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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.
Republican holdouts huddled at White House to discuss Trump's tax cut bill
On Wednesday, a few hardline Republicans from the U.S. House of Representatives, worried that President Donald Trump’s tax-cut bill did not cut spending enough, headed to the White House as the party struggled for unity.
The White House confirmed that House Speaker Mike Johnson would attend the meeting at 3 p.m., 1900 GMT, one day after Trump visited Capitol Hill personally to urge the Republican Party to unite around a bill to extend and add to his tax cuts of 2017.
Analysts from nonpartisan groups have predicted that the U.S. debt of $36.2 trillion will increase by $2 trillion to $5 billion over the next 10 years. Last week, credit rating agency Moody's stripped the U.S. Government of its highest-tier rating due to the nation's increasing debt.
Hardline Republican Andy Harris, who stood with eight other hawks in a Wednesday press conference, said: "We are encouraged by the progress made over the last 24 hours." "I believe this package will pass." "I don't believe it could be done now."
Johnson said: "There's a chance to vote today."
He acknowledged that hardliners had resisted the agreement on state and local tax deductions, a key issue for Republican legislators from New York and California who are crucial to his small majority.
Hardline Republican Representative Chip Roy, of Texas, told reporters that negotiations were progressing, but he still had a way to go before supporting the bill.
Around 1 am EDT (0500 GMT), the House Rules Committee, which is responsible for approving legislation in the House, began debating it. The House's success would pave the way for the expected weeks of debate in the Senate.
The Republicans who control both chambers are waiting on the overall package of amendments to the bill from their leadership, which is intended to unite the various factions within the party. Democrats have proposed over 500 amendments.
If Congress passes this legislation, some food and health benefits would be reduced for low-income Americans. Green-energy programs would also be cancelled, and tens and tens billions of dollars could go to immigration enforcement.
Trump met with Republican legislators on Tuesday in an attempt to convince holdouts to accept what he called a "big beautiful bill," however, the visit did not sway a wide range of lawmakers who are opposed to certain features.
Johnson is in a tight spot, since his party has a 220-212 narrow majority. A few "no" vote from his side can scuttle this bill that Democrats claim favors the rich and cuts social programs.
The bill would extend Trump's 2017 tax cuts, which were his signature achievement during his first term in office. It also added tax breaks for income from tips and overtime wages that were part of Trump's populist push last year on the campaign trail. Analysts say that it could increase the federal debt by $2 trillion to $5 trillion.
Representative Jason Smith, Republican Chairman of the House Tax-Writing Committee, stated during Wednesday's debate that "failure was not an option." "The American people voted to create a new America, where families and workers will prosper again. Main Street will grow and rural towns will flourish again. And America will win again."
Democrats claimed that the bill benefits wealthy people disproportionately and cuts programs for working families.
Gwen Moore said, a Democrat who is a member of the tax-writing panel: "We are going to ask Americans for credit cards to pay tax cuts to billionaires." "This bill is ugly, despite its deficits, because it's a betrayal to the contract we made with our American people and, in particular, our babies and our working people," said Gwen Moore, a Democrat on the tax-writing committee.
DEBT CEILING
Medicaid, the health care program for low income households, has been a major sticking-point. Fiscal hawks have pushed for tax cuts that would offset some of the costs. Moderate Republicans, however, say this will hurt the voters who they need to support them in the midterm elections for the Congress in 2026.
A handful of Republican legislators, mostly from states with high taxes, such as New York and California are also opposed to the bill. They want an increase in the proposed cap for deductions on state and local tax.
The bill would increase the debt ceiling of the United States by $4 trillion. The limit must be addressed by the summer of this year or lawmakers risk triggering an uncontrollable default. (Reporting and writing by Bo Erickson, David Morgan and Andy Sullivan. Editing and proofreading by Scott Malone Daniel Wallis and Howard Goller.
(source: Reuters)