NAIROBI (Reuters) -Kenyan President William Ruto said on Thursday he had ordered the cancellation of a procurement process expected to hand control of the country’s main airport to India’s Adani Group following the indictment of the company’s founder in the United States.

Ruto said he had also directed the cancellation of a 30-year, $736-million public-private partnership deal the energy ministry had signed with a unit of the Adani Group last month to construct power transmission lines.

“”I have directed agencies within the ministry of transport and within the ministry of energy and petroleum to immediately cancel the ongoing procurement,” Ruto said in his state of the nation address, attributing the decision to “new information provided by investigative agencies and partner nations”.

U.S. authorities said on Wednesday that Gautam Adani, one of the world’s richest people, and seven other defendants agreed to pay about $265 million in bribes to Indian government officials.

Adani Group denied the allegations and said in a statement that it would seek “all possible legal recourse”.

Earlier on Thursday, Energy Minister Opiyo Wandayi had said there was no bribery or corruption involved in the award of the transmission lines contract.

The International Criminal Court (ICC) has issued arrest warrants for two Israeli officials, former Prime Minister Benjamin Netanyahu and Defense Minister Yoav Gallant, for alleged war crimes and crimes against humanity. The ICC’s Pre-Trial Chamber I announced the decision today, asserting jurisdiction over the State of Palestine and rejecting Israel’s challenges to the court’s authority.

The ICC’s ruling addressed two separate challenges submitted by Israel on September 26, 2024. The first contested the court’s jurisdiction over Israeli nationals, while the second requested a halt to proceedings and a new notification of investigation initiation. The chamber dismissed both challenges, stating that the court could exercise jurisdiction based on the territorial jurisdiction of Palestine and that a new notification was unnecessary as Israel had been informed of the investigation in 2021.

The warrants, which were initially kept secret to protect witnesses and the integrity of the investigation, were made public due to ongoing similar conduct and in the interest of victims and their families. The chamber found reasonable grounds to believe that Netanyahu and Gallant were responsible for the war crime of using starvation as a method of warfare and for crimes against humanity, including murder, persecution, and other inhumane acts against civilians in Gaza from at least October 8, 2023, to May 20, 2024.

The chamber’s decision highlighted that the alleged crimes were part of a widespread and systematic attack against the civilian population of Gaza, noting that the restrictions on humanitarian aid and essential goods were often conditional and insufficient to meet the needs of the population. The ICC also found grounds to believe that Netanyahu and Gallant failed to prevent or repress the commission of crimes or ensure proper investigation into the matters.

The warrants stem from a declaration by the State of Palestine accepting the ICC’s jurisdiction since June 13, 2014, and its accession to the Rome Statute in January 2015. The situation in the State of Palestine was referred to the ICC Prosecutor by Palestine in May 2018, with further referrals from several other countries in late 2023 and early 2024.

The ICC’s decision marks a significant move in the ongoing legal proceedings surrounding the situation in Palestine.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

BRUSSELS – New car registrations in the European Union saw a marginal increase of 1.1% in October 2024, with Spain and Germany experiencing growth while France and Italy faced declines. The European Automobile Manufacturers Association ( ACEA (BIT:ACE)) reported these figures, indicating a mixed performance across major markets.

Spain led the recovery with a 7.2% increase in new car registrations, and Germany followed with a 6% rise after three consecutive months of falling numbers. Contrasting these gains, France saw an 11.1% decrease, and Italy’s registrations dropped by 9.1%.

Despite the modest overall growth in October, the year-to-date figures for new car registrations across the EU remained relatively stable with a 0.7% increase, totaling 8.9 million units. Spain (+4.9%) and Italy (+0.9%) reported positive performance over the ten months, whereas France and Germany experienced declines of 2.7% and 0.4%, respectively.

Focusing on the electric vehicle market, battery-electric cars maintained a steady market share of 14.4% in October, but saw a 4.9% decrease in year-to-date volumes, with market share falling to 13.2% from 14% the previous year. Germany’s significant 26.6% drop in battery-electric car registrations was a major factor in this decline.

Plug-in hybrid registrations also decreased by 7.2% in October, with market share dipping to 7.7%, a 0.7 percentage point decrease from the prior year. France (-26.9%) and Italy (-24.9%) recorded considerable declines in this category.

On a positive note, registrations of hybrid-electric vehicles surged by 17.5% in October, with their market share climbing to 33.3%, surpassing petrol car registrations for the second consecutive month.

Petrol car sales, on the other hand, fell by 6.8% overall in October, with France experiencing the largest drop of 32.7%. Diesel car registrations also declined, resulting in a market share of 10.9%.

The ACEA’s report provides a snapshot of the current state of the European car market, reflecting a complex landscape of growth and decline across different segments and countries.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

BEIJING (Reuters) – China’s commerce ministry on Thursday announced a series of policy measures aimed at boosting the country’s foreign trade, including pledging to strengthen financing support to firms and expand exports of agricultural products.

With U.S. President-elect Donald Trump’s threat to impose tariffs in excess of 60% on all Chinese goods, which has rattled Chinese manufacturers and accelerated factory relocation to Southeast Asia and other regions, exporters in the world’s second-biggest economy are bracing for any trade disruptions.

Trade has been a rare bright spot in Chinese economy in recent months as tepid domestic demand and a property downturn have dragged on growth.

China will encourage financial institutions to provide more products to help firms improve their currency risk management, and to strengthen macro policy coordination to keep the yuan “reasonably stable”, the ministry said in a statement published online.

The country will also expand exports of agricultural products and support imports of core equipment and energy products, the statement said.

“(We will) guide and help firms to actively respond to unreasonable trade restrictions by other countries and create a good external environment for exports,” according to the statement.

A Reuters poll of economists showed on Thursday that the United States could impose nearly 40% tariffs on imports from China early next year, potentially slicing China’s growth by up to 1 percentage point.

In order to facilitate cross-border personnel exchanges, China will support business personnel from key trading partners to come to China, the ministry said.

The measures were earlier approved by China’s cabinet on November 8 at a meeting chaired by Premier Li Qiang, state media reported.

(Fixes day reference in lead paragraph.)

(Reuters) – The U.S. is more vulnerable to inflationary shocks than in the past, Federal Reserve Bank of Richmond President Tom Barkin said in an interview with the Financial Times published on Thursday. 

Barkin said he expected inflation to continue dropping across the U.S, while cautioning that businesses were passing on costs to consumers more readily than in the past. 

“We’re somewhat more vulnerable to cost shocks on the inflation side, whether they be wage-[related] or otherwise, than we might have been five years ago,” Barkin told the FT. 

FRANKFURT (Reuters) – Germany’s economy is facing deep and profound challenges that could push up corporate insolvencies, keeping default risk elevated next year, the Bundesbank said in a Financial Stability Report on Thursday.

Germany’s economy has been skirting a recession for most of the past year as weak export demand, surging energy costs and rising wages are compressing corporate margins, pushing the country’s vast industrial sector deep into recession.

“The German economy is still facing profound structural challenges that are weighing on the medium-term growth outlook,” the Bundesbank said.

This will likely shake out the corporate sector, especially since aggregate earnings have declined in almost every quarter since the end of 2022, the central bank said.

“A significant number of corporate insolvencies are likely next year given ongoing structural change and the continued economic weakness,” the Bundesbank said. “Default risk for non-financial corporations is likely to remain elevated in 2025… given ongoing structural change and the continued economic weakness.”

Insolvencies may be exacerbated by higher interest rates since refinancing needs will increase costs and could contribute to more defaults.

But household finances should remain sound since the labour market is robust and nominal wages are still rising, giving ordinary consumers a healthy financial buffer, the bank added.

Residential real estate prices have also stabilised and while properties are still somewhat overvalued, models suggest that the probability of sudden price drops have declined.

The outlook for commercial real estate is not as rosy, however.

“Commercial real estate prices did not fall any further in the first half of 2024, but the risk of additional significant drops in prices has increased compared with last year,” the Bundesbank added.

KIGALI (Reuters) -Rwanda’s central bank held its key interest rate at 6.5% on Thursday after cutting it at the last two rate decisions this year.

Governor John Rwangombwa told reporters that the decision was based on uncertainties in the performance of the agriculture sector and that the central bank felt its policy stance could keep inflation within its 3%-8% target range.

“We think for now (the rate) is good enough to maintain inflation within our band,” he told a news conference.

Annual inflation has remained under 6% this year and stood at 3.8% in October.

The decision follows a 50-basis-point cut to the National Bank of Rwanda’s Central Bank Rate in August, and a similar-sized cut in May.

Investing.com — Wall Street is seen trading lower Friday, weighed by disappointment from Nvidia’s guidance. Starbucks is potentially looking at options for its China business, while the chairman of the Adani Group has been indicted over bribery claims. 

1. Nvidia’s revenue forecast disappoints 

Nvidia (NASDAQ:NVDA) stock retreated in premarket trading Thursday after the AI darling’s projection of its slowest revenue growth in seven quarters, particularly as investors had been used to the world’s most valuable company blowing past all estimates.

Nvidia’s fourth-quarter forecast indicated the company’s revenue growth will slow to roughly 69.5% from 94% in the third-quarter. 

This raised questions over whether the artificial intelligence boom is waning. 

But Nvidia was at pains to point out that there was no shortage of companies eager to create new AI systems using its chips, but supply chain constraints would lead to demand for its chips exceeding supply for several quarters in fiscal 2026.

“Expect stock to churn near-term as investors digest lack of ‘sizzle’ but we continue to like the stock on its ‘substance’,” said analysts at Bank of America Securities, in a note.

Nvidia is in the middle of launching its powerful Blackwell family of AI chips, which will weigh on the company’s gross margins initially but improve over time.

“The key dynamic here is the transition to Blackwell – where demand was described as ‘staggering’,” said analysts at Morgan Stanley (NYSE:MS). “Blackwell constraints are likely to be a major factor for at least a year, but we continue to see a strong Blackwell cycle as a driver.” 

2. Futures slip lower on Nvidia concerns

US stock futures edged lower Thursday, weighed by disappointing guidance from tech giant Nvidia. 

By 03:50 ET (08:50 GMT), the Dow futures contract was down 60 points, or 0.1%, S&P 500 futures dropped 17 points, or 0.3%, and Nasdaq 100 futures fell by 82 points, or 0.4%.

Nvidia, which recently overtook Apple (NASDAQ:AAPL) to become the world’s most valuable listed company, issued a revenue forecast which indicated a slower pace of revenue growth than seen in prior quarters. It also flagged supply constraints, especially in its upcoming Blackwell line of next-generation AI chips. 

This relative weakness, given the high expectations, from such a highly-weighted company could set the tone for the markets for the rest of the week.

There are jobless claims data later in the session for investors to digest, while several Federal Reserve officials are also set to speak in the coming days. 

3. Adani Group chairman indicted over bribery scheme

Shares in the listed companies in India’s Adani Group plunged Thursday after its billionaire chairman Gautam Adani was indicted in a New York federal court over his suspected role in a $265 million bribery scheme.

The 62-year-old billionaire and the seven other defendants have been accused of paying substantial bribes to Indian government officials to secure solar energy contracts that could generate more than $2 billion in profits.

This resulted in the shares in the conglomerate’s listed companies tumbling between 10% and 20%, with Adani Enterprises (NS:ADEL) – the flagship listed unit of the conglomerate – dropping 10%.

An Adani Group spokesperson said the allegations are “baseless and denied.”

These allegations herald a fresh round of regulatory trouble for Adani, and come nearly two years after a short seller report from Hindenburg Research had accused Adani of similar schemes. 

The report had sparked scrutiny from U.S. and Indian regulators against Adani, although India’s securities regulator claimed to have found little wrongdoing.

Shares of companies under the Adani Group lost more than a combined $100 billion after the Hindenburg report in early-2023, but they had since recouped most of their losses. 

4. Starbucks mulls China business options

Starbucks (NASDAQ:SBUX) is considering options for its China business, including a potential stake sale, as it attempts to revitalize sales under new CEO Brian Niccol, according to a report.

The coffee chain has been in talks with advisers over how to grow its Chinese business, including potentially introducing a local partner, Bloomberg reported. 

China is Starbucks’ second-largest market after the US, but the company has faced heightened competition in the country over the past few years from other foreign entrants, as well as local offerings.

In addition to its China woes, the company has seen waning sales in the U.S., and turned to Niccol, previously with Mexican restaurant chain Chipotle Mexican Grill (NYSE:CMG), as its CEO earlier this year. 

5. Crude rise on heightened Russia/Ukraine tensions

Crude prices rose Thursday, buoyed by fears of supply disruptions stemming from worsening tensions in the Russia-Ukraine war, countering the impact from a bigger-than-expected increase in US inventories.

By 03:50 ET, the US crude futures (WTI) climbed 1.3% to $69.64 a barrel, while the Brent contract rose 1.2% to $73.66 a barrel.

Crude prices have advanced this week as the use of long-range US and UK weapons by Ukraine against Russia, something Moscow had warned for months would be seen as a major escalation.  

Still, overall gains were limited by concerns over slowing demand, especially as U.S. inventories grew more than expected, rising by 545,000 barrels to 430.3 million barrels in the week ended Nov. 15.

More worrying for oil markets was a nearly 2.1 mb build in gasoline inventories, which spurred some concerns that US fuel demand was cooling as the winter season approached.

(Reuters) – Sri Lanka’s consumer price inflation reached minus 0.7% year-on-year in October after easing to minus 0.2% in September, official data showed on Thursday, as the island nation continued its economic rebound. The National Consumer Price Index captures broad retail price inflation and is released with a lag of 21 days every month.

By Padraic Halpin and Amanda Ferguson

DUBLIN/BELFAST (Reuters) – Sinn Fein’s polling collapse from government-in-waiting to likely also-rans at an Irish election next week looks set to rob Irish nationalists of a potentially transformative moment in their pursuit of a united Ireland.

Earlier this year the party appeared on the brink of power in Dublin for the first time, placing it in government on both sides of the Irish border and ramping up preparations as it sought to force London to hold a referendum on a united Ireland within a decade.

But a fracturing of the party’s electoral coalition – in large part due to anger among traditional working class voters at its relatively liberal attitude to immigration – appears to have closed the path to power at the Nov. 29 election.

That could shelve – for the foreseeable future – Sinn Fein’s plans for an Irish government minister for reunification, unity planning by both a parliamentary committee and a citizens’ assembly and a “diplomatic offensive” to promote the goal at the United Nations and across the EU.

“An Irish government led by Sinn Fein would change the dynamics of this quite dramatically … Sinn Fein are an absolutely vital part,” said Colin Harvey, a human rights law professor at Queen’s University, Belfast, and board member of Ireland’s Future, a group that promotes debate around unity.

“But I think it’s essential to underline that this won’t be taken forward by any one political party. It needs to be a wide, broad and deep political and civic coalition.”

In campaigning in Dublin, there were precious few signs of such a coalition being built south of the border.

On a two-hour Sinn Fein canvass in one of its working class Dublin strongholds of Donaghmede – part of a constituency where it scored the highest vote of any party nationwide in the 2020 election – Reuters did not hear unity raised on one doorstep.

Instead unaffordable housing costs and under-resourced state services dominated discussions.

“It (Irish unity) has in the past been something me and my friends and people my age have spoken about, I don’t think with everything else going on right now it’s number one priority,” said 30-year-old teacher Deirdre Ní Chloscaí, walking by Dublin’s main thoroughfare of O’Connell Street.

LOW PRIORITY

While a commitment to Irish unity is a historical touchstone of Sinn Fein’s main rivals in the Republic, they have left the subject as little more than a footnote in their election manifestos.

Prime Minister Simon Harris’ Fine Gael devoted less than a page to Northern Ireland in its 124-page plan and favours a continuation of the outgoing coalition’s much more gradual path to unity – in part by investing some of Ireland’s huge budget surplus in Northern Ireland, where finances are more strained.

Harris’ main coalition partner, Fianna Fail, has gone a touch further, promising to engage with other parties on how potential proposals concerning unity could be developed and pledging to invest another 1 billion euros in cross-border projects.

An opinion poll on Sunday put Fine Gael and Fianna Fail on a combined 43%, suggesting they could again reach a majority with a third, smaller party. Both have ruled out governing with the left-wing Sinn Fein, who were on 18%.

That is a sharp change from a year ago when Sinn Fein was on course to be by far the largest party at 35%, and either bypass their centre-right rivals or leave little choice but for one of them to act as a junior partner.

UNDERLYING TRENDS

Sinn Fein insists that the only poll that matters is that on election day – and that irrespective of the result, broad trends are set to deliver a united Ireland.

“We have committed to putting the reunification question at the very heart of government,” Sinn Fein leader Mary Lou McDonald told Reuters. “But this is the direction of travel quite irrespective of who is in government.”

Despite the relative lack of interest, a large majority of voters south of the border support the ending of British rule in Northern Ireland in polls.

While polls show a comfortable majority in Northern Ireland favour remaining in the UK, the gap has narrowed slightly since Britain’s departure from the European Union put unity higher on the agenda in a region where a clear majority voted to remain in the EU with the Republic of Ireland.

Other trends have also steadily moved the dial in favour of unity, from Sinn Fein becoming the first nationalist party to lead the regional power-sharing government, to 2021 census data showing Catholics – who are more likely to support unity – outnumbered Protestants for the first time.

Under the terms of the 1998 Good Friday peace agreement, the British government is obliged call a referendum if it appears likely that a majority would back a united Ireland.

“The scale of change has been so profound, especially north of the border, that the truth is the question is now live,” McDonald said.