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Japan, EU agree to deal with creating hydrogen demand and supply
Japan and the European Union on Monday accepted work together on policies related to developing demand and supply for clean hydrogen as well as to comply ahead of time technologies to develop the new fuel, a. joint statement said. Japan sees hydrogen as a new and cleaner source to gradually. replacement liquefied gas (LNG), part of the nation's. path to carbon neutrality by 2050, and for Europe, hydrogen is. one of the choices to phase out use of Russian nonrenewable fuel sources. Hydrogen will be very soon an internationally traded. commodity, and close EU-Japan cooperation will be important for. promoting sustainable and low-carbon hydrogen internationally, and. ensuring that requirements and regulations converge, Kadri Simson,. European Commissioner for Energy, informed press reporters. On Monday, Simson fulfilled Ken Saito, Japan's minister of. economy, trade and market, and the 2 also chaired a Japan-EU. hydrogen organization online forum participated in by executives including of. JERA, Tokyo Gas, Mitsui, Iwatani. The EU intends to produce 10 million metric lots and import 10. million tons of sustainable hydrogen by 2030 as the bloc relocates to. cut carbon emissions however the switch needs investments in. facilities to produce demand for the new fuel. Hydrogen is an important concern for European energy. policy, and hydrogen will assist us to eliminate the remaining. Russian fossil fuels. But it likewise, in the long term, assists us to. decarbonise our market, Simson stated on Monday. Recently Germany, a crucial buyer of Russian gas before the. Kremlin sent troops to Ukraine in 2022, approved an expense to. fast-track the building and construction of hydrogen infrastructure, import. and production centers, also as it aims to cut emissions. Japan plans to invest 3 trillion yen ($ 19 billion) over the. next 15 years to subsidise production of clean hydrogen,. according to Nikkei. Japanese trading house Itochu Corp on Monday said. it is conducting an expediency study of building hydrogen and. ammonia supply chain in Kitakyushu in southern Japan, among the. future offshore wind hubs in the country.
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Tokyo Gas seeks more US gas assets, president states
Japan's leading city gas supplier Tokyo Gas is seeking to add more U.S. gas assets, its president said on Monday, as it intends to broaden its gasrelated businesses in North America after its current acquisition of a U.S. shale gas manufacturer. The Japanese company paid $2.7 billion to get Texas-based gas manufacturer Rockcliff Energy in December and consented to purchase a 49% stake in North American energy marketing and trading firm ARM Energy Trading in February. We would still consider investing in shale gas possessions if we can acquire them at the appropriate price and in a competitive way, Tokyo Gas President Shinichi Sasayama informed press reporters on the sidelines of the Japan Energy Summit conference in Tokyo. However we are not just seeking to upstream possessions, but likewise to surrounding assets such as marketing, trading and storage batteries, so that we could connect them together to develop the overall value chains, he said. In Asia, Tokyo Gas is studying 2 melted natural gas-to-power jobs at Quang Ninh and Thai Binh in Vietnam and hopes to start commercial operations in late 2027 and in 2029, respectively. Asked about the timing of a last financial investment choice, Sasayama stated that was not likely before the end of the current , which runs through next March.
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GVK Omega Now Holds 60.86% Stake In Greenvolt And Launches Deal For All Shares
Greenvolt Energias Renovaveis : * SAID ON FRIDAY RECEIVED An INTERACTION PURSUANT TO WHICH GVK OMEGA, NOW HOLDS 60.86% VOTING RIGHTS ATTACHED TO SHARE CAPITAL OF GREENVOLT * GAMMA LUX HOLCO AND REMAINING ENTITIES, WITH EXCEPTION TO MEDIOBANCA, ARE ATTRIBUTED 78.902% OF VOTING RIGHTS OF GREENVOLT * THE SHAREHOLDINGS ARE An OUTCOME OF CONCLUSION OF SALE OF 60.86%. OF GREENVOLT'S VOTING RIGHTS BY BUSINESS ACTIUM CAPITAL,. CADERNO AZUL, LIVREFLUXO, PROMENDO INVESTIMENTOS, V-RIDIUM. HOLDING, KWE PARTNERS AND 1 THING INVESTMENTS * GVK OMEGA LAUNCHES A BASIC AND MANDATORY TENDER DEAL. OVER ALL. SHARES REPRESENTING THE SHARE CAPITAL OF GREENVOLT * CONSIDERATION OFFERED IS OF EUR8.30 PER SHARE, TO BE PAID IN. MONEY,. DEDUCTED OF ANY (GROSS) AMOUNT WHICH OCCURS TO BE ATTRIBUTED TO. EACH SHARE, AS DIVIDENDS * DEAL RATE AT PREMIUM OF 32.1% IN RELATION TO WEIGHTED. AVERAGE. PRICE OF THE SHARES ON EURONEXT DURING THE 6 MONTHS ENDING ON. DECEMBER 20, 2023 * IF OFFEROR, AS An OUTCOME OF THIS DEAL CONCERNS HOLD 90% OR. A. HIGHER PERCENTAGE OF THE BALLOT RIGHTS IT WILL UTILIZE THE. SQUEEZE-OUT SYSTEM WHICH WOULD RESULT IN THE EXEMPTIONS OF THE. SHARES FROM ADMISSION TO TRADING IN THE REGULATED MARKET WITH. INSTANT RESULT Source text for Office: https://tinyurl.com/32x5mbk8. https://tinyurl.com/53sb7k72. Further company coverage:.
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Asia shares rally on guarantee of rate relief, factories accelerate
Asian share markets rallied on Monday, as investors anticipated a rates of interest cut in Europe and quite potentially Canada as the next step in worldwide policy easing, though sticky inflation threatens to make the process a drawn out affair. There was also better news from China as the personal Caixin survey revealed a pick-up in its primary factory index to a two-year top of 51.7 in May, from 51.4 in April. Japan's factory activity broadened for the first time in a. year in May, while activity in South Korea grew at the fastest. speed in 2 years. All of which helped MSCI's broadest index of Asia-Pacific. shares outside Japan bounce 1.4%, having moved. 2.5% last week. Chinese blue chips included 0.3%. Japan's Nikkei rose 1.1%, after rebounding from. one-month lows on Friday, while South Korea got 1.8%. Meanwhile, EUROSTOXX 50 futures climbed 1.0% and. FTSE futures 0.8%, as the risk-on mood spread. South Korean President Yoon Suk Yeol flagged the possibility. of a large amount of oil and gas reserves in the sea off the. nation's east coast. Indian markets hit record highs on wagers Prime. Minister Narendra Modi will expand his alliance's bulk in. parliament when election outcomes are launched on Tuesday,. resulting in greater financial reforms. Month-end flows saw Wall Street stage a late rally on Friday. and left the Nasdaq up nearly 7% for May. Early on Monday, S&P. 500 futures were up 0.2%, with Nasdaq futures. including 0.3%. The possibility of lower borrowing costs worldwide has actually been. usually favorable for equities. ECB TO PIP FED The European Central Bank (ECB) is considered practically specific. to cut rates by a quarter point to 3.75% on Thursday, the very first. time in history it would have alleviated ahead of the U.S. Federal. Reserve. However, a surprisingly high reading for euro zone inflation. out last week blunted hopes for a fast round of reductions and. markets have 57 basis points of relieving priced in for this year. The likelihood of back-to-back cuts now appears very low,. putting the focus for a second proceed September, stated Bruce. Kasman, head of financial research study at JPMorgan. We presume President Christine Lagarde will signal that the. instructions of rates is down next week, but the policy. declaration will emphasize that future moves are data-dependent,. and there is no pre-commitment to a specific rate path. Markets likewise indicate around an 80% opportunity the Bank of Canada. will cut at its meeting on Wednesday and 59 basis points of. relieving this year, though analysts are enthusiastic the easing will be. even deeper. Financiers are a lot less dovish on the Fed, seeing little. possibility of a relocation till September and even that is far from a. done deal. The outlook could alter today given data due includes. essential studies on services and manufacturing, and the May payrolls. report where unemployment is seen holding at 3.9% as 190,000 web. new tasks are developed. In forex markets, the Japanese yen remains the weakest of. the majors, though the federal government is clearly prepared to spend. huge to slow its slide. Information out last week showed Tokyo invested. 9.788 trillion yen ($ 62.27 billion) on currency intervention. in between April 26 and May 29. The dollar firmed to 157.41 yen, simply except. last week's peak at 157.715. The euro held firm at $1.0855. , still taking advantage of the EU inflation report, however. faces resistance at $1.0895. Gold was a shade softer at $2,322 an ounce, having. now rallied for 4 months in a row helped in part by buying. from reserve banks and China. Oil costs see-sawed after OPEC+ agreed on Sunday to extend. the majority of its oil output cuts into 2025, though some cuts will. start to be unwound from October 2024 onwards. Brent reduced 10 cents to $81.01 a barrel, while U.S. crude lost 6 cents to $76.93 per barrel. ($ 1 = 157.1900 yen)
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Swiss stocks - Elements to see on June 3
Here are a few of the primary elements that might impact Swiss stocks on Monday: UBS UBS on Friday finished the merger of the main moms and dad business of the Swiss bank and Credit Suisse, which it obtained in 2015 after its longtime rival collapsed, putting an end to one of the bastions of the country's financial sector. MOLECULAR PARTNERS Molecular Partners provides positive information from completed stage 1 trial of mp0317 monotherapy in patients with advanced strong tumors. GLENCORE A majority of Glencore financiers have actually suggested they were pleased with the products giant's strategies to minimize carbon emissions, simply as it gets closer to completing its acquisition of Teck Resources' steelmaking coal organization. NOVARTIS Novartis says phase III trial reveals Kisqali product lowers risk of cancer reoccurrence for early breast cancer patients with high-risk node-negative disease. ANALYSTS' VIEWS There are no score modifications from today. ECONOMY Swiss May manufacturing PMI due at 0730 GMT. SNB data on Swiss sight deposits due at 0800 GMT.
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MORNING quote EUROPE-Markets in upbeat mood as factories hum
A look at the day ahead in European and worldwide markets from Wayne Cole. Share markets have started the week in a positive mood, assisted in part by indications of speeding up factory activity throughout Asia where the personal Caixin survey showed China's main factory index hitting a two-year top. Factory activity broadened for the first time in a year in Japan, and grew at the fastest speed in 2 years in South Korea. South Korean markets got an added fillip from news there might be substantial reserves of oil and gas off the country's coast. Oil prices pressed higher after OPEC+ agreed on Sunday to extend most of its oil output cuts into 2025, though some cuts will begin to be unwound from October 2024. Indian markets eyed record highs as Prime Minister Narendra Modi looks likely to broaden his alliance's majority in parliament when election outcomes are released on Tuesday, amidst speculation this would spur greater financial reform. Analysts at BofA were bullish on the outlook, keeping in mind India's. working-age population was not set to peak until 2048 whereas it. has currently peaked in industrialized markets and China. We expect India to be the second most significant global development. driver for the rest of the decade and it's the only big equity. market beyond the U.S. that's been a constant compounder,. they said. Over in Mexico, the ruling celebration stated Claudia Sheinbaum. the winner of the presidential election by a large margin. after polls closed on Sunday. The primary focus of the week will be on interest rates with. the European Central Bank considered nearly particular to cut by a. quarter indicate 3.75% on Thursday, the very first time it would have. eased ahead of the U.S. Federal Reserve. Markets also imply around an 80% opportunity the Bank of Canada. will cut at its conference on Wednesday and 59 basis points of. alleviating this year, though analysts are enthusiastic of reducing being. even deeper. Secret developments that could influence markets on Monday: - Last May PMIs for the EU, Germany, France and UK - U.S. ISM producing index, S&P Global U.S. making PMI, building and construction spending for April
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Esgian Week 27 Report: A Lull in Contracting
Esgian provides an update on the current lull in contracting in its Week 27 Rig Analytics Market Roundup.Report SummaryContractsAban Offshore-owned 250-ft jackup Aban II has received a letter of award (LOA) from Oil India for an offshore work program in Andhra Pradesh, India.Shelf Drilling North Sea has secured a new 17-month contract for the 400-ft Shelf Drilling Winner (previously known as Noble Sam Turner) jackup rig with TotalEnergies EP Denmark.Drilling Activity and DiscoveriesThe Norwegian Ocean Industry Authority (Havtil) has given Aker BP consent to drill an exploration well in block 35/6 in the North Sea off Norway.The Norwegian Ocean Industry Authority (Havtil) has given Aker BP consent for exploration drilling in blocks 6507/2 and 6507/5 in the Norwegian Sea.The Norwegian Offshore Directorate (NOD) has granted Equinor a drilling permit for a wellbore in the North Sea offshore Norway.Beacon Offshore Energy has started up oil production at the Winterfell development in the US GOM, with the initial two production wells of the first phase now online and ramping up production.The Norwegian Offshore Directorate (NOD) has granted Aker BP a drilling permit for an exploration well in the North Sea off Norway.China's Sinopec has reported 'high-yield' flows from its Hai 3 well, in the Beibu Gulf, offshore China.DemandCanadian Natural company CNR International (South Africa) Limited has given notice to its partners in a joint operating agreement that it will withdraw from its 20% interest in Block 11B/12B offshore South Africa.Following the Labour Party’s victory in the UK’s general elections, Offshore Energies UK (OEUK) said it is committed to working with the new government on the next steps to a homegrown energy transition, to safeguard energy security, jobs and skills, and create an "irresistible investment environment" in the UK.Mobilisation/Rig MovesAfter a long journey from the UK North Sea, the 400-ft jackup Valaris 247 has reached Darwin, Australia.Advanced Energy Systems' (ADES) 375-ft jackup Admarine 691 has started mobilising from Bahrain to Qatar for its new contract.Dolphin Drilling 6,000-ft semisubmersible Blackford Dolphin has begun its journey out of Nigerian waters and will continue onwards to India for its upcoming contract with Oil India.Noble 12,000-ft drillship Noble Venturer has arrived in Equatorial Guinea and is now preparing to begin a three-well program for Trident Energy.PV Drilling's 400-ft jackup PV Drilling VI has left the Kemaman anchorage to start drilling an exploration well for Petronas Carigali offshore Malaysia.The 10,000-ft semisubmersible drilling rig, SSV Catarina, has completed drilling operations for Eni in Vietnam and has moved to the Vung Tau anchorage.Odfjell Drilling-managed 3,900-ft semisub Deepsea Yantai has completed a contract with Vår Energi and is en route to its next contract in the North Sea.Arabian Drilling-owned 400-ft jackup ArabDrill 70 is moving to Ras Al Khair anchorage in Saudi Arabia.The COSL-owned 300-ft jackup HAIYANGSHIYOU 936 is underway to Ras Al Khair anchorage in Saudi Arabia following the suspension of its contracts with Saudi Aramco in April 2024.A COSCO heavy lift and transportation vessel loaded a 400-ft jackup rig in Saudi Arabia earlier this week and is understood to be taking it to China.Arabian Drilling's 250-ft jackup rig, ArabDrill 17, has concluded its contract with Saudi Aramco and is being towed to Ras Al Khair, where it will await further assignment.Other NewsTransocean has completed a previously announced share purchase agreement and now owns all of the issued and outstanding equity interests in the joint venture company which owns the 6th generation 10,000-ft semisubmersible, Transocean Norge.Emperor Energy, the operator of the VIC/P47 exploration permit containing the undeveloped Judith gas field offshore Gippsland, Australia, has extended its Memorandum of Understanding (MOU) with Cooper Energy.ExxonMobil subsidiary Esso Exploration International Limited has signed an agreement with Morocco’s Office National des Hydrocarbures et des Mines (ONHYM) for two reconnaissance contracts covering the Safi-Essaouira Offshore and Agadir-Ifni Offshore areas.Baron Oil, an oil and gas company planning to drill the Chuditch-2 appraisal well offshore Timor-Leste in early 2025, has officially changed its name. The name change to Sunda Energy was proposed in June to reinforce the company's focus on Southeast Asian energy markets.
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Heat wave eliminates a minimum of 56 in India, nearly 25,000 heat stroke cases, from March-May
India saw almost 25,000 cases of thought heat stroke and 56 people lost their lives after numerous heat wave days throughout the country from MarchMay, regional media reported, mentioning federal government information. May has been an especially bad month for the region, with temperature level in capital Delhi and neighboring state of Rajasthan touching 50 degrees Celsius (122 degrees Fahrenheit). In a contrast, parts of eastern India have actually been reeling under the impact of cyclone Remal. Heavy rain in the north eastern state of Assam has actually killed 14 individuals considering that Tuesday. In the island country of Sri Lanka, a minimum of 15 individuals have died due to flooding and landslides after heavy monsoon rain lashed the area, the country's Catastrophe Management Centre ( DMC) stated on Sunday. A confluence of elements has actually resulted in a very hot summertime in South Asia, a pattern scientists state has been intensified by human-driven climate modification. A minimum of 33 individuals, including election authorities on task in India's just-concluded basic election, passed away of presumed heatstroke in the states of Uttar Pradesh and Bihar in the north, and Odisha in the east on Friday. Information from the National Centre of Illness Control ( NCDC) revealed that the scenario was worst in May, with 46 heat-related deaths and 19,189 thought heat stroke cases, news website The Print reported. Including suspected cases, the overall number of deaths in India could be much greater at 80, newspaper The Hindu reported. Over 5,000 cases of heatstroke were spotted in the main state of Madhya Pradesh alone. The weather workplace has actually anticipated that heat wave conditions will be less extreme till Wednesday and an early arrival of monsoon in the southern state of Kerala recently is anticipated to bring more relief.
Hess investors to vote on Chevron offer amidst growing postponement calls
Hess Corp. investors will vote on Tuesday on Chevron's proposed. $ 53 billion acquisition of the company, after numerous investors. have actually required a hold-up in hopes of acquiring a better deal for. their shares.
The vote has substantial ramifications for both companies. The offer. has actually been stalled in part by a regulative evaluation and clouded by. an arbitration disagreement with Exxon Mobil, which could. push the offer's closing to 2025 or lead to its termination.
The offer spread, a Wall Street procedure of investor. self-confidence in the completion of a proposed merger, has actually climbed up. to about $10, double the preliminary spread, suggesting higher risk. understanding over the transaction.
Chevron is relying on approval to win a grip in. oil-rich Guyana's financially rewarding overseas fields. A deal failure. would leave Hess as a standalone company with little immediate. possibility of a new bid.
Hess needs a bulk of its 308 million exceptional shares. to seal the all-stock deal with its investors and make it. harder for other potential rivals to outbid Chevron.
While Exxon has actually revealed no interest in bidding for Hess as. a whole, it has not dismissed a possible bid for Hess' assets. in Guyana, the business's reward asset.
Exxon operates all production in one of the world's. fastest-growing oil producing countries with a 45% stake in the. giant Stabroek Block. CNOOC owns another 25% of the. joint-venture. Both declare a right of very first rejection on any Hess. sale of its 30% stake.
The Chevron acquisition was thrown into doubt after Exxon. and CNOOC submitted an arbitration claim versus the sale.
Financial firms Vanguard Group and BlackRock, which. hold a combined 15% of Hess' shares, could tip the balance in. the vote, given the push by arbitrage funds to adjourn the. conference till the arbitration claim is fixed.
Proxy company Institutional Investor Services suggested. investors vote to abstain and prompted Hess to offer an. reward to shareholders because of the offer delay.
As of last week, investors owning about 40% of the. combined shares were considering abstaining from the vote, an. action that efficiently corresponds to voting versus it, people. knowledgeable about the matter stated. They state that completing the deal. now would avoid the capacity for better offers for their. shares throughout the year.