by the businessman who, in the 1960s, moved from Catalonia to northeastern Spain. He is a competitor of Zara founder Amancio Oreega. Forbes reports that at the time of his passing, he was the non-executive chairperson of the fashion company and valued $4.5 billion. Jonathan Andic became vice-president and president of MNG, the holding company of his privately owned company after the death of his father. MNG named his sisters Judith, and Sarah as vice presidents. After Andic's passing, Toni Ruiz became the chairman of both the board and the chief executive officer. Corina Poins and Charlie Devereux contributed to the reporting. Joan Faus contributed additional reporting. Editing by Hugh Lawson and Andrei Khalip)
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Rio Tinto increases Simandou stockpiles by 2 million tonnes for the first shipment
Rio Tinto is preparing to ship 2 million metric tonnes of high-grade ore from its Simandou mine in Guinea by mid-November, according to three sources. This would be the very first shipment out of the massive mine that will reshape the global supply and pricing. Rio's third-quarter report, released on Tuesday, stated that SimFer, one of two mines in Simandou, had amassed 1,5 million tons of ore. The first ore was loaded onto rail transport back in October. Unspecified details were not provided by a spokesperson, but he said that the company was continuing to progress the project at "pace". SIMANDOU PRESSURE HIGH-COST RIVALS Sources, who spoke on condition of anonymity, said that the first shipment was expected to be sent to China, which is the world's largest steel producer and consumes over 70% of all seaborne iron ore. Rio will first route exports via infrastructure owned by Winning Consortium Simandou. The port of this partner is close to completion. Rio announced on Tuesday that it expected to begin loading vessels around November, but did not disclose the volume of initial cargo. The ownership of Simandou is divided between the consortiums of Rio, Chinese state-owned Chalco, and WCS - a Singaporean and Chinese consortium. Simandou is estimated to hold 4 billion tons ore with an average iron content of 65%. At full capacity, SimFer will contribute half. According to the International Monetary Fund, the project will boost Guinea's economy by 26% between 2030 and 2040. The Guinean military government intends to officially commission the project on 11 November. WCS, the company that operates Simandou’s other mine began stockpiling iron ore in September. This set up a race to gain market share early. Tom Price, Panmure Liberum's head of commodities, said that iron ore prices may fall if Australian and Brazilian miner's don't react to Simandou’s increase. The seaborne supply would increase by 8-9 percent if the 120 million ton annual production by 2028. Peter Cunningham, Rio's finance chief, said in July the launch of Simandou would force some high-cost suppliers off the market. China is tightening its grip on Guinea’s resource sector and leading bauxite imports. Chinese steelmakers are turning to low-cost ore of high quality to reduce emissions and energy consumption. WCS and Guinea’s Mines Ministry did not respond to comments. Maxwell Akalaare Adombila, reporting. Clara Denina contributed additional reporting. Mark Potter and Veronica Brown edited the article.
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Trump still plans to meet with Xi despite saying that tariffs of 100% on China are not sustainable
U.S. president Donald Trump said that his proposal of a 100% tariff on Chinese goods would not be sustainable. He blamed Beijing, however, for the latest impasse in negotiations which began when Chinese authorities tightened control over rare-earth exports. When asked if such a high tariff is sustainable and what this might do to the economic system, Trump responded, "It is not sustainable but that's the number." In an interview that aired on Fox Business Network, he stated that "they forced me to do this." Trump announced additional 100% levies on China's U.S. bound exports last week, as well as new export controls for "any and all crucial software" on November 1, nine day before the existing tariff relief would expire. Trump's new trade measures were a response to China drastically expanding its export controls for rare earth elements. China is the dominant market for these elements, which are vital to tech manufacturing. Trump confirmed he will meet with Chinese president Xi Jinping, in South Korea in two weeks - a date the U.S. President had questioned last week – and expressed his admiration for him. "I believe we will be fine with China but we need to make a fair agreement." Trump told FBN's Mornings with Maria, which was recorded on Thursday that the deal had to be fair. Wall Street suffered some early losses Friday due to the softer tone of Trump and his affirmation that he would meet with Xi. The major U.S. indexes were modestly up in early trading, despite the recent turmoil caused by Trump's sudden reimpositions of steep tariffs on Chinese imports as well as credit concerns among regional banks. In another sign of a possible thaw, CNBC reported that U.S. Treasury Sec. Scott Bessent will speak with Chinese Vice Premier He Lifeng on Friday. The time of the call was not disclosed. A Treasury spokesperson didn't immediately respond to an inquiry for comment. Beijing refuted Bessent's claim that He was "unhinged" during recent meetings with U.S. negotiators. (Reporting and editing by William Maclean, Paul Simao and Susan Heavey)
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Ambani's Reliance Industries reports a nearly 10% increase in profit on digital and energy growth
Reliance Industries, owned by Indian billionaire Mukesh Amani, posted a 9.7% increase in its quarterly profit on Thursday, largely due to a strong performance in the company's core energy business. The steady growth of digital services was also credited. The quarter ended 30 September saw a profit of 181.65 billion rupies ($2.06 billion), compared to 165.63 rupies a year earlier. Reliance's earnings are boosted by higher crude prices, a robust fuel market and a rise in margins for its oil-to chemicals business. Ambani is also accelerating his strategic shift to consumer and digital ventures. Mukesh Amani said that the oil to chemicals division grew on an Y-o -Y basis despite the continued volatility of energy markets. Reliance plans to list its telecom unit Jio in mid-2026. This move is seen as crucial to unlocking the value of its rapidly growing digital services unit. The core earnings of the oil to chemicals business increased by 20.9%, reaching $1.7 billion. EBITDA for its digital services, which include telecom unit Jio jumped 17.7% compared to a year ago, while EBITDA for the retail segment grew 16.5%.
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Egypt says that resolving the Palestine issue is crucial for progress on India-Europe transit route
Egypt's Foreign Minister said that the Palestinian issue was crucial to progressing in the U.S.-funded transport project connecting India to Europe by sea and rail via the Middle East. The India-Middle East Economic Corridor was announced in September 2023 on the sidelines of a meeting of leaders of the Group of 20 leading economies. It was seen as a U.S. rival to China's Belt and Road initiative on global infrastructure. A month after the announcement of the decision, war broke out in response to the attack by the Palestinian Islamist Hamas on Israel on October 7, 2023. "We must remember that connectivity is a very important part of a settlement for the Palestinian cause," Egypt’s Foreign Minister Badr Abdulatty told reporters on a recent visit to New Delhi. He said he had discussed the IMEC with his Indian counterpart, and that Egypt is open to joining the project. The corridor will extend from India to the United Arab Emirates, via Saudi Arabia and the Arabian Sea. It will then connect to Europe through Jordan and Israel. India and the UAE signed an agreement framework for the project in the last year. Abdelatty, a reporter, said: "The IMEC project is important, but we must understand that what has happened in the past two years shows that escalation can hinder cooperation and connectivity." He said that Egypt had suffered a loss in excess of $9 billion ever since the Iran-aligned Houthi began its attacks against ships in the Red Sea. The group claims it was acting in solidarity with Palestinians. He said, "We're paying a high price." "Every day, we used to see at least 75 ships cross the Suez Canal in both directions. It's down to 25 ships maximum, or at least 60%. Abdelatty arrived on Thursday in India for a bilateral visit of two days, where he met with Prime Minister Narendra modi. He will be meeting with executives from Indian companies as his country is pushing for more Indian investment. "We have an industrial zone in this area for China (and) Russia. He said that we encourage the creation of an Indian Industrial Zone alongside the Suez Canal Economic Zone. (Reporting and editing by William Maclean in New Delhi. Reporting by Shivam Patel from New Delhi)
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G7 looks to private capital to fill the trillion-dollar infrastructure gap in emerging markets
The Group of Seven industrialised countries' development finance institutions are launching an initiative in partnership with investors, to increase private money for the infrastructure projects that emerging markets require. Allianz Global Investors is a member and says that the world needs to spend $4.2 trillion on infrastructure every year. Two-thirds are in emerging markets. This is a huge task, made even more difficult by the cuts in aid from rich countries, as well as bilateral lending. Lori Kerr is the chief executive officer at FinDev Canada. She said, "This will mobilize capital in large amounts for infrastructure. It will also advance economic prosperity and sustainability in emerging and developing countries." The initiative, dubbed Infrastructure Investment Council, is being led by FinDev Canada under Canada's G7 Presidency. According to a private sector member, Natixis Investment Managers, development finance institutions from Britain and France, Germany, Japan, and Italy, are also part of this effort. Other private sector members include BlackRock Global Infrastructure Partners and General Atlantic's Actis, as well as Brookfield Macquarie, Ninety One and Brookfield. Many emerging markets lack the basic infrastructure that is needed to transform their economies. This includes clean water, power grids for all citizens, and ports, roads and rail lines. Private cash flow into some of these markets has been hindered by a variety of investment barriers. The press release also stated that the council's main goals will be to create investment vehicles to allow private capital to flow into emerging markets, and to facilitate the sharing of knowledge and expertise. (Reporting and editing by Dhara Raasinghe; reporting by Libby George)
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Sam Altman-backed Oklo to get $2 billion for US nuclear fuel development
The nuclear technology company Oklo announced on Friday that it had signed an agreement with Europe's newcleo in order to develop advanced fuel manufacturing and fabrication infrastructure in the U.S. According to the agreement, newcleo, a developer of nuclear reactors, plans to invest as much as $2 billion. Blykalla, a Swedish developer of advanced nuclear technology, is also interested in co-investing and purchasing fuel-related services. In premarket trading, shares of Sam Altman's Oklo rose 1.7%. After decades of stagnation in the U.S., nuclear power is gaining momentum. This is largely due to the surge in electricity demand for energy-hungry data centres and the electrification and transportation industries. The U.S. will regulate the investments, which include multiple projects. This will promote transatlantic co-operation and increase energy security. Further details about specific projects will be revealed in future agreements. The U.S. Energy Department selected Oklo along with three other firms in September for its pilot program, which builds advanced nuclear fuel pipelines as part of the Trump administration's efforts strengthening domestic supply chains. Oklo CEO Jacob DeWitte stated that fissioning excess plutonium was the best method to eliminate an legacy liability and create a near-term abundant fuel source. DeWitte stated that the fuel can be used to accelerate the deployment and scaling up of advanced reactors. (Reporting and editing by Shilpa Majumdar in Bengaluru, Mrigank Dhaniwala).
The October budget revenue for Russia's oil and gas sector is expected to fall by 21%
Calculations show that Russia's oil and gas revenues in October will fall by about 21%, to 950 billion Russian roubles (about $11.7 billion), compared to the same month a year ago, due to lower prices and an increased rouble. This is a blow to Moscow's largest source of income.
The projected decline will present more challenges to the Russian government. It is already facing a growing budget deficit, and it has been forced to raise taxes in order to finance increasing military and security expenditures.
The oil and gas revenues account for up to one quarter of the Russian budget. They are also the main source of funds for Moscow's ongoing military campaign against Ukraine.
According to calculations based upon data on oil and natural gas production, refining and supplies on the domestic and international market, October revenues are expected to increase by 63% month-over-month due to companies paying profit-based tax.
Calculations show that revenue for the first 10 month of the year will fall by 20,5%, to 7,56 trillion roubles.
On November 5, the Finance Ministry will publish its estimates for oil and gas revenues in October.
The Ministry initially projected 2025 oil revenues at 10,94 trillion, or 5% of the gross domestic product. However, this has been reduced to 8,32 trillion roubles.
(source: Reuters)