Latest News
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Valero Energy's profit beats expectations for the third quarter on higher margins
Valero Energy, a U.S. refiner, surpassed Wall Street's expectations on Thursday for its third-quarter profits. This was due to a rebound in the refining margins. After two years of record profits, the refining margins rebounded in 2024 from their multi-year lows. This was due to refiners taking advantage of supply shortages that were caused by geopolitical tensions affecting Ukraine. U.S. refinery profit margins measured by the 3-2-1 Crack Spread In the third quarter, grew by nearly 29% in average compared to a year ago, aided by high diesel and gasoline margins, boosted both from robust demand and low inventory. The company reported that its average daily throughput volume increased to 3.1 millions barrels in the third quarter from 2.9million bpd one year ago. Valero’s refining profit per barrel was $13.14 compared to $9.09 one year ago. According to LSEG data, the company's adjusted profit for the three-month period ended September 30 was $3.66, compared to analysts' expectations for $3.05.
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Russian rouble strengthens vs dollar despite US oil sanctions
Analysts say that the Russian rouble could be supported in the short term by the United States' sanctions against Russia's largest oil companies. In his latest policy change on Moscow's conflict in Ukraine, U.S. president Donald Trump imposed sanctions against Rosneft (Russian oil company) and Lukoil (Indian oil company). This caused global crude prices to increase by over 4%. India also considered cutting Russian imports. The rouble had been trading flat against the Yuan at the Moscow Stock Exchange at 0950 GMT. Sofya Donnets, T-Investments, said that sanctions are a factor in foreign currency revenues. However, until November 21, a rapid inflow of currencies is possible as sanctioned firms bring in money. She added, "We expect some volatility in the short term." The U.S. gave Rosneft, Lukoil and their subsidiaries until November 21, to end operations. Analysts at VTB said that "Lukoil will be more inclined than Rosneft to repatriate their funds back to Russia. This includes not only the current revenue in foreign currencies but also previous accumulated resources." This could be a major support for the rouble in the future." The Russian stock exchange fell by 3.5%. Lukoil was among the top five losers with its shares dropping by more than 4%. Rosneft's shares dropped by 3%. Around half of Russia's oil production is produced by these two companies. Analysts say the measure may force Russia to discount its oil further on the world market to offset the risk secondary U.S. sanctions. However, this could be mitigated if global oil prices rise, which would support the rouble. (Reporting and editing by Ed Osmond, Gleb Bryanski)
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Greek divers remove ghost nets that destroy marine life
Divers have been working to remove abandoned fishing gear, or "ghost nets", from the coastline of Sapientza Island. These nets silently choke marine ecosystems. These nets are draped like curtains on the seabed and trap unknowing sea creatures. They slowly decompose into microplastics and poison the water and choke life. Divers worked quickly and efficiently to attach inflatable lift bags onto the heavy nets. Alexander Stavrakoulis said, as he scanned the horizon: "The ghost net creates a zone that is dead -- a zone where nothing lives." "Life is becoming outdated. It is important to remove these ghost nets as soon as you can. The legacy of farm-fishing threatens many of the sites in Sapientza. It is known for its pristine water and rich marine biodiversity. Aegean Rebreath, an environmental group, launched the cleanup in order to remove ghost nets at known hotspots. The nets are invisible to casual swimmers. They drift along with the currents and entangle everything they come into contact with. Plastics that are too small to be seen but toxic to eat can become microplastics as they degrade. Stavrakoulis said, "We can't just sit back and watch the sea life disappear." We have a duty to act. It's a great way to give back to the environment. George Sarellakos (46), founder of Aegean Rebreath, claimed that Greece's decades-old legal gaps had allowed abandoned fishing farms and discarded equipment to destroy marine habitats without being checked. He said: "Years have passed, but this phenomenon is still not addressed by any policy." What we need is an actual legal framework to prevent this from happening again. (Reporting and writing by TV, edited by Patricia Reaney; Ivana Sekularac).
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After a drone exploded over its territory, Kazakhstan announced that it would tighten control of the airspace.
The Kazakhstani defence ministry announced on Thursday it would tighten control over the airspace of the nation after a drone with "unknown origins" exploded near the border of Russia in the west of the country. In a Telegram statement, the ministry stated that the explosion took place in a remote region around 180km (111miles) west of Orenburg which was attacked by Ukrainian drones the previous week. The Ministry did not reveal the origin of the drone, but stated: "Consultations with foreign partners are also underway who may own these devices." The fallout from an intensifying campaign of Ukrainian drone attacks against Russian energy targets has hit Kazakhstan. The drone attack on Russia's Orenburg Gas Plant, which processes the gas from Kazakhstan's Karachaganak Field, severely reduced the plant's production capacity for several weeks. Kazakh officials announced price freezes for fuel and utilities earlier this month. The country's Energy Minister blamed the fallout from the Ukraine war on Wednesday. Astana has maintained warm relations with Moscow while also stressing that it supports the territorial integrity of Ukraine. Reporting by Mariya Gordeyeva; Writing by Felix Light, Editing by Guy Faulconbridge
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Mount Fuji in Japan sees snowfall 21 days later than normal
The top of Japan's Mount Fuji received snow on its summit for the first winter time ever, according to the Meteorological Agency. This is 21 days later than average, since records started in 1894. The snowfall this year was two weeks earlier than in 2024 when the snow fell on the 3,776 metre (12,388 ft) peak only on November 7 - the latest date since records began. The sacred mountain has been a symbol of Japan for centuries. Its snow-capped summit inspired many of Japan's greatest artworks, including Katsushika's "Great Wave Off of Kanagawa", which is now featured on the backside of the 1,000 yen note. Mamoru Mamatsumoto, of the Kofu Observatory office of the Meteorological Agency, told last year that the cause of the snowfall was unknown. In August, Japan's highest temperature ever was recorded in Isesaki, a city located northwest of Tokyo. It reached 41.8 degrees Celsius (107.8 Fahrenheit). According to the Kofu Observatory office of the Meteorological Agency, Fuji's first snowfall is the point in the summer when all or part the mountain is covered with snow or "white looking solid precipitation", as observed from below. (Reporting and editing by Kate Mayberry; Anton Bridge)
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World Diamond Council chief says that lab-grown gemstones are losing their sparkle
Feriel Zerouki, President of the World Diamond Council, said that lab-grown diamonds have lost their appeal because they are oversupplied and consumers are beginning to prefer natural stones. Natural diamond prices have been falling since mid-2022, after a peak earlier in the year. This is mainly because of the growing popularity of lab-grown gemstones among young jewellery buyers. Zerouki said in an interview on Wednesday at a mining convention in Luanda that a fall in lab-grown gem prices, due to increased production in China, India and other countries, had begun to undermine the confidence in synthetic gemstones. If you follow the latest trends, prices for lab-grown diamonds are falling. Zerouki stated that this is affecting consumer confidence in laboratory-growns. According to Edahn Golan, a diamond industry analyst, the wholesale price for one-carat or two-carat laboratory-grown stones has dropped by up to 96% in 2018. Experts warn that lab-grown diamonds' price could fall so low, that they will no longer be able to compete with diamonds in the bridal market. "I think that the bubble of lab-grown diamonds has burst. She added that there was a trend in the industry, even on a retail level, towards natural diamonds. Zerouki is Vice President for Trading and Industry of global diamond giant De Beers. He said that a recovery in the demand for natural stone would not occur by itself but will require initiatives like the Luanda Accord. This is an agreement between diamond-producing nations and companies to create a marketing fund for natural stones. According to the agreement, Angola and Botswana have agreed to dedicate 1% of the annual revenue from diamond sales to a promotion of natural diamonds.
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Source: Turkey will buy fighter jets from abroad until it has its own fighter planes ready.
A Turkish Defence Ministry official said that Turkey will buy necessary defence systems until its own fighter jet KAAN can be delivered. Reports on Wednesday said that Ankara has proposed ways to acquire advanced fighter jets to its European and American allies, amid discussions to purchase 40 Eurofighter Typhoons and U.S. F-16s or F-35s. This is happening as President Tayyip Erdoan makes a regional trip to Kuwait, Qatar, and Oman. According to a person with knowledge of the situation, under the deal that Britain is close to signing with Turkey on Typhoons the country would receive 12 aircraft, even if they were used, immediately from Qatar and Oman, in order for it meet its immediate requirements. When asked about the reports surrounding Erdogan's visit, the source stated that work on the Typhoon jets continues and the process is expected to be completed in a "suitable time." The source said at a briefing held in Ankara that until the domestic and national fighter plane KAAN is delivered, systems needed to fulfill the tasks assigned to Turkish Armed Forces will be purchased from other countries, primarily allies. (Reporting and editing by Jonathan Spicer; Tuvan Gumrukcu)
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Stocks surge on positive earnings; sanctions against Russia boost oil
The global stock market got a boost Thursday thanks to a series of positive earnings reports that helped offset some of the gloom in Wall Street due to a lacklustre performance by tech megacaps. Oil prices also rose following U.S. sanction against Russia. After the U.S. placed sanctions on Rosneft, and Lukoil, two major Russian oil companies over the Ukraine conflict. The STOXX 600 index rose 0.3% for the day, as positive earnings helped to boost the domestic indexes. The MSCI All-World Index, however, has slipped into the negative zone, and is on its way to its third consecutive day of decline. Chinese stocks dropped as much as 1,1% after sources reported that the White House was considering a plan aimed at curbing a range of software-powered products exported to China as retaliation against Beijing's recent round of restrictions on rare earth exports. Investors are on the defensive as Trump's Asia trip (next Monday) is causing geopolitical tensions, according to Charu Chanana of Saxo Bank, Singapore. The talk about U.S. software import curbs to China is hitting tech sentiment where it hurts. And renewed sanctions against Russia are a reminder of geopolitical risk that's not going away. Positive Earnings Surprises As earnings season begins, global equity markets are beginning to ease off their record highs. Although there have been some disappointing results or outlooks for megacaps, the majority of companies have so far surpassed analysts' expectations. Futures for the S&P 500, Nasdaq and Dow Jones were up between 0.1-0.2%. Tesla shares fell around 4% on Thursday morning after the company missed profit expectations despite a record third quarter revenue. There was still plenty of tech to be excited about. Shares of IonQ Computing, Rigetti Computing, and D-Wave Quantum jumped more than 20% after a report in the Wall Street Journal stating that the U.S. Government is in negotiations with several quantum-computing firms to exchange stakes for federal funding. After U.S. president Donald Trump imposed sanctions on Ukraine for the first time during his second term, oil rose by 3% to $64.68 per barrel. On the same day, EU member states approved a 19th set of sanctions against Moscow which included a ban on Russian imports of liquefied gas. Kyle Rodda is a senior analyst at Capital.com, in Melbourne. "Most Asian countries are net energy consumers, which is just a way to slow down growth and drive inflation." Reliance Industries, India's largest importer of Russian oil, plans to drastically reduce its imports in response to EU and U.S. sanction. Other Indian refiners are also expected to make significant reductions. DO NOT UNDERESTIMATE THE MAGIC OF RATE CUTS Investors' firm belief that the Federal Reserve will soon be on a rate-cutting frenzy helps to ease some of the anxiety over geopolitical tensions and trade conflicts. The markets show that traders expect U.S. interest rates to fall from 4% at the moment to 3% in June. "Never underestimate a Fed which cuts rates, and also the magic word: ending QT", IG Chief Market Analyst Chris Beauchamp, referring the central bank's programme of quantitative tightening, in which it reduces its holdings of Government Bonds to tighten up credit conditions. The dollar index which compares the U.S. dollar to six other currencies, rose 0.1% last week. It has been steadily rising since August when it hit a three-and-a half year low. Investors are more confident that the Fed will protect the economy. Gold, on its way to its largest weekly decline since May, rose 0.4% per day, reaching $4,110 for an ounce. Overnight, the price briefly approached $4,000 as investors took profits in anticipation of U.S. Inflation data this week.
Minister: Romania and EU agree to extend the operation of coal-fired power plants
According to Romanian Energy minister Bogdan Ivan, the European Commission agreed to postpone the shutdown of five coal-fired units in Romania until 2026 or 2029. This will reduce the risk of blackouts this winter and increase electricity prices.
For electricity production, the European Union uses a mixture of coal, gas, hydroelectric, nuclear, and renewable energies.
Bucharest's government had pledged to phase out hard coal and lignite by 2026, as part of its European Union-funded Recovery Funds package.
Five coal-fired plants generate 2.6 GW. Romania committed to closing 1,78 GW in December as part of its EU resilience funds package.
Ivan, a reporter, said that coal-fired power stations will continue to operate. "Three units until the end of 2029, and two units until the end of August 2026."
Ivan stated that the postponement of the project will allow Romania to replace coal-fired units with renewable and gas-powered generation.
The state-owned lignite holding company CE Oltenia partnered with OMV Petrom and Tinmar to replace coal assets by building solar parks and gas-fired plants. However, the projects are expected to be completed much later than originally planned.
Private developer MAS Group Holding has built a 1.7 GW gas and steam power plant in central Romania to replace the outdated hard coal generation.
Ivan stated that Romania would have had to pay 1.8 billion Euros ($2.1 billion) if Brussels refused to accept the postponement. (1 euro = 0.8575 dollars) (Reporting and editing by Luiza Ili;
(source: Reuters)