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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)
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Sources say that Anugrah Neo Energy Materials, Indonesia, plans to IPO for over $300 million.
Two people who have direct knowledge of this matter say that Anugrah Neo Energy Materials, a nickel mining and processing firm in Indonesia, plans to make an initial public offer on the Indonesia Stock Exchange. The company hopes to raise $300 million. Sources declined to identify themselves as this information is not public. According to sources, Anugrah Neo Energy Materials could be valued at more than 2 billion dollars. Proceeds will also be used for expansion. They added that DBS and RHB are among the banks involved in the IPO. Anugrah Neo Energy Materials didn't immediately respond to an inquiry for comment Tuesday. DBS declined comment. RHB stated that it is not in a position at this time to comment. Anugrah Neo Energy Materials, according to its site, operates two nickel-laterite mines in Central Sulawesi. TAS, located in Morowali, holds over 200 million tonnes in resources. MDK, located in Ampana, spans over 10,800 hectares (41,7 square miles). According to its website, the company is developing two industrial estates and a high-pressure acid-leach plant that produces mixed hydroxide, a precursor used in electric vehicle batteries. Indonesia, as the world's leading nickel producer, with a production of more than 50%, is driving investments in battery materials and EV supply chain. Indonesia is the largest economy in Southeast Asia.
Financial Times - May 3
The following are the top stories in the Financial Times. has not validated these stories and does not guarantee their accuracy.
Headlines. - Janus Henderson set to march into Europe with Tabula. acquisition. - State-backed Coutts plans shift far from UK equities. - BHP says Anglo American deal structure is not a negative. reflection of South Africa. - John Swinney set to end up being very first minister of Scotland. - Train companies make fresh quote for talks ahead of Aslef rail. strike
Summary. - Global possession supervisor Janus Henderson has actually obtained. London-based Tabula Financial Investment Management as it looks for to exploit. growing need for actively handled exchange traded funds. outside the U.S.
- Coutts, the private bank owned by state-backed NatWest. , plans to shift consumers far from UK equities to. gain access to mega-themes in worldwide stocks, regardless of federal government. efforts to restore London's capital markets.
- BHP has stated its proposed takeover of Anglo American. , which excludes its South African platinum and iron ore. assets, was not a reflection of unfavorable views of the nation.
- Scottish National Celebration (SNP) veteran John Swinney ended up being the. clear frontrunner to become Scotland's next leader on Thursday. after prospective challenger Kate Forbes ruled herself out of the. contest and backed him.
- The Rail Delivery Group, which represents train operators,. this week wrote to the Aslef union, which represents train. chauffeurs, to propose casual conversations ahead of the next wave. of strikes that is due to begin on Tuesday.
(source: Reuters)