Latest News
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JP Morgan creates a new role in green banking leadership
JP Morgan has strengthened its green finance advisory and offering in Europe by appointing a new division leader to support clients on renewable energy and green technologies. An internal memo viewed by us on Thursday stated that the Wall Street lender promoted Kai-Christian Nerger into the newly created position of head of green economic banking for Europe in its global corporate banking division. Nerger has worked at JP Morgan more than 10 year and will now lead a team that helps the bank's European customers reduce their carbon emission levels, as well as benefiting from the growth opportunities available in the green economy. Nerger worked previously in the bank's teams covering diversified industries, power and renewables. The memo stated that he had been focusing on clients from the German industrial, utility, and green economy sectors. Some North American and European Banks have scaled back their climate ambitions, both before Donald Trump's election and after. JP Morgan, in early January, left a banking alliance that was aimed at advancing climate ambitions within the sector. JP Morgan stated in the memo that they continue to help clients scale up energy transition and climate technology businesses around the globe. JP Morgan has allocated $1 trillion to initiatives that support climate change and facilitated $242 Billion towards its green goal since 2021. (Reporting and editing by Virginia Furness)
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Utility Talen Energy reports quarterly loss due to higher expenses
Talen Energy, a utility, reported a first-quarter loss on Thursday. Higher interest and energy costs were to blame, and its shares fell 3.3% during premarket trading. Interest rates that are higher for longer burden utilities, as they make the cost of investing in power grids and infrastructures such as roads and bridges higher. Talen reported that its interest costs increased 25.4%, to $74 millions during the quarter. Total energy expenses also rose 10.8%, to $235,000,000. The loss for the quarter was also due to the absence of gains from the $650 million sale of a Data Center last year to Amazon. These results are similar to those of nuclear utilities such as Vistra or Constellation Energy that were also affected by rising interest rates. Talen operates and owns approximately 10,7 gigawatts in power infrastructure across the United States. It sells wholesale power in the U.S. markets, including electricity, capacity and ancillary service. Talen has lowered its outlook for the full year adjusted core profit to a range between $975 million and $1.13 billion, down from an earlier view of $925 to $1.18billion. Utility said that it also identified additional maintenance work at Unit 2 of Susquehanna Nuclear Facility, which was already placed under planned outage back in March. Talen added that the unit 2 outage would be extended until mid-May. The Houston, Texas based company reported that it had a net loss of $135,000,000 for the quarter ending March 31. This compares to a profit last year of $294,000,000. (Reporting and editing by Shailesh Kuber in Bengaluru)
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Utility Evergy misses its quarterly profit forecast due to lower demand and higher costs
Evergy Inc missed Wall Street expectations for the first-quarter profits on Wednesday. The utility was hurt due to higher costs and lower demands as a result of an unplanned shutdown by a major customer. Interest rates that are higher for longer raise the borrowing costs of power companies. These companies need to borrow more money for maintenance and upgrades of grid infrastructure. Interest expenses for the company increased by 14.5%, to $152.5 millions in the third quarter. Total operating expenses also increased to $1.08 Billion. Evergy said that its industrial demand also decreased due to an unnamed large client having an unplanned maintenance shut down. The company said that the customer's production is expected to be near normal levels in this month. Evergy’s total revenue rose by 3.3% to $1.37bn from the same quarter last year. The total retail sales of the company for the first quarter were up 1.6% compared to a year ago, reaching $1.10 billion. A colder-than-expected-winter increased electricity and gas consumption during the quarter, as residences and businesses had more heating demand. Evergy expects a strong increase in commercial and industrial loads as Meta and Panasonic ramp-up operations in the second part of this year. Evergy announced in February that it had secured customers such as Google, Meta and Panasonic to provide data centers and advanced manufacturing. In the third and fourth quarters, the utility expects a growth of between 3% and 5% in commercial loads and 6% to 8 % for industrial. Evergy supplies power to over 1.7 million Kansas and Missouri customers through its operating subsidiaries Evergy Kansas Central and Evergy Metro. According to LSEG, on an adjusted basis the company reported a loss of 54 cents for the first three months, falling short of analysts' expectations of 66 cents. The company confirmed its forecast of adjusted earnings between $3.92 and $4.12 for each share. (Reporting and editing by Sahal Muhammad in Bengaluru, with Pooja Menon from Bengaluru)
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OPEC's April oil production is lower despite plans to increase, survey finds
A survey shows that OPEC's oil production fell in April despite a planned increase in output. This was due to a reduction in Venezuelan supplies in response to renewed U.S. efforts to reduce the flow of oil and smaller drops in Iraq, Libya, and Libya. According to a survey released on Thursday, the Organization of the Petroleum Exporting Countries (OPEC) produced 26.60 millions barrels of oil per day in March, a decrease of 30,000 barrels per days from the total for the month of March. This was due to a reduction by some producers, which was offset by an increase in Iranian production. The reduction is despite OPEC+ (which includes OPEC, its allies, including Russia), which began in April to undo its most recent layer output cuts. The group intends to increase production in May and/or June, citing market fundamentals like low inventories. The extent of this increase will partly depend on the impact of President Donald Trump's attempts to restrict supply from Iran and Venezuela. Venezuela's exports dropped the most in April, as cancellations of cargoes by U.S. oil giant Chevron prompted ships to return. The survey also found that Iraq, which is under increasing pressure to comply with OPEC+ production quotas and curtail output, has also reduced output. Despite higher OPEC+ quotas in April, there was not much change in the output of Saudi Arabia and Gulf member countries United Arab Emirates and Kuwait. The OPEC secondary sources' survey and data from March show that the UAE and Iraq pump close to their quotas. However, other estimates such as the International Energy Agency suggest that they pump significantly more. The survey showed that Iran was the country with the largest increase in exports, while the U.S.'s latest measures had little effect on production. The survey aims at tracking supply on the market. It is based upon data provided by LSEG (a financial group), information from companies that track flow such as Kpler and information provided from sources within oil companies, OPEC, and consultants. (Also by Ahmad Ghaddar, Kirsten Donovan edited this article)
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Jindal Stainless, India's stainless-steel body, says it will file an antidumping petition within a few weeks.
India's Jindal Steel said on Thursday that a domestic trade organization will seek anti-dumping duty on stainless steel imported from China and Vietnam. This comes weeks after India imposed a temporary safeguard duty of 12% on certain steel imports in order to support its local mills. The tariffs were introduced to help Indian producers, who had been forced to reduce their operations and even consider job cuts because of the influx of cheaper shipments coming from China, South Korea and Japan. The temporary tariff did not include stainless steel. Abhyuday Jindal, Managing Director of the company, said that data showed that China and Vietnam were dumping goods into India. He added that these shipments came to India at "throwaway" prices. Jindal said, "The threat to the nation is clear." The O.P. The O.P. The net revenue increased by 8%, to 101.98 trillion rupees. Exports dropped to 8%, down from 11%. The company expects exports to increase by 30% during the financial year 2025-2026. Jindal stated that the U.S. steel tariffs give the company an equal playing field with other countries on the export market. He added, "We expect growth in our U.S. businesses due to tariffs." In early 2018, President Donald Trump imposed 25% tariffs for all steel and aluminum products. In addition, Jindal Stainless increased its sales volume by 9% in the financial year 2025 to 2,37 million tons. The company expects volumes to increase by 9%-10% during fiscal 2026.
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EU countermeasures against U.S. tariffs amount to 95 billion euros
The European Commission announced on Thursday that it would take countermeasures against imports from the United States worth up to 95 billion euro ($107.2 billion), if Washington fails to lift its tariffs. The EU will respond to the U.S. tariffs on automobiles and other goods by imposing new tariffs that target wine, fish and aircraft as well as car and auto parts, chemicals, electronic equipment, health and machinery. The European Commission (which coordinates the trade policy of the EU's 27 member states) announced that it would launch a consultation with EU members and businesses for a period of one month to gauge their reactions. The European Commission will then make a final decision about its counter-tariffs. This is likely to affect a smaller amount of U.S. imported goods. The EU has announced a list of possible products that it may target on the same day Trump is expected announce a deal between the United States of America and Britain. The EU faces import tariffs of 25% on steel, aluminum and cars, and "reciprocal tariffs" of 10% on almost all other products. This levy could increase to 20% when Trump's 90 day pause ends on July 8. The Commission coordinates the trade policy of all 27 EU member states. It has stated repeatedly that it prefers a negotiated resolution to tit for tat tariffs. However, a retaliatory measure is ready to be implemented in July if no solution can be found. In April, the bloc approved duties of 25 percent on imports from the United States, totaling 21 billion euros. These included maize, clothing, motorcycles, and wheat. The duties, which were a reaction to U.S. tariffs on metals, have been suspended before they enter into force. After further U.S. investigation into pharmaceuticals and semiconductors as well as critical minerals, trucks and truck parts, the Commission said that U.S. Tariffs now cover 380 billion Euros or 70% of EU Goods Trade to the U.S. This could increase to 97%. JD Vance, the U.S. vice president, said that the United States was in ongoing discussions with Europe and that Washington is pressing the EU to reduce its tariffs and regulations barriers to improve their trading relationship. Reporting by Philip Blenkinsop. $1 = 0.8859 euro
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Russell: Iron ore is a very different story from the China tariffs pain narrative
The United States has imposed massive tariffs on Chinese goods, and the Chinese economy faces a huge blow. However, the commodity that is most vulnerable is not affected. China is most exposed to iron ore, as it buys over 70% of the seaborne volume, which it uses for just under half of the global steel. Iron ore prices have remained relatively stable since U.S. president Donald Trump began his trade war with China. The United States now imposes tariffs of up to 145% on China, its biggest trading partner. On Wednesday, iron ore contracts on the Singapore Exchange closed at $99.35 per metric ton. This is after they had risen from a low of $96.20 per metric ton that was reached on May 1. Since October, the price has traded in a relatively small range. The high was $110.55 at the beginning of that month and low was at the beginning of May. China's iron ore imports have also slowed slightly. Customs data shows that first quarter arrivals were down 7.8% compared to the same period last year, at 285.31 millions tons. While this figure may seem low, it is largely due to weather conditions in Australia that cut off shipments by China's largest supplier. China's port stocks are a clear indication of the supply disruption SteelHome data shows that they dropped to a 14 month low of 133.8 millions tons during the week ending April 25. Stockpiles reached 147.5 million tonnes in mid-February. This shows that steel mills are using their inventories to continue production during the period when supply from Australia is disrupted. Analysts Kpler expect China's imports to have recovered from March, when they recorded 93.97 millions tons. China's steel production is also stable, with the 92.84 millions tons produced in March representing a 10-month-high and a 4.6% increase from the same period in 2024. Overall, the iron ore market has been relatively stable this year. Any import weakness can be attributed to disruptions in supply. China's demand is also fairly steady. Iron ore imports should also be expected to continue beyond April if China's stocks are to reflect the normal seasonal build-up leading into the summer steel peak in the north. DEMAND FOR STEEL If there is such concern over the negative impact on China of U.S. Tariffs, then why are iron ore, and steel, holding up? Are they about to decline in price? Answer: A large part of China's demand for steel is found in industries less exposed to international trade. Property and infrastructure are the two largest steel-consuming industries, accounting for almost 60% of total demand. The property market has been struggling in recent years. However, early signs suggest that Beijing's stimulus measures are beginning to stabilize it. Machines, automobiles and household appliances are the trade-exposed segments of steel demand, accounting for almost a third. Even here, China's exports are not primarily destined for the United States. Instead, the majority of vehicles and machinery is shipped to Asia, Europe and South America. The United States is more exposed in the manufacturing of toys, clothing, and other items that do not use much steel, but rely more on chemicals, plastics, and rubber. The official purchasing managers' (PMI), which measures the level of activity in the private sector, fell to 49.0 in April from 50.5 in march. Beijing's recent stimulus measures were likely also influenced by the PMI slump, as they announced on Wednesday a reduction in interest rates and an increase in liquidity. It's clear that some parts of China are feeling the pain from the tariffs, but other parts are doing well. Beijing's message is geared towards positives, but the U.S. administration is more likely to hear the story of pain. These are the views of a columnist who writes for.
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Chairman of VEB Development Bank, Russia, says that the bank will invest $42 billion for projects in China.
Igor Shuvalov, the head of VEB's Russian state-owned development bank, said that VEB will provide funding worth around 3.5 trillion Russian roubles (42.74 billion dollars) for joint projects between Chinese companies and Russian businesses. The two countries held discussions in Moscow on Thursday. China is Russia's largest trading partner. The increased trade between both countries has given Moscow an economic lifeline as it navigates the sweeping Western sanctions over its war with Ukraine. China has been increasing its exports, especially of cars and machinery to Russia. Vladimir Putin, Russian president, said that the comprehensive cooperation between Moscow and Beijing was continually strengthened during a meeting on Thursday with Chinese President Xi Jinping. Putin stated, "We are pleased with the transfer of Chinese expertise and production facilities to our country." "We will continue to create favorable conditions for Chinese firms to operate in Russia," said Putin. Shuvalov, on the sidelines the Putin-Xi summit, said that the 3.5 trillion roubles of funding were earmarked for shipbuilding, metallurgy and timber processing projects. $1 = 81.9000 Rubbles (Reporting and editing by Andrew Osborn, Alexander Marrow, Darya Corsunskaya)
Telecoms shares drag Europe's STOXX 600 lower; Fed meet in focus
European shares fell on Monday due to a decline in the telecommunications industry, while German bond rates rose after February's euro zone inflation was as expected.
Ireland's ISEQ Index outperformed European peers by 0.1%.
Telecoms led the sectoral declines, with its worst day for three months, a drop of 1.4%. Automobiles and parts shares rose by 0.9%.
Oil and gas stock rose by 0.5% as Brent crude briefly reached $86 a barrel for the first since November before falling back. Ukraine intensified its attacks against Russian energy infrastructure.
Investors were preparing for the annual developer conference of artificial intelligence darling Nvidia, which will be held later that day.
The inflation rate in the euro zone increased at the expected annual rate of 2,6% and on a month-to-month basis of 0.6%, confirming the views that the European Central Bank will not be cutting rates for the first time.
Michael Field, European Market Strategist at Morningstar, said that the February inflation reading would not have a negative impact on the likelihood of the ECB cutting rates in June.
The benchmark 10-year bond yield in Germany rose by 2 basis points to 2.458%.
The money markets expect that the ECB will cut interest rates by 83 percentage points in 2024.
Pablo Hernandez de Cos, ECB policymaker, reaffirmed the central bank's ability to start reducing interest rates after a decrease in inflation in the euro zone.
Investors will be watching the U.S. Federal Reserve's, Bank of Japan's and Bank of England’s monetary policies meetings due this week for clues about global monetary policy ease.
In the latest corporate updates, the shares of Polish fashion company LPP rose 20.5%, topping the STOXX600, recovering some of the losses suffered last week after Hindenburg Research questioned its 2022 sale plans for its Russian assets.
Alstom, a maker of TGV trains, gained 6.4% after Deutsche Bank upgraded their rating. Signify NV climbed 2.0% after Barclays raised its stock rating and target price for the lighting solutions company.
Logitech, which dropped 6.8% after the news that Charles Boynton, Chief Financial Officer of the computer manufacturer, will be leaving in May, was among the biggest decliners.
(source: Reuters)