Automotive market registers growth higher than expected, driven by hybrid and electric models
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AutoPapo
autopapo.com.br

Automotive market registers growth higher than expected, driven by hybrid and electric models

The automotive sector celebrates accelerated sales growth this year. Anfavea now projects that 3.1 million vehicles, both light and heavy, will be sold by the end of the year, representing a significant increase of 15.2% compared to 2025. Even Fenabrave, known for its cautious projections, acknowledged that demand remains high, although final year data still needs review. One of the factors cited for these positive results is the considerable increase in the availability of electric, plug-in hybrid, and conventional models.

In the previous month, 281.4 thousand registrations were recorded, a level not seen since December 2014. To illustrate the market acceleration in 2026, Anfavea's initial estimates predicted a modest annual growth of 2.7%; however, it is now expected that 3.1 million units will be sold by the end of 2026.

Despite the general optimism, there are points of concern. While the market grew by 18%, domestic production only advanced by 9%. Records indicate that imports increased by 30.4% in the period from January to September 2026, compared to the same period last year. Chinese brands gained prominence, registering a growth of 106.4%.

Regarding local manufacturing, Igor Calvet, president of Anfavea, observed that much of this increase is due to vehicles arriving completely or partially disassembled from China, without utilizing the Brazilian auto parts chain and with little labor participation. Cesar Alarcon, president of Pirelli for Latin America, used a sports analogy when commenting to Jornal do Carro: 'We entered the field with three fewer players against imported Chinese tires.'

In another segment, the City, manufactured in Brazil since 2009, which was initially only a sedan, will arrive in the 2027 model year with a new RS hatchback version. This version has a price difference of R$ 2,100 compared to the Touring sedan. The visual modifications are concentrated on the front end, featuring new LED headlights and eliminating fog lights. On the more expensive versions, a thin illuminated strip connects the headlights. The bumpers also show differences between the hatchback and sedan versions. Laterally, there are no changes, except for the new 16-inch alloy wheels (although the entry-level version retains conventional 15-inch steel wheels with hubcaps). The rear also received renewed bumpers for both models.

The City RS is distinguished by its glossy black roof, mirror covers, and rear deflector (which is not a spoiler). The alloy wheels on this version have a darkened finish. Internally, it features an aluminum pedal set and a new 10-inch multimedia center with wireless mirroring and USB-C ports on the Touring and RS versions. A notable detail is that the volume can be adjusted by sliding two fingers vertically on the screen, and the mute function is activated with four fingers.

The semi-autonomous assistance system, named Sensing by Honda, was maintained starting from the intermediate EX version. This set includes autonomous emergency braking, a camera on the right rearview mirror, a wide-view front camera, adaptive cruise control with low-speed stop-and-go capability, lane departure mitigation, lane keeping assist, and automatic high beam switching.

From a mechanical point of view, there were no changes. The 1.5L flex engine, with naturally aspirated direct injection, delivers 126 hp (using ethanol or gasoline), with a minimal torque variation of 15.8 kgf·m with vegetable fuel and 15.5 kgf·m with petroleum derivative. In terms of consumption, it achieves 9.1 km/l in the city and 10.8 km/l on the highway with ethanol, and 12.9 km/l in the city and 15.3 km/l on the highway with gasoline. The transmission used in all cases is automatic CVT. Prices range between R$ 118,800 and R$ 157,500 for the hatchback, and between R$ 118,800 and R$ 156,400 for the sedan.

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Discussion on the feasibility of purchasing the iPhone Duo for around 50,000 Rands
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iol.co.za

Discussion on the feasibility of purchasing the iPhone Duo for around 50,000 Rands

Despite the high quality demonstrated by the iPhone Duo, the question arises about the advisability of spending an amount approaching 50,000 Rands on it. Rumor has it that the starting price of the device could reach this amount, making its purchase a difficult task amidst existing foldable competitors.

The iPhone Duo is likely to take leading positions in the foldable device market immediately after its release on October 16th. However, the main controversial point remains open: is it truly worth that much money? The main issue is that, according to rumors, the base model with 256 GB will cost no less than 50,000 Rands, which is a serious drawback at such a price level.

Exact local prices will be confirmed on the day of the official pre-order launch on October 16th. For comparison, the iPhone 18 Pro Max with 1 TB of storage is available for 45,699 Rands and features a significantly more advanced camera system.

The primary reason for such a high cost is novelty: the Duo represents a completely new form factor and marks Apple's long-awaited entry into the foldable gadget market.

As an alternative, the Samsung Galaxy Z Fold 8 starts from 40,999 Rands for the 256 GB version, which is a much more acceptable price for a niche foldable device. Considering that Samsung has been perfecting folding technology since 2019, this seems like a more reliable investment than betting on a first-generation product like the Duo.

Meanwhile, the Huawei Mate X7 is sold for 39,999 Rands while offering double the storage capacity—512 GB. When comparing the base model of the Duo with the most premium competitor offerings, comparable price categories are found. For instance, the Samsung Galaxy Z Fold 8 Ultra with 512 GB costs 50,999 Rands.

It is no secret that Apple often takes years to implement features that Android users have enjoyed for generations. Nevertheless, this patient and thoughtful approach is at the core of Apple's strategy. As a luxury brand, the company prefers to meticulously refine its hardware rather than rush the release of cutting-edge technology just to be first.

The philosophy of refined engineering is evident in the iPhone Duo. Observing the smooth animation transition of the software as the display expands from a standard smartphone interface into a canvas resembling an iPad Mini demonstrates a level of polish unmatched by other foldable devices on the market.

Naturally, such a high level of premium execution comes with a significant price tag. Ultimately, if money is not an absolute issue, the iPhone Duo remains a complex choice for the average buyer, at least in the author's opinion.

UK Overtakes China in Digital Gold Investments with Major ETF Purchase
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www.aajtak.in

UK Overtakes China in Digital Gold Investments with Major ETF Purchase

The UK surpassed China to become the largest source of investment in gold exchange-traded funds (ETFs) in 2026. This growing interest in precious metals is occurring amid concerns regarding inflation, government financing, and bond market instability.

According to data for September 2026, the net volume of investments in gold funds listed in the UK amounted to $9.5 billion from January to September. This figure slightly exceeded the $9.46 billion registered in Chinese-listed funds, indicating a greater inflow of capital into British gold ETFs compared to Chinese ones.

This shift followed a strong performance by listed funds in the UK during the third quarter. In this quarter, purchases totaling approximately $7.5 billion were made, equivalent to 54 tons of gold. This significant volume of purchases contributed to Europe making a record purchase of $13.64 billion during this quarter.

Thanks to high demand, investments in UK-listed funds grew continuously for 12 out of 13 weeks leading up to September 25, marking the most stable buying period since 2022. This suggests that investor interest was not limited to any single market event.

The World Council noted that establishing definitive reasons for the unusually strong inflow of investment into the UK is difficult. However, the increase in the term premium of government bonds is an indication that bond growth could cause problems similar to a financial crisis. At the same time, people are increasing investments in shorter-term bonds, and investors are increasing inflows into safe assets due to instability.

The Council reported that investments in UK gold ETFs grew above the forecasts of the historical model, coinciding with changes in the country's bond term premiums starting in July. At the beginning of the year, this correlation was weak, but it strengthened in the third quarter.

The model, based on flows of UK and Western gold ETFs, predicted an inflow of about 18 tons of gold into the UK per quarter; however, 54 tons of gold were actually recorded. This additional mass of 36 tons remained largely unexplained even after accounting for additional economic and financial indicators of the UK.

Fitch confirms NGMK rating at BB with positive outlook
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uzdaily.uz

Fitch confirms NGMK rating at BB with positive outlook

Fitch Ratings has upgraded the long-term foreign currency issuer rating for the Uzbek company Navoi Mining and Metallurgical Company (NGMK or NMMC) to BB with a positive outlook. The rating for the company's senior unsecured debt was also confirmed at BB, with a recovery rating set at RR4.

Although NMMC's standalone credit profile is rated bb+, the final rating is constrained by Uzbekistan's sovereign rating, as the state is the sole shareholder of the company. Uzbekistan's sovereign rating is BB with a positive outlook.

Fitch highlighted NMMC's scale, noting that in 2025, the company produced 3.15 million ounces of gold, placing it among the world's largest gold producers. The company's strengths include low mining costs, high profitability, long mine life, and moderate debt levels.

Nevertheless, the rating is under pressure due to the concentration of all production assets in Uzbekistan, a complex operating environment, and limited liquidity. According to Fitch, NMMC's close ties to the state affect its credit profile, as authorities participate in strategic management of the company and influence its cash flows through taxes and dividends.

The state owns NMMC through the Ministry of Economy and Finance. Fitch assesses both the government's responsibility for supporting the company and its willingness to provide such support as high. NMMC is strategically important to the economy of Uzbekistan, providing over 80% of the country's gold production and being one of the largest taxpayers and leading employers.

In 2025, NMMC mined 3.15 million ounces of gold. The company operates 12 major mining sites, seven plants, and two heap leaching facilities. The Muruntau deposit remains the main production asset, accounting for about 70% of the company's gold output and over 80% of its reserves. Fitch estimates that the existing Muruntau reserves are sufficient for approximately 25 years. The reserve assessment for other deposits according to the JORC Code is nearing completion.

NMMC plans to increase gold production to 4.02 million ounces by 2030, which is about 30% higher than the 2025 level. The development program includes expanding Muruntau, building an additional hydrometallurgical plant for processing low-grade ore, developing two new silver deposits, and creating a facility for processing silver-bearing ore.

Fitch forecasts that the company's annual capital expenditures will average around $900 million between 2026 and 2029. The agency notes that management has a successful track record of completing expansion projects ahead of schedule without significant budget overruns. The company is also developing a strategy valid until 2035.

According to Wood Mackenzie, NMMC ranks among the bottom quarter in terms of cost among gold producers based on total sustaining costs. The company's cost advantages stem from low operating expenses, a high proportion of expenses denominated in local currency, and economies of scale, especially at Muruntau.

All-in Sustaining Costs (AISC) for gold were $1,358 per ounce in 2025 and rose to $1,647 in the first half of 2026. Fitch attributes this increase to higher royalties, rising costs for consumables and electricity, increased labor costs, and higher ore extraction volumes. The agency expects further cost increases, partly due to a slight decrease in gold content in mined ore, but anticipates partial compensation through efficiency gains.

Despite this, Fitch forecasts that NMMC's average net debt to EBITDA and total debt to EBITDA ratios will remain below 1.0x from 2026 to 2030. Under the agency's base case, the company's average EBITDA margin is expected to exceed 53% in 2026–2029. This forecast also assumes annual capital expenditures of $900 million, dividend payments equivalent to 95–100% of net profit, and average annual social expenses of about $100 million in 2026–2029.

During 2024–2025, NMMC issued three tranches of Eurobonds totaling $500 million each, with maturities between 2028 and 2031. The funds were used to prepay more expensive loans, diversify the debt portfolio, improve the repayment profile, and reduce debt servicing costs.

As of June 2026, the company held $37 million in unencumbered cash. Additionally, it had access to $140 million under a revolving credit facility of $400 million. Short-term debt, excluding amounts drawn under this facility, amounted to $101 million. The revolving credit facility matures in 2028.

Fitch expects free cash flow before dividends to remain stable despite the substantial investment program. NMMC management aims to maintain cash reserves at $50–70 million and is working to formalize its financial policy, including liquidity management rules.

The positive outlook reflects the prospect of an improvement in Uzbekistan's sovereign rating. Fitch considers a downgrade of NMMC unlikely, although a downgrade of the country's sovereign rating would lead to corresponding actions regarding the company's rating. The company's standalone credit profile could come under pressure if the total debt to EBITDA ratio remains above 2.0x or if the company records persistently negative free cash flow due to dividends, significant capital expenditures, or mergers and acquisitions. NMMC's rating could be upgraded if Uzbekistan's sovereign rating is increased.

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