Latest News
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QatarEnergy Boosts Offshore Stakes in Namibia
QatarEnergy has entered into an agreement with TotalEnergies to acquire additional offshore exploration interests in the Orange Basin off the coast of Namibia, it said on Sunday.The deal includes a 5.25% increase in QatarEnergy's stake in block 2913B and a 4.695% increase in block 2912, QatarEnergy said in a statement.Under the agreement, QatarEnergy's stake in block 2913B will increase to 35.25%, while its stake in block 2912 will rise to 33.025%.TotalEnergies remains the operator of both blocks, with other stakeholders including Impact Oil & Gas holding 9.5% and Namibia's state-owned Namcor holding 10% in block 2913B and 15% in block 2912.(Reuters - Writing by Adam Makary; Editing by William Mallard)
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Dalian iron ore hits more than two-week high up on firmer steel outlook, fresh China stimulus
Dalian iron ore futures rose to their highest in more than two weeks on Monday, buoyed by more powerful global steel production and additional financial stimulus from top consumer China. The most-traded January iron ore contract on China's Dalian Commodity Exchange (DCE) ended early morning trade 0.06%. higher at 775.5 yuan ($ 107.06) a metric lot. The contract had previously increased as high as 791.0 yuan, its. greatest since Nov. 8. The benchmark December iron ore on the Singapore. Exchange was 0.72% higher at $101.3 a heap, as of 0415 GMT. Worldwide crude steel output in October climbed up 0.4% from the. previous year to hit 151.2 million heaps, World Steel Association. information showed on Friday. In China, the world's top metals manufacturer and customer of. the metal, crude steel production rose 2.9% to 81.9 million lots. over the exact same duration, the information revealed. Lower Chinese steel item stock driven by robust. exports likewise supported iron ore prices above $100 a heap, Westpac. experts said in a note. Meanwhile, China's reserve bank injected 900 billion yuan. ($ 124.3 billion) into its banking system on Monday by means of one-year. policy loans. China's banking system is dealing with increasing liquidity. pressure towards the end of the year, with city governments. increasing bond issuance as Beijing ramps up efforts to minimize. financial obligation dangers and promote the struggling economy. The world's second-largest economy might likewise deal with almost. 40% tariffs on its exports to the U.S. next year, said. economists polled , possibly slicing growth by up. to 1 portion point. Other steelmaking ingredients on the DCE lost ground, with. coking coal and coke down 2.11% and 1.06%,. respectively. Steel benchmarks on the Shanghai Futures Exchange ticked. lower. Rebar and hot-rolled coil dropped. almost 0.5%, wire rod dipped about 0.1% and stainless. steel slid 0.06%.
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Nations stay divided as fifth U.N. plastics treaty talks start
As delegates from 175 nations collected in Busan, South Korea on Monday for the 5th round of talks aimed at securing a worldwide treaty to curb plastic contamination, remaining departments cast doubts on whether a. last arrangement remains in sight. South Korea is hosting the 5th and seemingly last U.N. Intergovernmental Negotiating Committee (INC-5) meeting this. week, after the previous round of talks in Ottawa in April ended. without a path forward on capping plastic production. Rather, talks will be concentrated on chemicals of issue and. other steps after petrochemical-producing countries such as. Saudi Arabia and China highly opposed efforts to target. plastic production over the demonstrations of nations that bear the. impact of plastic contamination. The divisions plaguing plastics treaty talks echo conflicts. that have long stalled U.N. efforts to curb worldwide warming, with. the most current climate top, COP29, having actually simply ended with an. arrangement that poorer nations assailed as insufficient. Without substantial intervention the amount of plastic. getting in the environment yearly by 2040 is expected to nearly. double compared to 2022, INC Chair Luis Vayas Valdivieso said. at the opening session in Busan on Monday. It is about humanity rising to fulfill an existential. challenge, he said, keeping in mind that microplastics have been found. in human organs. The United States raised eyebrows in August when it stated. it would back plastic production caps in the treaty, putting it. in positioning with the EU, Kenya, Peru and other countries in the. High Ambition Union. The election of Donald Trump as president, however, has. raised concerns about that position, as during his first. presidency he avoided multilateral agreements and any. dedications to slow or stop U.S. oil and petrochemical. production. The U.S. delegation did not address concerns on whether it. would reverse its new position to support plastic production. caps. However it supports ensuring that the international instrument. addresses plastic products, chemicals used in plastic products,. and the supply of primary plastic polymers, according to a. spokesperson for the WhiteHouse Council on Environmental uality. Inger Andersen, executive director of the U.N. Environment. Program, said she was positive the talks will end with an. contract, pointing to the communique from the Group of 20. nations at a top recently requiring a lawfully binding. treaty by the end of this year. IMPACT ON HEALTH For a Pacific island country like Fiji, a worldwide plastics. treaty is vital to protect its fragile environment and public. health, stated Sivendra Michael, Fiji's environment minister and chief. climate and plastics negotiator. He told Reuters on the sidelines of the 29th U.N. Environment. Change Conference this month that regardless of not producing any. plastic, Fiji is bearing the force of its downstream contamination. Where do these plastics wind up? It winds up in our oceans,. in our landfill, in our backyards. And the effect of the. plastics breaking down into little substances has damaging. results, not only on the environment, but on us as individuals,. on our health, he stated, keeping in mind research studies that revealed most of the. fish consumed in the nation was contaminated with microplastics. While supporting a worldwide treaty, the petrochemical. market has actually been singing in advising governments to prevent setting. compulsory plastic production caps, and focus on solutions on. minimizing plastic waste, like recycling. We would see a treaty effective if it would truly put ... focus on ending plastic contamination. Nothing else ought to be the. focus. said Martin Jung, president for efficiency products at. chemical manufacturer BASF. Previous talks have actually likewise discussed looking for types of. moneying to help developing countries carry out the treaty. At COP29, France, Kenya and Barbados drifted establishing a. series of international levies on specific sectors that could assist ramp. up the amount of cash that might be made available to. establishing countries seeking support to help their clean energy. transition and cope with the progressively serious effects of. climate change. The proposal included a cost of $60-$ 70/ton on main. polymer production, which is on average around 5-7% of the. polymer price, seen possibly raising an estimated $25-$ 35. billion annually. Industry groups have actually rejected the concept, stating it will raise. customer costs.
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Gold rates ease from a three-week peak on profit-taking
Gold prices relieved on Monday from a. threeweek high hit previously in the session as investors reserved. revenues and traders changed their expectations for Federal. Reserve rate cuts, waiting for more information to examine the interest. rate outlook. Spot gold fell 0.6% to $2,695.79 per ounce since 0246. GMT. U.S. gold futures shed 0.5% to $2,697.90. Gold is being pushed as some traders wished to book a. earnings around the $2,718 high, given gold futures enjoyed their. best week given that the pandemic recently, said Matt Simpson,. senior expert at City Index. I doubt we'll simply see an extension of recently's. surge offered the much shorter trading week due to U.S. Thanksgiving. Traders see a 51% opportunity of another 25-basis-point Fed rate. cut in December, below 62% recently, according to the CME. Fedwatch tool. Greater rate of interest, which make non-yielding assets like. gold less attractive, might even more push the metal. Some Fed policymakers last week expressed concern that. inflation development may have stalled, advocating for caution,. while others highlighted the requirement for ongoing rate cuts. Less dovish U.S. policy signals and potential inflation. surprises might support a December rate hold, slowing rate cut. potential customers can be seen weighing on gold prices, stated IG market. strategist Yeap Jun Rong. Financiers are looking out for the Fed's November FOMC. fulfilling minutes, GDP data (very first revision), and core PCE. figures, today. Meanwhile, limiting more disadvantage, the dollar index. dipped 0.7%, enhancing gold's appeal for holders of other. currencies. The benchmark 10-year Treasury yields likewise decreased. On the physical front, gold premiums in India dipped last. week as increasing regional rates cooled need, while bullion. interest in China and other Asian markets stayed soft. Area silver fell 1% to $30.99 per ounce, platinum. was down 0.3% to $960.85 and palladium slipped. 0.6% to $1,003.21.
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Base metals rise as dollar softens
Base metals costs rose on Monday as the U.S. dollar eased, making greenbackpriced metals less expensive to holders of other currencies, although gains were capped by issues over the demand outlook. Three-month copper on the London Metal Exchange (LME). increased 1.4% to $9,089.50 per metric ton by 0229 GMT, while. the most-traded January copper contract on the Shanghai Futures. Exchange (SHFE) advanced 0.6% to 74,380 yuan. ($ 10,268.94) a load. The dollar fell as financiers presumed the pick for U.S. Treasury secretary would assure the bond market and pulled. yields lower, shaving a few of the dollar's rate benefit. Despite the increase on Monday, copper prices on both exchanges. are set for the second straight regular monthly loss due to. disappointment in the Chinese stimulus launched so far and. concerns that U.S. President-elect Donald Trump will impose. tariffs on China and hurt trade circulations and financial development. Copper stocks in SHFE warehouses have actually been dipping. during China's peak usage season, however stockpiles in LME. and COMEX storage facilities are largely unchanged, reflecting weak. demand outside China. LME aluminium rose 1.1% to $2,653 a ton, nickel. innovative 0.3% to $16,025, zinc climbed 0.9% to. $ 2,994, lead increased 0.6% to $2,033.50, and tin. was up 0.7% at $29,125. LME money lead was traded at a $26.94-a-ton to the. three-month contract , the smallest discount rate because Aug. 23, showing that near-term products are tightening up. SHFE aluminium increased 0.3% to 20,620 yuan a ton,. nickel was up 1.1% at 127,260 yuan, zinc. sophisticated 0.1% to 25,265 yuan, lead climbed 1.7% to. 17,200 yuan and tin increased 0.8% to 243,490 yuan. For the leading stories in metals and other news, click. or
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Oil holds at 2-week high as Russia, Iran stress support costs
Oil costs hovered near twoweek highs on Monday following 6% gains recently, as geopolitical tensions heightened between western powers and major oil manufacturers Russia and Iran, raising risks of supply disturbance. Brent crude futures climbed up 13 cents, or 0.2%, to $ 75.30 a barrel by 0115 GMT, while U.S. West Texas Intermediate unrefined futures were at $71.38 a barrel, up 14 cents, or 0.2%. Both contracts recently notched their greatest weekly gains given that late September to reach their highest settlement levels since Nov. 7 after Russia fired a hypersonic rocket at Ukraine in an alerting to the United States and UK following strikes by Kyiv on Russia utilizing U.S. and British weapons. The recent exchanges suggest the war has entered a new and dangerous stage, raising concerns of interruptions to products, ANZ analysts led by Daniel Hynes stated in a note. In addition, Iran responded to a resolution passed by the U.N. nuclear guard dog on Thursday by buying steps such as triggering numerous new and sophisticated centrifuges used in enriching uranium. The IAEA censure and Iran's reaction heightens the possibility that Trump will aim to implement sanctions versus Iran's oil exports when he comes into power, Vivek Dhar, a. commodities strategist at Commonwealth Bank of Australia said in. a note. Implemented sanctions might sideline about 1 million barrels. each day of Iran's oil exports, about 1% of worldwide oil supply, he. said. The Iranian foreign ministry stated on Sunday that it will. hold speak about its disputed nuclear program with three. European powers on Nov. 29. Investors were also concentrated on rising crude oil need at. China and India, the world's top and third-largest importers,. respectively. China's unrefined imports rebounded in November as lower costs. drew stockpiling need while Indian refiners increased crude. throughput by 3% on year to 5.04 million bpd in October, buoyed. by fuel exports.
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Bond futures bounce on Bessent choice for US Treasury
Bonds rallied, U.S. stock futures rose and the dollar eased in early trade on Monday as financiers cheered the consultation of fund supervisor Scott Bessent as the next U.S. Treasury secretary, figuring he would be a. voice for markets in Washington. Standard 10-year Treasury futures were up 13 ticks,. ahead of the cash open and S&P 500 futures increased 0.4% to. simply shy of a record high while the dollar was weaker throughout the. board, raising the battered euro by 0.5% to $1.0484. The marketplace view that Bessent is a 'safe hands' prospect,. stated Stephen Spratt, strategist at Societe Generale, a relief as. the threat of a more unconventional choice was priced out of markets. Australia's share market touched a record high. Futures indicated a more powerful open in Japan and a weaker. start in Hong Kong. The week's trade is likely to be. lightened by Thursday's Thanksgiving vacation. President-elect Donald Trump's consultation of a Treasury. secretary has been closely watched in bond markets as. expectations of tax cuts along with tariffs and an immigration. crackdown have stoked worries of inflation and huge deficits. Bessent informed CNBC earlier in November, before his choice. as Treasury secretary, that he would recommend tariffs be. layered in slowly. He has advocated, in a Bloomberg interview, for the U.S. to. grow its escape of big debts and, in the Wall Street Journal. for tax reform and deregulation, especially to stimulate bank. financing and energy production. He spent his career working for billionaire financier George. Soros and kept in mind brief seller Jim Chanos in addition to running his. own hedge fund. The yen was up about 0.4% to 154.15 per dollar. The Aussie dollar bounced 0.6% to $0.6541 and the. kiwi, which slid to a 1 year short on Friday on. increasing bets on a dovish central bank, bounced 0.5% to. $ 0.5862. The Reserve Bank of New Zealand satisfies on Wednesday with. a 50 bp rate cut fully priced and markets suggesting about a 1/3. possibility of a super-sized 75 bp cut.
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Countries stay divided as fifth U.N. plastics treaty talks begin
As delegates from 175 nations gathered in Busan, South Korea on Monday for the fifth round of talks aimed at securing a global treaty to curb plastic contamination, sticking around departments cast doubts on whether a final arrangement is in sight. South Korea is hosting the fifth and ostensibly final UN Intergovernmental Negotiating Committee (INC-5) conference this week, after the previous round of talks in Ottawa in April ended without a path forward on topping plastic production. Instead the conference released an instructions for technical groups to focus on chemicals of concern and other steps after petrochemical-producing nations such as Saudi Arabia and China strongly opposed efforts to target plastic production. The United States raised eyebrows in August when it said it would back plastic production caps in the treaty, putting it in positioning with the EU, Kenya, Peru and other nations in the High Aspiration Coalition. The election of Donald Trump as president, nevertheless, has raised questions about that position, as during his first presidency he shunned multilateral contracts and any dedications to slow or stop U.S. oil and petrochemical production. The U.S. delegation did not respond to questions on whether it would reverse its new position to support plastic production caps. However it supports making sure that the international instrument addresses plastic products, chemicals utilized in plastic items, and the supply of main plastic polymers, according to a. representative for the White House Council on Environmental. Quality. Inger Andersen, executive director of the U.N. Environment. Program, said she was positive the talks will end with an. arrangement, pointing to the communique from the Group of 20. countries at a top last week calling for a legally binding. treaty by the end of this year. This is a very powerful message, Andersen told Reuters in. Baku, on the sidelines of the UN climate settlements, before. travelling to Busan for the talks. We understand that it is typically. down to the wire, however if there is a will, I think we will get. there. EFFECT ON HEALTH For a Pacific island country like Fiji, a global plastics. treaty is important to safeguard its delicate environment and public. health, said Sivendra Michael, Fiji's climate minister and chief. climate and plastics negotiator. He told Reuters on the sidelines of the 29th UN Climate. Modification Conference (COP29) this month that regardless of not producing. any plastic, Fiji is bearing the force of its downstream. contamination. Where do these plastics end up? It winds up in our oceans,. in our garbage dump, in our backyards. And the effect of the. plastics breaking down into little compounds has destructive. effects, not just on the environment, however on us as individuals,. on our health, he stated, keeping in mind studies that showed the majority of the. fish consumed in the country was contaminated with microplastics. While supporting a worldwide treaty, the petrochemical. industry has actually been singing in urging federal governments to prevent setting. compulsory plastic production caps, and focus on services on. reducing plastic waste, like recycling. We would see a treaty effective if it would really put ... focus on ending plastic contamination. Nothing else should be the. focus. said Martin Jung, president for performance materials at. chemical producer BASF. Previous talks have actually also discussed looking for kinds of. moneying to assist establishing countries implement the treaty. At COP29, France, Kenya and Barbados drifted establishing a. series of worldwide levies on particular sectors that could assist ramp. up the amount of cash that could be offered to. establishing nations seeking assistance to assist their clean energy. transition and cope with the progressively serious effects of. climate modification. The proposition consisted of a fee of $60-$ 70/ton on primary. polymer production, which is on typical around 5-7% of the. polymer price, seen potentially raising an approximated $25-$ 35. billion annually. Industry groups have actually declined the idea, saying it will raise. consumer rates.
Personal lakes emerge as symbol of water inequity in elite Mexican vacation town
The coasts of the huge dam in Valle de Bravo, a popular weekend spot for Mexico City's abundant and well-known, have actually turned to broken, dry mud.
Mario Garcia, a boat motorist of more than 30 years, pointed to a red truck in the range about 100 meters away and says that's where the coasts used to start. The dam is at less than 32% of its capacity, a historical low, according to offered government data, professionals and local officials.
Valle de Bravo's dam feeds the Cutzamala System, a network of infrastructure that is the source of water for about 6 million individuals two hours away in Mexico City and the surrounding area. It is handling a sharp decrease in its levels as it strains to satiate a growing population in the middle of dwindling rains.
Meanwhile, there are numerous complete artificial lakes and dams, consisting of some that serve no other purpose than visual enhancement, in the stretching walled properties belonging to the upper echelon of Mexican society all around the area, according to the city's local president and local citizens.
Like many who generate income from tourist, Garcia's earnings has dropped significantly as the dam's levels are too low to take tourists out snowboarding and even the daily fishing that utilized to provide for his household.
As some communities in Mexico City have actually lacked water for weeks, these personal bodies of water in Valle de Bravo have emerged as a sign of inequitable gain access to that outrages numerous people in the tourism-reliant community.
The flashpoint comes as stress around water deficiency boost across Mexico, with heavy water users such as factories and high-end tourist resorts coming under analysis. Protesters from Valle de Bravo this month obstructed traffic near workplaces of Mexico's National Water Commission (Conagua) in Mexico City.
To be sure, there are other aspects contributing to the water concerns. Years of decreasing precipitation, quick development and deforestation have actually drained regional rivers, streams and waterfalls which cause the dam
Progressively lower rains puts Valle de Bravo's dam. under unsustainable pressure - with a deficit of 12.8% last year during dry spell conditions sparked by La Nina climate phenomenon, said Jorge Ramirez-Zierold, a researcher at the National Autonomous University of Mexico.
In the close-by community of?? Acatitlan, the natural spring El Crustel, an important source of drinking water, has about half the circulation it did 40 years ago, local individuals told , blaming diversions on residents using extreme total up to water their yard or gardens.
I wish (personal lakes) didn't exist, said Eduardo Maza, a. member of the regional company Communities Organized for Water. ( COA). However if they do exist, they must be done appropriately and. without hurting others.
When responsibly managed, personal lakes and dams can. increase biodiversity by bring in birds and animals, according. to Jose Rosas, a permaculture specialist who has designed systems. for a number of the location's ranch owners.
I'm not informing you that they do not have bad points, certainly. they do, stated Rosas, who approximates personal lakes account for. less than 1% of the dam's capacity. However the ecological. benefits are much greater.
' INCREDIBLY IMPACTED'
It's challenging to determine the impact these personal bodies. of water have on the neighborhood's resources, according to. Michelle Nunez, the community president of Valle de Bravo.
She revealed pages of satellite images her office has. compiled of hundreds of lakes on private properties, which she. said have actually been shown Conagua.
There are no authorizations or permissions for these bodies of. water, Nunez said. She wants owners of private lakes to send. to assessments to show they are catching rainwater and not. illegally diverting regional sources.
It is extremely self-centered ... to have those lakes at those. When there are households that depend 100% on income (from, levels. the dam) that are being exceptionally impacted, Nunez said.
Nunez added she can not act without federal assistance from. Conagua, which she stated has actually done no studies and given no. action to her problems.
A spokesperson for Conagua did not respond to numerous requests. for comment for this story.
The Person Observatory of the Valle de Bravo basin, a local. locals group, submitted a petition in 2023 against Mexico's. government under the Commission for Environmental Cooperation. ( CEC), which oversees ecological concerns in the North American. trilateral trade pact.
For residents like Maza, who has actually spent his life dealing with. the area's water sources, change will be a major obstacle, he. said, especially when communication in between abundant property owners. and local neighborhoods doesn't exist.
Either they get here by helicopter or they arrive with 6 or. 7 trucks, and they go by without stopping and do not even. notice anything, Maza stated.
(source: Reuters)