2024-10-30 06:46
LAGOS, Oct 30 (Reuters) - Nigeria's Dangote oil refinery has a stockpile of 500 million litres of petrol, its billionaire founder said, countering claims by marketers who asserted they needed to supplement Dangote's supplies with imports to meet fuel shortages. Nigeria's President, Bola Tinubu, had summoned oil regulators, the head of the state-owned NNPC, the finance minister, and Aliko Dangote to a meeting in Abuja on Tuesday. The purpose was to review a policy requiring NNPC to sell crude oil to the Dangote refinery in local naira currency in an effort to ease foreign exchange pressure and help the mega refinery secure enough crude to meet its 650,000-barrel-per-day capacity. Following the meeting, Dangote clarified that his business is not involved in retailing petrol and he should not be blamed for fuel shortages in Africa's top oil producing country. He also said that keeping fuel in storage tanks is costing him money. "I expect the NNPC and marketers to stop importing. They should come and collect; we have everything they need," said Dangote. Two weeks ago, local fuel traders began increasing imports, claiming that the Dangote refinery was unable to meet domestic demand, exacerbating fuel shortages. The Dangote Oil Refinery in Lagos began processing petrol in September, initially setting out to supply 25 million litres per day. The goal is to gradually increase production to 35 million litres daily, which Dangote believes will be sufficient to meet local demand. At an oil conference in Lagos on Monday, however, the sector regulator said Nigeria’s daily petrol demand is between 45 and 50 million litres. In a statement issued by a government spokesperson, President Tinubu urged stakeholders to focus on supplying enough petrol for local consumption to reduce dependence on imports. He also directed them to use Afreximbank, the financial adviser for the naira crude sale scheme, as the settlement bank for naira pricing of crude and refined products. Dangote previously had to buy crude on the international market, but it filed a complaint saying oil majors were blocking its access to locally produced oil by selling it above market price or claiming it was unavailable, forcing the refinery to rely on expensive imports. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, said the plan to sell crude in naira would remain in place, and the government would not intervene in determining the exchange rate for the oil sector. Nigeria aims to end the importation of petroleum products once the Dangote Refinery reaches full operational capacity. Sign up here. https://www.reuters.com/markets/commodities/dangote-says-refinery-has-500-mln-litres-petrol-storage-can-meet-nigerias-demand-2024-10-30/
2024-10-30 06:46
MUMBAI, Oct 30 (Reuters) - The Indian rupee declined to a lifetime low on Wednesday, weighed down by nervousness in its Asian peers about the outcome of the U.S. elections and by persistent foreign outflows from domestic equities. The rupee dipped to an all-time low of 84.0900 to the U.S. dollar, crawling past the previous low of 84.0850. It has hit new lows multiple times over the last two weeks. The Reserve Bank of India has been intervening regularly to support the rupee, which has meant that despite the multiple lows, the currency is down just 0.34% this month. The extent of the RBI's control can be gauged by the fact that the rupee has traded in a mere 10 paisa range since slipping past the 84 level on Oct. 11. As a result, the currency's realized volatility has collapsed, in contrast to its Asian peers, which have been under pressure on the prospect of Donald Trump winning the U.S. elections and data indicating a healthy U.S. labour market. The offshore Chinese yuan dropped to a 2-1/2 month low on Tuesday. The 1-month implied volatility on the rupee is one-fourth of that of the yuan. Meanwhile, foreign investors have taken out more than $10 billion from Indian equities so far this month, which is a sharp turnaround from the near $7 billion inflows in September. The lure of Chinese equities following the country's stimulus plans as well as India's relatively expensive valuations and a mostly disappointing earnings season so far has prompted investors to dump Indian shares. The Nifty 50 Index has dropped 5.3% month-to-date. Sign up here. https://www.reuters.com/markets/currencies/rupee-dips-lifetime-low-importers-buying-dollars-weak-risk-2024-10-30/
2024-10-30 06:44
Oct 30 (Reuters) - South Africa's top poultry producer Astral Foods (ARLJ.J) , opens new tab said on Wednesday it expects to post an annual profit this year, as it recovers from the previous year's rare loss caused by power cuts and the country's worst-ever bird flu outbreak. Astral said in a trading update its headline earnings per share for the year ended Sept. 30 would be between 18.53 rand and 19.85 rand ($1.05 and $1.12), compared with a loss of 13.24 rand per share a year earlier. This was the company's first-ever loss in its 24-year history. Last year, South Africa lost nearly 10 million chickens, about a third of its national flock, during its worst outbreak of high-pathogenic avian influenza (HPAI), a bird flu with a high death rate that spreads rapidly through a flock. The country also experienced lengthy and intense electricity cuts, blamed on frequent breakdowns of its ageing coal-fired plants, which drove up costs. The bird flu was contained towards the end of 2023 and South Africa has seen improved performance from its power plants, resulting in more than 200 days without power cuts since the end of March 2024. Astral said it will publish its annual results on Nov. 18. ($1 = 17.6832 rand) Sign up here. https://www.reuters.com/world/africa/safrican-poultry-firm-astral-foods-eyes-annual-profit-after-bird-flu-triggered-2024-10-30/
2024-10-30 06:39
Oct 30 (Reuters) - LaLiga and the Spanish FA (RFEF) have requested that all soccer matches scheduled to be held at Valencia over the weekend be postponed, including Saturday's clash between Real Madrid and Valencia, after the worst flash floods in decades swept the eastern region of the country, killing at least 95 people. Pending a decision from the RFEF Competition Committee on Thursday, the LaLiga match between Villarreal and Rayo Vallecano, and three more in the second division are also expected to be suspended. RFEF had postponed six midweek Copa del Rey matches featuring LaLiga clubs like Valencia, Getafe and Real Sociedad after authorities advised against all non-essential travel in the region. "....the RFEF has received, from LaLiga and at the request of the clubs, the postponement of the matches of the 12th matchday of the First Division and the 13th matchday of the Second Division that were to be played in the Valencian Community during this weekend," the RFEF said in a statement. LaLiga clubs, including Real Madrid and Barcelona, expressed their condolences to the victims of the flood affecting the areas of Valencia, Albacete and Andalusia. "Barcelona wishes to express its sympathy to the relatives of the victims and our solidarity with the counties in Valencia and parts of Albacete and Andalusia affected by the torrential rain," the Catalan club said in a statement. LaLiga said in a statement on Wednesday a minute's silence will be observed at all matches in the next two rounds. "LaLiga expresses its condolences and those of all the clubs of Spanish football to the families and friends of the victims and the missing persons," it added. Valencia made their stadium available as a drop-off point for citizen donations of food and essential items after the club teamed up with Valencia Food Bank to help those affected. Motor sports also faced the brunt of the torrential rain, with Formula E testing being affected at the Ricardo Tormo Circuit - which is set to host the final race of the MotoGP season in two weeks time. "Due to damage to the main access road caused by a burst river bank nearby, the circuit is currently inaccessible by vehicle," Formula E said in a statement. "Alternative access routes in and out of the circuit are currently being investigated." Sign up here. https://www.reuters.com/sports/soccer/valencia-request-postponement-cup-fixture-after-floods-hit-southeast-spain-2024-10-30/
2024-10-30 06:35
GABORONE, Oct 30 (Reuters) - Sales of rough diamonds at the Debswana Diamond Company fell about 52% in the first nine months of 2024, data released by Botswana's central bank on Tuesday showed, as the downturn in the global diamond market persisted. Debswana, equally owned by Botswana and Anglo American Plc's (AAL.L) , opens new tab De Beers, sells 75% of its output to De Beers, with the balance taken up by the state-owned Okavango Diamond Company (ODC). Last year, Botswana and De Beers agreed to a new 10-year diamond sales agreement , opens new tab, where ODC will receive 30% of Debswana's produce and this will be scaled up to 50% by the end of the new contract. In the first three quarters of the year up to September, Debswana had sold diamonds worth $1.53 billion compared to $3.19 billion in the same period last year, the Bank of Botswana said on Tuesday. In local currency terms, sales were down 50.3% to 20.9 billion pula, which translates to about $1.55 billion based on current exchange rates. Botswana gets 30%-40% of its revenue, 75% of its foreign exchange earnings, and a third of its national output from diamonds. It is the world's top producer of the gem by value. The southern African country will hold a general election on Wednesday, with the poor performance of the economy-largely due to the downturn in the global diamond market-and high levels of unemployment among the issues in focus. "Our diamonds have not been selling since April, so yes, our revenues are down but the economic fundamentals still remain intact," President Mokgweetsi Masisi, who is seeking a second term, said at a presidential debate last week. ($1 = 13.4590 pulas) Sign up here. https://www.reuters.com/world/africa/botswanas-debswana-diamond-sales-fall-over-50-first-nine-months-2024-2024-10-30/
2024-10-30 06:35
BASF sees 2024 adj EBITDA at low end of 8-8.6 bln euro range New CEO cites weaker demand from carmakers, farmers Q3 adj EBITDA up 5%, slightly below market view Adds to signs of gloomy economic prospects in Germany FRANKFURT, Oct 30 (Reuters) - BASF (BASFn.DE) , opens new tab on Wednesday predicted full-year earnings growth at the lower end of its target range on weaker demand for its chemicals and plastics, making it the latest German industrial heavyweight to come under pressure from the country's weak economy. The chemicals maker said 2024 earnings before interest, taxes, depreciation and amortisation (EBITDA), adjusted for one-offs, would be near the bottom of a forecast range of 8 billion euros ($8.7 billion) to 8.6 billion euros, up from 7.67 billion last year. "Compared to our expectations at the beginning of the year, the business development in the automotive industry and the agricultural sector is weaker," BASF CEO Markus Kamieth said in a statement posted on the group's website. The more downbeat view comes after Kamieth earlier this year continued his predecessor's push to cut more than 2 billion euros in annual costs in Europe, as the industrial outlook for Germany worsens. This week, plans emerged at German car giant Volkswagen (VOWG_p.DE) , opens new tab to shut three plants in Germany and a worsening business outlook in Europe's largest economy has piled pressure on Chancellor Olaf Scholz's coalition government. BASF also posted a 5% increase in third-quarter operating earnings as gains in precursor chemicals for plastics and ammonia outweighed a slump at its agriculture unit, underscoring mixed fortunes for businesses that the CEO plans to separate. Quarterly adjusted EBITDA came in at 1.62 billion euros ($1.75 billion), slightly below the average analyst estimate of 1.67 billion posted on the company's website. Kamieth, at the helm since April, is preparing a partial listing of the agricultural chemicals business and is considering new ownership options for the coatings division. As part of the revamp, BASF is also separating its battery chemicals and catalytic converter businesses from the rest of the organisation so that they can be managed more autonomously. Kamieth has dubbed the remaining divisions, which are highly integrated thanks to a shared technical infrastructure, BASF's "core businesses" and he said on Wednesday that they had a positive earnings momentum in the quarter. ($1 = 0.9240 euros) Sign up here. https://www.reuters.com/business/basf-q3-adj-profit-up-5-gains-materials-unit-2024-10-30/
