Latest News
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Britannia, India's largest company, names Birla Opus CEO as its new CEO
Rakshit Hardgave, the former Birla Opus CEO, was named as Britannia Industries' new CEO on Wednesday. He succeeds Rajneet Kohli, who retired in March. This management change is occurring as Indian consumer goods manufacturers are facing a period of tax rate reductions and changing demand trends. There is also pressure on margins to maintain growth and protect them. Britannia shares rose by about 25% when Kohli took over the company in September 2022. Hargave is set to take over Britannia as of December 15, according to the biscuit maker 'Good Day. Grasim Industries announced earlier that day his resignation from Birla Opus paints. Birla Opus, under his leadership, gave Asian Paints, the market leader, one of their biggest challenges in decades. It cornered a significant share of the market in just over a year after its launch in 2024. Hargave worked for Grasim in Bengaluru for four years. He has also previously worked at Hindustan Unilever, Domino's Pizza franchisee Jubilant Foodworks and other Indian consumer giants. (Reporting by Hritam Mukherjee in Bengaluru; Editing by Leroy Leo)
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Brazil's most deadly police raid places Lula in political trouble
Luiz inacio Lula da Solo, Brazil's president, is still reeling from the aftermath of his country's deadliest police operation. He has been left unable to handle political fallout as he tries to reconcile growing international concern over human rights abuses with public support for an aggressive crackdown on crime. This divide highlights a broader problem facing Lula. He is hoping to be re-elected next year, and has devoted much of his political capital towards an "ecological transform" of Brazil's economic system, capped off by the U.N. Climate Conference COP30, which starts this week. However, most Brazilians seem more concerned with public security. At least 121 people, including four officers of the Rio de Janeiro police force, died in the raid on October 28. United Nations officials condemned the level of violence and called for independent investigations to be conducted into any possible illegal killings. Since then, activists have staged protests as more bodies are identified. Lula called the raid "disastrous" during his appearance at COP30 on Tuesday in Belem. He said that the judge had ordered arrest warrants, and not mass murders. "Yet there was mass murder." Lula was on his way back from Malaysia in a plane without internet when the raid occurred. According to a source in the presidential palace, Lula has kept a low-profile since then. His administration is "walking on eggs" according one source. A second source stated that "the government cannot take responsibility for this but it can't also support the massacre." In a report submitted to the Supreme Court by the Rio State government, it defended the operation claiming that the security forces had used "proportional" force and "no deaths have been reported outside of the narco terrorist organization," suggesting that police actions were targeted. Support for Police Killings New polling indicates that despite the brutality of the police operation, there is widespread support in the country for it. AtlasIntel's survey of Brazilians, published on Friday, showed that 55% supported the operation. Residents of Rio State were even more supportive at 62%. The results highlighted the political difficulties facing the leftist President, whose administration is struggling to meet voter demands for stricter security policies. Adeilton da Silva, 65, a Rio resident who works as a security guard in Copacabana, said, "A good criminal will be dead." "If it happened every week, criminals would be terrified." Brazil's political left has seized the opportunity to capitalize on this incident. Claudio Castro, the conservative ally who had ordered the operation and was a close ally to former President Jair Bolsonaro, has gained 10 points of approval following the incident, according to a separate Genial/Quaest survey conducted on Sunday. Ibaneis, the governor of the Federal District also supports Castro. In an interview he stated that it was astonishing that the organized crime had not only taken over Rio de Janeiro, but also spread to other large cities and state capitals throughout Brazil, even though Brazil produces very little drugs and does no manufacture heavy weapons. Right-wing politicians and political analysts draw parallels between the popularity of President Nayib Bukele's anti-gang policy curtailing due processes in El Salvador, as well as that of his anti-gang policies. In an interview on Monday, Romeu ZEMA, the conservative governor from Minas Gerais said that "El Salvador's experiences demonstrate that meaningful changes are possible, but they depend on a government who is willing to act." Zema and five other governors congratulated Castro and the Rio de Janeiro police force two days after the raid. They said that the slain had the opportunity to surrender and give themselves up. Only those who did not want to did so. Fear of more violence The Genial/Quaest survey found that despite Castro's portrayal of the raid, it did not do much to reassure the Rio public. A majority of Rio residents reported feeling less safe. The result is more violence, said Paulo Henrique Machado Cruz, a 54-year old parking attendant from Rio. "You do not solve the problem; you only make it worse." You scare children and destroy families. The Supreme Court of Brazil may give in to the demands made by left-wing politicians for an investigation into police violence in Rio, which would also lead to a federal probe into this deadly operation. Sources close Lula are concerned that the incident could undermine his recent gains ahead of the elections in 2026. The fallout is likely to continue, as the investigations unfold. According to the most recent Datafolha survey, Lula's approval rating increased to 33%, its highest level this year. Meanwhile, disapproval dropped to 38%. The Supreme Court Justice Alexandre de Moraes led a high-level police operation meeting in Rio on Monday. He was joined by the Governor Castro, officials from law enforcement, and representatives of the public prosecutors and defenders offices. Moraes oversees a landmark case at Brazil's Supreme Federal Court that challenges the use of force by Rio police in Brazil's informal shantytowns, known as favelas. Luciana de Janiero in Rio de Janiero; Lisandra Paraguassu, Brasilia; and Lucinda Elliot in Montevideo. Additional reporting by Ricardo Brito in Brasilia. Brad Haynes, Michael Learmonth and Brad Haynes edited the story.
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UN: Wildfires and rising temperatures threaten forests in the northern hemisphere
A new U.N. study said that record wildfires in combination with rising temperatures could turn vital carbon sinks like forests into carbon emitters. According to a report released by the U.N. Economic Commission for Europe ahead of the COP30 Climate Conference in Brazil, forests in Europe, North America and Central Asia have slowed their ability absorb carbon dioxide. It warned that if current trends continue these forests may reach a tipping-point where they start releasing more CO2 than they can absorb. The Paris Agreement targets a reduction of CO2 emissions in order to limit global warming to 1.5 degrees Celsius. These forests offset a large portion of the human-produced emissions of CO2 from fossil fuels, and deforestation. About half of the carbon stored in the world is found in forests located in the northern hemisphere. ARCTIC BOREAL WOODS VULNERABLE In a press release, UNECE Executive Secretary Tatiana Molcean stated that "the message is clear": what we have achieved in the past three decades now faces serious risks from the climate crisis. The report highlights the vulnerability and large amount of carbon stored in the Arctic boreal forest, which contains nearly half the world's old-growth, primary woodland. The forests are under threat from wildfires and rising temperatures. According to the report, the northern hemisphere is home to nearly half of the world's primary woodland and over 42 percent of the forest. However, it is becoming increasingly vulnerable to pests, fires, and drought. A study by the Joint Research Centre of the European Union found that forests in Europe will absorb nearly a third less CO2 per year between 2020-22 and 2010-14. Molcean stated, "We can't afford to lose our planet's strongest natural defense." The rising tide of fires and drought is pushing the forests to a critical point. The Brazilian government is launching the Tropical Forests Forever Fund at COP30 to help countries who commit to preserving forests. (Reporting and editing by Mark Heinrich; Additional reporting by Ali Withers, Olivia Le Poidevin).
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Sempra tops quarterly profit estimates on Texas investments; California units target savings
Sempra, a Texas-based energy infrastructure company, beat third quarter profit expectations on Wednesday. Growing investments in its Texas utility drove the results, while California units streamlined operations to improve efficiency due to regulatory changes. Following the results, shares of the company increased by 2% on premarket trading. According to LSEG data, the San Diego-based firm reported an adjusted profit of $1.11 for the three-month period ended September 30. This beat analysts' average estimates of 91c per share. Sempra Texas's utility Oncor, which continues to expand its grid in order to meet the rising demand for power from industrial customers and North Texas data centers, was a major contributor to these results. Oncor, which has a capital plan of $36 billion for the years 2025-2029, expects to increase its spending by over 30% in its subsequent five-year plan 2026-2030. This will be to meet rising electricity demand. Oncor's active interconnection large commercial and industry queue at quarter-end included more than 600 requests. This is an increase of approximately 60% over last year. Sempra expects to sell a planned 45% stake in Sempra Infrastructure Partners by the end of next year to KKR affiliates, as part of its efforts to simplify and strengthen its balance sheets. Sempra Infrastructure reached a final decision in the second phase of Port Arthur LNG Phase 2 during the third quarter. Long-term agreements for offtake were already in place. The unit is working on six major projects along the Pacific and Gulf Coasts of North America. California's San Diego Gas & Electric Co. (SDGE) & Southern California Gas Co. (SoCalGas Co.) have applied to state regulators in order to save money. SDGE intends to discontinue certain energy efficiency programs in order to reduce administrative costs, while SoCalGas plans to close all of its remaining branch office and transition to a digital first service model. These changes will save customers over $300 million between the years 2026-2031. (Reporting by Arunima Kumar in Bengaluru; Editing by Shreya Biswas)
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Sources say that the EU will approve ADNOC's Covestro agreement in the coming weeks.
People with direct knowledge of this matter expect that the EU will approve the ADNOC bid of 14.7 billion euros ($17 billion) for the German chemicals firm Covestro within the next few weeks. According to a Wednesday update, the European Commission, EU's competition enforcer reopened its investigation on the deal on 24 October after stopping it on 3 September while awaiting requested information. The new deadline is March 2. ADNOC offered last month to amend its articles of Association to address EU concerns about its unlimited state guarantees, and pledged to maintain Covestro’s intellectual property in Europe. The company then tweaked this element in response to feedback from customers and rivals. People said that the Commission will likely sign off on the agreement this month. However, timing may still change. ADNOC’s international investment arm stated that "XRG will not comment on current regulatory issues and continues to work constructively with the Commission." ADNOC has acquired Covestro, its largest acquisition to date. It is also one of the biggest foreign takeovers by a Gulf State of a company in the EU. This deal has raised EU concerns about the possibility that state subsidies were used.
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Wetherspoon is cautious about sales growth ahead of UK Budget
British pub chain JD Wetherspoon announced a slowdown of recent sales growth Wednesday. The company warned that the industry would suffer if the budget for this month repeats the mix of tax hikes and wage increases from last year. Even value-oriented players like Wetherspoons struggle to attract customers due to cost-of living pressures. In order to maintain control over public finances, UK Finance Minister Rachel Reeves will likely announce tax increases in her budget on November 26, breaking her promise from last year not to repeat revenue-raising measures. Wetherspoons chairman Tim Martin said that the company was on the alert for any tax increases, no matter how disguised. The company has adopted a cautious outlook for this year. Wetherspoons is expected to pay 9 million pounds (7 million pounds) in this year's budget due to recent increases in energy prices. Martin said that a 10% wage increase would result in a 15-penny price hike in pubs but only 1.5 pennies in supermarkets. He argued that the rising cost gap is widening and driving customers away. The pub group known as Spoons has invested in gardens and outdoor seating to attract customers. Wetherspoons' shares fell 1.2% to 634 pence at 1305 GMT. Analysts are especially concerned about Wetherspoons’ exposure to labour costs, as well as gaming machine duties. According to Peel Hunt analysts the staff wages account for around 40% of sales and high-margin games provide a buffer to other cost pressures. Martin stated that the government acknowledged the pressures on the hospitality sector "so, we hope they will leave pub gaming machines alone". The company that runs over 800 pubs across the UK and Ireland reported a 3.7% increase in sales like-for-like in the 14-week period ending November 2. This was driven by bar sales as well as sales of gaming machines. This is down from the 5.1% growth of the 12 previous weeks.
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Philippines starts cleanup after typhoon Kalmaegi kills at least 85
Residents in the central Philippines began scrubbing mud off streets and houses that were still standing after the typhoon Kalmaegi tore through the area, killing at least 85 people and leaving dozens of others missing. As floodwaters receded in Cebu, the province that was hardest hit, scenes of destruction were revealed. Homes reduced to rubble and vehicles overturned, streets choked by debris, lives upended. Marlon Enriquez, 58, of Cebu City tried to salvage the belongings left in his home by scraping off the thick mud. This was the first flood that we have experienced. "I've lived here for 16 years, and this was the first flood I've ever experienced," he said. HELICOPTER CRASH DEADLINES Not everyone has a home to go back to. Eilene Oken, 38, walked into her old neighbourhood in Talisay and found it completely destroyed. She said with a broken voice, "We saved and worked for years for this, then it all disappeared in an instant." Oken, however, said that she is grateful for the safety of her family members, including her daughters. Six military personnel were among the 85 people killed when their helicopter crashed on Mindanao's island, Agusan del sur, during a mission to provide humanitarian aid. The agency for disasters reported that 75 people were missing and 17 others injured. Kalmaegi (locally called Tino) has been devastated by a magnitude 6,9 earthquake that struck northern Cebu in late January, causing dozens of deaths and thousands to be displaced. Storm expected to gain strength The storm submerged many homes, causing widespread flooding and power failures. Over 200,000 people in the Visayas area, which includes parts of southern Luzon as well as northern Mindanao, were evacuated. Forecasts predict that Kalmaegi will gain strength as it passes over the South China Sea. The typhoon is now on its way to Vietnam, where preparations have begun ahead of Friday's anticipated landfall. China's state broadcaster CCTV warned that a "catastrophic tsunami process" was taking place in the South China Sea, and activated a maritime disaster emergency response program in Hainan province in its most southern region. The report released on Wednesday didn't specify which parts of the coast or sea would be affected. However, China claims several islands in these vast waters including the Spratly Islands, and the Paracel Islands, which are administered, it claims, by the provincial government of Hainan. Super Typhoon Ragasa, which swept through the Philippines in September, forced schools and government offices shut as it brought torrential rainfall and fierce winds.
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Dollar pause, gold rises by more than 1% in risk-off mood
Gold prices rose more than 1% in Wednesday's trading, driven by a slightly lower dollar and a wider risk-off mood. At 1203 GMT, spot gold was up 0.8% to $3,963.03 an ounce. U.S. Gold Futures for December Delivery were up 0.3% at $3,971.90 an ounce. Gold prices are up 52% in the past year and reached a record high of $4,381.21 per ounce on October 20, 2010. Carsten Menke, Julius Baer's analyst, said that the recent shift in financial markets to a more risk-off mindset due to concerns over equity market valuations has helped gold stabilize after its decline from record highs. DOLLAR PAUSE SUPPORTS European shares fell to their lowest level in two weeks as investors around the world became increasingly nervous due to the inflated equity valuations. Gold became less expensive to other currency holders after the dollar index eased by 0.1%. Investors are looking for clues about the U.S. rate path as the U.S. shutdown approaches the record-breaking length. The ADP National Employment Report, due on Wednesday, is one of the non-official reports that investors will be focusing on. Last week, the U.S. Federal Reserve lowered rates and Chairman Jerome Powell hinted that it could be the final reduction in borrowing costs this year. CME's FedWatch Tool shows that market participants see only a 72% probability of a December rate cut, down from 90% prior to Powell's comments. Gold that does not yield tends to perform well in low interest rate environments and times of economic uncertainty. Menke, Julius Baer's Menke, said: "We continue to see a strong demand for gold from those seeking a safe haven. This is also the case with emerging market central bankers." Silver spot gained 0.9%, to $47.53 an ounce. Platinum fell 0.3%, to $1.531.69, and palladium rose 0.5%, to $1.397.93. (Reporting by Brijesh Patel in Bengaluru. (Editing by Ros Russel and Mark Potter).
Copper prices are affected by the dollar's strength and concerns about China's demand
The copper price fell on Wednesday. It was the fifth session in a row that it had fallen. This was due to the strong dollar and concerns about China, which is a major metals consumer.
At 1049 GMT, the benchmark copper price on London Metal Exchange had fallen by 0.2% to $10640.50 per metric ton.
Metal, which is used for power and construction, has fallen 5% from its record high of 11,200 dollars a week earlier, when fears about a tightening global supply drove it up. The metal fell below the 21-day average, which was the level of resistance around $10,779.
Analysts at Sucden Financial stated that "the pullback in the copper market appears to be a healthy consolidation with excess momentum being unwound, potentially providing some room for modest rebound when positioning is stabilized."
FIRMER DOLLAR WEIGHS
Copper has risen 22% this year so far, and is on track to be the biggest yearly increase since 2021.
Standard Chartered analyst Sudakshina Unnikrishnan said that the metal will likely trade between $10,000 and $11,000 in the short term, as risk sentiment deteriorates. Macroeconomic drivers are also weighing on the metal, while last week's disappointing official Chinese manufacturing PMI data is adding to worries.
On Wednesday, the Chinese yuan weakened to its lowest level in two weeks against the U.S. dollar. This made metals priced in dollars more expensive for Chinese buyers. Beijing will release data on trade Friday. Next week, credit lending and activity indicators will be released.
Signs of trade tensions easing between Washington and Beijing were encouraging. China announced that it would remove export controls against 15 U.S. companies and continue to pause these measures for 16 other entities for one year, starting November 10.
Other LME metals saw aluminium fall 0.2% to 2,852 per ton. Zinc fell 1.2% to 3,051.50. Lead was unchanged at $2,022.50. Tin dropped 0.6% to 35,550.
Nickel has remained relatively unchanged at $15.075 after reaching $15.015, its lowest level since August 22. Polina Devitt (Reporting). Dylan Duan contributed additional reporting. Mark Potter (Editor)
(source: Reuters)