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Nigerian army confirms 19 deaths in Kano clashes, including troops and bandits
Nigeria's military said on Tuesday that 19 armed bandits had been killed in a gunfight in Kano State, marking an outbreak of violence rarely seen in this commercial hub in the northwest. In a press release, Babatunde Zubairu, the Army's spokesman said that in addition to two soldiers who died during the operation, a vigilante from the locality also perished. The army reported that the clash took place in Shanono where troops, backed by security agencies, raided an underground bandit den. The operation is part a larger military campaign to combat the escalating violence in northern Nigeria where armed group have murdered and kidnapped tens of thousands in recent years. Separately, Nigerian-Nigerian forces defeated an attack on a military facility in northeast Nigeria by Boko Haram fighters and Islamic State West Africa Province(ISWAP) fighters early Tuesday morning, killing six insurgents. The army reported that additional fighters were killed by airstrikes in the aftermath. In a press release, the regional counter-insurgency force of the Army said that an assault began at 0330 GMT on Forward Operating Base Kangar in Borno, a state bordering Niger. The attack involved drones with armed weapons and mortar fire. The statement stated that several soldiers and civilian JTF were injured, but they were quickly evacuated to receive treatment. Ahmed Kingimi, Maiduguri (Additional reporting by Ahmed Kingimi; writing by Elisha Gbogbo; editing by Aidan Lewis and William Maclean).
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Brazil's Conab increases sugar production despite smaller cane crops
Conab, Brazil's crop forecaster and food supply agency, raised Tuesday its projections for sugar production by the country in 2025/26. The season began in April. Conab's estimate of Brazil's sugar output was 45.02 millions metric tons. This is a half-million tons more than its previous forecast. This is higher than the 44.12 millions tons of sugar produced last year. According to the government agency, sugarcane production fell by 0.35% in the last stages of harvesting. Conab stated that the sugar production was higher despite the smaller sugarcane harvest because mills allocated more cane for the production of sweetener. They are now using less sugarcane to produce fuel ethanol. The Agency reduced its estimate of cane-based alcohol production by over 200 million liters to 26,55 billion liters. Brazil will, however, produce more corn-based bioethanol in 2025/26, with 9.6 billion liters compared to 7.8 billion in the previous crop.
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Brazil Supreme Court affirms the legality of soy moratorium, traders' group claims
The grain traders group Abiove said that the vote of Brazil's Supreme Court, which took place on Monday, recognising legality and effectiveness of the soy-moratorium, a corporate agreement under investigation by Brazil’s antitrust agency, confirms its legitimacy and efficiency. Why it's important The ruling by Supreme Court Justice Flavio DiNo supports a longstanding corporate environment agreement that prohibits soybean traders from purchasing from farmers who cleared land from the Amazon rainforest in July 2008. It also shapes the soy trading in Brazil, which is the world's biggest soybean exporter. CONTEXT The soy ban was intended to reduce deforestation by limiting soy purchases in newly deforested regions. However, it has been met with opposition from small and medium soy farmers who claim the moratorium acts as a cartel. The Supreme Court's ruling was part of an appeal about the legality a state law that prohibits tax benefits for soy processors and traders who participate in the moratorium. The Supreme Court's ruling on the legitimacy of the soy moratorium raises doubts about recent challenges against the pact at Brazil's antitrust office. KEY QUOTES Justice Dino stated that the soy ban "increased Brazil's credibility as it relates to international environmental commitments." Abiove stated: "A decision this size confirms that multi-sectoral pact is an effective, legitimate initiative aligned to constitutional principles while recognising the positive environmental and agricultural impacts." Reporting by Roberto Samora, Writing by Isabel Teles, Editing by Susan Fenton
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Victor Conte, 75, the founder of BALCO, the lab at the centre of an steroid scandal has died.
Victor Conte has died aged 75. He was the owner of BALCO, a now defunct laboratory, and a pivotal figure in the global steroid scandal, which involved high-profile athletes like baseball's home run king Barry Bonds. Conte died on Monday. He spent four months in jail and four months at home after pleading guilt in 2005 for distributing steroids among professional and Olympic athletes. His sports nutrition company announced his death in a post to social media. In a post to Instagram, SNAC System said that it was "heartbroken" by the death of Conte. The system called Conte a "anti-doping activist." "We will respect his wishes." SNAC will live on forever, and so will his legacy. "We LOVE you, Conte!" On the SNAC website, it said that Conte's BALCO days "forever changed" him and that he became an antidoping activist later. However, his commitment to "guiding athlete to become their best ever never wavered." Conte began his career as a musician. He played with the funk group "Tower of Power" at one time, but he entered the nutrition industry in the early 80s. Conte was the owner of BALCO, a small Bay Area lab on the outskirts San Francisco. The laboratory began to thrive in the late 1990s. It became the center of a massive doping controversy early 2000s. He used a gregarious personality and self-taught knowledge of nutrition to gain access to some of the top names in sport, including disgraced sprinter Marion Jones and baseball sluggers Bonds and Jason Giambi, supplying them with the latest in performance-enhancing drugs. Bonds was never formally found guilty of using performance-enhancing drugs in a court of law and has always denied any wrongdoing but overwhelming evidence and extensive documentation link him to the use of steroids. Conte, who was sentenced to federal prison in 2005 for his involvement in the steroid scam, said that he had never snitched or rolled or informed on anyone. "I was always a man of full disclosure. I explained to all the athletes that I worked with, as best I could, the risks and rewards of our association and how we approach performance enhancement. (Reporting from Frank Pingue, Toronto; Additional reporting and editing by Rory Carroll)
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Kimmeridge says the 2021 merger is a failure and calls for a complete overhaul of Coterra
Kimmeridge, an activist investor, called on Tuesday for a change in leadership and strategy within Coterra Energy. He said that the merger of Cabot Energy & Oil and Cimarex Energy into the new company by 2021 has failed to provide value and the stock is trading at a lower price than its peers. The private investment firm, in an open letter to the board, urged it to appoint a non-executive, independent chair, and to refocus its operations on the oil-rich Delaware Basin, claiming that the current mix of oil properties and gas properties had created inefficiency and reduced returns. In the letter, Mark Viviano said that "Coterra's past has been tainted because a boardroom is unwilling to admit its own mistakes." The investment firm is pushing Coterra to sell its Marcellus and Anadarko Basin properties to become a Permian-only producer. They argue that a more streamlined operation would be easier to run and could unlock a value re-rating. Kimmeridge stated that it has a "significant" stake in the oil company, without divulging any details. Coterra CEO Tom Jordan stated that Kimmeridge's email contained "some factual mistakes". He said, "We're disappointed that they chose to release a letter to the public without reaching out to [us]", on a call after earnings. Coterra shares rose by 1.7% this morning. Shares of Coterra have fallen 2.8% this year, compared to a 1.25% increase in the S&P 500 Energy Index. Coterra, the $17 billion merger of Cabot Oil & Gas with Cimarex Energy to form Coterra in 2021 was hailed as a "surprise", as it combined Cabot's Marcellus shale gas positions in northeastern U.S. and Cimarex oil-rich acres in West Texas. Coterra's third-quarter profit missed Wall Street expectations on Monday as lower oil prices offset an increase in production. (Reporting from Pooja Mathur and Pranav Menon in Bengalur; editing by Arun Koyyur.)
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Lukoil's network abroad buckles under the weight of Western sanctions
Sources claim that the Russian oil giant Lukoil struggles to maintain operations at its vast foreign businesses, as Western sanctions disrupt oil loads in Iraq, pumping stations in Finland, and trading in Switzerland. Last month, the United States and United Kingdom imposed sanctions against Russia's second largest oil company. This has complicated its operations. The U.S. Treasury Department has issued a license giving companies until 21 November to end any transactions with Lukoil or Rosneft, the number one oil producer. Sanctions are being felt in all regions where the company is active. Iraq's Somo, the state-owned firm, has cancelled the loading of three crude oil shipments from Lukoil equity production in the West Qurna-2 area, according to two sources on Tuesday. They cited concerns about U.S. sanctions and UK sanctions against the company. Lukoil holds a 75% stake in the field that produces 480,000 barrels per day. The remaining 25% is held by Iraq's North Oil Company. Sources said that the cargoes would be loaded on November 11, 18, and 26. Lukoil or Somo didn't immediately respond to a comment request. Since Britain imposed sanctions, several trading sources have reported that Litasco in Geneva, Lukoil’s trading arm, is having difficulty chartering ships because UK shipbrokers won't work with them. Trading sources who are familiar with the trader's operation said that Litasco also fired employees in response to the sanctions. Litasco declined to comment on a request. Around 1,000 Teboil employees and operators are concerned about losing their jobs as Finnish banks implement sanctions against Russian oil and Teboil owner Lukoil in the next few weeks. Teboil has not responded to our request for comment. Finance Finland, which represents Finnish banks in the country, has already begun freezing payments to Teboil ahead of November 21st deadline. Lukoil announced last month that it accepted an offer by global commodity trader Gunvor for its foreign assets which it sought to sell following Washington's sanctions.
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Output from QatarEnergy's North Field Expansion Slated for 2026
The CEO of QatarEnergy, one of the world's biggest liquefied natural gas producers, told Reuters on Monday that the company's massive North Field expansion project will produce its first LNG in the second half of 2026.The state-owned company said in May that first production at the field, which according to CEO Saad al-Kaabi was originally planned for the end of this year, would begin in mid-2026.Al-Kaabi attributed any delays to slowdowns related to COVID restrictions earlier this decade, and not to geopolitical tensions."I'm still looking at somewhere in mid-2026, in the third, fourth quarter 26 maximum," Kaabi said in an interview on the sidelines of the annual ADIPEC energy conference."It's looking quite positive. I think we are on track to meet that date. With these huge projects, it can move up and down a few months, but that's basically the range we're looking at."When at full production, the North Field expansion project is expected to produce 126 million metric tons of LNG per annum by 2027, boosting QatarEnergy's output by some 85% from its current 77 mtpa.The project involves the construction of six industrial units that cool natural gas into liquid form for export by ship, which are commonly known as gas trains. Production will begin when the first train is operational, Kaabi said.QatarEnergy has not said when full production would be reached.Qatar said in June that an Israeli strike on Iran's portion of the shared gas field, some 200 km (124 miles) from QatarEnergy's installations, was a reckless move.(Reuters - Reporting by Maha El Dahan; Writing by Andrew Mills; Editing by David Goodman and Jan Harvey)
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G20 Taskforce asks for global panel to address 'inequality crisis'
The G20 taskforce, established by the South African president Cyril Ramaphosa, has called for an international panel on inequality. They warn that extreme wealth disparities can disrupt democracy and lead to economic instability. Joseph Stiglitz is the chairman of the Extraordinary Committee of Independent Experts on Global Inequality. The report, commissioned by South Africa as part of its G20 presidency, found that since 2000 the richest one percent of the world's population has captured 41% of all new wealth. According to the World Inequality Lab, data shows that the poorest half of the population increased their wealth only by 1%. Stiglitz said that the situation is not only unfair, but also undermines social cohesion. It's a problem both for our economy and politics. In a press release, the taskforce stated that a panel on inequality would be modeled after the Intergovernmental Panel on Climate Change. The taskforce would monitor the causes and effects of inequality and provide insights to policymakers and governments. The report warns that countries with high levels of inequality, which account for 83% of the global population, are more likely than others to suffer from democratic decline. They cited "perfect storms" of global shocks, such as COVID-19 and the war in Ukraine, and trade disputes for escalating poverty and inequality. The authors noted that 1 in 4 people skip meals regularly and that the wealth of billionaires has reached its highest level ever. The G20's first taskforce on inequality is expected to make its findings known to the G20 leaders in Johannesburg, South Africa in November. The United States will take over the rotating G20 Presidency at the end this year. (Reporting and editing by Nellie Cawthorne, Andrew Cawthorne, and SiyandaMthethwa)
China, India ease imports of thermal coal, however North Asia gains: Russell
Asia's. imports of seaborne thermal coal are expected to be largely. consistent in June, however are revealing some divergence between strength. in North Asian purchasers of higherquality fuel and softness in. lowergrade coal sought by China and India.
Asia, the top-importing area of the power-generation fuel,. is on track to see arrivals of 76.39 million metric loads in. June, according to data assembled by commodity analysts Kpler.
This is down slightly from May's 78.67 million loads, however up. from 74.81 million in June last year.
Much of the little drop in June imports can be credited. China, the world's biggest coal importer, with arrivals of. seaborne thermal coal slipping to 28.21 million loads from May's. 30.74 million, according to Kpler.
China's appetite for imported coal has actually stayed strong so. far in 2024, as domestic production has had a hard time in the middle of ongoing. security examinations at mines.
For the very first 5 months of the year China's coal output. was 1.86 billion loads, down 3% from the same duration in 2023,. according to main information.
The soft domestic production, paired with higher local. prices, has actually meant energies have actually turned to imported coal to meet. increasing power need.
The small drop in May's imports is mostly a reflection of. increased hydro generation, which surged 38% in May from the. same month in 2023, and was up 14.9% for the first five months. of the year.
India, the world's second-biggest coal importer, is likewise. likely to see a drop in June imports, with Kpler estimating. thermal coal arrivals of 14.63 million loads, below 17.59. million in May, however above the 13.43 million from June last year.
India has actually ramped up electricity generation in recent months. as a strong economy and a continuous heatwave increase need for. power.
The decline in June thermal coal imports does not signal that. electricity need is subsiding, rather it's most likely a. reflection that domestic coal output is increasing.
India's coal production in May was 83.91 million tons, up. 10.2% from the exact same month in 2023, and for the very first two months. of the fiscal year that started in April, output rose 8.8%,. according to data supplied by the Ministry of Coal.
India's federal Coal Minister G. Kishan Reddy said on June. 13 that his government aims to decrease coal imports and increase. domestic output, and while this has actually been an enduring. aspiration, it appears that domestic production is trending greater. on a sustained basis.
The outlook for India's thermal coal imports will mainly. depend on the success of improving domestic production, too. as the strength of electrical power need and how quickly renewable. generation can be deployed.
NORTH ASIA STRENGTH
While China and India saw some easing of thermal coal. imports in June, the developed economies of North Asia, which. tend to purchase high calorific worth (CV) coal mainly from. Australia, saw increasing arrivals.
Japan, Asia's third-biggest coal importer, is expected to. import 7.65 million tons of thermal coal in June, up from 6.26. million in May and the first month-to-month increase given that March.
South Korea is forecast to import 6.82 million heaps in June,. up from 4.50 million in May and the strongest month since. February.
Taiwan's June imports are approximated by Kpler at 4.24 million. lots, up from 4.03 million in May and nearly reaching the 4.25. million from March, which was the strongest month because. September in 2015.
The rising demand from North Asia enhanced the cost of. Australian top-quality coal in May, with the Newcastle index. evaluated by globalCOAL being available in at $142.72 a load for the month,. the greatest so far this year.
The Newcastle cost has actually reduced a little since then to $131.50. a heap on Monday, but this is a reflection of anticipated softer. demand from North Asia once the summer peak passes.
The opinions expressed here are those of the author, a writer. .
(source: Reuters)