Latest News
-
Putin's ally Sechin to remain as Rosneft's head for five more years
Igor Sechin, a longstanding ally of President Vladimir Putin, will be remaining as head of Russia's largest oil producer Rosneft, for five more years, according to a company board choice disclosed on Friday. Sechin, understood for his criticism of the Company of the Petroleum Exporting Countries, has been the CEO of Rosneft since 2012. Sechin has actually been a close Putin ally since they fulfilled in the early 1990s on a journey to Brazil. Both men collaborated in the St Petersburg mayor's workplace and Sechin followed Putin to Moscow in 1996 where they increased through the Kremlin administration to the pinnacle of Russian power. While Putin was Kremlin chief from 2000 to 2008, Sechin worked as his deputy chief of personnel, and was branded as the. grey cardinal of Russian politics by regional media. After Putin left the Kremlin in 2008 to become prime. minister, Sechin was named among 7 deputy prime ministers,. taking on a more public role. In May 2012 he was appointed as Rosneft's president. After. Rosneft purchased the Anglo-Russian TNK-BP oil company in 2013 for $55. billion, Rosneft became the world's leading noted oil producer of. the time. It produces around 4 million barrels each day, or some. 4% of total global oil output.
-
Gold under pressure from high US bond yields in vacation trading week
Gold prices slipped on Friday as elevated U.S. Treasury yields dimmed nonyielding bullion's. allure in a holidaythinned week, with markets concentrated on. Presidentelect Donald Trump's return to workplace and the. possible impact of his inflationary policies on the Fed's 2025. outlook. Spot gold fell 0.8% to $2,614.64 per ounce, since. 10:29 a.m. ET (1529 GMT) and U.S. gold futures were down. 0.9% to $2,630.10. Treasury yields are a bit higher here, and gold will. stay under pressure through the end of today ... we are here. in a thin vacation market, stated Bob Haberkorn, senior market. strategist at RJO Futures. The dollar index headed for a fourth-straight week of. gains, reducing gold's appeal for holders of other currencies,. while the benchmark U.S. 10-year yields were trading. near their highest level because May 2, which they hit on. Thursday. Up until now this year, gold has risen 27%, hitting a record high. of $2,790.15 on Oct. 31. The rally was sustained by the Federal. Reserve rate-easing cycle and increased global stress. A lot of experts stay bullish for 2025, regardless of the Fed now. projecting less rate cuts. They believe pockets of geopolitical stress around the. world will remain elevated, reserve banks will continue their. robust gold-buying spree, and political unpredictability will stick around. as Trump returns to the White Home in January. His proposed tariffs and protectionist trade policies are. likewise anticipated to trigger prospective trade wars, contributing to gold's. allure as a safe-haven property. Next year with central-bank purchasing, I can see gold topping. $ 3,000 eventually, probably by the summertime, if gold continues. on the rate that it's been on, Haberkorn said. Gold traditionally shines during durations of financial and. geopolitical turmoil and thrives in a lower interest-rate. environment. Spot silver fell 1.4% to $29.39 per ounce, platinum. was down 2.1% at $916.59, palladium shed 1.6% to. $ 910.27.
-
Mozambicans run away to neighbouring Malawi amidst post-election discontent
More than 2,000 Mozambican households have actually sought refuge in Malawi today, Malawian authorities stated, as lots of individuals were reported eliminated in spreading unrest over a disputed election in October. Some services including banks were closed in Mozambique's. capital Maputo on Friday and patrols were established in some locations. following a fatal prison riot and breakout on Wednesday. Mozambique has actually been gripped by violent protests for about. two months because the electoral commission stated the judgment. Frelimo celebration had actually maintained power and its prospect won the. presidency in the election. Frelimo denies opposition. accusations of electoral fraud. A decision by Mozambique's Constitutional Council to. validate the election results on Monday activated more. presentations. Keeping track of group Plataforma Choose put the death toll at 125. since the court's choice and at 252 given that late October. A senior Malawian authorities stated that since Wednesday, 2,182. Mozambican households running away the violence had crossed into. Malawi's Nsanje district, which surrounds Mozambique. The scenario stays dire as these people urgently. require humanitarian support, Nsanje district commissioner. Dominic Mwandira stated in a letter to the country's commissioner. for refugees seen . Mozambique's primary opposition leader Venancio Mondlane, who. the Constitutional Council stated had actually come second in the. governmental election and who turns down the results, has actually called. for more protests from his fans however urged them not to loot. and damage infrastructure. The unrest has affected foreign companies operating in. Mozambique, including mining business Gemfields Group. and South32 and petrochemical company Sasol. Operations at Gemfields' greatest ruby mine in Mozambique. were briefly stopped on Tuesday after violent occurrences near. the mine, it said in a declaration on Friday. More than 200 people had tried to get to a. property site for mine staff members and set fire to structures,. it said. Mozambican security forces shot and killed 2 individuals,. Gemfields said. The prison riot in Maputo on Christmas Day left a minimum of 33. individuals dead and saw more than 1,500 detainees get away before some. were recaptured. Frelimo has actually ruled Mozambique considering that the end of the war. against Portuguese colonial rule in 1975. Western observers have. stated this year's election was not complimentary and reasonable.
-
Shell closes down oil processing system to investigate leakage, Singapore's port authority states
Shell has closed down an oil processing unit at its Pulau Bukom facility to investigate a. presumed leak, Singapore's Maritime and Port Authority (MPA). and National Environment Company (NEA) said on Friday. The oil business approximates that a few tonnes of refined oil. items, along with cooling water discharge used in the. refining procedure, have dripped. Pulau Bukom, site of Singapore's first refinery, now. houses Shell's only energy and chemicals park in Asia, according. to the business's site. Shell confirmed in an emailed statement to Reuters that. oil sheens were spotted along with a wharf on Dec. 26, 2024 at. Shell Energy and Chemicals Park Singapore. The company mentioned it has taken steps to include the. leak and avoid it from spreading out into the sea and has deployed. boats along with the MPA to clean up light oil shines observed. near the leak site. The MPA said investigations are continuous, and navigation. traffic in the location stays untouched.
-
Copper consistent as tight supply counters strong dollar
Copper costs were bit changed on Friday, with tightness in concentrate supply balancing out pressure from a firm U.S. dollar, while many other base metals wandered lower. Three-month copper on the London Metal Exchange ( LME) steadied at $8,954.00 a metric ton by 1000 GMT after touching its highest since Dec. 18 at $9,018.50. Rates are up 4.6% this year. The dollar index was on track for a fourth straight weekly gain, showing strength that makes dollar-priced metals more pricey for buyers holding other currencies. China's top copper smelters accepted decreasing of cost guidance on processing charges for the very first quarter of 2025, showing a remaining scarcity of copper focuses. In 2025 the rate cuts must lift economic activity and increase demand for copper. China will likely go back to the market while mine supply is another factor to keep an eye out for, stated Ajay Kedia, director at Kedia Products in Mumbai. The first quarter of next year is likely to see the current consolidation continue, however rates must move higher in the second quarter. China, the leading consumer of base metals, revealed different stimulus procedures this year to preserve steady financial growth as it prepares for increased trade tensions with the United States after Donald Trump's return to the White House. Somewhere else, copper stocks in storage facilities kept track of by the Shanghai Futures Exchange rose 4.7% from last Friday, the exchange said. In other metals, LME aluminium fell 0.9% to $ 2,541.50 a load, nickel lost 1.4% to $15,250, zinc was down 1.3% at $3,009.50 while tin got 0.3%. to $28,860 and lead dropped 1.4% to $1,956. For the top stories in metals and other news, click. or.
-
Gold set for weekly gains in the middle of geopolitical unpredictability
Gold prices relieved on Friday however were set for a weekly gain as investors gravitated towards safehaven assets in the middle of political uncertainty in the Middle East, eclipsing pressure from a firmer dollar. Area gold fell 0.2% to $2,629.49 per ounce, since 0822 GMT. Bullion gained 0.3% up until now today. U.S. gold futures were down 0.4% to $2,644.50. There stay geopolitical hotspots around the world, which is keeping gold in play from a safe haven point of view, stated Tim Waterer, chief market expert at KCM Trade. In between Russia-Ukraine and events in Gaza, financiers stay keen on gold in case either situation flares up further. In the Middle East, Israel struck multiple targets linked to the Iran-aligned Houthi movement in Yemen on Thursday. While, Russian drones struck a multi-storey house building on Thursday in the front line town of Chasiv Yar in Donetsk region of Ukraine. Restricting further gains in gold, the dollar index headed for a fourth straight week of gains. A more powerful dollar makes bullion more costly for other currency holders. Gold has gotten 28% up until now this year, reaching a record high of $2,790.15 on Oct. 31 on the back of the Fed's rate easing and intensified stress around the world. Following rate cuts in September and November, the Fed continued with its relieving policy in December. However, it likewise meant the possibility of less decreases in 2025. As Donald Trump is set to return to the White House in January 2025, markets are bracing for substantial policy shifts, incorporating tariffs, deregulation, and tax amendments. Gold usually performs well during times of financial and geopolitical unpredictability and flourishes in a lower rates of interest environment. Area silver fell 0.2% to $29.75 per ounce, platinum was down 0.1% to $934.77, both metals were on track of weekly gains. Palladium shed 0.2% to $923.04.
-
Major deals in India's cement sector since Adani Group's entry in 2022
Dealmaking in India's cement sector is in the spotlight again, after UltraTech Cement, the country's top cement maker, stated on Friday it will buy an 8.7%. stake in smaller competing Star Cement for $100 million. Ultratech is locked in a strong battle with billionaire. Gautam Adani's corporation, as the rivals snap up smaller sized firms. in a bid to capitalise on expectations of heavy federal government. costs on infrastructure. Here is a timeline of a few of the major deals revealed in. the sector given that Adani's foray in 2022: ADANI GROUP-HOLCIM AG, MAY 2022: Adani Group entered the Indian cement sector by buying. Ambuja Cements and ACC from Swiss building product. huge Holcim for $10.5 billion. The deal remains the nation's greatest in the cement sector. DALMIA BHARAT-JAIPRAKASH ASSOCIATES, DEC. 2022: Dalmia Bharat bought cement and other possessions of. Jaiprakash Associates for $687 million to enhance. its presence in India's main area. SAGAR CEMENTS-ANDHRA CEMENTS, FEB. 2023: A company tribunal approved Sagar Cements' $9.20. billion bid to take control of Jaypee Group-owned Andhra Cements . AMBUJA CEMENTS-SANGHI INDUSTRIES, AUG. 2023: Ambuja Cements bought a 83% stake in debt-laden Sanghi. Industries for $295 million in August 2023 - Adani. Group's first significant offer after U.S. brief seller Hindenburg's. report in January of the year. ULTRATECH CEMENT-KESORAM INDUSTRIES, NOV. 2023: UltraTech bought cement possessions of Kesoram Industries. in a $645 million deal to enhance its hold in the. nation's southern area. AMBUJA CEMENTS-PENNA CEMENT INDUSTRIES, JUNE 2024: Ambuja bought out Penna Cement Industries in a. $ 1.25 billion deal. The offer most likely lifted Ambuja to amongst the. top 3 players in south India, analysts have actually estimated. ULTRATECH CEMENT-INDIA CEMENTS, JULY 2024: UltraTech tattooed an offer worth $472 million to gain control of. India Cements, after at first buying a 23% stake for. $ 228 million. AMBUJA CEMENT-ORIENT CEMENT, OCT. 2024 Ambuja Cements, India's No. 2 cement maker, approved. buying an almost 47% stake in rival Orient Cement for. $ 451 million, but analysts raised doubts about the deal winning. regulatory approval. ULTRATECH CEMENT-STAR CEMENT, NOV. 2024 India's UltraTech Cement approved purchase of an 8.69%. stake in Star Cement, it said on Friday, in a deal that might be. valued at as much as 8.51 billion rupees ($ 100 million) and firm its. leading position in the sector.
-
What is China's Jinjiang, the BYD professional under fire in Brazil?
China's Jinjiang Group is in the spotlight after Brazil's labour authorities stated employees at a factory it is building for electrical automobile maker BYD were victims of human trafficking operating in slaverylike conditions. Jinjiang has rejected the claim about workers in slavery-like conditions and not reacted to an ask for talk about the trafficking accusation. China's foreign ministry said it is interaction with Brazil which China needs Chinese companies to operate in compliance with the law. Here is more about Jinjiang Group: THE COMPANY Independently held Jinjiang - the name indicates gold craftsman - was established in 2002 and is qualified to provide residential or commercial property construction services. It is headquartered in Shenzhen, the southern Chinese city that is also home to BYD. Chairman Ma Jianbin's alma mater, the Sichuan College of Architectural Technology, published on social media in 2021 that Jinjiang had a personnel of 1,500 and annual revenue of 3 billion yuan ($ 400 million). Besides BYD, major customers consist of Chinese residential or commercial property developers such as Vanke, Longfor and Nation Garden, the post said. Jinjiang is controlled by Ma Jianwei, whose individual info is not offered, according to records on Chinese business database Tianyancha. JINJIANG'S WORK FOR BYD Besides the Brazil factory, Jinjiang deal with BYD factory construction throughout China in cities such as Changzhou, Yangzhou and Hefei, according to records on Tianyancha and job posts on Chinese sites and social media. Jinjiang was looking for employees for the building and construction of BYD's. plants in Xian, Shaanxi and Zhengzhou, according to task posts by. recruiters on the WeChat messaging app last month. The company assisted BYD develop its Skyrail elevated monorail. system in China, according to city government posts. Reuters might not develop whether Jinjiang was dealing with. BYD jobs in Hungary, Mexico, Thailand and Uzbekistan, but. recruitment posts for the company reveal that it is hiring different. positions in Hungary, including forklift driver and logistics. specialist. Jinjiang is recruiting hydraulic and steel structure. engineers in Turkey in addition to Turkish, Spanish, Portuguese and. Hungarian translators, it said in posts that do not mention BYD. WORK SECURITY RECORD From 2018 to 2022, Jinjiang was ordered by Chinese courts to. compensate employees in 5 conflicts involving work mishaps and. injuries, according to Tianyancha. It was fined in three cases in 2023 and 2024 for breaching. worker security regulations, according to the database. A charge record likewise revealed that in May 2022, an employee at a. building site of BYD's in Hefei was killed in a falling. accident. Jinjiang, the chief professional of the job, was. fined 310,000 yuan along with 2 sub-contractors by the local. authorities in 2023 for stopping working to execute safety measures. JINJIANG, BYD RESPONSES TO BRAZIL CLAIMS Jinjiang said on its Weibo account that the portrayal of the. workers as enslaved was inaccurate and that there were. translation misconceptions. It posted a video of a group of Chinese employees, one reading. to the electronic camera a letter that Jinjiang stated the workers had. collectively signed, stating the claim that they had been rescued. insulted their self-respect. The unidentified worker said they were stunned by the. possibility that they could be sent home, that they wished to. keep their jobs and continue operating in Brazil. BYD initially stated it had cut ties with Jinjiang, however. Jinjiang's Chinese declaration was later reposted online by a BYD. executive who accused foreign forces and some Chinese media of. intentionally smearing Chinese brands and the nation and. undermining the relationship between China and Brazil. Brazil's Labor Prosecutor's Workplace said BYD and Jinjiang. have actually accepted help and house the 163 workers in hotels until. an offer to end their agreements is reached. ($ 1 = 7.2992 Chinese yuan renminbi)
TotalEnergies to Keep DeepSea Mira Rig in West Africa
TotalEnergies has exercised an option as part of the contract with Northern Ocean for its DeepSea Mira semi-submersible rig, extending its stay in West Africa for up to three months.
The firm term of the contract has, as a result, been extended by approximately 65 to 93 days.
This extension provides approximately $27 million to $38 million of additional revenue backlog and will increase Northern Ocean’s firm backlog to approximately $515 million to 545 million.
Built in 2019, the Deepsea Mira is a 6th generation dynamically positioned/anchor-moored semi-submersible drilling rig of Moss Maritime CS60E design. It is designed to operate in both benign and harsh environments, with a maximum operational water depth of 3000 meters.
The drilling rig is owned by Northern Ocean and managed by the Norwegian drilling firm Odfjell Drilling.
“Northern Ocean is pleased with this extension, because it extends our good relationship with TotalEnergies and also demonstrates the capabilities of the rig.
“The Deepsea Mira, with Odfjell Drilling’s services, is one of the most capable rigs for year-round operations in harsh weather conditions. In the last four months, the Company has increased its contract backlog by about $500 million,” said Arne Jacobsen, Chief Executive Officer of Northern Ocean.