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After a pact with Pakistan, India expects Saudi Arabians to be sensitive.
India expressed its hope that Saudi Arabia would respect the mutual interests and sensibilities between both countries. This comes two days after Riyadh had signed a defence agreement with New Delhi's former foe Pakistan. Saudi Arabia and Pakistan, which is nuclear-armed, signed the agreement on Wednesday. Although few details were made public, analysts believe that the deal could give Riyadh a de facto shield of nuclear weapons. The agreement, signed amid diplomatic turmoil in the Middle East, and only months after a deadly conflict between India and Pakistan, states that any aggression towards either country will be considered as an attack against both. Randhir Jaiswal, spokesperson for the Indian Foreign Ministry, told reporters at a weekly press briefing that "India and Saudi Arabia enjoy a broad-based strategic partnership" which has grown in recent years. He said, "We expect this strategic partnership to keep mutual interests and sensibilities in mind." Saudi Arabia is the largest exporter of petroleum to India. The two countries have agreed to increase their cooperation on crude oil and liquefied gas supplies. This year, Indian Prime Minister Narendra Modi stated that the two countries were exploring joint projects for refineries and petrochemicals. India's Foreign Ministry said on Thursday that they were aware of the fact that this pact was being considered and would be studying the implications. Pakistan is the only nuclear-armed Muslim country in Asia. It is also one of Asia's poorest countries, yet it has an army of over 600,000 soldiers that can defend itself against India, its larger and more powerful adversary. The neighbours have been involved in three major wars and numerous clashes. Their four-day conflict last May was the most intense fighting they've seen in decades. Reporting by Shilpa jamkhandikar, Editing by YPrajesh and Aidan Lewis
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Angola will decide by November on $1 billion JPMorgan deal, says finance official
Angola's senior debt official said that the country will decide in November whether it wants to extend its $1 billion total-return swap agreement with JPMorgan or raise money through international capital markets. JPMorgan and Angola signed a derivative contract worth $1 billion for a year, known as a Total Return Swap, backed up by $1.9 billion of government dollar bonds. The contract will expire this year. Dorivaldo Téixeira, Director General of the Public Debt Management Unit of Angola's Finance Ministry, said on the sidelines investor meetings in London, "We have options." Angola, if the market conditions are right, could issue debt in order to raise funds, pay partially or extend the current agreement. He said, "It all depends on the price." He said that market conditions were improving for smaller and riskier issuers, with yields moving in the "right direction". However, he also noted that JPMorgan's facility cost was less than the country’s Eurobonds, so "if I could extend it, I would probably use it." Cost Containment According to JPMorgan EMBI, the yield on Angola’s international bonds is currently around 10%. He said Angola will still push for a deal better than the 9% it pays on the arrangement. This could be from a bank or the markets. Total return swap terms have not been made public. The deal made headlines when Angola was forced to pay JPMorgan $200 million as collateral for its collateralised bonds in April after U.S. Tariff turmoil drove oil prices and Angola’s bonds sharply lower. The country must also pay over $860 millions in November on an outstanding bond denominated in dollars that it sold back in 2015. Teixeira stated that officials in the finance department are working to improve transparency by publishing more debt statistics. The Finance Ministry has begun publishing its debt bulletin on a quarterly basis and is planning to do so monthly beginning next year. We didn't communicate enough, so the perception of Angola as a risky country was slightly heightened. In an interview on Thursday evening, Teixeira stated that people need more information on what is happening. He added that he hoped it would lower Angola’s borrowing costs. CAUTIOUS ABOUT CRUDE Teixeira stated that finance officials are pushing for a more conservative assumption of oil prices in the budget 2026 after the government was forced to stress test its 2025 expenditures due to a fall in prices below the $70 per barrel assumptions. Brent crude currently trades at $67 and Teixeira says that the final deficit figures may be higher than expected because of the drop in revenues. "One of the things that we learned is that next year we should probably take a bit more conservative approach, which will help us execute the budget the most seamlessly." Teixeira refused to give a price, but said that officials base their estimates on the top analyst forecasts. According to a poll, most analysts believe that prices will continue to fall next year. Brent is expected at $62.98 by the second quarter 2026. Reporting by Karin Strohecker, Libby George and Amanda Cooper. Editing by Hugh Lawson and Amanda Cooper.
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Southern California Edison and others reach agreement to recover $2 billion related to wildfires
Southern California Edison reached an agreement with several parties to settle the dispute. The settlement will allow the utility recover approximately $2 billion from the $5.6 billion losses incurred in 2017-2018 due to wildfires and mudslides. Edison International, the parent company of the company, announced on Friday that out of the $2 billion, approximately $1.6 billion is made up of uninsured claim and $400 million of legal fees paid by May 31, this year. Costs are mostly related to the Woolsey Fire of 2018, which burned 96.949 acres in California. It destroyed 1,643 buildings, killed 3 people, and forced the evacuation of over 295,000 people. Last year, the utility claimed it wanted to recover $1.6billion in losses related the Thomas and Koenigstein Fires that started in 2017, and the Montecito Mudslides in 2018. SCE is also facing several lawsuits that claim that its electrical equipment caused major wildfires across California, such as the Eaton Fire that ravaged Los Angeles earlier this summer. Southern California is also authorized to recover 35 percent of the losses paid after May 31 2025, as well as $71 millions or 85% of restoration costs incurred. California Public Utilities Commission will have to approve the agreements, according to the utility. SCE is expecting to receive proceeds by 2026. This would allow for a recovery of 43 percent of costs associated with 2017-2018 wildfires and mudslides, when combined with pre-approved cost recoveries related to TKM events. (Reporting from Tanay Srivastava and Vallari in Bengaluru, editing by Leroy Leo.)
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Wall Street Futures Stable as Markets digest Central Bank Moves
The European stock market struggled on Friday to gain ground and was set to finish the week flat. Wall Street futures were not much changed, after the U.S. Federal Reserve cut interest rates and helped push U.S. shares to record highs. U.S. Federal Reserve lowered interest rates on Wednesday by a quarter percentage point, the first cut since December. Norway and Canada cut rates as well. Wall Street closed Thursday at a new record, but the Nikkei fell from its previous highs during Asian trading after the Bank of Japan announced a further winding down of its stimulus policy. The MSCI World Equity Index was down by 0.1% at 1111 GMT. This represents a 0.6% weekly gain. The pan-European STOXX 600 index was flat for the day, and is on track to finish the week unchanged. London's FTSE 100 rose 0.1%. U.S. Stock Futures point to a steady opening for Wall Street with Nasdaq Futures up by 0.1% and S&P500 futures flat. Investors bet that the central bank's rate reductions will further boost stock prices. Amelie Derambure is the senior multi-assets portfolio manager at Amundi. She said: "For the coming weeks, we will continue to maintain a risk-on approach in our portfolios. We continue to overweight equities." "Our position is that the markets should continue to creep upwards in the weeks ahead, with some volatility, as always." The Fed did not endorse market expectations of a string of rate reductions, instead focusing on a meeting by meeting, data-dependent, approach. Analysts said that the Fed's tone and the diverse views of the central bank disappointed investors who hoped for a quick shift in rates. The markets are waiting to hear any news about a phone call between Chinese president Xi Jinping, and U.S. president Donald Trump. This is expected cover the TikTok agreement and tariffs. After data revealed a spike in borrowing by the public sector, the British pound dropped 0.5% to $1.359 and UK gilt yields increased. The Bank of England held rates steady on Thursday, but it slowed down the rate at which it was unloading government bonds that it had purchased during previous crises. The U.S. Dollar index, which has been at its lowest level since 2022, is up 0.3% to 97.595. The yen gained against the dollar before losing gains. At the end, the pair was at 147.99. The yield on German 10-year government bonds rose to 2.7414%. Bonds with shorter maturities have benefitted from the expectation of rate cuts. However, bond yields for longer-dated bonds are rising due to investor concerns about government finances. The Bank for International Settlements (BIS) warned this week about the disconnect between record-breaking global share prices and signals on the bond market that investors were concerned about government debt. The yield on the 10-year U.S. Treasury was 4.1332%. Oil prices fell as traders' concerns about fuel demand overshadowed the usual boost to oil prices that would come from a U.S. interest rate cut. Gold is up 0.2% to $3,651.64, and heading towards its fifth consecutive week of gains.
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Angola will decide by November on a $1 billion JPMorgan deal, according to a finance official
Angola's senior debt official said that the country will decide in November whether it wants to extend its $1 billion total-return swap with JPMorgan or raise money on the international capital markets. JPMorgan agreed with Angola in December to a derivative contract worth $1 billion for a year, known as a Total Return Swap, backed up by $1.9 billion of government dollar bonds. The contract will expire in the next few months. Dorivaldo Téixeira, Director General of the Public Debt Management Unit of Angola's Finance Ministry, said on the sidelines investor meetings in London, "We have options." Angola, if the market conditions are right, could issue to raise funds, pay partially or extend the current agreement. He said, "It all depends on the price." He said that while the yields of smaller, more risky issuers are improving, the JPMorgan facility costs were lower than those of the country's Eurobonds. "If I can extend it I probably will use it." Reporting by Karin Strohecker, Libby George and Amanda Cooper.
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Sources: Russian crude October Urals prices are up in Indian ports despite sanctions risk
Four market sources said on Friday that the price of Russia's Urals Crude Oil for delivery to India, its top buyer, is increasing despite rising sanctions risks. This is because Ukrainian attacks on Russian pipelines and ports as well as tightened sanctions have led to concerns over supply. In September, Ukrainian drone attacks disrupted the export of oil and increased production risks. This forced Russia to ship oil to western ports in order to reduce the impact. Four sources who are involved in Russian oil exports to India reported that the discount on Urals crude October loading has decreased to $2-$2.50 a barrel compared to Brent dated from $3 per barrel in September. This is because Western sanctions have intensified. Traders said that the freight rates for Urals to India from Russia's Baltic port rose from $5.5 to $6 million per voyage to $6.5 to $7 million per voyage in November from $5.5 to $6 million in September. The rise in prices is due to a decrease in shipping options, as a result of the tightening up of EU and UK price caps on Russia crude oil exports. In July, EU and UK sanctions were imposed on Russian oil exports. These included a price cap that was set at a 15% discount to the average market price, which is currently around $47.60 - well below $60, the price cap established by the G7 for December 2022. The Russian oil exports have been further complicated by new restrictions on tankers subject to sanctions. Adani Group in India, for instance, has prohibited sanctioned vessels entering its ports including the Mundra terminal. The EU and UK tightened restrictions, combined with U.S. Sanctions, target more than 444 tankers of the "shadow fleet", used to deliver oil to India and China. The United States, the EU and India have all criticised India's increased purchases of Russian oil. Washington has imposed higher tariffs on Indian imports due to its continued business with Moscow. New Delhi continues to buy despite the pressure.
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BlackRock and Vanguard back off on company talk as new guidance bites
Disclosures reveal that the world's largest asset managers have drastically reduced their meetings with company executives this year. New guidance has made it difficult to discuss issues like climate change and diversification. BlackRock and Vanguard's shifts came after the U.S. Securities and Exchange Commission issued new guidance, headed by Mark Uyeda (a nominee of U.S. president Donald Trump). This could lead to executives receiving less input from investors on their strategy, or being surprised by critical votes during shareholder meetings. These directives are part of a recent Republican effort to reduce corporate actions, from climate disclosures of companies to the role of proxy advisers. BlackRock and Vanguard have seen their new disclosures decline by 28% and 44 %, respectively, when compared with the previous period. Consultants said that the declines are a sign of how the guidance has slowed down discussions between managers and shareholders ahead of corporate elections, on issues other than politically controversial topics like climate change. "The new guidance created a chilling impact on the largest investors, whether intentionally or not," said Peter da Silva Vint. He is now a corporate adviser at Jasper Street Partners. Da Silva Vint noted that fund managers often attend meetings "only listening", which makes it difficult for leaders of companies to know how they might vote. Surprises matter. Climate and social issues have been less prominent at recent corporate annual meetings, but corporate governance continues to be supported. Vanguard and BlackRock both stopped supporting nearly all social and climate resolutions during previous years. This pattern continued into 2025. SMILES MORE, NOT LESS. The new SEC guidance says that managers must file more complicated, expensive forms in order to report their major holdings when they "pressure" management, such as by tying director voting to the company's staggered board structure or its environmental policies. This reporting requirement may also be triggered by a fund firm that "states" or "implies" it won't support directors until a company changes its voting policy in accordance with the fund's. A representative of the SEC declined to comment. BlackRock and Vanguard were the main beneficiaries of this change. With a combined $22 trillion, both firms own more than 5% in stock issuers. Both firms took a pause and then re-established contact after assessing the new guidelines. The fund companies' reports now show a different pattern. BlackRock's Stewardship Team met with companies around the world 2,584 times in the 12 months ending June 30. This is a 28% drop from the previous period. Paul Schulman said that the majority of proxy-related engagements occurred after the SEC guidance on February 11, according to Paul Schulman. Senior managing director at proxy solicitor Sodali. He said that the guidance was "100%" the reason for the decline in attendance. Schulman noted that even during meetings, the stewardship team says less about their plans to vote. Top investment firms have "always been reluctant to reveal to the company their voting intentions." Schulman says that they are now reluctant to express their views on issues. BlackRock does not provide a count of meetings. BlackRock's recent report stated that its stewardship teams "listened to the company directors and executive to understand how they oversee material business risks and opportunity" and it could convey concerns via its AGM votes. The report from last year paints BlackRock as a more vocal stewardship group. The fund manager stated that when it had concerns "we usually raise these first through dialogue with the board members and management team." A BlackRock representative was asked for comment and cited its previous statement that it "doesn't use engagement as a means to control publicly listed companies." Vanguard's report of Aug. 21, showed that the Pennsylvania-based firm met with only 356 companies in April to June this year. This is down by 44% compared to the 640 firms it met with in 2024. Vanguard's report did not address the decline and a representative refused to comment. Vanguard's representative stated that the company does not and has never used engagements with businesses to signal its voting intentions. 'MORE CHALLENGING ENVIRONMENT' Paul Washington, CEO of the Society for Corporate Governance (which represents corporate secretaries, among others), said that the new guidelines limit the value of shareholder discussions. He said that this season, it was harder for companies to understand what their biggest investors thought. In a survey more than one quarter of members of the public company society said that they have found it "more challenging" to engage with investors this year. Companies are having difficulty maintaining relationships or exploring their opinions. (Reporting and editing by Nick Zieminski in Boston)
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Cholera outbreak kills 58 in northeast Nigeria
Authorities in Bauchi State, northeast Nigeria, announced on Friday that a cholera outbreak had killed 58 and infected over 250 people. This prompted the creation of new committees for emergency response and prevention. In Nigeria, health officials report widespread shortages of water and food in rural areas as well as urban slums. Auwal Mohammed Jatau, Deputy Governor of Bauchi State, said that the state had recorded 258 new cases with 58 deaths. These outbreaks can be prevented with coordinated responses and timely interventions. Jatau said that the committees are aiming to centralise and align long-term preventive strategies with the Nigeria Centre for Disease Control and Prevention and a national plan for cholera prevention. According to the NCDC, Nigeria has seen more than 11,000 suspected cases of cholera and 400 deaths over the last two years. Children under five are the most affected. Reporting by Camillus EBOH in Abuja, Writing by Elisha BALA-GBOGBO Editing by Peter Graff
Emergency crews finish work following mass Kyiv attack with 25 dead
Rescue crews completed Friday rescue operations following a Russian missile and drone attack on Kyiv in Ukraine's capital. The death toll was revised up to 25, according to authorities.
The DSNS State Emergency Service posted photos of the damaged sites in the capital following the attack that occurred on Thursday morning on its Telegram channel.
The report said that 22 people, including four children were killed in the apartment building which was destroyed in Darnytskyi's eastern district.
The DSNS reported that emergency crews were dispatched at 19 locations in six districts of the city and provided assistance to 312 residents.
Volodymyr Zelenskiy, the president of Ukraine, said that the attack, which damaged offices of the European Union (EU) and British Council (British Council), was the second largest since Russia invaded Ukraine on a large scale in February 2022. (Reporting and editing by Ron Popeski)
(source: Reuters)