Finance News · Saturday, 31 October 2026

ExxonMobil and Chevron shares hit records as war-hit fuel supplies swell their refining profits

27 stories 41 sources

Signals on this beat

The bar and the word are our reading of how hard each one is pushing, and the arrow is where it is heading.

Fuel dearer than crude High↑

Exxon's refineries earned $7.2 billion in three months, more than its oil and gas wells. [1]
Reliance's oil-to-chemicals arm in India had its best quarter ever on strong refining margins. [27]
IndiGo, India's biggest airline, saw its fuel bill rise 67% in a year. [31]

Doubts about AI spending High↑

The Nasdaq 100, an index of big US tech companies, had its worst month since March 2025. [9]
S&P Global turned Meta's credit outlook negative over its spending on AI data centres. [15]
OpenAI cut the target of its latest fundraising by $10 billion. [16]

Interest rates heading up Building↑

Two leaders of the US central bank said rates must rise again. [18]
Gold and silver fell to their lowest in about a year, because metals pay no interest. [19]
A London hedge fund, Arini, is down about 26% this year as rising rates hit risky debt. [17]

France's debts under watch Building↑

Fitch, a credit rating agency, turned its outlook on France's debt negative on Friday. [25]
France's economy shrank 0.1% from July to September. [23]
Fitch expects France's interest bill to reach 3.3% of the economy by 2028. [25]

The stories

27 stories on this beat today.

Every story told the same way: what happened, who is involved, why it matters, how it works, the truth and the good news.

01
ExxonMobil and Chevron shares hit records as war-hit fuel supplies swell their refining profits

$15.4bn

Exxon's profit for July to September, double a year earlier

just short of its highest quarter ever, in 2022 [2]

$4.9bn of $9.9bn

of Chevron's quarterly profit came from refining

its refining profit was $1.1 billion a year earlier [1]

$6.32

the average price of a US gallon of diesel on Friday

more than 70% higher than a year earlier, the AAA motoring group says [1]

10%

of the world's refining capacity is offline, Chevron's boss says

after attacks on refineries in Russia and the Middle East [2]
What happened
- ExxonMobil and Chevron, the two biggest US oil companies, reported soaring profits on Friday. [1]
- Exxon earned $15.4 billion from July to September, against $7.5 billion a year earlier. [1]
- Chevron earned $9.9 billion, up from $3.5 billion a year earlier. [1]
- Both companies' shares touched their highest prices ever on Friday. [1]
- Refining, turning crude oil into diesel, petrol and jet fuel, drove the jump, MarketWatch says. [5]
- Chevron's refining profit rose to $4.9 billion, from $1.1 billion a year earlier. [1]
- Exxon's refineries earned about $7.2 billion, just above the $7.1 billion from pumping oil and gas. [1]
- Exxon's refineries on the US Gulf Coast ran at 100% of what they can handle. [3]
- Chevron's US refineries processed a record of just over 1 million barrels a day. [1]
- Chevron's boss, Mike Wirth, says 10% of the world's refining capacity is offline today. [2]
- Exxon raised its quarterly dividend, the cash paid to shareholders, to $1.07 a share. [3]
- It also set aside $20 billion to buy back its own shares. [3]
- Chevron and BP plan to spend more of the windfall paying down debt, MarketWatch reports. [5]
Chevron refining, a year earlier$1.10bn
Chevron refining, this quarter$4.90bn
Chevron's refining profit more than quadrupled in a year.
Who is involved

President Donald Trump told a rally: "We're making a freaking fortune." [2]
- ExxonMobil the biggest US oil company; its profit doubled to $15.4 billion and it raised its dividend
- Chevron the second-biggest US oil company; its refining profit more than quadrupled
- Drivers
- Households
- Darren Woods and Mike Wirth the bosses of Exxon and Chevron; both expect fuel to stay tight for some time
- Donald Trump the US president; he criticised oil profits in August and praised them at rallies in October
How it unfolded

Fuel supplies have been disrupted since March, when the US and Israel attacked Iran. [1]
Ukraine's drones have also hit Russia's refineries, and Russia has stopped some fuel exports. [4]
About a quarter of the European Union's refineries have shut over the past 20 years. [4]
The G7 group of rich democracies plans to release 100 million barrels of oil and fuel. [41]
1. March the US and Israel attack Iran
2. Since then Gulf fuel supplies disrupted
3. March the US and Israel attack Iran, and fuel supplies are disrupted [1]
4. August Trump says Exxon and Chevron make too much money from a shortage [4]
5. 24 October Trump tells a rally the country is making a fortune [3]
6. 30 October Exxon and Chevron report profits and their shares hit records [1]
7. 3 November US midterm elections [2]
Why it matters

US diesel averaged $6.32 a gallon on Friday, more than 70% above a year earlier. [1]
Ordinary petrol averaged $4.20 a gallon, nearly $1.20 more than a year earlier. [3]
Diesel passed $6 a gallon last month for the first time, AP reports. [41]
Some US states have offered fuel tax breaks to drivers. [41]
In a Harris poll for the Guardian, 36% of voters named living costs the top issue. [3]
Americans vote in midterm elections for Congress on 3 November. [2]

How it works

In energy economics, the refining margin is what a refinery earns turning crude into fuel. [4]
Those margins are far higher than anything the industry has seen in ten years, MarketWatch says. [5]
The truth
- What is really going on About a tenth of the world's refining capacity is shut by the Iran war and Ukraine's drone strikes on Russia, so diesel in the US costs $6.32 a gallon. [1][2]
- What is really going on Exxon, Chevron, Valero and India's Reliance, whose refineries are still running, are earning some of their biggest profits in years on that gap. [1][2][27]
- Why it works on people When President Trump says "we're making a freaking fortune", the oil companies' profit is framed as the whole country's win, and the drivers paying for diesel drop out of the sentence. [2]
- Refiners earn more on every gallon while fuel stays short. [4]
- Ordinary buyers pay that gap in higher prices for petrol and diesel. [4]
- Who gains Exxon's shareholders — Exxon raised its quarterly dividend to $1.07 and set aside $20 billion to buy back shares. [3]
- Who pays US diesel and petrol buyers — Diesel averaged $6.32 a gallon on Friday, more than 70% above a year earlier. [1]
- Nobody knows yet
  How long the gap between crude and fuel stays this wide.
  
  Exxon's boss expects things to stay far from normal well through next year. [2] Wood Mackenzie says a Hormuz settlement would cut margins fast, but low fuel stocks could keep supply tight into 2027. [4]
- Nobody knows yet
  How much of the oil companies' profit came from dearer crude rather than refining.
  
  MarketWatch says crude prices are close to their ten-year average. [5] AP says Brent and US crude both traded above $100 a barrel on Friday. [41]
What comes next

Exxon's boss, Darren Woods, expects things to stay far from normal "well through next year". [2]
Exxon plans to make another 100,000 barrels a day of diesel-type fuel at its US refineries. [6]
A settlement in the Strait of Hormuz would cut margins fast, Wood Mackenzie's Raphael Portela says. [4]

02
Tech shares end their worst month since March 2025
What happened
- The Nasdaq 100, an index of big US tech companies, fell more than 3% on Friday. [9]
- It ended October down more than 7%, its worst month since March 2025. [9]
- More than $2 trillion of share value was set to be wiped off it this month. [10]
- Investors call a fall of 10% from a peak a correction; this is 2026's third. [11]
- The Nasdaq Composite fell 2.9%, the S&P 500 1.8% and the Dow 1.1% on Friday. [12]
- Amazon fell as much as 7% before ending 1.75% down. [9]
- It earned $1.89 a share, against the $1.96 analysts expected. [14]
Nasdaq Composite2.9%
S&P 5001.8%
Dow Jones1.1%
How far each US index fell on Friday
How it unfolded
1. Spring the Iran war begins
2. Summer chip shares sold off
3. Now big tech results disappoint
4. Monday Apple's results
5. Friday US jobs report
Why it matters

Investors are asking whether hundreds of billions spent on AI will earn enough back. [10]
Many tech firms have turned from cash machines into big borrowers, Bloomberg reports. [11]
The truth
- Strategists quoted by Business Insider split on whether this is a turn or a pause. [9]
What comes next

Apple reports results on Monday, and the US jobs report comes on Friday. [12]
03
Intel has its worst day since the 1970s
What happened
- Shares in Intel, a big US chipmaker, fell 29% on Friday. [8]
- It was the stock's worst day since the 1970s. [8]
- Intel expects $15 billion to $16 billion of sales this quarter. [8]
- Analysts had expected $17.1 billion. [8]
- Chips for PCs make up about half of Intel's sales. [13]
- Intel blamed weak PC sales and an explosion that shut a plant in Israel. [8]
- The explosion killed two workers and will cost about $600 million in lost sales. [8]
How it unfolded

The US government took a 10% stake in Intel over a year ago. [8]

Why it matters

Friday's fall cut the value of that stake by about $12 billion. [8]
The truth
- US taxpayers carry part of Intel's risk; the stake is still in profit, CNBC says. [8]
- Who pays US taxpayers, through the government's Intel stake — The 10% stake lost about $12 billion of value on Friday, though CNBC says it is still in profit. [8]
- Nobody knows yet
  When Intel's PC sales recover.
  
  Intel says the slowdown lasts at least through the first half of 2027, and that dear memory chips are part of the cause. [8]
What comes next

Intel expects the PC slowdown to last at least through the first half of 2027. [8]
04
Chip shares fall as China's CXMT profit soars
What happened
- ChangXin Memory, CXMT, a Chinese memory-chip maker, said quarterly sales rose more than sevenfold. [13]
- Its sales reached $16.7 billion, and profit $8.17 billion, after a loss a year earlier. [13]
- Demand for memory chips is strong and world supply is tight, CXMT said. [13]
- Higher memory-chip prices lifted its profit, the company said. [13]
- Mint said CXMT's jump set off another chip sell-off on Friday. [13]
- AMD and Qualcomm fell 12%, Broadcom 5% and Nvidia 4.86%. [13]
Why it matters

Dear memory is also why fewer PCs are selling, CNBC reports. [8]

How it works

Economists call it a seller's market: when supply is tight, makers can charge more. [13]
The truth
- Memory makers like CXMT gain from the tight supply. [13]
- PC makers pay more for memory, and PC sales are falling as a result. [8]
05
S&P turns Meta's credit outlook negative
What happened
- S&P Global Ratings, which grades how safely companies repay debt, cut Meta's outlook on Friday. [15]
- Meta, the owner of Facebook, keeps its AA- grade, but now on a negative outlook. [15]
- S&P's top grade is AAA; anything below BBB counts as junk. [15]
- S&P is unsure when Meta's AI spending will earn more than it costs. [15]
- Meta expects to spend $135 billion to $145 billion on buildings and equipment this year. [15]
- After that spending, its cash flow went negative for the first time: minus $2.12 billion. [15]
- Meta's shares fell 15% in October, their worst month in four years. [15]
- Meta said: "We respectfully disagree with S&P's assertion." [15]
Why it matters

Meta also plans to raise $95 billion by selling new shares to pay for AI. [15]

How it works

In credit analysis, a lower grade means lenders ask a higher interest rate. [38]
SpaceX, rated BBB, will pay as much as 8.75% on its new bonds this week. [38]
The truth
- Nobody yet knows when Meta's AI products will earn more than they cost, S&P says. [15]
06
OpenAI cuts its fundraising target by $10bn
What happened
- OpenAI, the maker of ChatGPT, cut the target for its latest fundraising by $10 billion. [16]
- Last month it sought $30 billion, valuing the company at $1.4 trillion. [16]
- It now seeks about $20 billion at a $1.25 trillion value, the Financial Times reports. [16]
- The first close, on Friday, was expected to bring in less than $20 billion. [16]
- Some backers lowered what they had pledged after the tech share sell-off. [16]
Who is involved

A group of UAE investors, including the state-backed fund MGX, is set to be largest. [16]
How it unfolded

OpenAI raised $122 billion in March this year. [16]
Its value was $852 billion before this round. [16]

Why it matters

Its rival Anthropic plans to list its shares next month at $1.5 trillion or more. [16]

How it works

Startup investors judge a round by its valuation: what the company is said to be worth. [16]
The truth
- Late backers now buy in cheaper than the price OpenAI asked a month ago. [16]
- Who gains OpenAI's late backers, led by UAE investors including MGX — They buy in at a $1.25 trillion value, below the $1.4 trillion OpenAI sought last month. [16]
- Nobody knows yet
  How much OpenAI actually raised on Friday.
  
  The Financial Times says the first close was expected to bring in less than $20 billion, and OpenAI declined to comment. [16]
07
Two US central bank officials call for more rate rises
What happened
- Two leaders at the US central bank, the Federal Reserve, said rates must rise again. [18]
- Musalem said more tightening "will be necessary, and soon". [18]
- Logan wants at least two more rises of a quarter of a percentage point each. [18]
- Traders put the chance of a rise in December at roughly 76%. [18]
Who is involved

Alberto Musalem runs the US central bank's St. Louis branch; Lorie Logan runs its Dallas branch. [18]
- Alberto Musalem St. Louis Fed
- Lorie Logan Dallas Fed
- Logan votes in December
- Musalem no vote until 2028
How it unfolded

The US central bank held its rate at 3.75% to 4% on Wednesday. [21]

Why it matters

Musalem said inflation, the pace prices rise, is "too high". [18]

How it works

Central bankers want inflation expectations "anchored": people trusting prices will stay steady. [18]
The truth
- No rise is decided: the December vote has not happened, and futures prices are bets. [18]
- Nobody knows yet
  Whether the US central bank raises rates in December.
  
  Traders put the chance at about 76%, but that is a market bet, not a decision. [18] The December vote has not happened.
What comes next

Logan votes at the December meeting; Musalem does not vote until 2028. [18]
08
Gold and silver fall to their lowest in about a year
What happened
- Gold fell to its lowest price in a year on Friday, MarketWatch reported. [20]
- Silver fell 5.9% in a day to $49.09 an ounce, by one dealer's count. [19]
- The same count put gold at $3,897.48 an ounce. [19]
- Silver was $60.53 on 13 October, so it has fallen 18.9% since. [19]
- In India, silver has lost 57% of its value since its record high. [21]
Why it matters

Strong US growth and 3.6% inflation kept a December rate rise in play. [19]

How it works

Investors call it the cost of holding: metal pays no interest, so higher rates hurt it. [19]
The truth
- Gold fell even as fears of new fighting with Iran rose, MarketWatch notes. [20]
- Nobody knows yet
  How low gold really went on Friday.
  
  MarketWatch called it gold's lowest price in a year. [20] Reuters, quoted by Mint, had spot gold at its lowest since mid-July, at $3,980.40. [22] One dealer's count put it at $3,897.48. [19]
What comes next

Silver's next big test is the US central bank's December meeting, one analyst writes. [19]
09
France's economy shrinks as the euro zone grows
What happened
- France's economy shrank 0.1% from July to September, official figures showed on Friday. [23]
- It had stood still in the spring and shrunk 0.2% in the first three months. [23]
- The euro zone, the countries that share the euro, grew 0.4%, twice what economists expected. [23]
- French prices rose 3.8% in the year to October, up from 3.4% in September. [23]
- France's 10-year borrowing rate briefly rose to about 4.98% after the figures. [23]
French prices, September3.4%
French prices, October3.8%
How fast prices are rising in France, over a year
How it unfolded

Protests over living costs and public services have spread across France. [23]
1. Jan-Mar shrank 0.2%
2. Apr-Jun no growth
3. Jul-Sep shrank 0.1%
Why it matters

Weaker growth brings in less tax, which makes the deficit harder to close, Axios notes. [23]
The truth
- Cutting the deficit could fuel more unrest and weaken growth again, Axios says. [23]
Good news
- The euro zone, the countries that share the euro, grew 0.4% from July to September, twice what economists had expected.
10
Fitch turns its outlook on France's debt negative
What happened
- Fitch, one of three big agencies that grade government debt, turned France's outlook negative. [25]
- France keeps its A+ grade for now. [25]
- Fitch now expects France's debt to reach 124% of its yearly output by 2028. [24]
- In August it had forecast 122.7%. [24]
- It expects interest costs to reach 3.3% of output in 2028, from 2.5% in 2025. [25]
How it unfolded

France holds a presidential election in April and May next year. [24]
1. Friday outlook turned negative
2. By end of February 2027 the grade is reviewed
Why it matters

Fitch doubts the divided parties can agree a credible plan to cut the deficit. [24]
The truth
- As France's interest bill climbs to 3.3% of output, more tax money goes to its lenders. [25]
- Who pays French taxpayers — Fitch expects France's interest bill to rise to 3.3% of its output by 2028, from 2.5% in 2025. [25]
- Nobody knows yet
  Whether Moody's is about to follow Fitch on France.
  
  Moody's kept France at Aa3 with a negative outlook, and Fitch will review its own grade by the end of February 2027. [24][25] The two reports give different days for Moody's decision. [24][25]
What comes next

Fitch will review the grade by the end of February 2027 at the latest. [25]

11
Valero buys a shut Houston refinery after a record quarter
What happened
- Valero, a big US refining company, bought a closed refinery in Houston for $320 million. [2]
- The seller is LyondellBasell, a chemicals maker that had shut the plant. [2]
- Valero and Phillips 66, which mostly refine, just had their most profitable quarters ever. [2]
- Valero earned $6.8 billion and Phillips 66 earned $5.6 billion. [2]
- Valero's share value rose 140% in a year, and Phillips 66's rose 104%. [2]
Who is involved
- LyondellBasell seller
- Valero buyer
Why it matters

Companies that mostly refine gained even more than Exxon and Chevron from the fuel crunch. [2]
How it works

In economics, high profits pull idle plants back to work; this refinery is one. [2]
Why oil companies earn most when fuel, not crude, runs short

A refinery earns the gap between what crude costs and what fuel sells for, so lost refineries make the ones still running far richer.

The twist

A refinery's profit does not follow crude oil. It follows the gap between crude and fuel, and every refinery knocked out widens that gap for the ones still running.

The picture

$7.2bnExxon's refineries
$7.1bnExxon's oil and gas wells
From July to September, Exxon's refineries earned more than its wells. The money was in turning crude into fuel.
Step by step
1. A refinery buys crude oil and sells diesel, petrol and jet fuel
2. Its profit is the gap between the two prices: the refining margin
3. War and drone strikes shut about a tenth of the world's refining capacity
4. Fuel runs shorter than crude, so fuel prices jump further
5. Every refinery still running earns the wider gap on each barrel
6. Buyers who cannot quickly use less fuel, like airlines, pay it
The same force, elsewhere today

Where this chain is also running, in today's other stories.
- Reliance's best refining quarter
  
  its Indian refineries earned the same wide gap between crude and fuel, and that arm's earnings rose 67.9%
- IndiGo's third loss in a row
  
  the other end of the chain: the airline buys the fuel, its fuel bill rose 67%, and it raised fares to pass part of it on
- Valero buys a shut Houston refinery
  
  with the gap this wide, a closed plant is worth $320 million to a refiner, so idle capacity starts coming back
Where you've seen this

Gas power stations

earn the gap between the gas they burn and the power they sell

Flour mills

earn the gap between wheat and flour, not the wheat price itself

Sugar refiners

earn the gap between raw cane sugar and white sugar

The catch

The gap shrinks when shut refineries restart or buyers use less fuel. Chevron's boss expects that to happen, but slowly.

And the whole of it

A truck driver paying $6.32 for diesel, an IndiGo passenger paying a higher fare and an Exxon shareholder getting a bigger dividend are all on the same chain. Each of them sees one price, not the shut refinery in Russia or the Gulf that set it.
The truth
- Who gains Valero and Phillips 66, which mostly refine — They had their most profitable quarters ever, $6.8 billion and $5.6 billion, as every barrel they process earns the wider gap. [2]

12
Chevron pushes into Venezuela while Exxon waits
What happened
- Chevron is investing $7 billion in Venezuela to double its oil output there by 2031. [7]
- It wants to go from 300,000 to 600,000 barrels a day. [7]
- This quarter Chevron counted its Venezuela results for the first time, after an accounting change. [3]
- Exxon's boss, Darren Woods, urged caution and said reforms must come first. [7]
How it unfolded

Chevron has worked in Venezuela since 1923. [3]
Venezuela took over Exxon's oil assets twice, most recently in 2007. [7]
The US military removed Venezuela's leader, Nicolas Maduro, Fortune notes. [7]
1. Earlier first takeover
2. 2007 second takeover
Why it matters

Venezuela has the world's largest proven oil reserves, at least on paper. [7]
The truth
- Chevron says its new contracts let it, not the state oil firm, control its oil. [7]
13
AstraZeneca's profit rises 23% on cancer drugs
What happened
- AstraZeneca, Britain's biggest drug company, said its profit rose 23% to $3.12 billion. [40]
- In the quarter before, its profit had risen just over 2%. [40]
- Sales grew 7% to $16.2 billion. [40]
- Cancer medicines were 48% of sales, up 17% to $7.8 billion. [40]
- Its lung cancer drug Tagrisso and Imfinzi, an immune treatment, led its cancer sales. [40]
- Its shares rose more than 4.5% in early trading on Friday. [40]
Why it matters

It expects half of that 2030 total to come from the US. [40]
Good news
- AstraZeneca's sales of cancer medicines rose 17% to $7.8 billion in three months, led by its lung cancer drug Tagrisso.
What comes next

It aims for $80 billion of yearly sales by 2030, against almost $59 billion in 2025. [40]
14
BP's refining margins jump too
What happened
- BP, the British oil company, also reported sharply higher refining margins this week. [4]
- Shell and TotalEnergies reported the same, CNBC found. [4]
- BP's refineries were available to run 96.5% of the time. [5]
- BP's shares in New York are up 45% this year. [5]
- Like Chevron, BP plans to use the profits mostly to cut its debt. [5]
Who is involved
- BP
- Shell
- TotalEnergies
Why it matters

BP and Chevron chose debt cuts over bigger payouts to shareholders, MarketWatch notes. [5]
15
Evonik turns away BASF's $12.5bn bid
What happened
- Evonik, a German chemicals maker, refused takeover talks with its bigger rival BASF on Friday. [26]
- BASF offered 24 euros a share, valuing Evonik at about 11.18 billion euros, or $12.5 billion. [26]
- Evonik said it wants to carry on alone with its own plan. [26]
- BASF had promised no forced job cuts until 2032. [26]
Who is involved
- BASF bidder
- Evonik said no
How it unfolded

Last month BASF began early talks with Evonik and its biggest shareholder, a foundation. [26]
1. Last month early talks
2. Friday Evonik says no
Why it matters

BASF's boss says rivals from Asia and the Middle East keep getting stronger. [26]
The truth
- The foundation, RAG-Stiftung, would not comment on Friday's news. [26]
- Nobody knows yet
  Whether Evonik's biggest owner wants the BASF deal.
  
  RAG-Stiftung, the foundation that owns the largest stake, declined to comment. [26]
16
Hedge fund Arini sells debt as losses reach 26%
What happened
- Arini, a London hedge fund, is selling some of its company bonds to raise cash. [17]
- Pimco and Oaktree, two big US investment firms, have bid for some of them. [17]
- Arini's main fund managed $7.5 billion in July. [17]
- It was down about 26% this year by 23 October. [17]
- It buys hard-to-sell debt of big companies with low credit grades. [17]
Who is involved
- Pimco
- Oaktree
How it unfolded

Arini grew from $1 billion in 2022 to $21.7 billion. [17]

Why it matters

Rising rates, dear energy and AI threats are hurting such debt, Bloomberg says. [17]

How it works

Bond traders call such debt high-yield: it pays more because it is riskier. [17]
The truth
- Pimco and Oaktree get to choose from what a fund under pressure must sell. [17]
- Who gains Pimco and Oaktree — They can pick from the bonds that Arini, a fund down about 26% this year, needs to sell for cash. [17]
- Who pays Investors in Arini's main fund — The fund was down about 26% this year by 23 October as rising rates hit risky company debt. [17]
- Nobody knows yet
  Whether Arini finds buyers for more of its bonds.
  
  People familiar with the talks told Bloomberg they are early and may not lead to deals. [17]
What comes next

Talks are early and may not lead to deals, people told Bloomberg. [17]
17
Reliance's refining arm has its best quarter
What happened
- Reliance Industries, Mukesh Ambani's oil-to-retail group in India, raised its profit 40%. [27]
- Its oil-to-chemicals arm had its best quarter ever. [27]
- That arm's operating earnings rose 67.9% from a year earlier. [27]
- Mint said strong margins from refining crude into fuels drove the results. [27]
- Its phone and internet arm's operating earnings rose 17.7%. [27]
- Its shops' sales rose 6.4%, but their profit fell. [27]
Why it matters

The same wide fuel gap that paid Exxon paid Reliance's refineries in India. [27]

How it works

its Indian refineries earned the same wide gap between crude and fuel, and that arm's earnings rose 67.9%
The idea, in story 11: Why oil companies earn most when fuel, not crude, runs short →
The truth
- Who gains Reliance Industries in India — Its oil-to-chemicals arm's operating earnings rose 67.9% on strong refining margins. [27]
18
Jio reports its first results as a listed company
What happened
- Jio Platforms, Reliance's phone and internet company, reported results for the first time since listing. [28]
- Profit rose 13.7% and sales 11.4% from a year earlier. [28]
- Jio earned an average of 218.8 rupees from each user. [28]
- It added 9.1 million customers in the quarter. [28]
- Each user now uses 44.2 gigabytes of data a month on average. [28]
How it unfolded

Its shares began trading on Wednesday, 28 October. [28]

Why it matters

These are the first figures investors get on Jio as a company of its own. [28]
19
IndiGo shares rise despite a third loss in a row
What happened
- IndiGo, India's largest airline, lost money for a third quarter running. [31]
- Its loss was smaller than a year earlier, and smaller than forecast. [31]
- Its fuel bill rose 67% in a year. [31]
- Fuel is now nearly 38% of all its costs. [31]
- It raised fares: it earned 34% more per passenger for each kilometre flown. [31]
- It also offered 1% fewer seats. [31]
- Its shares rose 4.33% on Friday. [31]
Who is involved
- Passengers pay through fares
Why it matters

Fuel prices set far from India reach its flyers through fares like IndiGo's. [31]

How it works

Airlines call it capacity discipline: flying fewer seats so each one sells for more. [31]

the other end of the chain: the airline buys the fuel, its fuel bill rose 67%, and it raised fares to pass part of it on
The idea, in story 11: Why oil companies earn most when fuel, not crude, runs short →
The truth
- Passengers pay part of the jet fuel bill through higher fares. [31]
- Investors gained: the shares rose even though the airline still lost money. [31]
- Who pays IndiGo's passengers — The airline's fuel bill rose 67%, and it earned 34% more per passenger per kilometre by raising fares. [31]
Good news
- IndiGo, India's biggest airline, cut its loss from a year earlier even though its fuel bill rose 67%.
20
Indian shares end October higher
What happened
- India's Sensex share index rose 2.7% in October, after two months of falls. [29]
- It had fallen 5.8% in September and 1.5% in August. [29]
- Foreign investors came back as buyers in the last week of October. [29]
- Over the whole month, they still sold more Indian shares than they bought. [29]
- Jio's debut, at 21.4% above its sale price, lifted the mood. [29]
- On Friday, 2,828 shares fell and 1,351 rose on the Bombay exchange by mid-afternoon. [30]
How it unfolded
1. August down 1.5%
2. September down 5.8%
3. October up 2.7%
Why it matters

One fund manager named high oil prices and a weaker rupee as the worries. [29]

How it works

Market analysts call it breadth: how many shares rise against how many fall. [30]
21
Equitas bank's boss quits, and its shares fall 12%
What happened
- Shares in Equitas Small Finance Bank, an Indian lender, fell nearly 12% on Friday. [32]
- Its long-time boss, P N Vasudevan, resigned over worries about a conflict of interest. [32]
- His daughter founded Unico Housing Finance, a lender whose shares are not listed. [32]
- Investors had raised the issue for years, he wrote in his resignation letter. [32]
- The bank had just reported a profit many times bigger than a year earlier. [32]
Who is involved
- Equitas his bank
- Unico Housing Finance his daughter's lender
How it unfolded

He had led it since it began as a small-loan lender in 2007. [32]
In 2016 it became a small finance bank, serving people big banks often miss. [32]
1. 2007 starts as a small-loan lender
2. 2016 becomes a small finance bank
Why it matters

The sudden change at the top spooked shareholders for a second day, Mint said. [32]

How it works

Governance experts call it a conflict of interest when a private tie could sway a duty. [32]
22
Varun Beverages earns more but keeps less of each sale
What happened
- Varun Beverages, PepsiCo's second-largest bottler in the world, raised its profit 13.5%. [33]
- Its revenue rose 33.3%, and the number of drink cases sold rose 28.7%. [33]
- But its gross margin fell to 53.1%, as plastic film and cans cost more. [33]
- It blamed fighting abroad for the dearer packaging. [33]
- Low- and no-sugar drinks rose to 88% of sales, from 44%, softening dearer sugar. [33]
- Its shares fell as much as 4.39%. [33]
Why it matters

Nestle India's shares also fell this month after it warned of rising food costs. [33]

How it works

Accountants call gross margin the share of each sale left after making the product. [33]

What comes next

It extended its deal to bottle PepsiCo drinks to 2049. [33]
23
Most of London's priciest homes now sell for less than asked
What happened
- Eight in 10 homes in London's richest areas now sell below asking price, Coutts found. [34]
- Prices in areas like Mayfair and Belgravia fell 5% from July to September. [34]
- Homes there sell for 10% less than the asking price, on average. [34]
- Prices are 14% below their peak in 2014. [34]
Who is involved

Coutts is a bank for wealthy clients. [34]
How it unfolded

Brexit, Covid, higher property taxes and dearer borrowing have all hit the market. [34]
Agents say fewer foreign-born buyers came after Britain scrapped the non-dom tax status. [34]

Why it matters

Some wealthy owners face losses of hundreds of thousands of pounds on their homes, Coutts said. [34]
The truth
- Buyers in these areas now win discounts of about 10%. [34]
What comes next

Sellers are watching whether this week's Budget brings buyers back. [34]
24
Tanzania and Angola agree to join their railways
What happened
- Tanzania and Angola agreed to connect railways serving ports on opposite coasts of Africa. [35]
- Angola's Lobito Corridor is backed by Western governments. [35]
- Tanzania's TAZARA line is backed by China. [35]
- The lines pass through Zambia and Congo, home to Africa's richest copper and cobalt. [35]
- Those metals are seen as vital to the shift to clean energy. [35]
Who is involved
- Lobito Corridor Western-backed
- TAZARA China-backed
- China
- The West
How it unfolded

Days earlier, the Africa Finance Corporation picked builders for a new Zambia-Lobito line. [35]
1. Days earlier builders picked for Zambia-Lobito
2. Friday the two lines to be joined
Why it matters

Linked, the lines would give Zambia and Congo ports on both oceans. [35]
They would not have to choose between China and the West. [35]
Good news
- The deal would turn two rival railways into one coast-to-coast network. [35]
- Tanzania and Angola agreed to join two rival railways, one backed by China and one by Western governments, into a single line across Africa from the Atlantic to the Indian Ocean.
25
South Africa's Absa opens its first Gulf office
What happened
- Absa, South Africa's third-largest bank, opened its first office in the Gulf. [36]
- It joins South African rivals Standard Bank, Nedbank and Investec, already in Dubai. [36]
- Gulf countries have put more than $100 billion into Africa in the past ten years. [36]
- The United Arab Emirates is now Africa's fourth-largest foreign investor. [36]
- Only China, the EU and the US invest more there. [36]
- Absa hopes to earn fees advising on deals and arranging loans. [36]
Who is involved
- Standard Bank
- Nedbank
- Investec
- China
- The EU
- The US
Why it matters

Gulf-backed ports, logistics and energy projects are spreading along Africa's east coast. [36]
26
Hong Kong's HKT agrees to stop serving the US
What happened
- HKT, a big Hong Kong phone company, agreed on Friday to stop its US services. [37]
- It cited national security and HKT's links to China Unicom, a Chinese phone company. [37]
- HKT must apply within 30 days and stop serving the US by 1 September 2027. [37]
Who is involved
- China Mobile
- China Telecom
- China Unicom
How it unfolded

The FCC, the US communications regulator, moved to revoke its licence in October 2025. [37]
The FCC has already barred China Mobile, China Telecom and China Unicom from some US services. [37]
1. October 2025 the FCC moves against HKT
2. Friday HKT agrees to leave
3. Within 30 days apply to stop
4. 1 September 2027 US services end
Why it matters

China said on Friday it firmly opposes a separate FCC ban on Chinese test labs. [37]
The truth
- The deal ends a case that might have shown more of the US government's concerns. [37]
27
US tech firms keep building data centres in the Gulf
What happened
- Oracle, a US software company, plans more data centres in Saudi Arabia and the UAE. [39]
- Snowflake, a US data company, plans to invest $300 million in Saudi Arabia by 2030. [39]
- Scale AI, 49% owned by Meta, opened an office in Dubai. [39]
- Hardened security adds 5% to 7% to building costs in the war, a Bloomberg economist wrote. [39]
Why it matters

So far, data centres have "barely moved the needle" for Gulf economies, he wrote. [39]
The truth
- The companies seem willing to pay the extra cost of building during the Iran war. [39]

ExxonMobil and Chevron shares hit records as war-hit fuel supplies swell their refining profits

27 stories on this beat today.

Why oil companies earn most when fuel, not crude, runs short