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S Africa's ANC, DA agree to form government

  • : Coal, Crude oil, Metals, Oil products
  • 24/06/14

South Africa's African National Congress (ANC) and Democratic Alliance (DA) political parties today agreed to form a government while the first sitting of the new parliament was underway.

The agreement, which includes the Inkatha Freedom Party (IFP), paves the way for ANC leader Cyril Ramaphosa to be re-elected president. The parties will assume various positions in government broadly in proportion to their share of seats.

The government of national unity (GNU) agreement is the result of two weeks of intense negotiations after the ANC lost its long-held majority in the national election on 29 May. It secured 40.2pc of the vote, and the centre-right, pro-market DA retained its position as the official opposition with 21.8pc.

The deal scuppers the possibility of an alliance between the ANC and the two largest left-wing parties, MK (uMkhonto weSizwe) and the Economic Freedom Fighters (EFF), which credit ratings agency Fitch warned could pose risks to macroeconomic stability.

MK party unseated the EFF in the election to come third, winning 14.6pc of the vote. The EFF secured 9.5pc, and the IFP came a distant fifth with 3.85pc.

The MK and EFF are populist parties that campaigned on agendas including wide-scale land expropriation without compensation, nationalisation of economic assets — including mines, the central bank and large banks and insurers — halting fiscal consolidation and aggressively increasing social grants.

The GNU parties agreed the new administration should focus on rapid economic growth, job creation, infrastructure development and fiscal sustainability. Other priorities include building a professional, merit-based and non-partisan public service, as well as strengthening law enforcement agencies to address crime and corruption.

Through a national dialogue that will include civil society, labour and business, parties will seek to develop a national social compact to enable South Africa to meet its developmental goals, they said.

The GNU will take decisions in accordance with the established practice of consensus, but where no consensus is possible a principle of sufficient consensus will apply.


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25/02/19

Low water likely to persist at St Louis into March

Low water likely to persist at St Louis into March

Houston, 19 February (Argus) — Low water conditions are expected to persist at St Louis through March, causing barge loading issues for both carriers and shippers. Minimal precipitation coupled with increased ice formation along the harbor decreased water levels to -3.3ft on 19 February at St Louis, according to the National Weather Service (NWS). Some terminals at the harbor have been unable to load and unload barges because of the low water. Carriers expect this to become a larger issue when barges carrying northbound products reach St Louis in March. Although low water has been an issue at the harbor since early January, more barge carriers and shippers began to prepare for slipping water levels when grain barge movement picked up later that month. Some barge carriers have reduced the amount of product placed in barges in order to keep drafts from dipping below 9.6ft this week. Low water levels are anticipated to remain through 4 March, which may hinder barge loadings and increase delays at St Louis. St Louis has received less than an inch of rainfall over the past seven days, according to the NWS. There has been even less precipitation upriver in the Northern Plains over the past week. Larger ice formations have appeared in the harbor on account of freezing conditions. The city of St Louis is under winter weather advisory, and is forecast to receive 1-3in of snow between 18-19 February, according to NWS. By Meghan Yoyotte Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Trump asserts power over independent agencies


25/02/19
25/02/19

Trump asserts power over independent agencies

Washington, 19 February (Argus) — President Donald Trump has signed an executive order that claims to give him sweeping control over the budgets, policies and regulations of independent US agencies that oversee the energy sector, financial markets, trade and transportation. The order seeks to give the White House unprecedented control over the US Federal Energy Regulatory Commission (FERC), the US Commodity Futures Trading Commission (CFTC), the US Securities and Exchange Commission (SEC) and more than a dozen other independent agencies. Trump's order asserts that "so-called independent agencies" lack sufficient accountability and should be brought under his direct control. "For the federal government to be truly accountable to the American people, officials who wield vast executive power must be supervised and controlled by the people's elected president," according to the executive order, which was signed on Tuesday. FERC, the CFTC and the SEC did not respond to a request for comment. Trump's order would all but end years of attempts by the US Congress to shield agencies that oversee energy markets, trading, finance, maritime trade, railroads, and other businesses from excessive political influence. Congress made those agencies independent — often with a bipartisan board serving years-long terms — to ensure a degree of independence when agencies resolve business disputes, set market rules and issue new regulations. In Trump's first term, FERC's commissioners and Republican chairman rejected the administration's plan to push through market rules to bail out coal and nuclear power plants, based partly on the concerns that doing so would destabilize power markets and cost consumers billions of dollars. It remains unclear if the agency in the future could assert that degree of independence under the order. Trump's order would give the White House the ability to control independent agency budgets and require the appointment of a White House "liaison" in each agency. The order would require agency chairs to align their policies with the White House, subject all significant regulations to review by the administration, and would establish "performance standards" for agency leaders. The order provides an exception for the US Federal Reserve for monetary policy, but the agency's budget and its regulatory actions would come under White House control. Other agencies also covered by the executive order include the US Surface Transportation Board, the US Federal Trade Commission, the US Chemical Safety Board, the US Export-Import Bank, the US Federal Maritime Commission and the US National Transportation Safety Board. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Investor group urges BP to allow new climate vote


25/02/19
25/02/19

Investor group urges BP to allow new climate vote

London, 19 February (Argus) — A group of 46 BP institutional investors has voiced concerns that the company may ditch a target to reduce its oil and gas production to 2mn b/d of oil equivalent (boe/d) by the end of the decade, urging a new shareholder vote be allowed on its net-zero strategy. The letter's signatories include several UK and European pension fund managers and other investors, including Aegon, Investec and Robeco. It comes ahead of BP's capital markets day on 26 February, when the company has said it will "fundamentally reset" its strategy. The group calls on BP to give another opportunity to vote on its net-zero plans at its 2025 annual general meeting, pointing out that shareholders in 2022 endorsed a BP plan to cut hydrocarbon production by 40pc, to 1.5mn boe/d, by 2030. That achieved 88.5pc support from shareholders, but the group of investors behind the letter note that nine months later BP revised upwards its target for 2030 to 2mn boe/d. BP's output averaged 2.36mn boe/d in 2024. The investors are now concerned that increased spending by BP on oil and gas output, due to subsequent strategy tweaks, will raise "potential exposure to stranded assets as the energy transition progresses." The letter notes there is opportunity for BP to explain how emissions budgets in Paris Agreement-aligned scenarios are considered in the sanctioning of new projects. "Showing where projects will sit on the global merit curve of producing assets would also allow investors to assess the relative competitiveness and resilience of BP's portfolio and capital expenditure," it states. In a statement to Argus a signatory to the letter, Royal London Asset Management, said it recognised BP's past efforts toward the energy transition but it is "concerned about the company's continued investment in fossil fuel expansion. "If BP has decided to scrap its production target, we seek clarity on how capital allocation will shift to ensure resilience through the energy transition," it said. "Will BP scale up investments in renewable energy, carbon capture, and emerging technologies to future-proof the business against regulatory, market, and climate risks?" Royal London urged BP "to strengthen governance and transparency around transition planning, ensuring that future capex decisions align with a net-zero pathway rather than locking in further emissions growth." It added: "Robust oversight and clear long-term strategies are essential to delivering value while managing the risks of an accelerating energy transition." A BP spokesman said the company had received the letter and "will respond in due course." Environmental pressure group Greenpeace said BP can expect this kind of pushback and challenge from its shareholders "at every turn if it doubles down on fossil fuels". "Government policies will also need to prioritise renewable power, and as extreme weather puts pressure on insurance models policymakers will be looking to fossil fuel profits as a way to fund extreme weather recovery," Greenpeace said. "BP might want to seriously put the brakes on this U-turn." Earlier this month BP's shares jumped on media reports that activist hedge fund Elliott Investment Management was building a stake in the UK major. Investment bank analysts that follow BP expect Elliott to attempt to bring about a boardroom shake-up as it has at other resources companies, including at Canadian oil sands business Suncor Energy in 2022. By Jon Mainwaring Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Steelinvest, Delong establish JV for exports


25/02/19
25/02/19

Steelinvest, Delong establish JV for exports

London, 19 February (Argus) — Steel trader Steelinvest and Chinese producer Delong Steel have established a joint venture (JV) to market mill export sales. The venture, Ziming SG Global, will be located in Dubai and headed by Fred Hayrapet of Steelinvest Group. The company will focus on semi-finished and finished steel across long and flat products. Hayrapet told Argus the company will focus on markets where Chinese steel is welcomed, in response to a question on the increasing trade barriers facing the country's exports. The JV aims to scale up to 5mn t/yr of exports over time. Delong has a production capacity of 30mn t/yr across 11 mills, five of which are fully integrated, and intends to "increase the export efficiency and global marketing" of its production through the organisation. It also holds a majority stake in Indonesia's Dexin Steel Group, which has recently started exporting hot-rolled coil into some major markets, such as Europe, as well as slab. Steelinvest currently markets more than 3.5mn t/yr of steel and raw materials. By Colin Richardson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

France still net gasoline importer despite export rise


25/02/19
25/02/19

France still net gasoline importer despite export rise

Barcelona, 19 February (Argus) — French gasoline exports increased last year, driven by a rise in shipments to other parts of Europe and west Africa. Domestic gasoline output also went up, in line with a lighter crude slate, but the country remained a net importer. According to latest customs data, exports — including unfinished, 95 Ron and 98 Ron grades — rose to just over 1.9mn t last year (45,000 b/d), up by 29pc compared with 2023. Exports of 98 Ron were 160,000t, the highest in the last 13 years, supported by shipments to other EU countries. Unfinished gasoline exports were 1.65mn t, with an increase in volumes headed to west Africa, although this was lower than unfinished exports in 2021 and 2022. France shifted to being a net importer of gasoline in 2021, hampered by curtailed refinery availability during the Covid-19 pandemic, and it has remained so ever since. The country imported 2.7mn t of gasoline last year — most of it short-haul shipments arriving from Belgium, the Netherlands and Germany. This left net imports at just over 800,000t, compared with 1.05mn t in 2023. Rising domestic demand has supported both imports and domestic refinery output. Demand was around 11.1mn t last year, according to data from domestic fuels association Ufip, 7pc higher than 2023 and the highest in the last 12 years, boosted by consumers buying more gasoline and gasoline-hybrid vehicles and fewer diesel-run cars and vans. Car maker federation the CCFA said last year that diesel cars and light vans took a 7.3pc share of the French market while gasoline and hybrid vehicles took a combined 72pc, the same share that diesel vehicles held back in 2012. Apparent domestic gasoline output — assessed by Argus using demand, import, export and stocks data — was close to 10.5mn t last year, 10pc higher than 2023. This was the highest level of production since 2017, when France had more refining capacity. But in 2017 France exported over 40pc of its output, whereas last year it was under 20pc. The rise in domestic gasoline production was underpinned by a lighter and sweeter crude slate. France is no longer importing any sanctioned Russian Urals and is taking far less Saudi Arab Light. It is replacing these medium sour grades with light sweet US WTI, which was the most popular crude grade among French refineries last year. By Adam Porter French gasoline mn t Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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