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After a chaotic election, new protests are taking place in the main city of Tanzania
Witnesses said that police in Tanzania's Dar es Salaam city fired teargas and gunshots on Thursday, to disperse the protesters returning to the streets a few days after a violent general election. Protests erupted in Dar es Salaam, and in several other cities, during the voting on Wednesday. Demonstrators were infuriated at the exclusion from the presidential race of two of the biggest rivals of President Samia Suluhu Hassan, as well, they claim, by what is perceived as increasing repression against government critics. The police have ordered a curfew for Dar es Salaam - a city with more than 7 million residents - and internet access is still disrupted throughout the country. Witnesses reported that on Thursday, dozens of protesters returned to Mbagala and Gongo la Mboto neighbourhoods, where the police used tear gas and gunshots. PROTESTERS DISCUSS PLANS FOR NEW MARCHES The U.S. embassy reported that several major roads were closed, including the main road leading to Dar es Salaam’s international airport. Some protesters talked about plans for future demonstrations and marches against government buildings on the Zello application, which turns a smartphone into a walkie talkie. Requests for comment from the Tanzanian police and government spokespersons were not answered. Hassan faces a serious test in the wake of unrest that included at least one burning government office. After taking office in the year 2021, she received praise for her efforts to ease repression and censorship of political opponents that had grown under her predecessor John Magufuli. Recently, however, both rights activists and opposition candidates have accused government officials of abducting their critics without explanation. Hassan claimed last year that she had ordered an inquiry into reports of abductions. However, no official findings were made public. Students and civil servants are told to stay home In an Instagram post, Gerson Msigwa, the government's spokesperson, said that all civil servants could work from home Thursday unless their duties required them to be at their workplace. On Thursday, the state-owned television station also advised students to study at home. Tanzania's CHADEMA, the main opposition party in Tanzania, had called for protests to be held during the elections. It said that this was akin to "coronation of Hassan". CHADEMA, which refused to sign the code of conduct and whose leader Tundu Lissu had been charged with treason, was disqualified from the April election. This included voting for members of the parliament and officials of the semi-autonomous Zanzibar Archipelago. Hassan's opponents are now only minor parties, as the opposition party ACT-Wazalendo was also disqualified.
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Virgin Media O2 in the UK signs a deal with Musk's Starlink to provide rural coverage
Virgin Media O2 in Britain announced that it has signed a contract with Elon Musk’s Starlink in order to improve mobile coverage in rural regions, starting with data and messaging services. The deal will be launched in the first half 2026. VM O2, a joint-venture between Telefonica, Liberty Global and Vodafone, announced that it will be the first British operator using Starlink's over 650 satellites for connecting to compatible handsets. Starlink, Musk's SpaceX subsidiary, has signed agreements with mobile networks in the United States and Canada for direct-to cell services. T-Mobile, the U.S. mobile network, launched its commercial services in July. It began with text messages before adding apps like WhatsApp. In January, VM O2’s British rival Vodafone announced that it would be working with AST SpaceMobile in order to offer satellite connections to its European clients next year. Lutz Schuler said that Starlink was the most advanced satellite constellation in the world and therefore the best partner to help VM O2 achieve its goal of providing reliable mobile connectivity throughout the UK. VM O2, who already uses Starlink satellites for mobile backhaul to connect some of its remote bases stations, announced that it will initially offer messaging services and data directly to handsets. The company said that pricing details would be announced at a future date. (Reporting and editing by Mark Potter.
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Lufthansa reports slightly stronger-than-expected Q3 earnings
Lufthansa announced on Thursday that its quarterly operating results were slightly higher than expected. The airline has been struggling to reach an agreement with unions in order to avoid a possible strike and to recover its profits. The group has promised an ambitious turnaround plan to cut costs and centralise its multihub operation. The group posted a third quarter operating profit of 1,33 billion euros ($1.55billion), a little above the 1,32 billion euro forecast by LSEG's analysts. This is a 1% decrease from the same period last year when the group posted an operating profit worth 1.34 billion euro. The company also confirmed that it expects its operating profit in 2025, or the earnings before taxes, interest and special items, will be substantially higher than last year's 1.6bn euros. The European airline industry is typically at its strongest in the third quarter of the year, when the summer travel season is busy. Carsten Spohr, Chief Executive of the company, said that despite the fact that we still have to work hard on improving the profitability of our airline and our core business in order to achieve our 2025 forecasts today. (Reporting and editing by Ludwig Burger and Joanna Plucinska; Kirsti Knolle, and Muralikumar Anantharaman).
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Trump strikes deal with China’s Xi over tariffs and rare earth exports
U.S. president Donald Trump announced on Thursday that he had reached a deal with China to reduce tariffs in exchange for Beijing continuing U.S. soya bean purchases, maintaining rare earths exports and crackingdown on illicit fentanyl trade. Trump's remarks following the face-toface meeting with Xi, in South Korea city Busan, the first such encounter since 2019, marked a conclusion to his whirlwind Asia tour, during which he also lauded trade successes with South Korea and Japan, as well as Southeast Asian nations. The meeting, held on the sidelines the Asia-Pacific Economic Cooperation summit (APEC), lasted almost two hours. Trump escorted Xi into his car and shook his hand before giving him a red-carpet send-off at the airport. Investors hoped that trade tensions would ease, which have disrupted supply chains and weakened global business confidence. In recent days, the world stock markets have reached record highs from Wall Street to Tokyo. Trump has repeatedly emphasized the possibility of an agreement with Xi, since U.S. negotiators announced on Sunday that they had reached a framework for avoiding 100% U.S. Tariffs on Chinese products and deferring China's export restrictions on rare earths - a sector in which it is dominant. Many questions remain as to how long a trade detente will last, with both countries willing to play hardball in areas of geopolitical and economic competition. Trevor Hunnicutt, Michael Martina and David Brunnstrom in Busan; Daphne Psaledakis and David Lawder in Washington; John Geddie, Edmund Klamann, and Lincoln Feast, editors.
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US Judge reduces Standing Rock verdict to $345 Million
Greenpeace, an environmental group that protests against Dakota Access Pipeline construction, was awarded $667 million in damages by a jury in North Dakota. The judge reduced this amount to about half on Wednesday. The State District Judge James Gion ruled that the amount Greenpeace is owed by Energy Transfer, a pipeline company, should be limited at $345 million. He found some of the damages to be excessive or duplicative. Greenpeace's interim general attorney, Marco Simons said that the group "still believes that the remaining allegations are legally unfounded." The case, he added, "has always involved a wealthy corporate using the legal system in order to intimidate and muzzle its critics and protesters who threatened its business model." Energy Transfer's spokespeople and attorney did not immediately reply to our requests for comments on this decision. Dakota Access, a project located near the Standing Rock Indian Reservation, began in 2016 but was completed by 2017. Environmental and tribal groups protested the construction of the pipeline that transports approximately 40% of oil produced in North Dakota’s Bakken region. They claimed it would poison local water supplies and worsen climate change. Energy Transfer, a Texas-based company, sued Greenpeace first in North Dakota federal courts in 2017. It accused Greenpeace of spreading lies about the project and paying for protesters to disrupt its construction. In March, the North Dakota jury handed down its verdict, which included damages for defamation and conspiracy, as well as trespassing. In February, Greenpeace filed a counter-suit against Energy Transfer in The Netherlands under a European Law aimed at curbing lawsuits brought to silence or harass activists. This lawsuit is still ongoing. Blake Brittain, Washington, and Edwina Gibbs edited the report.
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Hyundai Motors breaks ground on a $680 million hydrogen fuel-cell plant in South Korea
Hyundai Motors broke ground in South Korea for a hydrogen fuel cell facility worth $654 million, as it intensifies its efforts to consolidate its leadership in the hydrogen-powered mobility sector. Hyundai Motors, along with its Kia Corp affiliate, is the third largest automaker in the world by sales. The facility will produce electrolyzers and fuel cells for a variety of applications, including passenger cars, trucks, buses, construction equipment, and marine vessels. The company stated that construction of the new facility, which is located in the industrial city of Ulsan in the south-east, should be completed by 2027. Hyundai said that the new plant would cover 43,000 square meters (10.6 acres), on the former site of an internal combustion engine transmission factory. This was a symbolic shift to emphasize its efforts towards future mobility. $1 = 1,421.4800 Won (Reporting and editing by Heekyong Yahng; Lincoln Feast).
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Extra Space Storage's FFO forecasts for 2025 are below expectations due to a slow same-store growth.
Extra Space Storage, a self-storage facility operator, forecast its core fund from operations for 2025 below Wall Street estimates on Wednesday. This was due to the continued pressure of sluggish growth in same-store sales and a challenging outlook. In after-market trading, shares of the company fell by about 2%. According to data compiled and analyzed by LSEG, Salt Lake City-based real estate trusts expect annual core FFO per share to range between $8.12 to $8.20, which is lower than the average analyst estimate of $8.18. It reported total same store revenues of $673.9 millions for the quarter ending September 30 compared to $675.4 millions a year earlier. Joe Margolis, CEO of the company, said that despite the fact that same-store revenues remained flat, he was encouraged by a gradual improvement in market fundamentals. The company's struggle to regain its pricing power while trying to mitigate the impact of changing occupancy trends in their markets is one of the biggest hurdles. The REIT reported an occupancy rate of 93.7% in the same store for the quarter compared to 93.6% during the same period last. Analysts' estimates of $779.9 millions were exceeded by $858.5 Million. The company's core FFO per share of $2.08 was in line with expectations. Reporting by Abhinav Paramar in Bengaluru, Editing by Alan Barona
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Bousso: The rally for diesel fuel in response to Western sanctions against Russia will not last long.
New sanctions by the West on Russia's oil sector have roiled diesel markets, sending margins for refining to new heights. However, global supplies will not be disrupted severely for very long. Last week, Donald Trump sanctioned Russia’s two largest oil firms, Rosneft, and Lukoil. This followed a similar action by Britain. Trump has taken his first punitive steps against Moscow for its invasion of Ukraine on a large scale in 2022. Russia has been the third largest crude oil exporter in the world and the second biggest diesel exporter. It has shipped over 800,000 barrels of transport fuel per day so far this season, which is around 3% global demand. The U.S. actions are exacerbating the turmoil on the diesel market caused by the European Union adopting a new package of sanctions earlier this month that included a ban of imports of fuels made from Russian crude. This ban, which will take effect in January 2026 closes a loophole primarily benefiting refiners from India and Turkey. The EU and U.S. sanctioning regimes are forcing traders, especially in Europe, which is the largest diesel-importing area, to scramble for alternative supply sources. According to LSEG, as a result of this, the profit margins on the conversion of crude oil to diesel have risen by almost 20% in the last week, to $29 a barrel, the highest level since February 2024. If the recent past is any indication, then this price surge is not likely to last. Rebranding and rerouting According to Kpler, shipping analytics company, Rosneft has exported 182,000 bpd, and Lukoil 138,000 bpd, of diesel on average this year. This represents 39% of the total Russian exports. Turkey is the biggest buyer of Russian diesel. It accounts for 36%, and Brazil, 18%, of its seaborne imports. Many local importers who are not exposed to U.S. financial institutions, such as large companies in Turkey and Brazil, will continue to purchase Russian diesel. China, with its well-established network of traders, tankers and other means to avoid Western sanctions, is likely to absorb some of the surplus diesel produced by Rosneft or Lukoil. This excess diesel will be sold at significant discounts to international prices. The remaining Russian diesel is likely to find its way onto the shadow market, where it will either be blended with other diesels or rebranded. Refiners all over the world will respond quickly to the rise in diesel prices, by adjusting their operations to maximize the diesel output. For example, they may use different crude feedstocks to further mitigate any supply concerns. INDIAN REFINING OFF RUSSIAN DIABETES India will still be heavily impacted by the U.S.-EU restrictions, as it is a top buyer of Russian crude oil and a major diesel exporter to Europe. The bloc has stopped importing Russian Diesel since 2023. According to Kpler, India exported 583,000 barrels per day of diesel this year. This represents around 8% global seaborne volumes. Of these, 106,000 barrels per day went to Europe. India is now the fourth largest source of diesel in the world. Indian refineries are responding to Western sanctions by replacing Urals crude with Indian Urals crude which has high diesel yields. The refiners will be more inclined to seek out alternative crudes with similar diesel yields. Saudi Arabia, Kuwait, Iraq, and the United Arab Emirates are the main producers of these medium-sour grades. All of them have increased their production dramatically this year and offer a wide range of alternatives to Russian crude. The increased competition for the medium-sour grades is likely to lead to higher prices, but refineries are able to maintain their current output levels due to the availability of the product. Reliance Industries in India, the largest refinery complex, operates in Gujarat, a western state of India. It has stated that it will comply to all western sanctions but has no plans to cut production. Reliance exports three-quarters (75%) of India's Diesel, so the majority of Indian sales in Europe will remain stable next year. However, they could be at a higher cost. Not all Indian companies are as flexible. Nayara Energy, which is 49% owned and solely dependent on Russian crude by Rosneft, is another major Indian refiner. Sources say that it is forced to drastically reduce its production in response to the sanctions. Kpler reports that Indian refiners collectively increased exports to 748,000 barrels per day in September, the highest level since March 2022 and immediately after Russia's invasion. The European traders are stocking up Indian diesel ahead of the EU sanctions that will kick in in January next year. They have more than doubled their purchases from the two previous months, to 317,000 bpd in September. But they may not have to worry. Prices spikes on the diesel market will likely be short-lived. This is bad news for global refining companies, but good for European consumers. Want my weekly column, plus links to the latest stories and energy insights delivered to your inbox each Monday and Thursday? Subscribe to my Power Up Newsletter here. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X.
Russia states it records town of Kruhliakivka, Ukraine reports combating in the location
Russian forces have actually taken control of the settlement of Kruhliakivka, near the crucial town of Kupiansk in northeastern Ukraine's Kharkiv area, the Russian Defence Ministry said on Wednesday.
Ukraine's military made no acknowledgement of Kruhliakivka falling into Russian hands. However authorities said combating was heavy in the area and the city of Kupiansk had actually come under Russian shelling.
Ukraine's General Personnel listed Kruhliakivka as one of 9 villages grasped by battling, with 15 Russian attacks driven away and nine clashes still going on.
Previously this month, Ukrainian intelligence reported that Russian forces had been pushed back from the town.
District attorneys in Kharkiv region stated Kupiansk had actually been subjected to shelling and then air attacks, injuring six people, including two policemans. One person died when Russian forces shelled the village of Kucherivka, a few km to the east.
Reuters might not individually verify battlefield reports from either side.
Kupiansk, an essential rail junction and logistics centre, was over-run by Russian forces in the weeks after Russia's February 2022 intrusion of Ukraine. Ukrainian forces regained the town in a lightning offensive through the northeast in September of that year.
Russian forces have again been advancing on Kupiansk as they make constant development in their push westward through eastern Ukrainian sections of the 1,000-km front line.
A 2nd crucial target in their advance has been Pokrovsk, another logistical hub further south in Donetsk area.
The Russian armed force on Tuesday stated it had caught the town of Selydove, a stepping stone on its drive towards Pokrovsk. Ukrainian officials have yet to acknowledge the loss of the town.
(source: Reuters)