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Sabesp, a Brazilian company, announces the acquisition of EMAE by Sabesp for $212 Million
Sabesp, a Brazilian water utility, announced on Sunday that it had agreed to purchase a 70.1% share in Empresa Metropolitana de Agua e Energia EMAE across multiple classes of shares for 1.13 billion reais (212 million dollars). EMAE is a Brazilian company that owns and operates a hydro-electric power generation system. This system is located in Sao Paulo, the Baixada Santista coast area, and the MedioTiete region. The acquisition of Sabesp, which combines water security and energy generation, strengthens synergies between the company's businesses, and creates a more robust platform to tackle climate challenges and the rising demand for services essential, according to a filing with the Securities and Exchange Commission. Two separate agreements will be used to acquire a controlling stake. The first agreement, with Vortx representing the bondholders of Phoenix Agua e Energia S.A. involves the purchase by EMAE of 74.9% its common shares. Sabesp will acquire 66.8% EMAE preferred shares, held by the power company Eletrobras, in a second transaction that is conditional upon the first. Sabesp stated in its filing that the transactions were separately negotiated and subject to regulatory and antitrust approval. ($1 = 5.3348 reais) (Reporting by Lisandra Paraguassu; writing by Marcela Ayres; Editing by Cynthia Osterman)
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Heavy rains in Nepal kill 47 people and block roads
Officials said that heavy rains in Nepal have caused landslides, flash floods, and washed away bridges, killing 47 people. Kalidas Dhauboji is a spokesperson of the Armed Police Force. He said that 35 people died in landslides separate in the Ilam District in the eastern bordering India. He added that nine people are missing, having been washed out by floods. Three others have died in lightning strikes in other parts of Nepal. Shanti Mahat is a spokesperson for Nepal's National Disaster Risk Reduction and Management Authority. She said that rescue efforts are ongoing to find missing people. Local media reported that landslides caused by heavy rains in Darjeeling, a hill region in eastern India, killed at least seven people. "Seven bodies have been recovered already from the debris." Two more people are known to us. We are working to recover the bodies of these two people as well," Abhishek, a Darjeeling District Police official, said in a Sunday post on social media platform X by Indian news agency ANI. Authorities reported that several highways were blocked by landslides or washed out by floods. This left hundreds of passengers stranded. Rinji Sherpa is a spokesperson at Kathmandu Airport, Nepal's largest international gateway. "Domestic flight are mostly disrupted, but international flights operate normally," he said. A district official reported that the Koshi River in southeastern Nepal was flowing at a level above danger. The river, which is responsible for deadly floods almost every year in eastern Indian state Bihar, flows over the danger threshold. Dharmendra Kumar Mihsra, district Governor of Sunsari District, said that all 56 sluice gate of the Koshi Barrage were opened to drain water, compared to about 10-12 during a normal condition. He added that the authorities had prohibited vehicular traffic on this bridge. Kathmandu's hilly terrain has seen several rivers flood roads and many homes, separating the temple-studded city from the rest the country. Every year, hundreds of people are killed in Nepal's mostly mountainous areas by landslides or flash floods. These events occur during the monsoon period which starts around mid-June. Officials said that rains would likely continue to fall on the Himalayan nation through Monday. Authorities said they are taking "all precautions and care" to assist those affected by the tragedy. (Reporting from Gopal Sharma, Kathmandu. Additional reporting by Jayshree Upadhyay, Mumbai. Editing by Lincoln Feast & Jamie Freed).
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Heavy rains in Nepal kill 22 people, cause road blockages
Officials said that heavy rains in Nepal caused landslides, flash floods, and bridges to be washed away. At least 22 people died in the past 36 hours. Binod Ghimire, the police spokesperson, said that 18 people died in separate landslides on the border of India in the Ilam District. He said that three people died from lightning strikes in southern Nepal and another person was killed by floods in Udayapur District, which is in eastern Nepal. Authorities reported that 11 people have been missing and washed out by floods since Saturday. Shanti Mahat is a spokesperson for the National Disaster Risk Reduction and Management Authority. Authorities reported that several highways were blocked by landslides, and washed out by floods. This left hundreds of passengers stranded. Rinji Sherpa is a spokesperson at Kathmandu Airport. He said that domestic flights were largely affected, but international flights continued to operate normally. A district official reported that the Koshi River in southeastern Nepal was flowing at a level above danger. The river, which is responsible for deadly floods almost every year in eastern Indian state Bihar, flows over the danger threshold. Dharmendra Mishra said that water flow in the Koshi River was more than twice normal. Mishra stated that all 56 sluice gate of the Koshi Barrage were opened to drain water, compared to about 10 to 12. During a normal situation. He added that authorities "are preparing to ban heavy vehicle from its bridge." Kathmandu's hilly terrain has seen several rivers flood roads and many homes, cutting off the capital from the rest the country. Every year, hundreds of people are killed in Nepal's mostly mountainous areas by landslides or flash floods. These events occur during the monsoon period which starts normally in mid-June. Officials from the weather service say that rains will likely lash the Himalayan country until Monday. Authorities say they're taking "maximum precautions and care" to assist those affected by this disaster. (Reporting and editing by Lincoln Feast; Gopal Sharma).
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PMI: Saudi Arabia's private non-oil sector has grown the most in six months.
A survey revealed that the non-oil sector of Saudi Arabia expanded at its fastest rate in six months during September. This was due to a surge in orders and an increase in output. The Riyad Bank Saudi Arabia Purchasing Managers' Index climbed from 56.4 to 57.8 (seasonally adjusted) in September, the highest improvement in operating conditions seen since March. Firms saw an increase in new orders, as they benefited from a strong market, new customers, and competitive pricing. For the second month in a row, new orders from overseas clients increased. The new order subindex jumped to 63.3 from 60.1 in August due to a robust domestic and international demand. The output growth rate has increased at the fastest pace since February. Naif Al Ghaith is the chief economist at Riyad Bank. He said, "Overall, the September survey shows a resilient, private sector which is navigating through cost pressures and benefiting from a firm demand, as well as steady hiring." According to a statement released before the budget, Saudi Arabia's government forecasts a real GDP growth rate of 4.4% by 2025. The non-oil sectors are expected to grow at 5%. This growth is supported by an increase in domestic demand and better employment rates. The employment growth in September was driven by a higher demand, and the need to efficiently manage workloads. The hiring rate was steady, but the subindex for this measure showed a slight decline from the previous month. Input price inflation has dropped to its lowest level in six months, mainly due to higher wages and costs of suppliers. The optimism for the future improved as firms became more confident in increased demand and large-scale infrastructure project. (Reporting and Editing by Hugh Lawson).
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As protesters confront immigration officials, Border Patrol agents in Chicago shoot a woman as she is protesting.
The Department of Homeland Security reported that U.S. Border Patrol agents shot an armed Chicago woman on Saturday as protesters and federal immigration agents clashed on the southwest side of the city. A spokesperson for the Department of Homeland Security said that no law enforcement officers were injured seriously in the incident where a group, including the woman, rammed vehicles into those used by U.S. Immigration and Customs Enforcement. According to the statement, the woman, an unidentified U.S. national, drove herself to hospital. The woman's condition was not immediately known. ICE agents used rubber bullets and pepper spray to disperse protesters during a heated exchange on Saturday. Kristi Noem, U.S. Homeland Security Secretary, said in a posting on X she would be sending more "special operations" in order to control the situation in Chicago's Brighton Park neighbourhood. Illinois Governor JB Pratt, a Democrat from Illinois, stated on Saturday that he received an ultimatum from Republican President Donald Trump requiring him to deploy his state's National Guard. Pritzker stated in a press release that it was "absolutely outrageous and unAmerican" to ask a governor to send military forces within our borders, against our will. ? Chicagoans have protested against the increased federal presence. Police clashed with hundreds protesters on Friday outside an ICE facility located in Broadview, a Chicago suburb. ICE agents have used rubber bullets and chemical munitions to repel demonstrators who were attempting on several occasions to block ICE vehicles that carried detainees in the facility. Protesters have condemned what they describe as similar heavy-handed police tactics in other Democratic cities including New York City, Los Angeles Washington D.C. and Portland, Oregon.
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Ecuador revokes environmental license for Canada's DPM to develop gold project
The government of Ecuador has revoked an environmental license that was granted to Canadian company DPM Metals in order to develop Loma Larga - a gold mine project located in a sensitive environment. Residents and authorities from the Azuay Province, where the Loma Larga Project is located, have been strongly opposed to the project. They claim that the development of this project would have a negative impact on Quimsacocha, which poses significant health risks for local communities. The Environment and Energy Ministry of Ecuador said that the decision was based on technical reports provided by local authorities from Cuenca and Azuay, which are responsible for the local drinking water and irrigation system. The statement said that the national government "reaffirms" its commitment to nature rights, water protection, and the protection of health and wellbeing of people in Cuenca and Azuay, under the precautionary principles. DPM, who acquired the project in 2020, did not respond immediately to a comment request. DPM estimated that the Loma Larga gold project would receive an investment of $419m for an annual average production of 200,000 ounces during its first five operating years. The Ecuadorean government suspended all activities related to this project in August until the company submitted an environmental management plan. This was despite the fact that it had granted the company a construction license one month earlier. Ecuador has significant gold and cobalt deposits but recent rulings by the courts and opposition from locals have often stopped mining projects. Only two mining companies are currently operating in the country. The Quimsacocha Reserve covers more than 3200 hectares, and includes the Andean Paramo ecosystem. The country's springs are one of its main sources of water. The company pledged to implement responsible and efficient environmental management in the region. (Reporting and writing by Alexandra Valencia, Sarah Morland and Gabriel Araujo, Editing and proofreading by Alistair Bell and Aurora Ellis).
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Document shows that German coalition partner wants protection for European steel
A document viewed by us on Saturday revealed that the Social Democrats in Germany, junior partners of Chancellor Friedrich Merz’s coalition, would push for a protectionist approach to Europe’s steel industry and urge the EU adopt a “buy European” strategy. Next week, the SPD under Finance Minister Lars Klingbeil is expected to adopt these proposals. The SPD calls on the European Commission adopt a "robust" trade protection strategy to protect against foreign competitors who are subsidised. The SPD stated that "at its core, a tariff-quota system is required to limit excessive import volumes and keep the market open while controlling it." These proposals will likely feed into the steel summit that the conservative chancellor has called for this month, where steel producers, German States and Trade Unions can discuss proposals to support the industry. It is unclear how far the SPD's proposal will be implemented. Most German parties were against protectionism in the past, as Germany has been a major beneficiary of low trade barriers for the last 20 years. German regulators and manufacturers are increasingly concerned about the impact of U.S. and Chinese tariffs and competition. The SPD stated in a document that "we cannot allow the domestic value creation to disappear just because international rules no longer work." It said: "This isn't about protectionism, but about enforcing rules of fair competition and European strategic interest." The SPD has also called for stricter controls to be placed on imports of Russian steel and measures to stop it from entering the European market through Turkey. De-industrialization has eroded the vote share of the SPD, especially in its former industrial heartlands. (Written by Thomas Escritt, edited by Susan Fenton).
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After radioactive contamination, the US FDA has imposed new restrictions on Indonesian shrimp and spices
The U.S. Food and Drug Administration announced new guidelines for the FDA. Import certification After radioactive contamination was detected, there are now restrictions on the importation of shrimp and spices from Indonesia. The agency announced on its website, Saturday morning, Indonesian Time, that the certification requirements for imports from certain areas of Indonesia will be implemented starting October 31, 2025. A third-party accredited auditor must verify that the firms listed on the Red List with Caesium137 contamination are in compliance. The firms will continue to be restricted and must provide the information listed under the yellow list. The FDA requires that all companies on the yellow list, which covers certain foods contaminated with Caesium-137, obtain a shipment certification from a designated entity. This must be an Indonesian agency or representative. According to the FDA website, Caesium-137 is a radionuclide that has been found in the environment as a result of nuclear accidents and testing such as Chernobyl. Indonesia has no nuclear weapons nor nuclear power plants. In August, the FDA issued an advisory informing consumers, sellers, and distributors in the U.S. that frozen shrimp produced by PT Bahari Makmur Sejati was contaminated with Caesium 137. The shrimp were processed in an industrial estate close to Jakarta, which was later found contaminated by the radioactive element. Indonesia's Nuclear Agency is now seeking to clean up this area. The size of the affected area. Bara Hasibuan is a spokesperson in charge of the investigation. She said: "We only received the report a few hours ago. We need time to determine what actions are needed.
What next as China approaches peak aluminum production? Andy Home
China's aluminum production is approaching its capacity limit.
From just four millions metric tons of production in 2004, China's primary metal smelting industry is expected to reach 43 million tons by 2024 or 60% global output.
The West has increasingly resisted the growing dominance that China is gaining in the global aluminum supply chain, first through trade complaints and antidumping duties, and then more recently with U.S. Tariffs.
China's semi-fabricated aluminum exports, which increased by 19% last year to a record of 6.2 million tonnes, were not affected.
Things are about to get better.
Beijing's "Action Plan" on aluminium for 2025-2027 confirms that the cap will remain in place, and outlines a plan for what comes next.
TOUCHING the ceiling
According to the International Aluminium Institute, China's primary aluminum production increased by 2.6% on an annual basis in the first quarter 2025.
The average annualised production was 44 million tonnes between January and March, only a million tones short of the cap of 45 million tons set in 2017.
According to consultancy AZ Global, it is technically possible that the country's production could exceed the cap.
The capacity of a smelter is measured by the amperage designed for the electrolysis process. However, "one of first tasks of any plant manager would be to increase output above the rate," the article states. The smelter can produce more than its capacity by increasing the amperage.
AZ China estimates China's capacity utilisation at 98.2%. This leaves little room for collective amperage to increase.
China's average annual growth rate of 4.0% over the past five years is beginning to slow.
Going Green
Chinese operators continue to build new smelters. However, the new capacity will have to be offset by closing older capacity.
Beijing's policies in this sector focus on eliminating older, less-efficient capacity and making sure that newer smelters use renewable energy sources.
Aluminium production is moving from coal-rich regions to new energy hubs such as Yunnan, with its hydropower and Inner Mongolia which has a massive wind and solar power potential.
The goal is to produce more metals with low carbon content. According to the plan, renewable energy will account for 30 percent of national smelter electricity demand by 2027.
Beijing wants to boost production by recycling scrap to reach a target of 15 million tons annually in 2027.
Exports are reduced
Already, another offset has kicked in.
In December, the government eliminated tax rebates of 13% for exports of aluminum products. This was done to keep more metal on the domestic market.
Exports have slowed down sharply since then, with volumes outbound falling by 11% on an annual basis in January and Febraury.
Analysts at Macquarie Bank predict that exports will fall by 8% between 2025 and 2030. A more dramatic collapse is unlikely, as the world outside China relies heavily on its products for around 15% of the total demand.
Most Western buyers are likely to accept at least a part of the cost increase.
It is possible that Chinese aluminum exports have reached their peak.
REPRIEVE FOR WESTERN GENERALISERS?
Combining a slowdown in Chinese production growth with reduced exports opens up a window for the rest the world's primary aluminum producers.
Nearly a million tonnes of smelting capacity in the United States is idle. The 25% tariffs on aluminum imports imposed by President Donald Trump are meant to encourage restarts.
After the surge in power prices that followed Russia’s invasion of Ukraine, 2022, around half of Europe's primary smelting capacities are out of operation.
Although the structural changes implemented by the largest producer in the world may provide a reprieve for such plants, restarting idled capacities is also a matter of aluminium and electricity prices.
After years of low investment, there is renewed interest in greenfield smelters being built in the West.
The government has provided $500 million to U.S. aluminum producer Century Aluminum for the launch of the first new smelter built in the United States since 1945.
Rio Tinto is examining low-carbon smelter project in India and Finland.
But the Chinese dominance will remain
Due to the lack domestic expansion potential, Chinese producers also go overseas.
Beijing's aluminum action plan, for example, calls for closer cooperation with nations rich in resources, such as Guinea. Chinalco, a Chinese company, is involved in a project that converts Guinea's bauxite into alumina.
Shandong Nanshan Aluminium, which produces alumina in Indonesia, plans to expand their refining capability and add a smelter that can produce 260,000 tons per year.
China has stopped building its own capacity, but it appears that they have no plans to loosen their grip on a material classified by the United States as well as the European Union as a vital raw material.
These are the opinions of a columnist who writes for.
(source: Reuters)