Latest News
-
Dominion Energy exceeds expectations on high power demand in Virginia and South Carolina
Dominion Energy beat its third-quarter profit expectations on Friday, thanks to increased demand for power in its Virginian and South Carolina segments. According to the U.S. Energy Information Administration, a surge in artificial-intelligence and cryptocurrency datacenters, coupled with the accelerating electrification and homes and businesses is expected to push U.S. energy demand to record levels by 2025 and 2026. The company said on Tuesday that it expects the power demand for data centers to double in the next 15 years. The utility now accounts for 27% in Virginia's sales from data centers. The adjusted operating earnings of Dominion's Virginia division rose by 2.5% in the third quarter to $679 millions, while those from South Carolina rose by over 14% to $109 million. Revenue for the quarter was $4.53 Billion, up from $3.94 Billion a year earlier. Interest expenses for the company rose by over 30% in the third quarter, to $527 millions. Dominion has narrowed the range for its operating earnings forecasts to between $3.33 and $3.48 a share. This is down from an earlier range of $3.28 to $3.52 a share. The company expects to achieve results at or above this midpoint if the weather conditions remain normal throughout the remainder of the year. According to data compiled and published by LSEG, the utility's adjusted operating earnings were $1.06 per common share for three months ending September 30. This compares with an average analyst estimate of 95c per share. (Reporting from Bengaluru by Sumit Saha; editing by Sahal Muhammad)
-
Public disillusionment returns as Iraqi politicians prepare for elections
Iraqis fear that the November 11 election will not bring about any real change. Many see the banners promoting reform as empty gestures by elites who have done little to improve the situation since the 2003 U.S. invasion. Since then, corruption has plagued daily life. High unemployment rates and poor public services are commonplace. Iraqis claim that their Shi'ite Muslim and Sunni Muslim leaders have become too involved in the rivalry for power on a sectarian basis to deal with Iraq's issues - despite Iraq's vast oil wealth. The election results are predetermined for many people, despite the billboards and banners that proclaim change. They serve to maintain Iraq's political equilibrium in the hands the same sectarian leaders. How do you make me trust you? Said Hatem is a Baghdad-based resident who expressed skepticism regarding the prospect of change. "You can see the advertisements on the street ...,, but they've been ruling for the past 20-25 years. How can you get me to trust you? He said. The Independent High Electoral Commission of Iraq has approved 7,768 candidates for the Iraqi Parliament, including 2,248 men and 5,520 women. The commission said that campaigning had been authorized from October 3 until November 8. The vote will test the confidence of Iraqis in their entrenched political system, which has failed to deliver on promises to improve services and combat corruption in a nation where Iraqis claim that vast oil revenues are only used to benefit the political elite. The Shiite party of Shia Prime Minister Mohammed Shia al-Sudani will compete primarily against other dominant Shiite factions backed by Iran. POLITICAL VIOLENCE SPREADS FEARS The frustration has been increased by the resurgence of political tensions, including the murder of Safa al Mashadani, a parliamentary candidate who had criticized everything from state-corruption to Shi'ite armed militias that he claimed were trying to seize his hometown. Tabark Tariq Al-Azzawi is a candidate of the Iraqi Progress Party. She said that she received threats, and feared for her own safety. "I hope that this phase will end without any more deaths or assassinations of ordinary citizens or candidates." "I hope that safety and security will always prevail," she said. It was not possible to independently verify the motive for or details of Mashhadani’s murder. According to Iraq's chief security spokesperson General Saad maan, authorities have increased protection measures, and arrests were made, while investigations continue. Many Iraqis think that it is almost impossible to bring about real change in Iraq through elections, because the same powerful groups continue their dominance of the state and its vast resources. ORCHESTRATED Election Results These parties are frequently backed by armed groups close to Iran, who control government contracts, key institutions and public funds. The voters say that this system allows the ruling alliances and their supporters to manipulate election results in their favor. These parties deny these allegations. Sheikh Abdul Jaber Hamoud is an Iraqi tribal leader who criticised the tendency of improving government outreach and services during election cycles, while neglecting most Iraqis at other times. Qais al Zubaidi, a political analyst, said: "I do not believe that the political process has been democratic since 2003. It is now a political system that is manipulated to benefit certain groups." The presence of uncontrolled arms makes it difficult for citizens to make a change. In 2003, U.S. officials believed that the removal of Sunni leader Saddam Hussein would lead to a new era in Iraq where all its communities could enjoy freedom and prosperity. In its place, a pro Saddam insurgency was followed by islamist Al Qaeda militants. A sectarian civil conflict gave rise to more extremist Islamic State jihadists. Even years after the bloodshed, few politicians have sparked hope for a better future.
-
Israeli attacks in Gaza kill three Palestinians, test fragile truce
Palestinian health officials said that Israel attacked the Gaza Strip on Friday for a forth day, killing three, another test of an fragile ceasefire. Residents reported Israeli gunfire and shelling in northern Gaza, despite Israel's claim that it is committed to the ceasefire brokered Donald Trump. The Israeli military didn't immediately respond to a comment request. The Palestinian WAFA news agency reported that another Palestinian had died from wounds caused by previous Israeli shelling. Since its implementation three weeks ago, the U.S.-brokered truce, which did not resolve thorny questions like Hamas' disarmament and the timeline for Israel's withdrawal from Gaza, has been put to the test by periodic violence. Israel launched a series of bombardments in Gaza between Tuesday and Wednesday to retaliate for the death an Israeli soldier. Gaza's health authorities reported that 104 people were killed. MORE BODIES HANDLED OVER Gaza's Health Ministry said that the Red Cross delivered 30 bodies of Palestinians who were killed by Israel in the war. This was a day after Hamas had handed over the bodies of two hostages. In the ceasefire agreement, Hamas agreed to release all of its hostages in Gaza for nearly 2,000 Palestinian wartime prisoners and detainees. Israel, on the other hand, agreed to withdraw its troops, stop its offensive, and increase its aid. Hamas has also agreed to exchange 360 militants Palestinians killed during the war for the remains of the 28 hostages. Hamas handed over 17 corpses after Thursday's release. 225 Palestinians bodies have been returned so far to Gaza. Hamas said it would take some time to find and recover the bodies of the remaining hostages. Israel accuses Hamas for violating the ceasefire by delaying the transfer of hostages. Gaza's health authorities report that the conflict has killed more than 68,000 Palestinians in two years and destroyed the enclave. Israel began the war in Gaza after Hamas-led fighters invaded southern Israel, killing 1,200 and taking 251 hostages to Gaza.
-
Tchiroma, the opposition leader of Cameroon, says that loyal soldiers brought him to safety
Issa Bakary, the opposition leader in Cameroon, said that he was escorted by his loyal soldiers to a safe location for his safety. This could be a sign of a division within the army after a disputed vote. Tchiroma has been holed-up in his Garoua house since the presidential election of October 12, in which he declared victory. He did not specify the number of soldiers but his claim that the members of the military are loyal to him may indicate a split in the security forces of the country. Tchiroma posted a Facebook message saying, "I thank the loyalist Army for escorting and protecting me in a safe place." The central African nation's Defence Ministry declined to comment. The Cameroon Constitutional Council declared on Monday that President Paul Biya - the oldest leader in the world at 92 years old - was the winner of the elections, causing violent protests across the nation's oil and cocoa producing cities. According to a group of civil society activists, the disputed election heightened tensions across the country. Security forces are accused of detaining and killing over 500 protesters, while also killing 23 others. Tchiroma, in a separate Facebook message posted on Friday, called for a 3-day lockdown starting Monday. He urged supporters to stop all activities and stay at home as a way to express their disapproval of the results. Tchiroma, in a video, said: "Let's bring the country to a complete standstill so that everyone knows we are resisting. We will not give up." "Let's keep our shops shut, suspend our activity, and remain at home in silence to show our solidarity, and to remind the regime that an economy's strength is its people." (Reporting and writing by Anait Miridzhanian; Amindeh Atabong, Bate Felix)
-
LyondellBasell profits exceed forecasts due to cost reductions and demand recovery
LyondellBasell Industries announced on Friday that it is on course to save $1.1 billion by 2026. Improved demand and tighter control of costs helped the chemicals manufacturer beat quarterly profit expectations and signal a steady improvement. In premarket trading, the company's shares rose by nearly 4% as better-than expected results helped ease some concerns about demand and rising costs of raw materials in Europe. LyondellBasell's cash improvement plan launched earlier this year is still on track to generate an incremental cash flow of $600 million by 2025. Following the turnaround of plants in Texas, the company's olefins-and polyolefins Americas division saw an improved profit. This was due to higher olefins sales and higher polyethylene margins. The company reported that the demand for polyolefins is beginning to show signs of improvement. U.S. sales of polyethylene are rebounding following a slump lasting two years, while European volumes have increased by 3% in volume year-to date. LyondellBasell posted a loss of $890m, or $2.77 a share, in the third quarter of 2008, compared to a profit $573m a year ago. The losses included $1.2 billion of non-cash assets write-downs, and other one-time costs, mostly related to the company's European operations and portfolio reorganization efforts. The region's strict regulatory environment has led firms to review their operations and implement cost-cutting strategies. LyondellBasell has announced that it has made progress in its portfolio overhaul. It secured approvals for the sale of four European assets, and plans to temporarily shut down plants in Germany and Texas. The company expects higher feedstock prices and seasonal weakness to impact margins during the fourth quarter. Global capacity reductions are helping to rebalance the supply. LSEG data shows that adjusted earnings per share were $1.01, exceeding analysts' expectations by 81 cents. Reporting by Pranav Mathur in Bengaluru, Editing by Krishna Chandra Eluri & Saumyadeb Chkrabarty
-
Oil prices are being held down by a subdued supply and a large amount of oil despite geopolitical risk
A poll conducted on Friday showed that analysts are keeping their oil price predictions largely the same as OPEC+'s rising output targets and a lacklustre market demand have offset geopolitical risk to supply. According to a survey conducted by 36 economists and analyst in October, Brent crude is expected to average $67.99 a barrel in 2025. This is about 38 cents higher than the estimate from last month. West Texas Intermediate will average $64.83 per barrel in 2025. This is slightly higher than September's estimate. Brent and WTI have been averaging $69.27 and $65.92 respectively so far this year. Tobias Keller, UniCredit's analyst, said that the oil prices of 2025 will be shaped by a delicate equilibrium between supply growth, modest consumption, and geopolitical uncertainties. The market is well supplied, thanks to the rising production from OPEC+ producers and non-OPEC ones. However, the demand growth, although positive, has slowed, especially in OECD countries. Analysts predict that oil will be in surplus by 2026. Estimates range from 0.19 million barrels per daily (bpd) to 3.0 million. Oil prices fell to their lowest level in five months on October 20 due to fears of an oil glut and economic concerns related to U.S. China trade relations. Since April, OPEC+ has increased its output targets by over 2.7 million bpd. This is around 2.5% global supply. It's also just under half of the 5.85 millions bpd cut the group previously agreed on. After a 137,000-bpd increase for November, the group has indicated that it is inclined to make another modest increase in its oil production for December. Suvro Sarkar, DBS analyst, said that while the OPEC+ response to market conditions continues to be flexible, the current action appears to be driven more by a desire for market share than a desire to support oil prices. The U.S. imposed sanctions on two of Russia's biggest oil companies this month, and markets are monitoring the fragile ceasefire that has been reached in Gaza. Keller said that the ceasefire in Gaza has reduced regional risk premiums while new sanctions against Russian oil and attacks on infrastructure have brought up fresh concerns about supply. Analysts predict that global oil demand will grow between 0.65 and 2 million bpd in this year. This growth is largely due to the growth of China.
-
Gold drops as investors reduce rate-cut bets. Set for third monthly gain
Gold fell to $4,000 per ounce as the dollar remained near its three-month highs due to uncertainty about another rate cut by the U.S. in December. However, it is still on track to make a third consecutive monthly gain. Gold spot was down 0.5% to $4,004.37 an ounce at 0936 GMT. It had gained almost 4% this month. U.S. Gold Futures for December Delivery were unchanged at $4,016.30 an ounce. Dollar-priced gold is more expensive to other currency holders because the dollar index has been near its highest level in three months. Ricardo Evangelista, an analyst at ActivTrades, said that "gold is under pressure because the dollar has strengthened on the backs of these hawkish comments (by Fed chair Powell)." He said that markets had taken another rate reduction in December as a given. The Fed cut rates on Wednesday by 25 basis points, for the second consecutive time in this year. This brings the overnight benchmark rate down to a range of 3.75% - 4.00%. CME Group's FedWatch showed that after Chairman Jerome Powell made hawkish comments, the markets now place a 67% chance of a 25 bp reduction, compared to 91.1% a week earlier. The demand for safe-havens has also declined due to the optimism surrounding trade after trade talks between China and the U.S. this week. Donald Trump, the U.S. president, said on Thursday that he agreed to reduce tariffs against China in exchange for Beijing crackingdown on illegal fentanyl trafficking. He also stated that he would resume U.S. purchases of soybeans and keep rare earths exports flowing. Evangelista said that the macro-environment remains favorable for gold over the medium and long term. This is due to the ongoing geopolitical turmoil in Ukraine, the Middle East and between the U.S. Silver fell by 0.2% at $48.82 an ounce. Platinum dropped 1.5% at $1,586.64 and palladium declined 0.4% to $1,438.72. (Reporting by Ishaan Arora in Bengaluru; Editing by Jan Harvey)
-
Vedanta, an Indian miner, has seen its quarterly adjusted profit increase on the back of higher metal prices
Vedanta, an Indian conglomerate that converts metals into oil, reported a higher adjusted quarterly profit on Friday. This was largely due to higher metal prices. The company's profit before taxes and exceptional items increased 21.7% compared to a year ago, reaching 70.14 billion rupiahs ($798m) for the quarter ending September 30. The operating profit margin increased to 22%, up from 20%. This was due to stable expenses. Due to the uncertainty surrounding U.S. Trade policies, the benchmark three-month aluminium prices and copper rose by 8.2% and 5.6% respectively on an annual basis during the quarter. Mining companies tend to benefit from higher commodity prices by increasing their margins and selling prices. The total revenue of the miner increased by 5.5%, to 392,18 billion rupees. Vedanta’s aluminium business in India is the largest and accounts for nearly 40% of its revenue. Copper is followed by zinc as the company's second largest business. Copper revenue grew by 3.6% and aluminium revenues rose by 14%. India Zinc, Lead, and Silver segment revenue grew by 3.5%. Total expenditures rose by 0.8%, to 334.49 Billion Rupees. The company reported net extraordinary expenses of 20,67 billion rupees. This included a write-off amount of 14,07 billion rupees as well as a settlement of 6,60 billion rupees. Vedanta’s subsidiary Hindustan Zinc reported a higher profit for the quarter on strong silver prices and zinc.
Minority owners demand that oil group Equinor explain discrepancy in climate.
A group of minority shareholders demanded that the board of Norway's Equinor explain how its plan to increase oil and gas production is in line with the Paris Agreement on climate change.
Equinor, a 67% state-owned company, has joined Shell and BP this year in pledging higher oil output, while reducing investment in renewables.
Minority owners have proposed a resolution that will be voted upon at Equinor’s annual general meeting on May 14. They claim there are "material inconsistencies” between the climate strategy of the company and the expectations expressed by the majority shareholder.
The expectations of the Noway government from two years ago included Equinor setting goals and implementing actions to reduce greenhouse gas emission "both short-term and long-term" in accordance with the 2015 Paris Climate Accord.
"Other investors have reasonable expectations that a company will move in the direction of aligning with the expectations and wishes of the majority shareholders." Equinor, however, has taken the opposite path," Brynn O'Brien of the Australasian Center for Corporate Responsibility, which filed the motion with the ACCR, stated in a press release.
The board of directors at Equinor, however, requested that the shareholders reject the motion. This was also submitted by the Danish pension fund Sampension, and the Swedish pension fund Folksam.
In a press release, the board stated that it believed the company's business model and strategy were in line with global goals on climate change.
It added that "Scenarios for future energy requirements, including those that align with the goal of limiting global heating to 1.5 degrees Celsius," indicate oil and gas needs will continue to be needed in decades to come.
Equinor, Europe's leading pipeline gas supplier.
The result of the vote depends on the position taken by the Norwegian government. Generally, the Norwegian government supports the board position at AGMs.
The ministry of industry did not respond immediately to a comment request. (Reporting and editing by Terje Solsvik, Nerijus Adomiaitis)
(source: Reuters)