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The Russian manufacturer of railcars and tanks has announced a restructuring plan to reduce costs
The giant Russian railcar and tank manufacturer Uralvagonzavod said Friday that it would be restructuring its operations in order to reduce costs. A local report had stated the company planned to cut its workforce by 10%. The Uralvagonzavod plant, located in Nizhny Tagil about 1,400 km east of Moscow in Nizhny Tagil, has been sanctioned for its role in providing tanks to Moscow's Ukraine war. The factory is owned by a state-controlled conglomerate that has ties to one of Vladimir Putin's closest allies. It claims publicly to produce T-90M battle tank and modernise T-72B3M. Local news outlet E1 reported on Friday, citing an internal document that UVZ planned cuts of up to 10% in staff across departments by February next year. They also said they would stop hiring new employees. In a response to questions about the report, UVZ issued a press release that read: "UVZ, like every other company, is undergoing a restructuring process, which aims to optimise administrative and management costs." UVZ said it continued to work at "high intensity" in order to fulfill a state defense order. The hiring of new employees continued. The company has been forced to reduce the number of days that some employees work to four last month due to the steep drop in the cargo volume as a result of disruptions to exports. Sources and companies say that Russia's largest industrial companies are furloughing employees or reducing staff due to the slowdown in the war economy, stagnant domestic demand, and dry exports. (Reporting and editing by Andrew Osborn; Gleb Stolyarov)
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Exxon to supply 500,000 tonnes of LNG to India's Petronet LNG by 2026
Petronet LNG, India's largest gas importer, will receive 500,000 tonnes of LNG in 2026 as part of its 1.2 million tons per year supply agreement with ExxonMobil under Australia's Gorgon Project. This was announced by its managing director on Friday. Petronet imports 1,42 million tonnes of LNG per year from the Gorgon Project, in which ExxonMobil holds a stake. This is part of a long-term agreement with the U.S. energy giant. A.K. Singh, the Managing Director, said that the first cargo, under a new 15-year contract, agreed upon in 2017, should arrive between March andApril next year. Singh said at a press briefing. Singh stated that ExxonMobil would deliver eight cargoes worth of goods to Petronet by 2026. Singh said that the volume will gradually increase to 20 cargoes per year over a period of three years, which is equivalent to 1.2 millions tons. Singh predicted that global LNG prices may hover between $11 and $12 per million British Thermal Units if winters are harsh, but he expects the prices to fall in 2026 when more LNG is available globally. Indian companies invest in their gas infrastructure, as the country strives to increase the natural gas share in its energy mix from 6.2% to 15% by 2030. Singh stated that Petronet will complete its expansion of the Dahej LNG Import Terminal in Western India to a capacity of 22.5 million tonnes per annum by March 2026. It also operates a 5 million-ton-per-year LNG terminal at Kochi in southern India and is building a new 4-million-ton-per-year plant at Gopalpur in easter Odisha state.
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Tanzania charges 98 individuals with treason for protesting against elections, according to court documents
According to court documents seen by, prosecutors in Tanzania have charged 98 individuals with treason for their alleged involvement in violent demonstrations that erupted during the general elections last week. According to the main opposition party CHADEMA and human rights activists, security forces have killed over 1,000 people. The government has called these numbers exaggerated, without providing its own death toll. These are the first charges against those accused of participating in protests. Church leader says the move will only intensify the animosity sparked by election. Religious leaders, among others, have called on the government to make an effort to reconcile itself with political opponents and demonstrators. The government spokesperson did not reply to an inquiry via text and phone. FILE SAYS ACCUSED SOUGHT OBSTRUCTION ELECTION In the filings at the resident magistrate's court in Dar es Salaam, the accused were said to have "formed an intent to obstruct 2025 general elections for the purpose of intimidating the Executive of Republic of Tanzania", and damaged government property. The filing did not detail the specific allegations against the defendants, with the exception of one businesswoman who was also arrested prior to the election for allegedly encouraging demonstrations. She is accused in the filing of encouraging protesters to buy teargas masks at her business. Boniface Mawabukusi said that he didn't think any of them were represented by a lawyer. Benson Bagonza is a Bishop in the Evangelical Lutheran Church of Tanzania. He said that the accusations would only escalate tensions. He said that the only way for the government to maintain at least a relative peace is to... grieve with people, rather than arresting them and taking them to court. The anger was primarily fueled by the exclusion of two major opposition candidates from running for president. In April, the leader of CHADEMA, Tundu Lissu was charged with treason. Samia Suluhu Hassan, the incumbent president of Yemen, was declared the winner by the electoral commission with almost 98%. She was sworn into office on Monday. African Union observers stated that the vote was not credible, and they documented evidence of ballot box stuffing. The government has rejected criticism and claimed that the elections were fair.
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Brazil is hosting the COP30. Is it a champion of nature or a climate foe?
The President has pledged to achieve net zero deforestation Infrastructure projects to increase rainforest destruction Brazil wants to be the fourth largest oil producer in the world By Andre Cabette Fabio The U.N. Climate Summit COP30 will take place in Brazil's Amazon rainforest town of Belem from 10-21 November. The agenda includes how to accelerate a green transition away from fossil-fuels, close the climate finance gap in low-income countries, and protect forests and biodiversity. Lula is likely to be criticized by environmentalists as well as Indigenous leaders. He has promoted Brazil's climate-friendly image, but also plans to increase oil drilling and road and rail development in the Amazon rainforest. Tarcisio Féitosa, a member of the Forests & Finance Coalition (a group tracking deforestation funds), said that there has been a logic in the past decades that views the forest as a barrier to development. He said that "Lula’s government hasn't changed anything." Lula, speaking at the COP30 Leaders Summit, said on Thursday: "Despite our difficulties and contradictions we need road maps...to reverse deforestation, and overcome dependence on fossil fuels." ROADS AND RAILWAY The government announced that it would pave a road of 885 km (550 miles) across one of best preserved tracts in the rainforest at the start of Lula’s last term, 2023. Ferrograo, the railway that international traders desire to transport soybeans and grain through the forest in order to export them, is another project the government has committed itself to. Last month, Brazil's environmental authority Ibama authorized the state-run oil company Petrobras conduct exploratory drilling near the mouth the Amazon river in environmentally sensitive deep water. After years of pressure, the authorization was granted after Lula, Brazil's Energy Sector, and lawmakers pressed Ibama to approve drilling. Environmentalists are concerned that Petrobras' success could lead to the drilling of dozens more oil-rich areas that have been leased by Petrobas or international companies and which are currently undergoing licensing procedures. They warn that if the Amazon is consolidated as a major frontier for fossil-fuel drilling, it could be a serious threat to its fragile ecosystem. "Leakage in oil drilling .... is inherent. We will see contamination and impacts on biodiversity if we do exploration at scale along Amazon coast," Nicole Figueiredo said, the head of Arayara International Institute. Lula, in a recent news conference, defended Petrobras by saying that the company had invested and was "committed" to the energy transformation. INFRASTRUCTURE FOR DEFORESTATION Lula's commitment to achieve zero deforestation in Brazil by 2030, which he made in 2023 when he announced his plans for the development of the rainforest, contradicts these policies. The government also announced that it aims to make Brazil the fourth largest oil producer in the world by the end of the year. Last week, the government released data showing that deforestation rates in the rainforest had fallen 11% over the past 12 months, compared to the same period one year ago. This is the lowest level in 11 years. Deforestation in Brazil's Cerrado Savanna, an important agribusiness frontier fell by more than 11% during the same period. It reached a six-year high. Environmental groups such as Brazil's Climate Observatory worry that Lula's government will push large-scale projects to create more pastures and grains crops. Laide Costa is an educator for Xingu VIVO, a group that works to protect the Amazon basin. She fishes the Xingu River in the Amazon and is a land-grabber. She said, "It's contradictory for the government to say it wants deforestation ended while it is a major promoter of it through these projects." According to the Emissions Database of Global Atmospheric Research, the European Union, Brazil's deforestation from its 240 million cattle herd and the greenhouse gases it emits already place Brazil as the sixth largest carbon-emitter in the world. Legal and licensing obstacles have been a problem for the Ferrograo Railway and the road-paving projects for many years. In July, the government announced that it would begin the bid process for Ferrograo at the beginning of 2026. And in September, Lula stated that the government had reached "a definitive agreement" with environmentalists regarding the road paving. Research shows that road building is a major factor in deforestation. A 2014 report published in the Biological Conservation Journal found that 95% of the deforestation of the Amazon, the region where the most tree cover is lost, took place within 5.5 km of a road, or 1 km of a navigable waterway. Observers claim that Lula's push to fund oil drilling and infrastructure could overshadow the funding commitments made by COP30.
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Poste agreement between China and France is defended by the French government
France's Commerce Minister defended on Friday an agreement between the Chinese ecommerce website Temu and the state-owned Postal Service, reached just weeks before Paris Prosecutor opened an investigation into online marketplaces. France threatened to ban Shein’s online marketplace Wednesday after discovering child-like sex toys and banned weapons on its platform. Ministers are due to report on their preliminary findings on Friday regarding whether the company is in compliance with local laws. Serge Papin, speaking on BFM TV said that France must take action to stop a "digital Wild West" where customs are frequently finding illegal goods in small packages at its borders. Papin, when asked to explain a state-owned La Poste agreement with Temu (an online marketplace owned PDD Holdings, a Chinese ecommerce company), said that the company was required to "do their job". La Poste will deliver parcels from Temu to customers in the last mile. In recent weeks, lawmakers have criticized the deal for supporting a company which is damaging French industry and aggravating environmental problems. Temu and La Poste did not immediately respond to a comment request. In a Wednesday statement, La Poste stated that the agreement was a “classic” logistics services contract which extended the collaboration already in place ever since Temu's arrival in France in 2023. La Poste must treat all customers the same, and apply the same conditions of sale. "As such, the company cannot deny access to its service," it stated. Reporting by Dominique Vidalon & Dominique Patton. Mark Potter edited the story.
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Sources say that a LNG tanker avoided pirates as attacks on Somalia escalated
Sources in maritime security said that a liquefied gas tanker was able to outrun pirates who approached the vessel on a speedboat, off the coasts of Somalia, on Friday. This added to fears of a resurgence in piracy following years of calm. Recent armed attacks in the region, including the first in which suspected Somali pirates were involved in over a year, have reignited fears about the safety of the shipping lanes that transport vital energy and goods into global markets. An official from maritime security firm Diaplous confirmed that the incident on Friday occurred near the location of the attack the day before, which targeted the Malta flagged products tanker Hellas Aphrodite. According to British maritime risk management company Vanguard, and maritime security experts, the Marshall Islands flagged LNG tanker Al Thumama reported a small craft approaching with three people aboard. Sources said that the master of the tanker reported to them that it had outrun the speedboat. The tanker was on its way from Ras Laffan in Qatar, via Cape of Good Hope to Swinoujscie in Poland. NYK LNG Shipmanagement of Japan, the vessel's operator could not be reached immediately for comment. Reporting by Renee Maltezou and Jonathan Saul; editing by Joe Bavier
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Musk predicts that Tesla's Full Self-Driving Software will win China's full approval in early 2026
Elon Musk, CEO of Tesla, said that he expected the Full Self-Driving Software, an automaker's driver assistance system to be fully approved in China by early next year. Musk said at the annual general meeting of his company on Thursday that "we have partial approval in China and we hope to have a complete approval in China by February or March." The China's Industry Ministry did not respond immediately to a comment request. China is Tesla's largest market, but its share of the market has fallen to 8% from a high of 15.4% during the first quarter 2023. Local brands are winning over customers by offering similar features of driving assistance, many times at no additional cost. Since February, the Tesla system (also known as FSD) has been approved partially in China. Tesla owners were able to use an older and less expensive autopilot system before. Some Chinese Tesla owners paid 64,000 yuan (about $9,500) for FSD in the hope that the full rollout wouldn't take too long. However, the failure of the FSD to be approved has been a major source for friction between Tesla owners and the automaker. FSD is only partially approved in China, which means it falls short of the capabilities that FSD has in the United States. In China, it is illegal to change gears. This means that the vehicle cannot complete a journey from one parking spot to another on its own. It has also been difficult for the system to identify local traffic signs in China.
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German Spot to Rise on Monday Due to Falling Wind Output
German power prices will rise on Monday due to a drop in the output of wind and solar energy. LSEG data showed that the German and French baseload power contracts for Monday were not traded by 813 GMT on Friday. According to LSEG analyst Riccardo Paraviero, the German residual load – that portion of electricity consumption that must be met by controllable sources like coal or gas – is expected rise on Monday due to "cratering" wind power supplies. Data compiled by LSEG shows that German wind power production is expected to drop by 2.6 gigawatts on Monday, while French wind generation is projected by 550 megawatts up to 6.4 GW. The German solar energy supply is expected to drop by 2.4 GW - 3.2 GW. On Monday, power consumption is expected to decrease by 540 MW in Germany to 58.3 GW while in France it is predicted to decline by 1.3 GW at 49 GW. The French nuclear capacity has increased by two percentage points, to 76%. The benchmark contract on the European carbon markets increased by 0.2%, to 80.32 Euros per metric ton. According to a report from market intelligence firm Veyt, there was a 17.5% increase in the number of European renewable energy certificates cancelled in early 2025. This indicates a growing demand for green electricity, despite low prices.
Asia spot prices flat on ample supply, soft demand
The Asian spot price of liquefied gas was flat this week due to ample supplies and a soft demand.
Average LNG price for delivery to northeast Asia in December
Martin Senior, head LNG pricing at Argus said that the spot demand in Northeast Asia was weak. There were ample inventories, and forecasts did not deviate too much from seasonal averages.
He said that "Spot charter prices have continued to increase, which is the primary reason behind the wider spread between Asian-European prices. Asian prices must hold a higher premium in order to continue to attract the same flows."
Senior added that the tightness in the market is only temporary, as forward charter rates for January are less than half the current spot price.
Toby Copson is managing partner of Davenport Energy Partners. He said that the market was also well-supplied for now, as cyclical heating demands in China, the top importer, have yet to appear and marginal demand has been absorbed by pipeline flows.
The Situation in Europe
In Europe, S&P Global Commodity Insights set its daily Northwest Europe LNG Marker benchmark price for cargoes to be delivered in December, on a ship-to-ship basis, at $10.138/mmBtu, on November 6. This is a $0.54/mmBtu reduction from the December price at TTF's Dutch hub. Prices were rangebound throughout the week due to healthy supplies, ample storage and a muted demand.
Spark Commodities determined the price to be $10.129/mmBtu. Argus set it at $10.17/mmBtu.
Gas inventories in Europe are still around 83% due to the weather, but LNG imports remain high, said Siamak Adibi. He is director of gas and LNG supply analysis at consultancy FGE.
Seb Kennedy, an independent gas analyst, said that hedge fund managers were shorting TTF contracts hard as the bearish pressure on benchmark EU gas futures was increasing.
US LNG LOADINGS AT NEW HIGH
Siamak said that on the supply side U.S. LNG loads have reached new record highs while new projects ramp up smoothly. He was referring to recent projects such as the start-ups of Train 2 at LNG Canada and Golden Pass, Texas, early next year.
The U.S. front month arbitrage for Northeast Asia via Cape of Good Hope is still closed and points to Europe rather than Asia this week, said Spark Commodities analyst Qasim Afghan. However, arbitrage via Panama is still open.
He added that LNG freight rates have risen to new highs of $68,000/day in the Atlantic and $44,500/day in the Pacific, both year-to date highs. (Reporting and editing by Mark Potter.)
(source: Reuters)