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Prince William's trip to Brazil leaves the Andrew scandal in the past
Prince William will be in Brazil next week to receive his multi-million dollar environmental prize. He hopes to divert attention from the scandal surrounding his uncle Andrew to the causes of the royal family. William, the British heir, will make his first Latin American visit and will see some of Rio de Janeiro’s most famous sights. The goal is to bring the attention of the public to a number of environmental projects in advance the award ceremony for the Prince's Earthshot Prize. The visit came just days after King Charles stripped Andrew of his princely title and expelled him from his mansion. He also banned his brother from public life in an effort to protect the royal brand against any further damage caused by Andrew's links to Jeffrey Epstein, the late sex offenders. FOCUS IS THE EARTHSHOT PRICE William's three-day visit will be devoted to his main environmental philanthropic cause. This is to find innovative ways to combat climate changes and award five winners with 1 million pounds each ($1.3 million). William will visit Sugarloaf Mountain, the Maracana Soccer Stadium, the Christ The Redeemer Statue and the Copacabana Beach where he will be playing volleyball, according to a Kensington Palace spokesperson. Kate, his wife, is currently in remission following cancer treatment and will not join him. South America is not a common destination for British royals, who prefer to travel to Europe or other foreign lands where they are the head of state. Charles has not been to Brazil, Latin America or South America since 2009. The Earthshot events this year will be held a week prior to the United Nations COP30 Climate Summit, which will also take place in Brazil. The prince will be attending in place of his dad. Earthshot Prize CEO Jason Knauf said that the city was the ideal place to host the biggest and best Earthshot yet. The winners will announced on the 5th of November at a ceremony that will include performances by Australian popstar Kylie Minogue, and Brazilian musician Gilberto Gil. The summit will bring together more than 1,000 world leaders, including global mayors, world-leading scientists and some of the biggest philanthropists. (Reporting and editing by Andrew Heavens; Michael Holden)
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Ukraine condemns attack on vital power substations for nuclear plants
The Ukrainian Foreign Ministry condemned on Friday what they called Russian attacks on critical substations that supply external power to Ukraine's nuclear reactors. A ministry statement released late Friday stated that Russia had carried out "targeted attacks" on these substations. It added that "Deliberate attacks on civilian energy installations which directly affect the safe operations of nuclear facilities bear the hallmarks and are a grave breach of international humanitarian laws." The ministry referred back to a Thursday statement by the U.N. nuclear monitor, the International Atomic Energy Agency. It reported that military activity had "caused damage to critical substations for nuclear safety and security" in Ukraine. IAEA reported that incidents near two nuclear power plants, South Ukraine and Khmelnitskyi, led to each plant losing its external power line. The IAEA added that a third station at Rivne was forced to reduce the power at two of its reactors. The incident did not indicate which party might be behind it. Russia and Ukraine accuse one another of military activities that threaten the safety of Ukraine's four nuclear power plants, especially Zaporizhzhia. In the first weeks of the invasion of Ukraine in February 2022, Russian forces captured the Zaporizhzhia Plant, Europe's biggest with six reactors. In its statement, the IAEA referred to ongoing efforts to connect the second of the two external powerlines to the Zaporizhzhia Plant. This is vital for keeping nuclear fuel cool and preventing meltdowns. The plant does not generate any power right now. The IAEA and the Ukrainian statements were not met with any Russian response. The Zaporizhzhia Plant's external links were unavailable for 30 days between September and October. This forced officials to use emergency diesel generators. Kyiv and Moscow both blamed each other for the outage, and both claimed to have disrupted efforts to fix it. (Reporting and editing by Ron Popeski)
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The Trump Administration announces $100 Million in funding for upgrading coal plants
The U.S. Department of Energy announced on Friday that it will make $100 million available for refurbishing and modernizing existing coal-fired plants. This move is part the Trump administration’s efforts to reverse the decline in coal usage in the United States. Last month, the Energy Department announced that it would invest $625 million in expanding coal-fired power generation. In recent years, the number of coal-fired plants has decreased due to the concerns over the impact of fossil fuels on the environment and public health as well as the competition from natural gas. According to the administration of Donald Trump, coal is a good way to deliver the huge amounts of electricity required by the U.S. for data centers. Chris Wright, U.S. Energy Secretary, said: "The Biden and Obama Administrations targeted America's coal workers and industry for years. This resulted in the closing of reliable power plants, and increased electricity costs." "Thank goodness, President Trump is ending the war on American coal. He's restoring common-sense energy policies that place Americans first. These projects will keep America's coal-fired plants operational and provide the United States with the reliable, affordable energy it needs to power its future and keep the lights on. Environmentalists claim that Trump's efforts to support coal are in direct opposition to the global effort to reduce carbon emission and combat climate changes. The Energy Department announced that the funds will be allocated in three strategic areas, including advanced wastewater management systems, fuel switching systems between coal and gas, and coal-natural-gas co-firing.
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Angola looks to local markets after debt costs consume nearly half of the 2026 budget
Angola will spend nearly half of its budget for 2026 on debt repayments, highlighting how the rising costs of servicing are forcing governments in Africa to depend more on their domestic markets to fund themselves. The draft budget of the finance ministry, released on Friday, showed that 32.9%, or 10.9 trillion Kwanzas ($11.95 Billion), would be used to repay loans, and 13%, which is 4.3 trillion Kwanzas (4.3 trillion dollars) for interest payments. The total debt service will consume about 45.9%. Angola expects to borrow 7.1 trillion kwanzas in 2026 from domestic sources, compared to just 1.7 trillion from external creditors. This reflects a trend of frontier markets relying on domestic funding as foreign currency access is more expensive and risky. The budget deficit in Luanda is estimated to be 2.8% of the gross domestic product (GDP), down from 3.3% in 2025. The second-largest crude oil producer in Sub-Saharan Africa, which is trying to control costs because of volatile oil prices by cutting total expenditures, has announced that it will cut its total spending by 4,7%, to 33 trillion kwanzas. The draft budget is based on a crude price of $61 a barrel. Brent crude futures traded at around $65 last Friday. The economic growth rate is projected to increase to 4,2% by 2026 from just 3% in the year 2025. The government has also expressed concern over the rapid increase in tax waivers and incentives, referred to as "fiscal exemptions", which grew from 184 billion Kwanzas (Kwanzas) in 2018 up to 3 trillion Kwanzas by 2024. The government is concerned about the impact of these exemptions, which are mainly granted to non-oil sector, on Angola's revenue and fiscal stability.
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Amazon's boost to stocks leads to a rise in the dollar and stocks.
The dollar rose after some Federal Reserve officials made hawkish remarks. Global stocks are on track for their third consecutive week of gains, and seventh consecutive month. This was boosted by the strong gains seen in Amazon's megacap after its quarterly results. Amazon surged by 9.6% following the announcement that cloud revenue grew at the fastest rate in almost three years. This allowed the company to forecast sales for the quarter above expectations. Apple shares fell 0.4%, to $271.37. They pared gains made after hitting an intraday high of $277.32, after reporting quarterly earnings. Apple also forecast holiday-quarter iPhone and overall revenue, which exceeded Wall Street expectations, thanks to strong demand from its iPhone 17 models. The results are the culmination of a week of earnings from megacap companies that were part of the Magnificent 7 group of stocks. They showed the huge infrastructure being built around artificial intelligence is not slowing down. Wall Street saw the Dow Jones Industrial Average rise by 0.09% to 47,562.87. The S&P 500 rose 17.86 points or 0.26% to 6,840.20, and the Nasdaq Composite gained 143.81 or 0.61% to 23,724.96. The stock market closed off its previous highs as several Fed officials echoed the comments made by Chair Jerome Powell in earlier this week. Powell had denied expectations that the central bank will cut rates during its December meeting after a 25 basis-point cut on Wednesday. The theme is similar to yesterday's. The earnings are a bit better than expected, but the Fed's hawkish comments have tempered them. James Ragan is Co-CIO at D.A. Davidson. Federal Reserve Bank of Atlanta president Raphael Bostic has said that a rate cut in December is not a certainty, while Federal Reserve Bank of Cleveland president Beth Hammack stated she was open-minded to changing the interest rate targets used by the Fed for implementing monetary policy. According to CME's FedWatch Tool, the markets are pricing in a probability of 65% for a rate cut by 25 basis points at the December meeting. This is down from 92% just a week earlier. The Nasdaq is on course for its seventh consecutive monthly gain, the longest streak since Jan 2018. The MSCI index of global stocks rose 0.81 points, or 0.08% to 1,005.99. This is the longest streak since August 2021. The pan-European STOXX 600 index closed down by 0.51% following a mixed quarter of earnings and a benign inflation report for the euro zone that confirmed the European Central Bank’s belief that price pressures are contained. However, it notched up its fourth consecutive month of gains. In terms of currencies, previous comments by Fed officials supported the greenback. Kansas City Fed President Jeffrey Schmid dissented from cutting interest rates in this week, citing concerns that high inflation would continue and signs of inflation spreading throughout the economy. Dallas Federal Reserve President Lorie Log said that the Fed shouldn't have cut rates this week, and they shouldn't do it again in December. The dollar index (which measures the greenback versus a basket currencies) rose by 0.31%, to 99.78. Meanwhile, the euro fell 0.31%, to $1.1529. The dollar index is on track for a second consecutive weekly gain, and a month-to-month increase of around 2%. The Japanese yen rose 0.02% against the dollar to 154.10. Satsuki Katayama, the Japanese Finance Minister, said that the government was monitoring the foreign exchange market with an urgent sense of urgency since the yen dropped to around 154 dollars. The data revealed that core inflation in Japan’s capital city accelerated in October, and remained above the central banks 2% target. This kept market expectations of a Bank of Japan rate hike intact. The Bank of Japan kept interest rates unchanged this week despite predictions of a rate hike by many economists. The yield of benchmark U.S. 10 year notes increased by 0.2 basis points, to 4,095%, while the yield of the 2-year note, which moves typically in line with Fed rate expectations, fell 1.6 basis to 3,598%. The 10-year rate was up almost 10 basis points in the past week. This was its largest increase since the week ending April 11, while the 2-year rate was up over 11 basis points, the biggest gain since the first weeks of July. U.S. crude oil settled up by 0.68% at $60.98 per barrel. Brent crude ended the day up 0.11% to $65.07 a barrel.
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Amazon stocks rise, dollar gains after Fed remarks
The dollar rose after some Federal Reserve officials made hawkish remarks. Global stocks are on track for their third consecutive week of gains, and seventh consecutive month. Earnings from Apple and Amazon megacaps eased concerns about high valuations. Amazon soared by about 11% following the announcement that cloud revenue grew at the fastest rate in almost three years. This allowed the company to forecast quarter sales above expectations. Apple shares climbed to $271.76 after paring gains from an intraday high of $277.32. The company reported quarterly earnings, forecast holiday-quarter iPhone and overall revenue which exceeded Wall Street expectations due to strong demand for iPhone 17 models. The results are the culmination of a week of earnings from several megacap firms, including the Magnificent Seven Group of Stocks, which made it clear that the massive infrastructure around artificial intelligence is not slowing down. Wall Street saw the Dow Jones Industrial Average rise 24.36, or 0.5%, to 47.548.73. The S&P 500 rose 20.36, or 0.3%, to 6,842.70, and the Nasdaq Composite advanced 163.40, or 1.6%, to 23,744.50. The stock market was well below its previous highs as several Fed officials echoed the comments made by Chair Jerome Powell in earlier this week. Powell had denied expectations that the central bank will cut rates during its December meeting after a 25 basis-point cut on Wednesday. The market will have to repricing because it also priced in another two rate cuts, said Ken Polcari of Slatestone Wealth, Jupiter, Florida. The market will have to adjust because you may not get the product. This is only going to put pressure on price. Federal Reserve Bank of Atlanta president Raphael Bostic has said that a rate cut in December is not a certainty, while Federal Reserve Bank of Cleveland president Beth Hammack is open to changing the interest rate targets used by the Fed for implementing monetary policy. According to CME's FedWatch Tool, the markets are pricing in only a 63% probability of a 25 basis-point cut at the December meeting. This is down from 92% just a week earlier. The Nasdaq is on course for its seventh consecutive monthly gain, the longest streak since Jan 2018. The MSCI index of global stocks rose 0.77 points, or 0.08% to 1,005.95. This is the longest streak since August 2021. The pan-European STOXX 600 index closed down by 0.51% following a mixed quarter of earnings and a benign inflation report for the euro zone that confirmed that price pressures are contained. However, it notched up its fourth consecutive month of gains. Earlier comments by Fed officials in support of the dollar were also made. Kansas City Fed President Jeffrey Schmid dissented from cutting interest rates in this week, citing concerns that high inflation would continue and that signs of inflation spreading throughout the economy might raise doubts as to the central bank's commitment towards its 2% target. Dallas Federal Reserve President Lorie Log said that the Fed shouldn't have cut rates this week, and they shouldn't do it again in December. The dollar index (which measures the greenback versus a basket currencies) rose by 0.34%, to 99.82. Meanwhile, the euro fell by 0.36%, to $1.1523. The dollar index is on track for a second consecutive weekly gain, and a month-to-month increase of around 2%. The Japanese yen rose 0.03% against the dollar to 154.08. Satsuki Katayama, the Japanese Finance Minister, said that the government was monitoring the foreign exchange market with an urgent sense of urgency since the yen dropped to around 154 dollars. The data revealed that core inflation in Japan’s capital city accelerated in October, and remained above the central banks 2% target. This kept market expectations of a Bank of Japan rate hike intact. The Bank of Japan kept interest rates unchanged this week despite predictions of a rate hike by many economists. The yield on the benchmark U.S. 10 year notes fell by 0.2 basis points to 4.091%, while the yield on the 2-year note, which is typically in line with the rate expectations of the Fed, dropped by 1.2 basis to 3.602%. U.S. crude climbed 0.53% to 60.89 per barrel. Brent was up to $65.04 a barrel, a 0.06% increase on the day.
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Energy Minister: Canada will accelerate vital mineral projects worth $4.6 Billion, Canada will accelerate critical mineral project
Tim Hodgson, Minister of Energy and Natural Resources, announced on Friday that Canada would accelerate mining projects totaling C$6.4 billion ($4.6billion) as part the Critical Minerals Production Alliance. The announcement was made at the conclusion of a two-day meeting of energy ministers and environmental ministers of the Group of Seven in Toronto. Hodgson stated that Canada, along with its G7 partners, will mobilize both public and private capital in order to accelerate the production of graphite and rare earth elements. Canada has announced that as part of its alliance with Australia's Rio Tinto and Quebec-based Nouveau Monde Graphite, it signed an offtake contract for graphite and scandium. Offtake agreements are deals where a buyer commits to purchasing a producer's future output at a set price. Hodgson stated in an interview earlier this week that Canada aimed to become a leader when it came to securing supply chain for its key allies to reduce dependence on China. Canada is a producer of several important metals, including nickel, cobalt, and copper. Except for Japan, all G7 countries are heavily or solely reliant on China to supply a wide range of materials, from rare earth magnets and battery metals.
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As tensions in Venezuela rise, US Senators are seeking answers about the 'anti-drug strategy'
The Republican and Democratic leaders in the U.S. Senate Armed Services Committee stated on Friday that they have asked the administration of President Donald Trump for information and legal reasoning about operations against drug cartels, but still have not received it. Since early September, U.S. airstrikes on suspected drug-trafficking boats in the Caribbean and Pacific have resulted in the deaths of dozens of people. This has heightened tensions between Washington DC and Caracas. In a rare instance of bipartisanship in relation to the strikes Republican Senator Roger Wicker, and Democrat Jack Reed stated that they did not receive information from the administration regarding its strategy to combat drug cartels. Reed of Rhode Island is the top Democrat in the committee that oversees the U.S. Military. Wicker of Mississippi is its chairman. Trump's administration has insisted that the vessels targeted were carrying drugs without providing any evidence, or explaining publicly the legal basis for their decision to attack them rather than arrest the people on board. Trump has also ordered a major buildup of military forces in the Caribbean. In a letter from September 23, Wicker and Reed stated that they had requested "Execute Orders", relating to anti-drug trafficking activities. In a letter dated October 6, they requested any written opinion on the legal basis of these operations. The legislators said that they did not receive the requested information before Friday. The Pentagon didn't immediately respond to an inquiry for comment. Trump on Friday denied he was considering strikes inside Venezuela, appearing to contradict his own comments from last week amid intensifying expectations that Washington may soon expand drug-trafficking-related operations. (Reporting and editing by Daniel Wallis; Patricia Zengerle)
CFO of Vale Brazil says that Vale is likely to announce extraordinary dividends in the near future.
Vale will likely announce exceptional dividends in the next few months, said Chief Financial Officer Marcelo Bacci during a Friday call with analysts, following the release by the Brazilian miner of its third-quarter results.
The prospect follows stronger-than-expected cash flow early in the year and comes as iron ore prices have consistently held up above $100 per metric ton, Bacci said.
Vale, the largest iron ore miner in the world, announced on Thursday that its net profit had increased by 11% over the previous year, exceeding market expectations. The firm's executives said that it is on track to achieve all of its full-year forecasts.
When asked whether a Brazilian law that seeks to impose a withholding tax of 10% on dividends would affect potential extraordinary dividends,
dividends sent abroad
Executives said that they closely monitored developments in order to minimize the impact on shareholders. The executives noted that the impact would be minimal.
Bacci said Vale also does not expect to change its policy on expanded net debt in the near future, since the current framework and range is considered suitable for the present conditions.
The miner stated that the trend of its net debt expansion is now in the middle of its target range of $10 billion to $20 billion.
Gustavo Pimenta, the CEO of the company, ruled out mergers and acquisitions on that same call. He said, "We don't have to do this. We already have the resources."
Vale shares traded in Sao Paulo rose by about 2% Friday. (Reporting and editing by Isabel Teles, Marta Nogueira)
(source: Reuters)