2025-11-27 18:43
LONDON, Nov 27 (Reuters) - London's High Court lifted an injunction on Thursday preventing the sale of a South Sudanese crude oil cargo due to load in the coming days, after the claimant, commodities trader BB Energy, decided not to ask for the injunction to be continued. BB Energy said it will continue to pursue legal action against South Sudan over its alleged failure to deliver oil BB paid $142 million for in prepayment deals spanning 2024-2025, unless the country promptly resumes deliveries and repayments. Sign up here. BB Energy's representatives declined to ask for the injunction to be extended after reaching an agreement with representatives of rival trading firms Euro American and Meridian Energy Pte Ltd, which intervened over the injunction having purchased the oil cargo. "We have instructed our legal advisers not to seek an extension of the injunction at the return hearing, allowing the temporary order to lapse," BB Energy said in a statement. "We have agreed to work closely and cooperatively with the Ministry of Petroleum and the Ministry of Finance and hope to resolve our claims with South Sudan amicably." The case against debt-laden South Sudan highlights the risks commodity traders take when entering prefinance agreements to secure oil offtake. BB Energy's representatives said that a recent shake-up in South Sudan's government, where a new petroleum ministry undersecretary was appointed this week, meant it could engage more constructively with the government over the contracts. The High Court had awarded the injunction on Nov. 18, pending Thursday's return hearing, halting the sale of a 600,000-barrel cargo of Nile Blend crude oil due to load on Nov. 27, court documents showed. South Sudan awarded Euro American the cargo, which trader Meridian paid $30 million for, to then resell to Cathay Petroleum International Ltd, court documents showed. The cargo is now set to load on Dec. 4-6 after drone strikes in Sudan delayed loading operations, the documents showed. BB Energy said that South Sudan had failed to deliver cargoes due for loading in May, July and September under its prefinancing deal for five oil cargoes this year. South Sudan was not represented at the court hearing in London on Thursday. South Sudan's Ministry of Petroleum did not immediately respond to a request for comment. Euro American declined to comment. Meridian did not immediately respond to Reuters' request to comment, which was sent outside of its business hours in Asia. https://www.reuters.com/business/energy/uk-court-lifts-bb-energys-injunction-south-sudan-oil-cargo-allow-sale-2025-11-27/
2025-11-27 17:56
NAIROBI, Nov 27 (Reuters) - Small-scale farmers in Kenya sang and celebrated on Thursday after a court ruling secured their right to carry on the traditional practice of sharing local seeds. Kenya's High Court said that part of a law banning the practice was unconstitutional, a ruling that farmer Samuel Kioko called a "great victory". Sign up here. "It will be a relief for us farmers because we will be planting seeds that are familiar to us. We know where they come from, they are drought resistant and they have been in our lineage all along for many years," he said in Kenya's capital Nairobi after watching the court give the verdict online. Under the 2012 "Seed and Plant Varieties Act", anyone who saved uncertified seeds from their crops, then sold or shared them, could face fines or jail. The state-run Kenya Plant Health Inspectorate Service argues on its website the legislation was meant to guarantee seed quality and maximise yields. A group of smallholder farmers from across Kenya petitioned the High Court in 2022 asking it to declare that the parts of the law imposing those penalties were unconstitutional. A lawyer representing the farmers said the court in Machakos town, about 60 km (40 miles) southeast of the capital, had ruled the law did not treat farmers and commercial seed producers equally. Parts of the law "granted extensive proprietary rights to plant breeders and there was no corresponding right that was given to the farmers. So, it favoured big commercial and corporate interests over the rights of farmers," Wambugu Wanjohi from the Law Society of Kenya said. Campaign group Greenpeace called the ruling a victory for "food sovereignty". The verdict, it said, affirmed that "the ancient right of farmers to save and share seeds supersedes commercial interests, reshaping the legal balance of power between communities and agribusiness worldwide." https://www.reuters.com/sustainability/society-equity/kenyan-farmers-secure-right-share-local-seeds-court-ruling-2025-11-27/
2025-11-27 17:53
BRASILIA, Nov 27 (Reuters) - Brazil's economy created a net 85,147 formal jobs in October, data from the Labor Ministry showed on Thursday, below the 105,000 expected by economists in a Reuters poll. The net figure accounts for 2,271,460 jobs opened and 2,186,313 closed during the period, the ministry said. Sign up here. It was the lowest monthly net formal job creation since March, and the lowest for any October since the indicator's methodology changed in 2020, adjusted data showed. From January to October, 1,800,650 net jobs were created, down from 2,126,843 in the same period last year, according to the adjusted data. https://www.reuters.com/world/americas/brazil-creates-fewer-formal-jobs-than-expected-october-2025-11-27/
2025-11-27 16:53
HARARE, Nov 27 (Reuters) - Zimbabwe expects modest economic growth for 2026 compared with this year due to external headwinds, Finance Minister Mthuli Ncube said during a budget presentation on Thursday, as the country tries to recover from a severe drought and currency volatility. Gross domestic product this year is expected to grow to 6.6%, above an earlier forecast of 6%, Ncube told lawmakers in parliament. Growth should be boosted by a strong recovery in the agriculture and mining industries, after an El Nino-induced drought which dragged growth to 1.7% in 2024. Sign up here. But growth next year is seen at 5%, tempered by external challenges, Ncube said. "While this marks a moderate recovery, growth remains softer than expected due to persistent global headwinds, weak external demand, and energy deficits that are afflicting a few countries, and also due to financing constraints," Ncube said. The government is targeting a budget deficit of 0.2% of GDP in 2026, down from an anticipated 0.3% this year. Inflation, which currently sits at 19.0% year-on-year in November, is forecast to fall closer to 10% by year-end and reach single-digit levels by early 2026 due to exchange rate stability and stringent fiscal and monetary policies, Ncube added. "If this happens that will be the first time we achieve that kind of single-digit domestic inflation since 1997," he said. The International Monetary Fund said last month that it remains unable to provide financial support to Zimbabwe due to its arrears, but acknowledged progress in ongoing economic reforms as discussions continue over a potential staff-monitored program. Zimbabwe's total public debt stood at $23.4 billion as of the latest figures, with external debt accounting for $13.6 billion. "As part of implementation of the Arrears Clearance and Debt Resolution Process, government is in discussion with the IMF with a view to sign off a staff-monitored programme during the first quarter of 2026." https://www.reuters.com/world/africa/zimbabwe-sees-economic-growth-slowing-5-2026-66-this-year-headwinds-weigh-2025-11-27/
2025-11-27 16:52
HARARE, Nov 27 (Reuters) - Zimbabwe will hike royalties on gold producers as it moves to take advantage of recent record high bullion prices, a 2026 national budget speech showed on Thursday. As part of a raft of revenue measures aimed at boosting state income and supporting local industry, gold miners will pay a 10% royalty if prices exceed $2,501 per ounce, according to the document. Sign up here. Bullion has fallen 5% since hitting a record high of $4,381.21 on October 20, but has broadly traded above $4,000 an ounce. "In order to ensure the mining sector contributes a fair share of revenue to the Fiscus during periods of commodity price boom, as well as eliminate arbitrage between categories of miners, I propose to harmonise and review the royalty structure for all gold producers," Finance Minister Mthuli Ncube was quoted as saying in the speech. Zimbabwe largely relies on gold and tobacco exports for foreign exchange. Its biggest gold producers include Kuvimba Mining House, Padenga, Caledonia Mining Corporation and Rio Zim. https://www.reuters.com/world/africa/zimbabwe-hike-royalties-gold-producers-cash-recent-record-prices-2025-11-27/
2025-11-27 16:45
FRANKFURT, Nov 27 (Reuters) - German stock exchange operator Deutsche Boerse AG (DB1Gn.DE) , opens new tab said on Thursday it is in exclusive talks with Allfunds (ALLFG.AS) , opens new tab over an acquisition of the European fund trading platform. The German exchange operator added in a statement that Allfunds' board unanimously agreed to start exclusive discussions based on a non-binding offer of 8.80 euros ($10.20) per Allfunds share, made up of 4.30 euros in cash and 4.30 euros in new Deutsche Boerse shares plus a dividend of 0.20 euros. Sign up here. That equates to a value of approximately 4.7 billion euros. Before the offer was announced, Allfunds was valued at just under 4 billion euros on the stock exchange. However, Deutsche Boerse emphasized that the acquisition is not yet finalised. "A further announcement will be made as and when appropriate," the operator added in a statement. Allfunds shares, listed in Amsterdam, rose by more than 20%, to 8 euros, while Deutsche Boerse shares climbed almost 3% to 227.70 euros. Bloomberg was the first to report on Deutsche Boerse's interest in Allfunds. U.S. technology investor Hellman & Friedman and French bank BNP Paribas are the largest shareholders in the Anglo-Spanish company that went public in 2021. Talks between Hellman & Friedman and the financial investor CVC (CVC.AS) , opens new tab had previously failed due to differences over the price, according to the Bloomberg report. In recent years, the Swiss stock exchange SIX and the French exchange Euronext (ENX.PA) , opens new tab had expressed interest in acquiring Allfunds. However, Euronext withdrew its takeover bid of approximately 5.5 billion euros almost two years ago. ($1 = 0.8626 euros) https://www.reuters.com/business/deutsche-boerse-says-it-is-exclusive-talks-acquire-allfunds-2025-11-27/
