DIRS.INFO The most relevant business & tech news

☆ South Africans call for holiday as they revel in World Cup success
▼ + stars: | 2023-10-29 | by ( Nick Said | ) www.reuters.com time to read: +3 min

[1/4] Rugby Union - Rugby World Cup 2023 - Final - South Africa fans watch New Zealand v South Africa - Cape Town, South Africa - October 28, 2023 Fans celebrate in Cape Town after South Africa win the world cup final REUTERS/Esa Alexander TPX IMAGES OF THE DAY Acquire Licensing RightsCAPE TOWN, Oct 29 (Reuters) - South Africans woke up in a jubilant mood and with some sore heads on Sunday, basking in the glory of back-to-back Rugby World Cup wins following their nail-biting 12-11 victory over old foes New Zealand in the 2023 final in Paris. Their record fourth World Cup victory from the eight tournaments they have played was won the hard way, and with no shortage of good fortune. "I think in the last World Cup (in 2019) we were quite ignorant about the game but this time we are all united. I think South Africa obviously had the power over New Zealand in the game." "Siya Kolisi and the 2023 World Cup champions have gifted us an extraordinary and inspiring national achievement that lifts our hearts and hoists our flag even higher."

Persons: Esa Alexander TPX, Johannesburg’s Nelson, Siya Kolisi, Zealand's Richie McCaw, Kolisi, Siya, Tshidiso Mnisi, Cyril Ramaphosa, Hendrick Ngobeni, Ramaphosa, Nick Said, Bhargav Acharya, Rachel Savage, William Mallard Organizations: Rugby Union, Rugby, New Zealand, South, Rugby World, Springboks, Sandile Ntu, Springbok, Thomson Locations: Africa, New, South Africa, Cape Town , South Africa, Cape Town, Paris, Rugby, Zwide

☆ Inflation to dog world economy next year, postponing rate cuts: Reuters poll
▼ + stars: | 2023-10-27 | by ( Hari Kishan | ) www.reuters.com time to read: +4 min

Despite broad success in bringing inflation down from its highs - the easier bit - prices are still rising faster than most central banks would prefer and hitting their inflation targets is likely to be tough. The Reserve Bank of New Zealand, which often leads the interest rate cycle, was also forecast to wait until July-September 2024 before cutting. The majority backing no cuts until the second half of 2024 has also grown stronger for the Reserve Bank of Australia, Bank Indonesia and the Reserve Bank of India. Even the Bank of Japan, the outlier sticking to ultra-loose policy through this entire round of inflation, is now expected to abandon negative interest rates next year. Crucially, most economists agree the first easing steps will not be the beginning of a rapid series of cuts.

Persons: Sarah Silbiger, Christine Lagarde, Douglas Porter, it's, Nathan Sheets, Hari Kishan, Ross Finley, Tomasz Janowski Organizations: El Progreso Market, Washington , D.C, REUTERS, Reuters, U.S . Federal Reserve, European Central Bank, ECB, Fed, BMO, Reserve Bank of New, Reserve Bank of Australia, Bank, Reserve Bank of India, Bank of Japan, Citi, Thomson Locations: Mount Pleasant, Washington ,, BENGALURU, Reserve Bank of New Zealand, Bank Indonesia, Bengaluru, Buenos Aires, Cairo, Istanbul, Johannesburg, London, Shanghai, Tokyo

☆ South African violist tackles legacy of alcohol payments to labourers
▼ + stars: | 2023-10-26 | by ( Thando Hlophe | ) www.reuters.com time to read: +3 min

South African violist, Lynn "Daphne" Rudolph, who uses music and art to explore the painful legacy of how labourers at wineries in the Western Cape province were for centuries given wine as part of their payment, looks on during a rehearsal at an arts venue in Johannesburg, South Africa, October 13, 2023. Rudolph created and performed in a show called "Dop is my Taal", which means "Alcohol is my Language" in Afrikaans, at an arts venue in Johannesburg. The show involved Daphne playing music she had composed, interspersed with excerpts from the South African national anthem, while another musician performed using beer bottles, domino pieces and thimbles -- objects associated with the daily lives of farm labourers. Audience members at the performance of "Dop is my Taal" said the work had articulated uncomfortable truths and given expression to a part of South African society that sometimes feels marginalised. "I love the fact that she's taking upon herself to do a work that speaks for so many other voices."

Persons: Lynn, Daphne, Rudolph, Lynn Rudolph, Kelly, Eve Koopman, Julia Zenzie Burnham, Thando Hlophe, Tannur Anders, Estelle Shirbon, Aurora Ellis Organizations: REUTERS, South African, Thomson Locations: Western Cape, Johannesburg, South Africa, JOHANNESBURG

JOURNEY STARTSIron-flow batteries were developed decades ago but have yet to be deployed as a grid-scale energy storage solution. ESI Managing Director Stuart Parry believes iron-flow batteries are an idea whose "time has come." Parry doesn't see iron-flow batteries replacing lithium-ion units, rather they are complementary with lithium batteries able to arbitrage power prices by acting rapidly, while iron-flow units are more likely to act as baseload firming for the grid when renewables tail off. Parry also says iron-flow batteries work out about a third cheaper than lithium ion units when looking at the cost on a MWh basis. On the surface, iron-flow batteries seem like a solid solution to how to run an electricity grid dominated by variable renewables.

Persons: Stuart Parry, Parry, Lincoln Organizations: Stanwell Corp, Energy Storage Industries Asia, Reuters, Thomson Locations: Greenough, Walkaway, Perth, Australia, LAUNCESTON, Queensland, Rockhampton

Zambia was the first African country to default in the COVID-19 era, in late 2020, but its restructuring process has been beset by delays. International bondholders also complained they were left out of the process, which started with drawn-out negotiations with bilateral creditors including China. Zambia's three international bonds rose sharply after the announcement, adding as much as 3.9 cents on the dollar, Tradeweb and MarketAxess data showed. The committee of bondholders owns or controls 40% of the outstanding bonds, Zambia's finance ministry added. Earlier this month, Zambia agreed a memorandum of understanding with its official creditors, including China and members of the Paris Club of creditor nations, to restructure about $6.3 billion of debt.

Persons: Situmbeko Musokotwane, Susana Vera, amortization, Rachel Savage, Karin Strohecker, Bhargav Acharya, David Holmes Organizations: Zambia's, International Monetary Fund, World Bank, REUTERS, IMF, Bondholder, Amia, Amundi, RBC BlueBay Asset Management, Farallon Capital Management, Greylock Capital Management, Paris Club, Thomson Locations: Marrakech, Morocco, JOHANNESBURG, Zambia, China, Rosario

☆ The best places — and best times — to take a safari
▼ + stars: | 2023-10-25 | by ( Harriet Akinyi | ) www.cnbc.com time to read: +8 min

KenyaFor more than 25 years, professional safari guide Geoff Mayes has taken tourists to the best parks in Africa. Amboseli National Park, a UNESCO World Heritage Site, is known for its massive elephant population and spectacular views of Mount Kilimanjaro. In those three, one can track mountain gorillas in Mgahinga National Park and Bwindi Impenetrable National Park. Another park to consider is the Kidepo Valley National Park, with its sweeping plains and valleys overshadowed by the brooding Mount Morungole. ZimbabweApart from the renowned Hwange National Park, I have also visited Matobo National Park, which has a wide diversity of fauna and plenty of white rhinos.

Persons: I've, revel, Harriet Akinyi, Geoff Mayes, Mara —, Masaai Mara, Mara, you'll, Barack Obama, It's, Luis Davilla, There's, Kruger, Addo, Nogaya, Jason Edwards, Dennis Kahungu, Christopher Kidd, Photodisc, Weaver, Clair, Nxai, Patrick J, Cecil Rhodes, Westend61 Organizations: Mara, Reserve, Kenya —, UNESCO, Heritage, Netflix, National Parks, Kruger, Park, Photodisc, Uganda Wildlife Authority, Queen Elizabeth, Lake, CNBC Travel, Getty, Nature, Kalahari Game Reserve, Kenya, Tourists Locations: Africa, Mugie Conservancy, Kenya, Tanzania, South Africa, Uganda, Mozambique, Botswana, Zambia, Zimbabwe, Malawi, Namibia, Rwanda, Nairobi, Mount Kilimanjaro, Solio Conservancy, Africa Kenya, Johannesburg, iMfolozi, Addo, Uganda Uganda, Kyambura, Lake Mburo, Mburo, Ihema, Inti St, Botswana Botswana, Okavango, Matobo

☆ World Cup 2023: Previous World Cup finals
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +5 min

PARIS, Oct 25 (Reuters) - On Saturday, New Zealand take on South Africa in the 2023 Rugby World Cup final at the Stade de France, with both teams hoping to win a record fourth title. Mapimpi scored the first try in the 66th minute, becoming the first Springbok to score a try in a World Cup final, despite South Africa having won two previous titles. The teams had met in the pool stage with South Africa winning 36-0. Fullback Jonathan Webb scored two penalties for England, whose decision to ditch their forward-reliant tactics for an expansive running game backfired. 1987 - NEW ZEALAND 29 FRANCE 9 (AUCKLAND)The All Blacks laid down the marker in the first World Cup final, dominating from start to finish as flyhalf Grant Fox's kicking helped his team gain territory time and again.

Persons: Makazole, Cheslin Kolbe, Handre Pollard, Mapimpi, Richie McCaw, Flyhalf Dan Carter, Beauden Barrett's, Tony Woodcock, Stephen Donald, Percy Montgomery, Francois Steyn, Alain Rolland's, Mark Cueto, England's Jonny Wilkinson, Australia's Elton Flatley, Wilkinson, Matt Burke, Ben Tune, Owen Finegan, Nelson Mandela, Jonah Lomu, Joel Stransky's, Webb Ellis, Tony Daly, Michael Lynagh, Fullback Jonathan Webb, flyhalf Grant Fox's, Michael Jones, David Kirk, John Kirwan, Pierre Berbizier, Rohith Nair, Aadi Nair, Christian Radnedge Organizations: Stade de France, England, Springbok, South, Blacks, Wallabies, Springboks, South Africa, ZEALAND, Fullback, Fox, Thomson Locations: New Zealand, South Africa, ENGLAND, YOKOHAMA, Japan, AUSTRALIA, TWICKENHAM, FRANCE, AUCKLAND, France, PARIS, England, SYDNEY, CARDIFF, Australia, JOHANNESBURG, Bengaluru

☆ China willing to cooperate with US, manage differences - Xi
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

President of China Xi Jinping attends the plenary session during the 2023 BRICS Summit at the Sandton Convention Centre in Johannesburg, South Africa on August 23, 2023. GIANLUIGI GUERCIA/Pool via REUTERS/File Photo Acquire Licensing RightsBEIJING, Oct 25 (Reuters) - Chinese President Xi Jinping said on Wednesday that China is willing to cooperate with the United States as both sides manage their differences and work together to respond to global challenges, according to Chinese state media. Whether or not the United States and China could establish the "right" way of getting along would be crucial to the world, Xi said in a letter delivered at an annual dinner of New York-headquartered National Committee on United States-China Relations. Several top U.S. officials including U.S. State Secretary Antony Blinken met their Chinese counterparts in Beijing this summer. Reporting by Ryan Woo; Editing by Muralikumar Anantharaman and Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

Persons: China Xi Jinping, GIANLUIGI, Xi Jinping, Xi, Wang Yi, Joe Biden, Antony Blinken, Wang, Ryan Woo, Muralikumar Anantharaman, Raju Gopalakrishnan Organizations: Rights, United, China Relations, Economic Cooperation, U.S . State, Global Times, Thomson Locations: China, Sandton, Johannesburg, South Africa, Rights BEIJING, United States, New York, Washington, San Francisco, Asia, Beijing, Taiwan, South

NEW YORK (AP) — Palestinian artist Nida Sinnokrot, one of 18 artists receiving the 2023 Soros Arts Fellowships from the Open Society Foundations on Tuesday, says that art provides hope and resilience, even in the midst of war. This year's class of Soros Arts Fellows is the largest since the program launched in 2018. This is the launchpad of something new — a new realm of direct action in the arts.”Molemo Moiloa also plans to incorporate community action in her art project in Johannesburg, South Africa, for her Soros Arts fellowship. “One of the reasons I still feel hope is that there is powerful solidarity around the world that embraces this ethos,” he said. “And that’s what’s so amazing about this year’s (Soros Arts Fellows) and their communities.

Persons: Nida Sinnokrot, “, ”, Sinnokrot, Tatiana Mouarbes, George Soros, Alex — Mouarbes, Jordan Weber, ” “, Weber, ” Molemo Moiloa, Moiloa, Nelson Mandela's, we’ve, it’s, Fellows, Cannupa Hanska Luger, Carolina Caycedo, Chemi, Dalton Paula, Deborah Jack, Kenan Darwich, Sami Rustom, Ixchel Tonāntzin, Martha Atienza, Molemo Moiloa, Mónica de Miranda, Omar Berrada, Rijin Sahakian, Sari Dennise, Yto Barrada Organizations: Open, Massachusetts Institute, Technology’s, Technology, Soros Arts Fellows, Open Society, Culture, Society, Soros Arts, South, Soros, Fehras, Associated, Lilly Endowment Inc, AP Locations: Palestinian, York, ”, Detroit, Johannesburg, South Africa, Israel, Palestine, Guinea, Hidatsa, Lakota, United States, Carolina, Colombia, Puerto Rico, Brazil, St, Maarten, Syria, Germany, Philippines, Portugal, Morocco, Iraq, Mexico

The International Energy Agency (IEA) said in its World Energy Outlook 2023 report released on Tuesday that China is reaching an inflection point and its total energy demand is likely to peak around the middle of this decade. But the sheer scale of China's energy demand means that even though it's making vast strides to deploy renewables and electrify its vehicle fleet, it will still be consuming vast quantities of fossil fuels for decades to come. "In our scenarios, China's GDP growth averages just under 4% per year to 2030," the IEA said. "This results in its total energy demand peaking around the middle of this decade, with robust expansion of clean energy putting overall fossil fuel demand and emissions into decline." This means that from a climate change perspective, encouraging and supporting China's energy transition is probably the most meaningful goal that can be achieved.

Persons: it's, It's, Sam Holmes Organizations: International Energy Agency, Energy, IEA, Reuters, Thomson Locations: LAUNCESTON, Australia, China, Europe

Refiners also called on stockpiles in July, though, when refinery processing exceeded the total volume of available crude by 510,000 bpd. The inventory draws in September and July came as China's refiners boosted throughput to meet rising domestic demand and higher fuel exports. As well, a strong rally in global oil prices has lowered the incentive to keep crude imports at elevated levels. China total available crude vs refinery throughputIMPORTS DROPPING? China's crude imports were 11.13 million bpd in September, down 10.5% from August's 12.4 million bpd, according to customs data.

Persons: Refiners, China's, China doesn't, It's, LSEG, Tom Hogue Organizations: National Bureau of Statistics, Benchmark Brent, United, United Arab Emirates, Diesel, Reuters, Thomson Locations: LAUNCESTON, Australia, China, It's, OPEC, Saudi Arabia, United Arab, Asia

☆ Visa, Mastercard Want a Slice of Africa’s Mobile Money
▼ + stars: | 2023-10-19 | by ( Alexandra Wexler | ) www.wsj.com time to read: 1 min

JOHANNESBURG—African fintech companies have found creative ways to help the continent’s consumers spend their money. Traditional payments companies want in. Global payment giants, including Mastercard and Visa , are pouring billions of dollars into African companies that have powered a sharp expansion in e-commerce on the continent. Recent deals have focused on mobile-money operators, which allow users to send funds using simple cellphones, and platforms that facilitate such payments for merchants such as Uber Technologies , Netflix or Estée Lauder without relying on credit cards or bank accounts.

Persons: Lauder Organizations: Mastercard, Visa, Uber Technologies, Netflix Locations: JOHANNESBURG, Global

☆ Mercedes-Benz local boss urges South Africa to speed up EV shift
▼ + stars: | 2023-10-18 | by ( Promit Mukherjee | ) www.reuters.com time to read: +1 min

For South Africa as a whole, three quarters of its vehicle production is exported. At the same time, South Africa's policy paper on EVs is two years behind schedule. "The train (EV shift) is a global one, and it's leaving the station. If South Africa doesn't jump onto the train, it runs the risk of being left behind," Mark Raine, co-CEO Mercedes-Benz Cars South Africa, told Reuters in an interview. Specifically, South Africa will need to boost local demand by cutting the import tax for EVs, setting up large-scale EV charging stations and investing in skills needed for the new ecosystem that EVs bring, he said.

Persons: it's, Mark Raine, Mercedes, Raine, Promit Mukherjee, Barbara Lewis Organizations: Mercedes Benz Group AG, Mercedes, Benz, Reuters, Thomson Locations: JOHANNESBURG, South Africa, Africa, Europe

☆ South Africa says it discussed aid with Hamas leader, denies reports of support
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +2 min

Local publication News24 earlier reported a statement from Hamas that the group had received a call of support from South Africa's foreign minister. It said the Hamas statement did not name Pandor. South Africa's Foreign Minister Naledi Pandor attends a press conference as BRICS foreign ministers meet in Cape Town, South Africa, June 1, 2023. REUTERS/Nic Bothma/File Photo Acquire Licensing Rights"We do not have a bilateral relationship with Hamas... Support for the Palestinian struggle against occupation does not equate to support for Hamas," South African President Cyril Ramaphosa's spokesperson, Vincent Magwenya, said on X, the social media platform formerly known as Twitter. South Africa has long been an advocate for peace in the region, likening the plight of Palestinians to its own under an apartheid regime that ended in 1994.

Persons: Naledi Pandor, Ismail Haniyeh, Nic Bothma, Cyril Ramaphosa's, Vincent Magwenya, Israel, Tannur Anders, Bhargav, Nick Macfie Organizations: South African Foreign, government's Department of International Relations and Cooperation, South Africa's, REUTERS, Hamas, Twitter, Thomson Locations: JOHANNESBURG, South Africa, Gaza, Israel, South, Cape Town , South Africa, Africa, Israel's

☆ Amazon to launch online shopping service in South Africa in 2024
▼ + stars: | 2023-10-17 | by ( Nqobile Dludla | ) www.reuters.com time to read: +2 min

South Africa will be Amazon's 21st country with a local domain name-based website, challenging a slew of online retailers dominated mainly by Naspers' (NPNJn.J) Takealot.com. "The launch of Amazon.co.za in 2024 will provide independent sellers throughout the country an opportunity to rapidly launch, grow, and scale their businesses," Amazon said in a statement. The launch of its service comes at a time when South Africa has seen a sharp rise in online shopping after the pandemic created an opportunity for e-commerce to finally take hold, with retailers doubling down on investments in response. "I don't think their takeover of South Africa retail is a slam dunk," said Sasfin Wealth senior equity analyst Alec Abraham. While Amazon is expected to intensify competition with local online and traditional retailers, "the reality is that the consumer pie in South Africa is not growing," he said.

Persons: Naspers, Pascal, Alec Abraham, Mamongae Mahlare, Nqobile, Promit Mukherjee, Mark Potter Organizations: REUTERS, Sasfin Wealth, Amazon, Takealot, Reuters, Thomson Locations: Africa, JOHANNESBURG, South Africa, Egypt

☆ As oil prices rise, these global stocks are set to outperform: Bank of America
▼ + stars: | 2023-10-17 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +2 min

The ongoing conflict between Israel and Hamas has seen oil prices jump as investors consider the risk of wider geopolitical issues across the Middle East. These rising prices will benefit a number of stocks, according to Paulina Strzelinska, quant strategist at Bank of America. Outperformers when natural gas prices rise In a separate screen, Bank of America revealed its list of companies that tend to outperform when natural gas prices rise. Equinor is listed on both the Oslo Stock Exchange and Nasdaq, while Rio Tinto is listed on the London Stock Exchange and Australian Securities Exchange. Meanwhile Anglo American has a dual listing on the London Stock Exchange and Johannesburg Stock Exchange.

Persons: Paulina Strzelinska, Brent, Duncan Wanbald, — CNBC's Michael Bloom, Sam Meredith Organizations: Hamas, Bank of America, Bank, Boliden, Royce, Aegon, Galp Energia, Wolters Kluwer, London Stock Exchange, Oslo Stock Exchange, Nasdaq, Rio Tinto, Australian Securities Exchange, Johannesburg Stock Exchange, Reuters Locations: Israel, Europe, Antofagasta, Spanish, Portuguese, Dutch, Rio Tinto, Rio, American, Johannesburg

The decline has been driven by weakness in producing fuels such as gasoline and naphtha, even as the margin on middle distillates has performed strongly. The trend for refining in Asia is increasingly characterised by strong margins for middle distillates, which are enough to offset weakness in gasoline and even losses for naphtha. Asia's total exports were 7.4 million metric tons in September, equivalent to about 1.85 million bpd, according to data from LSEG. Data from commodity analysts Kpler is also far from convincing, with just 660,000 metric tons of diesel shipments from China so far in October. Effectively, Asia's refiners are happy to suffer weak margins on fuels such as gasoline and naphtha because the profits on middle distillates are so high.

Persons: it's, refiners, Robert Birsel Organizations: REUTERS, Rights, China, Reuters, Thomson Locations: Kolkata, India, Rights LAUNCESTON, Australia, Asia, Singapore, Dubai, OPEC, Saudi Arabia, China, Beijing

☆ South Africa to probe Meta, Google competition with news publishers
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +1 min

A 3D printed Facebook's new rebrand logo Meta is seen in front of displayed Google logo in this illustration taken on November 2, 2021. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsJOHANNESBURG, Oct 17 (Reuters) - South Africa's Competition Commission will investigate whether digital platforms like Meta (META.O) and Google (GOOGL.O) were unfairly competing with news publishers by using their content to generate ad revenue, it said on Tuesday. The Commission will be investigating among other things market features that may distort competition for advertising revenue between news media organisations and digital platforms, and whether these are affected by imbalances in bargaining power. The inquiry will include general search engines such as Alphabet's Google and Bing, social media platforms such as Meta and X, news aggregation platforms, video sharing platforms such as YouTube and TikTok, and ad networks such as Google Ads. It will also examine generative artificial intelligence such as OpenAI's ChatGPT and how it uses original news content in its output, the Commission added.

Persons: Dado Ruvic, Doris Tshepe, James Hodge, Nqobile Dludla, Josie Kao Organizations: REUTERS, Rights, Africa's, Google, YouTube, Thomson Locations: Rights JOHANNESBURG

The exception among major commodities was copper, where imports of the unwrought metal were up in September from August, but down from the year earlier month. Copper imports were 480,426 metric tons in September, up from August's 473,330, but down 5.8% from 509,954 in September last year. For the first nine months of 2023, unwrought copper imports were down 9.5% to 3.99 million metric tons. Crude oil imports were 11.13 million barrels per day (bpd) in September, down from August's 12.4 million bpd, although it's worth noting that August was third strongest month on record. IRON ORE, COALIron ore imports dropped to 101.18 million metric tons in October, down 4.9% from August's 106.42 million, but it's worth noting that August was the strongest month since October 2020.

Persons: Aly, China's, Lincoln Organizations: REUTERS, Rights, Reuters, Thomson Locations: Port, Shanghai, China, Rights LAUNCESTON, Australia, August's

☆ Belt and Road Forum: Beijing to host global gathering as Xi Jinping lays out China's vision
▼ + stars: | 2023-10-15 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +10 min

Russia’s Vladimir Putin, whose on-going assault on Ukraine is another major point of global instability and division, is expected to attend. The last time he was in Beijing was for the Winter Olympics opening ceremony in early 2022. Winning backing for China’s global leadership from a broad swath of developing and emerging economies is key to Xi’s strategy to push back against perceived international threats, analysts say. Overseas development finance from China’s two major development banks has also decreased significantly since a peak in 2016, the report’s data show. Ten years on, Chinese decision makers are becoming “more selective and more calculating” about the benefits of their financing, she said.

Persons: Xi Jinping, laud China’s, –, weren’t, Russia’s Vladimir Putin, ”, Craig Singleton, “, Kenya . Han Xu, Li Mingjiang, ” Jonathan Fulton, Luiz Inacio Lula da Silva, Cyril Ramaphosa, Narendra Modi, Sergei Lavrov, Alet Pretorius, ” It’s, Liang, Yun Sun Organizations: CNN, Global, Initiative, Foundation for Defense, Democracies, Getty, Communist Party, Hamas, Singapore’s Nanyang Technological University, Officials, Atlantic Council, Indian, Russia's, Boston University Global Development, Center, World Bank, Overseas, China’s National, Reform, China Program, Stimson Locations: China, Beijing, United States, Israel, Gaza, Ukraine, Ukraine’s, Washington, Kenya ., Xinhua, Russia, Moscow, China’s, Abu Dhabi, Fulton, Johannesburg, New Delhi, saddling

A stacker unloads iron ore onto a pile at a mine located in the Pilbara region of Western Australia December 2, 2013. China iron ore imports vs SGX priceIMPORTS SLIPThere are also signs that China's iron ore imports may soften in October, although that is most likely related to the week-long holidays at the start of the month. The last official reading on iron ore imports was August's customs figure of 106.42 million metric tons, which was the highest monthly total since October 2020. A further possible concern for iron ore imports is what policy China will adopt regarding steel production for the coming winter period. One possible bullish factor for iron ore is the continuing retreat of China's port inventories, which suggests scope to import more to boost stockpiles.

Persons: David Gray, doesn't, SteelHome, Sonali Paul Organizations: REUTERS, Rights, China, HK, Garden, JPMorgan, Reuters, Thomson Locations: Pilbara, Western Australia, Rights LAUNCESTON, Australia, Beijing, Singapore, China's, China

The usual seasonal pattern for the spot price is a rally heading into the northern winter and summer peak demand periods, followed by a lull in the shoulder seasons in between. This figure already exceeds the 20.22 million metric tons from October last year and is likely to be revised upwards as more cargoes are assessed. Demand in top importer Japan is still following the usual seasonal pattern, which generally sees soft arrivals in October followed by strength as the colder weather arrives. India's imports have been trending higher, with September arrivals of 2.15 million metric tons the most since October 2021. Europe's LNG imports are also showing signs of life, with Kpler estimating October arrivals at 8.58 million metric tons, up from 7.4 million in September.

Persons: Snow, Gary Cameron, Wheatstone, Lincoln Organizations: REUTERS, Rights, Japan, LNG, El, Chevron, Reuters, Thomson Locations: Lusby , Maryland, Rights LAUNCESTON, Australia, Asia, Ukraine, China, Japan, South Korea, Europe, EUROPE, El Nino, Western Australia, Israel, Persian, Qatar, United States

☆ Take Five: Volatile start to busy week
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +6 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 9 (Reuters) - Financial markets have got off to a volatile start to the week, after Hamas militants launched an assault on Israel at the weekend, triggering violent conflict that left hundreds dead. A bond market rout last week and currency gyrations already had financial markets on edge ahead of U.S. inflation numbers and the start of earnings season. Here's your week ahead in markets from Kevin Buckland in Tokyo, Lewis Krauskopf in New York, Rachel Savage in Johannesburg, and Naomi Rovnick and Dhara Ranasinghe in London. Amid these tensions, the IMF and World Bank are trying to boost their lending.

Persons: Brendan McDermid, gyrations, Kevin Buckland, Lewis Krauskopf, Rachel Savage, Naomi Rovnick, Wells, LSEG IBES, Rishi Sunak's, Sumanta Sen, Pasit, Vineet, Karin Strohecker, Kim Coghill Organizations: New York Stock Exchange, REUTERS, Financial, World Bank, International Monetary Fund, Labour, JPMorgan, Citigroup, PepsiCo, Delta Air Lines, UnitedHealth, Reuters, LABOUR, Conservative, Labour Party, MOROCCO Finance, Monetary Fund, U.S, Bretton Woods, IMF, Thomson Locations: New York City, U.S, Israel, Tokyo, New York, Johannesburg, London, Central, Morrocan, Marrakech, China

Smoke rises in the aftermath of rocket barrages that were launched from Gaza, in Ashkelon, Israel October 7, 2023. REUTERS/Amir Cohen/File Photo Acquire Licensing RightsLAUNCESTON, Australia, Oct 9 (Reuters) - Crude oil prices spiked higher in the wake of a massive Hamas attack on Israel, but the relatively modest increase masks the risk of an escalating Middle East conflict. These reactions from two key leaders in the Middle East underscore just how the Hamas attacks are likely to upend relationships in the Middle East. Overall, what the attacks by Hamas have likely achieved, for now at least, is place a pause on moves to normalise political relationships across the Middle East. There is no certainty as to how the current situation will play out, but uncertainty and heightened risks are likely bullish for crude oil prices.

Persons: Amir Cohen, Brent, Benjamin Netanyahu, Ebrahim Raisi, Joe Biden, Biden, Sonali Paul Organizations: REUTERS, Rights, Brent, Hamas, Gaza, United Arab Emirates, U.S, Reuters, Thomson Locations: Gaza, Ashkelon, Israel, Rights LAUNCESTON, Australia, Israeli, Iran, Saudi Arabia, IRAN, Tehran, East, U.S, Saudi, Russia

☆ S.Africa's first virtual renewable electricity transfer model to go live next year
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Siphiwe Sibeko/File Photo Acquire Licensing RightsJOHANNESBURG, Oct 6 (Reuters) - South Africa's first virtual electricity transfer model is likely to go live by end of next year, a top government official said on Friday, a move that could rapidly ramp up renewable power consumption and reduce the burden on ailing state utility Eskom. The utility in August signed an agreement with Vodacom (VODJ.J), the African telecoms arm of Vodafone (VOD.L), to introduce an electricity transfer model known as virtual wheeling, which will allow a consumer to buy renewable power from any producer anywhere in the country. This is expected to make power from large renewable producers available to smaller users such as standalone buildings, housing societies and factories. "What we're trying to resolve really is to ensure that we protect the South African economy from total collapse," Minister of Electricity Kgosientsho Ramokgopa said during a conference. Vodacom's South Africa Chief Executive Sitho Mdlalose told Reuters this would help it to run its 15,000 network sites on renewable power.

Persons: Sun, Siphiwe, Ramokgopa, Onicah Rantwane, Sitho Mdlalose, Nqobile, Promit Mukherjee, Kirsten Donovan Organizations: Kendal Power, REUTERS, Rights, Vodacom, Vodafone, Electricity, Eskom, Reuters, Thomson Locations: Kendal, Witbank, Mpumalanga, South Africa, Rights JOHANNESBURG

Search resuls for: "Johannesburg"

25 mentions found