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Alphamin, a Congo tin mining company, says that production has resumed after the rebels withdrew.
Alphamin Resources announced that it had restarted the tin production in its Bisie mine, located in eastern Democratic Republic of Congo. This was after rebels retreated from the nearby town of Walikale. In a statement, the miner stated that it was processing tin-ore stockpiled and plans to resume activities at its underground mining facility later this month when more employees return to their jobs. Alphamin temporarily halted its operations in Bisie in March, which produced about 6% of the global tin supply a year. A rebel group backed by Congo’s eastern neighbor Rwanda advanced into Walikale, a town adjacent to Bisie. After capturing Goma and Bukavu in early 2018, the M23 rebels quickly advanced towards Walikale, two key cities in Congo’s North and South Kivu Provinces. The rebels left the town at the beginning of this month, after they agreed to engage in talks with the government as part of a peace agreement mediated with the U.S. Government. The Toronto-listed firm also announced that it had resumed exports. Alphamin has lowered its production forecast for tin to 17,500 tonnes from 20,000 tons earlier due to disruption. Alphamin produced around 17,000 tons last year. Alphamin reported that production in the quarter ending March fell 18%, to 4,300 tonnes, compared with 5,200 tons the previous quarter. Felix Njini reported from Johannesburg. Jane Merriman, Topra Chopra and Jane Merriman edited the article.
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Sources say that TK Elevator owners are considering the US as a potential multi-billion dollar IPO.
Three people familiar with the matter said that TK Elevator owners are considering the United States for a possible initial public offering (IPO) next year despite the market turmoil caused by U.S. Tariffs, which has slowed the pace of dealmaking. The people, who spoke on condition of anonymity as the matter was private, said that the discussions are still at an early stage, and the preparations will be formalised by the end of 2025 with a view of conducting a company sale or listing next year. People said that the business would likely be valued at over 20 billion euros in a transaction. However, there is no certainty about a deal, and the timing may change based on the market's developments. The company stated that the United States accounted around 35% of TK Elevator’s total sales in 2023/2024, which stood at 9,3 billion euros. One of the people who spoke said that the U.S. also has the sector leader Otis which commands the highest multiplier among its peers. This is one of many reasons it is being considered for an IPO. Thyssenkrupp sold its elevator business in 2020 - later renamed TK Elevator – for 17.2 billion euro to a group of bidders, led by Advent, Cinven, and Germany's RAG Foundation. Advent, Cinven and TK Elevator declined to comment about any potential IPO plans. In an emailed comment, TK Elevator said that it is committed to its growth, as well as the customers, partners, and stakeholders. U.S. ALLURE The recent actions of Titan Cement International and Holcim, both Swiss companies, have highlighted the hotly debated issue. The London Stock Exchange is trying to discourage companies from going to the U.S. LSEG data shows that TK Elevator ranks fourth in the world for elevator sales, behind U.S.-based Otis and Schindler, as well as Finland's Kone. These companies trade at an average EV/EBITDA multiplier of 14.8, according to LSEG. This ratio, based on an adjusted EBITDA (Earned Before Interest and Taxes) of 1.5 billion euro in fiscal year 2023/24, would give TK Elevator a value of over 22 billion euros. TK Elevator's sales have increased by over 16% since the fiscal year 2020/2021, and its adjusted EBITDA has grown by more that a third. This has resulted in an operating margin around 16%. The strong global demand, and stable service business, are to thank for this. Alat, a Saudi tech company, bought a 15% share in TK Elevator in February. It also launched a 160-million euro joint venture for elevator and escalator systems in Saudi Arabia. Thyssenkrupp said last year that a minority share it still held in the elevator business had a book valuation of 1 billion euro. It added it was flexible about its options, which depended largely on what TK Elevator’s majority owners did.
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Nigeria reduces electricity subsidies by 35% following tariff hike
Adebayo Adelabu, the Power Minister, announced on Thursday that Nigeria had achieved a reduction of 35% in electricity subsidies after a tariff hike implemented last year. This has eased some pressure on the public finances in Africa’s most populous country. Nigeria's power industry is burdened with a failing grid. Gas shortages, high credit and vandalism are also major problems. Many rely on expensive generators. Because the existing electricity tariffs weren't commercially viable, Nigeria spent nearly 200 billion Naira ($125.01 millions) per month on subsidies. Last year, the government eliminated subsidies for 15% of customers who were classified as heavy users. This included households and businesses that consumed more electricity. Adelabu said at a press conference in Abuja, that the targeted tariff adjustment had yielded important results. "The market generated an additional 700 billion Naira in revenues, which represents a 70% increase". The government has reduced its tariff deficit from 3 trillion to 1.9 trillion Naira. The power sector is still facing deep-seated challenges. The country's installed capacity is 13,000 megawatts but it produces about a third. This increases the need for expensive alternatives. The state-controlled electricity tariffs have historically been too low to allow distribution companies to pay their costs, and to pay generating firms. This has led to a ballooning of debt within the sector. The debt owed by power companies to the country has reached $4 trillion ($2.50 billion), causing plant closures. Adelabu stated that there are plans in place to ease the burden of debt, and the government will pay half the debt through budgetary allocations as well as promissory note discounts by companies. ($1 = 1599.8300 Naira) (Reporting and editing by Frances Kerry).
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Gold's record rally stops as investors cash out gains
Gold prices fell on Thursday, after a steep rise the previous day, as investors booked their profits before a long weekend. However, a softer dollar, and the escalating U.S. China trade tensions, kept gold above the $3300 per ounce mark. As of 8:58 am, spot gold was down 0.5% at $3,326.51 per ounce. ET (1258 GMT), the session ended with a record-high of $3,357.40. Bullion is up nearly 3% in the last week. U.S. Gold Futures fell 0.2% to $3,339.90. Tai Wong is an independent metals dealer. He said that gold may experience a short-term decline given its dramatic surge this week. There is a risk that there could be a deal announced this weekend, possibly with Japan. Gold's trajectory is still higher, however, given the deep uncertainty and concern that continue to plague asset markets. Gold prices rose 3.6% on Tuesday, mainly due to the U.S. president Donald Trump's decision to launch a probe on potential tariffs for all imports of critical minerals, as well as reviews on pharmaceuticals and chips imports. In one of the few face-to-face meetings since Trump's barrage of tariffs on global imports caused a market uproar and stoked fears of recession, Trump announced "big progress" on Wednesday in his negotiations with Japan. The dollar index rose on Thursday but still headed for a weekly decline. Gold becomes cheaper for other currency holders when the dollar weakens. We remain bullish on gold. Metals Focus, a consultancy, said that near-term corrections will likely occur as players tactically take profits or may experience margin calls due to another round of equity liquidity. Other metals, such as spot silver, fell by 0.9%, to $32.46 per ounce. Platinum dropped 1%, to $957.18. Palladium declined 2.3%, to $949.72.
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Italy will meet NATO's defence spending target of 2% GDP this year
Giancarlo Giorgetti, the Economy Minister at a Thursday hearing in parliament, said that Italy would meet NATO's target of 2% GDP on defence expenditures this year. According to NATO, Italy's projected defense budget for 2024 is 1.49% GDP. This is one of the lowest levels of any country in the alliance. The United States are putting pressure on Italy to increase its expenditures. Giorgetti, speaking to lawmakers about Italy's multiyear budget plan, said: "We are acutely conscious of the need for this expenditure to increase in the coming year." Giorgetti stated that Italy's accounting criteria would need to be adjusted to conform to NATO rules, and items previously excluded from defence spending will now be included. Included in this are moneys spent on certain civil technologies and pensions for retired soldiers. Donald Trump, the U.S. president, is pressuring NATO allies to increase military spending up to 5% of their GDP. This was something that Italy's Minister of Defence Guido Crosetto called "unthinkable" this week. The European Commission proposed that member states could increase defence spending by 1,5% of GDP every year for four consecutive years without any disciplinary measures, which normally kick in when a government's deficit reaches 3% of GDP. Giorgetti stated that Italy, which is heavily indebted, does not plan to use this leeway at the moment. GROWTH PROBLEMS The central bank of Italy, which also testified before the parliament on Thursday, stated that defence spending could be increased partly by borrowing extra and partly by other budget savings and tax increases. The government's latest economic targets, released last week by the Ministry of Finance, committed to keeping its budget deficit under control even though it cut its growth forecasts this year and the next due to uncertainty surrounding U.S. tariffs. The UPB, the Italian parliamentary budget watchdog, forecasted on Thursday that Trump tariffs would lower Italy's GDP 0.3 percentage points. This could lead to a loss of 68,000 jobs. The report did not specify a timeline. The Bank of Italy has warned that delays in the allocation of the money, which was supposed to happen by 2026, could lead to missed targets. The government has set ambitious goals to recover lost ground. It spent around 72.81 billion euros (66.81 billion dollars) in March, or 34% of EU funds available. Budget framework projects EU COVID fund expenditures of 40 billion euro in 2025. Next year, the budget forecasts 80 billion euro and 12 billion in 2027. Giorgetti stated that it was inevitable that a part of the expenditures would have to be accounted for beyond 2026.
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Putin's envoy to Russia says that Witkoff's contacts with the Russians are extremely productive
Putin's investment representative said that the meeting between Russian President Vladimir Putin and U.S. president Donald Trump's Special Envoy Steve Witkoff, was very productive. However, various countries were trying to disrupt dialogues between Moscow Washington. Putin and Witkoff spoke for nearly five hours in St. Petersburg, the former imperial city. Yuri Ushakov and Kirill Dmitriev, Putin's investment envoy, were also present. Kirill Dmitriev, a reporter in the Kremlin at the time of a visit to Moscow by Qatari Sheikh Tamim Bin Hamad al-Thani, said that "the meeting was extremely fruitful." Dmitriev added that a variety of unidentified media spread misinformation. "A very constructive dialogue is taking place." The dialogue is taking place in difficult circumstances - there are constant attacks and misinformation. Witkoff, after the meeting with Putin told Fox News it was now clear what Putin wants for a lasting peace in Ukraine. Witkoff said that the Russia-U.S. relations could be "very, very significant for the world." He added that the relationship between the two countries also offered "very compelling business opportunities". (Reporting and editing by Guy Faulconbridge; reporting by Vladimir Soldatkin)
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Sources say that TK Elevator owners are weighing up the US dollar for a potential multi-billion euro IPO.
Three people familiar with the matter said that TK Elevator owners are considering the United States for a possible initial public offering (IPO) next year, despite the market turmoil caused by U.S. Tariffs, which has slowed the pace of dealmaking. The people, who spoke on condition of anonymity as the matter was private, said that the discussions are still at an early stage, and the preparations will be formalised by the end of 2025 with a view of conducting a company sale or listing next year. People said that the business would likely be valued at over 20 billion euros in a transaction. However, there is no certainty about a deal, and the timing may change based on the market's developments. One person said that the United States is TK Elevator’s largest market. It is also home to the sector leader Otis which commands the highest multiplier among its peers. This is one of many reasons it is being considered for an IPO. Thyssenkrupp sold its elevator business in 2020 - renamed TK Elevator subsequently - to a consortium led by private equity firms Advent and Cinven, as well as Germany's RAG Foundation - for 17,2 billion euros. Advent, Cinven, and RAG declined to comment. TK Elevator did not respond to a request for comment immediately. The recent actions of Titan Cement International and Holcim, both Swiss companies, have highlighted the hotly debated issue. Fourth largest The London Stock Exchange is trying to discourage companies from going to the U.S. LSEG data shows that TK Elevator ranks fourth in the world for elevator sales, behind U.S.-based Otis and Schindler, as well as Finland's Kone. These companies trade at an average EV/EBITDA multiplier of 14.8, according to LSEG. This ratio, based on an adjusted EBITDA (Earned Before Interest and Taxes) of 1.5 billion euro in fiscal year 2023/24, would give TK Elevator a value of over 22 billion euros. Since the fiscal year 2020/2021, TK Elevator's sales have increased by over 16%. Its adjusted EBITDA has also increased by over a third. This has resulted in an operating margin around 16%. The strong global demand, and stable service business, are to thank for this. Alat, a Saudi tech company, bought a 15% share in TK Elevator in February. It also launched a 160-million euro joint venture for elevator and escalator systems in Saudi Arabia. Thyssenkrupp said last year that a minority share it still held in the elevator business had a book valuation of 1 billion euro. It added it was flexible about its options, which depended largely on what TK Elevator’s majority owners did.
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Sources say that Brazil's Petrobras is considering outsourcing the operation of its fertilizer plants.
Three sources with knowledge of the talks said that Brazil's state oil company Petrobras was considering holding a tender for a company to run its nitrogen fertilizer facilities in Bahia State and Sergipe State. The move is intended to restart production at these facilities. On condition of anonymity, sources stated that the board of the company is expected to meet Thursday to evaluate this proposal. This would involve Petrobras taking back management of the two units currently leased by Unigel. Petrobras didn't immediately respond to an inquiry for comment. Petrobras leased the two units to Unigel for 10 years in 2019, but since 2023, they've been paralyzed as Unigel claimed that Brazil's high natural gas prices made it uneconomical. A source said that the board meeting to find a solution on how to resume the units was rescheduled multiple times over the past few weeks due to the lack of consensus between board members. Brazil is heavily dependent on imported fertilizers. Prior to the current proposal was the possibility that Petrobras could directly engage Unigel for the operation and maintenance of the units, a measure which would have already had Unigel's consent. Another source said that board members rejected this option, arguing that the state-owned firm cannot do this without a proper tender. Petrobras, Unigel and other parties are in dispute over the lease contract. It wasn't immediately clear whether the current proposal included a negotiated resolution between the parties. Reporting by Marta Nogueira, Rodrigo Viga Gaier and Isabel Teles. Editing by Ana Mano & Alison Williams.
A minimum of 22 reported dead as storm John dissipates over Mexico
Homeowners in southwestern Mexico on Saturday left from homes flooded by the remnants of Typhoon John that ravaged the Pacific shoreline for a week, bringing lethal floods and landslides that left 22 people reported dead.
In Guerrero, the worst-hit state and among Mexico's. poorest, 18 people were eliminated, according to local media, numerous. due to mudslides that squashed homes. To the south, regional media. reported three deaths in Oaxaca, and a young kid died in a river. to the north in Michoacan state.
John rapidly enhanced into a major typhoon on Monday. before tearing into Guerrero. It dissipated then reformed. offshore and for the remainder of the week skimmed the shoreline. north, bringing downpour and floods.
John began dissipating on Friday and is no longer thought about. an active storm.
Guerrero state governor Evelyn Salgado shared images on X of. emergency situation responders in the significant resort city of Acapulco. carrying out rescue operations by boat, jetski and helicopter,. and citizens wading through roadways flooded approximately waist-high.
Salgado said access to the airport had actually been restored on. Saturday early morning.
Citizens with kids who evacuated from flooded. communities on dinghies and surf boards asked authorities for. assistance as the city, still recovering from a disastrous 2023. storm, faced a second disaster in less than a year.
Last October, Typhoon Otis struck Acapulco as a Category 5. storm that quickly heightened off the coast, leaving over 50. individuals dead and billions of dollars in damages. However John's. rainfall nearly tripled the rain generated from Otis.
A lot of water has come down, resident Jazmin Barrera informed. UnoTV. We have not seen the sun since Monday. I think this time. around has actually been more devastating.
Heavy rains and thunderstorms are anticipated across. Guerrero and parts of Oaxaca later on Saturday, but authorities. in Acapulco said the floodwaters were starting to fall back.
Shelters and kitchen areas have been established and food supplies. are being dispersed, President Andres Manuel Lopez Obrador. said on X. Luckily, the water is now declining and aid to. the victims will continue.
Meteorologists state warmer ocean temperature levels are giving more. fuel to hurricanes, allowing them to end up being more powerful much faster and. leaving coastal communities less time to brace for their blow.
(source: Reuters)