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IIR: Dangote refinery gasoline unit is operating at 60% capacity
In an email, IIR, a industry monitor in Nigeria, said that the Dangote oil refining company restarted its 204,000 barrels per day gasoline production on October 19, as planned. The run rate was 60%. IIR said that the unit will be expected to maintain this rate until a planned shutdown in December 2025 or January 2026 has been completed. A spokesperson from Dangote didn't immediately respond to a comment request. The unit's outage, which began late in August, improved export economics to West Africa, covering the shortfall. This helped boost European gasoline refinery margins. According to calculations, the news of the planned restart last week pushed the margins down to $16.50 per barrel on Monday from $20 per barrel on October 16 Kpler data indicates that gasoline exports to West Africa from Europe are on track to hit about 300,000 barrels per day in October. This is their highest level since May. Aliko Dangote built the 650,000 bpd refinery in Africa. It has been undergoing maintenance for several years, resulting in a reduced demand for crude oil. Reporting by Ahmad Ghaddar, Editing by Kirsten Doovan and Ros Russel
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Canada's inflation rate increases in September due to a smaller drop in gas prices
Data released on Tuesday showed that Canada's inflation rate rose to 2.4% annually in September. This was mainly due to a lower decline in gasoline prices compared to the previous month, and an increase in food prices. The Bank of Canada will meet later this month to make its next monetary decision. Economists will closely monitor the report to determine when it might be time for another rate cut. Money markets have put a probability of 86% on a rate cut of 25 basis points on October 29. This would reduce the benchmark rate to 2.25%. The Canadian dollar rose 0.12%, to 1.4018 US cents. The analysts polled predicted that the annual inflation rate would increase to 2.3% from 1.9% in august. StatsCan reported that the CPI increased 0.1% month-over-month in September after a decline of 0.1% in August. The Canadian government removed the carbon tax on gasoline that was keeping prices high all last year. The decline in August was greater than September, mainly because of a large drop in gasoline prices that occurred in September 2024. After a 2.4% increase in August, the CPI excluding gasoline rose by 2.6% in September. To gauge the price trend, economists have used the BoC's preferred measures of inflation that exclude the effect of tax measures. The CPI-median or the middle component of the CPI Basket, one of the BoC's preferred core measures of inflation that excludes the impact of tax measures, was 3.2% in September. This is unchanged from last month's upwardly revised annual number. StatsCan reported that the CPI-trim measure, which excludes extreme price changes, increased to 3.1% from 3.0% in September. Last month, the CPI basket had a share above 3% and below 1%. After a 3.4% rise in August, food prices rose 3.8% last month. This increase was due to an increase of 4% in food purchases from stores compared to a 3.5% rise in August. Statisticians said that the increase in grocery prices in September was the biggest year-over-year gain since April 2024. Rents contributed to the CPI's increase year-over-year, with a jump of 4.8% in September. This move brought shelter inflation, which is the largest component of the CPI, down to 2.6%. Promit Mukherjee, Dale Smith, and Paul Simao edited the report.
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M23 rebels have looted $70 million in gold from Congo mines since May, according to company reports
The company said that rebels who occupy Twangiza Mining’s gold concession located in eastern Democratic Republic of Congo have stolen at least 500 kg of bullion from May. It also accused some of its employees of assisting the theft. The looted gold, at current prices is worth approximately $70 million. The mine is in South Kivu, where M23 rebels, backed by Rwandans, staged an offensive lightning fast this year which allowed them to capture more territory than they ever had before. The mine was seized in May. Twangiza Mining, in response to questions about losses after M23 took over the mine, said that they had transported a first batch of 50 kg gold in a short period of time with the help of a few employees. The company stated that "since the occupation they have secretly obtained and transported at least 500kg gold through underground channels." M23 didn't immediately respond to our request for a comment. Twangiza Mining is a Congo-based company that describes itself as Chinese. It has lost more than 100 kg of gold per month since it was taken over, along with $5 million in equipment and materials. It said that the company was preparing to submit a formal complaint before international arbitrators and Congolese officials, and had declared force majeure. The rebels were accused of expulsion, demolishment of churches and the use Rwandan technicians for geological data extraction to resume and expand mines. There are still more than 150 workers on the site. The company stated that it was unable to contact them. The Rwandan government didn't immediately respond to an inquiry for comment. On October 15, a drone strike destroyed the power generation infrastructure of the mine. The drone strike's perpetrator is still unknown. The fighting in eastern Congo this year has resulted in the deaths of thousands and displacement of hundreds of thousands. According to U.N. inspectors, armed groups have taken over several mining sites located in the mineral rich eastern Congo. According to a U.N. Security Council report last year, M23 rebels earn around $300,000.00 per month from mineral taxes in Rubaya's coltan rich region. In June, U.S. president Donald Trump mediated a peace agreement between Congo and Rwanda as part of a plan to stabilize eastern Congo and attract Western mining investment. Rwanda has denied supporting M23 rebels despite claims from U.N. officials and regional governments. Qatar has hosted direct talks between Congo's M23 and Qatar. As part of this process, the two sides missed a deadline in August for a deal on peace. However, they did agree to a monitoring system for a possible ceasefire. Maxwell Akalaare Adombila, Sonia Rolley and Robbie Corey Boulet edited the article.
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Uganda to hold general elections on January 15,
The Ugandan electoral commission announced on Tuesday that the general elections will be held in the country on January 15. At the election, the octogenarian president Yoweri Museeveni will try to extend his reign to almost half a century. Museveni, Africa's fourth-longest-serving leader, has had his government change the constitution twice in order to remove term and age limits. This allows him to stay in office ever since 1986. As in the 2021 election, Museveni's main rival is expected to be 43-year-old pop star-turned-politician Bobi Wine, who has parlayed his singing stardom to amass a large support base among young voters. Wine, who is Robert Kyagulanyi in real life, claims that Museveni was able to win the last elections through ballot stuffing, voter intimidation, bribery, and other methods of rigging. Officials of the ruling party dismiss this accusation, claiming that Museveni was elected with genuine support. Six candidates from smaller parties will be running in the next presidential race. Voters will also elect parliament members. Former rebel Museveni is credited for stabilizing Uganda, promoting growth and fighting HIV/AIDS. Critics have condemned the suppression of political opposition, abuses of human rights and scandals involving corruption by his government. Officials deny allegations of human rights abuses, and claim that those in custody are subjected to due process. The government of Museveni hopes that the beginning of crude oil exports from fields operated France's TotalEnergies, and China's CNOOC next year will propel economic growth to double digits. Uganda is an important geopolitical actor in East Africa. It has troops in Somalia and South Sudan as well as in the Democratic Republic of Congo, Equatorial Guinea, and in the Democratic Republic of Congo on missions of anti-insurgency, peacekeeping or military co-operation. (Reporting by Elias Biryabarema; Editing by Alexander Winning, Alexandra Hudson)
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Fluor gains after Starboard purchases stake, NuScale urges review
Sources familiar with the situation said that shares of construction company Fluor Corp rose by 6% on Tuesday in premarket trading after activist investor Starboard Value purchased a stake of nearly 5%, in order to unlock value in its 40% ownership in NuScale power. Jeff Smith, the founder of Starboard, is expected to present the investment thesis for the firm at the 13D Monitor Active Passive Investment Summit, which will be held in New York, later that day. He will also talk about plans for TripAdvisor - another recent target. NuScale Power shares fell 4.7% in value before the bell. Citigroup analysts said that Starboard's investment supports their view that Fluor shares still have room for growth. They cited the value of the NuScale stake and the potential improvement to the core operations of the company. Fluor could eventually sell its remaining 111,000,000 shares of NuScale, which represents over 60% of the company's market capitalization. Fluor's shares are down by 3% this year. NuScale's shares are up over 145% this year due to the growing demand for clean energy products that power AI-driven data centres and defense infrastructure. Starboard and Fluor both did not respond immediately when contacted. Fluor's core businesses, including infrastructure and energy projects have been under pressure. The company posted a 6% decline in revenue for the second quarter, falling short of analyst expectations. Starboard claims the segment is undervalued in comparison to Fluor NuScale's stake, and wants strategic options. Fluor, which is in a good position to benefit from the infrastructure policies of President Donald Trump that could boost investments in energy and construction, has launched an activist campaign.
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Sources say that France's EDF has appointed advisers to examine options for Italian Edison.
Two sources with knowledge of the matter said that EDF, a French utility, has chosen Intesa Sanpaolo IMI as its financial advisors to examine strategic options for Edison in Italy. State-owned EDF, under the leadership of its new CEO Bernard Fontana has begun reviewing its assets in order to raise funds to meet government requirements for investment in new nuclear reactors. Sources have said that EDF was considering a public offering, bringing in a financial sponsor, or selling a stake to Edison. One person stated that EDF would retain a majority shareholding in Edison in any deal. Sources have estimated that Edison's value could range between 8 billion and 12 billion euros. EDF, Lazard Intesa and Edison have declined to comment. Il Sole 24 Ore, a daily Italian newspaper, reported that Intesa was in the lead to become EDF’s advisor. Edison CEO Nicola Monti stated in September that the Italian group is ready to list at the Milan bourse if its parent company decides to move forward with this plan. Edison has already established the corporate structure and procedures required for its stock to be traded publicly. EDF retained Edison's shares in Milan when it took Edison private and acquired its full control in 2012. This is a special type of share that offers a higher dividend rate than ordinary shares, but does not grant holders the right to vote at shareholder meetings. Edison reported revenues of 15,4 billion euros, and a core income of 1.7 billion euro last year.
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Sources say that France's EDF has appointed advisers to examine options for Italian Edison.
Two sources with knowledge of the matter said that EDF, a French utility, has chosen Intesa Sanpaolo IMI as its financial advisors to examine strategic options for Edison in Italy. State-owned EDF, under the leadership of its new CEO Bernard Fontana has begun reviewing its assets in order to raise funds to meet government requirements for investment in new nuclear reactors. Sources have said that EDF was considering an IPO, bringing in a financial sponsor, or selling a stake to Edison. One person stated that EDF would retain a majority shareholding in Edison in any deal. Sources have estimated that Edison's value could range between 8 billion and 12 billion euros. EDF did not respond to a request for comment. Lazard Intesa and Edison refused to comment. Il Sole 24 Ore, a daily Italian newspaper, reported that Intesa was in the lead to become EDF’s advisor. Edison CEO Nicola Monti stated in September that the Italian group is ready to list at the Milan bourse if its parent company decides to move forward with this plan. Edison has already established the corporate structure and procedures required for its stock to be traded publicly. EDF retained Edison's shares in Milan when it took Edison private and acquired its full control in 2012. This is a special type of share that offers a higher dividend rate than ordinary shares, but does not grant holders the right to vote at shareholder meetings. Edison reported revenues of 15,4 billion euros, and a core income of 1.7 billion euro last year.
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Copper prices fall on stronger dollar and muted Chinese demand
The copper price fell on Tuesday due to a stronger dollar, and signs that demand for metals from China, the world's largest consumer, was muted. However, a decrease in stocks at the London Metal Exchange helped limit the losses. The benchmark LME three-month futures fell 0.4%, to $10.651.50 per metric ton at 1001 GMT. Traders are waiting for more updates on the U.S. and China trade talks ahead of a high-stakes summit between the leaders of the two world's largest economies scheduled to take place in South Korea next week. The market for copper used in construction and power was impacted by data that showed China's economy slowed down to its lowest level in a year in the third quarter. "While Beijing will likely introduce additional targeted assistance in the coming month, the message is clear. China is entering a more mature, slower phase of expansion. Analysts at Sucden Financial say that the old investment-driven business model is losing steam. Yangshan Copper Premium The price of copper, which reflects the demand for China's imports of copper, has fallen 38% in the last month, to $36 a ton. This is its lowest level since July. On Oct. 9, copper reached a 16-month peak at $11,000 due to multiple mine supply disruptions. The daily LME data showed that the available copper stocks at the LME registered warehouses dropped to 127.350 tons. This was the lowest level since July after 2,000 new cancellations in South Korea. The 21-day moving average at $10,529 per ton is the closest support for copper on the technical front. Aluminium, among other LME metals rose by 0.2%, to $2,781.50 per ton. The Globe and Mail reported that a U.S. Canada trade agreement on aluminum, steel and energy may be ready to approve at the South Korea summit this month. Zinc rose 0.9% to $3.003.50. Lead increased 0.2% at $1.992.50. Tin remained unchanged at $35,300. Nickel fell 0.2%, to $15,190. (Reporting and editing by Emelia Matarise; Additional reporting by Dylan Duan)
Microsoft offer signals growing demand from information centers to power AI
U.S. energies are lastly signing concrete supply deals with datacenter operators as the artificialintelligence wave triggers a rise in power need, paving the way for greater earnings in the coming quarters.
Data centers are expected to represent 8% of the power produced in the U.S. by 2030, compared to 3% in 2022, according to a Goldman Sachs report in May.
Here are some deals announced by utilities in 2024:
Constellation Energy signed a special handle Microsoft to restart among the systems at the 3 Mile Island nuclear plant in Pennsylvania.
Under the agreement, the utility will provide 835 megawatts ( MW) of energy to the tech giant's data centers. The offer would also mark the first ever reboot of a nuclear power plant in the U.S. after it was closed down.
Ameren signed a supply deal with a data center with a power capacity of 250 MW. It has likewise gotten growth commitments and carried out brand-new agreements for more 85 MW of extra load for smaller sized data centers and other markets across Missouri and Illinois.
Alliant Energy stated it has actually performed numerous power supply handle data centers, but did not disclose information.
Exelon stated it is in the engineering stage for more than 5 gigawatts (GW) of information center capability. Some data-center clients have actually likewise made deposits for ComEd - Exelon's. subsidiary - to buy transmission and breakers, the firm said. throughout a post-earnings call.
American Electric Power signed letters of intent to. power an extra 15 GW of data centers by the end of the. decade.
Xcel Energy will supply power to Meta Platforms'. data center in Minnesota, anticipated to come online in. late summertime 2025.
Entergy has actually received legislative approval for financial investment. in transmission and generation to serve Amazon's. upcoming Amazon Web Provider (AWS) facility in Mississippi.
The energy has likewise signed a deal with Meta to. supply power to the Facebook-parent's hyperscaler data center. situated in Louisiana. The center would be Meta's largest information. center worldwide. Pinnacle West Capital has more than 4,000 MW of. dedicated information center clients, not including the backlog of. more than 10,000 information center requests it has actually gotten.
AES signed an arrangement with Google for 310. megawatts to support its Ohio data centers.
It further broadened a previously announced partnership with. Google and signed a 15-year power purchase agreement for 727. megawatts in Texas. Talen Energy revealed a deal to provide electrical energy and. its 960 MW information center school to Amazon's AWS in Pennsylvania.
NextEra's renewables segment saw a rise of 3 GW worth of. renewables and storage jobs in second quarter, consisting of. Google's 860 MW demand for its information center power.
NorthWestern Energy has signed a letter of intent to. provide energy services to a data center designer in Montana. The energy service load is expected to be a minimum of 50 MW. beginning 2027 and would grow to 250 MW or more by 2029.
(source: Reuters)