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SQM Chile posts a surge in profit for the quarter as the lithium market tightens
SQM, a lithium producer in Chile, reported on Tuesday an?improvement of its first-quarter revenue and profit. This was due to higher prices and increased sales volumes due to the robust demand for electric car?batteries as well as energy storage. The 'world's 2nd largest lithium producer, LSEG, said?net profit more than doubled from $365 million to $365 in the January-March quarter but fell short of an estimated $426 million by analysts polled. The adjusted EBITDA grew by more than two-fold to $837 millions, exceeding the LSEG estimate. SQM's revenue from its biggest unit, the lithium and derivatives division, has risen to $1.19billion, thanks to a rise in prices and an increase of 25% in sales volumes. CEO Ricardo Ramos stated that the company sold 69,000 metric tonnes of lithium carbonate (LCE) equivalent during the quarter, as it was able to meet the high demand from customers. SQM reported that its "average realized lithium price" rose 95% from the previous year to approximately $17.8 per kg. This reflects a tight turnaround in the market after a decline from record highs reached in 2022. The price of battery metal was under pressure due to the fact that supply growth exceeded demand. This hurt margins for global manufacturers including SQM, and its U.S. rival Albemarle. The rapid growth of battery energy storage systems and the continued adoption of electric vehicles has helped to support demand. SQM, reflecting this improvement, said that it now expects its total sales volumes of lithium to grow by about 15% in 2026. This is up from an earlier?forecast? of 10%. It also estimated the global demand for lithium could be over 1.9 million tons of LCE. SQM also highlighted its progress in partnership with Chilean State Miner?Codelco through their Nova Andino Litio project, which aims at expanding lithium production on the Atacama Salt Flats. Ramos stated that the partners are finalizing documents to begin environmental permits for the Salar Futuro project within the next few months. SQM is one of two companies in Chile that produce lithium. It also produces specialty plant nutrients, industrial chemicals, and iodine. (Reporting and editing by Daina Beth Solon and Clarence Fernandez; Kylie Madry is the reporter.
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Sources: SoftBank has hired banks to handle the US IPOs for SB Energy and AI robotics spinoff Roze.
SoftBank Group is working with?banks? to prepare its initial public offerings (IPOs) for its energy and technology developer SB Energy, and its autonomous robotics spin-off Roze. This comes as Masayoshi son ramps up his Japanese group's push for artificial intelligence infrastructure, amid strong investor interest in companies that support AI buildout. SoftBank has hired JPMorgan Chase, Goldman Sachs Morgan Stanley Citi, Mizuho and Mizuho to handle SB Energy's IPO. The IPO could happen as soon as September, according to the sources. SB Energy may aim for a market valuation of over $50 billion, according to the sources. Sources say that SoftBank is also partnering with Goldman Sachs JPMorgan Mizuho Morgan Stanley and Mizuho for its IPO of Roze, an autonomous robotics firm. Roze will be focusing on the construction of data centers and using robotics in order to increase the efficiency of AI infrastructure. The year 2026 will be a big one for IPOs. A wave of mega AI listings, including SpaceX and Anthropic, is expected to test the appetite of investors for large 'new issues. In April, The Financial Times reported that SoftBank had been exploring the possibility of a $100 billion AI- and robotics spinoff. It was to be made public under the name Roze. BROADENING AI INVESTMENT EXCITEMENT Investors are pouring money into AI-related companies, extending their enthusiasm beyond software and chipmakers to include businesses that provide the infrastructure required to support AI’s rapid growth. The IPO plans show how artificial intelligence is expanding beyond the traditional data centers to include businesses such as picks-and shovels that provide support for the ecosystem. These range from energy generation and?supply, to machines that help build and operate next-generation facilities. Goldman Sachs JPMorgan, and Mizuho have declined to comment. SoftBank, Morgan Stanley, and Citi declined to comment. SB Energy, SoftBank's energy and infrastructure developer, is a key partner in the?buildout of artificial intelligence (AI) infrastructure. SB Energy focuses on matching power generation with data centres to address AI’s increasing energy needs. The company has partnered with OpenAI and SoftBank to develop the $500 billion Stargate Initiative and announced last week that it will confidentially file a 'draft registration statement' for an IPO. SB Energy was selected to build and run a 1.2 gigawatt data center campus in Texas, to support OpenAI’s computing needs. The facility will be powered by integrated solar and batteries. OpenAI also invested $500 million in SB Energy, as part of a $1 billion joint investment with SoftBank. Roze, a planned SoftBank spinoff, aims to deploy autonomous robots to accelerate the construction of large AI infrastructure including data centers. This will help address labor and construction bottlenecks, as demand for AI capacities surges. Analysts have predicted that it could be one of the biggest AI listings if the IPO proceeds. (Reporting and editing by Matthew Lewis in New York, with Echo Wang reporting from New York)
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ABC reports that a chemical tank ruptured in Washington State, causing multiple injuries and at least one death.
ABC 'News reported that a chemical tank rupture at the 'Nippon Dynawave Packaging Facility in Longview Washington caused multiple injuries, including critical ones, and at least one death, according to authorities. ABC reported that multiple people suffered chemical burns when a tank containing a solution burst at 7:15 am. The?statement was issued by the local authorities, Nippon Dynawave Packaging, and the local fire department. PeaceHealth St. John Medical Center, in 'Longview, told ABC that nine patients were admitted to the hospital after the incident - one of whom had died. ABC reported that six of the nine patients were in "fair" condition and two other patients were transferred. Reporting?by Daphne Psaledakis in Washington and Ryan Patrick Jones, Toronto; editing by Doina chiacu and CaitlinWebber
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Sources: SoftBank has hired banks to handle the US IPOs for SB Energy and AI robotics spinoff Roze.
Two people familiar with this matter say that the SoftBank Group has hired banks to prepare the initial public offerings for its energy and infrastructure developer SB Energy, and its planned autonomous robots spin-off Roze. This is as founder Masayoshi?Son ramps up his Japanese group's push to build out artificial intelligence infrastructure, amid strong investor interest in companies supporting AI buildout. SoftBank has hired JPMorgan Goldman Sachs Morgan Stanley Citi Mizuho and Mizuho to prepare SB Energy's IPO. The IPO could happen as soon as September, according to the sources. SB?Energy may seek a market valuation of over $50 billion, according to the sources. SoftBank, meanwhile, has selected Goldman Sachs, JPMorgan Mizuho, Morgan Stanley and Mizuho to handle the IPO for its autonomous robotics firm Roze. The company will be focusing on building data centres and using robotics in order to 'improve the efficiency of AI Infrastructure construction. It is also targeting a similar timeline, according the sources. The year 2026 will be a big one for IPOs. A wave of mega AI listings, including SpaceX and Anthropic, is expected to test the appetite of investors for large new issues. In April, The Financial Times reported that SoftBank is exploring the possibility of a $100 billion AI and robot spinoff. It would be listed under the name Roze. BROADENING AI ENTHUSIASM Investors are swarming into companies linked to the artificial-intelligence boom. Their enthusiasm has expanded beyond software and chip makers to include businesses that provide the infrastructure required to support AI’s rapid expansion. The IPO plans show how the artificial-intelligence boom has expanded beyond traditional data centres into businesses such as picks-and shovels that provide support to the ecosystem, from energy generation and supply to'machines that help build and operate next-generation facilities. Goldman Sachs JPMorgan, and Mizuho refused to comment. SoftBank, Morgan Stanley, and Citi declined to comment. SB Energy, SoftBank's energy and infrastructure developer, is focusing on combining power generation with data centres to address AI’s growing energy needs. SB Energy has become an important partner in the development of artificial intelligence infrastructure. Last week, the company announced that it would be partnering with OpenAI on the $500 billion Stargate Initiative and that it planned to submit a confidential draft registration statement 'for an IPO. SB Energy was selected to build and run a 1.2 gigawatt data center campus in Texas for OpenAI, which will include integrated solar and batteries to power the facility. OpenAI also invested $500 million in SB Energy, as part of the $1 billion joint investment with SoftBank. Roze, a SoftBank spin-off, aims to deploy autonomous robots to accelerate the construction of large AI infrastructure including data centers. Analysts have predicted that it could be one of the biggest AI listings if the IPO proceeds. (Reporting and editing by Matthew Lewis in New York, with Echo Wang reporting from New York)
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Sunshine Silver to Value US IPO at $2.32 Billion
'Sunshine Silver Mining & Refining Company' is aiming for a valuation of up to $2.32 bn in its U.S. initial?public offering. The company wants to raise funds to restart a silver, antimony, and other mineral mine in Idaho. The Kellogg company, based in Idaho, is looking to raise $330 million through the sale of?20 millions shares at a price between $13.50 to $16.50 per share, according to a statement made on Tuesday. North?American companies are preparing to test investor interest in new?listings, after metals like silver saw a spike in demand this year. Barrick Mining is mulling over a potential listing of its North American 'gold assets' and McEwen Copper has a planned IPO that aims to raise $300 million to fund the copper project in Argentina. Sunshine Silver was founded in 2010 and focuses on the purchase, redevelopment, and operation of precious-metal?assets throughout North America. The company plans to restart and expand an old mine that was shuttered in Idaho's Silver Valley, which is one of the most historic silver producing regions?in?the United States. The Electrum Group, Ospraie Management and The Electrum Group are among its backers. The filing states that Electrum expects to retain more than half of Sunshine Silver's outstanding stock shares after the completion of its IPO. Sunshine Silver is slated to?list at the New York Stock Exchange under the symbol SSMR. The joint book-running managers are Morgan Stanley, Scotiabank and BMO Capital Markets.
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PGE's first-quarter net profits falls by nearly 20%
PGE, Poland's largest utility, reported lower net profits in the first quarter as a result of a decline in power sales margins and higher carbon emissions costs. This was due to a decrease in heating demand and production from new gas units. The company reported a net loss of nearly a fifth compared to a year ago. Retail margins from electricity sales fell from 621 millions zlotys (64 million dollars) to 234million zlotys ($64million), as caps on household rates prevented it from passing on higher wholesale costs. * The net profit of the state-controlled firm?fell from 2.42 billion to 1.94 billion Zlotys compared with a previous year. * The reported?earnings after interest, taxes and depreciation (EBITDA), dropped by?5%, to 4,08 billion zlotys * PGE’s net electricity production grew by 3%, to 16,49 terawatt-hours. This was driven by lower temperatures outside that increased heat generation by 13% The core profit of 365 million zlotys fell by 51% in the supply segment due to lower wholesale and retail electricity margins * Rising emissions costs also impacted earnings. * Rising emission costs also impacted earnings. * The coal energy sector saw its core profit drop 39% to $249 million zlotys. This was due to a $344 million zlotys negative change in provisions for onerous contract and lower lignite production ($1 = $3.6434 zlotys). (Reporting from Rafal Nowak, Gdansk. Editing by Matt Scuffham.
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HIGHLIGHTS-Tennis-French Open day three
Highlights from the third day of the French Open, Tuesday (times GMT). 1610 DE MINAUR?THROUGH BLOCKX WITHDRAWAL Alex De Minaur has moved to the third round after Alexander Blockx, his opponent from the second round, withdrew due to an ankle sprain. 1510 GAUFF &?OSAKA THROUGH SECOND RUND The defending champion,?Coco? Gauff, beat Taylor Townsend by a score of 6-4 6-0 and advanced to the second round. Naomi Osaka defeated Laura Siegemund of Germany with a score of 6-3, 7-6(3). 1346 INJURED NORIE RETIRES Cameron Norrie, Britain's 20th-seed, retired after taking a timeout for medical reasons in the second game. It looked as if he had suffered a rib injury. The 30-year-old retired for the first time from a match at a level above ITF. READ MORE Sabalenka's French Open run is quick and effective Gauff wins the Paris title by edging out Townsend Medvedev defeated by wildcard Walton in French Open's first round Pre-show: Sabalenka and Gauff, both of whom are sinners, enter the fray. Swiatek wins, Wawrinka and Monfils close French Open chapters Monfils wants to be like Ronaldo and LeBron, after Roland Garros' farewell Osaka?ramps fashion stakes before winning first round at the?French Open Kouame, a teenager, becomes the youngest Grand Slam male match winner in 17 years 1334 AUSTRALIAN WILDCARD WALTON MEDVEDEV The six-seed Daniil Medvedev was knocked out at the first hurdle by Australian wildcard Adam Walton. Walton stunned the 30-year old 6-2 1-6 6-1-2 1-6 6-4 in order to advance. 1225 ARYNA SABALENKA BLAZES PASS JESSICA BOUEZAS MANEIRO The top-seeded Belarussian Aryna 'Sabalenka started her quest for a first clay Grand Slam title by beating Jessica Bouzas Maneiro 6-4 6-2. Play Under Way 0908 The temperatures in Paris were around 28 degrees Celsius, and it was forecast that they would rise to approximately?33 later in the day. Aryna Sablanka, world number one, and the top seed will begin proceedings on Court Philippe-Chatrier by facing Spain's Jessica Bouzas?Maneiro. FRENCH OPEN ORDER OF PLAY ON TUESDAY (prefix number denotes seeding): COURT PHILIPPE CHATRIER (play starts at?1000 GMT) 1-Aryna Sabalenka (Belarus) v Jessica Bouzas Maneiro (Spain) Alexandre Muller (France) v Stefanos Tsitsipas (Greece) Taylor Townsend v Coco Gauff (U.S.A.). 1-Jannik Sinner (Italy) v Clement Tabur (France) COURT SUZANNE?LENGLEN Adam Walton (Australia) v ?6-Daniil Medvedev (Russia) Laura Siegemund (Germany) v 16-Naomi Osaka (Japan) 22-Anna Kalinskaya (Russia) ?v Lois Boisson (France) 4-Felix Auger-Aliassime (Canada) v Daniel Altmaier (Germany) COURT SIMONNE MATHIE (play starts at 0900 GMT). Marin Cilic v Moise Kouame Vit Kopriva (Czech Republic) v 30-Corentin Moutet (France) Hanne Vandewinkel vs 19-Madison Keys Kimberly Birrell, Australia v Jessica Pegula, U.S.A. (Reporting and editing by Ken Ferris in Bengaluru).
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First oil cargo to Asia from US emergency reserves in 3 years
The first shipment of U.S. emergency reserves oil to Asia in 2022 was crude oil from the U.S. strategic?Petroleum reserve, according to ship tracking data. Asia receives 80% of its oil through the Strait of Hormuz. This is a crucial chokepoint which has been largely closed for the past three months due to the Iran War. The Strait of Hormuz has been closed for three months, disrupting global oil supplies. Physical crude prices have reached record levels. Some importers are now looking to find new suppliers. The Greek flagged Very Large Crude 'Carrier Arosa' loaded 616,000 barrels from the Bryan Mound Strategic Petroleum Reserve in Texas in early may and is expected to arrive in Bataan in early July. This was shown by a bill-of-lading. The vessel is chartered by Shell and co-loaded with 700,000 barrels?U.S. Thunder Horse sour. Sharon Garin, Philippines' Energy Secretary, said that the Philippines is diversifying its energy sources amid a shortage in Middle Eastern barrels. The government has also been looking at producers from the U.S.A., Canada and Colombia, as well U.S. waivers for Russian seaborne oil. Kpler reports that the Southeast Asian nation hasn't received crude oil from the U.S.S.A. since February 2020. It gets most of its crude oil from Saudi Arabia and the United Arab Emirates, as well as Iraq. The last time the U.S. sent barrels of its "emergency reserves" to Asia was in November 2022 when the Biden administration released 180 million barrels to dampen energy shocks after Russia's invasion. The U.S. has begun releasing 172?barrels of oil from the SPR in order to fight the rising crude prices. This is because the 'war in Iran' has disrupted global supplies and the Strait of Hormuz is largely closed. This is part of an international effort to release 400 million barrels of crude oil at a record rate. According to data from ship tracking, U.S. SPR has already been heading to the Mediterranean, northwest Europe and the Balkans. Reporting by Georgina Mccartney in Houston Editing and rewriting by Rod Nickel
EU approves German, Bulgarian and Slovenian relief plans on industrial power bills
The European Commission approved on Thursday?state-aid schemes in Germany, Bulgaria and Slovenia to provide a?temporary?price?relief? for energy-intensive businesses as manufacturers are being hit by an increase in energy costs.
In a press release, the commission said that the budgets for the schemes were 3.8 billion euro ($4.5 billion) in Germany, 334 millions?in Bulgaria, and 90 million in Slovenia.
The EU stated that the move, which came after the Iran War inflated energy prices, was primarily linked to "efforts to reduce greenhouse gas emissions" and "state support would be contingent upon companies spending a substantial share of the aid toward this goal."
This clearance was possible because of the looser competition rules that were announced in June 2012, whereby businesses would be able to more easily obtain national state assistance for reducing carbon emissions.
The rules announced at the time included heavy industries in the category of those eligible to receive temporary price reductions from member states.
Germany announced a number of temporary energy cost relief measures aimed at motorists and the haulage sector after the 'Iran war' caused major disruption to global energy supplies.
(source: Reuters)