2025-11-27 16:45
RABAt, Nov 27 (Reuters) - The African Development Bank (AfDB) and the European Investment Bank (EIB) signed a financing package worth $275 million to help Mauritania upgrade its main railway corridor. Under the agreement, the AfDB will contribute $150 million and the EIB $125 million to modernise the railway linking iron ore mines in Zouerate, in northeastern Mauritania, to the Atlantic port of Nouadhibou, the lenders said in a statement. Sign up here. The deal, guaranteed by the European Union, was signed on the sidelines of the Africa Investment Forum in Rabat, the statement added. The financing will enable Mauritania's national industrial and mining company (SNIM) to rehabilitate the existing railway and build 42 kilometres of new track to connect future mining sites at El Aouj and Atomai, it said. It will also allow SNIM, the country's largest employer, to acquire locomotives, wagons and maintenance equipment, it added. https://www.reuters.com/world/africa/afdb-eib-lend-mauritania-275-mln-railway-upgrade-2025-11-27/
2025-11-27 16:40
EU to launch full-scale probe into Spanish deal, source says European Commission could demand concessions for approval BRUSSELS, Nov 27 (Reuters) - (This Nov. 27 story has been corrected to clarify that the Barcelona terminal deal is separate from the wider bid by BlackRock and MSC for CK Hutchison's global port assets in paragraphs 1, 2 and 3; and to clarify that the larger bid is a separate deal in paragraphs 6, 7 and 8) BlackRock and MSC's bid for CK Hutchison's (0001.HK) , opens new tab terminal at Barcelona port faces a hurdle with EU antitrust regulators set to investigate the Spanish deal, a person with direct knowledge of the matter said on Thursday. Sign up here. The deal is separate from and predates BlackRock and MSC's bid for most of CK Hutchison's global port operations, Swiss-based MSC said. Hong Kong tycoon Li Ka-shing's CK Hutchison separately wants to sell its 80% holding in the $22.8 billion ports business, which encompasses 43 ports in 23 countries, a politically sensitive deal that has been caught up in China-U.S. tensions. The likely full-scale investigation by the European Commission, previously unreported, could see regulators demand concessions from BlackRock (BLK.N) , opens new tab and MSC in return for clearing the Spanish deal. The Commission declined to comment. BlackRock did not respond to several emailed requests for comment. CK Hutchison has interests in ports across Europe, including in Belgium, Poland and the Netherlands. It was not immediately clear if those other European parts of the global acquisition could also eventually come under scrutiny. The non-EU portions of the wider deal fall outside the EU's review jurisdiction. BARCELONA TERMINAL ACQUISITION UNDER EU SCRUTINY The overall wider package, which includes two ports along the strategically important Panama Canal, has become highly politicised between Washington and Beijing. The Spanish deal would see Terminal Investment Limited Holding (TiL), a unit of Switzerland-based MSC Mediterranean Shipping Company, and BlackRock acquire joint control of Hutchison's terminal at Barcelona port. The terminal can serve multiple mega-ships simultaneously and has an eight-track rail facility - making it the EU's largest rail terminal on the Mediterranean Sea - that connects the port with traffic to and from Southern Europe. TiL already operates a terminal at the Spanish port of Valencia. The European Commission, which acts as the EU competition enforcer, is set to open a full-scale investigation after its preliminary review of the deal ends on December 10, the person said. Full-scale EU investigations typically last around four months or longer and can lead to firms offering concessions including divestments to address competition concerns and secure regulatory approval. https://www.reuters.com/sustainability/boards-policy-regulation/msc-blackrock-bid-hutchisons-barcelona-terminal-faces-eu-probe-source-says-2025-11-27/
2025-11-27 16:19
Brazil unveils major operation targeting tax evasion, money laundering in the fuel sector Finance minister says scheme used U.S.-based firms, urges cooperation with Washington Authorities say the operation targets one of Brazil's largest tax debtors BRASILIA/RIO DE JANEIRO, Nov 27 (Reuters) - Brazil will seek U.S. cooperation in fighting organized crime in its fuel sector, Finance Minister Fernando Haddad said on Thursday, after a police operation flagged money laundering by Delaware-based firms to help one of the worst tax dodgers in the South American country. Haddad said the issue may be included in the bilateral agenda between Washington and Brasilia as they seek a wider trade deal after U.S. President Donald Trump began rolling back tariffs on some Brazilian goods. Sign up here. Brazil's government said U.S.-based firms are being used for money laundering and disguising foreign investments in Brazil. Haddad said he also raised with President Luiz Inacio Lula da Silva concerns about illegal U.S. weapons shipments. "We conveyed to President Lula the need to include in the negotiations, which are going well, the issue of money laundering and the illegal export of weapons to Brazil," he told reporters. Haddad said the government could show Washington how funds were being illegally funneled out of Brazil and present footage showing weapons arriving in Brazil in containers from the U.S. "This partnership is essential," the minister said. "If we want to stop drugs from reaching consumer markets there ... we need to crack down on crime in our own territory, and prevent heavy weapons from entering Brazil." REFINERY TARGETED The main target of Thursday's police operation was privately owned refinery Refit, sources told Reuters. Brazil's tax authority said the raid followed an August operation targeting billions of reais of money laundering and fraud in the fuel sector, including businesses linked to the First Capital Command, a major organized crime gang. Without naming the company, the federal revenue service said it was cracking down on one of Brazil's most delinquent taxpayers, which owes federal, state and local governments more than 26 billion reais ($4.9 billion). The revenue service said the group allegedly shifted 72 billion reais in a year through companies, funds and offshore entities to hide profits. In a statement, Refit said the firm is disputing the tax debt in court, and that it is not trying to hide revenue or engage in tax fraud. "We are closing in on those who, from the upper floors of Faria Lima or from their mansions in Miami and Europe, undermine public security in Brazil," tax revenue secretary Robinson Barreirinhas said at a press conference in Sao Paulo. He said Delaware firms exploited rules that exempt them from U.S. tax if they earn no local income, leaving them untaxed in both countries, a scheme often tied to money laundering. ($1 = 5.35 reais) https://www.reuters.com/world/americas/brazil-seeks-us-cooperation-money-laundering-probe-flags-delaware-firms-2025-11-27/
2025-11-27 12:40
MOSCOW, Nov 27 (Reuters) - Russia's central bank said on Thursday that central banks in emerging markets were buying gold to diversify their international reserves due to an attempt by the G7 to use billions of dollars of frozen Russian assets. On track for its biggest yearly rise since 1979, gold is up 59% so far this year after hitting a record high of $4,381 a troy ounce on October 20 on safe-haven demand driven by geopolitical tensions and U.S. tariff uncertainty. Sign up here. The central bank said that investor interest in gold was rising due to uncertainty about global growth. "At the same time, the precious metal is receiving additional support from steady demand from central banks in emerging market economies, which continue to diversify their international reserves amid discussions by the G7 on the use of frozen Russian assets," the central bank said. Of some $300 billion in frozen Russian assets, 210 billion euros ($243 billion) are held in Europe, of which 185 billion euros are in Euroclear, a Brussels-based central securities depository. Russia's gold and foreign exchange reserves stood at $734.1 billion as of Nov. 14. ($1 = 0.8630 euros) https://www.reuters.com/business/finance/russias-central-bank-says-gold-demand-driven-by-g7-attempt-get-moscows-frozen-2025-11-27/
2025-11-27 12:39
NAIROBI, Nov 27 (Reuters) - African currencies are expected to show mixed performance against the U.S. dollar in the coming week, with Kenya's shilling forecast to weaken, while Uganda's shilling and Zambia's kwacha are likely to strengthen. Nigeria's naira and Ghana's cedi are projected to remain relatively stable, even as they face demand pressures. Sign up here. KENYA Kenya's shilling is expected to ease slightly due on increased demand for dollars from the manufacturing sector. The shilling traded at 129.60/90 per dollar, compared with last Thursday's close of 129.55/95. NIGERIA Nigeria's naira is expected to hold steady next week despite a slight dip seen following a central bank decision to keep its main rate unchanged. The naira was quoted at 1,447 per dollar on the official market on Thursday, compared with 1,450 a week earlier. On the parallel market , the unit traded at around 1,475 per dollar. "We expect the naira to be stable, though this week's rate decision could trigger brief capital outflows and mild pressure on the currency as yields adjust lower. Overall, we see the unit holding firm in the near term," one trader said. GHANA Ghana's cedi is forecast to remain range-bound, supported by ongoing central bank activity and balanced flows, barring any emergence of fresh demand pressures. London Stock Exchange Group data showed the cedi trading at 11.20 to the dollar on Thursday. "The cedi has remained relatively stable, though it continues to show a mild depreciation bias as market demand outpace supply," said Ronald Mensah, trader Stanbic Bank Ghana. "The Central Bank's FX spot auctions remain heavily oversubscribed, but consistent intermediation and its commitment to meeting demand have helped anchor the currency at current levels," he added. Another trader said the cedi could lose grounds against the dollar in the week ahead on persistent demand. "Central bank auctions and mining sector inflows are expected to meet only a portion of the backlog of demand from portfolio investors and the real sectors," the trader added. UGANDA The Ugandan shilling is seen firming, buoyed by remittance flows from diaspora workers and end-month inflows from charities and commodity exporters. At 0945 GMT commercial banks quoted the shilling at 3,620/3,630, compared to last Thursday's close of 3,635/3,645. A Kampala-based independent foreign exchange trader said the market was receiving healthy seasonal inflows from Ugandan workers abroad sending cash for relatives for December festivities and additional flows from charities and exporters of commodities like coffee. "The local unit will get support from these flows," said the trader, who expects the unit to strengthen further to around 3,600 per dollar in the near term. ZAMBIA Zambia's kwacha is likely to maintain its strength next week, supported by rising copper prices, the country's primary source of foreign earnings. On Thursday, commercial banks quoted the currency of Africa's second-largest copper producer at 23.12 per dollar from 23.14 a week ago. "Multiple supportive factors are converging to lift copper prices, providing crucial tailwind for Zambia's currency given copper's dominance in the nation's export earnings," Access Bank (ACCESS.GH) , opens new tab said in a note. https://www.reuters.com/world/africa/africa-fx-kenyan-shilling-slip-african-currencies-diverge-next-week-2025-11-27/
2025-11-27 12:37
Urals discount to Brent up to 23% in November - cen bank Russia's oil output rises by October to 9.38 million bpd MOSCOW, Nov 27 (Reuters) - The discount on the price of Russia's Urals oil blend to global benchmark Brent widened by six percentage points this month to 23%, the Russian central bank said on Thursday in its review. The discount, though less severe than those seen after the initial wave of Western sanctions in 2022, reflect mounting pressure on Russian oil revenues - a critical lifeline for Moscow's budget. Sign up here. The United States last month imposed tough restrictions on Russian oil giants Lukoil (LKOH.MM) , opens new tab and Rosneft (ROSN.MM) , opens new tab. The central bank said the discount stood at close to 15% in the second and third quarters, reaching 17% in October. "We assume that the widening discount on Russian oil prices is a temporary phenomenon, as it was in 2023," Alexei Zabotkin, the central bank's deputy governor, said on Wednesday during a university lecture. He added that Russian oil exporters were able to diversify their supply routes and adjust to the "new reality" in 2023, when the discount narrowed by the middle of that year. Russia's oil and gas revenue may fall in November by 35%, according to Reuters calculations, due to a lower oil price and stronger rouble. The central bank also said that Russian oil output averaged 8.995 million barrels per day in the second quarter, rising to 9.38 million bpd by October after the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, embarked on unwinding previous voluntary production cuts. Despite the sanctions, Russia's oil exports from western ports remain near peak levels, supported by OPEC+ output allowances and domestic refinery outages caused by Ukrainian drone strikes. https://www.reuters.com/business/energy/russias-urals-oil-price-discount-widens-23-november-central-bank-says-2025-11-27/
