Latest News
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CBED’s Wind Evolution CSOV to Stay a Little Longer with Hughes Subsea
Danish shipowner CBED has secured a one-year contract extension with Hughes Subsea, an OEG Renewables company, for its Wind Evolution commissioning service operation vessel (CSOV).Only six months into the Wind Evolution’s first contract with Hughes Subsea, the charter has now been extended one year and will run until January 2026.Earlier this year, CBED announced the first project for the newly acquired CSOV, Wind Evolution, with Hughes Subsea.Since then, Wind Evolution has been assigned to the offshore wind farm, Dogger Bank in U.K. where she will continue to serve as a walk-to-work CSOV.“From the beginning, we have had a very good cooperation with Hughes Subsea, and we are very pleased that they have decided to extend the contract. They are extremely professional and have a unique understanding for planning and operating Wind Evolution to utilize the CSOV best possible and keep efficiency high on this project,” said Daniel Alon, General Manager, CBED:“Hughes Subsea is pleased to continue utilization of the Wind Evolution with CBED, the vessel and crew have performed exceptionally well since its inception in April 2024.“The vessel provides a safe and efficient platform for our dedicated technicians. The cooperation between Hughes Subsea and CBED serves to enhance our reputation as a trusted supplier to energy industry. We look forward to a further safe and successful year throughout 2025 and beyond,” added Mike Bailey, Managing Director of Hughes Subsea.CBED Inks Full-Year Contract with Hughes Subsea for Wind Evolution SOV
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Acteon and TAISEI Join Forces for Floating Wind Projects in Japan
Acteon, the international marine energy and infrastructure services business, has signed a non-exclusive memorandum of understanding (MoU) with TAISEI Corporation that sets out how the companies will use each other’s skills and services for floating offshore wind projects in Japan.For TAISEI’s floating offshore wind projects in Japan, Acteon aims to provide services throughout the lifecycle of the project, from seabed characterization, detailed engineering, foundation and mooring solutions to offshore installation and operation and maintenance (O&M).Acteon provides mooring solutions for all types of floating assets, from design and engineering to decommissioning. These include anchor and mooring system construction, floating infrastructure positioning and hooking up, mooring installation and inspection, maintenance, repair and replacement services, and late-life disposal services.TAISEI is a construction company experienced in accelerating development technologies and systems to solve environmental and social issues. It aims to mass produce concrete semi-submersible wind turbine foundations in a timely and cost-effective manner to help Japan meet its renewable energy targets.“We are excited to be working with TAISEI to help accelerate Japanese floating wind deployment. Together, we have the extensive local knowledge and international expertise and resources to move quickly from desktop studies to power supply,” said Barry Parsons, Chief Commercial Officer, Acteon.“We are delighted to be working with Acteon. They have a proven history of safely and successfully delivering renewable energy projects. With our combined strengths, we will help to demonstrate the potential of floating offshore wind energy for Japan,” added Hironori Nakamura, General Manager, Offshore Wind Power Project Department, TAISEI.
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Dalian iron ore slides as China stimulus optimism drops
Dalian iron ore futures costs dived on Wednesday, as a lack of further financial measures following China's outsized stimulus bundle disappointed financiers and saw the marketplace's previously stimulusdriven craze fade. The most-traded January iron ore agreement on China's Dalian Commodity Exchange (DCE) was down 3.16% at 781.0 yuan ($ 110.54) a metric load, as of 0302 GMT, after earlier toppling more than 4%. The benchmark November iron ore on the Singapore Exchange, nevertheless, inched 0.48% higher to $105.5 a heap. Metals futures dropped after Beijing stopped working to deliver any meaningful stimulus measures to improve economic growth, ANZ experts stated in a note. A press rundown by China's leading economic coordinator was anticipated to offer information of fiscal stimulus determines the Politburo called for earlier, but instead mostly restated plans to boost financial investment, ANZ stated. Rates backtracked on what was plainly overhyped expectations for Chinese stimulus, stated Westpac experts. China stated on Tuesday it was fully confident of achieving its full-year growth target, however avoided presenting more powerful fiscal actions, frustrating financiers who had counted on more policy support to get the economy back on track. We have seen a lot of residential or commercial property assistance measures this year however up until now they have failed to have a meaningful influence on metals need, ING analysts said. We think the current stimulus procedures still lack detail, and we struggle to discover an additional need development chauffeur for commercial metals in the measures revealed up until now. The market requires to see indications of sustainable Chinese healing and economic growth before industrial metals can make long-term gains, ING stated. Other steelmaking active ingredients on the DCE slumped, with coking coal and coke down 3.25% and 3.3%,. respectively. Coking coal had actually plunged over 4% earlier in the. session. Steel benchmarks on the Shanghai Futures Exchange lost. ground. Hot-rolled coil dropped almost 2.6%, rebar. shed 2.26%, stainless-steel decreased practically. 0.8% and wire rod was flat.
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Gold does not have momentum as financiers brace for Fed minutes
Gold prices were subdued on Wednesday as financiers strapped in for minutes from the Federal Reserve's. latest policy meeting for insights into the U.S. reserve bank's. rates of interest trajectory. Area gold held its ground at $2,619.75 per ounce by. 0255 GMT, after hitting a two-week low in the previous session. Costs scaled a record high of $2,685.42 on Sept. 26. U.S. gold futures edged 0.1% higher to $2,638.20. The dollar index saw a sharp rally to a. seven-week high last week. A stronger dollar makes bullion less. appealing to other currency holders. Gold prices seem to be seeing a much-needed retracement. lower. But I suspect buyers are lurking and keen to buy a. deal - so I'm not expecting a considerable sell-off, said. Matt Simpson, senior analyst at City Index. Minutes from the Fed's September policy conference are due at. 1800 GMT. Traders are also keeping a keen eye on the U.S. Customer Price Index (CPI) report on Thursday and the Producer. Cost Index (PPI) information on Friday. Gold costs might get a great bump if CPI comes in soft, however. whether it can reach a new high this year needs U.S. information in. general to underperform, Simpson included. The CME FedWatch tool reveals that markets no longer anticipate a. 50-basis-point cut next month, following recently's strong tasks. report. They now see an 89% chance for a 25-basis-point. reduction. Boston Fed President Susan Collins stated on Tuesday that. compromising inflation trends make it most likely the U.S. central bank. can carry out additional interest rate cuts. Zero-yield bullion tends to grow in a low interest rate. environment. Gold exchange-traded funds signed up a fifth successive. month of inflows in September as North America-listed funds. contributed to their holdings, the World Gold Council stated. Spot silver lost 0.3% to $30.62. Platinum increased. 0.4% to $953.90 and palladium fell 0.3% to $1,018.04.
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Oil prices stable after sliding on prospective Israel-Hezbollah ceasefire
Oil prices steadied in Asian trading on Wednesday, as traders weighed uncertainty surrounding advancements in the Middle East conflict versus continued bearish principles. Brent crude futures increased 11 cents, or 0.14%, to $ 77.29 a barrel by 0223 GMT. U.S. West Texas Intermediate futures increased 3 cents to $73.60 a barrel. Costs had plunged more than 4% in the previous session on a. possible Hezbollah-Israel ceasefire, but markets remain cautious of. a prospective Israeli attack on Iran's oil facilities. We anticipate extra volatility as the market weighs. bearish basics against supply danger due to increasing Middle. East tensions, Macquarie analysts stated in a note. The sell-off in the Tuesday session followed a rally that. started after Iran launched a rocket barrage at Israel on Oct. 1,. culminating in an 8% gain on the week on Friday, the largest in. over a year. Hezbollah authorities on Tuesday appeared to withdraw from a. truce in Gaza as a condition for a ceasefire in Lebanon. Hezbollah's deputy leader Naim Qassem stated he backed attempts to. secure a truce in a televised speech, the first time completion of. the war in Gaza was not mentioned as a pre-condition. Giving a view as needed, information revealed U.S. petroleum stocks. increased by nearly 11 million barrels last week, far more than. analysts surveyed had anticipated, according to market. sources citing American Petroleum Institute figures on Tuesday. However, fuel stockpiles fell. Weak demand continued to underpin the fundamental outlook. The U.S. EIA on Tuesday downgraded its 2024 forecast for international. oil need development by 20,000 barrels each day (bpd), to 103.1. million bpd, because of weaker commercial production and. making growth in the U.S. and China. Hurricane Milton, among the most intense Atlantic. typhoons on record, is anticipated to make landfall on Florida's. Gulf Coast on Wednesday, potentially interrupting fuel supply. to the third-largest consuming state in the U.S. With some unpredictability over Hurricane Milton's effect on oil. facilities and traders still thinking as to what and when. Israel's response to Iran's rocket attack will come, I believe. we have actually gotten in a new higher trading range for now between. $ 72.50 and $77.50, stated Tony Sycamore, market analyst with IG. Florida, which depends on waterborne imports of the fuel,. had closed the majority of its ports to vessel traffic on Tuesday, and. energy business closed down some pipelines and shipment terminals. in Tampa.
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Seven & i stock rises after report of Couche-Tard raising buyout bid by 20%.
Shares of 7 & & i Holdings surged more than 10% on Wednesday after Bloomberg News reported Alimentation CoucheTard (ACT) raised its takeover proposition rate by more than a fifth, valuing the Japanese seller at $47.1 billion. The brand-new quote, at $18.19 per share, was more than 20% greater than ACT's previous offer for the Japanese company and was sent out last month, Bloomberg stated, pointing out individuals with understanding of the matter. Seven & & i said it was not in a position to comment as it was identifying the truths of the report. Canada's ACT was not instantly readily available for remark. The Japanese business's shares pared their gains and were up 4.7% at 2,335 yen ($ 15.76) as of 0130 GMT. If it were to go on, the offer would be the largest ever overseas buyout of a Japanese company. The operator of the 7-Eleven convenience store chain turned down the initial deal last month stating it grossly. undervalues its company. 7 & & i reports quarterly revenues on Thursday and. experts and financiers are waiting for news on its plans to. boost business worth. Last week sources told Reuters that it was thinking about. offering a stake in its supermarket unit and Bloomberg reported. that it was considering selling part of its Seven Bank. holding. For a number of years Seven & & i has been under pressure from. foreign investors, including ValueAct Capital and Craftsmen. Partners, to improve its property allotment.
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Financial Times - Oct 9
The following are the top stories in the Financial Times. Reuters has actually not verified these stories and does not guarantee their precision. Headings - Abu Dhabi crosses out 9.9% stake in Thames Water - ENRC drops media leakages suit as SFO gets away paying damages - Activist Elliott says its long-term view on Anglo American is 'very much undamaged' - Europastry's 'frozen croissant' IPO delayed a 2nd time - Kering names former Louis Vuitton executive as Gucci CEO Overview - Abu Dhabi's sovereign wealth fund, one of the largest shareholders in Thames Water, has written off its nearly 9.9%. stake in the distressed British energy. - Britain's Serious Fraud Office has actually settled a suit. brought by Kazakh mining group ENRC, which implicated the firm of. dripping details about a corruption probe to reporters. - Activist hedge fund Elliott said its long-lasting thesis on. London-listed miner Anglo American was extremely intriguing. and very much intact, and equity partner Nabeel Bhanji said the. hedge fund remained in a great positive] discussion. with Anglo's management. - Spanish frozen bakeshop manufacturer Europastry stated it had. cancelled its market debut anticipated later this week due to. market instability. - French high-end products business Kering has actually called. Stefano Cantino, a former executive at Louis Vuitton as CEO of. its label Gucci, including that he would succeed Jean-Francois. Palus in January.
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China's scorching rally takes a breather to wait on stimulus
Chinese shares fell on Wednesday and products nursed sharp losses as investors tempered enthusiasm for a Chinese economic recovery, while broader markets steadied on expectations that the U.S. economy can prevent economic crisis and assistance worldwide need. The New Zealand dollar fell 0.6% after the central bank cut interest rates by 50 basis points and sounded downbeat about the economic outlook, leaving the door open to more cuts. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.6% as Hong Kong shares rebounded about 2% after notching their heaviest fall since 2008 the day in the past. Hong Kong markets tanked on Tuesday, mainland shares were knocked from highs and commodities from oil to metals moved when a news conference from China's National Advancement and Reform Commission yielded no significant new stimulus information. The Shanghai Composite and blue-chip CSI300 dropped around 3% on Wednesday. Brent unrefined futures, which fell 4.6% over night, steadied at $77.79 a barrel. Iron ore discovered support at $106 in Singapore after a 5% slide on Tuesday. The disappointment, while easy to understand, appears early and misdirected, Mizuho's head of macro research for Asia ex-Japan, Vishnu Varathan, said in a note to clients. Truth is, it is not the NDRC's place to supply information on fiscal stimulus (or a) further monetary policy push. Japan's Nikkei rose 1%, with shares in benefit shop Seven & & I Holdings jumping after Bloomberg News reported Canadian seller Alimentation Couche-Tard would raise its buyout deal. SOFT LANDING U.S. equity futures were broadly steady in Asia, following solid gains in cash trade overnight as a handful of Federal Reserve authorities sounded favorable about the prospects of managing rates of interest levels for a soft financial landing. Prominent New York City Fed President John Williams told the Financial Times that last week's unexpectedly strong jobs report for September showed the economy was healthy, while falling inflation left room for rates to be reduced over time. Traders had actually dialled back expectations the Fed could once again cut rates by 50 bps in November and presently cost about an 88%. opportunity of a 25 bp cut. Treasuries steadied overnight following recent selling,. leaving U.S. two-year yields at 3.96% and 10-year. yields at 4.01%. The U.S. dollar has actually drawn support from greater yields and. inched approximately trade at $1.0968 per euro and held consistent. at 148.25 yen. The Australian dollar was. marginally weaker at $0.6738 and traders examined the Reserve. Bank of New Zealand as getting ready for more cuts ahead. At $0.6096 the kiwi was trading at a seven-week low and. testing its 200-day moving average. While today's meeting did not provide updated forecasts and. wasn't accompanied by an interview, the forward guidance. in the decision statement sounded dovish, allowing the RBNZ the. flexibility to cut rates once again before year-end, said IG Markets. analyst Tony Sycamore. Minutes from the Federal Reserve's September conference - where. U.S. rates were cut 50 bps - are due later on in the session, along. with appearances from the Fed's Raphael Bostic, Lorie Logan and. Mary Daly.
Dutch group takes legal action against Stellantis over supposed emissions cheating
An independent structure on Wednesday filed a class action claim in the Netherlands versus Stellantis over alleged emissions test unfaithful by among its predecessor business, Fiat Chrysler, a. file seen revealed.
According to the lawsuit, submitted by the Dutch non-profit. foundation Fiat Chrysler Investors Healing Stichting, from at. least 2014 until 2017 Fiat Chrysler failed to divulge it had. installed illegal software application in its automobiles aimed at covering. emissions, the structure's legal adviser said in a declaration.
As a result, (it) considerably harmed investors purchasing. and/or holding Fiat Chrysler shares, the statement from law. company Scott+ Scott stated.
Stellantis stated in a statement it believes that this. claim is without merit and means to defend itself. strongly.
Stellantis was formed in early 2021 from the merger of Fiat. Chrysler Cars (FCA) and France's PSA. FCA US LLC, an unit of Netherlands-based Stellantis, pleaded. guilty in 2022 to criminal conspiracy as part of a multi-year. U.S. Justice Department diesel-emissions scams probe.
Scott+ Scott said financiers potentially qualified to join the. claim were those who purchased or held Fiat Chrysler shares on the. Milan stock market from October 2014 to May 2017.
The claim is funded by an external investor associated with. U.S. asset manager Fortress Investment Group, according to the. foundation website.
This emission scandal was concealed by Fiat Chrysler for years. and has impacted thousands of financiers. It is overdue that the. cars and truck producer is being held accountable through this class. action, structure chair Flip Schreurs stated in the statement.
Fiat Chrysler, Peugeot maker PSA and Opel - likewise a brand name of. Stellantis - have actually been under investigation in Europe, in addition to. several other carmakers, in the wake of Volkswagen's. dieselgate emissions scandal.
Scott+ Scott partner Jan-Willem De Jong stated the case was. submitted on Wednesday to the District Court North-Holland in. the Netherlands, while it alerted Stellantis on Tuesday.
The court is anticipated to choose the next actions on Dec. 4, he. included.
(source: Reuters)