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Wildfires in western Germany force Germany to evacuate 2,000 people
Local authorities reported that 2,000 people were forced to evacuate their homes on Friday in western Germany after a wildfire near the Belgian border spread into a village. Residents in the village of Gey were asked to evacuate their homes at 4:00 am (0200 GMT), and to go to a help centre that was set up in a nearby village. The?instruction was to only carry essential items, such as identification documents and medicines. Mona Neubaur posted on X that "this forest fire threatens to strike the local community very hard." WDR reported that Mayor Stephan Cranen stated?that despite the fact that the evacuation was complete, the situation still remained critical. The flames are now about 300 metres away from the village. Cranen said that one of the wildfires which are still out of control has spread overnight towards an old munitions depot near the town of Dueren. Firefighters were quoted as saying that there was unexploded World war two munitions in the forest surrounding the town of Dueren because of the hilly terrain. Two German army tanks cleared access routes to the difficult-to-reach forest area, allowing firefighters to reach 300 hectares (740 acre) of?fire. There are large swathes in Germany that are battling dry conditions with high fire risks. Reporting by Friederike Hiene in Berlin and Andi KRANZ in Huertgenwald. Editing by Clarence Fernandez, Sharon Singleton and Sharon Singleton.
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After rally, copper prices fall as demand concerns dominate the conversation
Copper prices fell on Friday but have remained higher so far this week, as analysts wondered if global demand would be able to keep up with the recent price rally. Benchmark three-month copper on the London Metal Exchange fell 0.34% to $14,100.5 per metric ton at 0715 GMT. The red metal will likely gain 0.3% this week. This is the longest weekly streak it has had since 2020, when it gained 5.49%. The Shanghai Futures Exchange's most traded copper contract fell?0.12% to 107 690 yuan (15,970.64) per ton. The economic activity could be boosted by the fact that inflationary pressures are easing and concerns about interest rate hikes are receding. Fastmarkets analyst Andy Farida stated that "demand for base metals appears resilient but it's questionable whether?it will be able to maintain the same strong momentum, given how rapidly asset prices have accelerated and wage growth has been somewhat subdued." According to the CME's FedWatch, interest-rate traders have reduced the probability of the Federal Reserve raising rates during its September meeting from 44% on Friday. The LME's aluminium prices fell by 0.75%, and are expected to finish the week 1.19% lower. The price of the light metal fell by 1.14% on the SHFE. The Middle East's supply recovery prospects eased some of the expected tightness. Norsk Hydro said that the Alunorte refinery in Brazil has started to increase its alumina output after temporarily reducing it. Among LME metals, zinc dipped 0.33%, ?lead dipped 0.24%, nickel lost 0.36% ?and tin dipped 0.07%. The SHFE showed that?zinc fell 0.19%; lead dropped 0.88%; nickel declined 1.32%, and tin barely changed, only increasing by 0.04%.
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U.S. TerraPower and South Korea's SK Innovation Sign preliminary agreement on global SMR Projects
The Industry Ministry in Seoul announced that TerraPower and South Korea’s SK Innovation had signed a preliminary agreement on small modular reactors. This will allow the SK Group affiliate to participate in TerraPower's domestic and international projects. According to the ministry, Bill Gates and Chey Tae Won, Chairman of SK Group, signed the agreement at a Seoul meeting with Industry Minister Kim Jung Kwan. According to the ministry, the deal allows SK Innovation (the parent company of South 'Korea's biggest oil refiner) to participate in developing 'TerraPower's SMR project in the United States as well as overseas. The ministry did not disclose the financial terms of any investment or its scope. TerraPower is a company backed by Gates that has developed its sodium-cooled Natrium project in Kemmerer Wyoming. The company has received a permit for construction from the U.S. Nuclear Regulatory Commission and plans to begin commercial operations in 2031. South Korea's?Doosan?Energy said on Friday that it had won a deal with TerraPower for the manufacture of key components, including the reactor vessel, internal structures, and support structures. The?ministry stated that South Korean companies such as SK and HD Hyundai made financial investments?in TerraPower, and also seek roles?in the equipment supply, operation and construction of its U.S. projects and overseas. According to the ministry, global interest in SMRs is increasing due to growing electricity demand from AI infrastructure and data centres. This creates opportunities for Korean suppliers who want access to emerging overseas supply chains. (Reporting and editing by Ed Davies.)
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Nigeria's Dangote refining plans retail-focused IPO; no foreign listing yet
The CEO of Dangote Petroleum Refinery said that the planned October IPO could 'become Africa’s largest' and would allow Nigerians to share 'in its growth. Sources familiar with the issue told the Nigerian Securities and Exchange Commission this month that the refinery had submitted a?application'for a $5 billion IPO, but the size of the IPO is still unknown. David Bird, CEO of David Bird, said in an interview that "we really want to drive the participation." "The IPO's mandate was to be a people's IPO." Bird stated that the company wanted to have at least three years' worth of financial and production performance under its belt before it pursued an overseas listing. This would?support a higher valuation. London was mentioned as a potential venue. Bird refused to comment on?the size of the IPO or refinery's value. Source said that the company would be able to take into consideration the $2.5 billion raised by the company in July's private placement which valued the refinery around $40 billion. Strong INTEREST Aliko Dangote is Africa's richest person. His refinery has benefited from the disruption caused by the Iran War, selling jet-fuel across Africa and to western Europe, as buyers looked for alternative supplies. Bird reported that it became Europe's biggest supplier of jet-fuel in June and Juli. He said that the IPO was on track and that investor interest was high during pre-marketing and July's private placement. Africa Finance Corporation announced on Thursday that it was the leader of a group strategic investors for the private placement. The deal, they said, had been 3.7 times oversubscribed and received strong demand from African institutional investors and international investors. Bird said that the refinery was a better option than U.S. assets due to its strong domestic demand, access to local crude oil supplies and integrated operations. EXPANSION PLANNED Bird confirmed that the company aims at doubling its refining capacity from 1.4 million barrels per day to 1.4 millions barrels per day in three years. This will be funded partially through debt and the IPO. He claimed that the expansion would be much cheaper than the roughly $20 billion originally spent on a refinery. Bird stated that Africa is structurally lacking in refined fuels and petrochemicals. This leaves significant room for expansion. The refinery provides all the jet fuel and most of the gasoline that Nigeria needs. Duncan Miriri contributed additional reporting from Nairobi. (Editing by Silvia Alassi and Mark Potter).
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Asian refiners continue to buy US crude despite the blockade of Hormuz, traders claim
Four Asian refiners purchased U.S. crude oil this week as the Strait?Hormuz was effectively closed. Refiners were looking for alternative supplies to be delivered later this year. The shipping traffic in the 'Strait of Hormuz' fell below average this month at the end of last week, due to the competing claims of Iran and the United States over the control of the waterway. Strong refining margins and tight fuel supplies, coupled with the lack of immediate prospects of free?shipping across the strait have encouraged refiners to secure crude stocks for the coming months beyond the Gulf. Shell's GS Caltex in South Korea purchased two million barrels for delivery in November. The crude was "priced" at around $13-14 a barrel more than the benchmark October Dubai price, traders reported. Eneos Corp., Japan's largest refiner, bought 2 million barrels West Texas Intermediate crude (WTI) from Trafigura. The price was $10 higher than the October WTI. CPC Corp, Taiwan's state owned company, purchased 2 million barrels WTI through a tender for a premium between $8 and $9 per barrel over Dated Brent. CPC Corp. also bought crude oil from West Africa via the tender. Companies rarely comment on business deals. Before the Iran War, Asia got more than half its crude oil supply from the Middle East. According to data from ship tracking firm Kpler, the region imported 2,35 million barrels of crude oil per day from the U.S. in July. This was a record. The state-run refineries in India, Hindustan Petroleum Corp. and Mangalore Refinery & Petrochemicals Ltd. also released tenders this week to purchase crude. Siyi Liu reported from Singapore and Philippa Fletcher edited the story.
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Taiwan's parliament approves three referendums including one on the caning of sex-criminals
Taiwan's opposition-controlled parliament voted on Friday to hold three referendums, including one ?on caning criminals convicted of sex crimes and ?fraud, and another to support nuclear power, which could be held ?later this year. Taiwan holds referendums?every few year,?generally?after?the citizens sign up for specific proposals. However, lawmakers can also approve these, as in the case of these three votes by lawmakers. The measures must be approved formally by the electoral commission, which will determine the date of the vote. There is no guarantee they will become law if they are passed. A relatively high approval threshold has also been a problem in previous referendums. Taiwan will hold local elections on November 28 for county chiefs, city mayors and other officials. The three referendums may also be held at the same time. The Kuomintang, Taiwan's largest opposition party, proposed both the canning referendum and the nuclear referendum. The third referendum, which was proposed by the tiny Taiwan People's Party, (TPP), that generally votes with KMT, concerns the use of traffic fines for road safety improvement. The ruling Democratic Progressive Party has voted against all three referendums. The opposition believes that the key to a successful referendum is the turnout, and wants them held on the same date as local elections. A referendum must pass if at least 25 percent of the roughly 20 million eligible voters on the island vote in favor. There must be at the very least 5 million "yes' votes and they must outnumber "no' votes. In August last year, an opposition-backed stand-alone referendum to reopen Taiwan's final nuclear plant failed because it didn't reach the legal threshold for validity. The Cabinet has three months in theory to submit relevant legislation to the parliament for approval if referendums are successful. Voters in?2018 approved referendums opposing marriage equality. The same-sex marriage was legalised in the year following because Parliament voted to enforce an earlier court ruling that blocking it would be unconstitutional. Ben Blanchard reports.
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France evacuates 525 people as another wildfire strikes southwest pine forests
French authorities evacuated 525 villages after a wildfire broke out in pine woods near an area that was already devastated by major fires this summer. Gilles Clavreul, regional official, told reporters on Friday that the fire had spread within two kilometers (1.2 miles) from the center of Luglon. He said that the situation was "unfavorable" and added?that six aircraft were sent to help. The police have closed the road to the north and the south, putting a stop to traffic in the village. Luglon lies about 100 km (62 mi) south of Arcachon Bay. Two major fires destroyed more than 124,000 acres of land, forcing 220,000 people to evacuate in July. In France's unheard of wildfire season, temperatures will soar to 36° Celsius (97° Fahrenheit) this Friday afternoon. The area burned so far is greater than the previous record of?2022. The Landes region is surrounded by pine forests that are highly flammable once they dry. (Reporting and writing by Stephanie Lecocq, Jean-Stephane Brosse, Inti Landauro; editing by Clarence Fernandez).
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Wildfires in Germany force the evacuation of 1,800 people after reaching a border village
In the early hours of Friday morning, authorities in Germany ordered about 1,800 residents to leave their homes after a wildfire spread from the west to a village near the Belgian border. In a statement issued at 4 am (0200 GMT), officials from the municipality of Strass said that residents should immediately leave the village?of Gey and head to the assistance centre set up in the nearby village Strass. The 'only essentials' were identification documents, medicines and essential belongings. Authorities said that a wildfire in the nearby woods affected about 25 hectares (62 acre) and triggered a major response. The B399 road through the area, which was closed by emergency services and firefighters, was shut down. Weather officials warn that large swathes of Germany face dry conditions with high fire risks. A wetter winter, which fueled growth in vegetation, dried up during rolling heatwaves. (Writing and editing by Clarence Fernandez; Friederike Heine)
Top Exxon directors cruise to re-election in spite of activist opposition
Exxon Mobil financiers on Wednesday voted to reelect Chairman Darren Woods and Lead Director Joseph Hooley by wide margins regardless of activist investor opposition.
The two had actually faced a vote no project by shareholder rights activists over the top U.S. oil business's suit against climate-focused financiers who had filed, then withdrawn, a. measure for the meeting.
The campaign amounted to a test of whether leading fund companies. would rally to safeguard the small shareholders whose resolutions. have put subjects like the environment and workforce diversity at. the center of many corporate yearly meetings.
Wednesday's outcomes suggested the answer was no. Exxon stated. its 12 director nominees were all easily re-elected with in between. 87% to 98% support and average assistance of 95%, simply listed below last. year's 96% average.
The result signifies a belief that we are on the best track. by overwhelmingly re-electing our directors, Exxon said in a. statement after the results were announced.
Independent corporate governance expert Francis Byrd. stated top property management companies who have the biggest batches of. Exxon shares did not seem to see any risk posed by Exxon's. suit as strong enough to validate crucial votes.
He contrasted their position with authorities from the. California Public Personnel' Retirement System, which voted. against all Exxon's nominees and whose CEO stated Exxon's match. threatens to silence investors everywhere.
NOT SO 'HAIR-ON-FIRE'
Top funds might have felt it was not as essential, not as. hair-on-fire as CalPERS did, Byrd said in an interview. Maybe. they're believing Exxon is going a little overboard however we'll. allow it, he said.
Douglas Chia, president of seeking advice from company Soundboard. Governance, said the vote results can be viewed as a triumph for. Exxon provided the vote-no campaign. 87% assistance is greater than I. expected the lowest vote-getter to get, Chia said. via-email.
Leading Exxon financiers BlackRock and Vanguard did. not react to questions. Another, State Street,. decreased to comment.
Mary Minette, senior director of investor advocacy for. Mercy Financial investment Solutions, among the socially-responsible firms. that started the vote-no project, stated it a minimum of lowered the. variety of director support from in between 91% to 99% in 2015.
The change, Minette said, reveals Exxon has some work to. do to gain back the trust of its financiers after its attacks on. the shareholder proposal procedure.
YET ANOTHER REPORT
The company sued environment activist groups Arjuna Capital. and Follow This in January, continuing the case even after the. 2 withdraw their proposition. Exxon stated regulators ought to examine. the procedure through which measures appear on corporate ballots.
During Wednesday's online meeting Woods, likewise CEO,. slammed other resolution filers as their own steps came. up. This is yet another example of using a legitimate. investor process to advance an activist agenda not consistent. with growing shareholder value, Woods said at one point in. reaction to a require a review of Exxon's social impact.
He pointed out Exxon's own environmental efforts and said that. while wind and solar have a crucial role to play, they are. merely not sufficient. Heavy markets require carbon capture and. storage, biofuels, and hydrogen, he said, all sectors in which. Exxon contends.
Other vote results at Exxon also suggested general support. for the business's board from financiers. For instance, Exxon said. 92% of shares voted favored an advisory procedure on its pay, up. from 91% last year.
In addition, a procedure requiring Exxon to report on. plastic production won about 21% assistance, down from 25% last. year. The aforementioned social impact report won support from. 7% of votes cast, down from 17% in 2015, Exxon said.
(source: Reuters)