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Ivory Coast President Ouattara hopes to ride the economic boom into a fourth term
Alassane Ouattara had a long road to become president of the Ivory Coast. It included two elections where he was disqualified and a brutal civil war in 2010-11, sparked by his predecessor refusing to leave office. Since he assumed the top position in 2011, he has won landslide elections in 2015 and 2020. The 83-year old former international banker hopes that he can repeat the feat for the third time and possibly the final one when West Africa's largest cocoa producer votes on October 25, 2010. Ouattara’s supporters claim that his victory at the polls reflects the satisfaction of voters with the strong economic growth since taking office, and the flurry infrastructure projects he has undertaken. These include new roads and interchanges as well as a 300-metre tower which dwarfs the rest of the skyline in the city center. His critics claim that it is also about restrictions on democratic activities. Amnesty International, for example, criticised the "disproportionate" ban of election-related demonstrations on Thursday. Tidjane Thiam - the man analysts said would be Ouattara’s biggest rival - was excluded from running after a court ruled that he held French citizenship when he registered. This is against Ivorian law. Laurent Gbagbo, Ouattara’s predecessor, is not eligible to run because of his prior conviction. Analysts said that those who were allowed to run for office did not have the support of the major political parties in the country, which hindered their ability to mobilize large numbers. Cesar Flan-Moquet, Director of the Centre of Political Research of Abidjan (a think tank), said that instead of forming "makeshift alliances", the four candidates of the opposition are divided between themselves. He said: "All of this means that the candidates don't really have a shot." The turbulent rise to the top Born on 1 January 1942 in Dimbokro, central Ivory Coast, Ouattara earned a PhD in economics at the University of Pennsylvania and rose to become deputy director of the International Monetary Fund. Later, he became Prime Minister under the founding president Felix Houphouet Boigny. His death in 1993 brought about a more toxic period of Ivorian Politics. In 1995, new electoral rules were introduced, which included a requirement that candidates must have lived in Ivory Coast during the five previous years. This prevented Ouattara running for office. In 2020, he was again excluded because one of his parents is from Burkina Faso. Gbagbo called Ouattara, the winner of that election, "a foreigner candidate". The 2002 revolt against Gbagbo divided the country, leaving the northern half of the country under the control of rebels. Many of these were from the ethnic group of Ouattara, the Dioula. The war was mostly the result of xenophobic policy by successive Ivorian government against migrant farmer from Burkina Faso, Mali and northern Ivorians who had cultural ties with them. In 2010, Ouattara and former President Henri Konan Bedie formed a pact that helped him win the runoff election against Gbagbo. Around 3,000 people were killed in the fighting that broke out after Gbagbo refused to accept his defeat before Ouattara took office in April 2011. Ouattara was re-elected in 2015 and 2020 with little difficulty, although the last vote was marred violent clashes between rival supporters which killed 85 people. Uncertainty about who will be the next? The tensions are not as high as they were in 2020 when the critics were more upset over Ouattara’s claim that a 2016 constitution had reset his limit of two terms. Jessica Moody, a West Africa political consultant and expert on risk management, says that the protest ban as well as the deployment of 44 000 security forces will prevent large-scale unrest. Ouattara will likely spend his fourth term focusing on economic goals, such as making Ivory Coast into a middle-income nation by 2030, opening a new metro in Abidjan, and improving access to electricity and roads. He also tried to answer the question about his successor before the 2020 elections by naming Amadou Coulibaly, the then Prime Minister. Coulibaly passed away a few months later and Ouattara reneged on his promise of handing power to a younger generation. Moody stated that choosing a successor would be a difficult process due to the divisions in the ruling party. However, it was not impossible. She said, "I don’t believe he lacks motivation to step down." He will be 88 years old by the time of the next election. (Reporting and editing by Ed Osmond, Loucoumane coulibaly and Robbie Corey Boulet)
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Sources say that China has allowed more biofuel companies to export green aviation fuel.
According to Chinese consultants and trade sources, China has granted quotas to three more biofuel refiners for the export of sustainable aviation fuel. This could lead to an increase in exports to Europe. China's biofuel companies are building SAF plants in Europe, which is the second largest aviation fuel market. They also target the continent as their top export destination. The Chinese Ministry of Commerce is responsible for the quota system. It did not respond immediately to a comment request. According to a report by the Chinese commodities consultancy JLC, three sources in industry and commerce, as well as Shandong Haike Chemical and Shandong Sanju Bioenergy, were all awarded export quotas of between 788,000 and 828,000 metric tonnes per year. The sources and JLC reported that Shandong Sanju Bioenergy received around 158,000 tonnes and Shandong Haike Chemical, 370,000 tons. EcoCeres was given between 260,000 and 300,000 tons. The total SAF quotas for 2025 are now around 1.2 millions tons. This includes the first permit allotted to Zhejiang Jiaao Enprotech. According to the JLC Report, it is not mandatory for new recipients to use all of their permits by 2025. However, it is unclear whether companies will need to apply for quotas again next year. Zhejiang Jiaao shipped its first cargo early in May. Reporting by Trixie Y. Yap, Chen Aizhu and Beijing Newsroom. Editing by Florence Tan, Lincoln Feast and Florence Tan.
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Sources say that CNPC continues to keep oil flowing in Niger despite ongoing negotiations to resolve disputes.
Sources with knowledge of the situation say that China's CNPC continues to export crude oil from a newly-expanded oilfield in Niger, which has generated over $2 billion in revenue despite disagreements with government officials about hiring more local employees and improving their benefits. Sources said that the Chinese state oil giant had been in negotiations with the Nigerien Government for months on these issues after three of their senior executives were expulsed from the country in March over disputes regarding a pay gap between Chinese expatriates and local workers. CNPC crude sales and negotiations status have never been reported before. CNPC, as well as a Niger government spokeswoman, did not respond when asked for comments. The government sent letters to experienced Chinese expatriates in May, ordering them to leave Niger. This was a major blow to CNPC. Niger is a great example of CNPC’s ability to create an oil industry in a poor nation. It spent more than $5 billion in Niger, developing an oilfield and building a refinery, as well as a 1,950 km (1,212 mile) pipeline. Three Niamey sources say that the Oil Minister Sahabi Oumarou asked CNPC, and its refinery SORAZ to terminate contracts with expatriates working in Niger since more than four years. However, this action was not taken. The Nigerien government wanted to hire 80% of locals for CNPC projects, compared to less than 30% currently. CNPC, however, believed that this goal was unrealistic because there were not enough trained and skilled locals, according to the people. Sources spoke under the condition of anonymity because the subject was sensitive. MELECK CRUDE IMPORTS Despite the dispute, CNPC made progress with the marketing of new production from phase-2 of the Agadem Oilfield. The oilfield is now pumping 90,000 barrels a daily at full capacity. The crude oil is exported through a CNPC pipeline that connects the oilfield to the port of Cotonou in Benin. CNPC has a 65% share in Agadem, CPC of Taiwan owns 20% while the Nigerien Government holds the remaining 15 %. According to a source and a trading executive, CNPC exported 32 million barrels (of Meleck crude) to customers in Europe, Asia and the Middle East. This is ideal for making low sulphur marine oil. Sources estimate that exports of crude oil priced between $65 and $70 per barrel have brought in more than $2 billion. Buyers include global trading houses, CNPC trading arm Chinaoil as well as other trading companies. CNPC started producing oil in Agadem in southeastern Niger in 2011, under a phase-1 project with the agreement of the then civil government. The 20,000 bpd of production is used to feed the Soraz refinery, located in southern Niger. It was built by CNPC and is 60 percent owned. The current Niger junta came to power through a military coup in 2023. Like other governments of the Sahel in north-central Africa it has been trying to gain more control over its natural resource. Reporting by Chen Aizhu, Niger newsroom and Thomas Derpinghaus.
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China's ANE receives take-private bid from Temasek-backed Consortium
ANE (Cayman), said that it received on Friday a conditional offer from a consortium, including Centurium and Temasek, for a potential take-private transaction which could lead to the delisting of ANE from Hong Kong Stock Exchange. In a filing to the stock exchange, the Chinese transport and delivery company stated that an indicative proposal had been submitted on 17 September. It involved Centurium Capital which owns approximately 24,422% of ANE shares and entities related to Temasek, True Light Capital and other companies. After trading was resumed after the announcement on September 18, shares in ANE fell 12%. According to the filing, Temasek and True Light do not currently own any shares in ANE. The company said that the talks are still in an early stage, and it is not certain whether or not this proposal will lead to a formal offer. The filing stated that "while the Board is still evaluating the Indicative Proposal," the outcome of negotiations on the Indicative Proposal is uncertain. There is also no guarantee that the Indicative Proposal would lead to a final offer (as defined by the Takeovers Code), being made for the shares. ANE's market capitalization is $1.53 billion. LSEG data shows that shares have risen by almost 27% in the past year before Friday's resumption. LSEG data shows that, in addition to Centurium, the top three shareholders are CDF Ane Ltd., Great Vision, and Qin Xinghua. ANE was founded in 2010 and operates one of China’s largest logistics networks for less-than truckload, which serves e-commerce clients as well as industrial clients. In 2021, it will be listed in Hong Kong and operate thousands of line haul trucks and trailers throughout the country.
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Maguire: Energy transition to divide manufacturers on both sides of the Atlantic
In the coming decades, manufacturers in North America and Europe will embark on radically different paths with regard to power sources. This could have a profound impact on the future of goods producers both on the east and west coasts. Natural gas will remain the primary power source in North America thanks to the vast gas deposits found across the region. By the mid-century, a European push to reduce reliance on fossil fuel imports will see most factories run on electricity. Diverging power paths have their own risks and benefits, and can impact on the competitiveness and efficiency of businesses. Two of the largest economies in the world are building very different energy bases for the producers of finished goods, components and other products and the jobs that they create. GEOLOGIC LOGIC The geology of both regions is a key factor in determining the choice between gas and electric power systems. According to the Energy Institute, North America and Europe both rely heavily on natural gas as a source of energy. Gas will account for 36% in North America, and 24% in Europe, by 2024. North America, however, is the largest natural gas exporter in the world, mostly in the form liquefied gas. Europe is heavily dependent on foreign nations to supply its gas. Europe's heavy dependence on imports was known for decades. However, it only became a major problem after the Russian invasion of Ukraine 2022. This led to sharp reductions in gas flow in the months that followed. Price Pain The fallout of Russia's invasion in Ukraine sent ripples through Europe's economy. The prices of electricity and natural gases rose at different rates, which in turn has helped to drive energy policy decisions since. According to Open Energy Tracker, electricity prices in Germany -- Europe's biggest economy and the former top importer Russian gas -- have averaged 50% higher than the 2010-2020 average. The rise in electricity prices has caused a dramatic increase in the cost of power for households and businesses, as well as a reduction in overall energy consumption and statewide efforts to improve energy efficiency. According to LSEG, however, the increase in electricity prices has been dwarfed in comparison to the regional natural gas price increases, which have averaged more than 90% higher in 2025 than the average from 2010 to 2020. The outsized increase in regional gas prices compared to electricity has cemented the support for Europe's electrification effort, even though electricity remains far above average. In recent years, the average price of electricity in the United States has risen much faster than the national natural gas price, which has led to a growing demand for gas to remain the main power source. The U.S. Energy Information Administration reports that the average electricity price in the United States is around 40% higher than the average from 2010 to 2020. Natural gas prices in the U.S. are about 12% higher than the average for 2010 to2020. MANUFACTURING A CHANGE According to DNV consultants, the diverging price trends of gas and electricity are expected to accelerate electrification among manufacturers in Europe. However, the dependence on gas for power will continue in North America. While European and North American manufacturers consumed nearly the same amount electricity in 2024, around 3,800 petajoules, by 2050 European manufacturers were using almost 30% more electricity than North American counterparts. By 2050, the share of manufacturers who are powered by electricity will also change significantly. Electricity will be the primary energy source for approximately 33% of European manufacturers and 27% of North American producers by 2025. By 2050, it is expected that 48% of European manufacturing will be electrified. This compares to 34% in North America. As a result of the increased electricity consumption by European manufacturers, natural gas usage by factories on the continent will drop sharply. Around 28% of European manufacturer's are currently powered by gas. However, only 11% will be by 2050. Gas-powered vehicles are expected to remain the same in North America through 2050. FALLOUT The projected shifts in energy sources pose a risk to manufacturers on both sides of the Atlantic. The projected growth in LNG exports in North America could lead to increased competition among power generators, industrial users and gas suppliers, which would result in higher gas prices for businesses. At the same, a greater deployment of renewable energy, nuclear reactors, and other power supplies could serve to lower electricity costs and give manufacturers who use electricity a competitive advantage. The increasing dependence on regional electricity markets in Europe will expose manufacturers to price volatility and possible outages, particularly in areas with old networks. All European electricity users will likely face years of rate increases due to the extensive grid upgrades required to allow further gas reductions. This will reduce manufacturer margins. It may not be the manufacturers who decide whether Europe's drive for electrification or North America's promotion of gas is the best strategy. Due to the low shipping costs between the two regions higher-cost competitors will be undercut by cheaper overseas rivals who make similar products. Most consumers will choose the cheaper version of similar products, no matter what power source was used in its production. These are the opinions of the columnist, an author for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and information. 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Egypt increases domestic fuel prices for the second time in this year
The official gazette of Egypt announced that Egypt increased prices on a variety of fuel products Friday. This is the second price increase in this year. It's part the government's policy to reduce subsidies and alleviate a budgetary deficit. After a nearly 10% increase, the price of a variety of petroleum products has increased by 10.5% to 12.9%. Get 15% off in April . Egypt said recently that it hoped this would be the final major increase in fuel prices if global markets remain stable. Diesel, the most widely used fuel in Egypt, was raised from 15.50 Egyptian pounds to 17.50 Egyptian pounds. The International Monetary Fund stated in March that Egypt was committed to reducing its energy subsidies, and bringing the domestic prices to actual costs by December. This is part of efforts to reduce an enormous current account deficit. The government has said that it will continue to subsidise the diesel fuel, even if this means raising prices for other fuels to cover the subsidy. IMF loan of $8 billion has forced the government to reduce fuel, food and electricity subsidies. Egypt's current accounts grew by 12% in the second quarter. The deficit was $2.2 billion According to the central bank, imports of oil-based products have risen to $500 million, up from $400 million just a year ago. Gasoline prices rose by up to 12.9% depending on the grade. For example, 80 octane gas increased to 17.75 pounds, 92 octane to 19.25 pounds, and 95 octane to 21 pounds.
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BHP's China Jimblebar ore stocks are rising as trade talks stall amid contract negotiations, say sources.
Sources said that stocks of BHP's iron ore have piled up in major Chinese ports at the highest level in three months. Trade has stalled because the miner is still in negotiations with China's government-run buyer to secure a new contract. Sources claim that China Mineral Resources Group (CMRG), a subsidiary of BHP, told steel mills last month to stop buying BHP's Jimblebar Fines. Two sources said that inventories of Jimblebar Fines in some Chinese ports had risen to around 2.6 millions metric tons by October 14. This was the highest level seen since July. They also added that the stock-building pace increased from late September. According to one source, the number of Jimblebar Fines in stock at the Caofeidian Port, located in North China, which is among China's busiest ports for the handling of this key steelmaking component, has increased by 26% since the end of September to 800,000 tonnes as of October 13. CMRG has not responded to an 'emailed request for comments. Due to the sensitive nature of the issue, all sources requested anonymity. Jimblebar fines is a medium-grade cargo used by mills to produce sinter ore, which in turn is processed into hot metals for crude steel. BHP is the owner and operator of the Jimblebar Mine in Western Australia. Two sources claim that some mills cannot take delivery of Jimblebar Fines cargoes they have purchased earlier and which were offloaded in Chinese ports. CMRG, which was established in 2022, aims to centralise the purchasing of iron ore in the largest steel-making consumer in the world and negotiate better terms with miners. Two sources confirmed that CMRG is still negotiating with BHP on their contract for 2026. BHP's spokesperson responded to an inquiry by email: "We are currently in commercial negotiations...we do not know of a BHP-wide product ban." The spokesperson said, "Overall demand has been healthy for iron ore due to strong steel production. We continue to enjoy strong relationships with customers in China." Jimblebar fines' temporary shortage has not yet supported prices, as other products like Rio Tinto’s flagship Pilbara product could substitute the cargo and its trading volume was relatively small. The price of iron ore has fallen by almost 2% this month, mainly due to concerns about the prospects for a growing supply and a falling demand. (Reporting and editing by Florence Tan, Muralikumar Aantharaman and Melanie Burton; Additional reporting in Melbourne by Melanie Burton)
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Hackers hack into airport systems in Canada and the US to criticize Trump, praise Hamas
According to news reports and officials, hackers took control of the public address system at four airports on Tuesday, three in Canada, and one in the United States. They broadcast messages that praised Hamas and criticized President Donald Trump. According to the Kelowna Royal Canadian Mounted Police, an "advertising streaming service" was compromised at the Kelowna Airport International in British Columbia. Unauthorized content was shared. The RCMP declined to give further details and said that it is working with other agencies on the investigation. According to a spokesperson for the airport, hackers broadcast messages and music in a foreign tongue over the PA system of Victoria International Airport (British Columbia). A spokesperson for the airport said that hackers had accessed the PA system through third-party software. The airport then switched to an in-house system to regain full control. The Canadian Centre for Cyber Security has assisted the RCMP and the airport with their investigation. In a Wednesday social media post, U.S. Transportation Sec. Sean Duffy revealed that hackers also took over the PA system of Harrisburg International Airport. He said that the U.S. Federal Aviation Administration (FAA) and airport officials were investigating this breach. The FAA didn't immediately respond to our request for comment. Hackers also breached flight information screens and the public address system at Windsor International Airport, Ontario on Tuesday evening. They displayed "unauthorized announcements and images," according to officials. According to a statement from the airport, the breach involved a "cloud software provider" that the airport uses. "Our systems returned to normal soon after," the airport said. These four airports are feeder airports. The busiest airport, Kelowna served just under 2 million passengers in 2024. This compares to more than 25 millions travelers that passed through Vancouver International Airport, British Columbia's biggest airport. (Reporting from Seattle by Dan Catchpole; editing by Sonali Paul.)
CSX exceeds its quarterly forecasts on the basis of higher intermodal volumes and merchandise pricing
CSX's third-quarter revenue and profit were above Wall Street expectations on Thursday, as improved intermodal volumes and increased pricing in merchandise offset the impact of lower coal prices. The railroad operator saw its shares rise 3% after the announcement.
The East Coast Railroad Company has been hampered by the weakness of the coal market due to the lower demand for energy as consumers switch to natural gas.
In a recent earnings call, COO Mike Cory stated that "our domestic coal business continues with steady trends throughout the year."
After President Donald Trump signed an executive order earlier this month to increase coal production and benefit railroad operators, the demand for coal is expected rise.
LSEG data show that CSX's adjusted per-share profit was 44 cents. This is higher than the average analyst estimate of 42 cents.
The company's revenue for the quarter ending September 30 was $3.59 billion, slightly higher than analysts' estimates of $3.58.
CSX reported that the quarterly revenue fell 1% over the previous year, primarily due to lower export coal prices, a decrease in merchandise volume, and higher merchandise pricing. These factors were partly offset by an increase in other revenues and a growth in intermodal volumes.
The quarter-over-quarter decline in coal revenue was 11%, despite a 3% decrease in total volume.
The Jacksonville-based company, which forecasts fiscal year 2025 capital expenditures of $2.5 billion excluding hurricane reconstruction spending, has set a target for the amount.
CSX drafted interline and Intermodal earlier this year.
Service agreements
BNSF Railway & Canadian National Railway
Peer Union Pacific announced that it would be acquiring rival Norfolk Southern in July.
$85.9 billion
deal. If approved, the tie-up could create the first coast to coast single-line freight rail network in the United States. (Reporting and editing by AnshumanTripathy in Bengaluru, AatreyeeDasgupta from Bengaluru)
(source: Reuters)