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A Mexican lawmaker from the ruling party was found dead, with a gunshot wound a year prior to elections
By Lizbeth Diaz MEXICO CITY - On Friday, September 4, a member of Congress of Mexico's ruling Morena party, was found dead in Veracruz, an eastern state, from a gunshot wound. This happened a little more than a year before local and federal election. Zenyazen Escobar, a federal lawmaker representing the coastal state - home to many of the oil complexes in the country - was found dead with at least one bullet wound inside his vehicle. Lisbeth Lisbeth told reporters that the investigation file was being prepared, without providing any further details. Ricardo Ahued said that the vehicle of the legislator showed no signs of violence. Mexico's lower chamber of Congress sent condolences Escobar's friends and family, and asked judicial authorities to "conduct a thorough investigation into the fact." The death happened as the country prepares for elections to be held on June 6, to renew positions in mayoral, state legislative, city council, and gubernatorial offices. During previous elections, violence was linked to organized criminal groups that sought to control political figures by co-opting them. Data Civica reports that in just one month, there were 30 "political criminal violence" incidents in 11 states of Mexico. Of these, 14 were homicides. Zacatecas had the most cases, followed by Michoacan and Quintana-Roo with four cases each, Oaxaca with three, and then?Baja California,?Veracruz and 'Baja California, each with two. Data Civica defines political-criminal violent as threats, murders and armed attacks. It also includes assassination efforts, kidnappings, disappearances and assassination tries. The national?electoral?body INE has warned organized crime is a serious concern for democratic processes. According to INE, in the past, court rulings documented the presence of armed individuals who attempted to intimidate the public or 'coerce them into voting a particular way.
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Brazil Government projects $4.4 billion in revenue from the extra pre-salt auction by 2027
According to the annex of the budget bill submitted to Congress, Brazil expects to earn?22.4 billion (US$4.4 billion) in revenue from a pre-salt oil auction in 2027. This is a source of income that will be crucial in achieving Brazil's goal to post its first primary surplus since years. The government of Luiz inacio da Silva, who is seeking re-election this October, has projected an 18,6 billion reais surplus for next year. This would be equivalent to 0.13 percent?of the gross domestic product. It would be the first primary surplus for Brazil since 2022 if it is achieved. Officials from the government claim that the results of 2022 were distorted because part of the court-ordered payments by the government had been postponed after Jair Bolsonaro approved an amendment to the constitution capping these expenditures, which Lula later reversed. Dario Durigan, the Finance Minister, has stated that Lula would leave the next administration, regardless of the results, with a budget balanced and free from additional measures that require Congress approval. The auction of pre-salt oil in an offshore area off Brazil will, however, be crucial to achieving the fiscal target as the expected proceeds are greater than the primary surplus projected. Unnamed government officials confirmed that the money would be collected. A second source with knowledge of the plan said that the planned operation would include 'the sale of future revenues tied to the Federal Government's share of oil production. The government expected to earn?31 billion from an extraordinary pre-salt sale earlier this year. However, that estimate was scrapped by the end of May. The government claimed that the TCU federal audit court had questioned the model of selling federal government rights in the pre-salt area, and therefore it was necessary to remove projected revenues "until oil disposal model is properly implemented."
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Nigeria's SEC has approved a Dangote Refinery IPO worth $1.6 billion
The Nigerian Securities and Exchange Commission has approved the initial public offering (IPO) of 'Dangote Group Refinery's business.' This is Africa's largest-ever share sale. According to the statement, the IPO could raise up to 2.15 trillion ($1.63billion) if it is fully subscribed. The company plans to sell 4.1 billion shares of ordinary stock at 525 naira each. The terms were first announced on Friday. The listing will test the appetite of investors for one of Africa's most ambitious projects. The 650,000-barrel-per-day refinery, built at a cost of about $20 billion on the outskirts of Lagos, has transformed Nigeria's fuel market and emerged as a ?major beneficiary of supply disruptions linked to the Iran war, exporting jet fuel across Africa and into Europe. According to calculations, the SEC has registered 120.13 billion shares of ordinary stock in the refinery company. This implies a value of approximately $47 billion. The company stated that "with SEC approval secured, the refinery will embark on a historic offering which could broaden investor participation significantly in one of Nigeria’s most transformative industries ventures." Sources with knowledge of the issue said that the order book would open on the 14th September, which is in line with the timeframe set by Aliko Dangote - the majority shareholder of the group - on Thursday. Dangote Group refused to comment on when the offer was made. The refinery's major shareholder has raised cash to fund a planned doubling in capacity to 1.4million barrels per day. They have already secured a 400 million dollar underwriting commitment. Two sources from the company said that a formal signing ceremony will take place next week to launch the deal. AFRICA'S RICHEST MALE Market participants claim that the rapid growth of the refinery has helped to fuel investor interest in this share sale. First source: The IPO 'will include a greenshoe option that allows it to sell up to 15% more shares if the demand exceeds the supply. A private placement made in July showed a refinery's valuation at $40 billion. However, some analysts and investors say that this is high compared to other listed oil refiners. Tupras in Turkey, which has a similar refinery capacity across?four locations, has a?market?value of around $12 billion. Meanwhile, HF Sinclair of New York, with a capacity of approximately 678,000 bpd is valued at $16 billion. Aliko Dangote said at a Botswana business meeting on Thursday that he wanted to turn the refinery - which doesn't disclose financial details - into a company with a profit before tax, interest, depreciation, and amortization of more than $12 billion. Dangote is Africa's richest person with a net-worth estimated between $31 billion to $35 billion. He said he wanted investors across the continent, including Nigerian investors, to "participate" in the offering. This is not a Nigerian listing. In his Botswana address, he stated that it was an African listing and we would pay everyone, including Nigerian listings, in dollars.
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EU proposes a ban on exports of waste, including aluminum scrap, to non OECD countries
Sejourne’s 'cabinet' released a statement on Friday stating that the EU's Industry Chief Stephane 'Sejourne decided to propose a 'broad ban' on the export of wastes, including aluminum scrap, 'to non-OECD nations'. Sejourne was expected to announce long-awaited measures for trade on September 23. These would only limit exports of aluminum scrap. In the internal discussion, it was revealed that the tool could only cover?around half of the scrap import. The Executive Vice President has withdrawn the proposal in order to look at a different proposal that is independent of trade instruments. We are currently working on a?act delegated under the Waste Shipment Regulation. This delegated act 'will ban the export of waste including aluminium scrap, to non-OECD nations with some exceptions. The Organisation for Economic Co-operation and Development, based in Paris, is a group that includes mostly wealthy nations. However, it excludes China, India and many other Asian countries, which are the major destinations for EU scrap metal and waste. Since the spring, Europe's aluminum industry has been waiting on?the Commission to implement trade restrictions such as export duties. The announcement was delayed from June to September. Scrap metal is an important?source of raw materials for EU smelters that are struggling to survive. It also plays a key role in decarbonisation efforts. Recycling aluminium consumes?95% fewer energy resources than mining bauxite to produce metal. The statement said that the proposal will first be opened to public consultation, before being adopted by the end of the year.
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Holiday schedule for US economic and other data
Labor Day, which falls on Monday, September 7, will impact the release of major economic, energy, and commodities reports in Washington for the week ending Sept. 6. The schedule is below. The times are in EDT/GMT. Treasury announcements are subject to change. Monday, September 7 Labor Day. Labor Day. Tuesday, September 8, National Federation of Independent Business releases Small Business Optimism Index, August 0600/1000 Conference Board releases Employment Trends for August 1000/1400 Treasury Dept. Treasury Dept. The U.S. Department of Agriculture releases weekly U.S. Export Inspections for Grains, Oilseeds at 1100/1500. Note: this week's inspections are delayed due to the holiday. Treasury Dept. Weekly sales of 6-week, 3-, and 6-month bills are held at 1130/1530. NOTE: Sales of 3- and 6-month bills delayed due to the holiday on Monday Treasury Dept. Treasury Dept. Federal Reserve Issues Consumer Credit for July, 1500/1900 USDA releases weekly Crop Progress for 1600/2000. NOTE: This is a delayed release from Monday, due to the holiday. Wednesday, September 9 Mortgage Bankers' Association releases weekly "Mortgage Applications Survey", 0700-1100 ADP releases weekly NER (National Employment Report), Pulse, 815/1215. Note: this report is delayed from Tuesday because of a holiday Redbook publishes weekly retail sales index, 0855/1255. Due to the holiday, Tuesday's sales will be delayed. Treasury Dept. Treasury Dept. Treasury Dept. Treasury Dept. The American Petroleum Institute releases the weekly National Petroleum Report, 1630/2030. Due to the holiday, Tuesday's report has been delayed. Thursday, September 10, Labor Dept. Labor Dept. Commerce Dept. Commerce Dept. releases Wholesale Inventories of July 1000/1400 The National Association of Realtors?issues U.S. Existing home sales for August, 1000/1400 Energy Information Administration (EIA), Weekly U.S. Underground Natural Gas Stocks, 1030/1430. Schedule is not affected by holidays Treasury Dept. Treasury Dept. Treasury Department holds weekly?sale of 4- and 8-week bills, 1130/1530 Weekly?sale 1130/1530 of 4- and 8 week bills EIA releases weekly petroleum stock and output data at 1200/1600. Note: time change on Wednesday. Freddie ?Mac issues weekly U.S. mortgage rates, 1200/1600 Treasury Dept. Treasury Dept. Weekly balance sheet of the Federal Reserve, 1630/2030 Friday, September 11, The Labor Department releases the Consumer Price Index for August; Real Earnings for August, 0830/1230. Labor Dept. USDA releases weekly?Export Sales at 0830/1230. Note: this report is delayed from Thursday due to the holiday. University of Michigan releases preliminary September survey of consumers, 1000/1400 Federal Reserve Bank of Cleveland releases Median CPI, August approx. 1100/1500 USDA releases monthly Crop Production and World Agricultural Supply and Demand estimates, 1200/1600 Federal Reserve releases quarterly Financial Accounts (Z.1) of the United States (1200/1600) Treasury Dept. Treasury Dept. releases Monthly Budget for August 1400/1800
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Drought affects Pilsner Brewers' prized Czech Hops
After a brutal summer, the growers of aromatic 'Czech Saaz' hops that are used in Pilsner Lagers around the world are looking for new varieties and irrigation methods to boost their faltering harvests. Jiri Smetana of the Hops Growers Union of the Czech Republic said that this year's rainfall was 60% lower than normal and temperatures of up to 40 degrees Celsius (104 Fahrenheit) were record highs, which damaged crops. Smetana, at a hopyard in Steknik, near Zatec (whose German name is Saaz), said that this season had been extremely hot and dry. He said that "we expect a decline in the yield of 25% to 30% compared with the long-term mean" for Saaz. The crop is less potent and less bitter Smetana stated that the average total harvest is 6,500 tons. This year, however, farmers will be "happy" if they get a 5. Brewers had to 'use more' of the reduced output because it was less bitter and potent. Smetana stated that the breweries would be able cope with the situation due to pre-stocking. However, a poor harvest in 2013 could cause serious problems. Around 80% of Czech hops is exported. China is the largest market, followed by Japan. The Saaz Shine, which is able to withstand dry climates, is a popular experimental variety. It is only being grown in a limited area, but growers hope it will take off. This year was a real test for the?varieties. Smetana stated that we will be able to see how the drought resistance works, but for now, the plantation looks good. The problem is that Saaz has become a tradition for many customers. Japanese and 'Chinese customers, who are the main export customers for Czech Hops, view new varieties with some suspicion." According to the latest estimates, growers are building small reservoirs near plantations and placing their hopes in plans for a "major" new dam that will not be completed for 15 years. Saaz will also be fine-tuned for temperature and drought resistance and genetic modification.
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Stocks mostly decline after a solid U.S. job report
Treasury yields, the dollar and S&P?500 all rose on Friday as U.S.?job creation?accelerated and unemployment rate remained steady. Investors are looking forward to the consumer inflation report next week as a key factor in this determination. The nonfarm payrolls increased by 162,000 positions last month, following a 21,000-job increase that was upwardly revised in July. Economists surveyed by predicted an increase of '56,000 following a previous reported decline of 23,000 jobs in July. Last week, the yield on 10-year benchmark U.S. notes increased by 1.21 basis points to 4.774%. Just after the report, it was 4.792%. The yields on two-year bonds reached their highest level since January 2025. Bret Kenwell is a U.S. Investment Analyst at eToro, New York. The Fed will make its interest rate decision in mid-September, so the CPI report next week will be closely monitored. The short-term interest rate futures indicate a probability of 65% for an increase at the Fed meeting on September 15-16, up from 55% prior to the report. OIL PRICES DROP, DOLLAR UP Prices of oil have dropped from their recent highs. The renewed attacks in the U.S. - Iran war this week caused a spike in oil prices. This has added to concerns about rising costs. U.S. crude fell 1.6% to $89.87 per barrel and Brent dropped 1.3% to $94.26. The Dow Jones Industrial Average dropped 98.46 points or 0.19% to?53.587.55, the S&P 500 declined 6.06 points or 0.08% to 7,741.65 while the Nasdaq Composite rose by 17.02 points or 0.06% to 26,601.08. MSCI's global index of stocks rose by 1.02 points or 0.09% to 1,155.76. The pan-European STOXX 600 Index rose by 0.04%. The dollar index (which measures the greenback in relation to a basket including the yen, the euro and other currencies) was up by 0.2% for the day. The Japanese yen temporarily weakened by 0.41% to 156.45 dollars. Last time, the dollar was near flat against yen. Spot gold dropped 1.2% to $4.418.09 per ounce.
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US sanctions on Turkey's entities targeting Iran
The?U.S. The 'U.S. Treasury Department released new Iran-related sanction?on Friday. It targeted three?Turkey based entities. Golden Global Portfoy Yonetimi Anonim Sirketi is the entity targeted. Golden Global Varlik Kiralama Anonim Sirketi and Golden Global Yatirim Bankasi Anonim Sirketi are also included. The Treasury Department issued a license to allow the winding down of transactions. The Trump administration has been trying to put economic pressure on?Tehran for six months, since Washington's war against?Iran. This has led to a rise in energy prices worldwide. Treasury Secretary Scott Bessent has stated that Washington wants to bring Iran back to the table for negotiations. Last month, Bessent announced an "economic assault" on Iran's financial connections around the globe. Washington cut off the branches of Egyptian?lender Banque Misr in the United Arab Emirates? from U.S. Dollar transactions last week over their dealings to Iran. Bessent, in an interview with Sunday's? In an interview with?
Exxon suspends European plastic recycling plans due to draft EU regulations
ExxonMobil has halted 100 million euros (118.4 millions) in investment in European Plastic Recycling due to draft EU rules that define the recycled content of a final product.
Two projects are being developed by the U.S. energy company to recycle chemicals at its existing plants in Rotterdam, and Antwerp. The project will process 80,000 tons of plastic waste annually.
In an interview, Jack Williams, Senior Vice-President of ExxonMobil, said that the two projects were now halted due to the EU draft rules which he claimed discriminated against existing petrochemicals facilities versus standalone installations.
"Everything is going according to plan." He said, "We've received local support." "We are interested in making these investments." "The only thing that stands between us and this project is EU Policy."
A draft law is being considered to determine the amount of recycled material based on both the mass of waste entering the system and that of the output.
ExxonMobil has stated that it favors simpler standalone technologies, where the path to production from plastic waste is more clear. It penalises complex integrated facilities which feed fossil feedstocks.
Williams stated that based on the proposed law, the facilities of its company would receive less than half the credit due.
A public consultation on the draft ended one month ago. Exxon shares the view of industry groups and companies including Finland's Neste.
By 2030, the EU has set targets for plastic recycling. For example, plastic bottles must contain 30% recycled material.
According to the industry, it is necessary to combine mechanical recycling which reprocesses plastic waste without altering its chemical structure with chemical recycling. This can be done by reducing complex plastics into their basic chemical components.
Williams said that while U.S. tariffs on imports weren't a major problem for his company, EU regulations were.
He specifically called on the EU to repeal Corporate Sustainability Due Diligence (CSDDD), which requires large companies to verify if their supply chain uses forced labour or causes environmental damage.
Williams claimed that the rules were complex, expensive, bureaucratic and in some cases impossible to achieve. They also applied outside of the EU. The EU has already loosened the rules and delayed their implementation. (1 dollar = 0.8447 euro) (Reporting and editing by Ed Osmond, Philip Blenkinsop)
(source: Reuters)