Latest News
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XOCEAN Nets $118M Investment to Expand Offshore Operations
Irish ocean data company XOCEAN has secured $118.3 million investment to support its expansion across multiple offshore segments including wind development and operations, asset integrity assurance, CCUS, and civil hydrography.XOCEAN partnered with S2G Ventures to structure the round, which was funded by S2G, Climate Investment (CI), Morgan Stanley's 1GT fund, and an affiliate of the Crown Family's CC Industries (CCI).The financing will support XOCEAN in accelerating the growth of its platform servicing the offshore energy and civil hydrography sectors.It will also help enable the company's geographic expansion and product innovation efforts to meet the rapidly growing demand for high-quality data solutions across the blue economy.Founded in Ireland in 2017, XOCEAN has been operating in offshore geophysical data delivery space with its fleet of Uncrewed Surface Vessels (USVs).These USVs combine mission endurance, advanced sensors, real-time communications, and post-processing expertise to offer clients a flexible, cost-effective solution for the delivery of their offshore geophysical data needs."Our mission is to deliver data that drives the sustainable development of our oceans in a safe, cost-effective, and ultra-low-impact way. Today, we are providing this service for many of the world's largest energy companies, supporting the development of clean renewable energy globally.“We are delighted that S2G, Climate Investment, Morgan Stanley and CCI have chosen to join us on this exciting journey,” said James Ives, XOCEAN's Founder and CEO.
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Prosafe’s Safe Zephyrus Accommodation Rig to Stay Offshore Brazil
Offshore accommodation rig provider Prosafe has signed a contract extension with Petrobras for the provision of the Safe Zephyrus semi-submersible vessel for safety and maintenance support offshore Brazil.The original 650-day firm period was due to complete in February 2025, but has been extended by 954 days, bringing in $109.7 million to Prosafe.The extension will keep the Safe Zephyrus in operations into September 2027 with an increase in the fuel allowance from 20 m3 to 25 m3 per day through the extension.Built in 2016, the Safe Zephyrus is a DP3 semi-submersible accommodation rig, with beds for 450 people in single-man cabins.“The Safe Zephyrus has been performing extremely well for Petrobras, serving its role supporting safety and maintenance within the important Buzios business unit offshore Brazil.“This significant extension emphasizes the continued and increasing demand for high specification units in the region where Prosafe is well placed to increase its market share,” said Terje Askvig, CEO of Prosafe.
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Iron ore set for weekly loss on soft demand, however China stimulus limits fall
Iron ore futures edged up on Friday, aided by stimulus expansion from topconsumer China, however were poised to end the week lower on sluggish Chinese usage and softening need for the steelmaking active ingredient. The most-traded May iron ore contract on China's Dalian Commodity Exchange (DCE) ended early morning trade 0.2%. higher at 752 yuan ($ 102.57) a metric ton, decreasing 2.15% this. week. The benchmark February iron ore on the Singapore. Exchange reduced 0.16% to $96.9 a ton at 0357 GMT, falling 1.17%. today. Seasonal need for steel has declined and the demand for. steel basic materials is similarly low, Chinese consultancy Galaxy. Futures stated. Steel sales volume expectations have fallen significantly,. stated Chinese consultancy Mysteel, pricing estimate a report from China's. National Development and Reform Commission (NDRC). While a decrease in steel supply is anticipated this month as. more steelmakers observe maintenance stoppages, the NDRC. stressed that this is not likely to be sufficient to counterbalance. the shrinking demand. Still, need from winter stockpiling is anticipated to provide. some assistance to costs and the marketplace is waiting for possible. support from policy initiatives, Mysteel included. Earlier today, Beijing expanded its customer trade-in. scheme in an effort to restore need in the sluggish household. sector. Development in China was approximated at 4.9% for 2024 and forecasted. to be 4.8% this year, partially balanced out by suppressed usage. growth and remaining property sector weakness. On the other hand, markets must avoid over-interpreting Beijing's. moderately loose financial policy, Financial News, a. publication backed by China's reserve bank, stated, citing. economist Guan Tao. Other steelmaking ingredients on the DCE decreased, with. coking coal and coke down 1.05% and 0.59%,. respectively. The majority of steel criteria on the Shanghai Futures Exchange increased. Rebar closed 0.12% greater, hot-rolled coil. climbed up 0.15% and stainless-steel gained 0.19%. Wire. rod dipped 0.14%.
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Metals edge up, Trump tariff uncertainties in focus
Many base metal prices edged up on Friday, although uncertainties about U.S. Presidentelect Donald Trump's tariff plans and a strong U.S. dollar kept a lid on gains. Three-month copper on the London Metal Exchange ( LME) had actually edged up 0.5% to $9,120 per metric lot by 0237 GMT. The dollar index was at $109.07, slightly lower than the two-year-high hit on Jan. 2 however poised to extend its longest run of weekly gains in more than a year, due to rising bond yields and the anticipation of another robust U.S. jobs report. A stronger dollar makes it more pricey for holders of other currencies to purchase greenback-priced products. Copper still faces downward pressure if the dollar gains strength when Trump decides to alter some tariffs, Jinrui Futures stated in a note. Monetary markets fear Trump's trade tariffs will boost inflation. That has helped the dollar remain strong, underpinned by increasing Treasury yields. Federal Reserve Bank of Boston President Susan Collins, on Thursday, promoted a client and gradual approach to U.S. interest rate cuts due to considerable uncertainty. Earlier today, reports distributed that Trump's group was pondering selective tariffs on sectors essential to national or financial security. However, Trump denied these reports. The most-traded February copper contract on the Shanghai Futures Exchange (SHFE) included 0.8% to 75,310 yuan ($ 10,271.83) a heap. LME aluminium rose 0.6% to $2,554 a load, nickel acquired 0.3% to $15,535, zinc added 0.4% to $ 2,860, tin advanced 0.8% to $30,100, while lead rose 1.0% to $1,947. SHFE aluminium rose 1.7% to 20,115 yuan a ton, nickel acquired 0.8% to 125,870 yuan, zinc increased 0.6% to 24,115 yuan, lead lost 0.1% to 16,555 yuan, and tin rose 0.1% to 252,290 yuan. For the leading stories in metals and other news, click or
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Financial Times - Jan 10
The following are the leading stories in the Financial Times. Reuters has actually not validated these stories and does not guarantee their precision. Heading - Nathaniel Rothschild submits claim against Lars Windhorst - General Atlantic-backed biotech start-up protects $410mn in initial funding round - BlackRock gives up climate change group in latest green climbdown - UK government seeks to soothe bond market nerves after obtaining costs soar Summary - British financier Nathaniel Rothschild has actually filed a suit against Lars Windhorst in London's High Court, within 6 months of the banking dynasty scion agreeing to become chair of the German business owner's financial investment firm. - UK-based Verdiva Bio has actually raised over $410 million in one of the largest initial financing rounds in the biotech sector, intending to establish drugs discovered in China to compete with Eli Lilly and Novo Nordisk in the growing weight problems market. - BlackRock has exited the international voluntary environment modification group Net Zero Possession Managers, in the wake of Donald Trump's election as US president and increased regulative examination. - The British government pledged to adhere to its fiscal guidelines on Thursday in an effort to soothe chaos in UK bond markets, as borrowing expenses rose to their highest levels given that the monetary crisis.
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Gold costs on track for weekly gain; United States data on tap
Gold costs hovered near a fourweek high up on Friday, poised for their finest week given that midNovember, as financiers awaited U.S. tasks data to gauge how aggressively the Federal Reserve might cut rates of interest this year. Area gold edged 0.1% greater to $2,672.64 per ounce, as of 0309 GMT. Bullion has acquired more than 1% up until now this week. U.S. gold futures increased 0.2% to $2,696.30. Financiers will carefully view the essential government payrolls report set up for release at 8:30 a.m. ET. According to a Reuters survey, non-farm payrolls are anticipated to have actually increased by 160,000 in December, following a dive of 227,000 in November. We expect gold to drop a little in case the Non-farm payroll (NFP) report begins a higher side. Reports recommend that President-elect Trump might reveal a financial emergency situation to present tariffs efficiently. All these should support the dollar and gold might simply decrease in the near term. Having stated that, $2,650 is a good assistance, stated Jigar Trivedi, senior analyst at Dependence Securities. Gold prices reinforced to an almost four-week high in the previous session, supported by safe-haven need, while investors weighed how U.S. President-elect Trump's policies would affect the economy and inflation. Trump will go back to workplace on Jan. 20 and his proposed tariffs and protectionist policies are expected to fuel inflation. Kansas City Federal Reserve President Jeff Schmid indicated on Thursday a. reluctance to cut rates of interest again as the U.S. reserve bank enters into the. New Year facing a resilient economy and inflation that remains above its 2%. target. Gold is utilized as a hedge versus inflation, although higher rates of interest. minimize the appeal of holding the non-yielding asset. Area silver was up 0.4% to $30.24 per ounce, platinum dropped. 0.1% to $957.43 and palladium included 1.4% to $939.13. All 3 metals. were headed for weekly gains.
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6 dead in Indian temple stampede as thousands scramble totally free passes
A minimum of 6 people were eliminated and 35 injured in a stampede near one of India's busiest and richest temples, after countless devout Hindus assembled there to protect complimentary go to passes, authorities said on Thursday. The duration from Friday to Jan. 19 is thought about auspicious for sees to the deity at the Sri Venkateswara Swamy Temple, widely called Tirupati, in the southern state of Andhra Pradesh, the website of Wednesday's incident. The stampede occurred when the gate was opened, S. Venkateswar, the district collector, or top profits authorities, told press reporters on Thursday. About 2,500 people just pressed through eviction ... a couple of fell. Authorities were still attempting to identify what caused the stampede, he added. Tickets for check outs to the almost 2,000-year-old temple normally cost 300 rupees ($ 3.50) each and are offered online. An authorities problem revealed the event took place in between 7:30 p.m. and 8:30 pm outside a school a couple of kilometres from the temple, where state authorities had established counters to issue tickets from Thursday. Video images showed authorities having a hard time to manage the crowd that had actually collected, in clips by news firm ANI in which Reuters holds a minority stake. People who began queuing early for the passes pushed and scrambled each other, resulting in the stampede, Venkateswar stated, and about a dozen of the 35 injured who were taken to hospital were still being dealt with. Temple operator, Tirumala Tirupati Devasthanams (TTD),. apologised for the incident and assured action against anybody. found responsible. Andhra Pradesh Chief Minister Chandrababu Naidu, an essential ally. of Indian Prime Minister Narendra Modi, inspected the stampede. website and checked out some of the injured in medical facility. YSR Congress Celebration, the main opposition party led by. Naidu's predecessor Y S Jagan Mohan Reddy, blamed the state. federal government for the occurrence, calling it an administrative. failure. Modi used condolences in a post on X, adding, My. thoughts are with those who have actually lost their near and darlings.
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2024 was the first year above 1.5 C of international warming, researchers say
The world just experienced the first complete year in which international temperatures exceeded 1.5 C. above preindustrial times, researchers said on Friday. The milestone was verified by the European Union's. Copernicus Environment Change Service (C3S), which said environment. change is pressing the world's temperature to levels never. before experienced by modern-day people. The trajectory is just incredible, C3S director Carlo. Buontempo informed Reuters, explaining how monthly in 2024 was. the warmest or second-warmest for that month considering that records. started. The world's typical temperature in 2024 was 1.6 degrees. Celsius higher than in 1850-1900, the pre-industrial duration. before human beings began burning CO2-emitting nonrenewable fuel sources on a big. scale, C3S stated. In 2015 was the world's most popular considering that records started, and each. of the previous ten years was among the 10 hottest on record. Britain's Met Office confirmed 2024's likely breach of 1.5 C,. while approximating a somewhat lower typical temperature level of 1.53 C. for the year. U.S. researchers will likewise release their 2024. environment information on Friday. Governments guaranteed under the 2015 Paris Arrangement to attempt. to prevent typical temperatures surpassing 1.5 C, to avoid more. serious and pricey environment catastrophes. The first year above 1.5 C does not breach that target, which. measures the longer-term average temperature level. Buontempo said. increasing greenhouse gas emissions meant the world was on track to. quickly likewise blow past the Paris objective - however that it was not too. late for nations to quickly cut emissions to avoid warming. rising even more to devastating levels. It's not a done deal. We have the power to change the. trajectory from now on, Buontempo said. The impacts of climate change are now visible on every. continent, impacting individuals from the wealthiest to the poorest. nations in the world. Wildfires raving in California today have eliminated at. least five people and ruined numerous homes. In 2024,. Bolivia and Venezuela also suffered dreadful fires, while. torrential floods hit Nepal, Sudan and Spain, and heatwaves in. Mexico and Saudi Arabia eliminated thousands. Climate modification is aggravating storms and torrential rainfall,. because a hotter environment can hold more water, leading to. intense downpours. The amount of water vapour in the world's. atmosphere reached a record high in 2024. However even as the costs of these catastrophes spiral, political. will to buy curbing emissions has subsided in some. nations. U.S. President-elect Donald Trump, who takes workplace on Jan. 20, has called climate change a hoax, in spite of the worldwide. scientific agreement that it is human-caused and will have. serious repercussions if not resolved. The U.S. experienced 24 climate and weather disasters in. 2024 in which the cost of damages exceeded $1 billion, including. Hurricanes Milton and Helene, according to the National Oceanic. and Atmospheric Administration. Chukwumerije Okereke, a teacher of worldwide environment. governance at Britain's University of Bristol, stated the 1.5 C. milestone need to serve as a rude awakening to essential political. stars to get their act together. Despite all the warnings that researchers have actually provided,. nations ... are continuing to stop working to measure up to their. duties, he told Reuters. Concentrations in the environment of co2, the main. greenhouse gas, reached a fresh high of 422 parts per million in. 2024, C3S stated. Zeke Hausfather, a research study scientist at U.S. non-profit. Berkeley Earth, said he anticipated 2025 to be amongst the hottest. years on record, however likely not top the rankings. It's still going to be in the leading three warmest years, he. stated. That's since while the most significant element warming the climate. is human-caused emissions, temperatures in early 2024 got an. additional boost from El Nino, a warming weather pattern which is now. trending towards its cooler La Nina counterpart.
United States lobbied Greenland rare earths designer Tanbreez not to sell to China
U.S. and Danish authorities lobbied the developer of Greenland's largest unusual earths deposit last year not to sell its job to Chineselinked firms, its CEO told Reuters, including it has actually been in routine talks with Washington as it reviews moneying options to develop the island's crucial minerals. The move highlights the longrunning economic interest U.S. officials have actually had in the Danish territory, well before U.S. Presidentelect Donald Trump started musing in recent weeks about getting it.
Rare earths have strong magnetic homes that make them important to state-of-the-art markets varying from electrical automobiles to rocket systems. Their necessity has given rise to extreme competition in between Chinese and Western interests to reduce China's near-total control of their extraction and processing. Greg Barnes, CEO of privately held Tanbreez Mining, stated U.S. officials who visited the project in southern Greenland two times in 2015 had repeatedly shared a message with the cash-strapped business: do not offer the large deposit to a Beijing-linked purchaser.
The U.S. State Department was not immediately available to remark. The White Home did not respond to a request for remark. The Danish Foreign Ministry declined to comment.
Barnes ultimately sold Tanbreez to New York-based Critical Metals as part of an intricate offer that will be total later on this year. Tanbreez aims to mine 500,000 metric lots annually of the crimson rare earths-containing mineral eudialyte as soon as 2026.
There was a lot of pressure not to offer to China, Tony Sage, CEO of Crucial Metals, informed Reuters. Barnes accepted payment of $5 million money and $211 million in Vital Metals stock for Tanbreez, far less than Chinese firms offered, Sage said.
Barnes said deals from Chinese and other parties were not relevant because they had not plainly outlined how they might pay.
Neither executive divulged which officials they consulted with or recognized the Chinese companies that made deals.
U.S. interests appear to be altering the video game for rare earths tasks that had actually previously not been viewed as appealing investments, analysts stated.
While the size of the Tanbreez is considerable, the grade and the mineralogy are absolutely nothing to be shouted about, stated David Merriman, research study director at minerals consultancy Job Blue, which thinks about the opportunity of the project reaching commercial production as low, given its complex mineralogy. The Tanbreez sale to Vital Metals shows that U.S. officials have had more success in Greenland than they have in Africa, where they have been working to balance out China's grip on the mineral-rich central African copper belt.
While Greenland is not for sale, it is open for company, Dwayne Menezes, head of London-based think tank Polar Research study and Policy Effort. It would invite greater financial investment from the U.S.
A rival Greenland uncommon earths task from Energy Shift Minerals - which counts China's Shenghe as its biggest shareholder - has actually stalled amidst drawn-out legal disagreements.
WASHINGTON TALKS Donald Trump's oldest boy, Donald Jr., showed up in Nuuk on a. private visit on Tuesday, a day after the president-elect. repeated his interest in taking control of the island. Denmark. has actually consistently said Greenland, an independent part of its. kingdom, is not for sale. That check out came 2 months after a State Department authorities. spent 4 days in the island's capital in a push from the. outbound Biden administration to motivate Western mining. financial investment there. Critical Metals obtained funding to develop a rare earths. processing facility from the U.S. Department of Defense last. year, however the evaluation process has stalled ahead of Trump taking. office on Jan. 20. Sage stated he expects talk with resume after. Trump's inauguration which Trump's shift group has. already called him.
We're currently in discussions with the U.S. to offer (uncommon. earths) to the U.S. and build the processing plant in the U.S.,. he said. Critical Metals' third-largest investor is brokerage firm Cantor. Fitzgerald, led by Howard Lutnick, who Trump. chosen to run the U.S. Commerce Department. Sage stated he has. never ever satisfied or talked with Lutnick, but acknowledged Cantor's. financial investment is a favorable for his company. The Tanbreez deposit is about 30% heavy uncommon earths, which are. utilized extensively in defense applications. The site also includes. gallium, which China imposed export restrictions on last year.
Crucial Metals has actually held supply talks with defense. professional Lockheed Martin and has upcoming talks with. RTX and Boeing, Sage stated.
Lockheed stated it constantly examines the uncommon earth supply. chain to make sure access to vital materials. RTX and Boeing did. not react to ask for comment.
GreenRoc has actually obtained an exploitation license to. establish a Greenland graphite job and has held moneying talks. with U.S. officials in the past year, CEO Stefan Bernstein told. Reuters.
Neo Performance Materials and Anglo American. are also exploring on the island.
(source: Reuters)