2024-12-09 20:57

SANTIAGO, Dec 9 (Reuters) - Chile's environmental regulator has filed three charges against miner Anglo American's local unit over alleged violations at its El Soldado copper mine in the Valparaiso region. The Superintendency of the Environment (SMA) labeled the charges as "serious," the second of three levels of offenses, and said Anglo American Sur, the local arm of Anglo American, (AAL.L) , opens new tab faced the possible revocation of its environmental permit, closure or a fine of more than 12 billion pesos ($12.40 million) if it did not address the issues. Anglo American told Reuters that it has been working on issues related to SMA's findings and has informed the agency about its efforts. It added that it has requested a meeting with environmental officials to determine how to proceed. "We are committed to working continuously with the authority to comply with all our environmental commitments," the company said in a statement Monday. El Soldado is the smallest copper mine controlled by Anglo American in Chile, with 35,700 metric tons produced this year between January and September. According to the SMA, El Soldado has water issues due to a drainage system that is not completely built, and Anglo American did not inform the agency about related problems or develop a maintenance plan. The SMA also found that Anglo American failed to properly mark and monitor a local population of 3,867 frogs from the "Sapo rulo" species, native to Chile, that are classified as "vulnerable." The site was audited by officials from the SMA, as well as Chile's water, geology and fishing agencies. "As a result ... the Superintendency was able to verify several violations of the project's environmental qualification resolution," the SMA said in a statement. Anglo American has 15 days to submit a compliance plan, and 22 days to present a defense. ($1 = 968.0200 Chilean pesos) Sign up here. https://www.reuters.com/sustainability/chile-regulator-charges-anglo-american-mine-over-environmental-violations-2024-12-09/

2024-12-09 20:52

ACCRA, Dec 9 (Reuters) - Ghana's electoral commission on Monday declared ex-president and main opposition leader John Dramani Mahama winner of Saturday's presidential election with 56.55% of the vote, according to provisional results. Mahama's main rival, vice president and ruling-party presidential candidate Mahamudu Bawumia, already conceded defeat on Sunday in both presidential and legislative elections to ease tensions. The electoral commission said it had counted votes from 267 out of the West African country's 276 constituencies. Voter turnout was 60.9%. Mahama, 66, is making a comeback after serving as Ghana's president from 2012 to 2016. He described Bawumia as representing a continuation of the policies that led to Ghana's worst economic crisis in a generation. "This mandate serves as a constant reminder of what fate awaits us if we fail to reach the aspirations of our people and govern with arrogance," he told hundreds of jubilant supporters at his campaign grounds after results were announced. "The victory shows that the Ghanaian people have little tolerance for bad governance," he added, promising "severe measures and governance reforms" to "reset our nation". In an interview with Reuters before the election, Mahama said he would seek to renegotiate terms of a $3-billion International Monetary Fund bailout secured last year to restructure the country's debt. He has also promised to ease business regulations, introduce a 24-hour triple-shift work system, enact tax reforms and invest $10 billion in modernising infrastructure. A spiralling economic and cost-of-living crisis in Ghana, which produces cocoa, gold and oil, hit the popularity of Akufo-Addo's government and increased momentum for a change in leadership. Sign up here. https://www.reuters.com/world/africa/ghanas-ex-president-mahama-wins-presidential-election-with-5655-vote-electoral-2024-12-09/

2024-12-09 20:23

NEW YORK, Dec 9 (Reuters) - Fuelmakers in California could face more headwinds next year as new legislation takes effect and refining margins remain weak, the U.S. Energy Information Administration (EIA) said on Monday. WHY IT IS IMPORTANT California, the most populous U.S. state, consistently faces some of the nation's highest average gasoline prices, leading to an often tense relationship between the state and oil companies. The state is geographically isolated from the Gulf Coast and Midwest refining centers, and must produce all its own motor fuels or import them from Asia. However, imported fuels are likely to become a more important source of supply for California as refineries in the state struggle with profitability, the EIA said in an analysis on Monday. CONTEXT In October, California Governor Gavin Newsom signed into effect ABX2-1, a bill designed to prevent fuel supply shortages in the state. The bill requires refiners to maintain minimum fuel inventory levels and manage necessary refinery turnarounds and maintenance in consultation with labor and industry stakeholders, giving state regulators more control. Shortly after, Phillips 66 announced plans to shut its large Los Angeles-area oil refinery during the fourth quarter of 2025, citing "market dynamics" for the decision. Earlier this year, the refiner completed converting its Rodeo refinery near San Francisco into a renewable diesel production facility that no longer processes crude oil. BY THE NUMBERS Weaker gasoline and diesel cracks continue to weigh on refiners. The U.S. gasoline crack spread fell to $11.73 a barrel in September, the lowest since November 2023. The diesel crack spread traded at $17.98 a barrel in September, its lowest since July 2021. Sign up here. https://www.reuters.com/business/energy/california-law-refinery-exit-reflect-ongoing-fuel-market-challenges-eia-says-2024-12-09/

2024-12-09 19:05

Dec 9 (Reuters) - Gold miner Newmont (NEM.N) , opens new tab let go of nearly a dozen managers, including a member of its executive team, as part of a corporate overhaul, Bloomberg News reported on Monday, citing people familiar with the matter. The report said that the company had initiated plans to dismiss one executive and at least 10 senior managers, as per the people who asked not to be named. The company also told employees that it plans to merge several businesses, with five units being consolidated into three, and removing standalone divisions that control operations in Australia and Africa, instead combining them with units that control North America and East Asia, according to the report. Newmont in February this year had said it would trim its workforce to cut debt following its $17.14 billion acquisition of Newcrest. The company, which was not immediately available for a Reuters request for comment, missed Wall Street expectations for third-quarter profit on higher costs and lower production in Nevada. Sign up here. https://www.reuters.com/markets/commodities/newmont-lays-off-nearly-dozen-managers-plans-merger-businesses-bloomberg-news-2024-12-09/

2024-12-09 18:50

Dec 9 (Reuters) - Citigroup, previously the only Wall Street brokerage forecasting a 50 basis point rate cut by the U.S. Federal Reserve, has now aligned with its peers in expecting a quarter point reduction at the central bank's December policy meeting. Citigroup's revision came after data on Friday showed nonfarm payrolls rose by 227,000 jobs last month, following an upward revision to 36,000 jobs in October. Economists surveyed by Reuters had predicted a gain of 200,000 jobs, compared with the initially reported increase of 12,000 in October. U.S. job growth surged in November after being severely hindered by hurricanes and strikes, but a rise in the unemployment rate to 4.2% pointed to an easing labor market that indicated the Fed could likely cut interest rates this month. Major brokerages including Morgan Stanley and Goldman Sachs have reiterated their expectation of a 25-basis-point interest rate cut by the Fed in December after the jobs data. "The report was not quite soft enough for the Fed to cut 50bp as we had projected for December, but a 25bp cut in December appears very likely," Citigroup analysts said in a note dated Dec. 6. "We expect the Fed to continue to cut in 25bp increments at each upcoming meeting to a terminal policy rate of 3.00-3.25%," they added. In a separate note dated Dec. 6, Citigroup introduced its 2025 year-end target for the S&P 500 index (.SPX) , opens new tab at 6500 and maintained its "positive" view on U.S. equities going into 2025. Sign up here. https://www.reuters.com/markets/us/citigroup-joins-wall-street-peers-forecasting-25-bps-rate-cut-by-fed-december-2024-12-09/

2024-12-09 18:24

Taxes, ability to lure staff key to HQ location decision US to prompt global overhaul of crypto rules, Teng says ABU DHABI, Dec 9 (Reuters) - Cryptocurrency exchange Binance has yet to decide where to base its global headquarters, its CEO told Reuters on Monday, years after it flagged a decision was imminent, but the executive pointed to moves it has made to improve corporate governance. "We are still working very hard on this (the HQ). It's a very complicated issue with many different complexities," CEO Richard Teng said in an interview on the sidelines of the Abu Dhabi Finance Week annual conference. Binance, the world largest cryptocurrency exchange, has long said a decision on a global HQ would come soon. Revealing the location of a head office is seen as part of its push to improve transparency in the wake of criminal charges against its former CEO Changpeng Zhao. Zhao, known as "CZ", pleaded guilty to violating U.S. laws against money laundering at Binance, and spent months in jail earlier this year. Teng said tax laws and the ability to lure staff would drive the decision on the HQ location. Binance is "still in deep conversation" with several jurisdictions he said, without providing specific names. The company has been granted 20 licenses and registrations across the world so far, according to its website, including in Abu Dhabi and earlier this year by Dubai's virtual assets regulator VARA. Binance introduced a board of directors earlier this year for the first time. It comprises seven members, including three independent directors. "Binance has gone from a founder, CEO-led company to a board-led company," Teng told Reuters, adding he speaks to Zhao occasionally and that the former CEO "has all the rights associated with any shareholder of any company." The world largest cryptocurrency, bitcoin, hit a record high above $100,000 last week amid expectations U.S. President-elect Donald Trump's administration will usher in a lighter-touch regulatory environment for cryptocurrencies. Teng was attending the yearly gathering of global and regional financiers, while on the other side of town, Binance is one of the sponsors of a bitcoin conference that will feature Eric Trump, the U.S. president-elect's son, as a speaker. "Globally, you're going to see much more enlightened regulations being adopted," Teng said, asked about the impact of the incoming U.S. administration on the red-hot sector. Should the U.S. adopt a strategic bitcoin reserve, as signalled by Trump, Teng foresees "many other countries jumping on the bandwagon". Sign up here. https://www.reuters.com/technology/binance-still-choose-location-global-headquarters-ceo-teng-says-2024-12-09/