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After talks with the US energy chief, EU has decided to stick to its 2028 Russian gas withdrawal.
After a meeting on Thursday with U.S. Secretary of Energy Chris Wright, EU Energy commissioner Dan Jorgensen stated that the EU will stick to its deadline for phasing out Russian oil imports by 2028. The EU is currently negotiating legal proposals that will completely phase out the imports of Russian gas and oil by January 1, 2028. A ban on short-term contracting will be implemented next year. However, it faces pressure from both the United States and Russia to stop Russian energy imports earlier. As part of the new sanctions against Moscow, EU Commission President Ursula von der Leyen stated on Wednesday that the EU is considering a quicker phase-out for Russian fossil fuels. Jorgensen confirmed that Wright and he did not discuss sanctions during their meeting in Brussels last Thursday. He said that Jorgensen was focused on getting the EU countries to approve the phase-out of 2028 - separate from any EU sanctions. He said, "This is an ambitious plan." He said: "I am happy to do anything else that can be done at the same time that puts pressure on Russia." A White House official revealed that U.S. president Donald Trump told European leaders to stop buying Russian oil last week in order to end the conflict in Ukraine. Jorgensen refused to comment on whether Wright asked the EU to stop using Russian oil and gas faster. Wright, speaking to reporters following the meeting in Brussels, said: "Our goal is deploying American energy exports around the world... This point strikes home in Europe where I'm today. Nearly 50% of the imported natural gas comes from Russia." We're working to reduce that number to zero. The biggest contributor to that has been the energy exports of the United States. We will continue this and stop all Russian energy imports to the EU. Jorgensen stated that they agreed Europe needed to move as quickly as possible in order to achieve this. They had discussed "several different ways" to make it happen. Jorgensen explained that the EU's phase-out plan by 2028 was designed to "avoid price increases and future supply issues", adding that it would force Europe to purchase more U.S. Liquefied Natural Gas. (Reporting by Kate Abnett, Writing by Mathias de Rozario, Editing by Susan Fenton)
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US CPC predicts 71% La Nina in Oct-Dec
The U.S. Climate Prediction Center said that a transition from El Nino/Southern Oscillation neutral to La Nina will likely occur in the next few months. There is a 71% probability of La Nina between October and December. Climate Prediction Center reported on Thursday. The U.S. forecaster said that "La Nina will be favored in the future, but chances of it occurring are expected to decrease from 54% between December 2025 and February 2026." Why it's important La Nina is a part of El Nino-Southern Oscillation, a climatic cycle that affects the water temperatures in central and eastern Pacific Ocean. La Nina causes cooler water temperatures which increases the risk of droughts and floods. This can have an impact on crops. When ENSO neutral, water temperature stays around average, leading to better weather and possibly higher crop yields. KEY QUOTES Donald Keeney is an agricultural meteorologist with Vaisala. He said that if we do get a weak La Nina it will be brief and weak. All the models should warm back to neutral at the end of the calendar year. Neutral conditions usually result in favorable conditions for growing in the north-central U.S. but dryer conditions in the Central and Southern Plains in the fall/winter. He added that the outlook for South America was a little more positive, particularly in central and northern Brazil. CONTEXT Japan's The weather bureau reported on Wednesday that the chance of rain was 60% Chance The La Nina phenomena would not appear and normal weather conditions will continue into the Northern Hemisphere Winter. The World Meteorological Organization On Tuesday, it was reported that the return of La Nina could start to influence global weather patterns in September. Reporting by Noel John, Bengaluru. Editing by Mark Porter
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TPG to buy Proficy software from GE Vernova for $600 Million
As part of its cost-cutting efforts, GE Vernova, a U.S. manufacturer of power equipment, announced on Thursday that it had agreed to sell Proficy (its industrial software business) to asset management company TPG for $600,000,000. In premarket trading, shares of the company increased by 1.2% to $651. Proficy accounts for approximately 20% of GE Vernova’s electrification revenue. This more than doubled in the second quarter to $332 millions from a year earlier. GE Vernova stated on its first quarter call in April that it expected a $300-400 million increase in cost in 2025. It also said they were looking to offset tariffs, inflation and other costs through pricing. The company also invests to strengthen its supply chains and announced in January a $600,000,000 investment in U.S. factory over the next two-years to meet global electricity demand. The Proficy transaction is expected to be completed in the first half 2026. TPG will own and control the company, while GE Vernova will retain a seat on the board as an observer. GE Vernova anticipates receiving additional proceeds from the sale in the future, depending on different outcomes and conditions. The company stated that the deal would make Proficy a stand-alone software business. TPG Capital is the private equity platform of TPG, which has offices in Europe and the United States. (Reporting and editing by Tasimzahid and Pooja Deai in Bengaluru, and Sumit Saha from Bengaluru)
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Stocks and the euro slump as ECB remains steady, US inflation increases
The euro and the dollar were largely unmoved by the European Central Bank's decision to keep interest rates unchanged and the U.S. inflation figures that showed a slight increase. The ECB held its rate at 2% as expected. However, with the ECB reducing its inflation forecasts during its press conference and Christine Lagarde at the helm of it, traders were looking for any indication of when another rate reduction might be coming. The euro moved a fraction lower to $1.1672, after soaring nearly 13% against the dollar in this year. Bond vigilantes have not yet been able to push France's politically-strained borrowing costs above Italy. The headline rate for August U.S. Consumer Price Inflation was 2.9%, the highest since January. However, the core measure remained at 3.1%. Stock markets mostly shrugged off the news as it was in line with expectations. Wall Street futures continued to price in more record highs on the S&P 500, Nasdaq and Dow after the 36% jump in Oracle shares Wednesday was the latest driver. The pan-European STOXX 600 rose 0.4% ahead Lagarde. Benoit Begoc, ABN AMRO's strategist, said that while the ECB was widely expected to maintain rates in the near future, it is important for Lagarde to keep the door open. "I'm wondering why you don't cut rates more." Begoc stated. Begoc said. Oracle's U.S. surge helped Asia overnight, where Japan's, Taiwan's and South Korea’s main stock exchanges also achieved record highs. Germany's 10-year Bond yield fell to 2.63% as Lagarde began to speak. It had reached 2.80%, its highest level since March last week. Oil prices fell 1.2% on the commodity market after three consecutive days of gains. Poland's downing a suspected Russian drone sparked new talk of sanctions on Wednesday, while Israel had attacked Hamas leaders in Qatar the previous day. Gold, the safe-haven metal, also dipped from recent records and copper, the bellwether of metals took a break from its 20%+ rally since U.S. president Donald Trump's tariffs on trade shook markets worldwide in April. TRADERS BET ON TRIO OF FED CUTS The Federal Reserve is expected to cut interest rates next week, despite the higher U.S. data on consumer prices. Recent signs of weakness in employment markets have led many to expect this. Wall Street futures point to further gains in fractions when the markets return at record levels soon. Oracle's 36% gain on Wednesday was the largest one-day increase for the 48-year old tech giant since 1992. Investors now fully price in a quarter point move by the Fed during next week's meetings, with an 8 percent chance of a cut of 50 basis points. Katy Stoves is an Investment Manager with Mattioli Woods. She said that despite the modest increase in inflation, the market expects a rate cut of 0.25% next week. Turkey's Central Bank was also in the spotlight after it cut interest rates by more than expected 250 basis points amid growing concerns over a crackdown on the political opposition of the country and recent higher-than anticipated inflation. The foreign exchange market was relatively quiet, with little movement in the U.S. Dollar and the six-currency dollar index barely above its seven-week low. The 10-year Treasury yields remained at 4.03% after falling 4 basis points Wednesday following the PPI data. A solid 10-year note sale also helped to ease investor concerns about long-term U.S. government debt. The Treasury's sale of $22 billion in 30-year bonds, which will take place on Thursday, is a more accurate gauge. The 30-year bond yield remained at 4.68% after falling more than 30 basis point since briefly topping 5% last week.
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Namibia will boost its sulphuric production as the critical mineral output increases
Namibia will increase its production of sulphuric acids in response to the critical rise in mineral output. Vedanta and Green Metals Refining announced plans to establish and revive plants on Thursday. The extraction of metals such as uranium and copper is a common process. Namibia, which is the third largest producer of uranium in the world, has eight critical minerals projects that are set to place it at the forefront for global green energy initiatives. Green Metals Refining, based in London, plans to invest $59 million for the first phase of an acid plant that will be able to produce 175,000 tons of sulphuric acids a year. In a Thursday statement, the company stated that it expects to increase annual production to 720,000 tonnes. Derk Hartman, CEO of Green Metals Refining, said that Namibia is a net exporter of sulphuric acids and has a large pipeline containing acid-consuming projects. We have therefore established a compelling case for local metals projects by third parties. The company plans to build a sulphuric-acid plant in Walvis Bay port, which will supply the country's copper and uranium mines. Both plants should be operational by the end 2027. Vedanta announced this week that it will recommission its Skorpion Zinc operations sulphuric plant within the next 4 to 6 months, to produce approximately 1,000 tons of sulphuric acids per day Since 2020, the facility has been on care and maintainance.
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Slovak leader Fico sets out conditions to support more Russia sanctions
Robert Fico, the Prime Minister of Slovakia, said that Slovakia will not support any more European Union sanctions towards Russia until it receives EU proposals aligning climate targets to carmakers' and heavy industries' needs. Fico demanded also that measures be taken to reduce electricity prices across the EU. The EU is currently debating the 19th package in its sanctions against Russia for its invasion of Ukraine. EU diplomats said that a new package would likely include additional listings of Chinese companies and Russian banks, as well as vessels from Moscow's "shadow fleet" which evades sanctions. They also predicted a ban on Russian oil transactions. Fico has long maintained that sanctions don't work. He has met with Russian President Vladimir Putin on three occasions since last year and has broken ranks among European allies because of his pro-Moscow position. Fico stated on Thursday that "he will not support the adoption of another package, until the Commission presents realistic proposals which align the demands of climate targets to the needs of car production, not just in Slovakia, but also with the heavy industry's needs". After meeting the EU Council President Antonio Costa, he said: "I won't support any other package until the European Commission makes realistic proposals about electricity prices in Europe." Fico held up temporarily the last package of sanctions, demanding guarantees to cover potential losses resulting from a separate EU-wide plan that would end all gas imports and oil exports from Russia by 2028. How many sanctions do we need to adopt before Russia changes its approach to war? Fico said. In an effort to cripple Russia's economy, the West has imposed sanctions worth tens and thousands of dollars on Russia for its three-and-a-half-year war in Ukraine and its 2014 annexation Crimea. Fico also said that the EU should not provide military aid to Ukraine, but instead work for peace. (Reporting and editing by Jan Lopatka, Jason Hovet)
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The price of copper drops from $10,000 to $9,000 on the back of a stronger dollar and uncertainty about tariffs
The copper price fell on Thursday. It climbed above $10,000 per metric ton, but then retreated under the pressure of a stronger dollar and lingering uncertainty about how tariffs would affect demand. After touching $10,015, the price of three-month copper at the London Metal Exchange dropped 0.3% to $9.983 per ton during official open-outcry trades. This was the second consecutive session that it moved above $10,000. Nitesh Sha, a commodities strategist at WisdomTree, said: "I believe the news on copper markets is still quite positive, but the dollar has firmed up a little this morning and added some headwinds to prices." Dollar index remained steady as traders awaited important U.S. consumer prices data to get a hint on Federal Reserve's interest rate-cutting path. The strong dollar increases the cost of commodities in other currencies for those who use it. Shah continued, "Miners have experienced more disruptions in their production than expected. This is combined with the fact capex for copper mines just aren't enough to keep pace with metal demand growth." After an underground incident, Grasberg, one of the largest copper mines in the world, temporarily halted its mining operations this week. The Shanghai Futures Exchange's most traded copper contract gained 0.6%, to 80,130 Yuan ($11251.37) per ton. Since March, when it reached its highest level in over eight months at $10,0164.50, copper has struggled to break through $10,000 several times. Shah said that many investors were waiting to see whether U.S. Tariffs would dampen the demand as expected. He said that the situation was more complex and that the overall effect could be that the metal demand is not really affected by all the other stimuli. Other metals include LME aluminium, which rose by 0.9% to $2.649.50 per ton, and tin, which gained 0.1%, to $34,650. Zinc fell 0.3%, to $2.879, while lead dropped 0.1%, to $1.985, and nickel, down 0.5%, to $15,065. Click here to see the top metals stories ($1 = 7.1218 Chinese Yuan) (Reporting and editing by David Goodman).
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Sources say that the Indian court has dismissed Asian Paints' appeal against the antitrust investigation.
Six people with knowledge of the proceedings confirmed that an Indian court dismissed Asian Paints' request to halt a current antitrust investigation against the company on Thursday. The Competition Commission of India has opened an investigation into Asian Paints. This paints manufacturer, with a 52% share of the market, was investigated after officials found that a complaint by Birla Opus, the biggest paints producer in India, had merit. Birla Opus claimed that Asian Paints abused their dominant position by giving discounts and incentives for dealers. Asian Paints tried to end the inquiry by filing a case at the High Court of Mumbai in July, arguing CCI officials had damaged the company's reputation by publishing and then deleting allegations made against its CEO in the investigation order. Six sources said that the High Court dismissed the company’s claim in a short hearing on Thursday. A detailed order would be issued later. One source said that the court found no merit in Asian Paints' complaint. Asian Paints has not responded to our request for a comment. CCI and Birla Opus - the paints division of Aditya Birla Group, Grasim Industries led by billionaire Kumar Mangalam Birla – also failed to respond to requests for comments. Paints are a profitable business in India. The country is one of the fastest growing economies on the planet. Elara Capital data show that Birla has eroded Asian Paints dominance since its launch in 2024. The company has grown rapidly, reaching a market share of nearly 7% by March. In its initial review, the CCI found that Asian Paints had imposed unfair conditions to dealers. It called this "exploitative behavior".
Britain's creaking power grid leaves green energy transformation adrift
British ferryboat operator Wightlink wishes to buy a $60 million, stateoftheart electrical ferryboat to make its crossings cleaner and greener. But it can't commission the vessel until it gets a. power upgrade.
The company brings 4 million islanders, holidaymakers and. festival goers every year on a 5 nautical mile crossing. in between England's picturesque southern coast and the Isle of. Wight. The strait, known as the Solent, is popular with yachts. and leisure craft, while much of the shoreline is protected.
Wightlink has funding in location for a electric-powered cars and truck. ferryboat that would decrease emissions both at sea and in port,. following in the path of leader Norway, which presented the. world's first in 2015.
The federal government has actually said decarbonising maritime transport. is necessary to attaining Britain's net zero target by 2050. Domestic maritime vessels represented around 5% of Britain's. greenhouse gas emissions from transport in 2020, more than rail. and buses integrated, the federal government stated in a 2022 report.
And the long average life-span of vessels implies that greener. ships should begin being deployed by next year to attain a green. fleet by the 2050 deadline.
However interviews with 22 people - consisting of financiers, power. company staff members, federal government officials, Wightlink staff and. countryside advocates - exposed that long waits for grid. connections integrated with preparing obstacles are putting. countless pounds of green transportation investment at threat.
We wish to go electric. We think it's the best thing,. Wightlink Chief Executive Keith Greenfield informed onboard. a hybrid ferryboat, which utilizes diesel to charge electric batteries,. saving around 20% in emissions. We're held back by a lack of. shore power.
Wightlink requires to order its next ship within 12-18 months. to replace an ageing vessel, however can not commit to go solely. electrical without a legally binding power contract, Greenfield. said.
Regional network operator Scottish & & Southern Electrical power. Networks (SSEN) told Wightlink two years ago that a new. connection at its Portsmouth terminal would require. infrastructure upgrades, including at a neighboring substation on the. national high-voltage network, according to a document evaluated. and ferry company executives.
The substation improvements by National Grid were not. set up to be finished until 2037.
After interviewed Wightlink executives, SSEN stated. this month enough power might be readily available without the National. Grid work, and it would hold brand-new talks with the ferry business.
If Wightlink accepts a brand-new quote from SSEN, it will be able. to guarantee the capacity and confirm its location in the. connections queue.
We eagerly anticipate fulfilling them early next month to. progress propositions, a SSEN spokesperson told . The. company declined to comment on the change.
Britain will hold a general election on July 4 with polls. predicting a success for the opposition Labour celebration after 14. years of Conservative guideline.
Wightlink's problem underscores the challenge Britain's next. federal government will face in delivering the renewable energy and grid. infrastructure required to power a shift to electric ferries, automobiles. and domestic heating in Europe's second-largest economy.
Britain was the first significant economy to create a lawfully. binding 2050 net zero target. It's a leader in overseas wind and. it has actually halved emissions since 1990 after closing coal power. plants.
Central to the net zero target is a strategy to decarbonise the. electricity system by 2035. However the state consultant, the Climate. Change Committee, said in a development report in June 2023 that. the federal government lacked a full technique to arrive.
CHANGING DATES
How to accomplish net no, and at what cost, has ended up being a. battlefield both nationally and locally.
Britons support the policy of net no but they often baulk. at the expenses and infrastructure that may be needed to get. there, studies reveal. Prime Minister Rishi Sunak scrapped some. targets last year, saying he needed to retain public assistance in. the face of unacceptable costs.
Labour has actually pledged to decarbonise the electricity grid by. 2030, 5 years ahead of the Conservatives' target of 2035. Reforming grid connections is one part of its ambitious strategy.
To strike net no, Britain requires to expand the high-voltage. network in England and Wales brought overhead on big pylons,. which then link to regional circulation networks.
The grid, owned and operated by London-listed National Grid. Plc, was developed to send power created from. coalfields in areas like Yorkshire and Nottinghamshire across. the nation.
Today more electrical energy is coming from wind farms in. Scotland and off Britain's east coast, and brand-new infrastructure is. required to transmit it to London and the south.
Presently wind farms are being paid to turn off in strong. winds, when the grid can not soak up all the produced power, information. from the nation's electricity system operator shows.
The government has said supports required to increase. capability, consisting of brand-new substations, power lines or supergrid. transformers, could use up to 13 years to finish, in part due. to regulative and planning approval.
It wants to cut in half that time, and is working with the. regulator, Ofgem, network operators and the industry to. accelerate connections.
National Grid stated in May it would invest more than 30. billion pounds ($ 38 billion) on the grid over the next five. years.
We're driving forward the biggest reforms to our. electrical power grid because the 1950s, the Department for Energy. Security & & Net Zero told .
It set a target in November to cut the average hold-up faced. by viable net zero-aligned jobs like Wightlink for. connections from around 5 years to six months, saying a. much faster system needed to be in location by 2025.
INFRASTRUCTURE V CONSERVATION
One concern that stands in the method of developing the grid and. the renewable resource projects needed to power it are Britain's. preparing laws.
Approval times have ballooned in the last few years, as local. councils have a hard time to process applications and rural neighborhoods. bring legal challenges to oppose significant works.
The time it requires to protect permission for massive projects. like wind farms has increased by 65% because 2012, extending to. 4.2 years, according to a government-requested report by the. National Infrastructure Commission in 2023.
The rate of schemes based on prolonged judicial evaluations has. jumped to 58%, from a long-term average of 10%, it said.
That pushes up job expenses, threatening financial investment.
Fiera Infrastructure, the Canadian co-owner of Wightlink,. warned that financiers can always invest their capital in other places.
International investors are not yet at the point of turning their. backs on UK infrastructure, but errors around policy have. worn down financier self-confidence, President Alina Osorio informed. .
The sentiment was echoed by other infrastructure investors,. consisting of among the biggest in Britain, which has backed a. business structure electric vehicle chargers at motorways.
The fund supervisor, who asked not to be called, said a lack of. new power had actually forced the company to adjust some of its projects.
Minal Patel, a partner at Schroders Greencoat, a. sustainable financial investment supervisor, said strong financier demand for. sustainable assets showed Britain remained attractive, but slow. grid connections were a challenge.
CONNECTION
For Wightlink, the hunt for a connection has been fraught.
In 2022, SSEN priced estimate Wightlink 4.6 million pounds for 12MW. connections to power the chargers it requires to set up in. Portsmouth and Fishbourne, according to files seen by. . The systems need to charge the electrical ferryboat in the 20. minutes it has in between sailings.
Work could be completed in around 12 months in Fishbourne -. one of Wightlink's terminals on the Isle of Wight - however there. was no timeline provided for the Portsmouth connection.
Under the rules, a job like Wightlink's should accept a. quote from the distribution network supplier to protect a place. in the connections queue.
However Wightlink's Greenfield stated it could not order a 50. million pound ferry without a guarantee of power.
In the recently, SSEN said there might be adequate capability. to deliver more than the power Wightlink at first desired.
Wightlink's Head of Engineering & & Estates Charlie Field is. hoping that an agreement can finally be agreed.
A few weeks ago, all deals were off as far as we were. worried. We had to wait up until 2037, stated. Now that might. not be the case..
(source: Reuters)