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Exelon exceeds its first-quarter profit expectations on higher electricity prices
Exelon, a U.S. utility company, surpassed Wall Street expectations for its first-quarter profits on Thursday. This was largely due to higher electricity rates. Exelon and other U.S. utilities have sought to increase customer bills in order to improve the infrastructure. This is because the electrical grids are facing extreme weather conditions and a growing demand as a result of industrial electrification, artificial intelligence technology expansion, and data centers. Exelon announced in February that several of its rate cases were implemented at the beginning of the year. This helped boost earnings for the quarter. Rate case proceedings are used by utilities to determine the amount customers pay for services. According to data compiled and analyzed by LSEG, the company's total revenue grew 11% for the quarter ending March 31 to $6.71 Billion. This was higher than analysts' expectations which were $6.59 Billion. The Chicago-based firm posted an operating loss of 92 cents for the first three months of the year, which was lower than the average analyst estimate of 88cents. Exelon provides service to more than 10 million customers across Illinois, Pennsylvania and Maryland through its six fully-regulated transmission and distribution utilities. (Reporting and editing by Sahal Muhammad; Khusbu Jena)
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Canada's Northern Graphite Plans to Put Quebec Mine on Care and Maintenance
Northern Graphite, a Canadian mining company, will place its Quebec facility under care and maintainance, effectively ending production at North America’s only graphite-producing facility, by 2025 if it fails to find funding for expansion, according to its CEO. The graphite price, which is not traded at commodity exchanges but has fallen by half in the past year along with that of other battery metals due to the slow increase in sales of electric vehicles and aggressive pricing from China's dominant producer. Industry officials claim that China, which controls at least 70 percent of the graphite markets, has a pricing monopoly. Hugues Jacquemin, CEO of the company, said: "We are putting pressure on all our stakeholders, including government, to assist us in financing." He added, "We don't think it's right to shut down the only graphite producing mine in North America, because that's like killing a golden goose." Jacquemin stated that if the mine received funding, it would be able to continue operating for an additional eight years. Northern Graphite has requested C$10 Million to expand the Lac de Iles Mine in Quebec, Canada. The 35-year old facility sells mainly to industrial customers in the United States. In 2024, it is expected to produce 12 thousand metric tonnes. Even though Northern Graphite doesn't supply materials to battery manufacturers, it still feels the pinch from low commodity prices. China tightened its grip on commodities such as graphite despite the price crash. Beijing's Commerce Ministry announced export controls on graphite to the U.S. at the end of last year. Jacquemin stated that the uncertainty and risks associated with China's supply had caused potential investors shy away. Any disruption in supply may impact U.S. industry customers. He said that the company needed help from investors, governments, and banks. Once the Quebec plant was put under maintenance, it might not restart it. Instead, it would focus on its other mine in Africa. (Reporting and editing by David Evans in Toronto, and Divyarajagopal from Toronto)
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NYSE-parent ICE exceeds profit expectations in the first quarter on robust trading volume
Intercontinental Exchange announced an increase in its first-quarter profits on Thursday. This was due to the strong trading volume in the energy and options segments. The global commodity and energy market has experienced considerable volatility as a result of the changing U.S. policies on trade and concerns about the conflict in Ukraine. Such market volatility is often beneficial to exchanges, since it usually leads to higher trading volumes. The average daily volume of energy trading at ICE increased by 24% during the first quarter. This includes gains in segments such as oil, gasoil, and other crude and refined product. Natural gas ADV also increased by 33 %. The exchange operator reported that the first-quarter revenues from trading energy-related products grew by 22% compared to a year ago, reaching $557 million. The company's largest revenue component, its exchange business, generated $2.12 billion in revenue, up from $1.73 billion the year before. The listings business of ICE remained flat during the first quarter. Despite high hopes at the beginning of the year for a recovery in the IPO sector, uncertainty over tariffs and volatility on the market have caused companies to be shaken, forcing them to postpone their debuts on the stock market. The IPO plans of San Francisco-based fintech Chime and Swedish fintech Klarna were halted earlier this month. The company reported earnings adjusted of $995 millions, or 1.72 cents per share for the quarter ending March 31 compared to $852 million or $1.48 cents per share a year ago. According to data compiled and analyzed by LSEG, analysts had predicted a profit per share of $1.70.
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Bessent: US-Ukraine mineral deal signals economic partnership to Russia
Treasury Secretary Scott Bessent stated on Thursday that the U.S. - Ukraine minerals deal represents a full economic relationship, which will enable President Donald Trump negotiate with Russia from a more powerful position. The agreement, which was signed on Wednesday, gives the United States access to new Ukrainian mineral deals and funds investment in Ukraine’s reconstruction. Bessent, in an interview on Fox Business Network, said that the agreement would show "the Russian leadership" that there was no daylight between the Ukrainians and Americans. "The American people do not make money if Ukrainians do not prosper. Now we are aligned on economics. "I think that this is an important signal to the Russian leadership and gives President Trump the opportunity to negotiate with Russia in a more confident manner," he added. "This is an economic partnership that covers all aspects. It's not just about rare earth; it's also about infrastructure and energy. Bessent continued, "So there is an opportunity for both sides to win." The agreement establishes a fund of joint investments for Ukraine's rebuilding as Trump attempts to achieve a peaceful settlement in the three-year old war between Russia and Ukraine. After months of often fraught negotiations and with the news of a last-minute snag, it was signed in Washington. (Reporting and editing by Doina chiacu, Susan Heavey and David Lawder)
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Russell: Gold is showing signs of consolidation, as investments ease. But Trump is looming.
The gold price has stabilized after surging up to a new record high. There are early signs of consolidation, following the rally sparked by fears over U.S. president Donald Trump's policies on trade. The price of gold slipped to $3,287.72 per ounce, down 6.1% compared with the previous peak, which was $3,500.05, reached on April 22. Spot gold has still risen 30% since its low price of $2,536.71 per ounce in November 2014, the day after Trump won the election over former Vice President Kamala Harris. World Gold Council data shows that investment flows have driven the rally, mostly due to fears that Trump's tariffs will hit the global economy hard, and cause inflation in the United States. The WGC reported that total gold investment flow soared by 170% during the first quarter 2025 compared to the same period one year prior, reaching 552 tons. This is the highest level since the first three months of 2022. The demand for exchange-traded fund (ETF) increased dramatically in the first three months of this year, from 18.7 tons to 226.5 tons. This is a huge increase from the 113 tons sold in the first third of last. The first quarter saw a 3% increase in physical coin and bar purchases, compared to the same period last year. The increase in investment flows more than offset the decline in gold's major drivers. Central bank purchases fell 21% to 243.7 tonnes in the first three months, and jewellery production dropped 19% to 434 tonnes. High prices are likely to have played a part in depressing demand for jewellery, particularly in China and India. The WGC report stated that China's demand for jewellery dropped by 32% from the same period of 2024 in the first quarter to 125.3 tonnes, and India's fell by 25% to 71.4 tonnes, the lowest since the third quarter 2020. The market will be able to tell if the Trump-inspired flight towards safety, which was fueled by investment, has run its course or if the gold rally is still going strong. FLOWS ARE EASING The largest gold ETF SPDR Trust has shown a modest drop in holdings after reaching a high of 31 months in April. The SPDR reported that its holdings fell to 30,36 million ounces Wednesday, down from a peak of 30.84 millions ounces in April 2017. This retreat could be due to signs that Trump's administration is reversing its tariff war on the rest of world, except for China, which is its biggest trading partner. Officials in the administration have discussed the possibility of announcements soon with certain trading partners. Trump has also said that he expects a de-escalation to occur with China, even though there is still no evidence this is happening, and the 145% import tariff remains in place. For now, it is possible that most investors who wanted more exposure to gold did so. To get them to buy again would require further alarming news. It could be in many different forms. For example, it could be a sign that the trade talks are mostly ineffective, and that tariffs will continue to remain. This is a possibility, given that the so-called "reciprocal tariffs" announced by Trump on 2 April are only on hold for 90 days. Investors may also revalue U.S. assets if the U.S. Congress passes significant income tax cuts that are skewed towards the wealthy. This is due to fears about rising fiscal deficits. While Trump has backtracked on his threats to fire Federal Reserve chairman Jerome Powell, there is still a risk that a Trump lackey will be appointed to the position when Powell's tenure expires in the next year. This could keep gold as a viable investment option. The trading pattern of gold over the last two decades was dominated by a period of rallying followed by years of consolidation. The current rally is unusually strong and rapid, raising the possibility of a pullback prior to a consolidation period. The world economy is in largely uncharted waters as Trump blows up the global trading system. This will most likely come at a cost, not only to Trump's own economy but to all others. Gold will continue to rise if the bad news continues. However, it is also vulnerable to any change in U.S. policies that may return to normalcy. These are the views of a columnist who writes for.
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Canada's Northern Graphite Plans to Put Quebec Mine on Care and Maintenance
Northern Graphite wants C$10 Million to expand Lac de Iles Mine The Chinese export restrictions on graphite have increased supply uncertainty Northern Graphite claims that if the mine receives funding, it could continue to produce for an additional 8 years By Divya Rajagopal Northern Graphite, a Canadian mining company, announced on May 1 that it will place its Quebec facility under care and maintainance, effectively ending production at North America’s only graphite-producing facility, by 2025 if they fail to find funding for expansion. The graphite price, which is not traded at commodity exchanges but has fallen by half in the past year along with that of other battery metals due to a slow increase in sales of electric vehicles and aggressive pricing from China's dominant producer. Industry officials claim that China, which controls at least 70 percent of the graphite markets, has a pricing monopoly. Hugues Jacquemin, CEO of the company, said: "We are putting pressure on all our stakeholders, including government, to assist us in financing." He added, "It's like killing a golden goose to shut down the only graphite producing mine in North America." Jacquemin stated that if the mine received funding, it would be able to continue operating for an additional eight years. Northern Graphite has requested C$10 Million to expand the Lac de Iles Mine in Quebec, Canada. The 35-year old facility sells primarily to industrial customers in the United States. In 2024, it is expected to produce 12 thousand metric tonnes. Even though Northern Graphite doesn't supply materials to battery manufacturers, it still feels the pinch from low commodity prices. China tightened its grip on commodities such as graphite despite the price crash. Beijing's Commerce Ministry announced export controls on graphite to the U.S. at the end of last year. Jacquemin stated that the uncertainty and risks associated with China's supply had caused potential investors shy away. Any disruption in supply may impact U.S. industry customers. He said that the company needed help from investors, governments, and banks. Once the Quebec plant was put under maintenance, it might not restart it. Instead, it would focus on its other mine in Africa. (Divyarajagopal, Toronto; David Evans, editing)
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TC Energy's quarter profit misses due to power segment weakness
Canadian pipeline operator TC energy missed analyst's expectations for the first-quarter profits on Thursday due to weakness in its power solutions and natural gas operations, while higher interest costs offset gains in their natural gas operations. Shares of the company listed in the United States were down by 4%. As energy demand grows in North America, the demand for electricity that is renewable and emits less pollution will also increase. TC Energy invested in ten power-generation plants with a total generating capacity of 4,600 megawatts. The company's core profit in its power and energy solutions division fell by 30%, to C$224m, during the first quarter. This was due to a Bruce Power nuclear reactor being taken offline for maintenance. Bruce Power, a company owned in part by TC Energy and supplying 30% of Ontario's power, is owned by TC Energy. Despite its results, TC Energy is still bullish about the growth of power demand and has announced new projects for natural gas and nuclear energy generation worth C$2.4billion. The company, who last year spun off their oil pipeline business in order to pursue a strategy focused on natural gas, forecasts that the demand for natural gas in North America will grow by 40 billion cubic feet per day during the next decade. According to data compiled and analyzed by LSEG, Calgary-based TC Energy's adjusted earnings per share were C$0.95 for the three months ending March 31 compared to analysts' expectations of C$0.97. (Reporting by Mrinalika Roy in Bengaluru; Editing by Shounak Dasgupta)
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Carrier Global beats quarterly profit estimate, raises 2025 forecast amid strong HVAC demand
Carrier Global beat analysts' estimates for the first-quarter profit and raised its forecast for 2025, anticipating a strong demand for its HVAC products and aftermarket repairs. The demand for air conditioners has increased due to the rising temperatures in the world, fueled by climate changes and increasing levels of air pollution. As more buildings must now meet energy regulations, the company has also benefitted from the rapid adoption by heat pumps that are energy efficient. Trane Tech, a competitor, also beat its quarterly forecasts this week due to strong demand for air conditioners. Carrier said that it would "fully mitigate" the effect of the tariffs currently in place. The Florida-based firm reported a first-quarter adjusted profit of 65 cents a share, up from 51 cents compared to a year ago. According to LSEG data, analysts on average expect earnings of 58c per share. Carrier's adjusted profit for the full year 2025 is expected to range from $3.00 to $3.2 per share. This compares to the previous forecast of $2.95 - $3.05. Analysts expect earnings per share of $2.98 in 2025. (Reporting and editing by Vijay Kishore in Bengaluru, Anshuman tripathy from Bengaluru)
Los Angeles wildfires set off air quality cautions and health issues
Organization was vigorous at Teddy's Cocina in Pasadena as wildfire evacuees ate lunch and passersby ducked inside your home to get away from the brown, smoky air blanketing the city.
It's not breathable, said Dulce Perez, a cook at the restaurant, as an eye-watering haze hung overhead on Thursday about two miles (3.2 km) far from one of the multiple fires burning around Los Angeles. We simply try to stay inside.
This week, as the wildfires raved and smoke rippled across Los Angeles, officials issued air quality informs, schools canceled classes and scientists warned about the dangerous - even fatal - consequences of wildfire smoke.
All around the United States' second-largest city, locals anxious about air that has, at times, turned lung-burning from the ash, soot and smoke emanating from fires that have ruined 10,000 structures.
Air cleansers were offered out at some big-box shops, according to interviews with workers at four services. Some residents were taping windows to keep the smoke out of their homes. And Los Angeles officials advised people to stay inside your home in locations where smoke showed up.
While conditions enhanced on Friday, an air quality alert remained in impact up until the night and dangerous particle matter remained around four times World Health Organization standards.
At the Pasadena Convention Center, which has actually been converted to a short-term shelter, aid employees from Sean Penn's worldwide humanitarian organization, CORE, were handing out N95 masks on Friday.
Emergency reaction programs manager Sunny Lee stated the homeless were particularly vulnerable to bad air.
There was no place for them to go within, therefore they were suffering a lot more outside with the poor air quality, without any type of masks, said Lee. So, we pressed out N95 to our partners that reached those communities. We're distributing as lots of as we can.
A HOVERING HAZE
Fanned by intense winds and sustained by greenery bone-dry after a long period of little or no rain, the Los Angeles fires broke out on Tuesday and have actually relentlessly burned more than 34,000 acres (13,760 hectares), or some 53 square miles (137 sq. km). Areas have turned to ash in some parts of Los. Angeles.
Wildfire smoke generally brings with it harmful gases and. particle matter that make it more poisonous than regular air. contamination. Not only do wildfires burn plants, brush and trees,. but likewise structures, homes and cars that contain plastics,. fuels, metals and a host of chemicals.
Research studies have actually connected wildfire smoke with greater rates of. cardiovascular disease, strokes, and heart attacks along with weakened. immune defenses.
Ecological health researchers and medical professionals warned that. particulate matter posed a threat to people with preexisting. lung and heart disease as well as the senior and children.
Carlos Gould, an ecological health researcher at the. University of California San Diego, stated the concentration of. great particulate matter in the Los Angeles area reached disconcerting. levels between 40 and 100 micrograms per cubic meter previously in. the week before decreasing to around 20 on Friday.
The WHO advised optimum is 5 micrograms per cubic meter.
The levels of wildfire smoke we have actually seen in LA these past. couple of days indicate between a 5-15% increase in daily death,. Gould stated.
Chemical by-products from the fires, especially those. coming from burned manufactured products, penetrate much deeper into. the lungs and can even get in the blood stream, stated Dr. Afif. El-Hasan, a spokesperson for the American Lung Association.
If you're working more difficult to breathe and your body is being. challenged that way, it can also put a strain on the heart. And. that's why you see an increase in cardiovascular disease, stated El-Hasan.
Even well beyond the immediate fire zone, homeowners. grumbled about the smoke. With winds blowing wildfire smoke. out to sea, consumers at the Pot holder Coffee shop in the seaside. neighborhood of Long Beach declined to sit outdoors.
Supervisor Veronica Gutierrez said she purchased an air purifier. for her home, however it has made little difference.
We certainly have the odor of burning, said Gutierrez.
For some people across Los Angeles, the dangers will not end. when the fires are put out, professionals warned.
Justin Gillenwater, burn director at the Los Angeles General. Medical Center, expected long-term health impacts from smoke. inhalation among people with breathing conditions and. allergies.
This is going to be something that we're going to be. checking out for not just weeks, however actually years, he said.
(source: Reuters)