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Sources say that high prices and poor quality are causing Ivory Coast cocoa sales to be slowed down.
Cocoa sales in Ivory Coast halted at the beginning of the 2025/26 harvest season due to a record farmgate prices and low-quality stocks, according to industry sources. On October 1, the top cocoa producer in the world raised its guaranteed price by state to 5,05 CFA francs per kilogram. This was a level that traders said was unusually high. Sources said that the increase in exporters' costs has led them to stop providing funds to buyers for purchases. A Lebanese customer based at the port of San Pedro in the southwest said, "This year no funding was provided as it usually is in August and Septembre." He said that banks also were reluctant to offer financing due to the high risk in the event of an emergency. A LIQUIDITY CRUSH HITS EXPORTERS The commercial director of a firm that exports cocoa in Abidjan told AFP that the cost of a truck transporting 35-40 tons of cocoa is between 98 and 112 CFA francs. This is about $175,156 to $200,179. He said that "nobody has the money at the moment to pay for five to ten trailer trucks per day, especially if the quality of the bean is poor," adding that the company had reduced operations in order to improve quality and preserve liquidity. According to buyers and cooperatives, around 50,000 tonnes of cocoa beans had been stored in anticipation of a price increase. Grinders reject the beans because of their small size, low content of fat and high acidity. A Lebanese independent buyer in San Pedro said, "We did not receive any pre-financing for this year. I wanted to sell the cocoa that I had in my warehouse to get cash to buy new cocoa. But no one was interested." "I have 3,000 tonnes available and until I sell them, I cannot buy anything," said the man. A second Lebanese purchaser based in San Pedro expressed confidence that they would find a way to lower the price or mix old beans with new ones. He has sold 700 tons of cocoa since the beginning of the season, and currently owns 900 tons. Exporters and pod counters said that this year's main crop output is expected to be similar with the season of 2024/2025. They also added that the first harvest will be lower because of unpredictable and mixed weather conditions.
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Bolt CEO: EU must focus more on self-driving cars to keep up with competitors
Bolt, a ride-hailing company and food delivery service in Estonia, said that Europe must pay as much attention as it does to the development of self-driving vehicles to be able to participate in the technology of the future. Europe's automakers are struggling to keep pace with the technology developed by other countries, notably China and the United States. Markus Villig told a group of journalists that "there's so much focus on EVs, but we've missed the point on autonomous driving." It will be the core. The U.S. is a leader in autonomous driving, with companies like Tesla and Alphabet's Waymo, as well as Chinese rivals Baidu, WeRide, and Pony.ai. Waymo has plans to introduce autonomous ride-hailing services in London, next year. Bolt will benefit from the launch "robotaxis", however, Villig said that the European Union must recognize this technology as a strategic one, with implications for security, and should not rely solely on imports. Villig said that the EU spent tens and tens billions on different parts of the EV chain but not on software for self-driving cars. The traditional carmakers may invest some money, but they do not appear to be planning on building their own self driving systems. The EU wants to increase its digital sovereignty by reducing Europe’s reliance on U.S. Big Tech for cloud, network and artificial intelligence services. Villig added that the EU should also avoid allowing foreign companies to enter and crush smaller competitors in their own countries, as has happened in other tech fields. He suggested that upcoming EU players be given subsidies or exclusive licenses to operate robotaxis for a period of time in certain cities or regions to help them build scale. (Reporting and editing by Emelia Sithole Matarise; Reporting by Philip Blenkinsop)
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The Dutch Supreme Court rejects Russia's appeal over Yukos 50 billion payout
The Dutch Supreme Court denied on Friday an appeal from Russia against the $50 billion arbitral award that it was ordered to make to former shareholders of Yukos, now defunct, in 2014. This ruling comes after years of legal disputes in Dutch courts, following the initial arbitration tribunal ruling that found Moscow had violated international obligations by taking measures designed to bankrupt Yukos - formerly Russia's biggest oil company. Yukos was seized in 2006 by the Russian state after the oil tycoon Mikhail Khodorkovsky had a falling out with Vladimir Putin. The government demanded billions in back taxes, which led to Yukos' collapse. In 2016, a lower Dutch court ruled against the penalty, only to have it reinstated on appeal. The Supreme Court then referred the case back to the lower court in 2021 to determine whether Russia's claim of false evidence provided by shareholders was incorrectly rejected. Last year, the Amsterdam appellate court dismissed this claim because Russia brought it too late. The Supreme Court said on Friday that it did not see any reason to reverse the ruling of the appeals court. (Reporting and editing by Barbara Lewis and Kirsty Donovan; Bart Meijer, Alban Kacher)
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Brazil's BNDES approves financing of $312 mln for Embraer aircraft exports to SkyWest
In a Friday statement, Brazil's State Development Bank announced that it had approved 1.7 billion reais (312,3 million dollars) of financing for the export to U.S. SkyWest Airlines of 13 Embraer airplanes. SkyWest will pay the financing in U.S. Dollars, BNDES stated, adding that aircraft should be delivered by the end of 2025 or late 2026. SkyWest, Embraer’s largest customer over the past few years, has placed a firm June order for 60 E175 aircraft valued at $3.6 Billion at list price. Options for another 50 jets were also included. Since 1997, BNDES has financed more than $26.7 billion worth of Embraer exports. Its role is to act as a credit agency, promoting the country's export industries and bolstering foreign reserves, while also helping local firms compete on a global scale. ($1 = 5.4440 reais) Reporting by Rodrigo Viga Gaier, Writing by Isabel Teles, Editing by Sarah Morland & Tomaszjanowski
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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 they produce. 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 compared to 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, resulting in 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% of North American manufacturers. 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, increased deployment of renewable energy, nuclear reactors, and other power supplies could drive down electricity prices 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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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.
US and Singapore ask UN to delay vote on carbon shipping price amid splits
LONDON, October 17 - On Friday, the United States, Singapore and Liberia called on U.N. Shipping Agency to delay adoption of a price for carbon on ships. This was after states failed to reach consensus in London during this week's talks.
During discussions at the International Maritime Organization, the United States and Saudi Arabia strongly opposed a price on carbon emissions for shipping. The European Union continued to support this idea.
Donald Trump, the U.S. president, called on IMO members to vote against it on Thursday, saying that Washington "will not stand for this new global green scam tax on shipping, and will not adhere to its in any shape, form, or manner."
Omar Nokta, a Jefferies analyst, wrote on Friday in a note to investors that the IMO meeting this week in London "appears on the brink of collapse". Reporting by Enes Tunagur and Jonathan Saul, Editing by Hugh Lawson
(source: Reuters)