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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.
US farmers shun buyers, hold on to unsold corn as costs depression
South Dakota farmer Eric Kroupa got a flurry of calls from grain dealerships and ethanol plants asking to purchase the corn locked away in his bins when prices neared 41/2month peaks last month.
He offered some, however is waiting for purchasers to up their bids to sell more. Prices have actually considering that reduced and are hovering simply above three-year lows published in February.
There's a great deal of corn out there however it's sitting in the farmers' bins and not the end-users' hands, Kroupa stated.
After stockpiling crops for much of this season due to low rates, numerous farmers in the world's biggest corn-producing nation continue to shun purchasers regardless of couple of signs that prices will improve. Grain products are sufficient and early rankings of summertime crops are the best in years.
A larger-than-normal volume of grain stays unsold, according to interviews with 15 grain farmers across the U.S. Midwest. By September 2025, U.S. corn inventories are anticipated to reach a six-year high, according to the U.S. Agriculture Department.
Uncertainty around if and when farmers will liquidate their. stocks could produce choppy grain rates, both in money and. futures markets.
Farmers danger waiting too long to sell as a flood of freshly. harvested grain is most likely to drag down rates this October and. November. Buyers, aware the harvest is coming, still require enough. products to keep processing plants running and exports streaming. this summertime.
An economic stare-down in between growers and grain purchasers is. taking shape, stated Angie Setzer, a partner at Michigan-based. Consus Ag.
I've never ever seen anything like it in my life. No one's. engaged, not the farmer and not the consumer, Setzer said.
Many growers offered simply enough this spring to cover. short-term cash-flow needs, Setzer stated. Some are relying on. unfavorable weather this summer season to set off cost rallies, though. absolutely nothing is ensured.
Three farmers informed they persuaded seed and chemical. suppliers to minimize late costs, allowing them to hang on to their. crop. Others, including Kroupa, use the futures market to hedge. the risk of additional rate declines.
On the other hand, commercial buyers are banking on lower prices. this summer due to the grain glut, analysts said.
USDA will use an update of just how much corn sits on farms in. a quarterly stocks report on June 28.
U.S. corn products stored at the farm level stood at simply. over 5 billion bushels as of March 1, the second-highest on-farm. stocks on record for that date, according to USDA. On-farm. stocks represented 60.85% of the entire U.S. corn supply, the. biggest share considering that 2005.
Some purchasers are trying to pry grain far from farmers by. providing premiums for instant products to fill near-term. requirements, but are decreasing prices as soon as those orders are filled.
Archer-Daniels-Midland on Friday used farmers a. 7-cent-per-bushel premium for corn provided to its Decatur,. Illinois, processing plant by Sunday versus later in the month. At ADM's Cedar Rapids, Iowa, plant, that premium is 15 cents.
Such deals of a few additional cents per bushel can amount to. thousands of dollars per grain deal.
Indiana crop and cattle producer Samuel Ebenkamp cleared one. corn bin with sales throughout an early-May rally, but chose to hold. the rest. He'll sell more if prices rally again, but he's. holding tight to ensure his cattle feed needs are covered up until. the fall harvest.
His neighbors are making similar financial estimations, he. said.
There is a crazy quantity of on-farm storage here,. Ebenkamp said. It doesn't appear anybody's in a rush to offer.
Farmers are still holding a larger-than-normal amount of. their last harvest while need for corn has actually been fairly strong,. analysts stated.
Ethanol margins are still fairly excellent. Feed margins are. great. So there is need out there. And as you look at the. export sector, it's going to be improving, said Dan Basse,. president of Chicago-based consultancy AgResource Co.
. How they fill that demand this summer is unclear, Basse. said. They are short-bought and the farmer is still long. Who. is going to blink first?.
(source: Reuters)