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Climate protesters swelter in Brazilian sun outside COP30 summit
On Saturday, thousands of climate activists marched peacefully through the Brazilian city Belem to call for more action in order to protect the fate and future of the planet. They also vented their anger towards governments and fossil-fuel industries. Negotiators have reached the halfway mark of the marathon COP30 Climate Summit, which aims to put years of promises to action in order to stop global warming and provide support for those who are most affected. Indigenous people, youth activists, and civil society groups sang, played musical instruments, and waved banners in the sweltering heat. Marina Silva, Brazil's Environment Minister, addressed the crowds. She said: "This is the place where we can march and create a roadmap of what needs to happen at this COP - a transition from deforestation to the use fossil fuels." Cristiane Puyanawa is an indigenous protester who joined the march in order to demand greater land rights. "Our forest and land are not commodities." "Respect nature and the people who live in forests," she said. COP30 already saw a number of protests. The most notable was an Indigenous attempt to force their way into the venue, which resulted in clashes between security and Indigenous people on Tuesday. Another peaceful sit-in on Friday morning blocked the venue. Even though the march did not pass directly by the venue on Saturday, the day designated for protests in the two-week COP Summit, there was a large security presence at the venue. This included military police wearing riot gear. The COP30 talks will move into a political phase In the negotiations, the negotiators, who spent the past week trying to make progress, reported back what they had accomplished, before handing over their work to the ministers, who will try to overcome any remaining obstacles. As negotiators prepare for week two, it is important to keep in mind that climate action doesn't just involve abstract numbers or distant goals. "It's all about people," Katharine Hayhoe said, chief scientist of environmental non-profit The Nature Conservancy. Every choice we make today will determine the future we share tomorrow. The summit's agenda is extensive and covers many issues. It aims to build on the progress that was made in previous years. This process has been going on for over 30 years, with some progress, but not enough. The shape of the outcome of the summit is still unclear. Some of the most controversial topics are being discussed outside of the formal process, such as climate finance, moving from fossil fuels and how to deal with a collective deficit in emission-cutting plans. The Brazilian COP30 Presidency, which is leading those sideline talks, must decide if they want to try a high-stakes balancing and come up a political accord on those issues, known in COP terms as a cover decision'. Andre Correa do Lago, COP30 president, was asked about this deal at a press briefing. "I've said for a long time that we do not plan a cover-up decision. But I also said that the presidency would take into account if there was a move from the countries that wanted to propose such a decision. Let's wait and see what happens. Reporting by Sebastian Rocandio and Lisandra Paraguassu; Editing by Richard Valdmanis, Andrea Ricci and Richard Valdmanis
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Congo and M23 sign peace framework in Qatar. More steps are needed
On Saturday, the Democratic Republic of Congo (DRC) and M23 rebels signed a framework deal for a peace agreement aimed at ending the fighting in eastern Congo which has claimed thousands of lives and forced hundreds of thousands to flee their homes this year. Representatives from both sides signed the agreement at a Doha, Qatar ceremony. The document was one of many signed in the last few months to support efforts by the United States of America and Qatar to end the decades long conflict in Congo, which has threatened to escalate to a full-blown war in the region. Officials from the United States and Qatar described the framework as an important step towards peace, but only one of many to come. Many details still need to be worked out Massad Boulos, the top U.S. ambassador to the region said that the framework included eight protocols and that there was still work to be done on how to implement the six of them. Boulos acknowledged, too, that the implementation of the two first protocols, concerning the exchange and monitoring of prisoners, which were agreed on in the last few months, was slow. After the signing, he said to reporters: "Yes they were a bit slow in their first few weeks." "Yes, there were people who expected to see immediate results, but it is a long process." It's not like a light switch you can turn on and off. M23, the latest in a series of actions supported and backed by Rwanda, captured Goma in eastern Congo in January. It then made gains in North Kivu, South Kivu, and other provinces. Rwanda has denied for years that it helped M23 seize more territory in Congo. CONFLICT CONTINUES TO BREAKOUT IN CONGO AS TALKS GO FORWARD The violence in Congo has continued despite the diplomatic efforts of Washington and Doha. Local officials in the eastern North Kivu Province reported that at least 28 people were killed on Friday by militants affiliated with Islamic State. Qatar has hosted several rounds of direct negotiations between the Congolese government and rebels dating back to April. However, they were mainly focused on preconditions and building confidence. In July, the two sides reached an agreement on a statement of principles which left unresolved many of the key issues that are at the heart of the conflict. They also agreed to monitor a ceasefire in October. Mohammed bin Abdulaziz Al-Khulaifi, Qatar's State Minister for Foreign Affairs, said that the agreement reached on Saturday put the parties back on the road to peace. He said that "peace cannot be enforced through force but can only be built by mutual respect, confidence and sincere commitment."
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Australian Energy Minister pushes for COP31 to be hosted at Brazil Climate Summit
Chris Bowen, Australia's energy minister, said he will travel to Brazil on Saturday for the COP30 summit to press Australia to host the summit next year. This is despite a dispute with Turkey over hosting rights. Since then, both Australia and Turkey have refused to compromise on the issue. This month, Australian Prime Minister Anthony Albanese wrote to Turkish President Tayyip Erdoan in an effort to resolve the longstanding tussle. Bowen told reporters at Sydney Airport that a decision would be taken at COP30. He also asserted "Australia has the overwhelming backing of the world" to host the conference next year. Bowen, in a press release, said that he would be promoting Australia's clean energy sector at the summit to be held in the Amazonian city of Belem. Bowen stated that Australia was keen to host the summit next year with Pacific Island nations and demonstrate how they can work together to combat the "existential danger" of climate changes. He added, "Our nation faces a number of challenges when it comes climate change. But every effort we make will help us avert the worst effects." The Pacific Islands Forum is a regional diplomatic bloc made up of 18 countries that supports Australia's bid. The rising seas are a threat to several Pacific island nations. Australia is aiming to be a "superpower of renewable energy" and has shifted away from coal, gas and nuclear power. It is now seeking investment for critical minerals, green-steel and transition technologies, such as batteries. The Turkish government wants a COP – or Conference of the Parties – that focuses more on financing climate initiatives in developing countries, while showcasing the progress Turkey has made towards its 2053 target of net-zero emission. Over the years, the annual COP has evolved from a diplomatic gathering into a vast trade show where the host countries can showcase their economic prospects.
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Director Raizen says that the company has locked in prices for half its production for 2026/27.
Phillipe Casale, director of investor relations at Raizen and one of the top sugar producers in the world, said on Friday that the company has already locked in prices for half the volume of sugar it expects to make in the 2026/27 harvest. Casale, a Brazilian company, said that the Brazilian firm had so far achieved prices of 114 cents real ($0.2110) per kilogram. He added that the price of sugar for the crop year 2025/26 is set at 111 cents real per pound. According to Raizen, weather problems will cause his sugarcane crushing to be lower than the 72-75 million tons he had forecasted for 2025/26. * The director of the company said that the company expects to see potential productivity gains in next crop year. This is due to replanting areas damaged by wildfires and better weather conditions. * The executives also stated that the firm's divestment program is not yet complete, and further developments will be expected to reduce the net debt. * Raizen reported a net loss in the second quarter for the 2025/26 harvest of 2.3 billion reals ($425.6 millions). ($1 = 5.4039 Reais) (Reporting and Writing by Roberto Samora, Editing and Proofreading by Natalia Siniawski).
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Australian Energy Minister pushes for COP31 to be hosted at Brazil Climate Summit
Chris Bowen, Australia's energy minister, said he will travel to Brazil on Saturday for the COP30 summit to press Australia to host the summit next year. This is despite a dispute with Turkey over hosting rights. Both Australia and Turkey bid in 2022 for the United Nations Climate Conference and have refused to give up their positions ever since. This month, Australian Prime Minister Anthony Albanese wrote to Turkish president Tayyip Erdoan in an effort to resolve the longstanding dispute. Bowen stated in a press release that he will advocate strongly for Australia at the summit to be held in the Amazonian city of Belem and would highlight the clean energy industry. Bowen stated that Australia wished to host the summit of Pacific Island Nations next year and demonstrate how they can fight together against the "existential danger" of climate changes. He added, "Our nation faces a number of challenges when it comes climate change. But every effort we make will help us avert the worst effects." The Pacific Islands Forum is a regional diplomatic bloc made up of 18 countries that supports Australia's bid. The rising seas are a threat to several Pacific island nations. Australia is aiming to be a "superpower of renewable energy" and has shifted away from coal, gas and nuclear power. It is now seeking investment for critical minerals, green-steel and transition technologies, such as batteries. The Turkish government wants a COP – or Conference of the Parties – that focuses more on financing climate initiatives in developing countries, while showcasing the progress Turkey has made towards its 2053 target of net-zero emission. Over the years, the annual COP has evolved from diplomatic gatherings to vast trade shows, where host countries are able to promote their economic prospects.
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S&P Upgrades South Africa For First Time In Nearly 20 Years As Reforms Gain Ground
S&P Global upgraded South Africa's long-term foreign currency sovereign rating from "BB-" to "BB", citing improved growth prospects, an improved fiscal outlook, and reduced contingent liability following better performance by state-owned power utility Eskom. The National Treasury worked to stop the rising debt and restore credibility fiscally to put the nation back on a path of growth. Recent mid-term budget reviews showed that debt to GDP stabilized at 77.9% in this financial year, and that the budget deficit would shrink to 4.7% in 2025/26 compared to 4.8% in the may budget. As the reform agenda of the country gains momentum, state-owned entities engaged in power and freight logistics have also improved. S&P stated in a press release that it expects South Africa’s GDP to grow at a rate of 1.1% by 2025, after a subdued growth of 0.5% in 2024. It also expects the growth to be 1.5% on average through 2026-2028 due to electricity and other sectors supporting growth. Fiscal revenue exceeded budget targets in the first quarter of fiscal 2025. The agency expects to see successive years with primary surpluses, as well as continued fiscal consolidation until 2028. South Africa's foreign currency rating is now two notchs below investment grade. In 2017, the African economy with the highest industrialisation was downgraded for the first time to junk status following the firing by the then president Jacob Zuma of the well-respected Finance Minister Pravin Gordhan and the subsequent policy instability. S&P has rated the outlook for the country as "positive".
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S&P upgrades Nigeria's outlook as reforms begin to take root
S&P Global Ratings changed its outlook for Nigeria from "stable" to "positive" on Friday. They backed the ongoing reforms in the economy and affirmed that the country was rated "B-/B". S&P stated in a press release that "the monetary, fiscal, and economic reforms being implemented" by the Nigerian authorities would yield positive results over the medium-term. Moody's upgraded Nigeria's credit rating in May by one notch, from "Caa1" to "B3", citing significant improvements in the external and fiscal position of the country. Fitch, on its part, maintained a "B" rating with a "stable outlook" last month. Bola Tinubu, Nigeria's President, launched the boldest reforms since decades in 2023. He scrapped the expensive petrol subsidy, and removed currency trading restrictions, to boost growth and attract foreign investments. Analysts say that if these reforms are sustained, they could support economic growth on a long-term basis, although implementation hurdles as well as volatility in the global oil prices still pose risks. Nigeria has turned towards debt markets to bridge its fiscal gap. Last week, Nigeria raised $2.35bn through an Eurobond issue to help finance the budget deficit for 2025, while still borrowing domestically. (Reporting and editing by AnushkaChourasia, ChijiokeOhuocha.
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Sources say that Barrick Mining is considering splitting into two separate entities.
Barrick is considering splitting into Africa and North America focused entities Discussion on the sale of African assets, including Reko Diq Mine Barrick's performance in the record gold rally is undervalued by investors. By Divya Rajagopal Four sources familiar with Barrick Mining's thinking said that the board has discussed the possibility of splitting Barrick Mining into two separate companies, one focusing on North America, and the other focusing on Africa and Asia. Sources say that a split could include the sale of Barrick Africa's assets, as well as the Reko diq mine in Pakistan once financing is secured. Sources said that Barrick wants to settle a dispute in Mali with the African nation’s military administration prior to selling the asset. Barrick's spokesperson did not respond immediately to comments. Interim CEO Mark Hill responded on Monday to a question about a possible division by saying that the company doesn't comment on speculation. Sources said that talks are still ongoing and nothing is finalized. If the plans are implemented, they would reverse Barrick's merger in 2019 with Randgold and eliminate assets acquired by former CEO Mark Bristow. One source said that the company's focus in North America would help to ensure Barrick is not undervalued if a takeover bid were made. This includes Fourmile, an undeveloped major gold mine in Nevada. The Fourmile mine is not expected to begin production until 2029. Hill announced earlier this week the company's shift to North America. Analysts at Jefferies, among others, upgraded its ratings on its shares. Following the report, Barrick's shares rose on the Toronto Stock Exchange. They closed up 3%. Investors say Barrick's stock is undervalued, and they have asked the company how it can take advantage of gold prices that are experiencing a historic rise. Barrick's shares are up 130% in this year but its returns over the past five years have been less than those of its peers. Agnico Eagle, for example, has gained 142%. Investors proposed to divide the company into two divisions, with one with more stable assets, such as Nevada, Fourmile and Reko Diq. The other would have riskier assets, like those in Africa, Papua New Guinea and Reko Diq. Investors say that Barrick, as one of few gold mining companies to have assets on multiple continents and in volatile political regions, is at risk. Barrick's most profitable mine in Mali was taken over by another company earlier this year. This led to a $1 Billion write-off. Three metric tons (three metric tons) of gold were seized and a temporary administrator was appointed to run the mine after a dispute over the new mining tax code in the country. The Malian government has still imprisoned four Barrick employees. One Barrick investor said, "There was a perception that Nevada had a great deal of value." The investor, who asked not to be named because they weren't authorized to speak with the media, added that if the Nevada mine was a publicly-listed company, it would be among the largest gold mining companies in the world. Investor said that the company had resisted splitting up in the past, because its other mines would be worthless without Nevada. Barrick operates the Nevada gold mine with Newmont Corp. The company also has mines in the Democratic Republic of Congo and Papua New Guinea. It also operates gold mines in Tanzania, Dominican Republic and Tanzania. (Divyarajagopal reported from Toronto; Veronica Brown, Lisa Shumaker, and Edmund Klamann edited the story)
Nayara, a sanctions-hit company, scrambles with New Delhi to maintain operations
Since late August, Nayara Energy refinery in western India has been moving fuel by rail to inland depots with two or three 50-tanker trains per day. This is more than twice the amount of diesel and petrol it used to transport previously. The European Union imposed crippling sanctions on the Russian-owned refinery on July 18 that shut it out of many markets. It forced the refinery to find new customers and divert more fuel into the domestic market.
Sources from the Indian government and the company claim that the ongoing crisis at Nayara has forced the Indian government to provide enough support for it to continue operating, while avoiding actions that could provoke an Western backlash. New Delhi has taken several measures to assist a refinery that is owned by a friendly country. These include providing tanker train services and approving coastal vessels for the transport of its products.
Nayara is owned by the Russian state oil giant Rosneft, which puts it in the middle of a long-standing relationship between New Delhi and Moscow. This puts India at odds against its Western allies. The refiner's biggest shareholder, the Russian state oil company Rosneft relies solely on Russia to import oil, after Iraqi crude and Saudi Arabian oil supplies were cut-off following the EU measure. This makes it vulnerable if flow disruptions are caused by tighter sanctions or increased U.S. pressurization.
"The government is trying cover two possible scenarios: trying to support Nayara, while remaining aware of the fact there will be a persistent global pressure to tighten the sanctions," said Amitendu Palait, a Senior Research Fellow at the National University of Singapore Institute of South Asian Studies.
He said that "Long-term Support might not be sustainable until the global dynamics change, such as a resolution between Russia & the U.S.A.
Nayara has not responded to an email asking for comment on this story. India's Oil Ministry and Rosneft have not responded to requests for comments.
Nayara, a Mumbai-based company, is a major player in India's rapidly growing fuel sector. It accounts for 8% the refined product output and operates more than 6,500 gasoline stations. It has been forced to reduce crude runs at its 400,000-barrel-per-day Vadinar refinery to 70-80% of capacity - it was previously running at 104% - as it struggles to find export buyers for its fuel and banks to facilitate payments, sources with knowledge of the refinery operations say.
STOP-GAPS AND WORKAROUNDS Nayara's refinery, which is not connected to the pipeline network, increased its use of railcars for fuel transportation after sanctions made it difficult to charter coastal vessels or export products, forcing it redirect production domestically. Its access to more railcars was facilitated by New Delhi, which has also temporarily allowed Nayara to use four coastal vessels, sources said, including the E.U.-sanctioned Leruo and two shadow fleet ships, the Guinea-Bissau-flagged Garuda and Djibouti-flagged Chongchon.
Sources said that Nayara was seeking approval from the government to use two additional coastal ships. Nayara also seeks government assistance to find equipment and materials it struggles to get due to sanctions, for a scheduled maintenance shutdown in February. Sources said that Nayara is also considering pushing back the shutdown until April while it searches for alternative raw materials.
A senior official of a company, speaking on condition of anonymity due to the sensitive nature of the issue, said that the company was constantly under threat. The official cited the concern that the vessels they are currently using may be subject to future Western sanctions.
We never expected to be so directly hit. "Every day is like fighting fires."
Nayara, a combination of Hindi and English meaning "New Era", was originally called Essar Oil. It was purchased by Rosneft in 2017, along with a group that included the Russian fund UCP and Trafigura. Trafigura later sold its share.
Nayara purchased oil from many countries until 2022. In that year, India began buying discounted Russian oil, after the West sanctioned Moscow for its invasion in Ukraine. It became the largest buyer of Russian crude by sea. Recent purchases by India have led to a diplomatic rift between Washington and New Delhi. President Donald Trump doubled tariffs on Indian imports up to 50%.
MAINTENANCE AND PAYMENTS ARE THE IMMEDIATELY BIGGEST CHALLENGES
Sources at the company have stated that the most immediate challenge for Nayara is to resolve the maintenance issue and be able make international payments. Sources have reported that Nayara’s principal banker, the government-owned State Bank of India (SBI), stopped processing forex and trade transactions for the refiner due to concerns over EU sanctions in August. SBI did respond immediately to a comment request.
Nayara officials met with officials from the finance ministry and banks to try to resolve this banking issue. However, they have not yet found a solution. This limits Nayara’s ability to import and export fuel in foreign currencies.
The Indian finance ministry has not responded to a comment request.
According to shipping and traders data, Nayara exported 30% of its production before the sanctions. This was mainly through trading with Western, Middle Eastern, and Asian firms to ship products to Asia and Northwest Europe. Data shows that since then, Nayara has shipped cargoes to the Middle East, Turkey and Brazil. At least 16 of these cargoes were diesel, gasoline, and jet fuel, and they were all transported on EU-approved tankers. Industry sources claim that some of these recent exports were done through traders, with payment offset against crude supplies.
According to Kpler, Nayara exports 2.23 million barrels in September. This compares with an average of 3.3 millions barrels per month from January through June.
A trader from north Asia said, "We're interested in buying their products." They told me that their bank account was blocked and they couldn't accept payments.
(source: Reuters)