Latest News
-
Uniper pays first dividend in four-years as the government's exit is near
The state-owned utility Uniper announced on Wednesday that it would pay a dividend – for the first time in four years – as the group prepares to return to the stock market following an anticipated ownership exit from Berlin. "The ability to pay dividends again is a sign that Uniper has financial stability, and it's a critical component of its viability on the capital markets," said CEO Michael Lewis. Uniper, which had been bailed out in 2022 by the German government during Europe's energy crises, has proposed a dividend per share of 0.72 euro ($0.84) for 2025. The last dividend it paid was in 2021. Uniper forecasts a core profit adjusted of 1 billion to 1.3 billion euro for 2026 compared to 1.1 billion euros in 2025. In 2026, adjusted net income will be between 350 million and 600 million euros. This compares to 544 million in 2018. In the course of reprivatising, Uniper lost its dividend-paying rights as part of the nationalisation of Uniper, which led to Berlin owning 99.12%. Berlin has plans to either sell or list its stake. This is because the EU requires that it be reduced to 25% plus 1 share by 2028. $1 = 0.8595 Euros (Reporting and Editing by Linda Pasquini, with Christoph Steitz)
-
It's not over yet!
Rae Wee gives us a look at what the European and global markets will be like tomorrow. Investors should abandon their hope of a quick resolution to the U.S. and Israel war on Iran, and prepare for a long-term conflict. The latest threat by U.S. president?Donald Trump to 'hit Iran hard' over the move to halt the flow of energy through the Strait of Hormuz is not indicative of the war being "complete, pretty much", as he had previously stated. It's hard to imagine how the situation could change so quickly, especially with Israel and the U.S. continuing to exchange air strikes across the Middle East with Iran's military. The Wall Street Journal reported on Wednesday that the International Energy Agency proposed to release the largest amount of oil reserves ever released in order to lower crude prices. However, the moves were choppy. This provided some relief for battered global indices, with Asian indexes staging a recovery while?U.S. futures pushed higher. European futures were mixed. Investors remained on edge, unable to assess the impact of surging energy costs on global growth and inflation. Washington's contradictory messages, in particular added to the confusion. The U.S. Energy Secretary Chris Wright posted on X Tuesday that the U.S. Navy successfully escorted a tanker through the Strait of Hormuz. He then deleted the post a short time later. A spokesperson for the Department of Energy said that a video clip had been removed from Secretary Wright's X account because it had been incorrectly captioned. The Australian dollar has been a big mover on other markets in Asia, with a growing number of analysts predicting that the Reserve Bank of Australia will raise interest rates in the next week. The Federal Reserve, European Central Bank and Bank of England are all due to meet next week. It is expected that the policymakers will adopt a cautious tone or become more hawkish, given the risk of resurgent prices if the energy price spike continues. The U.S. Inflation data for February will be released later today. The following are key developments that may influence the markets on Wednesday. - U.S. inflation data (February) Bowman, Fed's Bowman speaks - ECB's Schnabel, Guindos speak
-
Wall Street Journal, March 11,
These are the most popular?stories from the Wall Street Journal. These stories have not been?verified? and we cannot vouch for their accuracy. Officials familiar with the matter say that the International Energy Agency (IEA) has proposed to release the most oil reserves it has ever released in order to lower crude prices, which have risen during the U.S./Israel war against Iran. Boeing announced that it would delay the delivery of some 737 MAX aircraft after discovering a wiring problem on newly constructed aircraft. This is a setback for Boeing's efforts to deliver jets faster. Samsara Eco, an Australian startup that has developed enzymes to eat plastics, is seeking to raise over $70 million. Its recycling technology will focus on essential minerals. Exxon Mobil is planning to move its legal residence from New Jersey to Texas, joining the ranks of other companies who have moved to Texas in search of an environment that's more business-friendly. Bill Ackman, the billionaire investor, filed to make his hedge fund?firm Pershing Square public, along with a brand new investment fund. This bold move was made to capitalize on Ackman's social media fame.
-
Indian benchmark shares drop as investors remain on edge due to Mideast cues
Indian benchmark shares fell Wednesday - after a recovery in the previous session - as investors were uncertain about the impact of the Middle East War on inflation and growth. Oil prices were also fluctuating. As of 10:40 a.m. IST, the Nifty?50 dropped 0.7% to 24,087 while the BSE Sensex fell 0.8% to 77.556.77. In early trading, the indexes were unchanged. Devarsh Vakil is the head of Prime Research for HDFC Securities. He said: "There's still considerable geopolitical unrest and that's why markets are on edge." Israel and the United States launched what some have described as the war’s most heavy strikes against Iran. This was despite the fact that U.S. president Donald?Trump had said Monday that the conflict might be "over soon." Oil prices have also experienced a temporary drop after the Wall Street Journal reported that the International Energy Agency had proposed a record release of oil reserves to reduce crude prices. This would offer some relief to the battered global stockpiles. The Nifty 50 and Sensex recovered on Tuesday, after logging the biggest drop in a year in the Monday session. They ended near their one-year lows. Since the beginning of the Iran War, the benchmarks have each lost 5%. Reliance Industries, HDFC Bank, ICICI Bank and other heavyweights all saw their shares fall on Wednesday. The midcaps were flat, while the smallcaps rose by 0.5%. Vakil stated that the news of an emergency oil stockpile being released by the International Energy Agency will help keep crude prices at a lower level and encourage market participants. Brent crude futures traded 1.4% lower, at $86.64 a barrel. IndiGo, a budget airline, gained up to 3% in individual stock prices after its CEO Pieter Elbers?resigned. Solar equipment maker Waaree Energies rose up to 2.4% after a deal was struck to buy shares in United Solar Holdings worth $30 million. (Reporting and editing by Sumana Nady and Janane Venkatraman in Bengaluru)
-
Iran cracks down on dissent as Iran's military intensifies its air attacks against the combatants in the Mideast war
As the Iranian government, which is under siege in Tehran, warned that its security forces are ready to "fingers-on-the trigger" and confront any renewed antigovernment protests, the U.S. After an exchange of'some of the most heavy bombardments yet in the region on Tuesday, the combatants re-attacked their targets in Israel and Lebanon, as well as the Gulf, early on Wednesday, the war entering its 12th day. The conflict has effectively closed vital shipping routes through the Strait of Hormuz. This has stopped the flow of fossil fuel energy from the oil-rich Gulf. After a massive surge in crude oil price on Monday, the global energy market has fallen and the stock markets have rebounded. Investors betted that U.S. president Donald Trump would try to end this war as soon as possible. The Wall Street Journal, citing sources familiar with the issue, reported Tuesday that the International Energy Agency had proposed to release the largest amount of oil reserves ever released in order to stabilize crude prices. Could not verify the report immediately. The Islamic Revolutionary Guard Corps of Iran has vowed, however, to stop?oil deliveries from the Gulf until U.S. attacks and Israeli attacks cease. Air strikes between both sides have not abated. The Revolutionary Guards claimed that they fired missiles at the U.S. Al Udeid Base in Qatar and at the Al Harir Base in Iraqi Kurdistan on Tuesday night. They then launched drone attacks against a group of U.S. soldiers at Al Dhafra Air Base in the United Arab Emirates, and Juffair Naval base in Bahrain. The Iranian state media announced early on Wednesday that another attack was launched on the U.S. Bahraini military installations. According to an alert from the State Department and a U.S. government official, a drone hit a U.S. diplomatic building in Iraq Tuesday. No one was injured and all were present. The United Kingdom Maritime Trade Operations reported that it received a report about an 'incident' off the coast of the UAE, where the master of a ship said the vessel had sustained damage due to a suspected projectile. IRANIAN MISSILE BARrage Drives ISRAELIS to shelters The military repeatedly warned that Iran had launched missiles "toward Israel" as millions of Israelis were pushed into bomb shelters. This was a sign of Tehran's ability to strike Israel even after two weeks of hostilities. Air raid sirens and Israelis running to shelters and safe rooms punctuated darkness in the early morning. No immediate information was available on whether the missiles hit the ground. The Iranian attacks roughly coincided with an Israeli bombardment of Beirut, aimed at eliminating the Iran-backed Hezbollah group that has been firing into Israel in support of the Tehran government. Residents of Tehran described the night before as being the most intense bombardment night in war history. It was hell. A resident, who spoke on the condition of anonymity, said that they were bombing in every corner of Tehran. "My children fear to sleep now." It would seem that ending the war quickly precludes toppling Iran’s leadership. On Monday, the country held massive rallies in support of Mojtaba Khmenei, the hardliner who succeeded his father on the first day of the war. Some Iranians openly celebrated the death the elder Khamenei after his security forces had killed thousands of people in order to suppress anti-government protests. TEHRAN WARNS PROTESTANTS There has been no sign of protest in the middle of the war. And Iran is now clamping down on internal dissent, days after Trump exhorted Iranians to "take advantage" and to overthrow their governments. Ahmadreza Radan, Iran's chief of police, warned against a resurgence of anti-government protests. Radan, a state TV host, said that all of our security forces had their finger on the trigger. The Intelligence Ministry announced on Tuesday that Iran had also arrested dozens more people, including an American citizen, who were accused of spying against the country's enemies. On Tuesday, the White House reiterated Trump’s threat to punish Iran for its efforts to halt the flow of energy through the Strait of Hormuz. U.S. Central Command reported that 16 Iranian mine-laying ships had been "eliminated", near the strait, on Tuesday. Amir Saeid Iravani, Iran's U.N. ambassador, said that more than 1,300 civilians had been killed in Iran since U.S. and Israeli airstrikes began on 28 February. Amir Saeid Iravani, Iran's U.N.?ambassador, said that nearly 8,000 houses, 1,600 "commercial and services?centres", and dozens medical, educational, and energy-supply institutions had been destroyed. At least 11 Iranians were killed by Israeli strikes in Israel, and scores of Israelis killed in Lebanon. Iran has not only targeted U.S. diplomatic and military missions in Arab Gulf States, but also hotels and airports. The Pentagon estimated that in addition to the seven U.S. troops killed, about 140 American soldiers have been injured.
-
Iran cracks down on dissent as Iran's military intensifies its air attacks against the combatants in the Mideast war
Iran warned that its state security forces are ready to "finger on the trigger" in the event of any renewed anti-government protests. After a series of heavy bombardments on Tuesday in the region, the combatants continued their assaults on targets?in Israel and Lebanon, as well as the Gulf, early Wednesday morning, as the war entered its '12th day. The war has blocked the Strait of Hormuz and halted the flow of fossil fuels from the oil-rich Gulf. After a surge in crude prices on Monday the stock markets recovered and global energy prices fell as investors betted that U.S. president Trump would try to end this war soon. The Wall Street Journal, citing sources familiar with the issue, reported Tuesday that the International Energy Agency had proposed the largest release in history of oil reserves to stabilize crude prices. The report could not be verified immediately. The Iranian Islamic Revolutionary Guard Corps has vowed, however, to stop oil shipments from the Gulf until U.S. or Israeli attacks cease. Air strikes between both sides have not abated. The Revolutionary Guards claimed to have fired missiles at the U.S. Al Udeid military base in Qatar and at?the Al Harir in Iraqi Kurdistan on Tuesday night. This was followed by drone strikes on U.S. troops gathered at Al Dhafra Air Base in United Arab Emirates, and Juffair Naval Base in Bahrain. Iranian state media reported early on Wednesday that another round of 'attacks' was launched on U.S. Military installations in Bahrain. According to an alert from the State Department and a U.S. government official, a drone hit a U.S. diplomatic building in Iraq on Tuesday. There were no injuries or deaths. IRANIAN MISSILE BARrage Drives ISRAELIS to shelter The military repeatedly drove millions of Israelis into bomb shelters overnight and Wednesday morning as it warned Iran had fired missiles at Israel. This was a sign that Tehran still has the capability to strike Israel even after two weeks of hostilities. Air raid sirens and Israelis running to shelters and safe rooms punctuated pre-dawn darkness with the sound of rockets being intercepted by air defenses. No immediate information was available on whether the missiles hit the ground. The Iranian attacks roughly coincided with an Israeli bombardment of Beirut, aimed at eliminating the Iran-backed Hezbollah group that has been firing into Israel in support of the Tehran government. Residents of Tehran described the night before as being the most intense bombardment night in war history. It was hell. A resident, who spoke on the condition of anonymity to protect his security, said that they were bombing all over Tehran. "My children now fear to sleep." "My children are afraid to sleep now." Some Iranians openly celebrated the death the elder Khamenei after his security forces had killed thousands to suppress anti-government protests. TEHRAN WARNS PROTESTANTS There has been little protest in the war. Iran is now clamping down on internal dissension after Trump exhorted Iranians to take advantage of U.S. and Israeli attacks, to overthrow their governments. Ahmadreza Radan, Iran's chief of police, warned against a resurgence of anti-government protests. "Anyone who takes to the streets at enemy's requests will be treated as an enemy and not a protestor." Radan, a state television host, said that all of our security forces had their finger on the trigger. The Intelligence Ministry announced on Tuesday that Iran had also arrested dozens more people, including a foreigner, who were accused of spying against the country's enemies. The White House reiterated Trump’s threat on Tuesday to punish Iran for its efforts to halt the flow of energy through the Strait of Hormuz. The U.S. Central Command announced that 16 Iranian mine-laying ships had been "eliminated", near the Strait of Hormuz, on Tuesday. Amir Saeid Iravani, Iran's U.N. Ambassador, said that more than 1,300 civilians had been killed in Iran since U.S. airstrikes and Israeli airstrikes began February 28. Amir Saeid?Iravani, Iran's U.N. ambassador, said that nearly 8,000 houses, 1,600 "commercial centers and service centers", and dozens of medical, education, and energy-supply institutions have been destroyed. At least 11 Iranians were killed by Israeli strikes in Israel, and scores of Israelis killed in Lebanon. Iran has also targeted hotels, airports and oil infrastructure. The Pentagon estimated that in addition to the seven U.S. troops killed, about 140 American soldiers were wounded.
-
Aluminium prices rise as focus shifts to the Middle East
After a short sell-off caused by the 'U.S.,' aluminium prices recovered on Wednesday as attention shifted to the loss of supply in the Middle East due to conflict. Donald Trump's comments on the Iran War. As of 0213 GMT, the most-traded aluminum contract on Shanghai Futures Exchange increased 2.31%, to 25,275 Yuan ($3,680.81) a metric ton. The contract fell 1.41% Tuesday, as Trump's remarks suggesting an end to the Iran war in the near future temporarily cooled supply concerns. The benchmark three-month aluminum?on London Metal Exchange rose 0.5% to $3,423 a ton. On Monday, it reached a high of $3,544. The Middle East war, which accounts for?around 9% of the global supply of aluminium, has caused shockwaves on the global market, by?effectively stopping shipments through the Strait of Hormuz. In response, the Qatari smelter Qatalum halted production, and Aluminium Bahrain declared force majeure for shipments. Jing Xiao is a senior analyst at SDIC Futures and said that the structure of backwardation reflects the tightness in supply near-term. Backwardation is the market structure in which immediate deliveries command a higher price than later deliveries. SDIC's Xiao said that once the production had been shut down it would take a minimum of a half-year to restart operations. This indicates a long absence of supply from?the Middle East. Investors are also awaiting the release of a number of economic indicators, including the consumer price index this week, to determine the direction the Federal Reserve will take. Copper, among other SHFE metals rose 0.36%. Nickel fell by 0.95%. Lead dipped by 0.27%. Tin lost 0.7%. Zinc was flat. Other LME metals saw a slight decline in copper, while nickel, lead, and tin all fell. Zinc was also little changed. Reporting by Amy Lv, Lewis Jackson and Ronojoy Mazumdar; editing by Ronojoy Mazumdar.
-
Trump says a new refinery is planned near the US border.
Donald Trump, the U.S. president, announced plans on Tuesday for a new oil refinery in Brownsville. He thanked Reliance Industries, an Indian energy company, for its contribution to the project. Trump announced the project as U.S. motorists are reacting to the spike in gas prices after the U.S. - Israel war with?Iran. He also made the announcement while Republicans and Democrats prepare for the midterm elections, which could determine the party that controls Congress during the final two years of Trump’s presidency. America First Refining stated in a press release that, once operational, a 168,000 barrel per day (bpd), refinery, to be built in Brownsville, along the U.S.Mexico border would offset $300 billion of the U.S. Trade Deficit. John V. Calce is the chairman and founder America First Refining. He said that this project represented a historical step forward in American energy production. "For the first half-century, the United States will build a refinery specifically designed for American shale oils." Because they were designed in the past 40 years for heavy, sour, lower-cost crude oil, which is denser and contains more sulfur, many U.S. Gulf Coast refining plants are unable process light, sweet crude from fracking fields. Calce praised Trump's administration for its energy policy, which emphasizes the production of U.S. crude by domestic refineries. Reliance is India's largest company in the private sector. It was only identified as a global supermajor in Trump's America First statement, but Trump named it in a Truth Social post, stating that he had made a 9-figure investment at a 10-figure valuation. Reliance has also signed a "binding 20-year term sheet" (offtake agreement) with America First, meaning that the company will purchase products produced by the refinery. America First said it plans to begin construction 'in the second quarter this year. Need Industry Experts Question Analysts questioned the need for another refinery along the U.S. Gulf Coast. Eight of the ten largest refineries in the United States are already located there. Five of the biggest refineries in America are located in Texas. John Auers of Refined Fuels Analytics said that initial announcements by the Trump Administration are full of hyperbole. In a Truth Social post about the project, Trump stated that the America First refinery will "fuel U.S. market, strengthen our nation security, boost American production of energy, deliver billions in economic impact and be the cleanest refining plant in the world." Tom Kloza of Kloza Advisors LLC, principal analyst, stated that Gulf Coast refineries are more competitive than plants located in other parts the United States. Kloza: "If Brownsville was indeed the site for the construction, I would presume that they were looking at an export refining facility." There is not much demand in the local area and no pipelines to transport Brownsville products elsewhere. Kloza stated that U.S. refineries were the largest supplier of heating oil and motor fuels to South America. They also have lower prices for natural gas and crude oil. Auers emphasized Reliance's history of refinery. The largest oil refinery on earth, Jamnagar in India, is operated by the company. He said, "Let's wait and see." "Reliance has been a very successful business." According to the company's website, Reliance has interests in oil refinery and petrochemicals as well as retail, new energies, digital services, and media and entertainment. Two California refineries with a combined production capacity of 284,000 barrels per day (bpd) will permanently cease operations in 2025. They cite the strict regulations California has imposed on fossil fuel industries. In the last decade, the 'cost of construction or additions to refineries of new refineries has averaged around $40,000 per barrel of capacity or $6.7 billion for about 168,000 barrels. According to the U.S. Energy Information Administration's report, the U.S. refinery capacity was 18.4 millions bpd by the end of 2024. This is expected to increase through a gradual increase in capacity until the 2030s.
Iron ore prices rise on the back of a recovery in output and supply constraints
Iron ore futures climbed on Wednesday as the anticipated recovery of hot metal production sparked demand for feedstocks. Lower shipments by top suppliers also provided support.
As of 0317 GMT, the?most-traded?contract for May iron ore?on China's Dalian Commodity Exchange was up 0.96% to 788 yuan (114.76 dollars) per metric ton.
The benchmark April Iron Ore traded at the Singapore Exchange was up 0.49% to $104.25 per ton.
After production restrictions during the annual Parliament holiday, hot metal output is expected to recover. This will spur demand for feedstock.
According to a Shanghai Metals Market note, the prices of iron ore in the Chinese iron ore hub Tangshan "remained firm due to tight supply" and that the recent rally for iron ore futures had boosted the market's sentiment.
Prices were also supported by lower shipments of?iron ore from China's main?iron-ore suppliers, Australia, Brazil and South Africa.
Iron ore stocks at port are record highs
BMI's report of March 11 stated that China's crude output will fall by 4% due to the authorities reducing excess capacity.
The report said that lower export volumes of Chinese?steel are likely to increase global steel prices marginally in 2026. However, global prices will still be?projected? to remain on a downward trend.
Coke and coking coal were both up and down on the DCE.
The Shanghai Futures Exchange steel benchmarks mostly rose. Hot-rolled coils and rebar grew by 0.18% each. Wire rod was little changed, while stainless steel fell 0.81%.
BMI's report said that curbing excess production of hot-rolled coils and rebars supported prices. Reporting by Ruth Chai, Editing by Sherry Jacobi-Phillips. $1 = 6.8663 Yuan
(source: Reuters)