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Icahn Enterprises shares plunge to 20-year low after $400 million unit sale plan
Shares of billionaire financier Carl Icahn's Icahn Enterprises closed at a more than 20year low on Monday after the firm stated it will sell up to $400. million depository units through an atthemarket offering. program. The stock dropped as much as 14.3% to $13.62, the lowest. considering that November 2003, however pared losses to close down 11.5% at. $ 14.07, the weakest considering that February 2004. About 6.8 million shares changed hands, making it the. busiest session in simply over a year. In a regulatory filing, the company said it means to. use net earnings from the offering to money capacity. acquisitions and for business functions. Icahn's office did not right away provide a comment when. called on Monday afternoon. Icahn and his business last week settled charges with U.S. regulators that for many years he stopped working to divulge promising the. bulk of the company's securities for billions in personal. margin loans. Together they consented to pay $2 million in. charges. Icahn Enterprises is still at loggerheads with short-seller. Hindenburg Research study, which last year accused Icahn of running a. Ponzi-like scheme to pay dividends by overvaluing its. holdings. Hindenburg likewise raised questions about Icahn's margin. borrowing. Jefferies, as sales agent, is handling the share sale. program for Icahn Enterprises, a different declaration showed. Jefferies is the only brokerage to cover the company, rating. it a purchase with a price target of $25, according to LSEG information.
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Manager of Canada's public pension bullish on Brazil power and water sector, CEO states
After nearly twenty years in Latin America, the Canada Pension's supervisors still see space to expand in the region and particularly Brazil, where they think a flourishing tidy energy sector and water concessions offer longterm opportunity. CPP Investments, the general public pension's property manager, has about C$ 36 billion ($ 26.71 billion) under management in Latin America, or about 5% of its international portfolio, in sectors from electric energies and sanitation to realty, telecoms and logistics. Although the world's seventh largest pension fund has no geographical targets, President John Graham told Reuters in a rare interview he expects the area's share of the portfolio to hold stable and even rise. We try to find markets where our company believe we can scale assets, establish relationships and collaborations, Graham stated at CPP Investments' offices in the Sao Paulo monetary district on Friday. Brazil represents nearly half of the fund's investments in Latin America. Amongst the key properties is Auren Energia, a top power generator and a significant player in energy trading that CPP formed in partnership with Brazilian financial investment holding business Votorantim. I would say, worldwide, the energy shift is most likely among the patterns for the previous three or 4 years that we have actually. been most excited about, Graham said. Abundant hydroelectric resources and wind and solar power. capacity have made Brazil a local leader for eco-friendly. energy, regardless of growing discomforts in some areas where generation has. outstripped the nationwide grid's capability. Brazil is likewise advancing towards universal water and sewage. treatment, with numerous state governments opening public utilities. to private financial investment and control, drawing in attention from CPP. and others. This is a sector that is going through an important. improvement, from being state owned to going to the hands of. advanced private operators, stated Ricardo Szlejf, head of. Latin America infrastructure at CPP Investments. The fund is majority investor of water and sewage. operator Igua Saneamento and has a stake in. Equatorial Energia, the lead investor in the. privatization of Sao Paulo's Sabesp, among the. largest water and sewage energies on the planet. CPP Investments also made a direct investment in Sabesp,. highlighting its interest in the sector, which provides steady and. foreseeable capital, vital for pension funds intending to. produce sustainable returns over decades. As part of its fast growth, the fund has diversified. around the world, inspiring its 2006 entry into Latin America,. which Graham says has paid off. CPP Investments recently reported a 10-year annualized internet. return of 9.1%, and Latin America has performed almost in line. with the international portfolio, in Canadian dollars, he said. I think what has worked out is being patient, having. flexible capital and a long-lasting point of view, Graham said,. including that the fund has actually likewise leaned heavily on its local group,. presently 36 workers in Sao Paulo.
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Ghana momentarily halts grain exports as lack of rain hits crops
Ghana on Monday briefly banned the export of grains consisting of maize, rice and soybean to guarantee domestic supply as the West African country comes to grips with neardrought conditions that have actually interrupted crop production, the farming ministry stated on Monday. Rainfall in north Ghana has actually been irregular over the past 2 months and low compared to in 2015. The dry weather condition has impeded crop production worldwide's. 2nd cocoa producer after Ivory Coast. Around 1.8 million. hectares (4.45 million acres) of land are at threat, with farmers. growing food on around half that area already affected. Maize,. rice, groundnut, soybean, sorghum, millet and yam are the worst. hit. The affected areas account for around 62% of Ghana's. yearly grain supply, raising concern about a nationwide food. shortage, the ministry stated in a presentation. The export restriction was executed with instant impact and. will stay in location up until the situation normalises. The ministry said it would plug the lack with the grain. reserves of West Africa's political and financial bloc ECOWAS,. grain imports and private sector collaborations. It also listed a series of interventions to support. vulnerable farmers. Finance Minister Mohammed Amin Adam stated on X that the. federal government strategies to raise $500 million to fund its food security. interventions. Africa is warming up at a faster rate than the remainder of the. planet and withstanding more serious climate and weather condition catastrophes. such as dry spells, according to the United Nations and the. African Union. Federal governments on the continent-- many of which, like Ghana,. are fighting with debt-- are making every effort to secure a much bigger. share of global environment funding this year to help handle. the increased risks from climate change. ]
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Fires in Brazil cane fields controlled, damage to sugar crop being evaluated
Sao Paulo said there were no more active fires in sugarcane fields in the state on Monday following a surge in cases because late recently, however lots of municipalities are still on high alert for fires. Sao Paulo is without a doubt the biggest sugar producing state in Brazil, the world's leading manufacturer and exporter of the sweetener. Exceptionally dry conditions after months without rain caused a. rise in unexpected fires that quickly infected thousands of. hectares of walking stick fields that burned into the weekend. Brazil's largest sugar group Raizen SA said on. Monday it resumed operations at its Santa Elisa mill on Sunday. The plant needed to be evacuated and shut on Thursday due to the. proximity of the fires. Brazil's sugar and ethanol market group UNICA stated it will. begin to make an assessment of the situation in the fields in. the coming days. The group stated its associated mills worked with. the Sao Paulo federal government in current days to combat the flames. Sugar prices leapt more than 3% in New York on. Monday following the Brazil fires. The burned sugarcane could still be gathered and processed,. said Caio Carvalho, a sugar professional with Canaplan consultancy,. however he added that mills will require to rush to do it soon because. the walking cane starts losing quality after simply a number of days. following the burning. Citi analysts stated the dry spell and the fires will likely. have an unfavorable impact, too in the next crop in 2025, given that. some burned fields had walking cane that was currently growing for the. next season. The Sao Paulo government stated that 48 municipalities in the. state were still under high alert for fires. Some locations in the southern part of the state got light. rains over the weekend, but the projection is for dry weather in. coming days.
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Finland's Stora Enso suspends logging after damage to river pearl mussels
Finnish forestry group Stora Enso has suspended all logging in ecologically safeguarded locations in Finland, it stated on Monday after confessing destroyed a large number of freshwater pearl mussels near one of its sites this month. Forestry devices crossing the Hukkajoki river in main Finland on Aug. 15 are thought to have actually harmed 150-200 metres ( 490-660 ft) of the riverbed, crushing thousands of endangered mussels, authorities have actually said. We have currently initiated a variety of changes to make sure that nothing like this can occur again, Stora Enso CEO Hans Sohlstrom stated in a declaration on Monday. Stora Enso has suspended harvesting in all areas throughout Finland where there are restrictions under the Water Act, the Forest Act or the Nature Conservation Act, the company said. Police stated they were examining the event as a. severe ecological crime. Finland is a significant producer and exporter of pulp, paper and. other items that are based upon visiting the nation's large. forests. Stora Enso said the suspension would last until its. functional standards, harvesting plans and threats connected to. these websites had been reassessed. It is a high concern and we intend to conclude it quickly,. the company stated in a different emailed statement about the. suspension on Monday. In addition to halting its activities, the company stated it. had started additional training on environmental policies and. guidelines for its workers, contractors and subcontractors. Stora Enso said it would pay the expenses of the continuous. remediation. Stora Enso bears its obligation both economically and. ecologically, it said on Monday, including that lots of its. staff members were involved in the repair work.
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Mexico's new Pemex refinery processes 65,000 bpd of crude in July but no gas
Mexican state oil company Pemex's most recent refinery processed some 65,046 barrels each day of petroleum in July, its first month of operations after numerous delays, and simply over 30,000 bpd of diesel and coke. The Olmeca refinery's production consisted of 21,511 bpd of diesel and 8,775 of coke, Pemex stated in a recent report, but no fuel. With an optimum processing capacity of 340,000 bpd, the refinery in the Gulf port of Dos Bocas in Tabasco state is Pemex's seventh Mexican refinery. The brand-new capability assisted the producer procedure some 1.01 million bpd this month. This is 145,589 bpd more than Pemex produced in June and the second month this year its output has actually exceeded 1 million bpd. Olmeca was inaugurated in 2022 and its start-up has actually been postponed multiple times considering that, while its $16.6 billion price has more than doubled the initial government announcement. Pemex is the world's most indebted oil firm. Mexico's federal government hopes the refinery will help the country eventually attain self-sufficiency in gasoline and diesel, permitting it to stop importing these items. However, Pemex has said it is experiencing production decreases in key fields and has actually made less substantial discoveries. Pemex President Octavio Romero said earlier this month that Olmeca should be producing at its full capability as of Aug. 21, putting out 175,000 bpd of fuel and 130,000 bpd of diesel - a hard figure to reach according to specialists. Olmeca has consistently missed out on production targets. Pemex's July output consisted primarily of heavily-polluting fuel oil at 333,172 bpd, followed by gasoline at 287,878 bpd and diesel with 205,326 bpd. This brought regular monthly output to 1.07 million bpd each month, from 907,267 bpd in July in 2015. Crude oil output slipped to 1.497 million bpd, bringing crude plus condensate output to 1.77 million bpd, the lowest level this year and below 1.86 million bpd the exact same month last year. In spite of increasing somewhat from June, July's unrefined exports likewise dipped 26% year-on-year to 779,000 bpd.
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South Africa could have no power cuts over next 7 months, Eskom states
South Africa might have no scheduled power cuts over the next 7 months if stateowned energy Eskom's unexpected electrical energy losses stay at their current level, its chief executive said on Monday. Power cuts have limited financial development in South Africa for more than a years, with interruptions on a record 335 days last year. But Eskom has not carried out power cuts in more than 150 days, considering that late March, after a big improvement in the efficiency of its fleet of generally coal-fired power stations that captured numerous analysts off-guard. CEO Dan Marokane informed an instruction on the outlook for the upcoming southern hemisphere summer months, September to March, that there had actually been a sustained enhancement in Eskom's plant performance over the winter season, April to August. Unplanned capability losses have averaged around 12 gigawatts or 12,000 megawatts in the past four months, down from peak losses of about 18 gigawatts a year earlier. For this coming summer season (the) prognosis is that if we stay listed below 13,000 megawatts of unplanned losses, we will have the ability to avoid load-shedding, Marokane stated, utilizing a term for power cuts. In addition to increased electrical power schedule at Eskom coal stations consisting of Tutuka, Kendal and Kriel, renewable resource projects operated by independent manufacturers have actually also delivered more electrical energy over the past year Marokane said Eskom ought to have the ability to state early next year. when load-shedding at the persistent level that it was lags us, with an additional 2.5 gigawatts of generation capability coming online in the next few months.
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Germany's Scholz calls for pragmatic technique to 'permanently chemicals'
German Chancellor Olaf Scholz required a pragmatic technique to toxic permanently. chemicals discovered in lots of home and everyday items during a. check out to an Evonik website at the Marl Chemical Park on. Monday. In the European Union, Germany will push for a pragmatic. technique that does not hinder Germany's commercial advancement. ... but promotes it, Scholz told reporters. Permanently chemicals, also referred to as PFAS compounds, are utilized. in countless items and makers, including drugs, vehicles,. fabrics and wind turbines due to their long-term resistance to. extreme temperature levels and corrosion. The chemicals are indispensable for lots of processes in the. contemporary chemical market and likewise for renewable energies,. Scholz stated. Evonik CEO Christian Kullman called the chancellor's. position a clear turn towards the chemical industry. The European Commission has been preparing to allow. exemptions for permanently chemicals' use to continue in certain. sectors to safeguard key industries. The chemical industry in Germany - the biggest in Europe -. has long been suffering from weak need and high production. In spite of signs of recovery, the German chemical association VCI. does not yet see a sustainable turnaround for the sector.
Copper dips after China industrial information miss projections
Rates of copper opened lower this week after China's May industrial output data missed projections, while a firm U.S. dollar also weighed on the metal.
Three-month copper on the London Metal Exchange was down 0.2% at $9,724 per metric heap by 0248 GMT, having actually had actually a. flat week formerly.
The most-traded July copper contract on the Shanghai Futures. Exchange moved 1% to 78,880 yuan ($ 10,872.35) a heap.
China's May commercial output lagged expectations with the. still-weak property sector, which is also a significant customer of. industrial metals.
Nevertheless, retail sales sped up last month.
Costs of copper, often seen as a financial bellwether,. leapt in May to record highs on speculative buying amid raw. material lacks, followed by down corrections as China's. need showed weaker than anticipated.
The dollar was firm on Monday as the euro hovered near a. more than one-month low in the middle of ongoing concerns about the. political outlook in Europe.
LME nickel climbed 0.3% to $17,620 a lot, aluminium. dipped 0.2% to $2,513.50, tin added 0.9% to. $ 32,600, zinc advanced 0.7% to $2,788 and lead. increased 1.3% to $2,166.50.
SHFE nickel decreased 0.6% to 136,560 yuan a lot,. aluminium decreased 1.2% to 20,420 yuan, zinc. lost 1.4% to 23,350 yuan, and tin dropped 1.2% to. 268,200 yuan, while lead got 0.8% to 18,705 yuan.
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(source: Reuters)