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NDTV Profit reports that India's Nykaa shareholder will sell a stake worth $150 Million.
Harindarpal Singh Banga, a Hong Kong-based investor, and his family plan to sell a stake in Nykaa worth $12.84 billion (US$149.93m) through a group deal, reported news portal NDTV profit on Wednesday. According to the report, people familiar with the situation said that the sale would likely take place at a discount of 4% from Nykaa's market price. Nykaa shares closed at 211.59 Rupees, a 2.2% increase. The company didn't immediately respond to an inquiry for comment. Exchange data revealed that Banga owned 4.97% of Nykaa as of March 2025. He invested in Nykaa prior to its public listing. In August of last year he sold 40.9 million shares in a large deal to reduce his stake. According to LSEG, the Indian market saw secondary market sales of $5.5 billion by large shareholders in listed companies last month. Reliance Industries sold a stake in Asian Paints for $1.5 billion and British American Tobacco sold a stake in ITC for $1.5 billion. ($1 = 85.6242 Indian Rupees) (Reporting and editing by Janane Vekatraman; Reporting by Manvi Pan)
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HIGHLIGHTS-Tennis-Wimbledon day three
Highlights from the third day of Wimbledon Tennis Championships on Wednesday. 1145 PLAY UNDER THE WAY Rain caused a delay of one and a half hours at the All England Club. READ MORE PREVIEW: British Wimbledon hopefuls Raducanu & Tarvet will face a tough task Sinner is ice cold as Gauff joins Pegula, Zverev and bonfire of seeds Wimbledon's AI judge receives mixed reviews from fans and players Djokovic passes Muller Test to Reach Wimbledon Second Round Gauff's out-of-sorts performance in the first round of Wimbledon is a disaster Zverev seeks therapy following shock Wimbledon first-round exit Kvitova says goodbye to the place where she was transformed from a "nobody" to a "someone". No Draper drama as British hope races past injured Baez in Wimbledon opener Zheng, the Olympic champion, is still trying to figure out how to play on grass courts Swiatek defeats Wimbledon debutant in round two Rain delays the 1045 START even further Rain will delay the start of play on all outdoor courts until 1115 GMT. Start 1000 Rain Delays Rain has delayed the start of Wimbledon's third day by 45 minutes, to 1045 GMT. After two days in which the conditions were very hot and sunny, the temperature will be around 19 degrees Celsius. WIMBLEDON ORDER OF PLAY ON WEDNESDAY (prefix number denotes seeding) The play begins at 1230 GMT. 1-Aryna Sabalenka (Belarus) v Marie Bouzkova (Czech Republic) Oliver Tarvet (Britain) v 2-Carlos Alcaraz (Spain) Emma Raducanu (Britain) v Marketa Vondrousova (Czech Republic) COURT NUMBER 1 (play starts at 1200 GMT). Cameron Norrie (Britain) v 12-Frances Tiafoe (France) Katie Boulter (Britain) v Solana Sierra (Argentina) 5-Taylor Fritz (U.S.) v Gabriel Diallo (Canada) COURT NO. TWO (play starts at 1000 GMT Olga Danilovic (Serbia) v 6-Madison Keys (U.S.) Nuno Borges v Billy Harris Naomi Osaka (Japan) v Katerina Siniakova (Czech Republic) Arthur Fery (Britain) v Luciano Darderi (Italy)
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Engie buys DNO's Norwegian gas production for four years
The Norwegian company DNO announced on Wednesday that it had sold all of its gas production from the Norwegian continental shelf over a period of four years to French utility Engie at an undisclosed price. The deal was facilitated by an American bank loan, as U.S. banks are increasing funding for the fossil fuel sector. It also said it is in talks over a similar agreement and financing facility related to its North Sea oil production. The agreement will take effect on October 1, and it covers DNO’s increased gas production following its March acquisition of assets from Sval Energi. Sval's purchase quadrupled DNO’s North Sea production, which now stands at about 80,000 barrels equivalent of oil per day. About half of this is natural gas. Engie didn't immediately respond to our request for comment. DNO has not disclosed the exact volume of its four-year contract to Engie. However, DNO and Sval Energi produced 1,82 bcm from the Norwegian continental Shelf last year. DNO has entered a financing agreement with an unnamed U.S. Bank for up to 500 million dollars. This money will be used for Sval Energi’s debts as well as for general corporate purposes. In a press release, DNO Executive Chairman Bijan Mossavar Rahmani stated that "we have received strong interest from buyers to prepurchase the enlarged North Sea Production". (Reporting from Nerijus Adomiaitis and America Hernandez, Paris; editing by Barbara Lewis.)
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The yuan strengthens as tariff uncertainty is offset
The price of copper rose on Wednesday, as the weaker dollar and stronger yuan in China, a major metals consumer, offset concerns about trade tensions around the world. By 1025 GMT, the price of three-month copper at the London Metal Exchange had risen by 0.2% to $9,951 per metric tonne. On Tuesday, the metal used in construction and power, which is valued at $10,000, tested the psychological threshold for the first three months, as positive manufacturing data from China, the top consumer, improved sentiment. Analyst Carsten Menke of Julius Baer said that this spike was due to a persistent premium in U.S. Copper Futures amid expectations that Section 232 tariffs would be imposed on imports to the United States in the future, assuming the investigation will conclude imports threaten U.S. National Security. This has led to a spike in U.S. imports of copper this year. The metal is now scarcer outside the U.S. The LME copper contract with a shorter maturity is trading at a higher premium than those with a longer maturity. Goldman Sachs stated in a report that they expect China's demand for refined Copper to increase by 6% between 2025 and 2050. They also see upside risks for their August LME copper prediction of $10,050 due to the competition for copper from China and America. Julius Baer is worried about the future demand for copper due to the pre-buying by U.S. importers. The U.S. Dollar was near its lowest level since February 2022 as traders weighed the impact of President Donald Trump’s spending bill and the looming deadlines for trade tariffs. The yuan is nearing an eight-month-high against the dollar, amid hopes of a easing in U.S. China trade tensions. LME aluminium dropped 0.2% to $2.593.50 per ton. Zinc rose 0.4% at $2.725.50. Lead increased 0.4% at $2.046.50. Tin fell by 0.6%, to $33,430, and nickel rose by 0.1%, to $15,220. (Reporting and editing by David Evans; Polina Devitt)
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Allianz: Heatwaves could reduce GDP in Europe by 0.5 percentage points
A report by Allianz Research found that recent heatwaves in Europe could slow the economic growth of Europe by half a point by 2025. The report compared a day where temperatures exceeded 32 degrees Celsius with half a days worth of strikes. In Europe, the GDP loss ranges from 0.1 percent points in Germany to 1.4 percent points in Spain, where summer temperatures are approximately ten degrees warmer. Climate change increases the frequency and intensity for heatwaves, wildfires and droughts. This has far-reaching effects on the economy. Allianz Research reported that the global heatwaves have reduced GDP by 0.6 percentage points in this year. The Allianz Research report stated that China, Spain and Italy could all see GDP declines of almost one percentage point each due to current heatwaves. Meanwhile, the U.S. might face a drop of around 0.6 percentile points and France by up to a quarter of a percentage point. Heat stress is also a factor that reduces productivity. According to the International Labour Organization, heat stress worldwide will decrease total working hours by 2,2% by 2030. Allianz Research says that heat-related productivity losses can be reduced by taking structural measures in cities to adapt to the climate and adapting workplaces.
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German wind power increases as spot prices fall.
German and French baseload electricity prices for the day ahead fell by around 20% on Wednesday, as a cooling heatwave in Europe is expected to reduce demand. Meanwhile, increased wind power production in Germany will increase supply. LSEG data show that the German baseload day-ahead contract fell 19.3% to 86.75 Euro per Megawatt Hour (MWh) at 1011 GMT. The equivalent French contract, at 82.50 Euros/MWh, was 19.7% less expensive. The benchmark European power price has exceeded 100 euros per Megawatt Hour (MWh) for the first since April, as a heatwave early in summer spreads across Europe and increases electricity demand. Prices began to fall on Tuesday as the wind was predicted to increase and temperatures to drop. They then continued their decline on Wednesday. According to LSEG, the average daily temperature for Germany is expected to fall by 6.3 degrees Celsius (43.34degF), compared to Wednesday. In France, it's forecast to drop 2.6 degrees. In a recent note, LSEG analyst Guro Wyller stated that wind power generation is expected to increase day-to-day in Germany by 10 gigawatts. This is "well above normal for the time of year", she said. On the demand front, German consumption is expected to fall by 450 MW on Thursday to 56.4 GW, while French demand will drop by 3.7 GW, to 47.5 GW. Data compiled by revealed that 78% of France's nuclear power was operational, up from only 72% two days ago. EDF has shut down the reactor No. 1, which is 1,300 MW, at Golfech Nuclear Power Plant in Southwest France. The EDF shut down the 1,300 MW reactor no. 1 on Sunday night due to the anticipated increase in temperature of the Garonne River during the heatwave. The other reactor of the plant was already off-line for maintenance. The German baseload price for the year ahead was up 1.0% to 87.40 Euro/MWh. This increase was supported by the strength of other energy markets. The benchmark contract on the European carbon markets increased by 2.3%, to 72.22 Euros per metric ton. The European Commission proposed a climate target for 2040 on Wednesday that will for the first allow countries to use credits from developing nations as part of their emission goal.
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Dutch climate tech company Dexter Energy raises 23,5 million Euros
Dexter Energy is an Amsterdam-based climate technology firm that has raised $27.1 million via a round of funding to expand its AI driven services for renewable energy sources and batteries. The company announced this on Wednesday. Why it's Important: This investment is a reflection of the increasing reliance on AI technology to navigate Europe’s volatile renewable energy market and accelerate the clean-energy transition. KEY QUOTES "We are excited to welcome Klima as well as Mirova on board. "They share our belief that AI has become essential infrastructure for a grid powered increasingly by renewables and energy storage," said Luukveeken, CEO of Dexter Energy. By the Numbers: Dexter Energy claims that its AI-driven trading solutions for renewable energy producers can increase wholesale market revenue by as much as 30%. Alantra, a financial services company, led the latest round of funding. Mirova, ETF Partners, and Newion are also among the investment firms that participated in this funding round. WHAT'S NEXT: Dexter intends to expand its service in the Netherlands and on other European markets. The company, founded in 2017, uses AI technology to trade on the power markets. The company claims that its price forecasting models are based on more than 12 sources including weather models and data from the market.
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Venezuelan oil exports are on the increase as more cargoes go to China
According to shipping documents and data, Venezuela exported 844,000 barrels of crude oil and fuel per day in June. This is an 8% rise from the previous months, as more cargoes were sent to China to offset the loss of U.S. markets and European ones. Washington terminated in late May a grouping of licenses which had authorized partners, such as Chevron and Repsol of the oil company PDVSA to transport Venezuelan crude for U.S. or European refineries. Since then, the state-owned firm has increased its exports to Asia. It sells its crude oil and fuels through little-known middlemen who make deals with independent Chinese refiners. According to PDVSA internal documents, the cargoes included shipments of Boscan crude oil, which had previously been exported to the U.S. by Chevron. The data revealed that 27 tankers left Venezuelan waters during June. They carried an average of 844,000 barrels per day (bpd) of crude oil and refined products, and 233,000 tons of petrochemicals and byproducts. In May, oil exports averaged 779 000 bpd. In May, the country exported 329,000 metric tonnes of petrochemicals and byproducts. According to data and documents, exports to China were 90% of June's total. In May, it was 75%. PDVSA shipped 8,000 bpd of petroleum coke and methanol to Europe and India, as well as a few cargoes to Cuba. Three cargoes of heavy grade Boscan crude used in asphalt production were shipped to Asia, boosting June's exports. These exports are crucial for PDVSA in order to avoid a production cutback at the Boscan oilfield. It is one of the largest oilfields in Venezuela. PDVSA did not import diluents during June, despite having filled its tanks with imported refined product ahead of the cancellation of licenses.
Brazil joins race to loosen up China's grip on rare earths market
Mining huge Brazil has big aspirations to build an unusual earths industry as Western economies press to secure the metals needed for magnets utilized in green energy and defence and break China's. dominance of the supply chain.
Working to its benefit are low labour costs, clean energy,. established policies and distance to end markets, consisting of. Latin America's first magnet plant which would offer an all set. buyer for the metals.
But low unusual earths prices, technical challenges and anxious. loan providers present difficulties to the Latin American country's want to. propel itself into the world's top five uncommon earths producers.
The speed at which Brazil's uncommon earths projects come. together will be a test for how successful the West may be at. building a new advanced industry almost from scratch to break. China's grip.
Brazil holds the world's third-largest uncommon earth reserves. The nation's very first rare earths mine, Serre Verde, began. business production this year.
Output is set to grow, analysts, mining CEOs and investors. state, supported by Western federal government rewards that are also. speeding up a worldwide unusual earths refining and processing. industry.
Brazil as a source of possible rare earths is a very. amazing proposition due to the fact that there have been some very. meaningful discoveries made in the previous couple of years, stated. Daniel Morgan of Barrenjoey investment bank in Sydney.
I do believe outside of China, Brazil's projects are one of the most. financial greenfield projects readily available.
The U.S. and its allies, almost entirely dependent on China. for uncommon earths metals and magnets, set out to construct a different. supply chain by 2027 after deliveries were interfered with throughout the. COVID-19 pandemic early this years.
LONG RUN
China produced 240,000 metric lots of rare earths in 2015,. more than five times the next most significant producer, the United. States, according to U.S. Geological Survey data. It processes. around 90% of the worldwide supply of unusual earths into permanent. magnets used in whatever from wind turbines to electrical. cars and rockets.
For nations like Australia, Vietnam and Brazil wanting to. catch up, development is slow. Serra Verde has taken 15 years to. enter into production. It is anticipated to produce 5,000 tons as soon as. ramped up and could double output by 2030, its CEO said.
Serra Verde and Brazil have considerable competitive. advantages that could underpin the development of a globally. considerable uncommon earths industry over the long term, Serra. Verde CEO Thras Moraitis told .
Those consist of attractive geology, access to hydropower,. developed policies and a knowledgeable labor force, he said.
It is still a nascent sector which will need continued. assistance to establish itself in a highly competitive market. Secret. processing innovations are controlled by a small number of. gamers, he stated.
Brazil might have 2 or 3 more rare earths mines by. 2030, possibly surpassing Australia's current annual output,. said Reg Spencer, an expert at broker Canaccord.
BASEMENT RATES
One significant barrier is a 70% downturn in uncommon earths costs over. the previous two years that has made it challenging for companies to. raise funds for mines and processing.
Getting money at the moment is tough, Nick Holthouse,. chief executive of Australian-listed developer Meteoric. Resources, told .
Meteoric is targeting an investment choice in late 2025. for its Caldeira job in Brazil's Minas Gerais state which. will produce light and heavy uncommon earths.
In March, the U.S. Export-Import Bank (EXIM) revealed. interest in offering Meteoric as much as $250 million for the. task. The company also has an initial offer to provide rare. earth oxides to a separation plant in Estonia run by. Toronto-listed Neo Efficiency Materials.
Brazilian Uncommon Earths, too, is in the early stages. of establishing a large rare earths deposit in the country's. northeast, backed by Australia's richest person, Gina Rinehart.
Its CEO, Bernardo Da Veiga, highlighted Brazil's low. running expenses as a benefit over rivals like Australia,. where he said a truck driver at an iron ore mine would earn up. to A$ 200,000 ($ 133,200) a year plus food and lodging.
That exact same truck motorist in Brazil, doing the very same job, makes. like $15,000 a year and he trips his bike to work and brings his. lunch. There's simply no comparison.
INTRICACIES
While labour is cheap, designers deal with technical hurdles. Unlike in China, many Western business are still perfecting the. intricate procedures for producing unusual earth metals, a costly. obstacle that has actually stalled tasks for years.
To spur developments, the Brazilian federal government launched a 1. billion reais ($ 194.53 million) fund in February to fund. strategic minerals jobs, consisting of unusual earths.
It also wants to develop an industry for changing these. minerals into alloys for batteries, wind turbines and electrical. motors, the Ministry of Mines and Energy stated in a statement.
The obstacle is to promote production and build. partnerships to promote component separation technologies and. supply chain advancement, the ministry said. It is likewise looking. into unusual earths recycling.
Among business talking to the government about recycling. technology is Australia's Ionic Rare Earths, which has. a pilot recycling plant in Belfast and a tie up with Brazilian. developer Viridis Mining and Minerals, its CEO Tim. Harrison said.
Brazil is likewise developing a magnet factory due to start. operating later this year as an evidence of idea, Flavio Roscoe,. president of Minas Gerais' state Federation of Industries. ( FIEMG) stated.
Our objective is to be a developer, a multiplyer of this. innovation, Roscoe said.
Brazil has the chance to be the world's option to. China.
(source: Reuters)