Latest News
-
Tanzania President names new Prime Minister after disputed elections
Tanzania's leader appointed a loyalist to the position of prime minister on Friday, following a controversial presidential election that sparked clashes and led to hundreds of protesters being killed by rights groups. As expected, the parliament approved the nomination of Mwigulu Mchemba as former Finance Minister in a vote that was almost unanimous. This is because President Samia Hassan had been declared the clear winner of the vote on October 29. Nchemba said that he will work hard in his new position. He also served as a minister in Hassan Magufuli's cabinet. Tanzania has forecast that its economy will grow by 6% in this year. This growth is partly due to infrastructure projects, such as road, rail and power generation. Budget expenditures are expected to increase by about 12% in this fiscal year, despite cuts to international aid including from the United States. Opponents claim Hassan’s government rigged the election last month, which caused unrest due to her exclusion from main contenders. Hassan has defended the fairness and integrity of the elections. She was in office when Magufuli passed away, but she is now out of office. The U.N. Human Rights Office believes that hundreds of protesters were killed, but the main opposition party as well as some human rights activists claim security forces killed over 1,000 people. The government said that the death toll of the opposition was exaggerated, but it hasn't given its own number. Nchemba is a member in parliament since 2010. He was also deputy secretary general of Hassan’s Chama Cha Mapinduzi party (CCM). Richard Mbunda is a political analyst at the University of Dar es Salaam. He said Hassan had shown his trust in Nchemba by not letting him lose his position in cabinet reshuffles after she took power. (Reporting and editing by Alexander Winning, Philippa Fletcher and Vincent Mumo Nzilani)
-
South Korea bans flight as 500,000 students take crucial university entrance test
On Thursday, more than half a millon people took the grueling university entrance test in South Korea. Police were mobilised to make sure they arrived at the test site on time. All flights were also halted for a half-hour. The highest number of candidates in seven years took the test that is required to gain admission into the top universities. The majority of candidates were born between 2007 and 2008, when births surged because the time was deemed auspicious to have a child. Incheon International Airport was also prohibited from landing or taking off between 1:05 pm (0405 GMT), and 1:40 pm, to prevent any disturbances during the section on listening comprehension of the English exam. The decision affected 140 flight, including 65 arrivals and departing international flights. Flight tracking showed aircraft flying near airports after the Transport Ministry banned aircraft from flying below 3,000 meters. The financial markets and offices opened one hour later than normal to make sure test candidates arrive on time for the nine-hour examination that is seen as critical for success in a hyper-competitive world. Yeseon Kim said, as she waited outside the test center where her daughter took the exam: "This exam is a goal that I have had for almost 20 years. It's also a fresh start." This year, 554174 people were registered. That's 6% more than last year. It is the highest number since 2019. In 2007, 496,000 babies were delivered, a significant jump which halted the steady decline that had been occurring since mid-1990s. South Korea has one of the fastest aging societies in the world, despite its birthrate rising to 0.75 by 2024.
-
Singapore Airlines' profit for the first half of the year slumps due to Air India losses and rising costs
Singapore Airlines announced a steep drop in its first-half profits on Thursday. The company was hit by losses suffered at Air India in India, increased costs, and intense competition across major markets. The flag carrier of the city-state reported a half-year profit of S$239 (US$184.67) million for the six-month period ended September 30. This compares to S$742 millions a year ago and Visible Alpha's consensus estimate at S$341.9. Despite a decline in net fuel prices, total expenditure increased by S$170 millions. The airline's expansion of capacity and inflationary pressures on several cost components contributed to the increase. Interest income for the company was also reduced by S$103m due to lower cash balances and rate cuts. Shares of results from affiliated companies plummeted S$417m, mostly because of Air India’s losses. Air India's performance was not included in the group's earnings one year ago. Singapore Airlines started accounting for the Indian airline's performance in December 2024 after the completion of the integration with its joint venture Vistara. Singapore Airlines owns a 25,1% stake in Indian carrier. The airline announced a special interim dividend of 3 Singaporecents per share, and a 5 Singaporecents interim dividend.
-
The EU Court has overturned Hungary's export controls on materials
The EU Court of Justice ruled on Thursday that the export controls implemented by Hungary on construction materials and raw materials violate EU regulations. The European Commission sued Hungary for a rule that required the Hungarian government to be informed of any construction material exports. The state has the option to purchase the materials. This restriction, according to the Commission, violates the principle of free circulation of goods in the 27-nation EU as well as the exclusive competence of the bloc in the area of commercial policy. Hungary said that the measure was needed to protect critical infrastructure by ensuring the supply of construction material. The court rejected Hungary's arguments, siding with the European Commission on all complaints. The court stated that "(the) measures are intended to restrict exports of building materials... which is prohibited by the principle on free movement of goods." Hungary also failed to show that scarcity of construction materials and raw materials was "a real and serious threat" it said.
-
Gulf oil markets reduce prices
The major Gulf stock markets fell on Thursday morning, mainly due to persistently low oil prices and a series of disappointing corporate earnings reports. Oil prices, which are a major catalyst for Gulf financial markets, fell on Thursday. This was a continuation of the losses that were made in the previous session. A report showing increased crude inventories at the U.S. confirmed concerns that global supplies would be more than enough to meet the current fuel demand. OPEC's report on Wednesday showed that the world oil market would see a small excess in 2026, after OPEC+ production increased and other producers supplied more fuel. This is a change from their earlier projections, which predicted a deficit. Saudi Arabia's benchmark oil index fell 0.9%, mainly due to a drop of 0.9% in the Saudi Aramco. Salik Company's 1.8% decline weighed on Dubai's main stock index, which fell 0.5%. The toll operator posted a higher third-quarter profit year-over-year, but a decline sequentially from the previous quarter. Presight AI Holding, which reported a quarterly profit increase, plunged 9.8% despite the index falling 0.4% in Abu Dhabi. The Qatari Index fell 0.4% and the Qatar Islamic Bank lost 1.3%. (Reporting and editing by Topra Chopra in Bengaluru, Ateeq Sharif in Bengaluru)
-
Sources say that the Orsk refinery in Russia was closed by a technical problem before the drone attack on Ukraine.
Three industry sources told Reuters that the Russian Orsknefteorgsintez refinery, which is a mid-sized refinery, was shut down due to an fire on November 10, a day before Ukrainian drones targeted it. According to one source, equipment caught on fire during Monday's upgrade work. Sources said that drones had attacked the plant on Tuesday, which is located 1,900 km (1,180 mi) east of Ukraine's border. The Ukrainian military has also confirmed that it hit the Russian oil refinery in Orsk, located in Orenburg Region, on Tuesday. Industry sources claim that the drone caused damage to some utility systems at the plant. Forteinvest, the company that owns this refinery, has not responded to a comment request. This year, Ukraine launched a wave of drone strikes deep into Russia, aiming to knock out refineries and depots as well as pipelines. The attacks targeted Moscow's main source of funding the Ukraine conflict. The nameplate capacity of Orsk refinery is 5.76 million metric tonnes per year or approximately 115,200 barges per day. According to industry sources, it processed 4.2 millions tons of crude oil last year, producing 1.8million tons of diesel and 600,000 tons gasoline. It also produced 500,000 tons bitumen, and 200,000 tonnes of fuel oil. Conor Humphries, Conor Humphries (Reporting)
-
Source: India opens new military airbase near the border with China
A defence official confirmed that India's chief of air force made the first landing of a transport aircraft capable of fighting jet operations at a new base near the disputed Himalayan boundary with China. The move coincides with a warming of relations between the nuclear-armed neighbors, following an historic pact in October last year to ease tensions along their de facto borders and a trip to China this year by Prime Minister Narendra modi. The official who requested anonymity because the issue is sensitive added that Air Chief Marshall A. P. Singh landed his C-130J aircraft at Mudh-Nyoma, a station of the Ladakh air force perched at a distance of approximately 13,000 feet (4000 m). The Indian Air Force (IAF) and the Ministry of Defence did not respond immediately to a comment request. The new airbase is the third key station in the region, and it's only 30 km from the Line of Actual Control with China. "This new airfield, which is capable of fighter operations will present a new challenge to both our adversaries," wrote retired Air Marshal Sanjeev Kapoor on X. He was referring to China and Pakistan, two neighbouring countries. He added that China also has an airfield of similar height. Indian analysts and officials claim that despite the thaw in relations, there is still mistrust between China and India. The Indian Army chief pointed out this year the continued increase of both sides' troop presences and infrastructure along the border. India and China have a border of 3,800 km (2400 miles), which is poorly delineated. It has been disputed ever since the 1950s. In 1962, they fought a short but brutal war. After a border clash that resulted in death, the two countries' ties soured. Their 2024 agreement brought about a thaw, and some restrictions were eased, allowing direct flights and bi-directional visits to resume. (Reporting and editing by Clarence Fernandez in New Delhi)
-
Poste Italiane exceeds profit forecast and increases interim dividend
Poste Italiane, the state-backed financial conglomerate, announced on Thursday that its operating profit for the third quarter rose by 8.5%, exceeding analyst expectations, thanks to a strong performance from its financial services division. Poste has a number of divisions, including insurance, financial, and digital payments, in addition to its traditional mail-and-parcels business. Its adjusted earnings before tax and interest (EBIT), which is the profit earned before taxes and interest, rose from 856 million euro ($998 millions) during the period July through September. This was well above the 827 million euro analyst consensus that was compiled by a company. Poste has increased its interim dividend from 40 cents to 31% since it was listed on the bourse in 2015. Payment is due on November 26. The total revenues for the third quarter increased 3.9%, to 3.2 billion Euros. This is in line with analyst consensus. Poste Italiane has become the biggest single investor in Telecom Italia, the phone group. The two companies have partnered in a retail offer of energy and a cloud services partnership. Matteo Del Fante, CEO of Poste Italian, said that any future partnerships with TIM will be announced once they are finalised. Poste has tripled its market value in the last decade. Its shares are trading at record levels and have risen 58% this year. Italy owns still 65% of Poste. The government of Prime Minister Giorgia Melons considered, and then abandoned plans to sell an additional stake in the company. $1 = 0.8575 Euros (Reporting and Editing by Elvira pollina)
Brazil's ag exchange has completed the country's 1st physical grains derivative settlement for 15 years
The Brazilian Agricultural Exchange (BAB), announced on Thursday, had recorded the first physical settlement in Brazil of a grain derivative in over 15 years. Corn was delivered to a railroad terminal in Rondonopolis in Mato Grosso.
Eric Cardoni, chief executive of BAB, a platform for agricultural trading that started operations in September, said that the volume of trading at BAB increased dramatically last month. Cardoni stated that the first delivery of corn was 1,800 metric tonnes, which is equivalent to three contracts. Cardoni also said that another 9,000 metric tons (15 contracts) will be delivered later this month.
The market appreciated the physical delivery. "There's a lot of interest in using the settlement method for these first contracts," said Cardoni. He is a former grain, oilseed and trading director with Louis Dreyfus Company.
BAB was created to connect the derivatives markets directly with the physical grain markets in the region. Its main investor is logistics firm Rumo.
Cardoni stated that BAB is interested in physical deliveries, which are no longer available in grain derivatives traded at the B3 exchange. This is because participants can manage both risk and sales using the same instrument.
He added that the other derivative contracts available for grains in Brazil were settled by financial settlement.
Cardoni explained that BAB's platform allows for bilateral negotiations between buyers, sellers and removes the so-called basis risks -- the price difference between the Brazilian market versus Chicago Board of Trade Futures.
BAB stressed the importance of local hedging tools in light of global volatility, such as Chinese tariffs on U.S. soya beans that impact Brazilian premiums.
To simplify the hedging process in Brazil, the platform offers standard contracts that are traded in Reais.
Cardoni added that other contracts are available for December delivery. After initial trades in Septembre, Cardoni noted, volume increased 14-fold by October. (Reporting and writing by Roberto Samora, Sao Paulo. Editing by Brad Haynes & Matthew Lewis.
(source: Reuters)