Latest News
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Wall Street Journal - Oct 9
The following are the leading stories in the Wall Street Journal. Reuters has actually not confirmed these stories and does not attest their accuracy. - Rio Tinto said it has agreed to a $6.7. billion takeover of Arcadium Lithium, propelling it. into the ranks of the leading manufacturers of a key commodity used in. batteries for electric lorries. - The U.S. Justice Department sent a filing on Tuesday. that presented a federal court with a variety of potential. alternatives-- from conduct constraints to a breakup-- aimed at ending. what a judge stated was Google's unlawful monopoly in. search. - Newmont has actually accepted sell a gold mine in Ghana to. a Chinese miner for $1 billion, the most recent divestiture by the. world's greatest gold miner as it turns its focus to copper. Zijin Mining Group will purchase Newmont's 100% equity. interest in the Akyem Gold Mine Project in Ghana. - The U.S. deficit spending topped $1.8 trillion in the current. fiscal year, driven by higher costs on interest and programs. for older Americans, as the government faces a consistent gap. between federal expenses and tax collections. - Marketing innovation business Zeta Global is. purchasing LiveIntent, another marketing tech service provider, for $250. million in money and stock.
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Bangladesh's RPGCL cancels shortlist for Matarbari LNG terminal strategy
A system of Bangladesh's stateowned Petrobangla has decided to cancel a shortlisting procedure for development of a landbased liquefied natural gas (LNG) terminal at Matarbari in the southeastern area of Cox's Bazar, it stated on Wednesday. In a declaration, Rupantarita Prakritik Gas Business Ltd. ( RPGCL) stated terminal advancement had actually been begun under a. law to speed provision of energy. We will follow an open tender process in line with public. procurement guidelines to make sure openness, a Petrobangla. official informed Reuters in response to a query on the. cancellation. The law, known as the Quick Improvement of Electricity and. Energy Supply Act, was meant to ensure continuous power. supply for Bangladesh but critics state it is not a transparent. procedure. Earlier, Bangladesh had actually also terminated a pact with domestic. conglomerate Top Group for a drifting LNG terminal, signed. under the exact same legislation. Summit Group had actually also remained in the running for the Matarbari. LNG terminal in a consortium with JERA and Sumitomo Corporation. The Matarbari job would have been Bangladesh's very first. land-based terminal, with yearly capacity of about 7 million. loads, and arrangement to expand it to about 10.5 million loads. Bangladesh now has 2 drifting import terminals with a. combined yearly capability of 7.6 million heaps that supply gas to. the nationwide grid.
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India's coal-fired monthly power output slips consecutively for the very first time given that pandemic
India's coalfired power output fell for a second straight month in September on an annual basis due to slower development in electrical power usage and a rise in solar generation, a Reuters review of information from the federal grid regulator showed. The decline reflects a shift in fuel use patterns in the world's fastest growing major economy and third-largest greenhouse gas emitter. It follows 47 straight months of year-over-year development in coal use for power generation. Electrical power usage in India has been increasing because the pandemic due to a surging economy as well as heatwaves. However, greater rainfall during this year's monsoon minimized air-conditioning demand and weighed on power intake, experts say. Total power generated from plants working on coal and lignite fell 5.8% each year in September and 4.9% in August, information from state-run Grid-India showed, compared to a 10% growth throughout the very first seven months of the year. Slowing development in total power demand, which grew 1.1%. year-over-year throughout the September quarter compared with a 9.7%. increase throughout the first half of the year, has actually assisted the. nation reduce coal use. Heavy September rains in the west and north led to. lower power need, CRISIL, an unit of rankings firm S&P, said. in a current note. On the other hand, greater installations increased solar power. generation up by 26.4% every year in September - the greatest rate. of development in 12 months - pushing the share of renewable resource. in India's electricity output to a record high of 13.9% throughout. the quarter. Higher rainfall in crucial states likewise assisted cut the share of. coal-fired power during the quarter to the most affordable in 2 years,. as it helped hydropower generation grow more than 26% in. September from the exact same month a year back. An 18.5% rise in nuclear power generation throughout the. quarter was also amongst the factors that helped in reducing dependence. on coal to 67.2% of overall generation, the Grid-India information. revealed. Lower coal dependence weighed on imports of the fuel, which. fell 6.1% in September, the steepest rate of decline in 12. months, data from consultancy Bigmint revealed. Coal production and supply throughout the September quarter by. state-run Coal India, the world's largest coal miner. which accounts for almost 80% of the nation's domestic output,. fell at the fastest rate since the June 2020 quarter, information on. its website revealed. Still, market authorities anticipate financial growth to raise. power need. Fitch analysts anticipate power need to grow 8% in. 2024, compared with a gain of 6.5% in 2023, generally driven by. industrial development and general financial activity.
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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.
Liberia closes China Union's Bong Mines for violations, regulator says
Liberia's Environmental Protection Company shut down on Wednesday the operations of China Union's iron ore Bong Mines for breaking a number of environmental regulations, the regulative agency said on Thursday.
China Union took control of the Bong Mines, situated around 150 km ( 94 miles) northeast of the capital Monrovia, with a. $ 2.6-billion investment in 2008. It made its first delivery of. iron ore in 2014.
The company stated it closed down Bong Mines for operating. without an effluent discharge license, developing a processing. plant without a license and discharging tailings into a wetland.
It said it had actually flagged these violations twice given that June and. fined the business, to which it did not react.
China Union blatantly ignored the EPA warnings and. continued to run with no ecological permits,. continuing its ecological destruction and pollution, the. agency said in a declaration.
The shutdown will remain in force till complete compliance is. attained and the identified environmental concerns are duly. attended to, it added.
China Union could not be right away reached for comment. outside workplace hours.
Iron is plentiful in Liberia but the sector was decimated by. years of under-investment. Production at the Bong Mines. stopped throughout a dispute that lasted from 1989 to 2003.
(source: Reuters)