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First Export Cable Laid at Scotland’s 1.1GW Offshore Wind Farm
Enshore Subsea has installed the first of two offshore export cables at Inch Cape offshore wind farm, using the CMOS Installer cable laying vessel.Operating from the Port of Blyth, the vessel installed the first of two 85-kilometre export cables for the 1.1 GW offshore wind farm, being built off the east coast of Scotland.The 220 kV, three-phase export cable was installed in three 28-kilometre sections.Once operational, the cable will transmit power from the offshore wind farm to the project’s new onshore substation under construction at Cockenzie, East LothianThe cable required two offshore joints which were completed using North Sea Giant and will shortly be buried in the seabed.Manufactured by Ningbo Orient Wires & Cables (Orient Cable), the 2000 mm2 cable is among the largest AC export cables in the world. The second 85-kilometre export cable will also be installed by Enshore Subsea in three 28-kilometre sections during a later campaign in 2026.Inch Cape is well into its offshore construction phase with both the offshore substation platform and the first export cable installed, and the first of its XXL monopiles delivered to the Port of Leith.In 2026, the plan is to install monopile and jacket foundations along with the first of 72 Vestas 15MW turbines and to complete the onshore substation, according to developers.The project is on track for first power in late-2026 and full commercial operations in 2027.Inch Cape is owned in a 50-50 equal joint venture by ESB and Red Rock Renewables, and once complete will generate almost 5 terawatt hours (TWh) of energy each year or enough to power half of the homes in Scotland.
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Equinor Grants Contracts for Offshore Crew Transportation Services
Equinor has awarded new contracts for crew transportation services to CHC Helikopter Service and Lufttransport RW, to serve its oil and gas installations offshore Norway.The two companies will operate a total of five helicopters, serving such as Troll, Gullfaks, Oseberg, Martin Linge, Statfjord, Kvitebjørn, and Valemon installations. The contracts have an estimated total value of $428 million, including options, and will take effect in early May 2026.The fixed term runs until December 31, 2028, with the possibility of extension until the end of 2030.”The safety of everyone traveling to and from offshore work is always our highest priority. CHC and Lufttransport are experienced operators we already work with, and they know the crew transportation service and safety requirements on the Norwegian continental shelf. With these contracts, Equinor’s helicopter base in Bergen will have a safe and robust solution,” said Ørjan Kvelvane, head of Operations Support at Equinor.CHC will operate three Sikorsky S-92 helicopters. Two of these are already under contract with Equinor and will be relocated from Sola to Bergen. The relocation is made possible by the introduction of AW189 helicopters at Sola. In addition, CHC will add one more S-92 helicopter - also currently flying on the Norwegian continental shelf - to the Bergen base.Lufttransport will operate two AW139 helicopters. These will later be replaced by two AW189 helicopters, scheduled for factory delivery in 2027. Lufttransport is approved by the Civil Aviation Authority Norway to operate both helicopter types and has experience flying AW139 for Equinor as a passenger transport helicopter to Troll from Bergen in 2024.Equinor and its operators transport approximately 320,000 passengers annually to and from installations on the Norwegian continental shelf. This corresponds to more than 24,000 flight hours per year.In 2024, Equinor carried out a total of 10,934 passenger flights from Stavanger, Bergen, Florø, Kristiansund, Brønnøysund, and Hammerfest.The Bergen helicopter base at Flesland handles the highest traffic, with nearly 5,000 flights in 2024.
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US orders Talen Power Plant in Maryland to exceed limits until end 2025
Energy Secretary Chris Wright issued an order on Friday allowing a part of Talen’s oil-fired Wagner plant in Maryland to operate above its limits until the end of 2025. He said it would improve the grid's reliability. On the first day he was in office, Donald Trump declared "energy crisis". He has, however, taken a number of steps to reduce tax breaks and support for renewable energies and he has also favored the use of fossil fuels in aging power stations. Wright approved a request from the PJM Regional Grid Manager to allow the 400 megawatt unit to operate above its limits in July. The unit was one of many at Wagner which were set to close permanently in May, but federal energy regulators decided that it could remain open until 2029. The Energy Department stated on Friday that the "growing concern about resource adequacy" PJM cited as part of their July request, "still exists today." Wright has ordered a Michigan Coal plant A Pennsylvania plant that runs off of natural gas or petroleum will remain open.
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Brazil's Petrobras announces record oil exports for the third quarter, as production rises
Petrobras, the state-run Brazilian oil company, reported record exports in the third quarter of 814,000 barrels per day, thanks to a surge in production and the start of 11 new wells, the firm announced on Friday. This was a 36% rise in oil exports over the same period last year. China received 53% of the company's shipments during the period. This is an increase of 14 percentage points compared to a year earlier. Asia, excluding China received 19%, an increase of 5 percentages. The share of Petrobras oil exported to the United States fell to 3%, and the share to Europe to 15%. Petrobras' output and sales report attributed the change to a decrease in demand from the U.S. and an increase in sales to India and South Korea. The Brazilian company's total exports including derivatives of gas and oil reached 1,04 million barrels. This is a 29% increase compared to July-September last year. Petrobras produced 2,52 million bpd in Brazil during the third quarter, an increase of about 18%. The firm also said that the increase in output was due to a floating production vessel achieving peak production, another increasing its capacity, and four ramping-up. The company's total production of oil, gas, and gas liquids was 3.14 million barrels per day. This is an increase of almost 17% year-over-year. The total sales of oil, natural gas, and oil derivatives increased by nearly 10% during the period to 3,26 million bpd. Petrobras will release its third quarter earnings on November 6, 2018. Reporting by Fabio Téixeira and Marta Nogueira, with additional reporting from Andre Romani in Sao Paulo. Editing and production by Natalia Siniawski, Rosalba Brien and Natalia Siniawski.
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Dmitriev, Putin's envoy to Ukraine and the US, says that all three countries are close to finding a 'diplomatic' solution on war
Kirill Dmitriev is the special envoy of Russian President Vladimir Putin for investment and economic co-operation. He said that he believed his country, United States, and Ukraine were close to finding a diplomatic solution in order to end Russia's conflict in Ukraine. Dmitriev told CNN that, despite what the U.S. President said, a meeting between Donald Trump, the Russian president, and Putin has not been cancelled. The two leaders are likely to meet at a future date. The summit was postponed on Tuesday after Russia rejected an immediate ceasefire, casting a shadow over any negotiations. Trump cancelled his planned meeting with Putin because he felt the timing of the event was not right and that diplomatic efforts to end the war had not progressed. Dmitriev said on Friday that "I think Russia, the U.S., and Ukraine are in fact quite close to a solution diplomatically." Dmitriev did not provide any details in his remarks. European nations have been working with Ukraine to develop a new ceasefire proposal along the current battle lines. This week, European diplomats said that the idea was based on ideas already being discussed and pushed for the United States to play a key role. Dmitriev said that President Zelenskiy's move to acknowledge the battle lines was a major one. "His previous position was to leave Russia completely. So, in fact, I believe we can work out a diplomatic solution." In February 2022, Russia began its massive invasion of Ukraine. Last week, Trump announced that he would be meeting with Putin in Hungary soon to try and end the war. Putin, however, has refused to make any concessions. Russia has demanded for years that Ukraine cede more land before any ceasefire. Dmitriev’s long-planned visit to the United States coincides with the newly announced U.S. sanction on two of Russia’s largest oil companies, a move meant to press Putin to end this war. Dmitriev stated that despite the decision, the dialogue between Russia and United States would continue. Dmitriev said earlier that "it is certain only possible if Russia’s interests are considered and treated with respect". Dmitriev refused to reveal who he met and predicted the U.S. sanctions on oil would have a negative impact. Dmitriev stated that the new taxes will increase the price of gasoline at American gas stations. Axios, a U.S.-based news outlet, reported that Dmitriev will meet Trump's special envoy Steve Witkoff on Saturday in Miami. Dmitriev was quoted by the Russian state news agency TASS as saying he will also meet with other people whom he didn't name.
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Stocks rise after US inflation data, but US dollar remains flat
The major stock indexes rose Friday. All three major U.S. indexes posted record closing highs following news that U.S. Inflation rose less than anticipated last month. Meanwhile, the U.S. Dollar Index was almost flat. After a 0.4% increase in August, the U.S. Consumer Price Index increased by 0.3%, which was slightly below the 0.4% expected. This reinforced expectations that Federal Reserve policymakers will reduce interest rates during their next meeting. "Today's data on inflation shows that we are not in a similar crisis to 2022. Prices are rising, but in a controlled manner. Callie Cox is the chief market strategist for Ritholtz in Charlotte, North Carolina. The Fed is expected to reduce rates two more times this year, with a quarter-percentage-point cut baked in for the October 28-29 meeting, according to LSEG calculations using rate futures. The Canadian dollar barely responded to the announcement by U.S. president Donald Trump on social media, that he would end all trade negotiations with Canada. Last week, the Canadian dollar was almost flat against the greenback. Wall Street indexes were also lifted by positive earnings reports. Ford Motor shares rose 12.2% as the company exceeded third-quarter profit estimates. Analysts expect the S&P 500 to grow earnings by 10.4% on an annual basis in the third quarter. According to LSEG, this is an increase from the estimated growth of 8.8% at the beginning of the month. The Dow Jones Industrial Average rose by 472.51 points or 1.01% to 47,207.12. The S&P 500 gained 53.25 points or 0.79% to 6,791.69, and the Nasdaq Composite jumped 263.07 points or 1.15% to 23,204.87. The S&P 500, Nasdaq and blue-chip Dow both recorded their biggest weekly percentage gains since the month of August. Apple and Microsoft are among the five of the seven U.S. firms at the heart of the artificial-intelligence boom. The U.S. market has soared this year and some analysts are predicting a bubble. MSCI's index of global stocks rose 6.28 points or 0.63% to 1,001.37, and reached an all-time record of 1,002.96. The U.S. inflation figures were also a boost to the European share market, which closed at an all-time high. The pan-European STOXX 600 ended the day up 0.23%. The dollar index (which measures the greenback in relation to a basket currency) fell by 0.02%, falling to 98.92. Meanwhile, the euro rose 0.1%, reaching $1.1629. The dollar gained 0.14% against the Japanese yen to reach 152.8. Data showed that the business activity in the Eurozone grew more rapidly than expected in October. Euro zone government bond yields rose. Treasury yields in the United States were barely changed, but modestly higher. The benchmark 10-year yield briefly fell after the CPI report, but it was up 1.2 basis point (bps) to 4% at its last update. The yield was however down by about one basis point (bps) on the week. This is its fourth consecutive weekly decline. The oil prices that had risen by 5% on the previous Thursday, after the U.S. announced sanctions against major Russian oil companies began to fall on Friday, as doubts spread on the market regarding the Trump administration's willingness to enforce the sanctions. U.S. crude oil fell 29 cents, settling at $61.50 per barrel. Brent crude eased 5 cents, settling at $65.94. Spot gold dropped 0.57%, to $4101.29 per ounce.
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Wall St Week ahead-Megacap earnings and Fed meeting to headline a busy US market week
The U.S. Stock Rally faces a potentially significant week in order to maintain its momentum going into the year-end. This includes a flood corporate results, headlined by Megacap Companies and a possible interest rate reduction by the Federal Reserve following its two-day meeting. Investors may be concerned about the escalation of U.S.-China tensions in the next few days. Meanwhile, the U.S. shutdown continues to cause uncertainty. The S&P 500 posted a record-breaking closing high on the Friday after a 36% rise since the low of the year, in April. The benchmark index has risen over 15% in the past year. Chris Fasciano is the chief market strategist of Commonwealth Financial Network. He said that given the fact that the market has been on a rally for several months, without any significant declines, the equities market could continue to be choppy. Fasciano stated that "what we need to hear is corporate America talk positively about the economy and continue beating earnings." "When people get nervous, they do so when consumer confidence or business confidence is on the decline." The third-quarter earnings season has started well, despite the disappointments of companies like Texas Instruments and streaming service Netflix. According to LSEG IBES, the S&P 500 profit is estimated to be 10.4% higher than a year earlier, based on results reported by 143 companies. So far, 87% have exceeded analysts' earnings expectations and 82% have beaten revenues estimates. Both are higher than the historical average. The next week will be the busiest for the season with more than 170 companies reporting. Microsoft, Apple Alphabet Amazon Meta Platforms are five of the seven "Magnificent Seven" companies. These firms have huge market capitalizations, dominate equity indices, and posted massive profit growth in the last couple of years. The Magnificent Seven's advantage over the rest index has narrowed, but they are still expected post better results in this period. According to data released this week by Tajinder Dhillon senior research analyst at LSEG, earnings for the group will rise 16.6% compared to an 8.1% increase for the rest index. A number of megacap companies have also been key players in artificial intelligence, which has driven the stock market's performance. Anthony Saglimbene is the chief market strategist of Ameriprise Financial. He said that these large tech reports will have the biggest impact between now and the end the year. The hurdle rate for these companies is high as they prepare to report earnings next week. Next week, other companies will report their results including oil giants Exxon & Chevron, payment firms Visa & Mastercard and drugmaker Eli Lilly. Fed policymakers are widely expected to reduce the current benchmark rate, which is 4%-4.25%, by another quarter of a percentage point on Wednesday. This view was reinforced by Friday's inflation data that were lower than anticipated. The markets will be more responsive to the Fed's Jerome Powell as they have already factored in that rate change into their asset prices. They are also expecting the central bank to further cut rates at its December meeting. The Fed's rate-cutting strategy would have the biggest impact if it showed any signs of a deviation, said Dominic Pappalardo. Chief multi-assets strategist at Morningstar Wealth. The Fed may be hindered in its decision-making due to the lack of information provided by the federal government since the shutdown began on 1 October, including the delays in the release of employment data at a moment when there are growing concerns about the state of the labor markets. Art Hogan is the chief market strategist for B Riley Wealth. He said that an increasingly prolonged shutdown, which has already lasted more than average in previous shutdowns, also poses a greater risk to the economic growth. Hogan stated that the longer the situation continues, the harder it will be for the market to ignore. Investors had also largely shrugged off trade-related risks over the past few months. However, renewed U.S. China rifts has brought tensions back to the forefront between the two world's largest economies. Donald Trump, the U.S. president, threatened to impose significantly higher tariffs against China on November 1 after Beijing implemented export controls for rare earths. Investors are watching the developments surrounding the upcoming meeting between Trump, and Chinese leader Xi Jinping to see if tensions can be eased between the two nations. "If tariffs increase to the levels President Trump has threatened on China, you'd see a volatile and likely a negative reaction in the markets, especially if investors anticipate that this is going to last," Saglimbene stated.
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Stocks rise after US inflation data, but US dollar remains flat
On Friday, major stock indexes rose with U.S. shares reaching record highs on the news that U.S. Inflation rose less than anticipated last month. The U.S. Dollar Index was almost flat. After a 0.4% increase in August, the U.S. Consumer Price Index increased by 0.3%, which was slightly below the 0.4% expected. This reinforced expectations that Federal Reserve will reduce interest rates during its policy meeting next Monday. "Today's data on inflation shows that we are not in crisis like 2022. Prices are rising, but in a controlled manner. Callie Cox is the chief market strategist for Ritholtz in Charlotte, North Carolina. The Fed is expected to reduce rates two more times this year, with a quarter-percentage-point cut baked in for the October 28-29 meeting, according to LSEG calculations using rate futures. The Canadian dollar barely responded to the announcement by U.S. president Donald Trump on social media, that he would end all trade negotiations with Canada. The Canadian dollar last fell 0.28% against the greenback, at C$1.4. Intel shares rose by 0.3% on Friday after the company's results beat expectations. The Dow Jones Industrial Average rose by 562.73 points or 1.21% to 47,297.34. The S&P 500 rose 66.16 or 0.98% to 6,804.60, and the Nasdaq Composite gained 297.83 or 1.30% to 23,239.63. Apple and Microsoft are among the five of the seven U.S. firms at the heart of the artificial-intelligence boom. The U.S. stock market has soared this year and some analysts are predicting a bubble. The MSCI index of global stocks rose by 7.63 points or 0.77% to 1,002.72. The STOXX 600 Index rose by 0.23%. The dollar index (which measures the greenback in relation to a basket of currencies, including the yen, the euro and others) was unchanged at 98.94. Meanwhile, the euro rose 0.08%, reaching $1.1626. The dollar gained 0.16% against the Japanese yen to reach 152.85. Data showed that the business activity in the Eurozone grew more rapidly than expected in October. Euro zone government bond yields rose. The 10-year Treasury yield was briefly lower after the CPI report. The yields on longer-dated U.S. bonds increased after a University of Michigan consumer sentiment survey showed a decrease in the index but an increase in inflation expectations for the next five years. The benchmark 10-year U.S. note yield increased 1.4 basis points, to 4.003% from 3.989% at the end of Thursday. Oil prices After a 5% rise on Thursday, after the U.S. imposed sanctions against major Russian oil companies. U.S. crude oil fell 29 cents, settling at $61.50 per barrel. Brent crude eased 5 cents, settling at $65.94. Spot gold dropped 0.32%, to $4111.97 per ounce. Reporting by Caroline Valetkevitch and Elizabeth Howcroft, both in New York, with additional reporting from Laura Matthews, also in New York, and editing by Toby Chopra and Joe Bavier in New York, Alison Williams in New York, Edmund Klamann, Richard Chang, and Toby Chopra.
Financial Times - Oct 8
The following are the leading stories in the Financial Times. Reuters has actually not confirmed these stories and does not vouch for their accuracy.
Headings. - UK releases regulator in push to accelerate approvals for brand-new. innovation. - Thai Central Group brings Saudi fund PIF into Selfridges. - UK arm of TGI Fridays saved from collapse in personal equity. buyout. - John Lewis chief to step down to clear way for chair Jason. Tarry. - TenneT taps lenders for prospective 20 bln euro ($ 21.96. bln) German power grid IPO
Summary. - Britain is setting up a brand-new Regulatory Development Office (RIO). to speed up the approval process for new technologies such as. artificial intelligence for usage in the health care, area, and. drone sectors, to increase growth. - Saudi Arabia's Public Mutual fund will take a 40% stake in. the properties and the operating businesses of luxury British. store chain Selfridges, while co-owner Central Group will own a. 60% stake, the Thai-based group stated. - Private equity firms Breal Capital and Calveton UK have. completed the sale of at least 51 TGI Fridays' dining establishments as. part of the procedure where another 35 of the group's websites in the. nation have been closed, leading to 1,012 job losses. - British seller the John Lewis Partnership said Chief. Executive Nish Kankiwala will revert to a non-executive role by. March next year. New chairman Jason Tarry will lead both the. executive group and the collaboration board. - Dutch electrical energy grid operator TenneT has actually tapped lenders at. Goldman Sachs, Morgan Stanley, ABN Amro,. and Deutsche Bank to plan a potential preliminary public. offering for its German system.
(source: Reuters)