Latest News
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TotalEnergies Joins RWE in 4GW Offshore Wind Scheme in Germany
TotalEnergies has made an agreement with RWE to acquire 50% equity stake in two large-scale offshore wind projects in Germany, whose combined capacity is 4 GW.RWE was awarded the sites in the latest offshore wind auction in Germany in August.Located approximately 110 to 115 kilometres north-west of the German island of Borkum, the sites N-9.1 and N-9.2 are large enough to accommodate offshore wind farms with a total capacity of 2,000 MW.Germany Picks Winners of 5.5GW Offshore Wind TenderInvestment decisions are expected to be taken by 2027 (N-9.1) and 2028 (N-9.2), respectively. Subject to the necessary permits and confirmation of grid connection, offshore construction could start in 2029 and 2030, with full commissioning planned for 2031 and 2032 respectively.“We are delighted to welcome TotalEnergies onboard as our partner in the delivery of these large-scale offshore wind projects in our home market of Germany. As a trusted partner in our Dutch offshore wind project OranjeWind, TotalEnergies shares our ambition to further drive the growth of offshore wind energy to accelerate the energy transition in Germany and beyond,” said Sven Utermöhlen, CEO of RWE Offshore Wind.“We are pleased to strengthen our ties with RWE, a key player in renewables and our partner in OranjeWind project in the Netherlands. This new partnership contributes to our integrated development in the German electricity market, the largest in Europe, and will enable TotalEnergies to provide green electrons to decarbonize the country’s electricity and industry,” added Olivier Jouny, SVP Renewables at TotalEnergies.RWE already operates 19 offshore wind farms, including six off the German coast. The company is also currently building four large offshore wind farms - the Sofia offshore wind farm (1.4 GW) in the UK, the Thor offshore project (1.1 GW) in Denmark and the OranjeWind offshore wind farm (795 MW) in the Netherlands together with TotalEnergies, as well as the Nordseecluster with a total capacity of 1.6 GW north of the island of Juist in Germany.
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Shanghai nickel jumps to 3-month high after week-long break
Shanghai nickel prices jumped nearly 6% on Tuesday to a threemonth high as trading resumed after a. weeklong holiday, with supply disruptions underpinning the. market. The most-traded November nickel contract on the Shanghai. Futures Exchange (SHFE) was up 3.4% at 135,470 yuan. ($ 19,304.32) a metric load, after striking its greatest considering that July. 9 at 138,800 yuan earlier in the session. Three-month nickel on the London Metal Exchange (LME). fell 1.2% to $17,830 per load by 0145 GMT. Brazilian miner Vale momentarily interrupted operations at. its Onca Puma nickel plant in Para state after heavy winds. damaged an electricity transmission network. Madagascar's nickel and cobalt miner Ambatovy has shut down. a pipeline providing ore from its mine in the country's east to. a processing and refinery plant due to damage, its significant. investor Sumitomo Corp stated last week. SHFE copper slipped 0.3% to 7,8540 yuan and LME. copper edged down 0.1% to $9,918, with market gamers. concentrating on an interview of China's National Advancement. and Reform Commission for more cues. Before the holiday break, China revealed its many. aggressive stimulus procedures because the COVID-19 pandemic to pull. the economy out of its deflationary funk and back towards the. government's development target. This move has actually provided a total boost. to the industrial metals complex. Stocks in warehouses tracked by the Shanghai Futures. Exchange have actually dropped almost 60% given that early June to 141,625. tons . Product trader IXM's head of refined metal stated the. uptrend in demand for metals such as copper utilized in electric. lorries is undamaged regardless of doubts raised by the downturn in. electric-vehicle sales, however estimating numbers is difficult as. the market is progressing. LME aluminium reduced 0.3% to $2,650 a lot, zinc. lost 0.4% to $3,160.5, tin fell 0.8% to $33,650,. and lead decreased 0.5% to $2,138.5. SHFE aluminium increased 1.2% to 20,745 yuan a lot, zinc. firmed 2.4% to 25,675 yuan, lead was up 0.3%. at 16,995 yuan, and tin jumped 2% to 268,750 yuan. For the top stories in metals and other news, click. or
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Financial Times - Oct 8
The following are the leading stories in the Financial Times. Reuters has actually not confirmed these stories and does not vouch for their accuracy. Headings. - UK releases regulator in push to accelerate approvals for brand-new. innovation. - Thai Central Group brings Saudi fund PIF into Selfridges. - UK arm of TGI Fridays saved from collapse in personal equity. buyout. - John Lewis chief to step down to clear way for chair Jason. Tarry. - TenneT taps lenders for prospective 20 bln euro ($ 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.
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Oil edges lower after rallying to greatest in over a month on Middle East war threat
Oil prices edged lower in early Asian trading hours on Tuesday as traders reserved revenues after prices rallied to their highest in over a month on Monday amidst worries that the Middle East might be on the verge of a regionwide war. Fighting in the Middle East intensified after Iran-backed Hezbollah fired rockets at Israel's third-largest city, Haifa, and Israel looked poised to expand its offensive into Lebanon, a. year after the Hamas attack on Israel that stimulated the Israel's. continuous war in Gaza. Brent unrefined futures fell 23 cents, or 0.3%, to $80.70 per. barrel by 0029 GMT. U.S. West Texas Intermediate futures fell 20. cents, or 0.3%, to $76.94 a barrel. Both agreements rose over 3% on Monday to hit their greatest. levels because late-August, adding to last week's rally that saw. them rise by over 8% for the greatest weekly gains in over a. year. The rally started after Iran released a rocket barrage on. Israel on Oct. 1. Israel has testified retaliate and is weighing. its choices, with Iran's oil centers considered a possible. target. However, some experts believe that an attack on Iranian oil. infrastructure is not likely and have actually warned that oil costs could. face considerable downward pressure if Israel focuses on any. other target. Even if an attack targets Iranian oil centers, there is 7. million barrels per day of spare supply capability within the. Company of Petroleum Exporting Countries (OPEC) to comprise. for the loss of its oil output, ANZ Bank experts noted on. Friday. Meanwhile, Typhoon Milton magnified into a Classification 5. storm on its way to Florida after forcing at least one oil and. gas platform in the U.S. Gulf of Mexico to shut on Monday. U.S. crude oil inventories are expected to rise by 1.9. million barrels in the week ended Oct. 4, according to a. preliminary Reuters poll. The American Petroleum Institute is. due to publish its tally of U.S. stockpiles at 2030 GMT on Tuesday,. followed by the official tally from the Energy Details. Administration at 1430 GMT on Wednesday.
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Owners of Arcadium's lithium assets through the years
Rio Tinto is in talks with lithium producer Arcadium for a buyout that would make the AngloAustralian mining business a significant player in the global lithium market. Reuters was first to report the talks on Friday. The business confirmed conversations on Monday. Arcadium was formed only in January by the merger of Australiabased Allkem and U.S.based Livent which brought together lithium mines, processing facilities and deposits across four continents. Those companies were themselves the developments of past offers that patched together some of the world's most treasured lithium properties. Here is a timeline of significant occasions causing Arcadium's. creation. 1944: The Lithium Corp of America is established in part to help. supply the U.S. government with a type of lithium needed for the. Manhattan Project. The brand-new company starts digging for the metal. in North Carolina. May 1985: Agricultural chemical producer FMC buys Lithium. Corp of America and grows to become the largest producer in the. world, a title it ultimately delivers. October 1997: FMC starts lithium production at Argentina's. Salar de Hombre Muerto in the country's far north utilizing. evaporation ponds. February 1998: With Argentina production under way, FMC. closes its lithium mine in North Carolina. June 1998: FMC adds an early variation of Direct Lithium. Extraction to its Salar de Hombre Muerto operations, ending up being. the very first company to utilize the technology in tandem with ponds. Engineers at the website are still thought about world specialists in DLE. integration. December 2007: Australia-based Orocobre starts trading on. the Australian Stock market after discovering the Olaroz. lithium deposit in Argentina while searching for gold and. copper. ( Orocobre is a portmanteau of the Spanish words for. those 2 metals.) October 2009: Galaxy Resources begins construction on. Western Australia's Mt. Cattlin lithium mine, among the. country's largest sources of the battery metal. The mine is. mothballed by Arcadium in September 2024 amidst low lithium. prices. January 2010: Australian-based Orocobre accepts develop Olaroz. with a sister business to Toyota Motor. December 2014: Orocobre opens the Olaroz lithium center. May 2018: Galaxy launches an updated expediency study for. its Sal de Vida lithium task in Argentina. The job is. still under advancement as of October 2024. October 2018: FMC spins off its lithium division as. Livent. October 2018: Galaxy releases an ecological research study on its. proposed James Bay lithium job in Canada. The possession had yet. to be developed as of October 2024. April 2020: Orocobre buys Benefit Lithium in an offer that. gives it control of the Cauchari lithium deposit in Argentina,. near one from Lithium Argentina. November 2020: Livent accepts form a joint endeavor to purchase. Quebec's troubled Nemaska lithium project. The company likewise. extends a lucrative deal to provide the battery metal to Tesla . April 2021: Australia's Orocobre states it will pay $1.4 billion. for smaller sized competing Galaxy Resources in an all-stock deal that. combined hard rock, brine and chemicals properties across. Australia, Argentina, Canada and Japan. November 2021: Orocobre alters its name to Allkem, a. recommendation to lithium's position near the top of the Periodic. Table of Aspects. August 2022: The U.S. federal government authorizes the Inflation. Decrease Act, a favorable precursor for lithium-producing. nations that have trade deals with Washington, including. Australia and Canada. August 2022: General Motors consents to prepay Livent $198. million for a guaranteed supply of lithium. December 2023: Livent purchases ILiAD, a DLE innovation. developer. January 2024: Allkem and Livent combine to form Arcadium, with. each company getting 6 seats on the new firm's board of. directors. The brand-new business's name is a recommendation to its numerous. possessions across Argentina, Australia, Canada and somewhere else. October 2024: Rio Tinto and Arcadium confirm a Reuters report. that they are in negotiations.
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Petrobras posts record gasoline production in the third quarter
Brazilian staterun oil firm Petrobras produced a record 436,000 barrels of fuel each day (bpd) in the third quarter, up 2.8% from the very same period a year previously, according to a. securities filing on Monday. WHY IT is necessary Petrobras is one of the biggest business in Latin America. by market value. The information launched on Monday on output at its oil refineries. gives an advance look at how it carried out, ahead of a quarterly. operational report and complete monetary profits over the next couple of. weeks. BY THE NUMBERS Petrobras stated it produced some 6.38 billion liters of. gasoline in the quarter, and validated to Reuters that was. equivalent to 436,000 bpd - the step the firm usually uses. to report this kind of information. Refinery utilization reached 95.2% in the quarter, simply. under the 96% in the same duration of 2023, which was a. near-decade high. In September alone, the utilization element reached 96.8%,. its highest regular monthly figure so far this year, it stated.
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US guidelines on dispute minerals have not reduced violence in Congo, watchdog states
A U.S. congressional watchdog has discovered no proof that a 2012 Securities and Exchange Commission (SEC) conflict minerals disclosure guideline has actually lowered violence in Democratic Republic of Congo, it said in a report on Monday. Equipped groups continue to fight for control of cash cow in the east of the Central African nation, the U.S. Government Accountability Workplace stated in its report. It likewise stated the rule - which needs some business to report on their usage of tantalum, tin, tungsten and gold - has likely had no impact in neighbouring nations. GAO found no empirical proof that the rule has actually reduced the occurrence or level of violence in the eastern DRC, where numerous mines and armed groups lie, the report said. GAO also found the rule was related to a spread of violence, especially around informal, small-scale gold mining websites, it stated, including that gold is the most tough to trace, and simplest to smuggle, of the 4 minerals covered by the guideline. Congo is the world's leading producer of tantalum, which is thought about a crucial mineral by the United States and the European Union. The report included that the SEC disagreed with some of GAO's. findings and raised issues about a few of its methodology and. analyses. The GAO stated it made certain modifications that did not. materially impact its findings. As the company kept in mind in remarks shared with GAO, SEC staff. has serious issues about the report, including that it makes. assertions and reaches conclusions that rest on numerous. erroneous factual assumptions, draws causal inferences that are. not supported by GAO's analytical analyses, and deviates. significantly from the GAO's previously issued reports, the SEC. said. GAO had actually not shared its last report with the SEC until. today, so staff is reviewing it to identify if and how GAO. addressed the SEC's concerns, it added. In 2015, GAO stated that some U.S. companies buying minerals. from Congo and its neighbours were stopping working to meet disclosure. requirements. On Sept. 30, Bintou Keita, head of the U.N. mission in. Congo, told the U.N. Security Council that M23 rebels in the. east are generating $300,000 per month in incomes in a. coltan-mining area they took previously this year.
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US rules on dispute minerals have actually not minimized violence in Congo, GAO states
A U.S. congressional guard dog has actually found no proof that a 2012 Securities and Exchange Commission (SEC) conflict minerals disclosure guideline has actually minimized violence in Democratic Republic of Congo, it stated in a report on Monday. Armed groups continue to defend control of cash cow in the east of the Main African country, the U.S. Government Accountability Office (GAO) stated in its report. It also stated the guideline - which needs some business to report on their use of tantalum, tin, tungsten and gold - has likely had no impact in neighbouring nations. GAO found no empirical proof that the guideline has decreased the incident or level of violence in the eastern DRC, where many mines and armed groups lie, the report said. GAO likewise found the rule was related to a spread of violence, especially around casual, small-scale gold mining websites, it stated, adding that gold is the most hard to trace, and most convenient to smuggle, of the four minerals covered by the guideline. Congo is the world's leading producer of tantalum, which is thought about a vital mineral by the United States and the European Union. The report included that the SEC disagreed with a few of GAO's. findings and raised concerns about a few of its method and. analyses. The GAO said it made certain adjustments that did not. materially impact its findings. The SEC did not immediately respond to an ask for remark. Last year, GAO stated that some U.S. business purchasing minerals. from Congo and its neighbours were stopping working to satisfy disclosure. requirements. On Sept. 30, Bintou Keita, head of the U.N. objective in. Congo, told the U.N. Security Council that M23 rebels in the. east are producing $300,000 per month in earnings in a. coltan-mining region they seized previously this year.
Middle East dispute keeps markets nervous ahead of China's reopening
International stocks started Tuesday on a careful note while oil costs stayed elevated as the escalating conflict in the Middle East sapped threat appetite ahead of China's highly expected resuming after a long holiday.
The benchmark 10-year U.S. Treasury yield held above 4% in early Asia trade, as a robust U.S. labour market prompted traders to greatly scale back their expectations for Federal Reserve rate cuts.
Hezbollah on Monday fired rockets at Israel's third-largest city, Haifa, and Israel looked poised to broaden its offensive into Lebanon, one year after the disastrous Hamas attack on Israel that sparked the Gaza war.
Heightened fears of a widespread dispute and interruptions to supply sent out Brent crude futures rising above $80 a. barrel for the very first time in over a month in the previous. session.
It was last 0.09% higher at $81.00 per barrel, while U.S. crude futures rose 0.14% to $77.25 a barrel.
The worldwide standard struck USD80/bbl as expectations grow. that Israel will target Iran's oil infrastructure in retaliation. for a rocket attack recently. President Biden's comments. didn't ease these fears, said experts at ANZ in a note.
We still think a direct attack on Iran's oil facilities is. the least most likely of Israel's retaliation alternatives.
Still, the dour mood kept stocks on tenterhooks on Tuesday.
MSCI's broadest index of Asia-Pacific shares outside Japan. fell 0.05%, while Tokyo's Nikkei opened. 0.79% lower.
S&P 500 futures added 0.03% while Nasdaq futures. lost 0.01%.
But the mindful relocations in stocks could alter once Chinese. markets resume after a week-long vacation later in the day. Gains. and volatility might be on the cards, given Singapore-traded. FTSE China A50 futures have rallied some 14% because. China's money markets closed on Sept. 30.
Hong Kong's Hang Seng China Enterprises index was up. 11% over the same period, pointing to a catch-up rally for the. mainland.
Before the break, China revealed its most aggressive. stimulus procedures considering that the pandemic, in a relocation which sent out the. CSI300 soaring 25% over five sessions and sparked a. rally throughout global share markets.
Focus will also be on an interview from the nation's. National Development and Reform Commission due at 0200 GMT, for. further details around the stimulus pledges that drove the. market craze.
Whether the result fulfills any expectations will identify. if the Hong Kong market can go up further, stated Richard Tang,. China strategist and Hong Kong head of research at Julius Baer.
Foreign investors had taken up their positions recently,. driving a strong rally. The second leg of the rally will likely. be driven by mainland Chinese purchases.
FED BETS
In the more comprehensive market, financiers were likewise considering the. future path of the Fed's easing cycle in the wake of Friday's. blockbuster U.S. jobs report.
Any possibility of another outsized 50-basis-point rate cut next. month has given that been erased and traders are even pricing in a. 14.6% opportunity that the Fed might keep rates on hold. Simply 50 bps. worth of cuts are priced in by December.
Reflecting the less aggressive Fed reducing expectations, the. two-year U.S. Treasury yield hovered near its highest. level in over a month on Tuesday and last stood at 3.9764%.
While confidence about another 50bp cut is justifiably. dampened ... the Fed rate cut cycle is far from hindered, stated. Vishnu Varathan, head of macro research for Asia ex-Japan at. Mizuho Bank.
Undoubtedly, the all-around hit tasks report is. sensible cause to reassess overzealous 'pivot bets' on. front-loaded, outsized cuts.
Still, the U.S. dollar stopped working to get a more lift on the. revised Fed expectations, having already had a strong run last. week also owing to safe-haven gains connected to the Middle East. dispute.
It was on the back foot in early Asia trade, falling 0.17%. against the Japanese yen to 147.97, while sterling. increased 0.03% to $1.3089.
Against a basket of currencies, the greenback reduced 0.02% to. 102.44, though it hovered near a seven-week high hit on Friday.
In other places, spot gold was little changed at $2,643.33. an ounce.
(source: Reuters)