Latest News
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Spain's Chief Prosecutor Resigns After Leaked Verdict
Spain's Chief Prosecutor announced on Monday that he is resigning, after the Supreme Court found him guilty last week of leaking confidential data in a case concerning a partner of a prominent opposition figure. The case is a major blow to the coalition leftist government of Pedro Sanchez who nominated Alvaro Garcia Ortiz as Prime Minister in 2022, and has repeatedly defended Garcia Ortiz's innocence. Garcia Ortiz wrote in a letter that his decision to resign, prior to the sentence barring him from his position for two years, was based on his "profound respect" of judicial rulings. The letter was addressed to Felix Bolanos, the Justice Minister. Garcia Ortiz could still appeal the ruling to the Spanish Constitutional Court, and then the European Court of Human Rights at Strasbourg. After Garcia Ortiz resigned, government spokesperson Pilar Alegria said to state broadcaster TVE that "we respect the court's ruling but we do not agree with" it. She added the lack of consensus and the notifying the verdict before a complete ruling had set an alarming precedent and generated "stupefaction” among the public. (Reporting and editing by Andrew Cawthorne; David Latona)
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Mozambique grants 30 year concessions to state-owned firms for LNG installations and pipeline
The government announced on Monday that Mozambique had granted a 30-year license to its largest state-owned firms, including the national oil company ENH, for the construction and operation of natural gas facilities in the Port of Beira as well as the smaller Inhassoro location. The efforts of Southern Africa to develop its oil reserves and gas have been hindered by an ongoing insurgency linked to Islamists in the northern part of the country. This has caused TotalEnergies LNG plant delays, despite improvements in security. The concession will managed by a special purpose vehicle consisting of ENH, the ports and rails company CFM and Cahora Bassa Hydroelectric, as well as technical and financial partners chosen by government. The deal includes a terminal for liquefied gas, storage facilities and a pipeline of 865 kilometres (537.5 miles) that connects Mozambique’s gas fields with South Africa. Rompco is an 80/20 public-private partnership consisting of the Mozambican, South African and Sasol governments. Each government holds 40%. The National Petroleum Regulator's website stated that the project was based on a floating-storage and regasification-unit (FSRU), which is anchored at Beira and Inhambane, and connected to a pipeline. TotalEnergies, Exxon Mobil and Exxon Mobil are pushing ahead with their LNG projects. INP stated that the new infrastructure will support the transportation and distribution of LNG from the Rovuma basin, where TotalEnergies, Exxon Mobil, are all active. It will also boost industrialisation, by ensuring a portion of the gas is sold on the domestic market. A Sasol spokesperson said: "This was the logistical support that was lacking to turn the potential of Rovuma into real value for our country." (Reporting and editing by Louise Heavens, Wendell Roelf)
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Tanzania will begin construction of new port in December according to official
A senior government official announced that Tanzania would begin construction on a new port located in the eastern part of the country by December. This will end a decade-long delay caused by government objections over the contract terms initially agreed upon with foreign developers. Bagamoyo Port, a large-scale initiative of a special economic zone, involving industrial parks, rail and road connections, is located approximately 75 km north of Dar es Salaam, the commercial capital. Gerson Msigwa told reporters that on Sunday, the port would have 28 berths, but initially, construction will begin on 14. He said that construction machinery would be arriving soon, without providing any further details. The port will have up to a 20-meter depth and can receive ships larger than those in other ports of eastern Africa. He did not give details about the cost of the project or the contractor. In 2013, the East African nation signed an agreement framework with two developers: China Merchants Holdings International (CMHI) and Oman’s State General Reserve Fund. However, the implementation of the agreement was delayed as the government claimed that the terms were unfavorable for the country. Samia Suluhu hassan, the president of Samia in 2021 said that they have begun negotiations to revive this $10 billion project. (Written by George Obulutsa, edited by Kirby Donovan).
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Singapore ports issues licenses for methanol supply as marine fuel
The Maritime and Port Authority of Singapore said that licences for the supply of methanol to be used as a marine oil in Singapore, the largest bunker port in the world, will begin on January 1, 2026. The MPA stated that this is a major step in establishing methanol bunkering at a large scale, and driving Singapore’s ambition to become a sustainable multifuel bunkering center. This move comes after a call for application launched in March of 2025. Three bunker suppliers will receive the licenses: Global Energy Trading Golden Island and PetroChina International Singapore. After assessing the reliability of their supply chains, operational readiness, security systems, and sustainability certifications for the methanol they were to supply, the companies selected out of 13 applicants. MPA said that the licences would be valid from January 1, 2020 to December 31, 2030. MPA said that this period will support the early development of bunkering methanol by giving licensees the opportunity to strengthen supply chains and anchor initial investment as the market develops. The port authority will review its licensing framework in order to take into account operational experience, new technologies and changing international standards. (Reporting and editing by Ronojojo Mazumdar; Jeslyn Lerh)
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Lithuania's Vilnius Airport closes again because of balloons
Lithuania's Vilnius Airport said on Sunday that it temporarily halted its operations due to balloons approaching its airspace. Some incoming flights were diverted to other cities. The operator announced on its website that the airport operations had been interrupted. It added that the airport was scheduled to reopen by 1:30 am local time (2330 GMT). In recent months, drone incursions and sightings have repeatedly thrown European aviation into chaos, including airports in Copenhagen, Brussels and Vilnius. This was the ninth closure of the Lithuanian capital since early October. Lithuania blames Belarus' President Alexander Lukashenko, who has allowed the practice. It calls it a hybrid attack. Lithuania closed its two border crossings with Belarus last month in response to balloon incidents. However, they reopened the points earlier this week after the disruptions to air traffic appeared to be over. Lukashenko called the border closure "crazy scam", accusing Russia and Belarus of waging a hybrid warfare against the West, ushering a new age of barbed wire division. (Reporting and editing by Terje Solsvik, Diane Craft and Andrius Sytas)
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Officials confirm four deaths in a massive Russian drone attack against Kharkiv
Officials said that Russian forces launched a "massive drone attack" on Kharkiv on Sunday, the second largest city in Ukraine, which killed four people and injured several others. Ihor Terekhov, the Mayor of Kharkiv, wrote in Telegram. Terekhov confirmed that four people were killed, one of whom was found under the rubble. Oleh Syniehubov, Regional Governor of the region, said that 12 people had been injured. Two children aged 11 and 12 were among them. In six different areas of the city, in the northeastern Ukraine, 15 strikes were recorded. Kharkiv is located 30 km (18miles) from the Russian border. It has been the target of many attacks since the war began more than three-and-a-half years ago. Two people have been killed by a Russian air strike in the town of Marhanets, according to the governor of Dnipropetrovsk, further south. (Reporting and editing by Bill Berkrot, Diane Craft and Ron Popeski)
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Macquarie makes an offer to purchase Qube Holdings for $7.49 billion
Qube Holdings announced on Monday that Macquarie Asset Management (a Macquarie unit) submitted a nonbinding proposal for the acquisition of all shares of Qube. The logistics firm was valued at A$11,6 billion ($7,49 billion), debt included. Qube reported that the offer of A$5.20 per share in cash represents a premium of 27.8% over Qube's Friday closing price of A$4.07. The negotiations followed a lower uninvited offer. This proposal highlights Qube's strong assets and operations. Qube Chairman John Bevan said that they would work to achieve the best possible outcome for their shareholders. Macquarie Asset Management has been granted an exclusive agreement by the board of Qube. Qube is Australia's leading integrated provider of import-export logistics. The exclusivity period will last until February 1, 2026. If Qube declares future dividends, the offer price may be adjusted. The agreement is subject to regulatory approvals and the successful completion of an implementation scheme agreement.
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Tropical cyclone in Northern Territory leaves thousands of Australians powerless
On Sunday, thousands of people in Australia’s Northern Territory, including the capital Darwin, were left without power after a tropical storm brought destructive winds overnight. Fina, an extremely severe tropical cyclone of category three, moved away from Darwin on Sunday, clocking wind gusts of 205 kph. It had passed the city on Saturday night as "severe tropical storm", according to the Bureau of Meteorology. Fina brought back painful memories for residents of Darwin (population around 140.000), of Cyclone Tracy which destroyed much of the city in 1974 and killed 66 people. It was one of Australia’s worst natural disasters. Lia Finocchiaro, the chief minister, said that about 19,000 people lost power because of Fina. The storm also damaged property and submerged roads but did not cause any injuries. Finocchiaro, in a Darwin-televised media conference, said that the cyclone had seen a united territory prepared for what lay ahead. As crews began assessing damage, authorities urged residents in Darwin, a garrison city located in the north, to avoid power lines that had fallen. Darwin International Airport, closed as a precaution on Saturday due to Fina, announced on Sunday that it would "work to reestablish its operations as soon it is safe". According to the Weather Bureau, Category 3 tropical cyclones are two levels below the most dangerous rating. They usually cause damage to structures, trees, and crops, and power outages. In March, the ex-tropical storm Alfred, which hit Queensland in neighbouring Australia, closed schools and left hundreds of thousands without power.
US copper exchange inventories hit all-time high
The U.S. Comex exchange has approved warehouses that have copper inventories exceeding 400,000 short tonnes for the first. A favorable price arbitrage is continuing to attract metal into the United States.
The London Metal Exchange's (LME) copper prices are around $10,760 for a metric tonne, while Comex prices are 5 cents per lb or about $11,023 metric tons. This means arbitrage shipments into the United States can be profitable.
Comex copper stocks
Inventory levels soared in March, as traders raced to send metal to the United States in advance of President Donald Trump's proposed import tariffs. The 50% tariffs on imported copper were eventually lifted for refined copper.
Inventory levels have not decreased, but instead risen because of the ongoing review of U.S. imports of copper. By the end of 2026, Commerce Secretary Howard Lutnick will provide Trump an update on domestic markets for copper.
Traders are stockpiling copper in the United States to prepare for a possible U.S. duty on refined imports.
According to the U.S. Geological Survey's estimates, the U.S. refined consumption of copper was 1,58 million metric tonnes in 2024. This means that Comex stocks are equivalent to nearly one quarter the annual demand for the U.S.
The number of people on the LME is also higher than the total.
(source: Reuters)