Latest News
-
Ambani's Reliance spins off India consumer products business into a new unit
Reliance Industries, owned by Indian billionaire MukeshAmbani, said it would spin off its consumer products unit to create a new company to attract additional investors to the business. Reliance has a consumer business that includes brands like Campa Cola which competes against Coca-Cola and Pepsi. There are also dozens of snacks and confectionery products, such as Mondelez Cadbury chocolates, who fight for shelf space. According to a June 25 order, which was reported for the first time by Indian media, India's National Company Law Tribunal approved the internal restructuring, under which Reliance would transfer its consumer business, from its retail arm, into a subsidiary directly, New Reliance Consumer Products Ltd. According to the order, Reliance stated in its application for approval before the tribunal that "this is a very large business requiring special attention and expertise, as well as different skill sets compared to retail businesses." This business requires large capital expenditures on a continuous basis, and it can attract different investors." Reliance Industries holds a stake of 83.56% in the entity. Reliance Retail has been planning its own IPO. Reliance Retail announced on Thursday a strategic investment in FACEGYM (a facial fitness company and skincare firm based in the UK), without disclosing a specific investment amount. (Reporting and editing by Aditya K. Kalra, Sharon Singleton and Dhwani Paandya)
-
French nuclear regulator allows EDF 1300MW reactors to have their lifespan extended
The French nuclear regulator ASNR announced on Thursday that EDF's 1300MW EDF reactors can operate for longer than their 40-year original lifespan. It said that this would require upgrading to raise the safety standards in order to match those of European Pressurised Reactors. During its 40-year inspection, the regulator will set specific safety requirements for every reactor. EDF must also submit annual reports describing its progress towards meeting these requirements. The decision relates to 20 reactors of the 56-strong country's fleet that will reach their current lifespan approved between now and 2020. The regulator approved the extension of EDF's smaller 900MW nuclear reactors. The French President Emmanuel Macron made the expansion of the country's nucleo-production capability a major project. This included extending the lifespans of existing nuclear sites as well as building at least six reactors over the next decades. EDF has been struggling with project delays, overruns in budgets for new plants, and reactor defects. The state spent around 10 billion euro to nationalise the EDF, which was heavily indebted. The CEO Bernard Fontana was appointed earlier this year and has been given the task of accelerating nuclear expansion. He is now looking for ways to raise money to fund upgrades and new construction, and may even consider asset sales.
-
JSW Poland renews bid for $444m tax refund amid liquidity crisis
JSW, a state-controlled Polish coal miner, renewed its request on Thursday for a refund of 1.6 billion Zlotys ($443.6 Million) on the "solidarity tax", which is a windfall profit tax. The company faces increasing losses and a cash crunch. JSW claims that the retroactive income tax, which was paid in 2023 and 20,24, is illegal and leads to double taxation. It claims that it did not make windfall profits due to high energy prices but instead faced significant electricity expenses. The company sought a refund from the Ministry of Climate and Environment in April. However, the Ministry declined to take action in June, saying it did not have the authority to determine the constitutionality of the tax. JSW shares are trading 8.7% higher as of 1115 GMT. If the gains continue, they will be on course for their largest daily gain since January 2024. Jakub Szkopek, an analyst at Erste Group, said that JSW's financial situation is still challenging despite its efforts to improve liquidity via the refund. Szkopek said that while the (share) response is positive and speculative, the current situation for the company is not ideal. Low coking coal prices, and the strong Polish zloty versus the U.S. Dollar are still a problem. JSW is Europe's biggest producer of coking, a raw material essential to steel production and on the EU's critical list. $1 = 3.6069 Polish zlotys (Reporting and editing by Milla Nissi-Prussak).
-
International carbon credits: Do they combat climate change?
The European Commission proposed a climate goal for 2040, which allows countries to use carbon credits purchased from developing nations in order to reach the EU target for the first ever. What does that mean? And why did the EU's move on Wednesday cause some criticism among scientists and campaigners? What are carbon credits? Carbon credits or offsets are projects that fund projects abroad to reduce CO2 emissions in lieu of reducing your own greenhouse gas emission. For example, converting petrol buses in a city to electric or restoring forests in Brazil are examples. The buyer can use the "credits" to reach its climate goals, while the seller receives funding for their green project. The system, according to its supporters, provides much-needed funds for developing countries' efforts to reduce CO2 emissions and allows them to work together with other countries in order cut emissions globally. The reputation of CO2 credit has been damaged by a series of scandals where projects that generated credits failed to provide the benefits claimed for climate change. Why is the EU buying them? Carbon credits purchased from other countries could cover up to three percentage points of the EU 2040 target, which is to reduce net emissions by 90 percent from 1990 levels. In order to achieve the EU's climate goals, countries must reduce their emissions completely at home. Last year, the EU's executive commission said it hoped that the EU would agree on a 90 percent reduction in emissions by 2040. Carbon credits were not mentioned. Since then, the geopolitical turmoil and economic struggles of European industries has sparked political backlash. Governments from Germany to Poland have demanded a softer goal. The Commission responded by saying it would introduce flexibility and chose carbon credits to achieve the 90% reduction in emissions while reducing domestic steps required to get there. The EU countries, the European Parliament and the European Commission must all agree on the final goal. What are the risks? Carbon credit project developers and countries like Germany welcomed the EU plan as it would boost climate finance. Environmental campaigners warned that the EU is ignoring its domestic efforts to reduce CO2 and warned against relying solely on low-value, cheap credits. Climate science advisors in the EU also oppose buying credits under 2040 targets, as they say that this would divert funds from local clean industries. After a glut of cheap credits that had weak environmental benefits led to a crash in carbon prices, the EU banned international credit from its carbon market. In an effort to reduce the risk, the Commission announced that it would purchase credits in accordance with the global market and trading rules for carbon credits being developed by the U.N. They include quality standards that aim to avoid the problems unregulated credit trading faced in recent times. Next year, Brussels will also propose specific standards on the quality of the carbon credits that the EU purchases. How much will it cost? The EU does not yet know. Carbon credits can range from a few dollars for a tonne CO2 to over $100 depending on the project. According to EU emission records, the bloc would have to purchase at least 140 millions tonnes of CO2 to meet 3% of its 2040 goal. This is roughly equal to the Netherlands total emissions for last year. A senior official of the Commission said that the bloc is determined to not hoard cheap junk credit. "I don’t think it would add any value." "The credits that we see on the voluntary carbon markets today are extremely cheap and this probably reflects an absence of high environmental integrity," said the senior official. (Reporting and editing by PhilippaFletcher; Additional reporting by Virginia Furness)
-
Copper prices fall on profit-taking before US jobs data
Copper prices fell on Thursday, as traders and funds profited from long positions in anticipation of the U.S. jobs data which could influence the direction of interest rates and dollar. By 1032 GMT the benchmark copper price on London Metal Exchange had fallen by 0.2% to $9,994 per metric tonne, after reaching a high of $10 020.50 for three months on Wednesday. The volume of trading was low ahead of the U.S. monthly employment report for June. The data is due on Thursday and should show a slight increase in unemployment. Weak growth numbers could cause concern about U.S. economic growth, and allow the Federal Reserve Bank to reduce interest rates. This would have a negative impact on the dollar. The industrial metals price has been boosted this year by a weakening dollar, which makes metals priced in dollars cheaper for buyers using other currencies. A U.S. investigation on potential tariffs for imports of metals used in power and construction could also have a strong impact on the price of copper. This could lead to shortages, and increase prices on COMEX. COMEX copper prices are about $1300 per ton higher than LME, which encourages producers and traders to divert their metal from other markets to the U.S. Tom Price, Panmure Liberum analyst, said: "While U.S. imports of copper have not been subject to a tariff yet... the market has still priced in this risk." A large amount of metal exported to the United States came from warehouses registered with the LME. Stocks of 0#MCUSTXLOC> on the LME have fallen by 65% since mid-February's 2025 peak. At 34%, cancelled warrants or metal that is destined to leave LME's warehouses indicate another 31,900 tonnes are waiting to ship out. Recent data indicates that the premium or backwardation is increasing. Cash copper contracts for three months forward are starting to bring metal back to LME. Copper stocks at the LME in Gwangyang, South Korea, have increased by 2,250 tonnes this week. In Kaohsiung in Taiwan, the stocks are up by 1.250 tons. Other metals saw aluminium slip 0.4% to $2.609 per ton. Zinc eased 0.3% at $2.749; lead rose 0.4%, to $2.068. Tin retreated by 0.2%, to $33,655 while nickel gained 0.7%, to $15,405.
-
Human hair is a water-saving device in Chile, a country that has been hit by drought.
The small mats of hair at the base of the plants help to lock in moisture in orchards in Chile, which have suffered from drought for many years. According to the Matter of Trust Chile Foundation, who makes the mats, the hair is turned into sheets or discs of compostable mulch through mechanical weaving. This reduces direct evaporation of up to 71%, and can save as much as 48% of irrigation. "Hair is interesting. "Hair is very interesting. Maria Salazar, a farmer in Taltal in the arid Antofagasta Region of Chile, said that the hair had helped her get optimum crop yields from the lemon trees. Taltal is located about 900 km (560 miles north) of Santiago. Salazar stated that the hair mats were a great benefit for our system, and they also helped to reduce water stress. By providing shade, the hair mats maintain a high level of humidity. They also prevent the sun rays from evaporating our little water. In 2020, the foundation was established to encourage conservation and regeneration by creatively using waste. The hair comes from 350 salons in Chile and 10 pet groomers. About 2% of hair used for the mats is from pets. The foundation also produces a liquid fertiliser made from recycled hair, and an absorbent based on hair that can be used to remove contaminants such as metals, oils and other pollutants from water. (Reporting and additional reporting by Fabian Andres Cambero, Editing by Alexander Villegas & Rosalba OBrien)
-
Study finds Germany could achieve a third of its climate goals through cutting fossil fuel subsidies
A German research institute stated on Thursday that reducing fossil fuel subsidies could help Germany achieve around one-third of its climate goals without having to rely on other tools, such as carbon pricing. In a recent study, the Center for European Economic Research in Mannheim (ZEW), also noted that one third of countries could achieve their climate goals by simply cutting subsidies for fossil-fuels like coal, oil and gas. According to the EU’s Environment Agency, Germany will continue to be the biggest subsidiser of fossil energy in the European Union. In 2023, the German government will provide about 41 billion euro ($48.33billion) in subsidies for coal, oil, and gas. This is more than 60% of the total EU amount that year. Environmental groups have criticized the government's plan to use Germany’s Climate and Transformation Fund to lower gas costs. The fund is funded primarily through CO2 emission trading. ZEW stated that cutting subsidies would also help boost the public finances. It said that by accounting for hidden costs associated with fossil fuels such as environmental and health damage, governments can collect additional tax revenue equal to almost 5% of the total consumption. The study found that reducing subsidies could help to avoid major costs associated with climate change and offset the impact of rising energy prices. Indirect subsidies such as pollution and health damages that are not included in energy costs, make up another 5.8% of global economic output. ZEW, citing the International Monetary Fund, said that they totaled nearly $6 trillion worldwide.
-
AlixPartners estimates that only 15 electric car brands will be left in China by 2030.
AlixPartners, a consultancy, said that only 15 of the 129 brands currently selling electric vehicles and hybrids in China are financially viable by 2030. This is because intense competition has forced consolidation, and others have left the market. AlixPartners, without naming brands, said that these 15 brands will account for 75% of China’s EVs and plug-ins by the end the decade. Each brand averages annual sales of 1,02 million units. Stephen Dyer of AlixPartners, the head of their automotive practice in Asia said that consolidation in China will be slower than other markets because local governments are likely to continue to support non-viable brand names due to their importance for regional economies, employment, and supply chains. China, which is the largest auto market in the world, is currently experiencing a price battle and overcapacity. Both are putting pressure on profitability. Other than BYD, Li Auto and other publicly listed Chinese electric vehicle makers have not achieved profitability for a full year. Chinese regulators called on automakers to stop the price wars. Dyer, however, said that he believed the price wars would continue but with "hidden factors" such as zero-interest finance and insurance subsidies. Dyer stated that the capacity utilisation ratio in Chinese auto plants fell to 50% on average last year. This is the lowest level in 10 years and has a negative impact on profits.
Houthis say they can reassess Red Sea attacks if Israeli 'aggression' stops
Yemen's Houthis said on Tuesday they could only reevaluate their missile and drone attacks on international shipping in the Red Sea when Israel ends its aggressiveness in the Gaza Strip.
If they would stop the attacks if a ceasefire deal is, asked reached, Houthi spokesman Mohammed Abdulsalam told the situation would be reassessed if the siege of Gaza ended and humanitarian aid was totally free to go into.
There will be no halt to any operations that assist When the Israeli hostility on Gaza, palestinian people except and the siege stop, he stated.
Shipping risks have actually intensified due to repeated Houthi strikes in the Red Sea and Bab al-Mandab Strait given that November in what they refer to as acts of uniformity with Palestinians against Israel in the Gaza war.
U.S. and British forces have actually responded with a number of strikes on Houthi centers however have actually up until now failed to stop the attacks.
Top worldwide container line Maersk on Tuesday told its clients in a statement that they must get ready for disturbances in the Red Sea to last into the
second half of the year
and to build longer transit times into their supply chain preparation.
Seafarers stay in the shooting line and have signed
contracts
When getting in the high-risk zones and, to get double pay can decline to cruise on ships going through the Red Sea.
Galaxy Maritime Ltd, the UK-registered owner of vehicle provider Galaxy Leader which was hijacked by the Houthis on Nov. 19 with its 25 crew members, said on Tuesday that the mariners from Bulgaria, Ukraine, Mexico, Romania and the Philippines had nothing whatsoever to do with the conflict in the Middle East.
From the few permitted phone calls they are allowed, team members are becoming significantly worried about their enjoyed ones at home, Galaxy Maritime stated in an update.
Households of those being apprehended are now getting in touch with the international neighborhood to do something about it to protect the instant release of the team.
Arsenio Dominguez, Secretary-General of the U.N.'s. International Maritime Company (IMO), required. cumulative action to fortify the security of those at sea and. for the release of the Galaxy Leader.
Attacking global shipping is. attacking seafarers, he said at an IMO conference.
The Houthis, who control Yemen's most populous areas, sent. shipping authorities and insurers formal notice of what they. termed a ban on vessels connected to Israel, the U.S. and Britain. from cruising in surrounding seas.
Yemen's formally recognised federal government stated in a letter. flowed on Feb. 15 to IMO member countries that it had. cautioned of the danger of the Houthi militia adding that the. group had continued to randomly plant sea mines, while also. using drone boats and missiles.
The fate of the abandoned freight vessel Rubymar was. unclear after it was struck by a Houthi rocket on Feb. 18 in the. southern Red Sea and was leaking fuel. The vessel remained. submerged with water.
The ship's chartering broker told on Monday that. it was aiming to bring a work ship to
close
a hole triggered by the Houthi missile. There was no further. update on Tuesday.
(source: Reuters)