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Vettel is open to a future F1 role in the motor racing-climate campaign
Sebastian Vettel, the retired Formula One world champion, said that he was open to taking on a new sport role as long as it had meaning. The German spoke at the Sao Paulo Grand Prix, where he raised climate awareness. He won four titles for Red Bull, and his last race was with Aston Martin 2022. "Why not? If it's well-spent time, there's a human element, it's challenging, and I enjoy it, why not?" He said this at Interlagos without giving any details or examples. "There must be a reason." I don't just want to come here to make money. I'm not here to be just here. It would be wrong and not me. "Maybe this is a new position... I don't really know. "I'm not going to knock on doors and ask, 'Look can you hire me for this or that?' The 38-year old added. Max Verstappen, Red Bull’s four-time champion and former racer Helmut Marko's longtime advisor and consultant, said in June that he would be happy to welcome Vettel back. Vettel, who was the youngest champion ever at Red Bull with 23 in 2010, has focused on environmental initiatives. He attended Prince William's Earthshot Prize leading up to the COP30 Climate Summit in Brazil. Vettel acknowledged the apparent conflict between Formula One and climate change, as the sport has 24 races across the globe and involves significant air travel. He said that solutions like synthetic fuel, the sport’s 2030 net-zero carbon emissions quest and sustainable travel must be targeted. "If Formula One is able to lead the way in this change, not only does it have a future, but also a purpose to demonstrate to others, 'come, do the same,'" he said. Vettel has said that he regrets nothing about ending his career as a driver. "It was a privilege that I chose when to stop. "I made that choice, and I do not regret it," said he. "But I hope I'll still be around a long time, and there's enough time to try new things and continue learning." (Reporting and editing by Christian Radnedge.)
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Guinea's mines minister announces a rapid alumina and iron ore processing.
Guinea's mines minister has told reporters that the country will accelerate the development of iron ore pellet and alumina refineries to stop decades of raw ore shipments. The first shipments of iron ore from the huge Simandou mine are expected this week. The World Bank stated in July that alumina and ore processing within Guinea could be a game changer for the country's economy, creating industrial jobs while reducing Guinea's exposure to swings in commodity prices. Guinea exports about 60% of its bauxite to China as a feedstock, and a third is iron ore from the Simandou Mine, which is shipped to Chinese mills. Conakry signed a deal to build its first alumina refining plant with the Chinese state-owned SPIC. Construction is underway, and completion is expected by 2027. He said that talks for new plants have advanced with Chinalco, France's Alteo and are ongoing with Compagnie des Bauxites de Guinee, Alcoa and Compagnie des Bauxites de Guinee. Sylla stated, "We are now the largest bauxite producers in the world... but no refineries have been built since colonial days." "That will soon change." GUINEA PLANS SIX REFINERIES BY 2020 Guinea has joined a number of mineral-rich African nations, from oil driller Nigeria to gold producer Mali, that have been pushing to increase domestic refining capacities in recent years. This is a key step to maximising profits, increasing economic growth, and reducing expensive imports. Sylla stated that the country plans to install between five and six alumina refining plants by 2030. This will increase domestic processing capacity to approximately 7 million metric tonnes annually. According to the Minister, the West African nation revoked in August the bauxite contract awarded to an Emirates Global Aluminium unit after it failed to build the alumina refinery that was promised locally. EGA didn't immediately respond to an inquiry for comment. Allison Ju, of SMM, said that China's alumina project in Guinea will not reduce its dependency on Guinea as the exports would simply switch from bauxite to alumina. Guinean bauxite is low in silica, and suitable for low-temperature refinement. It accounts for 25% of the global aluminium production. GUINEA TARGETS IRON ORE MANUFACTURING ALSO Sylla stated that Guinea wants to process iron ore at home, in addition to alumina. Sylla stated that current agreements require Rio Tinto, Winning Consortium Simandou and the Simandou joint development company to study and construct a 500,000 ton steel plant or 2 million ton pellet facility. Djiba Dikite, Chief of Staff to the President, stated that partners are required to submit feasibility studies within two years after first exports. If the Guineans fail in their study, they can hire an international firm to do it at the expense Compagnie du Transguineen - the joint venture that manages Simandou's port and rail services. Sylla stated, "We are confident that we have determined the minimum capacity to design this facility based on sound financial principles." Rio Tinto’s Simfer venture which operates a part of the Simandou Project has committed to a feasibility study for a pellet factory in order to understand the viability and the options available. A Rio Tinto spokesperson said on Monday. WCS didn't immediately respond to an inquiry for comment. The proximity of Guinea to Europe and America gives it an advantage in logistics over Middle Eastern hubs. Sylla added that pellets and direct-reduced iron for green steel were the preferred paths. Sylla acknowledged that energy remains Guinea's biggest obstacle, but said the country is pursuing hydro, solar, and liquefied gas investments. This includes a U.S. backed plan to import LNG as fuel for power plants. (Reporting and editing by Clara Denina, Jan Harvey and Maxwell Akalaare Adombila)
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Eight dead in explosion near Red Fort in India's New Delhi
Police in New Delhi said that at least eight people died in an explosion in a heavily populated area near the Red Fort, a landmark in the Indian capital. Sanjay Tyagi, spokesperson for the city police, said that the blast happened in a vehicle near the Red Fort. The exact cause of the explosion was not known immediately, and the investigation was underway. According to TV reports, at least 11 people have been injured. Local media reported that flames and smoke were seen billowing out of more than one car in a street near a metro stop in the old section of Delhi. Delhi's deputy chief of fire said that at least six vehicles, including three autorickshaws, caught fire. He added that firefighting teams had extinguished the flames. "We heard a loud sound and our windows shook," a resident, who declined to give his name, told NDTV. The police tried to remove the crowds who had gathered at the scene of the incident. The Red Fort is also known as Lal Qila in India. It is located in the Old City and attracts tourists throughout the year.
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Gold Reserve files complaint with Rusoro over alleged breach of Citgo auction
Gold Reserve, a Toronto-listed company, filed a lawsuit in Delaware against Rusoro Mining on Monday for alleged breach in contractual obligations. The consortium agreement required Rusoro to bid in an auction for Citgo Petroleum's parent company in the United States. In August, Elliott Investment Management's affiliate was recommended to be the winner of the auction. This bid beat Gold Reserve's bid of $7.9billion. The auction of Venezuela's PDV Holding is intended to compensate up 15 creditors for debt defaults and expropriations in Venezuela. As part of both bids, Rusoro agreed to allow the use of its $1.5 billion claim relating to expropriated Venezuelan assets. Delaware Judge Leonard Stark is yet to make a decision about the winner of the auction due to objections and challenges regarding the bidding process. The miner stated in a press release that "Gold Reserve seeks preliminary injunctive remedies to prevent Rusoro's participation in the sales process while the case is pending, as well as other types of relief." Gold Reserve filed its complaint under seal at the Court of Chancery of Delaware. Last month, the company and Venezuelan parties filed motions for disqualification of the judge and court advisers due to alleged conflicts of interest. These are still pending. The lawyers representing Rusoro didn't immediately respond to a comment request, but informed the Delaware court about Gold Reserve’s complaint over the weekend and stated that the company was reviewing documents while reserving the right to take any action. Gold Reserve wants to "prevent Rusoro Mining taking steps to complete the impending purchase of shares from PDV Holding", Rusoro said in court.
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Renault is looking for a Chinese supplier of rare-earth free motors, according to sources
Two sources with knowledge of the matter said that France's Renault had ended its project with Valeo for the development of a new electric vehicle motor without rare earths and was looking to find a Chinese supplier who is cheaper. Renault, General Motors, and other automakers, as well as suppliers like ZF, BorgWare, and Valeo, have developed EV motors that do not need rare earths. Renault announced in 2023 that it would be working with Valeo to develop a more powerful, compact, and lightweight EV motor, without rare earths. It described this as an "innovation made in France". China controls 70% global rare earths mining, and 85% refining. Beijing's decision imposing increasing exports limits on rare earths sent the industry scrambling to find supplies. Renault has been using rare-earth free motors since 2012. Valeo, on the other hand, brought its expertise to the stator (the fixed part that houses the rotor) by using copper wire technology. One of the sources stated that the E7A project was no longer done with Valeo. "It is now being done in-house throughout the entire value chain except for the stator, which can be purchased from a Chinese provider." Renault's decision not to continue Valeo's participation in the rare-earth-free motor project, and its search for a Chinese supplier with lower costs have never been reported. Both sources stated that the move was motivated by the need to reduce costs. Chinese suppliers offered very competitive prices. A spokeswoman from Ampere, Renault EV's subsidiary, stated that a Chinese partner was a possibility, but added that no decision had been made, and the "process is still in progress". Valeo has declined to comment. 'MADE in France' OBJECTIVE REMAINS The inverter, a key component of an EV, would be provided by the Franco-Italian company STMicro, even if the Chinese company contributed to the stator. Ampere's spokeswoman stated that they are currently studying the option of placing the stator in France. Renault, the smaller of the main legacy carmakers, has developed numerous partnerships in the past few years to manage the costs involved with developing EVs. China is also a major supplier of electric vehicles. It developed its new electric Twingo with the help of a Chinese engineering team in only two years. Renault will use the new motors, which are free of rare earths, to power its next generation compact EVs. This is expected to happen by 2028. The strategic plan that CEO Francois Privost will share in March will include these motors. The E7A will be able to produce 200 kW, 25% more power than current Renault EVs such as Scenic. Its 800-volt system also allows for a faster charging time, thanks to the fact that it is double the voltage. Valeo continues to work with German supplier Mahle on its own magnetless "iBEE", EV motor. This motor will also deliver up to 350 kW of power and be available in the market by 2028. (Reporting and writing by Gilles Guillaume; editing by Alexander Smith).
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Bulgaria increases security at Lukoil Refinery in anticipation of a planned takeover by the state
Premier Rosen Zhelyazkov announced on Monday that Bulgarian authorities were conducting inspections at the Russian oil giant Lukoil’s Burgas refinery and taking security measures to protect critical infrastructure. The government is preparing to take control of the site. Last week, Bulgaria made legal changes that allowed it to buy the refinery from the U.S. and sell it on to a new buyer to protect the plant against sanctions. Zhelyazkov stated on Monday that these measures include inspections, and the preparation of military police. They are preventative and aim to preserve critical infrastructure including oil refinery, and other facilities. The Council of Ministers released a statement on Sunday saying that the state security agency, ministry of interior, and ministry of defence had taken additional security measures "in the vicinity of Lukoil sites - critical infrastructure elements in Bulgaria's territory." The statement stated that the Ministry of Defence had redeployed a system to combat drones in the Burgas region. The inspection of strategic facilities is conducted to ensure compliance with security and plan measures. The statement said "military teams are also ready and waiting to assist the Ministry of Interior." Nova TV in Bulgaria reported that vehicles entering the country are thoroughly checked for explosives and other devices. A special manager may be appointed under the new law to supervise the sale of Burgas Refinery. Lukoil would not be able to appeal or vote on the decision. Last month, the U.S. and Britain imposed sanctions against Lukoil & Rosneft -- Russia's largest oil companies -- over Moscow's conflict in Ukraine. This has complicated their operations. Eleonora Mitchellofanova told TASS, the Russian Ambassador to Bulgaria said that Bulgarian actions were "hurried and legally questionable." She said: "We need to wait and see how the law will work, but for now, it appears like a law of expropriation." "The Bulgarians have taken a very dangerous step. They are setting a dangerous precedent." (Reporting and writing by Ivana Skularac, with additional reporting by Robert Harvey from London and Vladimir Soldatkin from Moscow. Editing by Louise Heavens.
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Ather Energy, an Indian e-scooter manufacturer, posts a narrower quarter loss
Ather Energy, an Indian e-scooter manufacturer, reported on Monday a smaller loss for the second quarterly period as sales of models like the Rizta were boosted by more stores. The company reported a loss for the third quarter ending September 30 of 1,54 billion rupees (17.52 million dollars), compared with a loss last year of 1,97 billion rupees. Since 2018, the Bengaluru-based firm, founded in 2013, sells electric scooters and is steadily increasing its market share. Analysts predict that the trend will accelerate as scooters are launched on a platform with a wider range of consumers in mind. Ather, backed by Hero MotoCorp (which owns around 30% of the company), operates 524 experience centers in the country. This is a substantial increase from 265 centres it operated in December 2024 before its listing on May this year. The company plans to double the number of stores to 700 by March. Ather's revenues grew 54% year-on-year, to 8.99 billion rupies during the quarter of July-to September. However, rising material costs drove overall expenses up by 38%. The quarterly sales volume increased 67%, to 65 595 units. The adjusted gross margin increased to 22%. This represents a 300 basis point increase on the previous year, primarily due to growth in non core revenue streams, such as warranty programs and accessories. They accounted for 12% of the total revenue. Ola Electric, a rival company, reported a smaller quarterly loss last Thursday. This was due to a dramatic drop in expenses. Ather continues to fall behind competitors like Ola Electric, and legacy giants Bajaj Auto who benefit from larger pockets and wider distribution networks.
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Soccer-Atletico Ottawa win blizzard-hit CPL final featuring "icicle kick"
Atletico Ottawa won the Canadian Premier League Final in a way unlike any other. It was a snow globe spectacle amid swirling blizzards, featuring a "icicle kick" by Mexican midfielder David Rodriguez. In Sunday's title-deciding match, Ottawa defeated Cavalry FC 2-1 in extra time. The temperature was minus 8 degrees Celsius (46.4%degF), and the snowfall was so heavy that every 15 minutes play had to be halted to clear lines. Goalkeepers also used shovels for their boxes. The pitch was plowed 60 minutes after the normal time had ended. Fraser Aird converted a penalty for Cavalry in the 33rd minutes, while wearing short sleeves. He celebrated with a knee slide in the snow. Rodriguez's bicycle kick, which roared into the goal from the underside bar seven minutes later was the equaliser. In the 107th minutes, Rodriguez chipped the ball past Cavalry goalkeeper Marco Carducci to cement his place in Canadian Soccer history. "I was very excited when I entered the locker room. "I saw that it was snowing and I thought, 'It is going to be a great day'," Rodriguez told reporters. Sergio Camargo, a veteran of the Cavalry, said that conditions were unlike anything else he has ever experienced. Camargo, a reporter, said that he had played in the snow during his college days. "But it was nothing like this, with the snow being so thick and making it difficult to dribble or manipulate the ball. This was a factor for both sides, and not an excuse. "Just another element to a memorable final." Atletico Ottawa is a CPL affiliate of the Spanish club Atletico Madrid. They were founded in 2020. (Reporting and editing by Christian Radnedge.)
Gold reaches a two-week high as weak economic data reinforces rate cuts
Gold prices rose over 2% Monday, hitting a new two-week-high, as weak economic data from the U.S. fueled expectations that the Federal Reserve would cut interest rates. This in turn boosted demand for this non-yielding investment.
As of 9:45 am, spot gold rose 2% to $4.079.71 an ounce. ET (1445 GMT), having reached its highest level in the previous session since October 27. U.S. Gold Futures for December Delivery rose 2% to $4.090.80 an ounce.
Gold is now more affordable to overseas buyers due to the dollar index.
Peter Grant, senior metals analyst at Zaner Metals and vice president of Zaner Metals, said: "We could still see a rate cut in December due to some weak data from last week."
Last week, data showed that the U.S. economy lost jobs in October. These losses were in the retail and government sectors. Data on Friday also showed that U.S. consumer confidence dropped in early November, as consumers worried about economic fallout.
According to CME Group’s FedWatch tool, the markets now expect a rate reduction in December. By January, odds will have risen to about 80%.
Gold that does not yield tends to perform well in low-interest rates and times of economic uncertainty.
Grant said that gold could be priced between $4,200 and $4,300 per ounce by the end the year. $5,000/oz is still a realistic goal for the first quarter next year.
The U.S. Senate moved ahead on a Sunday measure aimed at reopening federal government and ending a shutdown that has now lasted 40 days.
In a note, Ole Hansen said that reopening the market would bring back data and revive expectations of a December rate reduction, but it also shifted attention to the deteriorating fiscal outlook in the United States.
Palladium rose by 1.1% and platinum added 1.4%. Reporting by Noel John in Bengaluru and Pablo Sinha from Mumbai
(source: Reuters)