2025-08-19 00:43

SAO PAULO, Aug 18 (Reuters) - Brazilian competition authority CADE has ordered soybean traders in the world's largest soybean exporter to end a program called "Soy Moratorium" or face hefty fines, according to a decision signed by General Superintendent Alexandre Barreto de Souza on Monday. In the ruling seen by Reuters, De Souza recommended a full-blown investigation into the signatories of the voluntary program, which bars soybean traders from buying the oilseed from farmers who cleared land in the Amazon rainforest after July 2008. Sign up here. The two-decade-old voluntary agreement seeks to protect the Amazon rainforest. Brazilian farmers have complained that the agreement blocks farmers who comply with environmental rules. Companies and trade groups Anec and Abiove, which represent global grain handlers such as ADM (ADM.N) , opens new tab, Bunge, Cargill, Louis Dreyfus and Cofco, have 10 days to comply, according to the document. Anec, which represents grain exporters, said CADE's stance in relation to the soy moratorium is "extremely worrisome." It said it will take administrative measures to appeal the decision. The soy moratorium should stand as it is "a multi-sector pact" backed by civil society, the Ministry of the Environment and Brazilian Environment agency Ibama, Anec said. Abiove, which represents oilseeds crushers, said it was "surprised" with De Souza's decision to recommend a full-blown probe and impose preventive measures, and said it would take measures to defend the legality of the soy moratorium program. CADE's preventive measure must be observed by the soy moratorium's working group, including Anec and Abiove, and exporting firms that are signatories of the program, according to De Souza's decision. Under the order, soy exporters are to refrain from collecting, sharing, storing and disseminating commercially sensitive information related to the soy trade and the farmers they do business with. The preventive measure also calls for the withdrawal of all soy moratorium information and related online publicity. CADE's General Superintendent wrote that companies that wish to apply soy moratorium criteria to buy soybeans grown in the Amazon "must do so independently and in accordance with national legislation." https://www.reuters.com/sustainability/brazil-regulator-suspends-soy-moratorium-orders-probe-into-soy-exporters-2025-08-18/

2025-08-19 00:29

Aug 19 (Reuters) - Australian oil and gas producer Santos (STO.AX) , opens new tab said on Tuesday that Abu Dhabi's National Oil Company (ADNOC)-led international consortium will not be able to finalise an $18.7 billion takeover bid before the extended August 22 deadline. The consortium, led by ADNOC's investment arm XRG, alongside Abu Dhabi Development Holding Company (ADQ) and private equity firm Carlyle, told Santos it would need at least four more weeks to secure all required approvals. Sign up here. "The XRG Consortium has indicated that these approvals are expected to take four weeks to obtain, assuming an expedited process and potentially longer without", from when the scheme terms are agreed upon, Santos said. However, discussions are underway with the consortium on the proposal, it added. The transaction, if completed, would give XRG stakes in major operations across Australia and Papua New Guinea. However, Santos's position as a key energy firm in Australia poses regulatory challenges to the deal. Meanwhile, Santos said it will defer its interim earnings report to August 25 from August 20. Shares of the company fell more than 3% to A$7.68, a more than five-week low. https://www.reuters.com/business/energy/australias-santos-flags-delay-finalising-adnoc-led-offer-beyond-august-22-2025-08-19/

2025-08-19 00:14

HY underlying NPAT $1.25 billion, in line with consensus HY revenue up 10% to $6.59 billion Co declares interim dividend of 53 cents Aug 19 (Reuters) - Australia's Woodside Energy (WDS.AX) , opens new tab recorded a 24% slump in its first-half profit on Tuesday, pressured by lower realised prices and depreciation costs in its Sangomar oil project in Senegal. Volatility in oil prices, driven by OPEC+ production increases, geopolitical uncertainty, and U.S. tariffs, resulted in the company achieving an average price of $61.8 per barrel of oil equivalent in the first half, down from $62.6 per boe a year earlier. Sign up here. Meanwhile, production costs, depreciation and amortisation related to the Sangomar project came in at $773 million during the period. Consequently, the oil and gas giant reported an underlying net profit after tax of $1.25 billion for the six-month period ended June 30, compared with $1.63 billion last year and in line with Visible Alpha's consensus estimates. Woodside's operating revenue, however, rose 10% to $6.59 billion, with the Sangomar project contributing nearly $1 billion. It declared an interim dividend of 53 cents per share, lower than 69 cents declared last year. Shares of Woodside dropped 1% to A$26.620 in early trade. The company said it continues to receive "strong interest from high-quality potential partners" as it explore further sell-downs of the $17.5 billion Louisiana liquefied natural gas (LNG) project. Woodside has already sold a 40% stake in the company holding the project's infrastructure assets to U.S. investor Stonepeak for $5.7 billion and has also agreed to explore potential collaboration with Saudi Aramco on a possible equity investment and offtake agreement. The company also said it was continuing to consult with the Australian government on the proposed conditions tied to the environmental approval of its North West Shelf LNG project extension. Woodside is the operator and has 33% participating interest in the project, which is the country's oldest and largest LNG plant and a key supplier to Asian markets. https://www.reuters.com/business/energy/australias-woodside-posts-24-drop-first-half-profit-lower-prices-depreciation-2025-08-18/

2025-08-18 23:53

SAO PAULO, Aug 18 (Reuters) - A unit of Brazilian competition authority CADE has ordered soybean traders in Brazil to end a program called "Soy Moratorium" or face hefty fines, according to a decision signed by CADE's General Superintendent Alexandre Barreto de Souza on Monday and seen by Reuters. De Souza also recommended a full-blown investigation into the signatories of the program, which is a voluntary initiative under which exporters agree not buy soy from farmers who cleared land in the Amazon rainforest after July of 2008. Sign up here. Companies and trade groups Anec and Abiove, which represent global grain handlers like ADM (ADM.N) , opens new tab, Cargill (ABNO.UL), Bunge (BG.N) , opens new tab, Louis Dreyfus (LOUDR.UL) and Cofco, have 10 days to comply, according to the document. Anec did not have an immediate comment. Abiove said it was "surprised" with De Souza's decision to recommend a full-blown probe. Abiove added it would take measures to defend the legality of the moratorium in addition to collaborating fully and transparently with the authorities. https://www.reuters.com/sustainability/brazil-competition-authority-targets-soy-exporters-probe-2025-08-18/

2025-08-18 23:49

FY25 profit $10.16 bln misses estimates FY dividend of $1.10/share lowest since 2017 but better than expected Demand for commodities resilient despite tariff uncertainty, BHP says Aug 19 (Reuters) - BHP Group (BHP.AX) , opens new tab on Tuesday reported its smallest annual underlying profit in five years and its lowest dividend in eight years, hiked its debt target, and flagged a cut in capital and exploration spending towards the end of the decade. The world's largest listed miner reported an underlying attributable profit of $10.16 billion for the year ended June 30, down 26% from last year , opens new tab and below the Visible Alpha consensus of $10.22 billion. Sign up here. This was the miner's weakest performance since 2020. It announced a final dividend of $0.60 per share, down from $0.74 a year earlier. The full-year dividend payout of $1.10 beat the Visible Alpha consensus of $1.01 apiece, but was its lowest payout since 2017. Additional supplies from Australia, Brazil and South Africa, alongside lower steel production in top consumer China, pressured iron ore prices for much of the financial year, affecting earnings for top miners including BHP and Rio Tinto (RIO.AX) , opens new tab, (RIO.L) , opens new tab. BHP's average realised price for its iron ore fell by 19% during the year, though that was partly offset by stronger prices for copper, its second-biggest profit driver. Still, the miner expects demand for its commodities to remain resilient even as the global economy faces an uncertain environment due to "shifting trade policies". "Policy uncertainty, particularly around tariffs, fiscal policy, monetary easing, and industrial policy, has been elevated and continues to influence investment and trade flows. Despite these dynamics, commodity demand remained resilient," Chief Executive Mike Henry said in a statement. In a sign of its confidence, BHP raised its net debt target range to between $10 billion and $20 billion, from between $5 billion and $15 billion, citing a healthy balance sheet and investment in high-quality growth projects. "We remain confident in the long-term fundamentals of steelmaking materials, copper and fertilisers, which are critical to global growth, urbanisation and the energy transition," Henry said. The company said it plans to spend $11 billion on growth projects and exploration over the next two years, up from $9.79 billion in fiscal 2025. However, it said that spending will slow down to an average $10 billion each year between 2028 and 2030. In July, the mining giant flagged a delay and a cost overrun of up to $1.7 billion at its key Jansen potash project in Canada, and also exited its interest in the $942 million Kabanga nickel project in Tanzania. On Tuesday, it said it had agreed to sell copper assets in Brazil for up to $465 million. https://www.reuters.com/world/china/bhp-posts-5-year-low-profit-weaker-iron-ore-prices-hikes-debt-target-2025-08-18/

2025-08-18 23:30

SAO PAULO, Aug 18 (Reuters) - Global miner BHP (BHP.AX) , opens new tab has agreed to sell copper assets in Brazil to CoreX Holding for up to $465 million, it reported alongside its earnings on Monday. BHP has entered into a binding agreement with CoreX for the sale of the so-called Carajas assets, BHP said, noting the transaction is expected to be completed in early 2026. Sign up here. CoreX did not immediately respond to a request for comment. "This transaction follows a strategic review in 2024, which concluded that the Carajas assets would benefit from owners prioritizing the operations and developing the assets to their full growth potential," BHP said. Carajas produced 9,400 metric tons of copper in the 12 months through June, according to BHP. Under the agreement, BHP will receive $240 million on the deal's completion and up to $225 million as contingent payments that could begin as early as 2027 based on a range of production and project-related targets. https://www.reuters.com/world/americas/bhp-sells-copper-assets-brazil-corex-up-465-million-2025-08-18/