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☆ China, Xi Jinping Plan to Crush Elon Musk, Tesla, and the US EV Industry
▼ + stars: | 2024-02-25 | by ( Linette Lopez | ) www.businessinsider.com time to read: +13 min

If China EV Inc. were allowed to enter the US today or next year, the legacies would be gutted." The year Musk tittered at the idea of Chinese EVs overtaking Tesla, the country produced only 5,000 electric cars. It has more trade barrier protection from a China Auto Inc. onslaught, but it may not work forever. AdvertisementWe want to maintain an auto industry in the US — that's essential for jobs, national security, and for other sectors of the economy. Sure, Chinese EV makers are lean and mean, but they've never had to deal with international markets before.

Persons: Elon Musk, Warren Buffett, Le, haven't, carmakers, Jim Farley, Tesla, Xi, Andy Wong, Xi Jinping, Li Auto, BYD, Trump, Mary Lovely, Joe Biden's, Biden, it's, Lovely, they've Organizations: Tesla, Bloomberg TV, America's, GM, Ford, Sino, EV, China EV Inc, ascendance, Chery, US, Chinese Communist Party, CCP, Companies, SAIC, Energy Department, China Auto Inc, Peterson Institute, United Auto Workers, White, Auto Locations: Chinese, China, Beijing, Japan, Europe, North America, Brussels, Washington, Hungary, Mexico, Canada, America

☆ OPEC is 'not poised for anymore major departures', says RBC's Helima Croft following Angola's exit
▼ + stars: | 2024-02-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOPEC is 'not poised for anymore major departures', says RBC's Helima Croft following Angola's exitHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.

Persons: RBC's Helima, Brian Sullivan, “ Organizations: OPEC, CNBC

☆ Oil slides as Saudi price cuts counter Middle East worries
▼ + stars: | 2024-01-08 | by ( ) www.cnbc.com time to read: +2 min

In an aerial view, oil storage tanks at the Enterprise Sealy Station are seen on August 28, 2023 in Sealy, Texas. Oil prices fell by more than 3% on Monday on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output, offsetting supply concerns generated by escalating geopolitical tension in the Middle East. On Sunday rising supply and competition with rival producers prompted Saudi Arabia to cut the February official selling price (OSP) of its flagship Arab Light crude to Asia to the lowest level in 27 months. A Reuters survey on Friday found that OPEC oil output rose in December as increases in Iraq, Angola and Nigeria offset continuing cuts by Saudi Arabia and other members of the wider OPEC+ alliance. "However, that doesn't take into account the fact that geopolitical tensions in the Middle East are undeniably rising again, which will mean limited downside."

Persons: John Evans, Tony Sycamore, Antony Blinken, Vandana Hari Organizations: Enterprise, Brent, West Texas, PVM, Reuters, West, Vanda Insights, Libya's National Oil Corporation Locations: Sealy , Texas, Saudi Arabia, Yemeni, Red, Asia, Iraq, Angola, Nigeria, OPEC, Saudi, Gaza, West Bank, Lebanon, Syria

WASHINGTON (AP) — President Joe Biden is hosting Angolan President João Manuel Gonçalves Lourenço in the Oval Office on Thursday as he seeks to reaffirm his commitment to Africa even as two wars consume much of his administration's foreign policy focus. The visit comes as Biden appears set to break his commitment to African leaders to visit the continent this year — though senior U.S. officials have made key trips to Africa throughout 2023. This is a fundamental shift in Angolan foreign policy,” lobbyist Robert Kapla wrote in April to Biden confidant Amos Hochstein, according to lobbyist disclosure records. It's part of a global infrastructure program championed by Biden that is meant as a counterweight to China's Belt and Road initiative. Much of Biden's recent foreign policy focus has been on Russia's war in Ukraine and the fighting between Israel and Hamas.

Persons: Joe Biden, João Manuel Gonçalves Lourenço, Angola's, Biden, ”, John Kirby, Lourenço, Robert Kapla, Amos Hochstein, Kapla, Molly Phee, “ Organizations: WASHINGTON, Angolan, Security, Biden, U.S, Democratic Locations: Africa, United States, China, Russia, Angolan, Lobito, Kananga, Democratic Republic of Congo, Zambia, It's, Ukraine, Israel, U.S

☆ Angola's new diamond mine opens against backdrop of weak demand
▼ + stars: | 2023-11-27 | by ( Miguel Gomes | ) www.reuters.com time to read: +3 min

An employee looks at a rough diamond at "Flanders Manufacturing", as the G7 weighs a ban on Russian diamond imports to reduce revenues for Moscow's war in Ukraine, Antwerp, Belgium, October 30, 2023. Angola's state-controlled diamond miner Catoca found the Luele diamond deposit at the project, previously known as Luaxe, in 2013 in one of the largest discoveries in the diamond industry in more than half a century. De Beers, the world's largest rough diamond producer by volume, estimates 2022 global rough diamond production at 121 million carats. Demand for rough diamonds has been weak in recent months with India - cutter and polisher of 90% of the world's rough diamond - asking the global miners to stop selling it the gemstones to manage accumulated stocks. Catoca, in which Russia's sanctions-hit Alrosa (ALRS.MM) owns 41%, currently holds a 50.5% stake in the Luele project.

Persons: Johanna Geron, Catoca, Paul Zimnisky, De Beers, Luele, Richard Chetwode, Zimnisky, Miguel Gomes, Polina Devitt, Felix Njini, David Evans Organizations: REUTERS, Rights, Reuters, Thomson Locations: Ukraine, Antwerp, Belgium, Rights LUANDA, Angola, U.S, China, India

But none made her feel more beautiful or purposeful as the pageant for people with albinism that was held this month in Zimbabwe's capital, Harare. “I can be that inspiration for young girls, especially those with albinism, to feel comfortable and beautiful in their own skin," Muhitu said. I don't feel shamed, I feel empowered," she said, shaking hands with people eager to congratulate her. The Mr. Albinism Southern Africa title was claimed by Zimbabwean Ntandoyenkosi Mnkandla, 26, a trainee paralegal. Muhitu, who received $250 for winning the Miss Albinism prize, commended the growing number of events that celebrate people with albinism in Africa.

Persons: Andreia Solange Sicato Muhitu, Muhitu, ” Muhitu, Brenda Mudzimu, ”, Mudzimu, Mnkandla Organizations: Human Rights, AP Locations: HARARE, Zimbabwe, Southern Africa, Angolan, Zimbabwe's, Harare, “, Africa, Malawi, Tanzania, Angola's, Cubango, Saharan Africa, North America, Europe, South Africa, Zambia, Mozambique, Angola, africa

☆ Analysis: Caught between riots and debt crises, African countries cut fuel subsidies
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +6 min

Senegal, like Nigeria and Angola, is removing costly fossil fuel subsidies – a move once considered politically unthinkable but which has become a necessity due to crushing debt, a spike in borrowing costs and high fuel prices. SHEER FISCAL NECESSITYNearly every country on earth has some fossil fuel subsidies, according to the Organisation for Economic Co-operation and Development (OECD). Now, high costs have effectively locked many out of international bond markets. According to the World Bank, almost half of the countries in sub-Saharan Africa are in or at high risk of debt distress. The World Bank estimates that subsidy removal, and scrapping foreign exchange controls, would save Nigeria some 21 trillion naira ($27.49 billion) from 2023 to 2025.

Persons: Abdoulaye Diallo, Diallo, Stanley Achonu, Goolam Ballim, Angola's, David Amaglobeli, Amaglobeli, Gregoire Garsous, Achonu, Karin Strohecker, Ngouda Dione, Hugh Lawson Organizations: ONE, LONDON, CFA, Global, International Energy Agency, Reuters Graphics, Organisation for Economic Co, Development, Standard Bank, World Bank, OECD, Bank, Christian, Thomson Locations: Africa, Nigeria, Senegal's, Dakar, Senegal, Angola, Ukraine, Russia, Johannesburg, China, Saharan Africa, Zambia, London, Brazzaville

☆ Nigeria to commission Dangote refinery, crude supply a concern
▼ + stars: | 2023-05-22 | by ( Macdonald Dzirutwe | ) www.reuters.com time to read: +3 min

Despite being Africa's biggest oil producer, Nigeria imports petrol, diesel and processed petroleum products because its refineries were run down over the years. The refinery needs a constant supply of crude but Nigeria's oil production has been declining due to oil theft, vandalism of pipelines and underinvestment. Lower production would affect state-owned oil company NNPC Ltd's ability to fulfil an agreement to supply Dangote refinery with 300,000 bpd of crude, said economist Kelvin Emmanuel, who authored a report on oil theft last year. "There are risks with supply of crude oil feedstock. Energy Aspects, however, said in the long run, the Dangote refinery could end Nigeria's gasoline deficit, reshape the Atlantic basin gasoline market and export diesel that meets European Union specifications.

WASHINGTON, April 13 (Reuters) - Angola's next sovereign debt issuance will be an ESG bond of up to $1 billion, its finance minister told Reuters on Thursday, but she added that the southern African oil producer's government would not tap the market this year. "We are open to get funding from whoever is interested to participate," she said. But any ESG issuance will be the first one for us, so we want to start with the hard work." "We are very cautious about the moment to step into the markets because we want to stabilise our debt," she said, noting the current challenging market conditions. Reporting by Leika Kihara; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Summary Oil prices near flat, after two days of lossesFed's Powell sets scene for higher and faster rate hikesUS crude stocks fall larger-than-expected - EIAMarch 9 (Reuters) - Oil prices were near flat on Thursday, as a larger-than-expected draw in U.S. crude stocks contended with worries that more aggressive U.S. interest rate rises would strain economic growth and therefore dent oil consumption. Brent crude futures had edged higher by 5 cents to $82.71 per barrel by 0103 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 5 cents to $76.71 a barrel. U.S. crude stocks fell 1.7 million barrels last week, government data showed, compared with analyst estimates for a build of 395,000. Industry data late Tuesday showed a decline in crude inventories for the first time after a 10-week build. U.S. gasoline stocks drew down by 1.1 million barrels, according to official data, less than the 1.8 million forecast, adding to demand concerns.

[1/4] U.S. Treasury Secretary Janet Yellen and South Africa's Finance Minister Enoch Godongwana attend bilateral talks, at the treasury offices in Pretoria, South Africa, January 26, 2023. Nevertheless Lavrov made a stopover after visiting South Africa, which his counterpart Thulisile Dladla described as a "profound honour." Eswatini relies on the United States for aid, but its absolute monarchy has suffered U.S. criticism on human rights. South Africa, alongside Russia and China, is pushing for a "multipolar" world in which geopolitical power is less concentrated around the United States. "It hasn't delivered the kind of benefits South Africa was hoping to get."

☆ Angolan court orders seizure of dos Santos's assets - Lusa news agency
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +1 min

Dos Santos has faced corruption accusations for years. In 2019, Angola's Supreme Court ordered the seizure of her assets for allegedly steering state funds to companies in which she held stakes during her father's presidency, including oil giant Sonangol. Dos Santos's father, Jose Eduardo dos Santos, died in July. A spokesperson for dos Santos did not immediately reply to a request for comment. The order comes after global police agency Interpol issued a red notice for dos Santos last month, asking global law enforcement authorities to locate and provisionally arrest her.

☆ Angola's dos Santos not aware of Interpol arrest warrant, representative says
▼ + stars: | 2022-11-19 | by ( ) www.reuters.com time to read: +2 min

In a statement sent to Reuters, dos Santos' official source said her lawyers had "consulted the Interpol database and, so far, there was no reference to the issuance of a warrant". Portugal's Lusa news agency reported on Friday that Interpol had issued a warrant after public prosecutors in Angola asked the agency to "locate, arrest" and extradite dos Santos. According to Friday's report by Lusa, the arrest warrant mentions dos Santos is often in Portugal, the United Kingdom and the United Arab Emirates. Authorities are aware of dos Santos' location, the official source said. Dos Santos' father, Jose Eduardo dos Santos, who died in July, ruled Angola for almost four decades until 2017.

☆ Interpol issues arrest warrant for Angola's Isabel dos Santos, Lusa reports
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +1 min

LISBON, Nov 18 (Reuters) - Global police agency Interpol has issued an international arrest warrant for Angolan billionaire and daughter of the country's former president Isabel dos Santos, Portugal's Lusa news agency reported on Friday. According to Lusa, citing an official document, the INTERPOL warrant was issued after Angola's public prosecutors requested the agency to "locate, arrest" and extradite dos Santos. INTERPOL and the public prosecutors did not immediately reply to Reuters' requests for comment. According to Lusa, the arrest warrant mentions the businesswoman is often in Portugal, the United Kingdom and the United Arab Emirates. Dos Santos' father, Jose Eduardo dos Santos, died in July this year and ruled Angola for almost four decades until 2017.

WASHINGTON/JOHANNESBURG, Oct 12 (Reuters) - Angola will keep cutting interest rates as long as inflation is kept low, central bank governor Jose De Lima Massano said on Wednesday, forecasting that inflation will fall to 16% this year and 9-10% by the end of 2023. "Today we have interest rates in Angola above 20%. And if we have room to keep on reducing them, we'll do it," De Lima Massano told Reuters on the sidelines of the IMF-World Bank Annual Meetings in Washington. Unlike most other central banks, Angola has started to lower interest rates, delivering a rate cut in September for the first time since 2019 by 50 basis points to 19.5%. "Our currency has found its equilibrium and we are not anticipating major appreciation or depreciation," De Lima Massano said.

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