Latest News
-
Skyborn Renewables Becomes Ørsted’s Partner in Two US Offshore Wind Farms
Skyborn Renewables, a Global Infrastructure Partners (GIP) portfolio company, has completed the acquisition of a 50% stake in the Revolution Wind and South Fork Wind projects from U.S. utility Eversource Energy, becoming a joint venture partner in the offshore wind farms with Ørsted.Skyborn will manage the ownership of 50% in each of Revolution Wind and South Fork Wind projects, while Ørsted holds the remaining 50% stake in both projects.South Fork is the first operating utility scale offshore wind project in the U.S., while Revolution Windis one of the first fully permitted projects that has begun construction.South Fork Wind is a 132 MW offshore wind farm located off the coast of Montauk Point in New York.The project began delivering power in 2024, and is fully contracted under a 20-year PPA with Long Island Power Authority.Revolution Wind is a 704 MW offshore wind farm that will interconnect in Rhode Island and serve that state as well as Connecticut.The project is under construction and estimated to be operational in 2026.It is contracted under 20-year PPAs with Connecticut Light & Power (Eversource), United Illuminating (Avangrid) and Rhode Island Energy (PPL) and is expected to play a pivotal role in helping Rhode Island and Connecticut meet their clean energy goals.Ørsted Powers Up All Turbines at First US Commercial-Scale Offshore Wind FarmFirst Offshore Wind Turbine Stands Tall at US Revolution Wind Project"Partnering on the Revolution Wind and South Fork Wind projects marks a significant step in expanding Skyborn's presence in the U.S. offshore wind market. This transaction offers strong value potential for our shareholders and partners through a well-structured approach that carefully mitigates key risks,” said Patrick Lammers, CEO of Skyborn.“We’re excited for our new partnership with Global Infrastructure Partners and Skyborn on South Fork Wind and Revolution Wind, two projects that are historic as well as central to America’s energy priorities,” added David Hardy, Group EVP and CEO Americas at Ørsted.
-
TotalEnergies Set to Make FID for $10B Development Offshore Suriname
French oil major TotalEnergies will sign a final investment decision (FID) on Tuesday for a more than $10 billion offshore oil and gas development in Suriname, the South American country's first, said four sources with knowledge of the project.Located in Block 58 about 140 km offshore, the Gran Morgu field has estimated recoverable resources amounting to 700 million barrels of oil equivalent, adjacent to Exxon Mobil's massive 11 billion-barrel find in neighbouring oil hotspot Guyana.TotalEnergies CEO Patrick Pouyanne will fly to Paramaribo for a FID announcement alongside Surinamese President Chan Santokhi before travelling to New York for the company's investor day on Wednesday, added the sources, who declined to be identified because the details had not been made public.Annand Jagesar, the CEO of Suriname's state-owned energy company and market regulator Staatsolie, said last week that it was "highly likely" Staatsolie would succeed in raising the funds needed to exercise its option to buy a 20% stake in the project, which is currently split 50-50 between operator TotalEnergies and the Texas-based APA APA.O.Staatsolie and APA declined comment.Staatsolie has estimated Suriname's oil and gas resources could bring in between $16 billion and $26 billion — dwarfing the country's $4.34 billion GDP.First oil on Gran Morgu is targeted for early 2028 using a floating production, storage and offloading vessel capable of processing 200,000 barrels of oil per day.For TotalEnergies, the Suriname project is part of its strategy to focus on low-cost, low-emissions upstream oil projects.The oil will be able to be produced for under $20 per barrel, Pouyanne has said, while respecting the company's emissions cap of 18 kg of CO2-equivalent per barrel of oil equivalent on new projects.Earlier this year TotalEnergies took FIDs on offshore fields in Angola and Brazil, and is pursuing development of major discoveries in Namibia.(Reuters - Reporting by America Hernandez in ParisEditing by Toby Chopra, David Goodman and Marguerita Choy)
-
Australia's Paladin gets security review notice from Canada on Fission Uranium deal
Australia's Paladin Energy stated it has actually gotten a notice from a Canadian ministry purchasing a nationwide security evaluation of its acquisition of Canadian uranium explorer Fission Uranium Corp for C$ 1.14. billion ($ 845.51 million). In June, the Australian uranium manufacturer had actually announced it. had gone into a contract to get Fission Uranium for an. indicated equity value of C$ 1.14 billion, following which shares. of the company would be listed on the Toronto Stock Market. Paladin is waiting for a final court order and clearance under. the Financial Investment Canada Act (ICA) to move ahead with the proposed. acquisition. The court decision associates with the legal proceedings brought. forward by CGN Mining Business, which owns 11.26% stake in. Fission, in relation to opposing the approval for the contract. Accordingly, factor to consider of the plan (propsosed. offer) under the ICA has actually been extended and remains ongoing, the. company said in a declaration on Wednesday. Paladin said it is thinking about the Canadian Minister of. Development, Science and Industry's notification, exploring its. readily available alternatives and examining the prospects of getting ICA. clearance in regard of the offer.
-
Asia stocks slide, oil extends gains on Middle East risks
Asia stocks sank on Wednesday, overtaking the selloff on Wall Street after Iran's. ballistic rocket strike on Israel provoked fears of a wider. local conflict, while petroleum pushed higher on the threat of. supply disruptions. Financiers gathered to safer properties, pushing U.S. Treasury. bond yields down in Asian time, while gold hovered near an. all-time high. The safe-haven dollar traded close to its greatest in 3. weeks versus the euro. Macroeconomics likewise buoyed the dollar,. with a durable U.S. job market arguing for a smaller Federal. Reserve interest-rate cut in November, and euro zone inflation. patterns backing a European Reserve bank relieving this month. Japan's Nikkei slumped 1.5% since 0022 GMT, while. South Korea's KOSPI dropped 1.3% and Australia's. benchmark lost 0.3%. MSCI's broadest index of Asia-Pacific shares. slipped about 0.5%. Hong Kong's Hang Seng had yet to open after a holiday. on Tuesday. Mainland Chinese markets are shut for the week-long. Golden Week vacation. Trading in Taiwan was suspended due to a. hurricane. U.S. S&P 500 stock index futures damaged 0.16%,. after the cash index lost 0.9% overnight. In the chain of potential market volatility shocks,. geopolitics will typically trump economics, business revenues,. or a reserve bank action - mainly because the majority of market players. are poor at pricing risk around these events, said Chris. Weston, head of research study at Pepperstone. While these occasions usually reconcile in a market favorable. fashion, the tail threat it can toss up is clearly significant,. Weston said. The situation stays fluid, and the tiniest. soothing or increased aggressiveness in the rhetoric from Israel or. Iran might result in a considerable impact on belief in markets. Iran said early on Wednesday that its rocket attack on. Israel was completed barring more justification, although Israel. and the U.S. assured retaliation. Brent unrefined futures got more than 1% to $74.33. per barrel, extending the 2.5% advance from Tuesday. U.S. WTI. futures acquired 1.3% to $70.73 per barrel, after Tuesday's. 2.4% rally. Gold reduced 0.16% to $2,658.63 per ounce, following a. more than 1% jump in the previous session that brought it close. to last month's record high at $2,685.42. Criteria 10-year Treasury yields ticked down. 1.5 basis points (bps) to 3.7278%. The dollar index, which tracks the U.S. currency. versus the euro and five other major competitors, was steady at. 101.21 after pressing as high as 101.39 on Tuesday for the first. time since Sept. 19. Europe's shared currency was little bit changed at $1.1070. following a 0.6% drop in the previous session, when it dipped to. $ 1.1046 for the very first time given that Sept. 12. Euro location data on Tuesday revealed inflation fell below the. ECB's 2% target last month, bolstering bets for a quarter-point. rate cut on Oct. 17. Meanwhile, U.S. figures over night showed a strong economy, a. day after Fed Chair Jerome Powell pushed back against the. possibility of another 50 basis point rate cut when the U.S. central bank fulfills next month. Task openings unexpectedly increased in August after 2. directly month-to-month decreases, but employing was soft and constant. with a slowing labour market. Personal payrolls data is due in the future Wednesday, ahead of. potentially vital regular monthly non-farm payrolls numbers on Friday. U.S. politics will likewise be in focus, as Democrat Tim Walz. and Republican JD Vance go head to head in a vice-presidential. argument on Wednesday.
-
Taiwan shuts down ahead of Tropical storm Krathon's arrival, downpour projection
Taiwan closed down on Wednesday with workplaces, schools and financial markets closed ahead of the arrival of a weakening Typhoon Krathon, which is forecast to bring storm rises along the coast and torrential rain. The federal government in the key port city of Kaohsiung, right on the course of the eye of the storm, has actually informed individuals to stay at home and far from the sea, rivers and mountains, warning of a. repeat of 1977's Hurricane Thelma which killed 37 individuals and. ravaged the city of 2.7 million. Taiwan routinely gets struck by tropical cyclones however they typically. land along the mountainous and sparsely populated east coast. facing the Pacific, however Krathon will make landfall on the. island's flat western plain. It is anticipated to hit in between Kaohsiung and its neighbouring. city of Tainan in the early hours of Thursday, then work its method. up the west coast towards the capital Taipei, the Central. Weather Condition Administration (CWA) stated. All cities and counties in Taiwan stated a day of rest on. Wednesday, shutting financial markets. Domestic flights. have been cancelled for the day, together with dozens of. worldwide ones. The tropical cyclone has weakened but the danger from a storm surge. and strong winds and rain stays as it gradually makes its way. towards Taiwan's coast, the weather administration stated. Due To The Fact That of Tropical storm Gaemi being quite serious earlier this. year, everybody is more cautious and prepared this time around,. said sales representative Yu Ren-yu, 35, picking up sandbags at. a federal government workplace, referring to July's storm that eliminated 11. Initially be prepared, then we can face this tropical storm. Chou Yi-tang, a federal government official operating in the Siaogang. district where the airport is located, said the typhoon has. restored bad memories of Thelma for the older generation,. triggering citizens to take additional precautions. In his district, more than 700 sandbags have been. dispersed, which is a record for a tropical cyclone, while authorities. are making more to fulfill demand, Chou said. We were hit directly by the eyewall, he included, of the. events nearly five decades back. Power was out for 2 weeks and. no water for practically a month. It was disastrous. Taiwan's defence ministry stated it had actually put more than 38,000. soldiers on standby. The fire department reported 35 injuries, mostly in the. mountainous eastern county of Taitung.
-
Oil prices rise more than $1 on escalating tensions in the Middle East
U.S. West Texas Intermediate ( WTI) unrefined futures rose by $1.09, or 1.56%, to $70.92. per barrel at 2254 GMT on fears of oil supply disturbances in the. Middle East after Iran fired ballistic missiles at Israel. Brent futures will resume trading at 0000 GMT on. Wednesday. Brent got $1.86, or 2.6%, on Tuesday to settle at. $ 73.56 a barrel. Iran fired more than 180 ballistic missiles at Israel on. Tuesday, Israel said, in retaliation for Israel's campaign. against Tehran's Hezbollah allies in Lebanon. Iran, a member of the Organization of the Petroleum. Exporting Countries (OPEC), is a major oil manufacturer in the. region. The direct involvement of Iran, an OPEC member, raises the. possibility of disturbances to oil materials, ANZ Research study stated in a. note, referring to the conflict. Iran's oil output increased to a six-year high of 3.7 million. barrels per day in August, ANZ included. Israeli Prime Minister Benjamin Netanyahu guaranteed Iran. would spend for its rocket attack against Israel, while Tehran. stated any retaliation would be consulted with large damage,. raising fears of a broader war. U.S. President Joe Biden revealed complete U.S. support for. Israel, its longtime ally, and the U.N. Security Council. set up a conference on the Middle East for Wednesday.
-
Stocks fall, safe haven assets rally with oil as Iran fires on Israel
MSCI's worldwide equities index fell with Treasury yields on Tuesday as investors avoided riskier properties while oil futures rallied on issues about supply after Iran launched missiles at Israel. However Wall Street stocks ended above their session lows and Treasuries yields also pared decreases on hopes that further escalation of the Middle East conflict was not impending. Earlier on Tuesday, Iran fired a salvo of ballistic rockets at Israel in retaliation for Israel's campaign against Tehran's. Hezbollah ally in Lebanon. The United States condemned Iran's. move and said it was consulting with Israel on an action after. U.S. military forces helped Israel defeat the attack. The U.S. dollar index rose and gold, traditionally a safe. haven, increased throughout the session to more than 1% as investors. tried to find less risky locations to put their money. Oil rates. rallied as the intensifying violence raised issues about supply. On top of geopolitical worries, U.S. investors worried about. the consequences of Typhoon Helene and the halt of about half of. U.S. ocean shipping due to a strike by dockworkers on the East. and Gulf Coasts after a midnight due date passed without any sign of. a new contract deal with port owners. And including extra pressure to equities, the S&P 500 and the. Dow had ended Monday's session with record closing highs. Markets were priced for excellence. Then overnight we got a. few additional wrinkles in the mix. The port strike is one. The hit. east coast facilities drew from the consequences of typhoon. Helene is another, said Carol Schleif, Chief Investment Officer. at BMO family office in Minneapolis. Then you include the 3rd aspect of Iran shooting missiles. at Israel, stated Schleif, noting that the attacks contributed to gains. in the dollar and produced demand for Treasuries. Financiers have. been holding their breath hoping it would not escalate. Oil prices settled higher though listed below their highs of the. day. Clay Seigle, an independent political threat strategist, said. that an Israeli attack on Iranian oil production or export. facilities might cause a material disturbance, potentially more. than a million barrels each day. U.S. crude settle up 2.44% at $69.83 per barrel and. Brent settled at $73.56 per barrel, up 2.59% on the day. Previously in the day, both unrefined benchmarks increased more than 5%. On Wall Street the Dow Jones Industrial Average fell. 173.18 points, or 0.41%, to 42,156.97, the S&P 500 fell. 53.73 points, or 0.93%, to 5,708.75 and the Nasdaq Composite. fell 278.81 points, or 1.53%, to 17,910.36. MSCI's gauge of stocks across the globe fell. 6.09 points, or 0.71%, to 845.69. Earlier, Europe's STOXX 600. index ended the day down 0.38%. CBOE's market volatility index, Wall Street's fear gauge,. rose to 19.25 - its greatest closing level since Sept. 9. In foreign exchange markets, the Japanese yen and Swiss. franc, viewed as safe haven currencies, had both made headway as. earlier reports pre-empted the attacks from Iran. The dollar was. likewise assisted by data showing resistant a U.S. labor market on. Tuesday and a push back from Federal Reserve Chair Jerome Powell. on Monday versus bets on bigger rate of interest cuts. The dollar index, which measures the greenback. against a basket of currencies consisting of the yen and the euro,. rose 0.45% to 101.20. The euro was down 0.58% at $1.1069 and versus the. Japanese yen, the dollar weakened 0.08% to 143.51. As financiers looked to the safety of U.S. Treasuries, the. yield on benchmark U.S. 10-year notes fell 6.3 basis. points to 3.739%, from 3.802% late on Monday. The 2-year note yield, which typically moves in. step with rate of interest expectations, fell 4.3 basis indicate. 3.6084%, from 3.651% late on Monday. Referring to the Iran/Israel conflict, Jim Barnes, director. of fixed income at Bryn Mawr Trust in Berwyn, Pennsylvania,. said: We'll just wait and see and ideally this time out will. hold and then the marketplace will alter their attention now back to. a few of the early morning data, which certainly has more and. longer-term ramifications for yields. Precious metals, also viewed as a safe house possession in. unsure times, were in need on Tuesday. Area gold. increased 0.91% to $2,658.39 an ounce. U.S. gold futures increased. 0.95% to $2,661.10 an ounce.
-
MORNING BID ASIA-Markets bunker down as Iran-Israel stress stimulate
A look at the day ahead in Asian markets. The last quarter of the year is under method, and the sense of caution that identified its open on Tuesday could not be further gotten rid of from the ebullience and optimism that marked the end of the 3rd quarter 24 hours previously. Financiers left risky assets like stocks for the safety of U.S. Treasuries, gold and the dollar as Iran fired a salvo of ballistic rockets at Israel on Tuesday in retaliation for Israel's project versus Tehran's Hezbollah allies in Lebanon. The S&P 500 and global stocks had their worst day in a. month, the 10-year U.S. bond yield registered its steepest fall. in a month, and oil increased 3%, after being up 5% at one phase. On top of the escalation of stress in between Israel and. Iran, the sense of gloom hanging over markets on Tuesday was. increased by the steep decrease in a closely-watched tracking. model estimate of U.S. GDP development. The Atlanta Fed's GDPNow model estimate for 3rd quarter. U.S. GDP development on Tuesday was cut to 2.5% from 3.1% last week. The fall of six-tenths of one percent was the greatest decline. because the Q3 tracking estimates was introduced in late July. This will set the tone on Wednesday for markets across Asia. Chinese markets are closed for Golden Week, and the major. economic releases will be inflation and production getting. managers index data from South Korea, and customer confidence. from Japan. Although oil spiked greatly on Tuesday, the deeply negative. year-on-year cost of oil is a significant reason why inflation around. the world is cooling, and much faster than numerous financial experts and. policymakers had actually anticipated. In a lot of cases, like the euro zone, inflation is already at. or even below the 2% target that lots of reserve banks go for. Figures on Wednesday from Seoul are expected to show that yearly. consumer inflation in South Korea relieved to 1.9% in September. from 2.0% in August. That would be the lowest, and likewise the very first time listed below that. 2% limit, because March 2021. Japan's markets must be a little calmer on Wednesday, even. though Nikkei futures indicate a fall of more than 1% at the. open, as the dust begins to pick the major political. upheaval of current days. Financiers are getting used to what they might anticipate from. brand-new Prime Minister Shigeru Ishiba, as soon as thought about a monetary. policy hawk who now appears to have actually softened his stance. He said on Tuesday that he hoped the Bank of Japan would. preserve loose financial policy as a pattern, and that his. administration will rollover the economic policy of former. Prime Minister Fumio Kishida and make sure Japan totally emerges. from deflation. Here are crucial developments that might offer more direction. to Asian markets on Wednesday: - South Korea inflation (September) - South Korea making PMI (September) - Japan customer confidence (September)
Court strikes down Young Poong demand to bar Korea Zinc from buying back its shares
A South Korean court struck down on Wednesday a request by zinc producer Young Poong to obstruct Korea Zinc from buying out its own shares to counter Young Poong's tender offer, the Seoul Central District Court stated.
Last month, private equity fund MBK Partners and South Korea's Young Poong introduced a 2 trillion won ($ 1.5. billion) tender offer for shares in Korea Zinc, which the target. called a hostile takeover effort. They recently raised the. offer to 2.3 trillion won.
Because it was founded in 1949, Young Poong Group has actually been. run by the household of the two creators of the business, who were. born in North Korea. But a management fight has been brewing. in between family members recently.
Young Poong, understood for its bookstore chains in Korea,. also produces zinc utilized in vehicles and home appliances and. structures and makes parts for smart devices and chip product packaging for. Samsung Electronics and other customers.
Korea Zinc, which is the world's largest zinc smelter and. also provides gases for chip production, is expected to release. a regulative filing on Wednesday following media reports of the. prepared buy back of its shares.
(source: Reuters)