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Stellantis will buy CO2 credits also in 2025 from Tesla's 'pool', says exec
Stellantis, a group of carmakers, will also buy credits in 2025 from a "pool", led by Tesla, to meet the European Union's CO2 requirements. This is despite Brussels' three-year deadline for carmakers to comply. The carmakers who are facing stricter EU emission rules this year have agreed to pool emissions in order to avoid heavy fines. They will buy carbon credits for their lower sales of electric vehicles (EVs) from the segment leaders, including Tesla and Polestar. Stellantis is the second-largest car manufacturer in Europe. It joined a group led by Tesla that also included other competitors. The European Commission has bowed to pressure from European carmakers and now allows compliance based upon the average emissions of a manufacturer's cars over the period 2025-2027, not just 2025, as originally envisaged. Jean-Philippe Imparato, head of European operations at Stellantis, said that he would use all the credits purchased from Tesla in this year. Imparato was speaking at an automobile event in Turin. It said that Stellantis had a 14% EV mix of its European sales, as opposed to the 21% EU target. He said that the 2027 extension gives us "some breathing space" but doesn't provide a solution. Imparato said that production of the Fiat 500 hybrid city car will begin at the Stellantis Mirafiori in Turin, in November. The car is expected to be produced in both its hybrid and electric versions with a target annual output of 130,000 cars. (Reporting and editing by Valentina Za; Giulio Piolovaccari)
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US companies warn French companies to comply with Trump's ban on diversity
The Trump administration ordered French companies that have contracts with the U.S. federal government to comply with its executive order prohibiting diversity, equity and inclusion programs. This highlights the extraterritorial impact of U.S. policy and their possible impact on European corporate practice. Companies have been asked to fill out a form entitled "Certification regarding compliance with applicable federal anti-discrimination law." The questionnaire has been seen. The move comes amid increasing economic and political tensions in the United States and Europe after Donald Trump's election, which was based on a "America First" platform. The differences in approaches between France and the U.S. also raises concerns about what practical changes companies might need to make. Companies in the United States have adopted Diversity, Equity, and Inclusion Policies, tracking race and ethnicity and setting diversity goals. In France, the secular approach restricts such practices. Data collection is restricted by law, and corporate efforts are focused more on gender and socioeconomic background. The documents are also likely to spark concern in European boardrooms, that the Trump administration has expanded its fight against DEI overseas. This is at a moment when Trump's actions regarding tariffs and security relations have shattered transatlantic relationships. The U.S. Embassy in Paris, according to the French business newspaper Les Echos which reported this demand for the first time late Friday night, had sent it out to companies. According to a French newspaper Le Figaro's website, the letter reads: "We inform that Executive Order 14173 Ending Illegal discrimination and Restoring merit-based opportunities, signed by President Trump applies to all U.S. government suppliers and service providers, regardless of nationality or country of operation." We would appreciate it if you could sign and complete the document in English and email it back to us within five days. We would like to know why you don't want to sign the document. This information will be forwarded to our legal department. A request for comment was not immediately responded to by a spokesperson from the embassy. No indication was given that the companies selected to receive the letter were chosen based on the presence of the company in the United States. Sources close to the issue confirmed that France's Orange, the state-controlled French telecoms group, received the letter, despite the fact that it has no U.S. operations. According to spokespersons for both companies, the oil and gas major TotalEnergies as well as the defence electronics company Thales, which have operations in the U.S.A., also did not receive the award. Orange declined to comment. Un official in the office of French Finance Minister Eric Lombard confirmed that the issue would be raised with the U.S. Government. This practice reflects values of the newly elected U.S. Government. The values of the new U.S. government are different from ours. "The minister will remind the U.S. counterparts of this," said the official. It was not immediately apparent if similar questionnaires and letters had been sent to other foreign companies in Europe. Reporting by John Irish, Mathieu rosemain. Richard Lough and Kirby Donovan edited by Mark Potter.
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Former military leader pardoned by Guinea junta's chief over stadium massacre
According to a Friday night decree broadcast on state TV, Guinea's junta chief has pardoned Moussa Camara, a former military leader who was found guilty last year of crimes against humanity for a 2009 stadium shooting. Camara, the man who took power in 2008 in a coup, was sentenced on July 31, 2024 to 20 years of prison for his part in the killing of at least 157 during a rally pro-democracy in a stadium near the capital Conakry. Tens of thousands gathered on September 28, 2009 to pressure Camara to not stand in the presidential election that year. In a stampede, security forces hurled teargas into the stadium and fired shots. Many people were injured, including those who were stabbed or beaten. Prosecutors said that at least 12 women were raped during the trial by security forces. Camara, aged 61, along with seven other military leaders, were convicted. On Thursday, the current military government of the West African nation announced that it will pay compensation to victims for which the court ordered Camara and other accused to pay. Calculations show that at least $2 Million will be given to victims of rape and $18,000,000 to families of the dead or missing. Mamady Dommebouya, the leader of the Junta, took power himself in a coup that occurred in 2021. (Editing by Portia Crowe; Editing Kirby Donovan).
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Indian security forces kill 16 Maoists in a firefight
Police said that Indian security forces had killed 16 Maoists in a gunfight in central Chhattisgarh state, according to police. Since decades, the extreme left-wing rebellions have waged an offensive against the Indian government, particularly in central and east India. This has led to violent clashes on both sides and many casualties. Police said that during the search of Sukma, in southern Chhattisgarh on Friday, they found several guns. Rebels claim they want to give landless Indians and poor Indian farmers more control over the land that is being exploited and to have a bigger say in minerals being mined by large mining companies. Amit Shah, the Indian Home Minister, has pledged to eradicate the insurgency. Clashes between security forces and Maoists are on the rise since Prime Minister Narendra modi was elected for a third time last year. Reporting by Jatindra dash in Bhubaneswar; Writing by Rupam Jain, Editing by William Mallard
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Valeura’s Assets in Gulf of Thailand Remain Operational After Earthquake
Canada-based oil and gas company Valeura Energy has reported that all of its assets in the Gulf of Thailand remain operating safely, following a devastating earthquake that hit Myanmar, affecting the neighboring Thailand as well.At approximately 13:30 local time on Friday March 28, 2025, a strong earthquake struck central Myanmar, approximately 1,000 km from Bangkok Thailand.While certain buildings in Thailand were damaged, Valeura has confirmed that all of its facilities in the offshore Gulf of Thailand remain operating safely, with no immediate indications of damage.The earthquake killed dozens of people in Myanmar, the local media have reported, with significant damage to infrastructure and buildings recorded over the vast area.The quake also hit Thailand, with reports of at least nine people killed in the capital Bangkok.
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CIP Orders Vestas Offshore Wind Turbines for 495MW Taiwanese Project
Danish wind turbine maker Vestas has secured an order from Copenhagen Infrastructure Partners (CIP) to supply offshore wind turbines for the 495MW Fengmiao I project off the coast of Taichung in Taiwan.The order includes 33 V236-15.0 MW turbines as well as a long-term comprehensive service agreement designed to ensure optimized performance of the assets.CIP made a financial close on the Fengmiao I offshore wind project earlier in March, securing $3.1 billion project financing from 27 international and Taiwanese banks.CIP Reaches Financial Close for Offshore Wind Farm in TaiwanThe construction of the Fengmiao I offshore wind farm is scheduled to be completed by the end of 2027."We are honored to deepen our partnership with CIP on the Fengmiao I project, our inaugural venture in Taiwan featuring the V236-15.0 MW turbine.“This project marks the start of construction for Taiwan’s first Round 3 offshore wind project and reinforces our commitment to delivering innovative clean energy solutions and supporting Taiwan’s ambitious renewable energy goals,” said Purvin Patel, President of Vestas Asia Pacific.“We are confident that, together, we will deliver the Fengmiao I project on schedule, safely, and to the highest standards. We look forward to playing a key role in supporting Taiwan’s energy transition and long-term renewable energy goals,” added Mark Wainwright, Fengmiao I Project CEO.
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Blackstone is considering a small stake in the US TikTok spin-off, according to sources
Two people familiar with this matter say that Blackstone, a private equity firm, is considering a minor minority investment in TikTok’s U.S. operation. Blackstone has discussed joining the existing non-Chinese shareholders of ByteDance, including Susquehanna International Group, General Atlantic and General Atlantic to contribute fresh capital in order to bid for TikTok’s U.S. operations. The group is the front-runner. The proposal involves spinning off TikTok’s U.S. operation into a separate company and reducing Chinese ownership to below the required 20% threshold by U.S. laws. TikTok General Atlantic and Blackstone have declined to comment. Susquehanna has not responded to a comment request. Since a law passed with bipartisan support last year, requiring ByteDance, to divest TikTok before January 19, or risk a ban for national security reasons, the fate of the app has been in flux. TikTok went dark briefly in the U.S. after the Supreme Court upheld a ban in January, but came back to life a few days later when U.S. president Donald Trump assumed office and delayed enforcement of the law until April 5. Trump said that he could extend the deadline and offered a possible tariff reduction on China in order to reach a deal. U.S. Vice-President JD Vance stated that he expected the terms of a deal to resolve ownership of the app by the deadline of April. ByteDance's investors and ByteDance have not revealed how much new investment is needed to buyout Chinese shareholders and comply with the U.S. laws. TikTok's legal filings last year show that global investors owned 58% of ByteDance. The company's Chinese founding director Zhang Yiming held another 21%, and employees from different nationalities, including 7,000 Americans, owned the remaining 21%. The White House is involved in an array of activities Unprecedented level In the closely observed deal talks, playing the role as an investment bank. Others reported in January 2017 that Trump's Administration was a tyrant. Working on a TikTok plan Oracle and existing ByteDance shareholders would be tapped to take over the app's operation. Dawn Chmielewski reported from Los Angeles with additional reporting by Katie Paul, Krystal Hu and Kane Wu in New York; editing by Kennerita Choy and Marguerita Li
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Stocks fall amid inflation worries and trade war concerns
Gold, the safe-haven asset, hit a new record high Friday. An index of global stocks fell as investors worried about a trade war that could be triggered by Trump's tariff decisions. The latest inflation figures were a source of frustration for U.S. traders, but Trump's 25% auto import tariff and his plans to impose a much wider levies on next week continued to be a cause for concern. All three major Wall Street indexes finished lower, and recorded their third consecutive loss. Communication services, consumer discretionary and technology stocks were the biggest losers. Utilities stocks finished higher. The Dow Jones Industrial Average dropped 1.69% to 41.583.90. The S&P 500 declined 1.97% at 5,580.94 while the Nasdaq Composite dropped 2.7% to 17322.99. The STOXX 600 Index in Europe finished the week at 1.38% lower than it started, due to a drop of nearly 1% by the auto and parts sector. MSCI's global index of stocks fell by 1.58%, to 829.89. It's on track to finish the week down by 1.44%. Michael Metcalfe of State Street, the head of global macro-strategy, stated that U.S. auto tariffs were more aggressive than anticipated, particularly since no adjustments had been made for U.S. neighboring countries Mexico and Canada. Metcalfe stated, "I don't know if the hawkishness in the auto tariffs will translate into the broader tariffs we are going get next week." "And this is keeping the risk appetite on the backfoot." The gold price has reached a new high of $3,086.70 due to the fear of trade wars. Last week, it was up by 0.86% at $3,082.25 per ounce. It is up over 17% for the quarter, its best performance since 1986 and its 18th highest record this year. U.S. Gold Futures closed 0.8% higher, at $3114.30. Wasif Latif is the chief investment officer of Sarmaya Partners, a New Jersey-based firm. He said that gold prices are being boosted by inflation, geopolitical tensions and fiscal risks. "We still see inflation as stubborn, sticky and won't disappear. Geopolitical risk is still high and the geopolitical climate remains risky. "You can see fiscal risks on the U.S. Budget side, but also in broader Western sovereign bonds. It's challenging as the budget continues to run a budget deficit and interest rates remain stubbornly high," Latif stated. Investors lowered the yields on U.S. Treasury bonds as they assessed the negative impact that Trump's tariffs will have on the economy. According to LSEG, traders in interest-rate futures bet on a total reduction of 66 basis points this year in interest rates. The yield on the benchmark U.S. 10 year notes dropped 12 basis points to 4,249%. Traders see 80% probability of a 25 basis-point ECB interest rate cut in April, up from 50% a week earlier. German Bund yields fell by 0.2 basis points, to 2.731%, from around 50% a week ago. After the U.S. inflation figures were hotter than expected, the dollar fell against the major currencies including the Japanese yen, euro and the British pound. The greenback's troubles have benefited the euro. This week, it is up by 0.21% against the greenback. The dollar fell 0.87% against the Japanese yen to 149.73, and the euro rose by 0.29% to $1.0832. The dollar fell 0.06% against the Swiss Franc to 0.881. The Canadian dollar fell 0.07% against the dollar to C$1.43 each. Oil prices in commodities were flat, as traders weighed the tightening crude supply and new U.S. Tariffs on their impact on the global economy. Brent crude futures dropped 0.5% and settled at $73.63 per barrel. U.S. West Texas Intermediate Crude Futures dropped 0.8% to settle at $69.36 per barrel.
Ithaca Energy to cut jobs as part of restructuring
Ithaca Energy, a North Sea oil-and-gas group, has announced on Wednesday that it is undergoing a restructuring which it expects will lead to the loss of jobs.
It is anticipated that the process will be completed on July 1. The exact number of affected jobs has not been disclosed.
Ithaca purchased nearly all of Eni UK's oil and gas assets in an all-stock transaction worth approximately 754 million pounds (975,8 million dollars) last year with the aim of becoming one of North Sea's largest independent energy companies.
Ithaca was able to increase its production forecast for 2025 as a result of the deal. The London-listed firm said that it expects to produce 105,000-115,000 barrels equivalents per day in 2025, a significant increase over last year's output of 80,200 boepd.
Ithaca declared an interim dividend in the amount of $200 million, payable in April. Its production for 2024 was 14% higher.
Ithaca announced on Tuesday that it will also acquire the North Sea business of Japan Petroleum Exploration (Japex) for $193 Million.
The group anticipates that it will be able to produce 100,000 boepd by 2025 using its existing assets and the Rosebank project in the North Sea.
The company's profit after taxes in 2024 fell from $292.6 to $153.2, due largely to the higher tax burden.
The UK Labour government raised the energy profit levy last year, increasing the headline tax rate for oil and gas activity to 78%. This is one of the world's highest rates.
Ithaca is expecting to pay cash taxes in the range $235-$265 million by 2025, driven mainly by the profits tax. Arunima Kumar in Bengaluru, Rashmi Aich, and Jan Harvey edited the article.
(source: Reuters)