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France’s EDF Reports $944M Impairment on US Offshore Wind Project
State-owned French power giant EDF is taking a 900 million euro ($944.4 million) impairment charge on the Atlantic Shores offshore wind farm project in the United States after partner Shell pulled out of the joint venture."We have every intention of pursuing the interests of the (joint venture) company to the end, but in order to reflect the new American political landscape ..., the board of directors has decided at this stage to depreciate the developments that we have carried out offshore at Atlantic Shore," EDF CEO Luc Remont told reporters.($1 = 0.9530 euros)(Reuters - Reporting by Forrest Crellin, Editing by David Goodman)
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Cuba opens the first of 92 new solar parks to combat energy crisis
Cuban President Miguel Diaz-Canel opened the first of 92 Solar Parks on Friday, as part of an initiative backed by China to reduce the number of blackouts that can last for hours in the Caribbean Island nation. The park in Havana is one of 55 that are expected to be online by this year. It will generate 1,200 megawatts. Last year, the outdated power grid of this Communist-run nation collapsed multiple times. A severe fuel shortage made it impossible for smaller clusters to operate diesel-powered generators which typically backup the system. Blackouts that lasted for years have weakened the economy, and prompted scattered protests by residents who are tired of the multi-faceted crisis which includes a scarcity of basic goods such as food and medicine. The government is heavily promoting the parks as a partial answer to people's problems, which they blame primarily on U.S. sanction. Diaz-Canel tweeted on Friday that "the recovery of the grid is a top priority, and this is its safest route." Cuba's maximum demand is around 3,500MW. However, it fails to meet 1,500MW of this, leading to power outages. Cuba and China agreed to boost solar energy in Cuba's grid in April, but neither government provided details on the financing. Hua Xin attended the Havana solar park's inauguration. Foreign journalists were not allowed to attend the event. Presently, less than 5% (or a little more) of Cuba's energy is derived from alternative sources. Cuba's 2030 goal is 24%. Marc Frank (reporting; Paul Simao, editing)
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Baker Hughes reports that the US oil and gas rig counts have reached their highest level since June.
Baker Hughes, a leading energy services company, said that the U.S. added oil and gas rigs this week for a fourth consecutive week to reach their highest level since last June. The number of oil and gas drilling rigs, a good indicator of future production, increased by four in the week ending February 21. Baker Hughes reported that despite this week's increase in rigs, the total count is still 34 or 5% lower than this time last year. Baker Hughes reported that oil rigs increased by seven this week to 488, the highest level since September. Gas rigs dropped by two to 99. Oil and gas rig counts are expected to decline by 5% and 20% respectively in 2024, as the lower U.S. gas and oil prices in recent years have prompted energy companies to concentrate more on increasing shareholder returns and paying off debt than raising production. Although analysts predicted that U.S. crude spot prices would remain the same in 2025, U.S. Energy Information Administration projected crude production would increase from a record 13,2 million barrels per daily (bpd), in 2024, to around 13.6 millions bpd, in 2025. The EIA predicted a 73% rise in the price of spot gas Prices in 2025 will prompt producers to increase drilling activity in this year. A 14% drop in price in 2024 forced several energy firms in the industry to reduce output for the very first time since 2020, when the COVID-19 epidemic reduced demand for fuel. The EIA predicted that gas production would increase to 104.6 billion cubic feet per day in 2025. This is up from 103.1 bcfd and a record-breaking 103.6 bcfd. (Reporting and Editing by Marguerita Choy)
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After the US exit, countries warn that global climate assessments should not be delayed.
After the U.S. government withdrew, the European Union, Britain, and other climate-vulnerable countries raised concerns over the delay in the next global assessment on climate change by the U.N.'s Climate Science Panel. Next week, the Intergovernmental Panel on Climate Change (IPCC), the U.N. organization that brings together scientists from over 200 countries to assess Earth's health, will be meeting in Hangzhou, China to plan its next report. In a Friday joint statement seen by, Wopke Hoopstra, EU climate chief and 17 other countries, including Britain, Germany France, Spain, Marshall Islands, Guatemala and the Marshall Islands, said: "It is vital that all contributions from the working groups to the Seventh Assessment Report be prepared on time." The statement stated that "we owe it both to those who are suffering from the effects of climate change now and to future generations to make decisions regarding the future of our planet based on the best available evidence and knowledge." According to reports on Thursday, the Trump administration has stopped the participation of U.S. Scientists in the IPCC. They will also not be attending its meeting next week in Hangzhou. Officials familiar with these talks say that the countries who made the statement are concerned that the report will not be finished in time for the next Paris Agreement stocktake in 2028. Nearly 200 countries will evaluate their progress in curbing climate changes and agree on tougher measures in order to avoid escalating temperatures. Last month, Donald Trump ordered the U.S. again to withdraw from the Paris Climate Agreement and reversed the Biden administration’s climate policies. Elon Musk, the billionaire, is leading the effort to rid the federal administration of what he considers wasteful spending, and to slash its workforce. He has cut funding for climate related work, and removed employees who worked on climate justice, climate science and clean energy. In a second statement published by the Least Developed Countries on Friday, a group consisting of 45 of the most vulnerable nations in the world, the Least Developed Countries said that there was no excuse for delays. In a press release, they stated that "any backtracking in this process issue would be seen as what it really is: politization of science on the cost of vulnerable countries." "People living in developing countries have nothing to gain by restricting their access to IPCC science." During the COP28 Climate Summit in 2023, nearly 200 countries agreed to transition from fossil fuels. The IPCC's earlier report was the basis for the agreement. It detailed the dramatic changes humans had made to the climate of the Earth and the need to drastically reduce emissions to prevent further disasters. Reporting by Kate Abnett and Valerie Volcovici, editing by Giles Elgood
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Global equity markets mixed due to uncertainty over Trump's moves and geopolitical issues
Wall Street stocks fell but European shares edged up on Friday, amid uncertainty over U.S. president Donald Trump's rapid policies, including tariffs and spending cuts, as well as Germany's upcoming election. Since returning to the White House in late October, Trump has announced tariffs against several U.S. trading partner countries and launched a campaign to cut the federal workforce of 2.3 million people. These moves have caused concern among traders. Joshua Wein, portfolio director at Hennessy Funds, Chapel Hill, North Carolina, said: "The sell-off over the past couple of days was really about the uncertainty regarding the pace of the change in government." We all knew that there would be cuts in spending and layoffs, but this pace has created a level of uncertainty we've never seen before. The data released on Friday revealed that U.S. businesses have fallen to their lowest level in 17 months, showing that consumers and businesses are becoming more concerned about the Trump administration. S&P 500, Dow Jones Industrial Average, and Nasdaq Composite Index all fell due to losses in consumer discretionary, industrial, and energy stocks. All three major indexes are also expected to finish the week lower. This week, European shares were volatile ahead of the German election on Sunday. Europe's Stoxx 600 index rose 0.45% on Wednesday, ending two days of declines. It is now heading for a weekly increase. The Dow fell 0.85% to 43799.85. The S&P 500 dropped 0.57% at 6,082.56. And the Nasdaq Composite was down 0.69% at 19,823.69. MSCI's global index of stocks fell by 0.23%, to 881.69. The index has fallen 0.25% in the past week. Overnight, MSCI's broadest Asia-Pacific share index outside Japan rose 1.45% and reached its highest level since November 8.
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Gold takes a break from profit-taking and targets eighth weekly gain
Gold prices fell on Friday, as investors took profits off the previous session's high. However, they were still set to make an eighth consecutive weekly gain due to strong demand for safe-haven assets amid fears over U.S. president Donald Trump's proposed tariffs. As of 10:07 am, spot gold fell 0.3% to $2.930.85 per ounce. ET (1507 GMT). Bullion is up around 1.7% after reaching a record of $2,954.69 last Thursday. U.S. Gold Futures dropped 0.4% to $2.945.20. Alex Ebkarian is the chief operating officer of Allegiance Gold. He said, "It was just a classic movement with new all-time highs and profit taking... but" gold's fundamentals remain strong. The price of gold has reached two new record highs in the past week, with prices trading above $2,950/oz. Investors' appetite for bullion is on the rise, as uncertainty surrounding global economic growth, and political instability, have highlighted investor appetite. The demand for gold at the moment is primarily driven by western investors and central bankers. Investors in ETFs appear to be jumping aboard the bandwagon," Commerzbank analyst said in a report. Trump announced a new round of tariffs earlier this week, including duties on lumber and wood products. This is in addition to the previously announced plans for duties on imports of cars, semiconductors, and pharmaceuticals. The tariffs are in addition to the 10% additional tariff imposed on Chinese imports, and the 25% tariff imposed on steel and aluminum. Ebkarian stated that the role of gold as a safe haven has not been fully realized, because the money is still sitting on the sidelines. Investors also monitor the U.S. Federal Reserve interest rate trajectory, as Trump's policies have been viewed by many as inflationary. A higher inflation rate could force the Fed to keep interest rates high, reducing the appeal of gold that doesn't yield. Silver spot was down 0.6% to $32.74 per ounce, and palladium dropped 0.9% to $968.78. Both metals are headed for gains this week. Platinum fell 1%, to $969.05. It is expected to decline by a week. (Reporting and editing by Maju Samuel in Bengaluru, Anmol Choubey from Bengaluru)
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Sources say that European military supplier KNDS is considering an IPO in the midst of a boom in the defence sector.
Two people with knowledge of the matter said that KNDS, a military defence system provider, is looking at an IPO as soon as the end this year. This comes as Europe's push to boost its defence sector sparks a rally. Sources, who spoke on condition of anonymity, said that the Franco-German firm has begun early discussions with advisers regarding a possible listing at Frankfurt in 2026 or 2025. They added that the Banks are yet to be named. The French state-owned holding agency (APE), declined to comment. KNDS, as well as its German family shareholders Wegmann-Group, did not immediately respond to requests for comments. The talks take place amid a recovery in the defence sector after U.S. president Donald Trump stated that Europe would have to increase its military resources significantly. After the U.S. urged European leaders to increase their military budgets, Germany's Hensoldt and Europe's largest ammunition manufacturer Rheinmetall led this week's gains. Rheinmetall's value has increased dramatically since the Russian invasion of Ukraine. It is now worth approximately 39 billion euros (40.87 billion dollars), up from 4 billion euros back in February 2022. KNDS formed in 2015 through the merger of German Krauss-Maffei Wegmann, a family-owned company famous for its Leopard tanks, and French state-owned Nexter. According to the website, both the German family and French Government remain joint owners. One person suggested that a complex shareholder structure could result in the company only floating a small portion of its shares. This would allow the company's family and state supporters to retain control stakes. They also warned that the company may decide not to list as a public business. At the time the article was published, it wasn't clear which shareholders would sell their shares in an IPO scenario or what valuation they might be seeking. According to LSEG Datastream on February 20, world defence companies are trading at 25,8 times expected earnings compared to 18 times three year ago. Iveco, Thyssenkrupp and other world defence companies trade at around 8 times the same valuation metric. KNDS is a manufacturer of battle tanks, armoured vehicle, artillery system, weapons station, ammunition, military bridges and battle management systems. It also produces battle management systems and protection and training solutions. According to its website, it generated revenue of 3.3 billion euro ($3.45 billion). KNDS, an investor in German gearbox manufacturer Renk, listed its shares last year at a valuation 2.15 billion euro and is expected to have sales of 1.1bn euros by 2024, according to preliminary results. KNDS increased its stake in Augsburg-based Renk last week to 25,1%. Renk's shares have risen 62% since the company made its debut on the stock exchange a year earlier. KNDS has approximately 9,500 employees worldwide and is incorporated in The Netherlands. According to its website, it supplies armies around the world with production lines located in France and Germany, and has various industrial partnerships. ($1 = 0.9543 euros)
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Savannah resumes lithium prospecting as Portugal overturns injunction
Savannah Resources announced on Friday that it will immediately resume prospecting work at its lithium project located in northern Portugal, after the government assisted it in overturning a precautionary order filed by landowners. Savannah, a London-based company, believes that the Barroso Project's deposit of lithium-bearing spodumene is the largest in Europe. The latest prospecting results indicate a deposit larger than the 28 million metric tonnes of high-grade battery lithium previously estimated. The EU's goal to reduce its dependence on countries like China for strategic raw material could hinge on this project. Savannah was forced to stop prospecting at Barroso in two weeks' time after the court ordered that the government revoke its permission for the company to enter land owned by others. Savannah said that in a press release, the government filed a "reasoned solution" citing a wider public interest and the court ended up overturning an injunction. Savannah's statement stated that the government claimed any delay in the work "would be more expensive and detrimental to public interest". It added that the company expected to compensate for the delays over the rest of the program. Savannah has only one venture, Barroso. It hopes to begin commercial production in 2027. The project will also complete its final environmental licensing and feasibility study in the second half this year. Reporting by Sergio Goncalves, Editing by Aiden Lewis
QUOTES-Reactions to the death of Iran's president in a helicopter crash
Iranian President Ebrahim Raisi, a. hardliner long viewed as a possible follower to Supreme Leader. Ayatollah Ali Khamenei, was killed in a helicopter crash in. mountainous surface near the Azerbaijan border, authorities and. state media said on Monday.
The helicopter was likewise bring Foreign Minister Hossein. Amirabdollahian and 6 other guests and team, all of whom. died.
Here are reactions to the news:
SAUDI ARABIA'S KING SALMAN BIN ABDULAZIZ AND CROWN PRINCE. MOHAMMED BIN SALMAN:
They used acknowledgements to the acting head of the executive. authority, Mohammad Mokhber, on the death of Ibrahim Raisi,. president of the Islamic Republic of Iran, and his companions.
MARYAM RAJAVI, PRESIDENT-ELECT OF PARIS-BASED NATIONAL. COUNCIL OF RESISTANCE OF IRAN OPPOSITION GROUP:
This represents a huge and irreparable strategic blow. to the mullahs' Supreme Leader Ali Khamenei and the entire. routine, infamous for its executions and massacres.
It will set off a series of consequences and crises within. theocratic tyranny, which will spur rebellious youths into. action.
Menstruation of moms and those looking for justice for the. executed, together with the damnation of the Iranian individuals and. history, mark the tradition of Ebrahim Raisi, the well-known. wrongdoer of the 1988 massacre of political prisoners.
UNITED STATES SPECIFY DEPARTMENT:
The United States expressed its main condolences for. the death of Raisi and other authorities in a helicopter crash,. the State Department said.
As Iran picks a new president, we declare our assistance. for the Iranian people and their struggle for human rights and. fundamental freedoms, department representative Matthew Miller said. in a declaration.
US DEFENSE SECRETARY LLOYD AUSTIN:
Austin said he had no insight into the cause of the. helicopter crash.
I can't hypothesize on what might have been the cause, he informed. press reporters.
AFGHANISTAN'S ACTING PRIME MINISTER MULLAH MOHAMMAD. HASSAN AKHUND:
We share in the grief of the Islamic Republic of Iran and. its individuals and extend our acknowledgements to all the households of the. victims, the country, and the federal government of Iran.
In these hard times, we stand together with the people of. Iran and wish forgiveness for all the victims of this. incident and for perseverance for their families.
CHINA'S FOREIGN MINISTRY REPRESENTATIVE:
President Xi Jinping has actually already sent out a direct message to. Iran's very first vice president, Mohammad Mokhber.
Xi stated President Raisi made crucial contributions towards. Iran's security and stability, and towards establishing the. thorough strategic partnership between China and Iran.
PALESTINIAN PRESIDENT MAHMOUD ABBAS, IN A STATEMENT:
We extend our genuine acknowledgements and compassion to the. brotherly Iranian people for the passing of the late President. Ibrahim Raisi and the Foreign Minister, hoping to Almighty God. to bestow His huge mercy upon the departed Iranian President and. the others, and to give patience and solace to their families,. affirming the uniformity of the State of Palestine and its. people with the Iranian leadership and people in this great. condition.
PAKISTAN PRIME MINISTER SHEHBAZ SHARIF, ON X:
The great Iranian country will overcome this catastrophe with. customary nerve.
Pakistan will observe a day of grieving and the flag will. fly at half mast as a mark of respect for President Raisi and. his companions and in uniformity with brotherly Iran.
INDIAN PRIME MINISTER NARENDRA MODI ON X:
Deeply saddened and stunned by the awful death of Dr. Seyed Ebrahim Raisi, president of the Islamic Republic of Iran. His contribution to strengthening India-Iran bilateral. relationship will always be remembered.
My wholehearted condolences to his family and the people of. Iran. India stands with Iran in this time of sorrow.
RUSSIAN PRESIDENT VLADIMIR PUTIN:
Seyed Ebrahim Raisi was an impressive politician whose. entire life was dedicated to serving the Motherland.
As a real pal of Russia, he made an important personal. contribution to the development of good neighbourly relations. in between our countries and made fantastic efforts to bring them to. the level of strategic collaboration.
OPEC SECRETARY GENERAL HAITHAM AL GHAIS:
In these difficult times, on behalf of myself and all the. personnel at the OPEC Secretariat, I extend my acknowledgements and. sympathy to the esteemed management and individuals of the Islamic. Republic of Iran and the families of HE President Raisi and. other officials.
IRAQ PRIME MINISTER MOHAMMED SHIA AL-SUDANI:
We extend our wholehearted acknowledgements and compassions to the. Supreme Leader of the Islamic Republic, Ali Khamenei, and to. the nation of Iran, its government and individuals.
We reveal our uniformity with the brotherly Iranian individuals. and the authorities of the Islamic Republic throughout this painful. disaster.
TURKISH PRESIDENT TAYYIP ERDOGAN:
As a coworker who personally saw his efforts for the. peace of the Iranian people and our area throughout his time in. power, I remember Mr. Raisi with regard and gratitude, Erdogan. composed on X.
In a phone call with acting Iranian President Mohammad. Mokhber, Erdogan said Raisi and Foreign Minister Hossein. Amirabdollahian's contributions to Turkey-Iran ties will always. be remembered, according to Erdogan's workplace.
LEADER OF YEMEN'S HOUTHIS ABDUL MALIK AL-HOUTHI:
It is with fantastic remorse and sorrow that we received the. news of the unfortunate incident of the President of the Islamic. Republic, Mr. Ibrahim Raisi, the Minister of Foreign Affairs,. Dr. Hussein Amir Abdullahian, and their companions.
HAMAS DECLARATION:
The statement communicated Hamas' deepest condolences ... for. this immense loss.
It applauded the deceased Iranian leaders for supporting the. Palestinian cause and resistance versus Israel and expressed. confidence that Iran's deep-rooted institutions will enable it. to overcome the repercussions of this fantastic loss.
THE PALESTINIAN IRANIAN-BACKED ISLAMIC JIHAD GROUP:
The martyrdom of the President and his Foreign Minister is. a fantastic loss for the Islamic Republic.
It stated his loss was an excellent one for the Palestinian individuals. in these tough circumstances, as they played a prominent and. clear function in supporting and assisting the struggle of the. Palestinian individuals.
NECHIRVAN BARZANI, PRESIDENT OF THE IRAQI KURDISTAN AREA:
The passing of President Raisi is a tremendous disaster and a. extensive loss for the Islamic Republic of Iran, its people, and. its buddies.
Nonetheless, we have faith that the noble individuals of Iran. and the Islamic Republic will conquer this enormous loss. May. God Almighty offer assistance and protection to all, and may. the memory of the departed be blessed.
ARAB LEAGUE PRIMARY AHMED ABOUL GHEIT, IN A DECLARATION:
We hope to God to shower them with mercy and forgiveness. and to motivate their families with perseverance and solace.
SUDAN'S SOVEREIGN COUNCIL HEAD ABDEL FATTAH AL-BURHAN, IN A. STATEMENT:
While the President of the Sovereign Council extends his. genuine condolences and compassion to the friendly Iranian people,. he prays to God Almighty that he may have mercy on the President. and his buddies, and give their families patience and. solace, revealing the solidarity of the Government of Sudan and. its individuals with the leadership and the Iranian individuals in this. excellent loss.
MALAYSIAN PRIME MINISTER ANWAR IBRAHIM, ON FACEBOOK:
President Raisi exhibited a deep commitment to the. welfare of his people and the self-respect of his nation, which. represents a proud and rich civilisation rooted in the. concepts of Islam.
His commitment to justice, peace, and the uplift of the. ummah was really inspiring.
ITALIAN PRIME MINISTER GEORGIA MELONI ON BROADCASTER CHANNEL. 5 TELEVISION:
I see in these hours that the Iranian authorities are. crediting the thesis of the mishap and not conspiracy. theories.
I do not see any modifications in the internal order in Iran, we. remain in consistent contact with our European and G7 allies since. we are speaking about an occurrence that is part of an especially. intricate local structure.
I hope that the future Iranian leadership wants to devote. itself to the stabilisation and pacification of the region.
CHARLES MICHEL, PRESIDENT OF THE EUROPEAN COUNCIL, ON X:
The European Union expresses its genuine acknowledgements for. the death of President Raisi and Foreign Minister Abdollahian,. in addition to other members of their delegation and team in a. helicopter mishap. Our ideas go to the households.
EGYPTIAN PRESIDENT ABDEL FATTAH EL-SISI:
The president of the Arab Republic of Egypt ... prays that. the deceased Iranian President and the departed might rest in God. Almighty's mercy, and give their families persistence and solace,. expressing the uniformity of the Arab Republic of Egypt with the. Iranian management and individuals in this awful incident.
LEBANON'S IRAN-BACKED HEZBOLLAH GROUP, IN A STATEMENT:
It applauded the battle of the martyrs in defending the. causes of the nation and their service to Iran, getting in touch with God. to bless them with his mercy, to protect Khamenei, and to approve. Iran the capability to conquer the ordeal with patience and. determination.
JORDAN'S KING ABDULLAH, ON X:
My inmost acknowledgements to the bros, leadership,. federal government and people of the Islamic Republic of Iran on the. death of Sibling President Ebrahim Raisi, Foreign Minister. Bro Hossein Amir Abdullahian and those accompanying them,. might God have grace on them all.
We stand in uniformity with our siblings in Iran in this. tough circumstance
UAE PRIME MINISTER SHEIKH MOHAMMED BIN RASHID AL-MAKTOUM:
Our hearts are with you in this challenging time. Our prayers. are that God will cover them with His large grace and stay them. in His roomy Paradise.
SYRIAN PRESIDENT BASHAR AL-ASSAD, IN A DECLARATION:
Assad affirmed Syria's uniformity with the Islamic Republic. of Iran and the families of the dead.
Assad added that Syria had worked with the late president to. ensure strategic ties in between Syria and Iran remained. flourishing, recalling Raisi's important see to Syria as part. of enhancing ties for the benefit of both countries.
QATAR'S EMIR SHEIKH TAMIN BIN HAMAD AL-THANI, ON X:
Sincere acknowledgements to the government and individuals of the. Islamic Republic of Iran ... asking God Almighty for grace and. forgiveness for them and for their households with perseverance and. solace.
JAPAN'S FEDERAL GOVERNMENT REPRESENTATIVE YOSHIMASA HAYASHI:
Japan expresses its deepest condolences to the government. and individuals of Iran over the death of President Raisi and the. foreign minister.
VENEZUELAN PRESIDENT NICOLAS MADURO, ON X:
Deeply saddened to have to bid farewell to an excellent. person, an amazing leader of the world as our sibling. Ebrahim is, and will constantly be, an exceptional human being,. protector of the sovereignty of his people and genuine. friend of our country..
(source: Reuters)