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South Africa's Public Investment Corporation names a new CEO
Patrick Dlamini, the new CEO of South Africa's Public Investment Corporation PIC, will take office on June 1st. This was announced by one of Africa's biggest fund managers. The PIC began its search for a new chief executive officer last year to replace Abel Sithole whose term of five years ends in July. PIC's significant assets include majority stakes in the pharmaceutical company Aspen Pharmacare, and the miner Gold Fields. The PIC announced in a press release that the appointment of Dlamini had been approved by government. David Masondo, chairman of the PIC board, said Dlamini was a "strategic leader with a strong ethical code" and that he would be expected by the PIC to deal with the immediate issues facing it in the unlisted portfolio. He did not provide any further details. Masondo stated that "his expertise in leading complex turn-arounds, fostering excellence in operations and driving sustainable growth positions him to further the PIC investment mandate." Dlamini was previously the CEO of Development Bank of Southern Africa. Reporting by Nqobile Dudla, Editing by RachnaUppal.
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Ferrexpo unit faces bankruptcy proceedings in Ukraine
Ferrexpo, a Ukrainian miner with a focus on Ukraine, said that the Commercial Court of Poltava accepted a request to open bankruptcy proceedings of Ferrexpo Poltava Mining. Ferrexpo shares dropped 6.6% to 65p after the announcement. The company stated that while the application was accepted, formal bankruptcy proceedings have not yet been initiated against the unit. The court has set a preliminary court hearing on May 27 to consider the bankruptcy petition. Ferrexpo has been involved in legal disputes with Ukraine since 2022 when its controlling shareholder Ukrainian billionaire Kostiantyn Zhevago was arrested for embezzlement charges and his involvement in the now bankrupt lender Finance & Credit Bank. In 2024, a Ukrainian court upheld a claim of 4.73 billion hryvnias (114.06 millions dollars) against FPM, asserting that the unit operated Ferrexpo's biggest mine had provided sureties to Bank F&C. The Ukrainian court of appeal suspended this claim and the decision is still pending.
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Russell: Asia's refined oil imports fall, but margins are still strong
In April, Asia's imports for key refined fuels like gasoline and diesel dropped to their lowest level in four years. This was due to refinery maintenance as well as a weaker demand from the region that is the largest importer. According to commodity analysts Kpler, the total imports of light distillates and middle distillates in April were 166.37 millions barrels, down from March's 195.54 and the lowest since April 2020. The sharp fall in imports for April was due to a decline in shipments by key exporters of refined goods. Kpler reports that India, which is the top fuel exporter in the region, saw its exports of middle and light distillates plummet to a 30 month low of 29,2 million barrels, down from 42,66 million barrels exported in March. China, with the largest refinery capacity in Asia, saw its exports for light and middle distillates fall to 17,4 million barrels per day in April. This is down from 21.5 millions in March, and it's the lowest amount on a daily basis since December. Singapore, the Asian trading hub and refining center for crude oil and products, saw its exports of light and middle distillates drop to a 7-month low in April, from 26,15 million barrels in March. In India, for example, refineries are undergoing maintenance. There are signs of weakness in other fuel exporters. China's refinery production was largely flat compared to the same period last year, which limits export volumes. Asia's imports for the first four-month period of 2025 totaled 746.73 millions barrels, a decline of 11.6% compared to the same period of 2024. The decline in sales would suggest that profit margins of refiners are under pressure, as they compete to gain market share. This hasn't yet happened. The margins for a typical Singapore refinery processing Dubai crude are still too high. On Wednesday, oil prices ended at $6.60 per barrel. This is not far below the recent high of $7.25 reached on May 5, a 15-month record. Fuel Margin The price of crude oil, which is the intermediate distillate used to make diesel and jet fuel, has fallen faster than gasoline and gasoil. Brent crude futures, the global benchmark, have fallen 20% since their peak on January 15, when they reached $82.63 per barrel. They closed at $66.09 on Wednesday. However Singapore gasoline Gasoil, on the other hand, has fallen by 17.5% on Wednesday to $16.24. This is an indication that the supply of refined fuel into Asia has been restricted, allowing refiners maintain margins despite falling crude oil prices. The trade war that Donald Trump has launched is likely to have a negative impact on the economic growth of Asia. The overall picture remains that U.S. tariffs on imports will likely end up significantly higher than before Trump took office. Even if successful trade agreements are negotiated, Asia’s exporters will still face higher costs and a more difficult market access in the United States. The trade war poses a further threat to the oil product market, as Indonesia, Asia's largest fuel importer, has indicated that it might buy more from the U.S. in exchange for a deal. Indonesian Energy Minister Bahlil Lahadalia stated on May 9th that Southeast Asian nation Indonesia may move as much as 60% of their fuel purchases from Singapore to the United States. The proposal to increase fuel imports to the U.S. from Indonesia is part of an overall proposal to Washington that addresses the tariffs. Jakarta has also indicated its desire to boost U.S. imports of energy by around $10 billion. Indonesia imports 14 million barrels per month of light and middle distillates, and switching to buy the bulk from America would disrupt regional flow of refined products. Alternative markets would be required in Europe, Africa, and Latin America. This would increase costs and reduce profits. These are the views of the columnist, an author for.
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EU is "moving slowly" to combat the rapid rise in censorship of LGBTQ+
Anti-LGBTQ+ legislation spreading throughout Europe Hungary's Pride ban latest rollback of rights The European Commission is moving too slowly, say activists Lucy Middleton Hungary is leading the charge on LGBTQ+ censorship under Premier Victor Organ. In 2021, a law was passed restricting LGBTQ+ content in schools and media. Since then, similar laws to Hungary's were proposed or passed in five other EU member states - Italy. Bulgaria, Poland. Romania. In mid-2022, the European Commission sent Hungary to the EU Court of Justice over its antilog+ laws. This was the first time that the CJEU had taken an EU member state to court over LGBTQ+ rights. Early June is when a decision is expected on whether or not the law violates EU regulations. However, activists claim that it is far too late. It means that many things could go wrong before we act. Hungary, which refused to revoke the 2021 law it passed, went one step further and banned Pride events in March on grounds that they were harmful to children. The European Commission stated that it "closely monitors" the developments and added that equality, non-discrimination and solidarity are core values for the EU. A spokesperson for the Commission said that a new LGBTQ+ equal rights strategy is expected to be presented by the end the year. The spokesperson stated in an email that "the Commission will... not hesitate to utilize all of the instruments available to it to protect the EU values and take the necessary action, as it has in the past." Ester Polaris is a human-rights lawyer at the Hatter Society in Hungary, an LGBTQ+ group. She said that the Commission has delayed taking action on Hungary's new censorship laws and refused to ask for interim measures. This, she says, has led to a "chilling effect". Polaris said that the law of 2021 is the basis for the Pride march ban, but there has been little response or willingness to seek measures. RUSSIAN INFLUE Activists claim that antilog+ laws are often modeled on Russia's "LGBTQ+ propaganda" law, which was first passed in 2013, and then expanded by Vladimir Putin in 2022. The Russian law prohibits any LGBTQ+ content from being spread online, through films, books, advertising or educational settings. In August 2024 Bulgaria banned "propaganda or incitement of LGBTQ+ issues in schools", while Georgia implemented a ban on "LGBTQ+ propagandists" in October. Many of these bills were passed in a short time and without warning. Bulgaria's bill was passed in two readings and became law one week later. Organ also submitted and signed Hungary’s 2021 law expeditedly. Stan Iliev is the campaign manager for global rights group All Out. He said that once these censorship legislations are in place, (the country) can implement further bans and strip away queer rights. They're all copy-pasted, and they're one attack. Why is there no unified harmony answer? All Out wants to see the European Commission launch infringement proceedings against countries that have LGBTQ+ censorship legislation, and make EU membership conditional on "full compliance" with EU standards regarding LGBT+ rights. A WEAKER APPROACH Some experts believe that political considerations could influence the Commission's attitude towards antilog+ legislation. Alessandro Marcia is a lecturer in EU law at Maastricht University. He said, "The current Commission's majority is more fragmented, it has a smaller majority and includes parties who support antilog+ legislation. Therefore, the Commission seems to be more quiet." Rights groups criticised the Commission last year for expanding the duties and responsibilities of the Commissioner for Equality to include crisis planning and management. They said that this diluted the focus of the role. Ursula von derv Leyden, the President of the European Commission, also faced criticism in the European Parliament for appointing one of six vice presidents of the Commission from the far-right Italian ruling party. Giorgio Melon, the Italian Prime Minister, has promised to fight what she calls the "LGBT Lobby". Marcia says that even if the infringement proceedings do not result in a change of law, they can still help to boost support for affected countries.
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Kodal: Mali lithium exports are blocked because of delays in obtaining permits
Kodal Minerals' chief executive Bernard Aylward said that regulatory hurdles in Mali had prevented the British miner from exporting more than 20,000 tons of lithium concentrate. Kodal's blockade of shipments comes as global lithium production will drop by as much as 228,000 tons this year, as miners reduce operations due to the plummeting price for the metal used in electric vehicles batteries. Aylward reported that Kodal has agreed to sell the entire production to China's Hainan Mining. He said, "We spend money on a product we want to sell... Our buyer wants to buy it and we can't even export." The mining and trade ministry of Mali did not reply to our requests for comment. The West African nation, which has been a major producer of gold for many years, is now looking to develop its lithium reserves. At the same time its military government is asserting greater control over the mining industry in an effort to increase revenues. Malian authorities arrested foreign executives, seized gold and confiscated gold stocks while they were negotiating with multinational gold miner companies. Aylward stated that in Kodal’s case, officials were examining a pricing system to ensure that the spodumene concentrated produced at the Bougouni Project is sold at current market rates. He said that the company had been in final approval negotiations since last year, and now is finalising its export license in hopes of sending out its first shipment by mid-June. Other operations in Mali also face delays with export permits. "It's not just the Kodal team," said he. Ganfeng Lithium in China, which operates Mali’s only other lithium-based mine, has not responded to a comment request. Maxwell Akalaare Adombila, Portia Crowe and Robbie Corey Boulet edited the article.
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Havana's capital is experiencing a rise in temperatures and blackouts
The daily blackouts of four hours or longer have become the norm in Cuba's capital, Havana. This is a disturbing sign that the energy crisis has not been resolved as the hot Caribbean summer approaches. Havana's plight follows a series of blackouts that lasted for several months. The most recent one occurred in March. Fuel shortages, natural disasters and economic crises all contributed to the near total disarray. Havana, the main commercial hub of the island and the top tourist destination on the island, has suffered occasional blackouts for years but was largely protected from the worst outages until this year by the grid operator. Aramis Bubeno, 47, a resident of Central Havana's densely-populated neighborhood Dragones said, "People are stressed," as he sat at his front door during a blackout in the evening this week. It's hard to live like this. Check the time. "We haven't had power to shower or eat because of blackouts." As the United States tightens its sanctions against Cuba, the power outages are getting worse in Havana. The island nation is now on the list of states that sponsor terrorism, and restrictions have been increased on tourism, remittances and trade. The blackouts that occur in the capital are much shorter and planned than those in rural and outlying provinces where they can last up to 15 hours per day. Havana is abuzz with talk about them. "It's terrible, it's terrible. "The electricity system is not working in this country at the moment," said Dayami Cherie, 52, who lives in Old Havana. No one can survive in this heat without electricity. The recent outages have led to the closure of schools and offices, causing a further drop in the economy's output. This dropped by 1.9% in 2023. In 2024, the economy shrank when blackouts became more severe, although government figures for last year have not been released yet. However, there are some glimmers. Cuba has made progress in this year's plan, backed by China, to install over 50 solar parks that can generate more than 1,000 Megawatts of power. Since February, 11 solar parks were installed, promising a brighter future. However, most Habaneros are still bracing themselves for a long, hot summer. Yasunay Pérez, 46, from central Havana, said: "I was born in a world of blackouts." This is not a new phenomenon. Reporting by Nelson Acosta, Additional reporting by Anett and Mario Fuentes. Editing by Dave Sherwood, Sonali Paul and Dave Sherwood.
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Massive icefalls at Argentina's Perito Moreno Glacier cause awe and alarm
A deep cracking noise from the ice foretells the imminent dramatic fall. A block of ice 70 meters tall (230 feet) - about the height of a 20 story building - falls from the Perito-Moreno glacier face into the aquamarine waters below. Visitors to Argentina's most famous Glacier have been drawn by the sight for many years. They wait on platforms in front of the ice for the next crack that will split the cool Patagonian atmosphere. The size of ice fragments that are breaking off, a process known as "calving", has recently begun to alarm local glaciologists and guides, who were already concerned about the prolonged retreat of Perito Moreno. This glacier had defied the trend by maintaining its mass despite warmer climates causing glacial melt worldwide. Pablo Quinteros is an official guide for Los Glaciares National Park, located in Santa Cruz province's southern part. "Icebergs of this size have only been visible in the past four to six year," he said during a trip in April. For decades, the face of the glacier that flows from Andean mountains to the waters of Lake Argentina had been more or less stable, with some years seeing an advance and others a retreat. In the last five decades, however, there has been a more pronounced retreat. It had been in the same position or a similar one for the last 80 years. "That's unusual," said Argentine iceologist Lucas Ruiz, with the state science organisation CONICET. His research focuses on the future of Patagonian ice in the face climate change. The Perito Moreno Glacier's face has begun to show signs of retreat since 2020. He said the glacier would rebound, as it had done in the past, but for now it is losing between one to two meters of water per year. If this trend continues, the loss could accelerate. Ruiz, a co-author of the 2024 state-sponsored report and a member of Argentina's Congress at the time, presented it to Congress. The report showed that, while Perito's mass was stable over the past half-century, the loss in mass since 2015 is the most rapid and prolonged in 47 years. It averages 0.85 meters per annum. According to a UNESCO study published in March, glaciers are disappearing more quickly than ever. The last three years saw the greatest loss of mass on record. You can't grasp the enormity of it Ruiz stated that instruments used by his research team to monitor the glacier showed an increase in air temperatures in the area of 0.06 degrees Celsius every decade, and precipitation declining, indicating less accumulation of snow or ice. Ruiz explained that "the thing about Perito Moreno was that it took some time to feel the climate change effects." Currently, however, melting and calving of the glacier's bottom is outpacing the accumulation of ice on the glacier's top. The changes we see today show that the balance of forces has been upset, and today's glacier is losing in both thickness and area." The glacier is still a popular attraction among tourists who take boats to witness the calving of the icebergs and their movement around the lake. "It's insane. "It's insane," said Brazilian Giovanna Macado, on the deck of a boat that has to be cautious of sudden icefalls. It's amazing. You can't even imagine the size of it in pictures. It's amazing. "I think everyone should visit here at least once during their lifetime." (Reporting and writing by Adam Jourdan, with additional reporting by Nicolas Cortes, Juan Bustamante and Bernan Parera. Editing and proofreading by Katy Daigle & Rosalba o'Brien).
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Fading optimism over US-China tariff pause drives copper down
Copper and other base materials fell on Thursday, as the optimism over a 90 day pause on most retaliatory duties agreed between Beijing and Washington began to fade. By 0949 GMT, the benchmark copper price on London Metal Exchange (LME), fell by 1.1% to $9.502.50 per metric ton. On Wednesday, the metal used in construction and power had grown five times before, and reached $9,664, which was its highest price since April 2. Ole Hansen is the head of commodity strategy for Saxo Bank. He said that industrial metals are now aware of the damage done to both the U.S. and the Chinese economies. This has renewed concern about the future demand outlook. "We must remember that this is a temporary truce on trade tariffs and not an agreement final. There are still many obstacles to overcome." Citi analysts said that they expected the average copper price to drop to $8,800 from $9,300 during the current quarter, as the frontloading in trade and manufacturing sparked by the 90-day reprieve will fade. Citi said that "trade tariffs are still higher than they were before April, despite recent bilateral agreements and possible future ones. We expect to see an impact on the growth of physical metals consumption and the payback from front-loaded goods trade by the third quarter." Demand for copper supplies from the U.S. is currently supporting the price of copper outside the U.S. Where the premium on COMEX Copper Futures over the LME Benchmark is elevated because Washington's investigation into possible new import tariffs on metal. Citi said that an announcement of tariff implementation would likely trigger a de-winding through the drawdown of U.S. copper inventories, causing a temporary drop in U.S. imported demand. Aluminium fell 1.4% to $2.493.50 per ton. Zinc dropped 1.8% to 2.713.50. Lead fell 0.5% at $1.987.50. Tin was unchanged at $32,805 while nickel slipped 1.6% to 15.615. (Reporting and editing by Louise Heavens; Polina Devitt)
IEA predicts a slowdown in the growth of global oil demand for the remainder of 2025
The International Energy Agency (IEA), said Thursday that economic headwinds and record sales of electric cars will reduce global oil consumption growth to 650,000 barrels a day for the rest of 2025.
This is a significant drop from the 990 000 bpd that the IEA estimated for the demand growth between January and March.
In its oil market report for May, the IEA stated that "increased trade uncertainties are expected to have a negative impact on the global economy, and by extension, the oil demand."
IEA expects the global demand to grow by 740,000 bpd this year. This is an increase of 20,000 bpd from last month due to higher economic growth expectations and lower oil prices that support consumption.
The demand is expected to grow by 760,000 bpd on average in 2026.
The Paris-based watchdog increased its forecast for supply growth by almost 400,000 barrels per day (bpd) on the month, to 1.6million bpd by 2025. This was due to higher production from Saudi Arabia offsetting a predicted decline in U.S. oil production in a lower price environment.
The IEA says that Saudi Arabia is responsible for the majority of the increase in its 2025 forecast supply growth, since it is the only nation with the capacity to add barrels to the market based upon current production levels.
At its last meeting, the OPEC+ Group agreed to a second monthly accelerated production increase for June.
The IEA has cut its U.S. shale production forecasts by 40,000 bpd in 2025 and 190,000.
The Organisation of Petroleum Exporting Countries lowered its 2025 oil supply forecasts for the U.S.
The IEA reported that a sharp increase in oil supply will push storage levels up by 720,000 bpd on average this year. Last year, stocks had declined by an average 140,000 bpd. (Reporting and editing by Tomasz Janowski, Jan Harvey and Alex Lawler from London)
(source: Reuters)