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Brazil’s inflation quickens to 4.63pc in October
Brazil’s inflation quickens to 4.63pc in October
Sao Paulo, 12 November (Argus) — Brazil's inflation accelerated to an annual 4.63pc in October, on broad-based gains led by higher food and beverage costs. The consumer price index IPCA accelerated from 4.58pc in September, national statistics agency IBGE said on Thursday. The latest move puts inflation above the central bank's target range of 1.50-4.5pc. Food and beverage costs increased to an annual 5.73pc in October, up from 4.66pc in September . Communication inflation increased to 3.68pc in October, from 2.79pc in September, driven by readjustments in internet access and mobile phone service plans. Transport costs decreased to an annual 3.20pc in October from 3.94pc in September, driven by a 9.21pc monthly decrease in airfares. Vehicle fuel inflation fell to 4.30pc from 4.97pc, as gasoline and vehicle natural gas prices fell, while diesel and ethanol prices rose. Housing inflation decelerated to an annual 4.01pc from 4.22pc a month earlier, pushed down by a 1.92 decrease in residential electricity prices and the green tariff flag that took effect this month, which carries no additional charges on electricity bills. Brazil's central bank expects inflation to end 2026 at 5pc, above its 1.5-4.5pc targeted range. Meanwhile, Brazil's central bank has paused its target rate to 13.75pc in November, driven by more restrictive monetary policy given the prolongation of armed conflicts, a lack of fiscal adjustment and financial markets' reactions to the re-election of Brazil's president Luiz Inacio Lula da Silva on 25 October. By Mariana Funchal Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Cop: Turkey calls on nations to step up on biogas
Cop: Turkey calls on nations to step up on biogas
Hamburg, 12 November (Argus) — Turkey launched a declaration at the UN Cop 31 climate summit in Antalya calling on governments to accelerate the development of biogas and biomethane to expand sustainable fuel use and reduce greenhouse gas emissions. Turkey is presiding over the summit this year in collaboration with Australia. The declaration, which was presented with the support from the UN Economic Commission for Europe (UNECE) and the European Biogas Association (EBA) is open for endorsement. It urges governments and industry to stimulate demand for biogases, improve access to finance, integrate biomethane into gas and transport markets and strengthen certification systems. Members of the United Biogas Alliance, including the biogas associations of Brazil, Canada, the US and Denmark, have already backed the declaration. The declaration comes a year after countries at Cop 30 backed the "Belem 4x" pledge to quadruple global sustainable fuel use by 2035 from 2024 levels. IEA analysis underpinning that pledge puts liquid and gaseous biofuels at around two-thirds of sustainable fuel demand by 2030, highlighting a major role for biogas and biomethane in the energy transition. Sustainable global biogas and biomethane production potential could reach almost 1,400bn m³/yr by 2050, equivalent to around a quarter of current global natural gas demand, according to Turkey's declaration. Around 80pc of that potential lies in emerging and developing economies, according to the IEA. The energy watchdog calculated that global biogas and biomethane production was just under 50bn m³/yr in 2023. Europe is the biggest producer of biogases, followed by China, the US and India. Wider deployment of biogas and biomethane can support climate goals, energy security and rural development by producing renewable gas, electricity and heat, according to the declaration. It could also help improve waste management and providing by-products such as organic fertiliser and biogenic CO2, it said. The declaration highlights biomethane's potential role in transport markets, calling for stronger integration into existing gas and transport infrastructure and the development of common methodologies and certification frameworks. "The launch of the Biogas Declaration at Cop 31 sends an important signal: a proven and readily available solution with significant global potential needs to be more firmly integrated into international climate and energy action," EBA chief executive Harmen Dekker said. Signatories plan to review progress ahead of Cop 32. By Svea Winter Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Ship owner interest in Jones Act waivers falls
Ship owner interest in Jones Act waivers falls
New York, 12 November (Argus) — Interest in Jones Act waiver trips by foreign vessel owners has decreased since mid-August when the new case-by-case review process was implemented, according to people familiar with the matter. The combination of increased scrutiny by the US Maritime Administration (MARAD), high international tanker rates and the clarification by US authorities that foreign vessels using the waiver would still be subject to US taxes, have lowered the use of Jones Act waivers by foreign shipowners. The US administration initially waived the Jones Act — which allows only US-flagged, US-owned and US-crewed vessels to carry US-to-US shipments — on 17 March on national security grounds, opening up domestic shipping to foreign vessels. The waiver has since been extended twice, first in May and again in August, with some additional oversight . The current waiver extension is slated to expire on 15 November, and domestic maritime interests called on US president Donald Trump last week to not renew it. The American Maritime Partnership (AMP) in its letter urging Trump to let the waiver lapse said increased review of waiver requests and the IRS clarifying that foreign vessels using Jones Act waivers would still be subject to US tax laws is reducing foreign vessel movement within US-US trades. A shipowner familiar with the matter told Argus that the tax issue was an important factor in preventing charterer interest in using spot foreign-flagged vessels for Jones Act trips. Shipowners are also keen to capitalize on the higher rates in the current tanker market. They are looking to put their ships on time charters, to lock in historically high earnings, rather than book single spot market Jones Act trips, which is also contributing to fewer international vessels using the waiver, according to a Jones Act shipowner. Case-by-case review process Starting in mid-August, the Jones Act waiver switched from an automatic blanket waiver to a case-by-case review in which MARAD consulted with the domestic maritime community to assess the availability of domestic vessels to carry a cargo before deciding to approve or deny a request. Out of 185 vessel availability requests sent by MARAD to the domestic maritime community since the start of the case-by-case review process, 41 requests were approved and 62 denied. The outcome of the remaining 79 requests is still pending, and an additional three requests were rescinded, according to a broker familiar with the matter. In its letter to Trump last week, AMP called the switch to the new process a step in the right direction while still noting that the waiver threatens investment in American shipyards, the revitalization of which has championed by the Trump administration. Denouncing the lack of transparency of the case-by-case waiver process, Aaron Smith, president of the Offshore Marine Service Association told Argus that going forward Jones Act waivers should only be made in a transparent manner and only when there is a true lack of US equipment and a genuine national defense need. The White House did not respond to multiple requests for comments from Argus on whether the Jones Act waiver would be extended or allowed to lapse. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Cop: France pushes for methane in summit decision
Cop: France pushes for methane in summit decision
Edinburgh, 12 November (Argus) — France has called on the UK, China, Brazil, Australia and other countries present at a high-level meeting on addressing methane emissions today to back language on the topic in the UN Cop 31 climate summit's final decision. Other countries taking part in the meeting included Turkey, Barbados, Norway and Germany. The EU was also at the table. Methane is a potent greenhouse gas and the second-largest contributor to global warming after CO2. It is widely seen as a 'low-hanging fruit' when it comes to actions to limit global temperature rises, but emissions keep on increasing. French climate minister Monique Barbut said today that Cop 31 must go beyond 'coalitions of the willing' on the topic and she welcomed the dual Australia-Turkey Cop presidency saying methane could be part of the summit's final decision. Barbut said a text should mention a level of ambition and a call on the immediate action to be taken, and should call on the oil and gas sector to reach near zero methane emissions intensity by 2030 as well as zero flaring. Barbados' prime minister Mia Amor Mottley, a strong advocate for methane emission cuts as a way to lower the rate of temperature rises, said actions from "the most efficient" oil and gas firms should be the gold standard. Major oil and gas companies that are part of the industry-led Oil and Gas Climate Initiative (OGCI) reduced their collective upstream methane intensity to 0.13pc in 2025, compared with 0.12pc a year earlier. Mottley said the world should move towards a legal agreement on methane emission reductions rather than voluntary approaches. "We need to plot out carefully what is the road to an international treaty," she said. "We need to ensure that countries that can, either through policy or legislation, constrain how oil and gas companies are operating" with respect to flaring gas and pipe leaks. Germany's state secretary at the environment ministry Heike Henn said regulations are a centrepiece of action on methane emission reduction. She pointed to the EU methane's regulation in the fossil fuel sector, which faces a one-year delay , saying it came under pressure because it is "a powerful tool". Fossil fuel producers Norway and Australia also called for more actions on reducing methane emissions. Norway's environment minister Sigrun Gjerlow Aasland said the country thinks oil and gas must be the first sector to show progress. Australian energy minister Chris Bowen, who leads the Cop 31 negotiations, said there are real economic opportunities when it comes to methane leaks and flaring reductions in the oil and gas industry. Bowen said today that Australia is supporting a methane declaration focused on the fossil fuel sector, which was started at Cop 30 in Brazil last year. The Cop 30 statement called "for stronger measurement and mitigation efforts to encourage wider adoption of near-zero methane principles and progress towards building, then scaling a near-zero methane intensity marketplace". The UK's climate minister Katie White called on countries to broaden the methane agenda to other sectors including agriculture and waste. Barbados' Mottley urged countries to tackle the topic in the agricultural sector. "We cannot leave it on the outside as a topic that we cannot touch," she said. By Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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