Latest News
-
T-Mobile extends satellite-based networks to support WhatsApp and X in mobile-dead zones
T-Mobile announced on Wednesday that its satellite-to-cell networks now support widely used apps including WhatsApp, Google Maps, and X. This service offers connectivity in mobile dead zones as well as remote areas. The service was launched commercially in July, with limited access to MMS, SMS, picture messages, and short audio clips. T-Satellite is powered by over 650 Starlink satellites that transmit directly to cell phones. It's also available in about a dozen other apps, such as Pixel Weather and Apple Music. Jeff Giard is vice president of strategic partnerships and product innovations at Apple. He said: "We've worked with Apple and Google on frameworks for SAT (satellite connection feature) to allow any app to adopt the mode while connected to satellite and access the data channel." When a terrestrial signal is lost, T-Satellite users' phones automatically switch to the satellite network. Customers can launch satellite-ready apps to get critical services instead of data-intensive experiences. T-Mobile’s new “Experience Beyond” plan includes the network at no additional cost. The service is $10 per month for AT&T or Verizon customers. Giard stated that the framework for both the App Store (App Store) and the Play Store (Play Store) now allows apps to adopt SAT Mode through an application program interface. T-Mobile is also working to encourage app developers to activate the SAT mode. Giard stated, "I believe people are excited that their phone can connect to outerspace and that they don't have to purchase extra equipment to get a satellite telephone." (Reporting and editing by Shilpa Majumdar in Bengaluru, Harshita Varghese from Bengaluru)
-
All battery storage tenders are awarded at prices well below cap
The CEO of grid operator Terna announced on Wednesday that Italy had awarded all 10 gigawatt hours of battery storage in its first ever auction at an average price of 13,000 euros per Megawatt Hour. The auction is a major step towards the integration of renewable energy in the grid. The Italian energy authority set a limit of 37,000 Euros per MWh. Giuseppina di Foggia, Terna's Giuseppina, said at the Energy Summit in Milan that she expected a reduction in the wholesale cost of electricity as a result of these auctions. Di Foggia stated that the capacity of the batteries awarded in the first tender represents an investment of approximately 1 billion Euros in the sector. He added that new tenders will follow, including one for hydroelectric infrastructure storage. Italy needs to increase storage capacity as its production of solar and wind energy is growing. By maximizing the use of these intermittent sources, electricity prices can be reduced to zero during times of high supply and low demand. The Terna-managed mechanism offers developers 15-year fixed revenue plus a portion of the ancillary service income in an effort to reduce the risks associated with the investment and speed up the deployment of battery systems. The award capacity will be online by 2028, and it is expected to help maintain grid stability in Italy as solar and wind power generation increases.
-
Novak, Russia: Situation with domestic fuel supplies is under control
On Wednesday, Russian Deputy Premier Alexander Novak stated that while the overall situation of the supply of fuel is controlled on the domestic market, some regions still face fuel shortages. In several regions of Russia, there were shortages of popular gasoline types, such as in the far east of the country, Crimea (which Russia annexed in 2014 from Ukraine), and Nizhny Novgorod to east of Moscow. Ukraine has knocked down chunks of Russia’s refining capability via drone attacks . Russia is the third largest oil producer in the world after Saudi Arabia is a country that has a long history. Novak, a reporter, said: "We're experiencing some supply problems in some regions. The energy ministry and regions are working together to solve the problem manually." The government is imposing a ban on diesel exports for traders, and has extended the restrictions on gasoline exports until the end the year. Novak said that some refineries will be modernised this year and next, ensuring fuel supply. Novak stated that "if supply exceeds demand we will open export markets." (Reporting and editing by Guy Faulconbridge; Vladimir Soldatkin)
-
Poland: Commercial banks interested in nuclear plant financing
Polskie Elektrownie Jadrowe, the investor in the project and the state-owned Polskie Elektrownie Jadrowe, has said that commercial banks are interested. Piotr Piotr, the deputy CEO of PEJ, told a press conference that 30 banks from around the globe took part in a "sounding meeting" last week. They expressed an initial interest in the PEJ project. Piela stated that "it's not the time to count your chickens until they hatch, but it appears we will have no trouble closing funding for this project." EU APPROVAL OF STATE AID EXPECTED YEAR-END The project is estimated to cost around 192 billion Zlotys (53 billion dollars) and Warsaw expects that commercial banks will cover approximately 20% of its financing. PEJ is currently negotiating a contract for engineering, procurement, and construction with Westinghouse Electric. This company was chosen to build the project. Before that, the European Commission must approve state aid in the amount of 60 billion zlotys. Warsaw hopes to have the EU's approval by the end this year, and begin construction on the first unit of the plant in 2028. It will be completed in 2036.
-
Pertamina, Indonesia's fuel retailer, says retailers have yet to purchase gasoline due to specification concerns
Pertamina, the state-owned energy company in Indonesia, said that private fuel retailers had yet to purchase gasoline because they were concerned about fuel specifications, despite low stock levels. Indonesia instructed private retailers last month to import more fuel via Pertamina, after Shell and BP-AKR – the operator of BP’s fuel stations – ran out of fuel after more customers began turning to them following an investigation into the quality Pertamina’s own gasoline. Pertamina announced last week that Vivo Energy Indonesia agreed to purchase 40,000 barrels from a 100,000 barrel cargo of Pertamina's base fuel. However, the deal fell through due to concerns over the fuel’s ethanol content. Achmad Muchtasyar, Pertamina Patra Niaga's deputy CEO, said that private gas station owners were concerned about the ethanol content of the gasoline. "There is 3.5% ethanol in the gasoline that causes private gas stations to cancel their purchase." He said this at a parliamentary meeting, and added that Vivo initially showed interest in purchasing. Vivo officials informed the hearing that they cancelled the sale because Pertamina couldn't meet "technical issues", without giving further details. They said that the company would be open to purchasing from Pertamina again in the future. Vanda Laura, BP-AKR Chief Executive Vanda said that the company sought base fuel without ethanol. She added that there was no agreement reached because a certificate of source for the fuel imported from Pertamina wasn't available. Vanda said at the hearing that "one of our shareholders operates in 70 different countries." "We must adopt international law to reduce the risk of trade sanctions. We must ensure that the product does not come from an embargoed country. Shell, BP AKR and Vivo have said that gasoline stocks are only available in a handful of their stations and will not last more than a couple of days. BP-AKR stated that the supply issue could force them to review their expansion plans in the coming years. (Reporting and editing by Clarence Fernandez; Bernadette Cristina)
-
Forecaster provides real-time weather data to boost extreme weather warnings
The top European weather forecaster announced on Wednesday that it has opened up access to real-time weather data, which will help support early warning systems around the world for extreme weather. Climate change is causing more intense and frequent weather events, such as heatwaves, floods, and storms. Access to high-quality data is essential to understanding and managing the risks. The European Centre for Medium-Range Weather Forecasts is backed by 35 countries, mostly European, who collect 800 million observations per day to predict the weather. It also oversees one the largest meteorological archives in the world. The centre's data policy leader said that as part of the regional push by certain European countries to move towards open data, it will provide 16 times more data unrestrictedly than at present, but charge data service fees for users who download large amounts. As the world prepares for the next round in Brazil, in November, developing countries must continue to focus on adapting to extreme climate conditions and providing data to those who are most affected so that they can be better prepared. In this context, the centre announced that it would waive some service fees for early warning forecasting to members of the World Meteorological Organization. It would also look at how AI forecasts can assist developing countries who have less access to national data and processing. "If you have this disruptive technology, there's always the danger that countries that are less well-resourced get left behind," Florian Pappenberger, the director-general-elect for the centre, said. We're aware of the fact that accessing machine-learning forecasts can be difficult in many parts of the world. Reporting by Ali Withers, Editing by Alison Williams
-
EU to increase tariffs by 50% on steel imports and reduce steel import quotas
A source familiar with the details said that on Wednesday, the European Commission would propose reducing steel import quotas almost in half and increasing duties on volumes exceeding these levels to 50%. This is in line with tariffs levied by Canada and the United States. These measures will form part of a package that is set to be unveiled officially on October 7th. Stephane Sejourne - the executive vice president of the Commission for industrial strategy - briefed steel association on Wednesday in advance of next week's announcement. The current steel safeguards of the EU will expire next June. The EU and its Western allies try to limit the overcapacity created by Chinese steel factories and other sectors that are subsidized. The EU has already tightened its current steel import quotas to 15% as of April 1. In addition, the Commission is examining market trends in order to determine potential aluminum safeguards and export duties on scrap. Steel was thrust into the spotlight at the beginning of this year, after U.S. president Donald Trump raised tariffs on steel and aluminum imports from abroad to 50%. After reaching a general agreement on trade with Trump late in July, the EU announced that it would work closely and in an "alliance" with Washington to protect their respective productions from China. The U.S. still charges a 50% export tax on European steel. Maros Sefcovic, EU Trade Commissioner, met U.S. trade representative Jamieson Greer earlier this month in Asia to restart the talks. EU sources had previously said that the new safeguards were a starting point for negotiations with Washington. (Reporting and writing by Julia Payne, Inti Landauro, Editing by Benoit van Overstraeten Philip Blenkinsop Jan Harvey).
-
Gold reaches record highs on U.S. Government shutdown and Fed rate cuts
Gold prices hit a record high on Tuesday, supported by demand for safe-haven metals as the U.S. Government shut down its operations. Growing expectations of a Federal Reserve interest rate cut in this month also added to gold's appeal. As of 0844 GMT spot gold was up 0.9% to $3,891.96 an ounce after reaching a session high of $3.895.09 earlier. U.S. Gold Futures for December Delivery gained 1.2% to $ 3,918.60. Dollar-priced greenback gold is now more affordable to overseas buyers as the dollar index has fallen by 0.2%, its lowest level for over a week. The dollar is weakening due to expectations of a Fed that has become more dovish. This dynamic has accelerated since a failed effort to pass a budget bill triggered a shutdown of the government which could have a negative impact on economic output", said Ricardo Evangelista senior analyst at ActivTrades. Deep partisan divides between Congress and the White House prevented them from reaching an agreement on funding. The shutdown may delay the release key economic data such as the Non-Farm Payrolls (NFP), due Friday. Gold, which is viewed as a safe haven in times of geopolitical and economic uncertainty, flourishes in an environment with low interest rates. Carsten Menke is an analyst with Julius Baer. He said that the Fed does not need the NFP report because U.S. rates are above neutral. If the economy is slowing down, it is important to move towards neutral. According to the CME FedWatch Tool, investors are pricing in 95% of a rate reduction this month. ADP's national employment report is due to be released later today and should provide additional insights into the labour market. Silver spot gained 1.5%, reaching $47.39 an ounce, which is a record high. Palladium rose 0.5% to $1,263.44, while platinum rose 0.6% at $1,583.75. (Reporting by Ishaan Arora in Bengaluru; Editing by Ed Osmond)
Gold hits record price as US Government Shuts Down
Wall Street futures, the dollar and gold all fell on Wednesday as the U.S. Government shut down most of its operations. This could delay the release of important jobs data, which may muddy interest rate forecasts.
The government shutdown, which has no way out of its impasse regarding a funding agreement, will halt the release a closely-watched September employment report. It could also lead to the furloughing of 750,000 federal employees at a cost of $400,000,000 per day.
S&P 500 and Nasdaq Futures both fell by about 0.5% on Wednesday. Gold prices rose to $3,895 per ounce in a record-breaking session for the third consecutive time.
The STOXX pan-continental index rose 0.7%, bucking the trend. The FTSE 100 in Britain and the SMI in Switzerland outperformed. Healthcare stocks jumped, boosted on expectations that they would avoid excessive U.S. tariffs on imports following President Donald Trump's agreement with Pfizer regarding prescription drug prices.
In the STOXX 600, the healthcare sector is ranked third.
Investors will buy as the political risks in the healthcare industry ease.
I think that this could support European shares in the next few days."
SLOW DOWN TO Delay Data
Investors may give greater weight to the ADP National Employment Report, due later today. Forecasts predict a modest increase of 50,000 jobs in the private sector.
George Lagarias is the chief economist of Forvis Mazars. He said: "The general notion is that these things will have a short term impact and not a longer-term effect, and markets are aware of this."
The lack of data means we will assume that the current trend will continue. If there's no sign of a strong recovery in the economy, the Fed is likely to continue its current course.
The Federal Reserve is now expected to cut rates by 95% in October. This is up from 90% a day ago. There's also a 75% chance that they will do so again in December.
Anthony Saglimbene is the chief market strategist for Ameriprise. He said that, if the shutdown continues, inflation reports from September could be affected by mid-October.
In a note, he stated that "an extended period when the U.S. Bureau of Labor Statistics was not fully operational could impact data collection efforts for the other reports and may affect the quality of data."
The Nikkei 225 index of Japan fell 0.9% Wednesday, after a 11% increase in the previous quarter. South Korean shares increased by 0.9% to add to their 11.5% gains in the previous quarter. Data showed that exports grew at the fastest rate in 14 months during September.
Taiwan's stocks gained 0.6%. The island's chief tariff negotiator stated on Wednesday that Taiwan would not accept a deal to have half of all semiconductor production take place in Washington.
Hong Kong and all Chinese markets were closed on a public holiday.
DOLLAR FALLS
The dollar index fell for the fourth consecutive day on foreign exchange markets. It was down last by 0.1% at 97.71.
The euro increased by 0.1%, to $1.1735. Sterling rose by 0.3% to $1.3483.
The dollar fell 0.6% to 147.06yen after a Bank of Japan report showed that confidence among large Japanese manufacturers had improved for the second quarter. This increased the likelihood of an interest rate increase as early as this month.
The yields on the Treasuries were unchanged in European morning trading. The benchmark 10-year Treasury yield in the U.S. fell 1 basis point to 4.137% after rising 1 basis point on Tuesday.
After two days of declines, oil prices dropped further as investors weighed up potential OPEC+ plans to increase output next month.
U.S. crude fell about 0.4% to $62.14 per barrel while Brent dropped 0.4% to $65.79.
(source: Reuters)