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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.
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Globe and Mail reports that a US-Canada trade agreement may be approved at the APEC Summit.
The Globe and Mail reported that a U.S.-Canada deal on energy, steel and aluminium could be ready to be signed by U.S. president Donald Trump and Canadian Prime Minister Mark Carney at the Asia-Pacific Economic Cooperation Summit later this month in South Korea. The Toronto daily could not confirm the story immediately. Carney, the White House and the U.S. Commerce Department did not respond to any requests for comments outside of regular business hours. Reports added that the U.S. is not willing to negotiate on softwood lumber or Canadian automobiles. Trump imposed tariffs against Canadian autos, steel and aluminium earlier this year. Canada responded in kind. The measures against aluminium and steel were lifted after negotiations. Sources told The Globe and Mail that Canada would likely have to accept steel quotas in exchange for lower U.S. Tariffs, but critical minerals were not on the table. Reports earlier this week indicated that Canada had offered to reduce tariffs on certain steel and aluminum products imported from both the U.S.A. and China in an effort to assist domestic businesses that were being battered on two fronts by a global trade war. Carney, who visited Washington in the first half of this month, said that he and Trump had a "meeting of minds" on the future of steel and aluminum.
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Saudi Arabia's earnings are weak and most Gulf markets follow Asian stock prices higher
On Tuesday morning, most Gulf stock markets were up, following the Asian benchmarks. This was due to a possible easing in U.S. China trade tensions. Saudi Arabia's index, however, fell because of disappointing corporate earnings. Dubai's main stock index rose by 0.3% with the top lender Emirates NBD advancing 1.9%. RBL announced on Saturday that ENBD would buy 60% of the Indian private lender RBL Bank, the largest acquisition of its kind in India's finance sector. The index in Abu Dhabi rose 0.3%. This was due to a 0.3% increase by investment company Multiply Group after the board of its parent company International Holding Company approved a plan for it to acquire 2PointZero, an investment platform, and food firm Ghitha Holding via a share exchange. Saudi Arabia's benchmark stock index fell 0.6% due to a 9.6% drop in Yamama Cement Company after a 63% fall in profit for the third quarter. The stock of the company is set to experience its biggest intraday drop since May 2020. Al Rajhi Bank, the largest sharia compliant lender, fell by 0.5%, despite recording a solid third-quarter result, even though its quarter-onquarter profit growth was only in the single-digits. Oil prices, which are a major component of Gulf economies, fell for the second day, as fears about the supply and the risks to demand resulting from the trade conflict between the U.S., and China - the two largest oil consumers in the world - weighed heavily on the markets. The Qatari Index was up by 0.2% and Qatar Islamic Bank gained 0.8%. (Reporting by Ateeq Shariff in Bengaluru; Editing by Harikrishnan Nair)
IFC and Appian Launch $1 Billion Critical Minerals Fund in Africa and Latin America
The International Finance Corporation and Appian Capital Advisor, a private equity firm, have announced a $1 billion fund for critical mineral projects in Africa and Latin America.
The fund will be anchored by a $100 million initial commitment from IFC (a member of World Bank Group), and focus on Nickel, Copper, Cobalt, and Rare Earths. These are all vital for energy transition and digital technology.
IFC has launched its first joint fund with a mining investor. This is a reflection of the growing interest among development finance institutions in attracting private capital to mining projects.
Appian CEO Michael Scherb said that the IFC is trying to invest more capital in this sector, which is a difficult one. Appian had already worked on rare earth and gold projects in Africa with the IFC.
This is a more formalised relationship."
Appian will co-invest alongside existing and future funds, managing assets of around $5 billion.
The fund will invest its first money in Atlantic Nickel’s Santa Rita Mine in Brazil. This open-pit nickel, copper, and cobalt mine will also be developed underground by the parties. It is expected to produce 35,000 metric tons nickel per year for 34-years.
The fund aims to support sustainable industrialisation and supply chain resilience in developing economies as governments and companies rush to secure critical minerals.
Scherb stated that the fund was also considering building an downstream refinery at its Santa Rita Mine in Brazil.
Scherb stated that Appian which produces graphite is already a downstream refiner of graphite, in the United States. The U.S. Department of Energy has recently given $125 million to this facility.
He said: "We have expertise upstream and downstream and you could see us working with governments more based on this basis."
(source: Reuters)