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Nigerian Dangote starts pricing local fuel in dollars citing crude oil supply constraints
Nigeria's Dangote Petroleum Refinery began?pricing fuel for the local market in U.S. Dollars on Tuesday. A company spokesperson cited difficulties securing enough crude under the 'naira for Crude' programme of the government and the rising price of oil globally. Launched in October 2024 the naira for crude programme allowed refiners in Nigeria to buy crude in their local currency, reducing pressure on the foreign exchange markets. According to a template for pricing that was circulated among marketers, Africa's largest refinery with a 700,000 barrels-per-day capacity has set the ex depot price of petrol to $0.779, diesel to $1.087, and aviation fuel to $0.942 per 1 litre. Vice president Edwin 'Devakumar of the Dangote Group said that the refinery was absorbing currency mismatches by selling products in Naira and sourcing crude oil in dollars. However, limited crude supplies under the naira for crude programme have undermined the viability of the arrangement. The state-owned oil firm NNPC increased Dangote’s allocation in 'May to seven cargoes from five. However, the refiner said that it needs 13 to 15 cargoes a'month and is forced to import the rest at international prices. The decision could increase the demand for dollars by fuel marketers, and make domestic fuel rates more sensitive to fluctuations in exchange-rates. The regulator of the sector,?the Nigerian Midstream and Downstream Petroleum Regulatory Authority(NMDPRA), didn't immediately respond to a?request for comment. Dangote is a major local fuel supplier and has helped reduce Nigeria's dependence on imported fuel. However, it has not been able to supply enough volumes.
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Authorities report that several people died in a fire on a construction site near Brussels.
Local authorities reported that six people are still missing after a fire broke out at a building site in Brussels on Tuesday. A spokesman from the local labour inspection service confirmed that an unspecified number bodies were found in the elevators of the large renovation project at the central 'Place de Brouckere, where a fire started early on Tuesday morning. Brecht Speybrouck, a spokesman for the local labour inspection service, said that they had a small view of one of two elevator cabinets where we could see?corpses from two or three people. Six workers are still missing, and it is unclear what caused the fire. Three people were 'taken to hospital' by the local fire brigade. Belgian broadcaster VRT, citing fire brigade, said that an initial fire on the lower floors was 'contained fairly quickly. Firefighters said that flames from the elevator shafts sparked a new fire in the underground floor.
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Warren Buffett stops Gates Foundation donations following Epstein revelations
Warren Buffett announced on Tuesday that he had stopped giving money to the Gates Foundation following revelations regarding interactions between Microsoft co-founder Bill Gates, a philanthropist and former sex offender Jeffrey Epstein. Buffett said he will donate about $6 billion worth of?Berkshire Hathaway shares, which is 12 million Class B Shares, as part of his mid-year annual donation to four foundations run by his sons Howard, Peter, and daughter Susie. The 95-year old Berkshire Chairman did not mention Gates Foundation which has received over $47 billion in stock from the conglomerate since Buffett made an irrevocable promise to donate shares during his lifetime. Buffett donated more than $4.5billion last year. Buffett stated in a press release that "of course, death is unpredictable but my remaining shares are going to be donated one way or another by December 31, 2034." The Gates Foundation did not immediately respond to comments. Berkshire didn't immediately respond to additional comments. GATES REGRETS ITS TIES TO EPSTEIN Bill Gates' reputation has been tarnished since the U.S. Department of Justice released files on Epstein in February. The photos included a photo of Gates posing alongside the financier and a picture with women whose faces had been redacted. Emails showed Epstein's communications with the staff of the foundation. Gates admitted to Congress in June that he did not "fully understand" the extent of Epstein’s crimes, even when he met with him for meetings centered on possible philanthropy. Gates, 70 years old, has never been charged with a crime. Gates, 70, has expressed his regret at having any connection with Epstein. He denies spending time with victims who were abused by Epstein. Buffett has given away more than half of his Berkshire shares since 2006, when he started giving his fortune to charity. Buffett owned 14% of Berkshire stock prior to the latest donation and was valued at $147 billion according to Forbes magazine. Buffett will donate 9 million Class B Berkshire shares to the Susan Thompson Buffett Foundation. He'll also give 1 million shares each to the Howard G. Buffett Foundation, Sherwood Foundation, and NoVo Foundation. He stated that his goal was for the grants to?increase annually and for the Susan Thompson Buffett Foundation grants to grow a little faster. Susie Buffett is the director of Susan Thompson Buffett Foundation which supports reproductive health. The foundation is named after her mother, who was Warren Buffett’s first wife. The Sherwood foundation supports Nebraska nonprofits, and early childhood education. Howard G. Buffett Foundation is focused on combating global hunger, human trafficking, and reducing conflicts. NoVo Foundation initiatives are focused on girls and women who are marginalized, as well as indigenous communities.
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Data centres: where authorities restrict them amid AI boom
As concerns grow over rising electricity costs, water shortages, land scarcity, and the burden on local communities resulting from the AI boom, many governments, regulators, and cities are moving to restrict, ban, or freeze new data centre construction. Here are some examples. NEW YORK STATE, U.S. Governor Kathy Hochul has imposed a construction moratorium of one year on data centers that use 50 megawatts or more in power. This makes New York the very first state to do so. During this time, the Department of Environmental Conservation of the state will not be issuing new permits until officials have developed standards to assess the environmental impact of the data centers. MAINE, U.S. (vetoed) Governor Janet Mills has vetoed a bipartisan bill that would 'have enacted a 18-month ban on new data centres using more than 20MW of electricity, a measure which would have been?the first of its type in the U.S. Mills said she was in favor of a moratorium but objected that the bill failed to make an exception for one specific project in Jay. MONTEREY PARK (CALIFORNIA), U.S. Residents of the city voted in June 2026 to ban data centers permanently, making it the first U.S. City to do so. This was in response to public outrage over the planned facility. AMSTERDAM (NETHERLANDS) In 2019, the city placed a moratorium of one year on any new data center developments. It banned new data centres or expansions in the municipality until at least 2030. Microsoft was approved in January 2026 to build a project that is divided into three towers. Each tower falls below the size threshold. DUBLIN (IRELAND) (restrictions now lifted). Ireland's grid operator has effectively blocked new data center connections around Dublin from 2021, after warnings that the facilities were straining the grid. In December 2025 the freeze will end and new connections must be made to generate their own power.
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Gold gains over 2% after soft US inflation data
Gold rose more than 2% Tuesday, after inflation data that was softer than expected boosted expectations of the U.S. Federal Reserve taking a less hawkish position. Gold spot rose 2.1%, to $4.083.99 an ounce at 8:49 am EDT (1249 GMT), having fallen to its lowest price since July 1, earlier in the day. U.S. Gold Futures rose 2.2% to $4091,80. Other currency holders can now afford greenback-priced gold because the U.S. Dollar has fallen by 0.6%. "Gold gallops higher on a subdued CPI that saw headlines dive lower, but more importantly core unchanged?versus 0.2%. "This should reduce expectations for rate hikes at least in the July and September meetings," said Tai Wong, a metals trader. Consumer inflation in the United States slowed down more than anticipated in June. Consumer Price Index rose?by 3.5 percent in the 12-month period ending June, after surging by 4.2% in may, while core CPI inflation remained unchanged over the month after rising 0.2% in earlier months. After the data was released, traders ceased to bet that the Fed will raise rates at its meeting on July 28-29. The focus is also on the remarks of Fed Chair Kevin Warsh who will deliver to Congress, at 10 am ET, the semi-annual report from central bank about monetary policy. ET. Investors will also be looking at the U.S. Producer Price Index data due on Wednesday. The geopolitical situation has been sparked by Iran firing ballistic missiles into a U.S. air base in Jordan, and the United States attacking Iranian targets for 5 hours in a battle for control of Strait of Hormuz. This has caused oil prices to reach four-week highs. Wong stated that the resumption'serious hostilities' with Iran would have already pushed headline inflation higher in this month. Therefore, gold's rise will be moderated to $4,200 within a few sessions, and $63-$64 silver may not be out of question. A higher inflation rate could prompt central banks?to keep interest rates high for longer. This would put pressure on assets that do not yield much, such as gold. (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Diti Pujara) (Reporting and editing by Diti Pjara in Bengaluru)
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Warren Buffett stops Gates Foundation donations following Epstein revelations
Warren Buffett has confirmed that he's stopped donating to the "Gates Foundation" following revelations regarding interactions between the Microsoft co-founder and philanthropist,?Bill Gates? and the late sex offenders Jeffrey Epstein. Buffett announced on Tuesday that he will donate about $6 billion in Berkshire Hathaway shares, which includes 12 million Class?B shares to four family foundations, overseen by Susie, his daughter, and Howard, and Peter, their sons. He said he would donate the remaining Berkshire stock "one way or another" to four foundations by December 31, 2034. Buffett, who is 95 years old, did not mention that the Gates Foundation has received over $47 billion in stock from the conglomerate since Buffett made his irrevocable promise to donate shares for the rest of his life back in 2006. Buffett donated'more than $4.5billion last year. Bill Gates told members of Congress that he did not "fully understand the extent" of Epstein’s crimes at the time he partnered with the late convicted sexual offender in order to raise money for his philanthropic foundation. Gates testified that he had never seen Epstein engage in criminal behavior. Reporting by Jonathan Stempel, New York; editing by Andrew Heavens
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Oil prices rise after Trump's Hormuz levies threat
U.S. Stock Futures traded in choppy trade on Tuesday, after President Donald Trump announced that the U.S. was reinstating its ban on Iranian shipping. Investors also 'picked through' the earnings reports from Wall Street’s largest banks. The U.S. Military carried out strikes against Iran overnight. President Donald Trump reinstated the blockade of Iranian ships and proposed charging a fee of 20% to guard Strait of Hormuz. S&P futures were 0.1% lower during early European trading, while Nasdaq's futures remained 0.5% higher. Brent crude futures rose around $2.80 to $86.19 per barrel, the highest since mid-June. U.S. Crude Futures rose $1.60 to $79.78. Investors were spooked by the escalating tensions between the U.S. and Iran. They analyzed quarterly earnings of companies like oil giant BP or telecom equipment maker Ericsson in order to assess how this conflict will affect corporate health. Travel and leisure, which fell 2% last year, was the main drag on the pan-European STOXX 600. After a volatile Asian trading session, MSCI's broadest world share index slipped into the red as European trading began. The markets were also shaken by the hawkish remarks made on Monday by Federal Reserve Governor Christopher Waller. He said that the U.S. Central Bank may have to increase interest rates in the "near term" if inflation continues well above the 2% target. Bruno Schneller is the managing partner of Erlen Capital Management in Zurich. He said that the markets enter Tuesday at a critical 'inflection point' as investors weigh three competing factors: renewed geopolitical tensions, the beginning of the second quarter earnings season and the June U.S. Inflation data. He added that "these events will likely determine whether or not the recent rally becomes more selective." The U.S. CPI is scheduled to be released on Tuesday. Following that, Fed Chair Kevin Warsh will make comments and deliver the semi-annual report of monetary policy from the central bank to Congress. This data will help to shape expectations for the next Fed meeting, which takes place on July 28-29. The markets currently expect a rate hike of 25 basis points to be around 40%. The rate-sensitive U.S. 2 year Treasury yield last stood at 4.26%. It was its highest level since February 2025 and it rose?2 basis point on the day. The yield on U.S. Treasury 10-year bonds was up by 2 basis points to 4.61%. Chinese shares surged earlier in trading after export and import data released on Tuesday exceeded economists' expectations. They closed 2.15 percent higher. South Korean stocks rose by 0.7%. Taiwanese stocks fell by 1.42%. In a recent research note, ING analysts wrote that "China's imports and exports?surged up to their highest levels since 2021 when the pandemic-skewed data was available." The tech boom is supporting growth on both sides. Stocks on Wall Street have been falling overnight. The S&P 500 ended 0.8% lower, and the Nasdaq Composite dropped 1.6%. The U.S. Dollar Index, which measures greenback strength against a basket of currencies, slipped 0.2% lower to 101.09 and traded around its highest levels in the last month. Gold rose 0.7% to $4,029.27. The Nikkei closed 0.7% higher in Tokyo after Finance Minister Satsukikatayama stated that Japan could consider changing the strategy of its Government Pension Investment Fund, if the investment climate changed dramatically, without providing further details. Bitcoin rose 0.8% to $62,782.48. (Reporting and editing by Kevin Buckland in London, Stephen Coates in Singapore, William Maclean; Editing by Nell Mackenzie, Gregor Stuart Hunter, William Maclean.
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Fire at Jain Resource Recycling Plant in India kills one and injures several others
The company reported that a 'furnace explosion' triggered a fire in a Jain Resource Recycling manufacturing facility in India’s Tamil Nadu. The 'firm' said that it was evaluating the extent of damage caused by the fire and has temporarily suspended operations in the affected section. According to its LinkedIn 'page, Jain Resource Recycling converts scrap metals such as aluminum, copper and lead into 'raw materials' used in the construction, automotive and electrical industries. Vedanta Sterlite Copper, Luminous Power Technologies and Mitsubishi Corporation RtM Japan are among its?customers.
New York is the first state in the country to ban data centers
New York was the first state in the?U.S. state on Tuesday to halt construction of ?large new data centers, imposing a one-year moratorium as concerns grow ?that ?the facilities driving the artificial-intelligence boom are raising power costs, straining water supplies and burdening local communities.
The moratorium places New York in the forefront of the growing national debate on how to manage infrastructure required to support AI. As technology companies race to build new data centres, legislators and regulators are considering measures to limit the impact on electricity grids and utility bills, as well as local communities.
Kathy Hochul, Governor of New York, said, "Data center development threatens our natural resources and will increase utility bills for New Yorkers. It is my responsibility to lead and take action." Hochul said that she will also work to repeal the sales tax exemptions on large data centers.
Officials in the Governor's Office said that the construction ban would apply to data centres using 50 megawatts of power or more.
The Governor's Office said that during the moratorium the Department of Environmental Conservation of the state will not issue any permits discretionary, which aren't already complete.
Hochul instead directed state officials in order to create a Generic Environment Impact Statement, which will ensure that all new data centers are subject to "consistent standards" and examine any potential environmental impact of construction and operation data centers.
Hochul's Office says that the ban will be lifted when?the state finalizes these standards.
DATA CENTERS - BACKLASH
The New York legislature passed a law last month to place guardrails around data centers. However, it hasn't yet been signed by Hochul. The bill is aimed at data centers that use more than 20 megawatts, which gives it a broader scope than the executive order of Tuesday.
Hochul's officials described the bill as complex, and said that it would take time to "work through" the issue with the legislature.
Data center operators Digital Realty, Equinix, and NTT Data did not respond immediately to requests for comments on New York's decision. Neither did so-called hyperscalers Alphabet and Microsoft, Meta, Amazon, and Oracle.
Data centers are expanding in the United States, driving up electricity costs and power consumption in large areas of the country. This has sparked local and political outrage.
According to a recent Ipsos survey, only one third of Americans approves of the rapid pace?of data center construction. Most would be opposed to building one in their community.
Dozens state legislatures have introduced bills to curb the effects of data centers on electricity bills and the environment. New York was the first state to implement a complete moratorium.
Maine Governor Janet Mills, in April, vetoed the bill that would have placed a similar?freeze on these facilities.
According to a report released by the independent grid operator of New York, as of May there were over 12 gigawatts worth of large energy users, such as data centers, waiting to be connected to the grid of the state. A gigawatt can power approximately 750,000 homes.
According to U.S. Energy Department data, New York is the eighth most expensive state in the nation for residential electricity.
New York's high land costs and limited power supply have, compared to other states such as Texas and Ohio?limited the interest in data centers. However, server warehouses are still interested.
According to Data Center Map the state has over 130 data centers compared to more than 600 in Virginia, and around 500 in Texas. (Reporting from Washington by Jasper Ward; Additional reporting by Laila K. Kearney; Valerie Volocvici; Deborah Sophia; David Gaffen; Joyjeet Das; editing)
(source: Reuters)