Category: 3. Business

  • Health concerns over Darlington plastic film recycling plant

    Health concerns over Darlington plastic film recycling plant

    Health concerns have been raised over plans to open the UK’s first plastic film recycling facility.

    Endolys Ltd announced plans to install pyrolysis oil production units at the former Cleveland Bridge site in Darlington, which it has taken over.

    Liberal Democrat campaigner Simon Thorley has launched a petition calling for plans to be halted, over concerns about the impact of a plant which “chemically breaks down plastic waste in the middle of our community”.

    A spokesman for Endolys said the process used diverted “materials away from incineration and landfill” and the appropriate environmental permits would be sought.

    Pyrolysis is a thermal decomposition process that can chemically break down plastic into its constituent oil and gas, the Local Democracy Reporting Service said.

    Mr Thorley, who previously stood as a Tees Valley mayoral candidate, said he did not believe this was a “simple, safe recycling plant”.

    “Google what a plastics pyrolysis plant does and make your own mind up,” he said.

    “I’ve made mine up, and we can’t allow it here.”

    Conservative Tees Valley mayor Ben Houchen disputed the claims and praised the impact the new facility would have on jobs and investment in the region.

    He said turning a disused site into “good quality jobs for local people” was “exactly the kind of project our area needs”.

    Endolys said plastic film was one of the most challenging plastic materials to recycle in the UK, with no current large-scale recycling facilities available and limited kerbside collection.

    The first phase of the development would see six units process 60,000 tonnes of shredded plastic film waste into 40,000 tonnes of pyrolysis oil each year.

    All of the film waste will be sourced from municipal waste facilities.

    A spokesman explained the process took place within “fully enclosed vessels and within a building”.

    They added: “It does not involve combustion and, in fact, diverts materials away from incineration and landfill, delivering an estimated 170,000 tonnes of CO2 savings per year.”

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  • Deadly multistate Listeria outbreak tied to prepared pasta meals expands

    Deadly multistate Listeria outbreak tied to prepared pasta meals expands

    KatarzynBialasiewicz / iStock

    Seven new illnesses and two additional deaths have been reported in multistate Listeria outbreak tied to prepared pasta meals, the Centers for Disease Control and Prevention (CDC) and Food and Drug Administration (FDA) said yesterday in updates.

    A total of 27 people in 18 states have been infected with the outbreak strain of Listeria monocytogenes, with 25 hospitalizations and 6 deaths. One pregnancy-associated infection resulted in fetal loss. Deaths have been reported in Hawaii, Illinois, Michigan, Oregon, Texas, and Utah.

    The illness-onset dates range from August 6, 2024, to October 16, 2025. Patient ages range from 4 to 92 years, with a median age of 74 years. Two thirds of patients are women.

    Infections linked to pre-cooked pasta

    The outbreak has been linked to prepared meals that include pre-cooked pasta made by Nate’s Fine Foods, which does not sell its products directly to consumers. On September 30, the company expanded its recall of certain lots of pre-cooked pasta after a sample of linguini collected from a frozen meal made by FreshRealm tested positive for the outbreak strain of Listeria. The strain matched one identified earlier in pasta from a FreshRealm chicken alfredo meal.

    According to the CDC, of the 13 people who have been interviewed by state and local public health officials, 7 reported eating precooked meals purchased from Walmart and Kroger, and 4 specifically reported chicken fettucine alfredo. Two people also reported eating deli salads from other stores.

    Among the products that have been recalled are Sprouts Farmers Market Smoked Mozzarella Pasta Salad, Scott & Jon’s Shrimp Scampi with Linguini Bowls, and Trader Joe’s Cajun Style Blackened Chicken Breast Fettucine Alfredo.

    “CDC and states are working to get information on whether sick people ate recalled food or if additional foods may be contaminated with Listeria monocytogenes,” the FDA said. “Consumers should double check their refrigerators and freezers for recalled foods.”

    The FDA said the company is working with the agency and its customers to determine if additional recalls are needed.

    Listeriosis primarily affects older people, young children, those with compromised immune systems, and pregnant women. In pregnant women, even mild illness can lead to miscarriage or stillbirth. 

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  • Rio Tinto and Canada Growth Fund announce transaction to advance Canadian production of scandium

    SOREL-TRACY, Québec — Rio Tinto and Canada Growth Fund Inc. (CGF) are pleased to announce a transaction to advance the Canadian production of scandium oxide in Sorel-Tracy, Québec at the facility under construction at Rio Tinto’s Critical Minerals and Metallurgical Complex. CGF will invest approximately C$25 million to support production at North America’s sole facility capable of supplying this material, expanding the facility’s nameplate capacity to nine tonnes per annum and strengthening Canada’s critical minerals supply chain.

    Scandium is a rare and strategically important metal, essential for high-performance aluminium alloys, solid oxide fuel cells, and a range of new and emerging technologies. Its significance lies in its role as an enabling element, enhancing the performance of materials and technologies beyond conventional limits. Scandium’s strategic importance will continue to grow as global industries advance toward electrification, carbon neutrality, and the utilization of high-performance materials. 

    Today, the global market for scandium remains small with China producing most refined scandium globally. Rio Tinto’s demonstration plant, which began production in 2022, currently accounts for the entirety of North American scandium supply and is one of the few meaningful sources of supply within the Organisation for Economic Co-operation and Development. Through the successful deployment of the demonstration plant, Rio Tinto is established a scalable, reliable, and sustainable source of scandium for North America. 

    Rio Tinto Iron and Titanium and Diamonds Managing Director Sophie Bergeron said: “Rio Tinto is pleased to partner with CGF and the Government of Canada to expand our Canadian production of scandium oxide, a high-performance material used for advanced manufacturing and energy generation. This project leverages an innovative process developed in Canada by our scientists, fully supplied from our domestic mining and metallurgical assets to provide a secure, North American supply of this critical mineral.”

    Canada Growth Fund Investment Management President and Chief Executive Officer Yannick Beaudoin said: “With its unique investment mandate, CGF invests into innovative transaction structures that directly support projects of strategic priorities. This transaction, completed alongside an established operating partner, enables us to unlock new models for risk-sharing and value creation that advance Canada’s supply chain resilience strategy. Our commitment to the Project demonstrates how targeted investment and disciplined structuring can deliver tangible benefits for the Canadian industry and economy.”

    PSP Investments President and Chief Executive Officer Deborah K. Orida said: “We are delighted to bring PSP Investments’ rigorous investment process, depth of expertise and arm’s length governance model to the execution of CGF’s mandate. With today’s announcement, CGF continues to provide innovative solutions that enable the development of important projects, improving Canada’s investment climate, and contributing to PSP’s foresight on the evolution of the critical minerals supply chain.” 

    Rio Tinto has pioneered a breakthrough process to extract and produce high-purity scandium directly from the waste streams of titanium dioxide production at its Rio Tinto Iron and Titanium — Québec operations, eliminating the need for additional mining and minimizing environmental impact. Recognized as a critical mineral by Canada, the United States, Australia, and other jurisdictions, scandium is globally dispersed yet typically occurs in very small concentrations, intricately bound with other minerals and metals, rendering its extraction and refinement both technically challenging and cost prohibitive. 

    It is the most effective known microalloying element for strengthening aluminium, imparting enhanced flexibility, heat and corrosion resistance, and reduced weight, attributes that confer strategic advantages for defense platforms and lightweight vehicle manufacturing. Its unique properties also elevate the performance of solid oxide fuel cells, which are increasingly deployed as alternative power solutions for buildings, medical facilities, and data centers.

    Transaction Highlights

    • CGF’s investment of approximately C$25 million will be made through an equity-like financial royalty structure.
    • In connection with this investment, the Government of Canada (GoC) has agreed to enter into two commercial agreements with the Project and Rio Tinto:
    1. An offtake agreement with Rio Tinto whereby the GoC commits to purchase a volume of scandium;
    2. A marketing and storage agreement, under which Rio Tinto will assist with marketing and storing the scandium on behalf of the GoC.

     

     Contacts 

    Please direct all enquiries to media.enquiries@riotinto.com 

    Media Relations, Canada

    Simon Letendre 
    M +1 514 796 4973 

    Rio Tinto plc 

    6 St James’s Square 
    London SW1Y 4AD 
    United Kingdom 
    T +44 20 7781 2000 

    Registered in England 
    No. 719885

    Rio Tinto Limited 

    Level 43, 120 Collins Street 
    Melbourne 3000 
    Australia 
    T +61 3 9283 3333 

    Registered in Australia 
    ABN 96 004 458 404   

    Category: RTFT


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  • Africa takes lead in emerging market rally as ‘real’ assets attract investors

    Africa takes lead in emerging market rally as ‘real’ assets attract investors

    Unlock the Editor’s Digest for free

    Africa’s stocks, bonds and currencies are leading the hottest streak for emerging markets in years after record metals prices, a weaker US dollar and painful economic and currency reforms paid off for the continent’s investors.

    South African, Nigerian, Kenyan and Moroccan stocks have returned at least 40 per cent this year in US dollar terms, ahead of a 31 per cent dollar gain for an MSCI emerging-market share gauge that is itself the strongest since 2017.

    This year’s $5tn boost in the MSCI benchmark’s market value to $26tn has been dominated by Asian chipmaker and technology shares as part of the global frenzy for artificial intelligence stocks.

    Yet the rising concentration of these bets has led some investors to call for diversifying into markets that were on the global sidelines for most of the past decade, but which boast old-fashioned, emerging-market exposure to commodity, consumer and banking stocks.

    “You have really had a new dawn for Africa, with the main tailwind being strong commodity prices” along with the fading of a series of defaults and devaluations since 2022, said James Johnstone, co-head of emerging and frontier markets at Redwheel.

    “We think that the world is very fully invested in digital assets and the diversification that comes from real assets [such as African commodity stocks] is becoming a more important part of people’s portfolios,” Johnstone said.

    The biggest overall percentage gains have been in smaller African markets that were grappling with financial collapse and runaway inflation just a few years ago, and this year faced US trade barriers and the withdrawal of aid.

    Ghana’s and Zambia’s stock markets have more than doubled in US dollar terms as prices for gold and copper, their biggest exports, hit records this year and lifted their recovery from debt defaults earlier this decade.

    Farouk Miah, investment manager at All Africa Partners, a London-based asset manager, said: “The global market is seeing that these markets are putting in place reforms that are yielding results and translating to stable FX and equities doing well.”

    The Ghanaian cedi, Zambian kwacha and Congolese franc are up by a quarter to a third against the dollar this year in spot terms, behind only the Russian rouble in global currency rankings. Annual inflation in Zambia fell to the lowest in more than two years this month, at just below 12 per cent, while Ghana’s inflation rate has dropped into single digits.

    The Nigerian naira has been stable for more than a year after wild oscillations to record lows last year, following two devaluations that plunged its value more than 70 per cent against the dollar.

    The dollar debts of African governments have also rallied this year with most now trading at yields of less than 10 per cent, a level that makes new borrowing prohibitively expensive.

    Kenya and Angola recently sold bonds to refinance debts that had looked difficult to roll over last year. Senegal is the biggest quandary for debt investors, as the West African nation is in talks with the IMF over the fallout from a hidden loan scandal, with its bond yields at about 13 per cent.

    South African and Nigerian domestic government bonds have outperformed the 16 per cent gain in a JPMorgan index of local currency emerging-market debt this year that has also been the best in years.

    South Africa and Nigeria were removed from the Financial Action Task Force’s money laundering so-called “grey list” last month, a relief for banks and investors on top of other structural reforms in both countries.

    The yield on South Africa’s 10-year rand debt has fallen from more than 11 per cent at the peak of April’s global tariff panic to less than 9 per cent, the lowest since 2018. Investors have bet the country’s central bank will succeed in lowering an official inflation target to 3 per cent from the current 3 per cent to 6 per cent, which some estimate could eventually anchor yields much lower than at present.

    African stock markets have ridden high on past commodity booms only to fall back again, epitomised by Nigeria over the past decade.

    Despite this year’s strong performances, Johnstone at Redwheel said the number of global funds dedicated to African markets had fallen in recent years, with the “vast majority” of this year’s activity being driven by local investors. They have shifted cash from high-yielding domestic bonds into stocks such as banks that remain valued at low multiples, he said.

    “You have seen a very dramatic rise in some of these stock markets, but they remain dramatically cheap and dramatically under-owned” by global investors, he said.

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  • Bitcoin breaks October streak with first monthly loss since 2018 – Reuters

    1. Bitcoin breaks October streak with first monthly loss since 2018  Reuters
    2. Bitcoin Price (BTC) Analysis: $88K Now on the Table  CoinDesk
    3. Bitcoin, XRP Fall to End Bad Month for Cryptos. What Comes Next.  MSN
    4. “Uptober” Never Arrived for Bitcoin. Will “Moonvember” Be Better?  24/7 Wall St.
    5. Bitcoin Updates Today: A New Wave of Whales Brings Volatility to the Bitcoin Market  Bitget

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  • Airtel Africa, C&C Group, Ultimate Products

    Airtel Africa, C&C Group, Ultimate Products

    Scale matters for telecoms companies. Competitive pricing and heavy spending on network infrastructure means tight margins, and London’s big three telecoms companies, BT, Vodafone and Airtel Africa, all face the same pressure to build vast customer bases.

    Partly for historical reasons, and with a fixed-line infrastructure to manage and develop, BT’s focus has largely remained on its home market. In recent years it has invested billions rolling out new-generation fibre broadband, a project that is finally nearing completion. 

    Its mobile-focused rival Vodafone, however, has never been tied down by any such obligations and has instead channelled its energy into international expansion. This strategy has left it with a strong presence in Europe and Africa, where it first established a presence around three decades ago.

    Africa has since become a key engine of growth, delivering 20 per cent of Vodafone’s group revenues. The company is one of the continent’s largest telecommunications providers, along with rival Airtel Africa. It has the edge on Vodafone in Africa with customer numbers there approaching 170mn.

    Both Vodafone and Airtel have followed the demographics. Africa has a young, growing population and a relatively under-developed internet infrastructure that means a high reliance on smartphones and soaring demand for data and phone-based payment services.

    These latter two segments in particular represent promising areas of growth and both businesses offer mobile based payment platforms enabling secure financial transactions by phone. Vodafone’s money transfer business accounts for almost 30 per cent of its African revenues and is growing fast.

    Airtel’s mobile money platform is also a high-growth, high-margin division. So much so that management, which holds the majority of the shares, intends to float it as a standalone company. But investors should note that without the mobile money business, Airtel Africa’s revenue growth is likely to slow considerably. 


    HOLD: Airtel Africa (AAF)

    The market responded positively to Airtel Africa’s half-year figures, which detailed a surge in net profits, up from $79mn (£59.4mn) to $376mn, writes Mark Robinson.

    The Africa-focused telecoms group revealed that the planned IPO of its Airtel Money unit remains on track for the first half of next year.

    Airtel saw growth in its customer base across all segments, with an overall increase equivalent to 11 per cent. Mobile services revenue grew by 23.1 per cent in constant currency. 

    Cost efficiency savings contributed to a one-third increase in cash profits to $1.45bn and an accompanying 30 basis point increase in the underlying margin to 48.5 per cent.

    Citi gives an enterprise value/ebitda ratio of 5.5 times, falling to 4.6 times in 2027. 

    Beyond the solid financials, Airtel marked a year of strong operational progress, as evidenced by expanding fibre infrastructure and 5G capabilities. The group’s forward rating is undemanding relative to peers, but the hefty debt pile, questions over the Airtel Money spin-off and a limited free float keep us on the sidelines.


    BUY: C&C Group (CCR)

    C&C Group joined the ranks of consumer goods companies that have flagged a difficult market backdrop on interim results day, writes Erin Withey

    While revenues at the Dublin-based company dropped slightly, the owner of the Tennents lager and Magners cider brands reported an otherwise resilient set of half-year numbers, having managed to reduce operating costs by €43mn (£37.7mn) for the period.

    The board reaffirmed its intention to distribute €150mn to shareholders through dividends and buybacks by 2027. The company also announced that a further €15mn share buyback programme was completed in September. This was underpinned by strong free cash flow, which showed a marked improvement from €12mn at the previous half-year to €35mn.  

    The shares are trading on 12.5 times forward earnings according to FactSet, which presents a slight discount to the group’s historic five-year average. With good cash conversion and a solid grip on cost discipline, we are cautiously optimistic about long-term prospects.

    Line chart of Share price, pence showing C&C Group

    HOLD: Ultimate Products (ULTP)

    The housewares group behind Salter is battling weaker sales, writes Valeria Martinez.

    Ultimate Products has cut its dividend by half after profits fell sharply, hit by slower sales from the end of the air fryer boom. The maker of Salter kitchenware and Beldray home appliances said adjusted ebitda declined by 31 per cent to £13mn in the year to July 31, as margins were squeezed by higher shipping and labour costs and a shift in sales mix.

    Revenue fell 3 per cent to £150mn, with the air fryer category down 32 per cent. Core branded sales have barely grown, edging from £110mn to £112mn over the past three years. Management is focusing on building brand equity, with its own labels making up 81 per cent of total revenue. Excluding air fryers and clearance sales, turnover rose 6 per cent and international sales jumped 20 per cent.

    The shares have more than halved over the past year and now trade at just 7.8 times earnings, below their five-year average. A commitment to own-brand sales should be positive in the long term, but with no near-term catalyst for a consumer rebound, the shares look fairly priced.

    Line chart of Share price, pence showing Ultimate Products

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  • ‘Fast becoming the AWS of Crypto financial infrastructure’

    ‘Fast becoming the AWS of Crypto financial infrastructure’

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  • Linde stock slips despite an earnings beat — why we’re maintaining our rating

    Linde stock slips despite an earnings beat — why we’re maintaining our rating

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  • UniCredit Renewal Risk Weighs on Amundi Credit Profile; IDR Unaffected – Fitch Ratings

    1. UniCredit Renewal Risk Weighs on Amundi Credit Profile; IDR Unaffected  Fitch Ratings
    2. BNP Paribas €190mn receivables fraud linked to ‘new entries, low collateralisation’  Global Trade Review (GTR)
    3. UniCredit and divorce from Amundi, Nova at the center of new strategy  MarketScreener
    4. Key facts: Italy revises bank merger rules; UniCredit seeks to end ties with Amundi  TradingView
    5. UniCredit to pull client funds from Amundi by mid-2027  Yahoo Finance

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  • Amgen Breaks Ground on $600 Million Center for Science and Innovation in Thousand Oaks, Calif.

    Amgen Breaks Ground on $600 Million Center for Science and Innovation in Thousand Oaks, Calif.

    Amgen executives and local members of the community recently gathered at the company’s global headquarters in Thousand Oaks, Calif., to celebrate the groundbreaking of a new state-of-the-art center for science and innovation. The $600 million investment, announced in September 2025, will bring together researchers, engineers and scientists across disciplines to enhance collaboration and accelerate the discovery of life-changing therapeutics for patients with serious diseases.

    “Today’s groundbreaking is a marker of what comes next in our mission to serve patients,” said Amgen CEO Bob Bradway at the event. “With the first shovel in the ground we’re reaffirming something essential: We discover here, we manufacture here, we deliver for patients from Thousand Oaks to all around the world.”

    Since 2017, Amgen has invested more than $40 billion in U.S. manufacturing and R&D, including nearly $5 billion in domestic capital projects. In addition to this expansion in California, Amgen has recently announced investments in North Carolina, Ohio, and Puerto Rico. The enactment of pro-growth tax policies has further facilitated Amgen’s ability to invest domestically in cutting-edge science and manufacturing.

    Continued Innovation, More Jobs in Thousand Oaks

    Amgen was founded in Thousand Oaks, a nearby suburb of Los Angeles, more than 45 years ago. The company has made meaningful contributions to the local community in the form of employee volunteerism and philanthropic donations. It has also grown to become a global leader in the development, manufacture and delivery of biologic medicines to help fight some of the world’s toughest diseases. This latest expansion will bring innovation, highly skilled jobs, and a strong community presence to Thousand Oaks and Greater Los Angeles.

    The groundbreaking event was attended by Thousand Oaks Mayor David Newman, Ventura County Supervisor Jeff Gorell and City Manager Drew Powers, along with other local policy and business leaders, as well as patient advocates who shared their appreciation for Amgen’s commitment to life-changing innovation.

    “As a global leader in biotech, Amgen could locate anywhere on the planet, but it chose Thousand Oaks,” Mayor Newman said. “This is the kind of high-value, innovation-driven investment that defines our city’s economic future.”

    “The $600 million expansion of the Amgen center for science and innovation is more than investing in jobs and economic growth,” said County Supervisor Jeff Gorell. “It represents a renewed commitment by Amgen to this community and a powerful step forward in their extraordinary life-saving mission.”

    Building Towards the Future

    The new center for science and innovation will integrate teams from both Research & Development and Process Development to foster a seamless transition from drug discovery to commercial manufacturing, accelerating the delivery of transformative therapies to patients.

    “The vision for this building is very much the way we work here at Amgen, where chemists, biologists, physicians, patients, patient advocates and manufacturing operators all work together to reimagine solutions to some of the toughest diseases,” said Jay Bradner, executive vice president of R&D at Amgen, describing a space that bridges science and engineering in meaningful ways.

    Esteban Santos, executive vice president of Operations at Amgen, added: “This investment in science and innovation furthers the promise of Amgen’s commitment to the Thousand Oaks community, as well as for the patients we serve around the world.”

    The flexible, future-ready facility will incorporate advanced automation and digital capabilities, empowering researchers, scientists, and engineers to collaborate more efficiently and push the boundaries of science. It will also meet LEED Gold standards, reflecting Amgen’s dedication to sustainability and environmental stewardship.

    Upon completion, the facility will be the most sustainable building on Amgen’s Thousand Oaks campus.

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