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Peru's Gen-Z protests pensions, corruption and President Boluarte
On Saturday, Peruvian youth will rally for a second round of protests to protest against President Dina Boluarte, one week after clashes between police and protesters in the capital left over a dozen officers, journalists, and protesters injured. Protests broke out on September 20, following changes to Peru's pension system, which required all Peruvians over 18 years of age to sign up with a pension provider. However, they were also fuelled by anger that had been building against Boluarte for a long time. "There has been a low level of simmering discontent in Peru for quite some time," said Jo-Marie Burt. She is a visiting professor in Princeton University's Latin American Studies program and has studied Peruvian politics over the past decade. Burt stated that the discontent was fueled by corruption, economic insecurity and rising crime. There is also anger about the lack of accountability for dozens of protesters killed by security force when Boluarte took power late in 2022, after former president Pedro Castillo had been removed from office. According to the July report of the Institute of Peruvian Studies, Boluarte has a 2.5% approval rating while Congress is at 3%. Apart from the unrest, protests in the mining industry have shaken the country. Hudbay Minerals announced on Tuesday that it had temporarily closed its mill in Peru due to the ongoing unrest. Peru is the third-largest copper producer in the world and also a major gold and silver producer. The Peruvian Youth Take to the Streets The Gen Z protests in Peru follow the youth demonstrations that took place in Nepal and Indonesia. The demonstrations have been marked by a skull wearing a straw cap, a symbol taken from the Japanese manga "One Piece", about pirates who are on the hunt for treasure. Leonardo Munoz, a protester in Lima who has adopted the symbol. Munoz explained that "the main character Luffy travels from one town to another, freeing people of tyrannical and corrupt rulers who rule over slave towns." It represents what is happening in different countries. "That's what's happening in Peru right now." According to the INE statistics agency in Peru, 27% percent of Peruvian population are between 18 and 29 years old. "We are tired of it being normalized. "Since when have normalized death? Since when have normalized corruption and extortion?" asked Santiago Zapata a student activist. "My generation is now coming out to protest because we are tired of being made to feel scared when the government that we elected should be afraid of us." DEMOCRATIC BACSLIDING IN PERU & ABROAD Burt says that the protests are part of a larger context where democracies around the world are under pressure. They also follow the efforts by the administration to weaken the courts, watchdogs, and prosecutors. She said: "It is very similar to what happened under Fujimori in the 1990s, when the justice was captured essentially for the consolidation of authoritarian controls." Burt pointed out that while the United States is less inclined to support democracy abroad and there are still concerns about the administration's erosion of electoral institutions in the run-up to the 2026 elections in Peru, previous protests helped to "hold the line" against institutions being taken over and even led to the removal of presidents. "Democratic forces can mobilize, and act in unexpected, positive ways, even if there is almost total control from these authoritarian system," Burt said. He added that the key will be whether or not protests are sustained over time. "The opera is still not over."
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Italy receives 10 bids on Ilva Steel as the major competitors withdraw
Acciaierie d'Italia, the national steelmaker, said that Italy received 10 bids to buy the former Ilva Steel Plant. However, only two bidders were interested in buying the entire company. The two groups who were originally frontrunners in the tender, Azerbaijan’s Baku Steel Company, working with Azerbaijan Investment Company, and India’s Jindal Steel International have now withdrawn. Bedrock Industries is a U.S.-based investment company that has a private ownership, and Steel Business Europe, a Slovak steel trader, are the two bidders who remain interested in buying all of Ilva. Eight other offers, including those from Renexia Group (Toto), Industrie Metalli Cardinale, and Marcegaglia, targeted individual assets held by Ilva. Ilva, a steel mill based in Taranto that was once Europe's biggest, has been plagued by poor management, and environmental concerns. Ilva has been in financial turmoil for years, and the state has repeatedly injected funds to keep it afloat citing its strategic value. Italian media reported that Baku Steel had abandoned its investment plans because local opposition prevented the deployment a regasification ship needed to power its project for more environmentally friendly electric kilns. Jindal Steel is now focusing on Thyssenkrupp of Germany, who are also in the market. The latest round of tenders closed on Friday at midnight. Acciaierie d'Italia stated that its commissioners will need "an appropriate period of time" in order to review all offers. They will focus on employment issues, decarbonisation and investment amounts, to ensure sustainable development of the facility. The Italian metalworkers union UILM issued a statement in which it said that the tender was "a complete failure" and added that the two funds competing for Ilva's entire assets lacked any industrial credibility. UILM stated that "to avoid the total shutdown of the former Ilva, and an unprecedented environment, employment, and economic disaster, the only way forward is nationalisation." (Reporting and editing by Barbara Lewis; Crispian Balmer is the reporter)
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Nigeria's oil union stops gas supply to Dangote Refinery due to mass dismissals
The Nigerian oil workers' union ordered its members on Monday to stop gas supplies to the Dangote Petroleum Refinery. This escalated a labour dispute that had been sparked by the dismissal hundreds of Nigerian workers. The Petroleum and Natural Gas Senior Staff Association of Nigeria, (PENGASSAN), has directed all its branches in major oil companies to stop crude and natural gas deliveries at the refinery immediately. According to a letter from September 26, the union accused Dangote of "misinformation" and "propaganda" rather than addressing the alleged wrong disengagement of unionised workers. "The crude oil supply valves should be closed." In the directive, PENGASSAN's General Secretary Lumumba Okugbawa stated that all loading operations for vessels heading there must be stopped immediately. The directive was issued just days after Dangote refinery fired Nigerian workers and replaced them, according to reports, with foreigners, mostly Indians. The company claimed that the dismissals were a part of a reorganisation to improve safety and operational efficiency. Dangote Refinery didn't immediately respond to an inquiry for a comment about the PENGASSAN Letter. This dispute has increased pressure on the $20-billion refinery that announced it would stop selling petrol in naira as of September 28 due to shortages in crude oil and mismatches with foreign exchange rates. This has led to concerns over rising fuel costs and a further strain on Nigeria’s currency. PENGASSAN has ordered oil company union chapter chairs to "report immediately the progress of the Directive", signaling a coordinated shut down that could disrupt fuel supply in Africa's largest country. (Reporting and Writing by Ben Ezeamalu, Editing by Toby Chopra).
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Nigeria's Dangote refining plant halts the sale of naira fuel due to crude supply shortages
According to a memo sent to customers by the company, Nigeria's Dangote Refinery has stopped selling petrol locally in naira, citing an unsustainable volume that exceeded its crude allotments. The suspension, which takes effect on September 28, could complicate attempts to reduce dollar demand in Africa’s largest economy where fuel imports are a long-standing strain on foreign reserves. The company stated in a memo that "Dangote Petroleum Refinery & Petrochemicals have been selling petroleum products over our Naira Crude allocations, and as a result, we will not be able to sustain PMS in Naira moving forward." The refinery was selling petrol on the domestic market in naira under an agreement with the Nigerian National Petroleum Company to swap crude for naira. The government initially welcomed the initiative as a means to support the naira and reduce the dollar pressure. Dangote’s increasing exports, including fuel oil, naphtha and diesel to Europe and West Africa, as well as the United States, have raised concerns about domestic priorities. The memo advised customers with pending transactions in naira to request refunds in writing. The refinery didn't immediately respond to our request for comment. Sources familiar with the situation say that Dangote had just laid off a number of Nigerian employees. Nigeria struggles to reduce inflation, which is above 20%. It also tries to stabilize a currency that has been weakened by the dollar shortages as well as subsidy reforms. Analysts believe that the decision to stop naira sale could force more marketers to purchase petrol in dollars and further pressure the naira. The 650,000-barrels-per-day refinery, Africa's largest, was expected to transform Nigeria's fuel landscape. Its domestic obligations and its export ambitions have now been questioned. Ben Ezeamalu, Emelia Sithole Matarise and Ben Ezeamalu are responsible for reporting and writing.
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Equinor, Partners Bolster Åsgard Production with Subsea Compressors Upgrade
Equinor and partners in Åsgard and Mikkel licenses have started the second phase of Åsgard subsea compression in the Norwegian Sea, with the aim to maintain production from the field by increasing the pressure in the pipelines between the wells and the Åsgard B platform.The first plan for development and operation (PDO) of Åsgard was approved in 1996. The field came on stream with Åsgard A in 1999 and Åsgard B in 2000. In 2012, the PDO for Åsgard subsea compression was approved by the authorities, and the first phase of Åsgard subsea compression came on stream in 2015.This was the world's first facility for gas compression on the seabed and the result of extensive technological development.The plans described that there would be a need for increased pressure in the long term to compensate for the pressure drop in the reservoirs. The first compressor module in phase two was replaced in 2023, now the second and final module has been installed, at a depth of 270 meters.With a total weight of 5100 tons, a footprint of 3300 m2 and towering 26 meters above the seabed, it is the largest subsea processing plant ever installed.The ÅSC station, located in 270 meters of water on the Midgard field (Credit: Equinor)The station consists of two identical compressor trains operating in parallel, each powered by a compressor with an electric motor capacity of 11.5 MW.A complete spare train is available in Kristiansund, which makes it possible to quickly replace parts if problems occur. The system is modular, with a number of key components from the old compression modules overhauled and reused in the new modules.Combined for both phases, the recovery rate from the Mikkel and Midgard fields will increase to 90% due to the compressor plant. This amounts to an additional 306 million barrels of oil equivalent from the fields.The Åsgard licence is operated by Equinor, which holds 35.01%, alongside Petoro with 34.53%, Vår Energi with 22.65% and TotalEnergies EP Norge with 7.81% stakes. The nearby Mikkel license is also operated by Equinor with a 43.97% stake, together with Vår Energi with 48.38% and Repsol Norge with 7.65% interests.“In this project, Equinor, together with partners and suppliers, has further developed and qualified the next generation of compressor modules. The technology allows us to recover more gas from producing fields. Good resource utilization is important to maintain high and stable production from the Norwegian continental shelf," said Trond Bokn, Equinor's senior vice president for project development.
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Indonesia's Pertamina says fuel retailer Vivo agrees to purchase gasoline
Pertamina, the Indonesian state energy company, said that Vivo Energy Indonesia, a private retailer, has agreed to purchase 40,000 barrels out of 100,000 barrels imported by Pertamina to relieve fuel shortages in private retailers. Shell, BP AKR – the operator of BP’s fuel stations – Vivo and other companies ran out of supplies this month after more customers sought them out following a report on the quality of Pertamina’s gasoline. In order to alleviate the shortages, the government has allowed private retailers to import additional fuel via Pertamina. Vivo has agreed to an inter-business agreement with Pertamina. Vivo will take 40,000 barrels of the 100,000 barrels offered by Pertamina Patra Niaga to serve its clients. Pertamina Patra Niaga said it had ordered 16,000 kilolitres of gasoline (100,640 barrels) that arrived this past week. The state firm offered the cargo to petrol stations including Shell and BP AKR. Dumatubun stated that a surveyor will be appointed by both parties to conduct a quality-and-quantity test of the gasoline following the agreement. A spokesperson for the energy ministry also stated that fuel was now available to private retailers and companies were in discussions about distribution. Shell declined to immediately comment. Shell refused to comment immediately. According to the energy ministry, the remaining import quota of Pertamina of 7.52 million kilolitres could be used by private retailers. Reporting by Fransiska Nanangoy, Jakarta; Editing and proofreading by Kirsiska Donovan and Kim Coghill
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The Nuclear Company announces a partnership with Nucor in order to increase US nuclear power supplies
The Nuclear Company announced on Friday it had signed a strategic partnership with U.S. Steelmaker Nucor Corporation in order to support the domestic manufacturing and boost nuclear power supply chains. TNC, an American nuclear deployment company, announced that the companies would assess the use of NQA-1 and related infrastructure in gigawatt nuclear reactors according to the American Society of Mechanical Engineers certification standards. TNC stated that the partnership is in support of executive orders by President Donald Trump, which target 400 gigawatts of nuclear power (GW) by 2050. This includes construction of ten large-scale reactors within the next five year period. The United States has launched a campaign to speed development After Trump, on his first day in office, in January, issued an order declaring an emergency, power plants and transmissions lines were shut down. Energy emergency Artificial intelligence, data centres, and electric cars are driving up power demand, for the first two decades. TNC's partnership with the U.S. also aims at helping it compete against China and Russia who have rapidly expanded their nuclear reactor fleets in recent years. Jonathan Webb, CEO of TNC said: "Our partnership will help protect America's security and energy independence. It will also create a more resilient economic environment." (Reporting by Sarah Qureshi in Bengaluru Editing by Marguerita Choy)
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COP30 urged on to link climate justice and reparations for historical crime
Hundreds of environmental groups and human rights organizations have urged COP30 - the global climate summit that will be held in Brazil, this November - to address the historical causes of the climate crises and to put reparations at the top of the agenda. The letter argues historical crimes such as slavery and colonialism created global inequalities of resource access. It also drove asymmetrical emissions and increased vulnerability to natural disasters. Signatories of the petition said that "climate justice is not possible without reparatory justice." Originally launched by organizations such as Brazil's Instituto Luiz Gama, and the Caribbean Pan African Network, this petition has been signed by over 240 organisations, public figures and groups, including Amnesty International USA, and local chapters Black Lives Matter. The letter has been endorsed by the Colombian environment minister. The letter will be sent next week to the Brazilian government as well as the United Nations. The climate crisis is not a recent phenomenon. It is the result of centuries of greenhouse gas emissions, extractions, dispossessions, and racial conflict. In the letter, it was stated that Brazil would be a good leader in this matter, as the country has more African descendants than any other outside of Africa. It urged Brazil to create a space dedicated to climate justice at the summit, which would be led by Africans and peoples of African descent as well as Indigenous communities. Brazil was also asked to include these topics in its political agenda, and to actively facilitate such discussions at COP30. The centuries-old demand for reparations has gained renewed momentum around the world, but there is also a growing backlash. Critics say that modern institutions and states should not make amends or pay for historical wrongs. Anielle Franco is Brazil's Minister of Racial Equality. She said last year that the injustices of the past were long unrecognised and reparations are about "building a dignified future." (Reporting and editing by Catarina demony)
Oil drops on eased Russia supply concerns following Trump-Putin meeting
The oil prices fell on Monday, as the U.S. failed to exert further pressure on Russia in order to end the Ukraine conflict by implementing additional measures to disrupt Russian crude exports following the Friday meeting between the presidents of both countries.
Brent crude futures fell 26 cents or 0.39% to $65.59 a bar by 0028 GMT, while U.S. West Texas intermediate crude was down 18 cents or 0.29% at $62.62 a bar.
The U.S. president Donald Trump met with Russian President Vladimir Putin on Friday in Alaska and came away more aligned to Moscow regarding the need for a peace agreement instead of first a ceasefire.
Trump will meet with Ukrainian President Volodymyr Zelenskiy on Monday, and European leaders to reach a quick deal to end Europe’s deadliest conflict in 80 years.
The U.S. President said that he would not have to immediately consider retaliatory duties on countries like China because they bought Russian oil, but he might "in two to three weeks". This will help to calm concerns over a disruption of Russian supply.
China is the world's largest oil importer, followed by India.
Helima Croft, an analyst at RBC Capital, said that the primary issue was the secondary tariffs targeting key importers. President Trump has indicated he would pause taking incremental action, at least in China.
Croft stated that the status quo is largely unchanged for the time being, and that Moscow would not back down on its territorial demands. Ukraine and certain European leaders are expected to reject a land-for peace deal.
Investors will also be watching Federal Reserve Chairman Colin Powell’s remarks at the Jackson Hole Meeting this week for clues about the direction of interest rate reductions that could propel stocks to new record highs.
Tony Sycamore, IG's market analyst, said that he expected him to remain non-committal. He would also be dependent on data.
(source: Reuters)