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Bulgaria is exempted from UK sanctions on refineries and petrol stations
Britain paused sanctions on Friday, allowing Bulgaria's Burgas Refinery and petrol stations owned by Russia's Lukoil to continue doing business with banks and companies. Last month, the UK announced sanctions against Russia's biggest oil companies Rosneft, and Lukoil. A week later, the U.S. did the same in an effort to cut off the funding of Moscow's military campaign in Ukraine. The Office of Financial Sanctions Implementation in Britain said that it had issued a license allowing economic resources and payments to flow from and to two Bulgarian entities for existing or new contracts. The law allows banks and companies to transact with Lukoil Neftochim Burgas AD, Lukoil Bulgaria EOOD and Lukoil Bulgaria EOOD as operators of the refinery, petrol stations and their subsidiaries until February 14, 2019. Sources close to the U.S. Treasury’s Office of Foreign Assets Control have confirmed that the U.S. will issue a similar license regarding the Bulgarian entities on Friday. Boyko Borissov is the leader of the largest coalition party in Bulgaria. He told local media on Friday that he hopes the country will be granted a six-month exemption from U.S. sanctions. Requests for comments were not immediately responded to by the White House or Treasury Department. Assen Asenov told Bulgarian news agency BTA that the country's gasoline and diesel reserves were running out in a few weeks. (Reporting and editing by Sarah Young, Jason Neely and Sam Tabahriti from London)
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Brazilian protesters barricade the entrance to the COP30 Climate Summit
On Friday morning in Brazil, dozens of indigenous protesters blocked the entrance of the COP30 Summit venue. They staged a sit-in which forced delegates into a side door to resume their climate change negotiations. During the peaceful protests, security guards increased checks, and long queues formed to get into the compound. The sprawling complex is built on an old airport site in the Amazonian city of Belem. The venue hosts the annual U.N. Climate Conference where delegates of 195 countries are trying to make progress in halting global temperature rises that threaten delicate ecosystems, including the Amazon rainforest. The protesters demand that the Brazilian Government halt all development projects in Amazonia, including oil drilling, mining, logging and building a new railroad for the transport of mining and agricultural goods. "President Lula we are here because we want to hear you. "We refuse to be sacrificed in the name of agribusiness," said the Munduruku indigenous group, which carried out the protest. The Brazilian president Luiz inacio Lula da S Silva highlighted Indigenous communities as being key players at this year's COP30. The Amazon rainforest is home to the Munduruku Territory, which covers an area of nearly 24,000 sq km (9 square miles), roughly the same size as the U.S. State of New Hampshire. The Munduruku statement also added: "We protect the climate and the Amazon, but it cannot be destroyed for the benefit of big corporations." Andre Correa do Lago, the COP30 president, was seen negotiating outside the venue. The U.N. Climate body stated that the protest was not dangerous. On Tuesday, dozens Indigenous protesters forced themselves into the COP30 venue. They clashed at the entrance with security guards. Later, they defended their actions by saying that they wanted to show the desperation in their fight for forest conservation. (Reporting and editing by William James, Andrew Heavens and Valerie Volcovici; reporting by Adriano Makado and Valerie Volcovici)
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Reliance will build a 1 gigawatt AI Data Centre in Andhra Pradesh, India
Reliance Industries will build a 1 gigawatt AI datacenter in Andhra Pradesh in India, announced the chief minister of the state on Friday. This is a major addition to the infrastructure in India, where companies like Microsoft and Google have invested heavily in AI. Chandrababu Naidu, the Chief Minister of Tamil Nadu, did not reveal financial details about the investment. Reliance didn't immediately respond to an inquiry for comment. Companies are investing heavily in building new infrastructure around the world to meet the booming demand for AI-based services. India is an important growth market, where almost a billion people access the internet. Google committed last month to investing $15 billion over five years in an AI datacenter in Andhra Pradesh. This was its largest investment ever in India. Microsoft and Amazon also invested billions in building data centers across India. Reliance’s planned data centre will function as a twin of its gigawatt scale AI data center located in Jamnagar, Gujarat. "Together they form one of Asia’s strongest AI infrastructure network," Naidu stated. AI demands enormous computing power. This is driving the demand for data centers specialised to enable tech companies link thousands of chip clusters together. The Reliance Group, headed by Indian billionaire Mukesh Amani, includes Jio - India's top telecoms provider - Reliance Retail Ltd., Network18 Media & Investments Ltd. and Jamnagar – India's biggest oil complex. (Reporting and editing by Joe Bavier, Susan Fenton, and Munsif Vengattil from Bengaluru)
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Sources say that Chevron, Phillips66 and Total won India's first bid to purchase US LPG.
Two trade sources familiar with the matter confirmed that Indian state refiners awarded their first long-term joint tenders in 2026 to Chevron Phillips 66, and TotalEnergies Trading SA for the import of U.S. liquefied gas. India is planning to increase energy imports to the U.S. in order to reduce its trade surplus. This is a major irritation for President Donald Trump who imposed a 50% tariff on Indian imports. The three refiners wanted to jointly purchase 48 large gas carriers or 2 million metric tonnes of LPG by 2026. LPG, a mixture of butane and propane, is used to cook. It is imported by Indian Oil Corp., Bharat Petroleum Corp., and Hindustan Petroleum Corp., and sold for a subsidised rate. Sources said that the tenders allowed the winners to choose LPG from any origin as part of one cargo for every four awarded. Details on the number and price of cargoes that were awarded to each entity as well as the details of the awarding process are not yet available. Emails seeking comment from the three Indian companies Chevron Phillips 66, and Totsa were not immediately answered. In July, it was reported that India intends to import about 10% of cooking gas from the U.S. starting in 2026. India bought cargoes of U.S. LPG this year to take advantage of an arbitrage opportunity as China, embroiled in a trade war with Washington, reduced purchases. As part of a larger trade agreement, India announced in April that it would eliminate import taxes on certain U.S. goods, including LPG. India will be less dependent on Middle Eastern suppliers if it imports more U.S. LPG. According to data from the government, in 2024, South Asia will import about 65% its 31 million tons of LPG. About 90% of the 20.4 million tonnes imported by refiners were under contracts with UAE, Qatar and Kuwait. Saudi Aramco, a major Middle East producer, has already reduced the official price of propane Butane India's plans to diversify LPG imports have pushed prices down to a minimum of a two-year-low. Reporting by Nidhi verma. Mark Potter edited the article.
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Ghana abolishes taxes on mineral exploration to boost investment
Ghana's finance minister announced that the country will eliminate value-added taxes on mineral exploration and reconnaissance in order to increase investment. The top producer of bullion in Africa is looking to reverse two decades of slow new development. The levy was introduced 25 years ago in Ghana as part of broader fiscal reforms. The 15% tax is applied to exploration costs such as drilling, assaying and other related expenses. This increases the upfront costs of companies that are in the early stages of mining project. Ghana Chamber of Mines and other industry groups have long claimed that the tax discourages greenfield investment, and reduces Ghana's competitiveness against countries like Ivory Coast and Burkina Faso, who exempt exploration of VAT. Cassiel Ato Forson, during Thursday's presentation of the budget for 2026, told the parliament that eliminating VAT would boost investor confidence, encourage greenfield development, and guarantee the sustainability of the mining sector in the country. Forson said that the measure is part of a wider VAT review and aims to promote responsible mining, and reduce unregulated prospecting, which has led to degraded forest and waterways. SMALL-SCALE MINING DRIVES RECORD GOLD OUTPUT Ghana's small-scale gold exports reached record levels between January and October. According to data from the finance ministry, shipments soared to 81.7 tons, worth approximately $8.1 billion. This was a first, as they surpassed large-scale exports, which were 74.1 tons, worth $6.6 billion. Ghana had set a target of producing 144.5 tons gold by 2025. Forson stated that the surge in exports is a result of recent reforms to regulatory laws, which formalised artisanal mines and tightened controls on exports. The Chamber of Mines has welcomed the removal of VAT. Michael Akafia said that the VAT on exploration was hurting its competitiveness and causing a blockage in the pipeline. Gold, bauxite, and manganese are the main minerals in Ghana's mining industry, which contributes to over a third (33%) of its export revenue. This month, the government began an audit as part of a broader reform to increase earnings in the industry. Newmont, AngloGold Ashanti, Gold Fields, Perseus, and China's Zijin & Cardinal Namdini are major operators. Christian Akorlie, Emmanuel Bruce and Christian Akorlie (Reporting). Maxwell Akalaare Adombila is the author. Mark Potter (editing)
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Buy the Rumor and Sell the News with MORNING BID AMERICAS
By Anna Szymanski 14 Nov - Hello Morning Bid readers! Wall Street's decline on Thursday, after a rally earlier in the week, may have been an example of Wall Street "buying rumor and then selling news" as the end of the U.S. shutdown was announced. The major issues that are driving the markets remain the "AI bubble" concerns and the direction of policy easing, even though Nvidia, Intel, and other AI leaders recorded significant losses yesterday. The end of the 43-day longest government shutdown, according to those who counted, had only a small impact on the markets. This is because investors are unlikely to be able to get clarity about the economy, which was one of their biggest concerns. Mike Dolan says that the lack of clarity for Fed chair Jay Powell is bad and could explain why the U.S. Central Bank may pause its rate hikes next month. In Asia, on Wednesday the yen dropped to its lowest level in nine-months, edging up against the critical 155 level. Jamie McGeever says that while government intervention in order to support the yen is not a certainty, investors should remain alert. In Japan, there is a striking similarity between the new prime minister Sanae Takaichi (and U.S. president Donald Trump). Both seem to be aiming to use fiscal stimulus to combat concerns about cost of living - as Jamie McGeever says, this is like trying to put out a fire by dousing it in gasoline. In the meantime, on energy markets, Wednesday, the International Energy Agency published its World Energy Outlook. It introduced a scenario that showed, given current policies, oil consumption will not plateau by 2030, as was previously predicted, but instead will continue to rise until mid-century. Ron Bousso, ROI's energy columnist, examines why the reading is sobering for world leaders who will be meeting in Brazil at COP30. Gavin Maguire, ROI's energy transition columnist, examines what has changed - and not changed - since the historic COP21 Paris accord ten years ago. Chevron released its latest strategy update on Wednesday, which reflected the growing optimism about oil and gas demand. Ron Bousso says that the strategy update dismisses long-term worries about the transition to low-carbon energy, as well as immediate concerns about an upcoming oversupply. Clyde Russell, ROI Asia's commodities columnist, wrote this week about the LNG market bracing itself for an increase in supply. However, it is unclear how low the spot price will need to fall to clear these additional volumes. Andy Home, ROI's metals columnist, notes that the U.S. government has added copper to its list of critical mineral, despite the fact that the U.S. holds the second largest stockpile of copper in the world. Check out what the ROI team recommends you read, watch, and listen to as we enter the weekend. Stay informed and prepared for the coming week. Please contact me via This weekend we are reading... This new, in-depth report from examines the growing trade between Middle East Gulf countries and Asia. It notes that for the first ever time, trade between the Gulf region and China has surpassed the trade of the Middle East Gulf with the West. Energy remains at the core of the relationship but it is also expanding to other sectors, such as electronics and construction. The article by Economic Historian magazine gives a good overview of economic history. It compares current attempts to rollback globalization to previous free trade waves dating back to the 18th and early 19th centuries, and the periodic, and sometimes disastrous, retreats into economic nationalism. This piece questions whether we are at a unique moment or if it is just another cyclical trend. The Center for Public Enterprise's "Bubble or Nothing", a deep dive into the AI boom, examines its funding, energy requirements, 'circular financing', revenues that it could or might not generate, as well as the economic risks associated with a bubble burst. The graphics are simple and excellent. The IEA’s recent report, which stated that fossil fuels would remain in the global energy mix longer than previously predicted, may have caught the attention of many. However this outlook by Ember predicts that clean energy will continue to overtake coal and gas as the world’s primary source of electricity. Listening to... How effective are U.S. Sanctions on Russia's Oil and Gas Industry? Answer: The picture is mixed. Edward Fishman's This is a great show. Sign up for the newsletter to receive Morning Bid every morning in your email. Subscribe to the Morning Bid newsletter Website You can find us on LinkedIn. The opinions expressed are solely those of their authors. These opinions do not represent the views of News. News is bound by the Trust Principles to maintain integrity, independence and neutrality. (By Anna Szymanski.)
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Brazilian protesters barricade the entrance to the COP30 Climate Summit
On Friday morning in Brazil, dozens of indigenous protesters blocked the entrance of the COP30 Summit venue. They staged a sit-in which forced delegates into a side door to resume their climate change negotiations. Security was stepped up during the peaceful protest and long queues of delegates waited to enter the sprawling complex, built on the former site of the old airport of the Amazonian city of Belem. The protesters demand that the Brazilian Government halts all development projects within the Amazon region, including mining, oil drilling, logging and building a new railroad for the transportation of mining and agricultural goods. On Tuesday, dozens Indigenous protesters forced themselves into the COP30 venue. They clashed at the entrance with security guards. Later, they defended their actions by saying that they wanted to show the desperation in their fight for forest conservation. The Brazilian president Luiz inacio Lula da S Silva highlighted Indigenous communities as being key players at this year's COP30.
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The Asian gasoline margin has reached its highest level since August 2023
Profit margins for Asia's gas refining The rally reached its highest level since August 20, 2023, due to unplanned outages at refineries and falling inventories in key trading hubs, despite the typical low-demand season. This quarter, the crack gained nearly 55% to $17.71 a barrel over Brent crude due to refinery outages both planned and unplanned and the strong demand of Indonesia as the region's biggest importer. An increase in margins was caused by a string of refinery shutdowns in the past two months, according to a Singaporean trader. Sinochem, a Chinese oil company, has closed one of its crude units in Quanzhou in Fujian Province in the southeast China after a fire on Thursday. The Energy Information Administration reported on Thursday that the U.S. gasoline stock is at its lowest level since November 2014. It stands at 205.1 millions barrels. The Singapore hub's stockpiles also dropped this week. Priti Mehta is an analyst with Wood Mackenzie. She said that while tight supplies were affecting margins, there was also a risk-premium due to the sanctions against Russia. (Reporting and editing by Joe Bavier, Shailesh Kumar, and Mohi Nrayan)
Gold drops as Fed cuts fade amid hawkish Fed comments
Gold prices reverted earlier gains on the Friday, as hawkish remarks from U.S. Federal Reserve officials lowered prospects for a rate cut in December. However, they remain set for a week-long gain due to wider economic uncertainty.
Gold spot fell 0.6%, to $4145.49 an ounce at 1153 GMT. It had been $4211.06 per ounce earlier in the session. Bullion has risen 3.7% this week.
U.S. Gold Futures for December Delivery fell by 1.1%, to $4.149 per ounce.
The cautious mood on financial markets is helping to support gold prices. However, there are growing doubts that the Federal Reserve will cut rates in December due to the lack of new economic data, said ActivTrades Analyst Ricardo Evangelista.
After a 43-day record shutdown, which disrupted the flow of important economic data, the U.S. Government reopened. White House tempered expectations for clarity about the economy by stating that it may not be possible to get October's unemployment statistics.
Evangelista stated that "Gold could also face pressure from the closing of positions to meet margin demands triggered by falls in equity markets."
The equity markets fell on Friday following a global selloff caused by Fed hawkish signals.
Some Federal Reserve officials, in weighing on expectations of rate cuts, have cited inflation fears and relative labor market stabilization following two rate reductions earlier this year.
CME Group's FedWatch tool shows that traders see a probability of 49% for a rate cut by a quarter point in December. This is down from 64% this week.
Alex Ebkarian is the COO of Allegiance Gold. He noted, however, that as the shutdown costs become clearer and spending increases, "the inflation plus uncertainty growth regime favors precious metals".
Gold that does not yield a return tends to do well in periods of economic instability and low interest rates.
The physical gold market in major Asian markets has been subdued as high prices have curtailed purchasing activity. In India, discounts reached their highest level for five months.
Silver spot edged down by 0.1%, to $52.26 an ounce, and is on course for a 7.8% weekly gain.
Palladium fell 1.7%, to $1402.75, while platinum dropped 2%, to $1548.80. (Reporting and editing by Philippa Feletcher, Harikrishnan Nair; Anmol Choubey from Bengaluru)
(source: Reuters)