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Oil retreats on demand issues after Fed signals slower relieving ahead
Oil costs fell in Asian trade on Thursday after the U.S. Federal Reserve indicated it would slow the speed of rate of interest cuts in 2025, which could slow financial growth and lower fuel need. Brent futures fell 47 cents, or 0.6%, to $72.92. a barrel by 0515 GMT. U.S. West Texas Intermediate crude. fell 39 cents, or 0.6%, to $70.19. The declines reversed most of the benchmark contracts' gains. from Wednesday, when prices settled higher as U.S. unrefined stocks. fell and the U.S. Federal Reserve cut interest rates by 25 basis. points as anticipated. Prices compromised after U.S. main bankers issued. forecasts requiring two quarter-point rates of interest cuts in. 2025 on issues about rising inflation. That was half a point. less than they had prepared for since September. Lower rates decrease borrowing costs, which can enhance. financial development and demand for oil. The demand-supply balance going into 2025 continues to look. damaging and predictions of more than 1.0 million bpd need. development in 2025 look extended in our opinion. Even if OPEC+. continues to keep production, the market might still remain in. surplus, DBS Bank's energy sector team lead Suvro Sarkar said. Meanwhile, although need in the very first half of December. increased year-on-year, volumes stayed lower than anticipated by some. experts. JP Morgan analysts said in a note that international oil demand. growth for December up until now was 700,000 barrels per day less than. it had actually anticipated, and for the year-to-date, international demand had. increased by 200,000 bpd less than it had actually forecast in November 2023. Authorities information from the Energy Details Administration. on Wednesday revealed U.S. crude stocks fell by 934,000 barrels in. the week to Dec. 13, compared to experts' expectations in a. Reuters poll for a 1.6 million-barrel draw. While the drawdown was less than expected, the market found. assistance in the data as U.S. crude exports increased by 1.8 million. bpd recently to 4.89 million bpd.
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Israeli airstrikes kill 9 in Yemen, Houthi TV states
Israeli airstrikes on Yemen killed nine people early on Thursday, stated Al Masirah television, the main television news outlet run by the Houthi motion controlling much of the nation. 7 were killed in a strike on the port of Salif and the rest in two strikes on the Ras Issa oil facility, said Al . Masirah, both situated in the western province of Hodeidah. The strikes likewise targeted 2 central power stations south. and north of the capital, Sanaa, it included. In a declaration, Israel's military said it performed accurate. strikes on Houthi military targets in Yemen, including ports and. energy infrastructure in Sanaa. The targets struck by the Israel Defence Forces were utilized by. Houthi forces for military purposes, it added. Earlier on Thursday, the Israeli armed force said it had. obstructed a missile launched from Yemen. Iran-aligned Houthi militants have launched attacks on. worldwide shipping near Yemen considering that last November, in. solidarity with Palestinians in Israel's war with Hamas.
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European cars and truck sales fall in November, led by France and Italy, ACEA states
New cars and truck sales development in Europe turned unfavorable again in November, after showing a meagre development in October, weighed by sharp declines in France and Italy, and a. stagnancy in Germany, industry information revealed on Thursday. The downturn in electrical lorry (EV) sales was only partly. offset by the growth of hybrid-electric vehicle registrations, which. topped fuel for a third consecutive month, according to the. European Vehicle Manufacturers Association (ACEA). WHY IT'S IMPORTANT European automakers are battling with weak need, high. production expenses, and handling the shift to EVs, while attempting to. ward off competition from China. BY THE NUMBERS The number of brand-new cars registered in November in the EU,. Britain and the European Free Trade Association (EFTA) fell 2%. year-on-year to 1.06 million. Among brand names, registrations in the EU, Britain and EFTA at. Volkswagen increased 2.8% and by 9.2% at Renault. , while they fell by 10.8% at Stellantis. Sales of fully electric cars and trucks (BEVs) were down by 9.5% in. November in the EU, driven by sharp declines in France and. Germany, while those of hybrid automobiles (HEVs) increased by 18.5%,. revealing development for a 3rd month in a row. Tesla and SAIC Motor, who ended up being. subject to the new EU tariffs on Chinese-made automobiles from. November, saw sales in the bloc decline by 40.9% and 7.8%,. respectively. Energized cars - either BEV, HEV or plug-in hybrids. ( PHEV) - offered in the bloc accounted for 55.8% of automobile. registrations in November, up from 51.8% in the previous year. QUOTES As the EU's brand-new carbon dioxide emission decrease targets. loom next year, ACEA said an evaluation of the regulation is required. and it is holding conversations with EU lawmakers about that. The transition was worked out on paper. On paper, it may be. image best, but truth is various, ACEA Director. General Sigrid de Vries told Reuters on Tuesday. In Europe, we have a couple of problems. We have very costly. energy and electrical energy rates. We do not have the raw products. and the supply chain that we need for electrification yet in. Europe itself, she added. CONTEXT On Dec. 11, ACEA selected Mercedes Chairman Ola. Källenius as its new president since on Jan. 1, and authorized the. return of Stellantis to the organisation from next year.
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Windward Offshore Lines Up Key Suppliers for New CSOV Fleet
With four commissioning service operation vessels (CSOVs) currently under construction, German shipowner Windward Offshore has formed strategic partnerships with major industry suppliers such as Ampelmann, MAN Energy Solutions, and others, to ensure safe and high-quality delivery of the vessels.The CSOVS, two being built in Norway and two in Vietnam, are part of the contracts Windward Offshore signed with Vard for the design and construction of two hybrid CSOVs, which was later expanded to four vessels.The first vessel is scheduled for delivery in the second half of 2025, with the remaining three vessels to follow in 2026.Windward Offshore Orders Two More CSOVs from VardThe vessels are 87.5 meters long, with and beam of 19.5 meters, and will be prepared for future operation on green methanol. They will feature height-adjustable motion-compensated gangway with elevator and boat landing system, as well as battery hybrid system.Windward Offshore has finalized the contracts with industry-leading suppliers during the design and planning phases of the project to ensuring that the CSOVs will be outfitted with cutting-edge technologies.Ampelmann will supply motion-compensated gangways for all four CSOVs. The company will deliver four electric-powered W-type systems to Windward Offshore, each equipped with a motion-compensated lifting function.Seaonics has been chosen to supply 3D motion-compensated cranes with a 7-ton 3D capacity for the fleet. These electric-driven cranes will enhance the operational capabilities of Windward Offshore’s vessels.In collaboration with Vard, MAN Energy Solutions will supply the main engines for all CSOVs. The engines are designed being able to run on methanol from the time of delivery, reflecting Windward Offshore’s commitment to environmentally friendly operations.ScanReach will enhance onboard safety with its innovative wireless connectivity mesh node system. The ‘ConnectPOB’ location management service will enable real-time tracking of all personnel on board, significantly improving response times during emergencies or muster activities.This technology represents a major step forward in the digitalization of the maritime industry, aligning with Windward Offshore’s focus on safety and innovation.With these four state-of-the-art vessels, Windward Offshore is poised to expand its presence in the offshore wind industry, supporting global energy providers in the construction, commissioning, and maintenance of offshore wind farm.
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NAM Extends BrandSafway’s Maintenance Contract for North Sea Assets
Brand Energy & Infrastructure Services by BrandSafway has secured a six-year extension to its maintenance term contract with oil and gas production company NAM Offshore for its assets in Southern North Sea.With a strong focus on safety and productivity, Brand Energy & Infrastructure Services will provide advanced access and maintenance services, to continue the 55-year partnership with NAM.Brand’s services for NAM include access solutions, insulation and coating with the support of a dedicated and multi-skilled team to ensure smooth and efficient execution.“We are delighted to receive this award and excited to further strengthen our collaboration with NAM Offshore in building an organization dedicated to continuous improvement. Central to this lasting partnership is our steadfast commitment to driving innovation and enhancing productivity,” said Otto Witjes, Director Offshore at Brand Energy & Infrastructure Services Netherlands.“Our shared commitment to operational excellence has played a key role in improving efficiency and optimizing maintenance processes. Brand’s proactive approach and focus on delivering outstanding performance in safety, quality and efficiency provides a strong foundation for the next 6 years of collaboration,” added Floris Schasfoort, Asset Manager ONEgas East at NAM.
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Base metals dip on firmer dollar after Fed signals fewer rate cuts in 2025
Base metal costs decreased after the Federal Reserve suggested a reduced frequency of U.S. rates of interest cuts for the coming year, bolstering the dollar. The three-month copper on the London Metal Exchange (LME). fell 1.2% to $8,923 per metric load by 0332 GMT. The dollar index hovered near a two-year peak, making. it more pricey for other currency holders to buy. greenback-priced products. On Wednesday, the U.S. reserve bank cut rate of interest by 25. basis points, with Fed Chair Jerome Powell stating that future. cuts depend upon high inflation reducing, hinting at economic. changes under the Trump administration. The most-traded January copper agreement on the Shanghai. Futures Exchange shed 0.3% to 73,780 yuan ($ 10,107.82). a load by the close of Asia morning trade session. Regular rate cuts like this year are not likely next year. When the Fed slows cuts, it tends to put a little bit of pressure on. riskier financial investments like products, a trader stated. LME aluminium slipped 0.6% to $2,514 a heap, zinc. eased 0.8% to $2,971.5, lead dropped 0.5% to. $ 1,971.5, tin slid 2.9% to $28,260 and nickel. shed 0.8% to $15,390. SHFE aluminium fell 0.4% to 19,835 yuan a lot, tin. dipped 2.5% to 239,760 yuan, nickel declined. 1.1% to 122,930 yuan, zinc descended 1.3% to 25,095. yuan and lead sunk 0.8% to 17,440 yuan. For the top stories in metals and other news, click. or.
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Volkswagen, unions continue talks over plant closures and pay cuts, sources state
Talks in between Volkswagen and labour unions over plant closures and pay cuts are expected to last well into Thursday as both sides have actually still not reached a deal, according to 2 individuals familiar with the matter. Talks have been continuous considering that Monday in hopes of reaching an arrangement before Christmas to prevent huge strikes that the IG Metall union has actually warned might start as early as next year. Around 100,000 workers have already staged two separate strikes in the previous month, the biggest in the business's history, protesting management's strategies to cut wages, minimize capability, and potentially closed down German plants for the very first time. Talks could still break down, the sources said, asking for anonymity as the settlements were personal. There's still much to do, among the sources stated. Volkswagen declined to comment and IG Metall was not instantly available for a remark. Both sides stay far apart on essential concerns, including the potential for plant closures. Labour agents have strongly opposed this, while the carmaker has actually kept it can not rule out the possibility. Citing individuals familiar with the matter, Bloomberg reported earlier in the day that Volkswagen and labour unions were nearing an arrangement to restructure the brand name without closing factories in Germany. The management is willing to keep plants running and restore job security contracts up until 2030 in exchange for employees foregoing reward payments, according to the report. Volkswagen, Europe's biggest car manufacturer, is grappling with lean need, rising costs and inexpensive competition from China.
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Base metals fall on US rate outlook, stronger dollar
Base metal rates fell on Thursday after the Federal Reserve signalled a slower rate of U.S. interest rate cuts next year, strengthening the dollar. Three-month copper on the London Metal Exchange (LME). fell 1% to $8,942 per metric lot by 0135 GMT. The dollar index hovered near a two-year peak,. making it more costly for other currency holders to purchase. greenback-priced products. On Wednesday, the U.S. central bank cut rates of interest by 25. basis points, with Fed Chair Jerome Powell specifying that future. cuts depend upon reducing high inflation, meaning economic. modifications under the Trump administration. The most-traded January copper contract on the Shanghai. Futures Exchange was down 0.2% at 73,900 yuan. ($ 10,127.45) a lot. LME aluminium fell 0.4% to $2,518 a lot, zinc. fell 0.6% to $2,976, lead alleviated 0.5% to $1,972,. tin slid 1.6% to $28,650, while nickel dipped. 0.5% to $15,435. SHFE aluminium slipped 0.2% to 19,875 yuan a load,. tin was down 1.6% at 241,850 yuan, nickel slid. 0.9% to 123,180 yuan, while zinc shed 1.1% to 25,130. yuan and lead was 1.2% lower at 17,375 yuan. For the top stories in metals and other news, click. or
Fuji Soft founding family affirms assistance for Bain's $2 bln hostile takeover bid
The founding household of Japanese IT firm Fuji Soft on Wednesday repeated its assistance for a takeover quote by private equity firm Bain Capital that is opposed by Fuji Soft's board, it stated in a declaration jointly launched with Bain.
Amid a bidding war with rival personal equity giant KKR , Bain last week offered 9,600 yen per share, 1.6% more than KKR's 9,451 yen quote, and on Wednesday went hostile after Fuji Soft's board rejected the greater offer and supported KKR's.
Fuji Soft creator Hiroshi Nozawa signed up with Bain in questioning the self-reliance of the special committee established by the board to scrutinise the bid, stating he had strong issue and distrust regarding the process of selecting the members.
The special committee had forgotten the purpose of the special committee, Nozawa and Bain said, including that they had no objective to be hostile towards the executives and management of Fuji Soft.
Fuji Soft decreased to talk about the release. KKR was not immediately available for comment.
Nozawa, who together with relative owns 18.6% of Fuji Soft's shares, came out in assistance of Bain's quote in October and at the time knocked the way the privatisation process had been carried out.
KKR, which has the backing of the Fuji Soft board, secured 33.9% of the company's shares in a first-round tender that managed to dodge an earlier bid from Bain that was at the time higher than its own.
Fuji Soft declined Bain's offer on the premises that 2 large investors would hamper management decision making and Bain's tender offer would not conclude for three months.
Through its tender, Bain is intending to acquire 50.1% of Fuji Soft's shares - including the Nozawa household's stakes - and would manage business in a way that appreciates the existing executives and management group, it stated.
(source: Reuters)