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Half of Russia's top diesel-producing refineries cut back output after drone strikes
According to calculations based upon data provided by fuel market participants, half of Russia's top six diesel-producing refineries had to significantly halt or reduce production in September as a result of damage caused by drone attacks. The U.S. president Donald Trump highlighted the Russian fuel shortage on Sunday when he asked Ukrainian President Volodymyr Zelenskiy to stop attacking Russian diesel infrastructure. He said the attacks are causing a fuel shortage that "hurts the world". Ukraine, which regularly faces Russian attacks on their own energy infrastructure, claims that refineries are legitimate military targets. According to GasBuddy's price tracker, the U.S. average price of diesel, used in trucks, trains and ships, rose above $6 per gallon on Thursday for the first. This is a negative development for Trump as he prepares for November's midterm elections. MOSCOW FORCED to Restrain Exports Diesel is used extensively in agriculture, which has been under pressure before the Iran War, and now faces a fourth year in a row of declining margins due to resurgent dry spells, high input prices, and the fallout from Trump's trade policy. In recent months, Ukrainian drone attacks against Russian refineries have caused a drop in fuel production and forced Moscow into limiting the export of gasoline, jet fuel, and diesel. According to market data, six plants -- Omsk Refinery, Kirishi Taneco Volgograd Refinery, NORSI Perm -- are responsible for approximately half of Russia's production of diesel. Sources claim that Kirishi is now fully closed, and the Volgograd refinery, NORSI, and other plants are only operating at a quarter of their capacity. Diesel production in these plants is at a level that's several times below normal. Taneco's drones attacked the company on Sunday. However, sources say it is not possible to determine what impact this attack will have. IEA: RUSSIAN?REFINERIES HIT ONCE EVERY THREE DAYS According to the Paris based International Energy Agency (IEA), in the first eight month of 2026 a Russian refinery has been successfully attacked?on average, every three days. According to estimates by traders, Russian diesel exports were less than 1 million metric tonnes in June. The combined exports for diesel and gasoil amounted to about 1.8 millions tons. Diesel exports were about 2.5 million metric tons per month a year ago, when refineries operated normally. This includes gasoil of lower quality. According to LSEG, Turkey and Brazil were the biggest buyers of Russian Diesel for many months. They took at least half the available cargoes prior to the restrictions coming into effect in July.
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Officials say that Indonesia will open its planned commodity exchange on January 4th.
The chief supervisor of the commodity market said that Indonesia will start trading at its new commodity exchange on January 4, 2027. Tin and ferronickel are expected to be included in the opening transactions. According to a presentation made at a parliamentary meeting by Sarjito (as he is known), the chief supervisor, a man who goes by one name, state miners will be among the initial participants in the exchange. The commodity exchange known as ICOMEX is part of the President Subianto’s drive to expand state control over vast?natural resources in Indonesia and their proceeds. In a fiery speech delivered last month, Prabowo stated that Indonesia would prefer to keep its resources rather than sell them at too low a price. Friderica Dewi, Chairperson of the Financial Services Authority(OJK), stated that the exchange will help combat under-invoicing as well as end "transfer-pricing" practices for commodity exports. The OJK is expected to release regulations for the exchange by September '17, and the bourse would be created that same day. The license will be granted on January 1. "Trading is expected to begin in early January of 2027 through the ICOMEX entity," referred to by?Sarjito, referring to the name of planned exchange.
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Source: RBI issues a caveat after rejecting Tata Sons' bid to avoid listing
Sources familiar with the situation said that the Reserve Bank of India, the country's central bank and regulator of banking, has preemptively approached the courts to seek to be heard on any matter related to the listing of Tata Sons. This move comes after the RBI rejected Tata Sons’ application to deregister from the non-banking finance company (NBFC) category, a decision which pushes the holding firm closer to a listing on the stock exchange. ? The BBC reported on Saturday the RBI's decision to impose a ban in a letter sent to Tata Sons. Local media reported that certain factions within the group had resisted being listed. Source: The RBI filed what is called a "caveat" in legal terms in the Bombay High Court. This will allow it to be heard by the court if someone challenges the central bank's decision or requests a stay. The source explained that this was "a routine measure" to make sure the court heard the appeal or stay request. Tata Sons and RBI did not respond to requests for comments sent by. Tata Sons is the holding company for the Tata Group. It has businesses such as Tata Consultancy Services, Tata Motors and Tata Steel. The shares of the group companies increased on Tuesday. The RBI has jurisdiction over it as it's?currently registered? as a core investing company. According to RBI regulations, all nonbank financiers, including core investment firms?with assets in excess of 1 trillion rupees ($10.45billion) or with access to public funds must list. Tata Sons reported a standalone asset of 1.75 trillion rupees in March 2025. This is the latest available data.
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Indonesia's Pertamina promises to boost fuel supply in Makassar City to reduce 1-km-long lines
Pertamina, Indonesia's energy company, announced on Tuesday that it had stepped up its efforts to make more fuel available at Makassar in eastern Indonesia. In the past week, a queue of more than one kilometre long formed outside the gas stations. Energy Minister Bahlil lahadalia stated that customers are scrambling to get fuel at subsidised prices in order protect themselves from the oil price increases caused by the Middle East war. The government has promised to maintain subsidised prices until the end of this year. He said that the problem is now that many people are switching to subsidised fuel because of the price increase. "That's?what's happening to a certain extent in Makassar." Bahlil stated that "no matter what the global price of fuel is, we won't increase the subsidised fuel prices." A shortage of supplies has forced the authorities in Makassar (a city with 2.8 million residents) to implement emergency driving restrictions. They have also implemented a policy that allows civil servants to work from home. Pertamina announced in a press release that it had extended the hours of operation at its gas stations, and boosted the?subsidised supply to meet the increasing demand and reduce?queues. We apologize for the inconvenience. Deny Sukendar, a Pertamina official, said that the company has implemented recovery measures. According to a?witness, the lines of cars?queuing up at gas stations in Makassar were still about 100 metres long on Tuesday. On Monday, around 150 students and workers protested against the shortages at Pertamina offices in Makassar.
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NEWS MAKER: From a schoolboy sweets seller to Africa's richest person, Dangote is eyeing his biggest deal yet
Aliko Dangote, a serial entrepreneur who began his career by selling candy to classmates in Northern Nigeria more than 50 years ago, is now preparing Africa's largest stock market listing. The'sale' of $1.6 billion in shares of his giant Lagos oil refining company -- an initial public offer that will see the'refinery - list in Nigeria in November -- valued the company at $47.3 billion. This deal represents the culmination in Dangote’s efforts over the past decade to build a mega-refinery that is now among the 10 largest refineries in the world. This is also the culmination of a career which has seen him go from a schoolyard sweets seller to Africa's wealthiest man. The 69-year old has no intention of stopping there. Proceeds from the IPO will be used to expand the Nigerian refinery and launch a project in Kenya that will see the capacity doubled. SALT, SUGAR, CEMENT AND RICE Born in Kano, a northern Nigerian state, in 1957, Dangote grew up primarily with his maternal grandfather. He has credited him for encouraging his business interest. In a 2015 interview, he stated that "when you're raised by entrepreneurial parents?or grandparents you pick up this aspiration." It makes you more aggressive and think that anything is possible. I was unable, despite my repeated requests, to get an interview with Dangote. In 1977, after graduating from the?university of Egypt, he started trading rice and sugar with a relative. In the early 1980s he founded Dangote Industries. He now owns 85% of it. It is a multinational conglomerate that operates in over a dozen African nations. Dangote’s personal fortune is estimated to be between $31 and $35 billion. This was a result of his cement business, which has been very profitable. Nigeria became largely self-sufficient in the building material after government policies?fostered local cement production?. However, they also fueled criticism that prices were high because of limited competition. ECONOMIC FOLK HERO FOR SOME, VILLAIN FOR OTHERS Influence came with wealth In a 2005 cable, leaked by U.S. diplomatic sources, they said that he had been viewed by some as an "economic folk-hero", but by others he was seen as a villain, because he was suspected of using his close proximity to politics for his business. They wrote: "The truth lies somewhere between these caricatures." Dangote is often described as being reserved by those who have met him, despite his wealth and power. Gina Din Kariuki, a Kenyan author and businesswoman, said: "He has an instinct for opportunities and the discipline to make his ambitions real." "But it wasn't his ego that stayed with my, it was the humility." He avoids flashy displays and drives himself. He has a habit of threatening to purchase his favorite soccer team, London's Arsenal. But he is proud that he keeps the majority of his wealth in Nigeria. Bismarck Rewane is the CEO of Financial Derivatives Company Ltd in Lagos, and has known Dangote more than two decades. Some people have called him a control-freak. I see it more as a passion to get things done. Local fuel traders in Nigeria, however, accuse Dangote, of using political connections to squeeze out competitors. He argues his ?700,000-barrels-per-day refinery can now meet Nigeria's fuel needs and is battling in court to end imports. Regulators have, however, warned against the risk of a "fuel supply monopoly". The Dangote Group and Dangote neither responded to inquiries for comment regarding the allegations. He has stated that the listing will help to counter concerns about monopoly. He told a conference in 2013: "They'll say that we now have shares. So let everyone have a piece of it." Dangote's mission to push Africa towards self-sufficiency was brought into sharper focus by the Iran war, which exposed Africa's dependency on fuel imports. According to a source familiar with the talks, after the conflict raised concerns about fuel supplies, Kenya approached Dangote regarding the construction of an East African refinery. Dangote announced the project two months later with Kenyan and Ugandan officials. He said that it will begin this month.
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India's met-coke imports reach record levels despite antidumping levies
Executives said that India's met-coke imports will reach a new record high this year, despite the?antidumping levy implemented in July. Domestic?shortages? and strong demand from pig-iron producers are driving higher overseas purchases. India, which is the second largest crude steel producer in the world after China, will import 6 million metric tonnes of met coke during the fiscal year, which began in April. This represents a 32% increase from the previous year, mostly from Indonesia and Poland. Steelmakers have been opposing import restrictions for more than a month, claiming that domestic production is not enough to meet the demand. In a previous report, the federal ministry of steel supported the steelmakers in their efforts to withdraw the anti-dumping duties. In July, the government imposed a 5-year anti-dumping tax on met-coke. Met coke can be used to make pig iron, a product intermediate used to manufacture steel. Indonesia is a major supplier of steel, with a total import volume of 2.1 million tonnes this year. This represents a 165% increase from the previous year. The executive stated that domestic coke production rose by only 6% on an annual basis, which is below the demand for steel and pig iron. PIG IRON DRIVES IMPORTS The executives stated that pig iron producers import large amounts of met coke to avoid the import duties when they convert the coke into pig iron. They said that because of this exemption, imported met?coke is cheaper than local coke. The executives stated that the lower prices of Indian pig-iron have helped it to gain market share over Ukraine. According to commodities consultancy BigMint, Indian pig iron can be purchased for $50 less per tonne. Brazil, Ukraine, and India are the main importers of U.S. goods, which amounts to 4 to 5 millions metric tons. According to BigMint, the price of met coke in August rose by 24% compared to a year ago, to 35,850 rupees ($375.63). "Met coke is increasing because of the rise in coking coal," said Monica Bachchan Duvvuri of Metalogic PMS. She said that met coke could go up 3-4% in price this week. Last week, it was reported that the steel price is expected to increase further in the next few weeks due to rising coking coal prices.
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Sources say that Samsung's India Public Policy Chief resigns
Two sources familiar with the resignation said that Rajiv Aggarwal - Samsung's India head of public affairs and ESG - resigned on Tuesday after nearly four years in a?the job. It was unclear why he resigned. Aggarwal is serving his last week as Samsung India's head of government relations. The sources declined to identify themselves because the information was deemed confidential. The 57-year old former Indian bureaucrat who has worked at Uber and Meta declined to comment. Samsung Electronics didn't respond to any questions. Samsung and Apple had to contend recently with the Indian government's demands to pre-install apps that were run by state agencies, which they opposed due to?privacy concerns. Samsung is one of the companies that has contested in court a policy by the Indian government that increased payments from businesses to electronic-waste recycling firms. It shares a 16.2% market share with Oppo, and is just?behind the market leader Vivo. It was India's number one smartphone player in 2023. In 2023, it was India's No.
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French and Benelux stocks: Factors to watch September 15
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. EIFFAGE: Eiffage, a French construction group, was selected to carry out civil engineering work at the Neomat CAM plant in Dunkirk. The project represents an investment of nearly EUR 500 million. Construction and development work will continue through 2028, employing up to 400 workers. EXAIL TECHNOLOGIES Exail Technologies, a French high-tech firm, announced that its preliminary first-half operating profit rose by 61% on an annual basis to EUR46.07 million ($53.07m). The company has postponed the full announcement of first-half earnings until September 24. The first-half cash flow of Exail Technologies was characterized by a rise in working capital of approximately EUR70 million. However, very significant cash inflows are expected in the second part of the year. GENFIT: After a significant reduction in mortality among severe COVID-19 patients, Genfit, a French biopharmaceutical firm, is moving nangibotide to a Phase 2A ACLF trial in the fourth quarter 2026. Data are expected in 2027. Nangibotide showed a favorable safety profile in four clinical trials. TOTALENERGIES: TotalEnergies, a French energy major, and the Iraqi Government have agreed to begin discussions on large-scale energy projects that will boost Iraqi oil production and contribute to the energy transition of the country. Separately the company announced an EUR100 million partnership to use AI models from Mistral in order to support TotalEnergies geosciences exports. The French insurance company has released financial targets for the period of 2027-2029. AXA targets a payout ratio of 75% and expects to generate approximately EUR25 billion in cumulative organic cash. The?company stated that it now expects its underlying earnings growth to be in the range of 6%-8% and its return on equity at the upper end of its target range of 14%-16%. Pan-European ?market data: European Equities speed guide................... FTSE Eurotop 300 index.............................. DJ STOXX index...................................... Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurotop ?300 sectors..................... Top 25 European pct gainers....................... Top ?25 European pct losers........................ Main stock markets: Dow ?Jones............... Wall Street report ..... Nikkei 225............. Tokyo report............ London report ........... Xetra DAX............. Frankfurt items......... CAC-40................. Paris items............ World Indices..................................... Survey of global bourse outlook ......... European Asset Allocation........................ News in a nutshell: Top News ............. Equities.............. Main Oil Report ........... Main currency report .....
Israeli strikes kill 14 Palestinians in Gaza, some in attacks on tents, say medics
Israeli military strikes throughout the Gaza Strip killed 14 Palestinians on Monday, consisting of six individuals who were eliminated in attacks on camping tents housing displaced families, medics stated.
4 people, 2 of them children, were killed in an Israeli airstrike on a tent encampment in the coastal location of Al-Mawasi, designated as a humanitarian zone, while 2 others were eliminated in short-term shelters in the southern city of Rafah and another in drone fire, health officials said.
In Beit Lahiya town in northern Gaza, medics said an Israeli rocket struck a house, eliminating at least two individuals and wounding numerous others. On Sunday, medics and locals stated dozens of people were killed or injured in an Israeli airstrike on a. multi-floor residential structure in the town.
The Israeli armed force, which has actually been combating Palestinian. militant group Hamas in Gaza considering that October 2023, said it. carried out strikes on terrorist targets, in Beit Lahiya.
Later on Monday, an Israeli airstrike on a house in Gaza. City killed five individuals and wounded 10 others, medics stated.
There has actually been no Israeli discuss Monday's events.
The Israeli army sent out tanks and soldiers into Beit Lahiya. and the close-by towns of Beit Hanoun and Jabalia, the largest of. the Gaza Strip's 8 historic refugee camps, early last month. in what it said was a project to eliminate Hamas militants waging. attacks and avoid them from regrouping.
Hussam Abu Safiya, the director of the Kamal Adwan Health Center. in Beit Lahiya, said the health center was under siege by Israeli. forces and the World Health Organization had been not able to. provide products of food, medicine and surgical devices.
Cases of poor nutrition amongst kids were increasing, he. stated, and the health center was running at a very little level.
We get everyday distress signal, but we are unable to. help them due to the absence of ambulances, and the circumstance is. disastrous, he said. Yesterday, I got a distress signal. from women and kids caught under the debris, and due to my. failure to help them, they are now amongst the martyrs (dead).
Israel stated it had killed hundreds of militants in the 3. northern areas, which residents said was cut off from Gaza City,. making it tough and dangerous for them to get away. The armed. wings of Hamas and militant group Islamic Jihad stated they have. eliminated many Israeli soldiers in anti-tank rocket and mortar fire. attacks during the same period.
The Hamas-run Gaza health ministry says more than 43,800. individuals have actually been validated eliminated considering that the war emerged on Oct. 7, 2023. Hamas militants killed around 1,200 individuals in attacks. on communities in southern Israel that day, and hold dozens of. some 250 hostages they took back to Gaza, according to Israeli. tallies.
(source: Reuters)