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As M23 rebels arrive in the suburbs, there is looting and destruction in Bukavu, eastern Congo.
On Saturday, chaotic scenes unfolded as Rwanda-backed M23 M23 rebels reached the outskirts of Bukavu. Meanwhile, a threat from Uganda's army chief of attacking a Congolese city raised fears that the conflict could escalate into a regional war. Since they captured Goma at the end of the last month, rebels are pushing southwards towards Bukavu. This is the second largest city in eastern Democratic Republic of Congo. A spokesperson for the World Food Programme said that on Saturday, the depot of Bukavu which contained 6,800 metric tonnes of food was looted. The theft of supplies will only worsen the situation for those who are in need. Claude Kalinga stated that the agency has already been suspended from its activities due to the deteriorating safety situation. Bukavu residents reported hearing sporadic gunfire throughout the night and Saturday morning. They said that looters were responsible for the shootings. Corneille Nangaa is the leader of an alliance of rebels that includes M23. He said Friday evening that rebels have entered Bukavu, and will continue their operations in the city Saturday. Bagira, a suburb in northern Bukavu, was the scene of two residents claiming to have seen no fighting and only rebels. Nevertheless, an M23 source as well as two Congolese Army officers and several Bukavu residents said that on Saturday, the rebels hadn't yet entered the centre of the city. According to one of the officers, soldiers were evacuated from Goma in order not to have a "carnage". According to the United Nations, about 3,000 people died in the days leading up to the capture of Goma. According to eyewitnesses, Congolese soldiers were seen in the streets of Bukavu Saturday. Five residents and a source from the military claim that soldiers in their army base set a fire to an arsenal. Bukavu is a city with a population of 2 million, according to its mayor. It would be an unprecedented expansion in territory that the M23 has controlled since the last insurgency began in 2022. This would also deal a blow to Kinshasa in the eastern borderlands of Congo, which are rich with minerals. In a Saturday post on X, Uganda's chief of defence forces General Muhoozi Kaineruaba said that he was going to attack Bunia, a town in eastern Congo, unless the "all forces" surrendered within 24 hours. Kainerugaba's threat, whose father, President Yoweri Museeveni, is a source of concern, has added to the fear that Africa's Great Lakes Region could slip back into a wider war, similar to conflicts that occurred in the 1990s or 2000s, which killed millions. Since 2021, Ugandan soldiers have supported the Congolese military in their fight against islamist militants to the east. In late January and early Febraury, another 1,000 troops were deployed there. U.N. experts claim that Uganda also supported the M23, which is led by ethnic Tutsis. In a Saturday speech to the African Union Summit in Addis Ababa, U.N. Secretary General Antonio Guterres urged a dialogue between warring parties. Last weekend, leaders from the regional blocs of Eastern and Southern Africa also urged that all parties hold direct talks. However, the Congolese president Felix Tshisekedi refused to speak directly with the M23, and cancelled his attendance at the AU Summit, sending his Prime Minister to represent Congo. Tshisekedi, who attended the Munich Security Conference on Friday, returned to Kinshasa Saturday morning, the presidency reports. Kigali denied supporting M23. On Saturday, President Paul Kagame posted on Facebook that he told the AU peace and Security Council "Rwanda had nothing to do with Congo’s problems." The United States warned that possible sanctions could be imposed against officials in Rwanda and Congo. The European Union announced on Saturday that it was considering all means available to protect Congo. Reporting by Dawit Endshaw in Addis Ababa and Nairobi, Sonia Rolley and Sudip K-Gupta from Paris, and Portia Crowe and Ammu Kanampilly in Brussels. Editing and writing by David Evans, William Mallard and Kirby Donovan.
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Canadian Oil and Gas Firm Intensifies Ops at Gas Field Off Türkiye
Trillion Energy has started with the preparations to stimulate two wells at SASB gas field in an effort to enhance production at the project in the Southwestern Black Sea, offshore Türkiye.During January 2025, Trillion Energy completed installation of new velocity string tubing in two wells located on tripods (Alapli-2 and Bayhanli-2) in an operation that took approximately two weeks’ time.Previously, the company completed installation of new tubing in four wells on the Akcakoca platform during the fall of 2024. A total of six wells have now received the new smaller tubing size to mitigate water loading conditions.The tripod wells continue to receive nitrogen injections to stimulate production, however, operations have been delayed over the past few weeks due to stormy winter weather conditions.Both Alapli-2 and Bayhanli-2 initially responded positively to the ongoing operational efforts, however, stable long-term flow rates have yet to be sustained.The company is currently preparing to stimulate the Akcakoca-3 and South Akcakoca-2 wells in the upcoming week using nitrogen, upon suitable weather conditions arriving.Trillion Energy has sourced a gas lift compressor system for the Akcakoca platform which will provide continuous gas lifting injection to certain wells to assist in production.Additionally, the company plans to enhance production by installing a Progressive Cavity Pump (PCP) in a well, and two slim-hole Electric Submersible Pumps (ESPs) attached to the new tubing in two wells.These strategic interventions involving artificial lift are critical to sustaining long-term production rates and optimizing well performance and are expected to occur in the upcoming months, according to Trillion Energy.The company is 49% owner of the SASB natural gas field, a Black Sea natural gas development and a 19.6% (except three wells with 9.8%) interest in the Cendere oil field.SASB is a conventional gas field located in the Southwestern Black Sea, consisting of numerous conventional natural gas pools located in shallow water.The fields have produced over 43+ BCF since initial development in 2007. Trillion Energy is redeveloping the field with a planned program involving around 17 wells, which started in 2022. Phase B outlines the target to have six producing wells in the first quarter of 2025, including give development wells and one stratigraphic well.
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Brazil's Raizen suffers a loss in the third quarter
Brazilian sugarcane processing company Raizen posted a net loss of 2.57 billion reals ($450.5million) in the third quarter 2024/25, compared to a profit 793 million reais a year ago. Why it's important Raizen is the largest sugarcane processing company in the world. Its main shareholders include Brazilian conglomerate Cosan, and Shell. The company produces sugar and ethanol while also acting as a distributor of fuel. ADDITIONAL CONTEXT Raizen releases its quarterly report Operational Preview In January, the sugarcane crushing dropped by nearly 27% compared to last year. The company also stopped its financial guidance for 2024/25. Driving its Shares to all-time lows. By the Numbers The adjusted earnings before interest taxes, depreciation, and amortization (EBITDA), which is a measure of profit, came in at 3,12 billion reais for the third quarter. This was down by 20.5% on an annual basis and lower than the 3.42 billion reais that analysts had estimated in a LSEG survey. Analysts expected a real revenue of 62.3 billion reais. KEY QUOTES Raizen's net profit "reflects a lower contribution from its operational results and an increase in financial expenses, including nonrecurring effects."
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Trump Administration terminates 388 EPA Staff
The U.S. Environmental Protection Agency announced on Friday that it had terminated 388 of its employees who were hired in the past two years. It said this would align their workforce with President Donald Trump’s "energy dominance policy agenda". The agency stated that it conducted a "thorough" review of its probationary employees, which are those who have been in their positions for less than 2 years. In a press release, EPA spokesperson Molly Vaseliou stated that the agency terminated 388 probationary staff after a thorough evaluation of its functions. This was done in compliance with President Trump's Executive Orders. The announcement of layoffs coincided with the termination of thousands probationary federal employees, including those in the areas such as consumer protection, wildfire prevention and nuclear safety. Three sources from the EPA stated that the communication of the layoffs caused confusion in the agency. The affected employees were notified verbally. The agency had already Placed on Administrative Leave Nearly 200 employees worked on environmental justice, and websites that track the areas most affected by industrial pollution. EPA Administrator Lee Zeldin is leading the agency's effort to rollback regulations enacted by former President Joe Biden. The Biden-era regulations focused on reducing emissions, accelerating the deployment of electric vehicles and providing financial and technological support to low-income communities and minorities that have been disproportionately affected by air and water pollutants. One of his main tasks will be to determine whether or not the Scientific Finding This gives the agency authority to regulate greenhouse gases emissions from factories, power plants, and vehicles. (Reporting and editing by David Gregorio; Valerie Volcovici)
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Trump Administration to revamp appliance efficiency standards
The Trump administration announced on Friday that it would delay the implementation of energy and water efficiency standards for appliances such as central air conditioners and washing machines. The Department of Energy has announced that it will delay seven appliance efficiency standards set by former president Joe Biden. The Environmental Protection Agency announced that it will overhaul its "water-sense" efficiency standards labels for toilets and shower heads. Both agencies' heads said that the move would lower prices for consumers. Chris Wright, Energy Secretary said: "Today's news will encourage consumer choice and lower costs - this is a win all Americans." EPA Administrator Lee Zeldin has said that he instructed the agency's WaterSense program to overhaul certification standards for products such as showerheads so that they are 20% more efficient than regular products, and that certified homes are 30% more efficient. Zeldin claimed that the Biden-Harris Administration "weaponized' energy efficiency regulations to restrict consumer choices and that faucets in the bathroom, kitchen, and residential toilets as well as sprinkler nozzles which met WaterSense requirements, "just don't function very well." Trump took action on Tuesday to return to the older standards in light bulbs, toilets, showers, and other water-using devices, just a day after he signed an order to promote plastic straws and to rescind a plan to cut down single-use plastics. (Reporting and editing by David Gregorio; Additional reporting by Ryan Patrick Jones, Ismail Shakil and Valerie Volcovici)
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Petrobras Brazil announces new oil discovery at Buzios field
Petrobras, the state-run Brazilian oil company, confirmed on Friday that oil was found in a Buzios offshore field well, but did not provide details about the amount of oil discovered. Petrobras released a statement saying that oil was discovered in its 9-BUZ99D-RJS Well, located in the western region Buzios off the coast of Rio de Janeiro. Petrobras stated that the new discovery confirms the potential of the Buzios oil field. This layer is part of the oil-rich formation offshore Brazil. Buzios, the second-largest field in Brazil, is behind Tupi, which are both located in Santos Basin. The company confirmed the presence of oil reserves in tests carried out to a depth of 5,600 meters (3,48 miles). It added that it would carry out additional laboratory analyses. Petrobras owns a stake of almost 90% in the project and operates it with Chinese partners CNOOC, CNPC. (Reporting and editing by Sarah Morland; Andre Romani)
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Chief engineer: Russian drone attack damaged the confinement structure of Chornobyl's plant
By Yurii Kovalenko CHORNOBYL (Ukraine), 14 February - A Russian drone attacked the confinement structures around the decommissioned Chornobyl Nuclear Power Plant intended to prevent nuclear substances from being released, a senior official in the nuclear industry said on Friday. The International Atomic Energy Agency and Ukrainian President Volodymyr Zelenskiy had reported earlier that radiation levels at the plant remained normal. Oleksandr Titarchuk told reporters that the barrier meant to stop the spread of radioactive materials no longer works as intended. We will do all we can to minimize the effects that you are seeing now. Tytarchuk stated that the drone had penetrated the outer cover and exploded within the container vessel. The containment vessel, which was built in 2019, covered the massive, deteriorating steel and concrete structure that had been hurriedly constructed after the explosion of the fourth reactor in April 1986. Tytarchuk stated that the drone penetrated the outer cover and fell into the system, where it exploded. He said that if the explosion had occurred 15 metres (50-65 ft) further away, it would have hit the 40 year old shelter directly. Emergency crews scrambled over the roof to repair a large hole. Andriy Danyk is the head of Ukraine’s Emergency Services. He said that personnel at the site are constantly rotating. He said, "We're making sure that nobody gets any radiation exposure." "There are not excessive levels on the site." Hryhory Ichchenko, the head of the exclusion area still in place around the nuclear plant, stated that drones are generally not shot down near nuclear sites. The explosion in 1986 at Chornobyl spread radiation across Europe, prompting the Soviet authorities to mobilize large numbers of personnel and equipment to deal the aftermath of this accident. The last reactor at the plant was shut down in 2000. The Russian forces occupied the plant for over a month during the initial weeks of their February 2022 invasion, as they attempted to advance towards the Ukrainian capital Kyiv. Reporting by Yurii Kvalenko, Chornobyl; Writing by Ron Popeski, Editing by Sergiy Karzy, Leslie Adler, and Matthew Lewis
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As US data and tariff risks are gauged, stocks edge up while yields fall
Benchmark global stock indexes hit record highs on Friday, while U.S. Treasury Yields fell as soft U.S. Data and the recent tariff announcements raised hope that the Federal Reserve could be more aggressive about cutting interest rates. Retail sales fell 0.9% in January, the largest drop since March 2023. This follows a 0.7% rise in December that was upwardly reviewed. It is also well below the 0.1% estimate by economists. Federal Reserve data showed that factory output fell 0.1% in January, below the 0.1% estimate, following a 0.5% decline in December. This was due to a drop in motor vehicle production. Donald Trump, the U.S. president, directed his economic team on Thursday to develop plans for reciprocal duties against every country that taxes American imported goods, increasing the risk of global trade war. However, he did not impose another round of tariffs. Trump warned BRICS nations again on Friday that the United States could impose tariffs if they created their own currency. Investors waited for the latest news from the Munich Security Conference where U.S. vice president JD Vance accused European leader of censoring freedom of speech and failing control immigration on Friday. This drew a harsh rebuke by Germany's defence minister and overshadowed discussions about the war in Ukraine. The meeting between Vance, the Ukrainian president Volodymyr Zelenskiy and others ended without any news about a deal to supply Ukraine with critical minerals. This is crucial to Ukraine's efforts to win Trump’s support. It's all about Trump now. The rest is noise. Everyone is focused on 'What will Trump do next and where will his tariff wars go?' Dennis Dick is a trader with Triple D Trading, located in Ontario, Canada. Wall Street's S&P 500 finished roughly unchanged as the tech sector led gains, while consumer staples had the worst performance. The Dow Jones Industrial Average dropped 165.35, or 0.37 percent, to 44,546.08; the S&P 500 declined 0.44, or only 0.01% to 6,114.63; and the Nasdaq Composite climbed 81.13, or 0.41 percent, to 20,026.77. The S&P 500 rose 1.47% for the week. The Nasdaq grew 2.58% and the Dow rose 0.55%. The Nasdaq posted its largest weekly percentage gain since December early. According to CME's FedWatch Tool, expectations for a Federal Reserve cut of at least 25, basis points in June has crept up to 51.3% after the markets had priced in a change of 40.3% in the previous session. Dallas Fed President Lorie Login reiterated on Friday her opinion that the U.S. Central Bank should not reduce short-term lending costs if inflation data in future months is lower. MSCI's global stock index rose 1.73 points (0.20%) to 884.10, after slipping to an intraday record of 885.66 for the second consecutive session. The index is on course for its fourth consecutive weekly gain. The pan-European STOXX 600 closed down by 0.24%, but managed to achieve its eighth week of gains. This is its longest streak since a year. Since the beginning of the year, European stocks have performed better than their U.S. equivalents. However, it is still unclear whether this trend will continue. The dollar index (which measures the greenback versus a basket) fell by 0.3% to 106.77, after having fallen to a 2-month low of just 106.56. Meanwhile, the euro rose 0.28% to $1.0493. The dollar fell 0.35% against the Japanese yen to 152.26, while the pound rose 0.14% at $1.2583. The yield on the benchmark 10-year U.S. notes dropped 4.7 basis points, to 4.478%. However, it was still on course for a weekly increase after falling two weeks in a row. The oil prices dropped, wiping out earlier gains as the prospects of a peace agreement between Russia and Ukraine was countered by U.S. tariffs. U.S. crude settled down to $70.74 per barrel down by 0.77% and Brent settled down to $74.74 per barrel down by 0.37% for the day. text_section_type="notes">https://www..com/markets/ For Live Markets blog on European and UK stock markets, please click on:
LME Copper Spreads Surge to Premium on Short Covering
A sharp movement in a key spread was triggered by short-covering at the London Metal Exchange ahead of the contract expiration next week, amid expectations of U.S. copper tariffs.
Fears that U.S. president Donald Trump could impose tariffs against copper prompted traders and investors alike to purchase copper at the U.S. COMEX and sell it on the LME.
The LME is reducing or rolling over short or bearish positions ahead of Wednesday's settlement, converting discounts for copper contracts nearer the maturity date into premiums or reversed.
The spread between cash LME copper and benchmark 3-month futures
The price of a metric tonne soared to $249, the highest level since November 2021. Two days earlier, it was $119 cheaper.
Backwardation is a sign of shortages in the LME system.
Alastair M. Munro, Senior Base Metals Strategist EMEA at Marex, explained that the spike in spreads was caused by short-covering before pricing cash for third Wednesday on Monday.
He said that the term structure in China is changing, and added that China had destocked its stock for the lunar new year holiday.
Munro said that the nervousness surrounding various U.S. Tariff Plans and the possibility of an easing in Russian sanctions also played a role.
Investors are trying to factor in possible tariffs. The premium of Comex to LME was $1,050 per ton, a drop from the record high of $1,153 one day earlier.
Amalgamated Metal Trading's head of research, Dan Smith, said that people are pulling metal from the LME to ship to the U.S.
In less than three weeks, the copper inventories at warehouses certified by Comex more than doubled to 230.281 metric tonnes from 98.049 metric tons on January 27, up from 98.049 tons.
(source: Reuters)