Latest News
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Sources: SoftBank has hired banks to handle the US IPOs for SB Energy and AI robotics spinoff Roze.
SoftBank Group is working with?banks? to prepare its initial public offerings (IPOs) for its energy and technology developer SB Energy, and its autonomous robotics spin-off Roze. This comes as Masayoshi son ramps up his Japanese group's push for artificial intelligence infrastructure, amid strong investor interest in companies that support AI buildout. SoftBank has hired JPMorgan Chase, Goldman Sachs Morgan Stanley Citi, Mizuho and Mizuho to handle SB Energy's IPO. The IPO could happen as soon as September, according to the sources. SB Energy may aim for a market valuation of over $50 billion, according to the sources. Sources say that SoftBank is also partnering with Goldman Sachs JPMorgan Mizuho Morgan Stanley and Mizuho for its IPO of Roze, an autonomous robotics firm. Roze will be focusing on the construction of data centers and using robotics in order to increase the efficiency of AI infrastructure. The year 2026 will be a big one for IPOs. A wave of mega AI listings, including SpaceX and Anthropic, is expected to test the appetite of investors for large 'new issues. In April, The Financial Times reported that SoftBank had been exploring the possibility of a $100 billion AI- and robotics spinoff. It was to be made public under the name Roze. BROADENING AI INVESTMENT EXCITEMENT Investors are pouring money into AI-related companies, extending their enthusiasm beyond software and chipmakers to include businesses that provide the infrastructure required to support AI’s rapid growth. The IPO plans show how artificial intelligence is expanding beyond the traditional data centers to include businesses such as picks-and shovels that provide support for the ecosystem. These range from energy generation and?supply, to machines that help build and operate next-generation facilities. Goldman Sachs JPMorgan, and Mizuho have declined to comment. SoftBank, Morgan Stanley, and Citi declined to comment. SB Energy, SoftBank's energy and infrastructure developer, is a key partner in the?buildout of artificial intelligence (AI) infrastructure. SB Energy focuses on matching power generation with data centres to address AI’s increasing energy needs. The company has partnered with OpenAI and SoftBank to develop the $500 billion Stargate Initiative and announced last week that it will confidentially file a 'draft registration statement' for an IPO. SB Energy was selected to build and run a 1.2 gigawatt data center campus in Texas, to support OpenAI’s computing needs. The facility will be powered by integrated solar and batteries. OpenAI also invested $500 million in SB Energy, as part of a $1 billion joint investment with SoftBank. Roze, a planned SoftBank spinoff, aims to deploy autonomous robots to accelerate the construction of large AI infrastructure including data centers. This will help address labor and construction bottlenecks, as demand for AI capacities surges. Analysts have predicted that it could be one of the biggest AI listings if the IPO proceeds. (Reporting and editing by Matthew Lewis in New York, with Echo Wang reporting from New York)
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ABC reports that a chemical tank ruptured in Washington State, causing multiple injuries and at least one death.
ABC 'News reported that a chemical tank rupture at the 'Nippon Dynawave Packaging Facility in Longview Washington caused multiple injuries, including critical ones, and at least one death, according to authorities. ABC reported that multiple people suffered chemical burns when a tank containing a solution burst at 7:15 am. The?statement was issued by the local authorities, Nippon Dynawave Packaging, and the local fire department. PeaceHealth St. John Medical Center, in 'Longview, told ABC that nine patients were admitted to the hospital after the incident - one of whom had died. ABC reported that six of the nine patients were in "fair" condition and two other patients were transferred. Reporting?by Daphne Psaledakis in Washington and Ryan Patrick Jones, Toronto; editing by Doina chiacu and CaitlinWebber
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Sources: SoftBank has hired banks to handle the US IPOs for SB Energy and AI robotics spinoff Roze.
Two people familiar with this matter say that the SoftBank Group has hired banks to prepare the initial public offerings for its energy and infrastructure developer SB Energy, and its planned autonomous robots spin-off Roze. This is as founder Masayoshi?Son ramps up his Japanese group's push to build out artificial intelligence infrastructure, amid strong investor interest in companies supporting AI buildout. SoftBank has hired JPMorgan Goldman Sachs Morgan Stanley Citi Mizuho and Mizuho to prepare SB Energy's IPO. The IPO could happen as soon as September, according to the sources. SB?Energy may seek a market valuation of over $50 billion, according to the sources. SoftBank, meanwhile, has selected Goldman Sachs, JPMorgan Mizuho, Morgan Stanley and Mizuho to handle the IPO for its autonomous robotics firm Roze. The company will be focusing on building data centres and using robotics in order to 'improve the efficiency of AI Infrastructure construction. It is also targeting a similar timeline, according the sources. The year 2026 will be a big one for IPOs. A wave of mega AI listings, including SpaceX and Anthropic, is expected to test the appetite of investors for large new issues. In April, The Financial Times reported that SoftBank is exploring the possibility of a $100 billion AI and robot spinoff. It would be listed under the name Roze. BROADENING AI ENTHUSIASM Investors are swarming into companies linked to the artificial-intelligence boom. Their enthusiasm has expanded beyond software and chip makers to include businesses that provide the infrastructure required to support AI’s rapid expansion. The IPO plans show how the artificial-intelligence boom has expanded beyond traditional data centres into businesses such as picks-and shovels that provide support to the ecosystem, from energy generation and supply to'machines that help build and operate next-generation facilities. Goldman Sachs JPMorgan, and Mizuho refused to comment. SoftBank, Morgan Stanley, and Citi declined to comment. SB Energy, SoftBank's energy and infrastructure developer, is focusing on combining power generation with data centres to address AI’s growing energy needs. SB Energy has become an important partner in the development of artificial intelligence infrastructure. Last week, the company announced that it would be partnering with OpenAI on the $500 billion Stargate Initiative and that it planned to submit a confidential draft registration statement 'for an IPO. SB Energy was selected to build and run a 1.2 gigawatt data center campus in Texas for OpenAI, which will include integrated solar and batteries to power the facility. OpenAI also invested $500 million in SB Energy, as part of the $1 billion joint investment with SoftBank. Roze, a SoftBank spin-off, aims to deploy autonomous robots to accelerate the construction of large AI infrastructure including data centers. Analysts have predicted that it could be one of the biggest AI listings if the IPO proceeds. (Reporting and editing by Matthew Lewis in New York, with Echo Wang reporting from New York)
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Sunshine Silver to Value US IPO at $2.32 Billion
'Sunshine Silver Mining & Refining Company' is aiming for a valuation of up to $2.32 bn in its U.S. initial?public offering. The company wants to raise funds to restart a silver, antimony, and other mineral mine in Idaho. The Kellogg company, based in Idaho, is looking to raise $330 million through the sale of?20 millions shares at a price between $13.50 to $16.50 per share, according to a statement made on Tuesday. North?American companies are preparing to test investor interest in new?listings, after metals like silver saw a spike in demand this year. Barrick Mining is mulling over a potential listing of its North American 'gold assets' and McEwen Copper has a planned IPO that aims to raise $300 million to fund the copper project in Argentina. Sunshine Silver was founded in 2010 and focuses on the purchase, redevelopment, and operation of precious-metal?assets throughout North America. The company plans to restart and expand an old mine that was shuttered in Idaho's Silver Valley, which is one of the most historic silver producing regions?in?the United States. The Electrum Group, Ospraie Management and The Electrum Group are among its backers. The filing states that Electrum expects to retain more than half of Sunshine Silver's outstanding stock shares after the completion of its IPO. Sunshine Silver is slated to?list at the New York Stock Exchange under the symbol SSMR. The joint book-running managers are Morgan Stanley, Scotiabank and BMO Capital Markets.
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PGE's first-quarter net profits falls by nearly 20%
PGE, Poland's largest utility, reported lower net profits in the first quarter as a result of a decline in power sales margins and higher carbon emissions costs. This was due to a decrease in heating demand and production from new gas units. The company reported a net loss of nearly a fifth compared to a year ago. Retail margins from electricity sales fell from 621 millions zlotys (64 million dollars) to 234million zlotys ($64million), as caps on household rates prevented it from passing on higher wholesale costs. * The net profit of the state-controlled firm?fell from 2.42 billion to 1.94 billion Zlotys compared with a previous year. * The reported?earnings after interest, taxes and depreciation (EBITDA), dropped by?5%, to 4,08 billion zlotys * PGE’s net electricity production grew by 3%, to 16,49 terawatt-hours. This was driven by lower temperatures outside that increased heat generation by 13% The core profit of 365 million zlotys fell by 51% in the supply segment due to lower wholesale and retail electricity margins * Rising emissions costs also impacted earnings. * Rising emission costs also impacted earnings. * The coal energy sector saw its core profit drop 39% to $249 million zlotys. This was due to a $344 million zlotys negative change in provisions for onerous contract and lower lignite production ($1 = $3.6434 zlotys). (Reporting from Rafal Nowak, Gdansk. Editing by Matt Scuffham.
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HIGHLIGHTS-Tennis-French Open day three
Highlights from the third day of the French Open, Tuesday (times GMT). 1610 DE MINAUR?THROUGH BLOCKX WITHDRAWAL Alex De Minaur has moved to the third round after Alexander Blockx, his opponent from the second round, withdrew due to an ankle sprain. 1510 GAUFF &?OSAKA THROUGH SECOND RUND The defending champion,?Coco? Gauff, beat Taylor Townsend by a score of 6-4 6-0 and advanced to the second round. Naomi Osaka defeated Laura Siegemund of Germany with a score of 6-3, 7-6(3). 1346 INJURED NORIE RETIRES Cameron Norrie, Britain's 20th-seed, retired after taking a timeout for medical reasons in the second game. It looked as if he had suffered a rib injury. The 30-year-old retired for the first time from a match at a level above ITF. READ MORE Sabalenka's French Open run is quick and effective Gauff wins the Paris title by edging out Townsend Medvedev defeated by wildcard Walton in French Open's first round Pre-show: Sabalenka and Gauff, both of whom are sinners, enter the fray. Swiatek wins, Wawrinka and Monfils close French Open chapters Monfils wants to be like Ronaldo and LeBron, after Roland Garros' farewell Osaka?ramps fashion stakes before winning first round at the?French Open Kouame, a teenager, becomes the youngest Grand Slam male match winner in 17 years 1334 AUSTRALIAN WILDCARD WALTON MEDVEDEV The six-seed Daniil Medvedev was knocked out at the first hurdle by Australian wildcard Adam Walton. Walton stunned the 30-year old 6-2 1-6 6-1-2 1-6 6-4 in order to advance. 1225 ARYNA SABALENKA BLAZES PASS JESSICA BOUEZAS MANEIRO The top-seeded Belarussian Aryna 'Sabalenka started her quest for a first clay Grand Slam title by beating Jessica Bouzas Maneiro 6-4 6-2. Play Under Way 0908 The temperatures in Paris were around 28 degrees Celsius, and it was forecast that they would rise to approximately?33 later in the day. Aryna Sablanka, world number one, and the top seed will begin proceedings on Court Philippe-Chatrier by facing Spain's Jessica Bouzas?Maneiro. FRENCH OPEN ORDER OF PLAY ON TUESDAY (prefix number denotes seeding): COURT PHILIPPE CHATRIER (play starts at?1000 GMT) 1-Aryna Sabalenka (Belarus) v Jessica Bouzas Maneiro (Spain) Alexandre Muller (France) v Stefanos Tsitsipas (Greece) Taylor Townsend v Coco Gauff (U.S.A.). 1-Jannik Sinner (Italy) v Clement Tabur (France) COURT SUZANNE?LENGLEN Adam Walton (Australia) v ?6-Daniil Medvedev (Russia) Laura Siegemund (Germany) v 16-Naomi Osaka (Japan) 22-Anna Kalinskaya (Russia) ?v Lois Boisson (France) 4-Felix Auger-Aliassime (Canada) v Daniel Altmaier (Germany) COURT SIMONNE MATHIE (play starts at 0900 GMT). Marin Cilic v Moise Kouame Vit Kopriva (Czech Republic) v 30-Corentin Moutet (France) Hanne Vandewinkel vs 19-Madison Keys Kimberly Birrell, Australia v Jessica Pegula, U.S.A. (Reporting and editing by Ken Ferris in Bengaluru).
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First oil cargo to Asia from US emergency reserves in 3 years
The first shipment of U.S. emergency reserves oil to Asia in 2022 was crude oil from the U.S. strategic?Petroleum reserve, according to ship tracking data. Asia receives 80% of its oil through the Strait of Hormuz. This is a crucial chokepoint which has been largely closed for the past three months due to the Iran War. The Strait of Hormuz has been closed for three months, disrupting global oil supplies. Physical crude prices have reached record levels. Some importers are now looking to find new suppliers. The Greek flagged Very Large Crude 'Carrier Arosa' loaded 616,000 barrels from the Bryan Mound Strategic Petroleum Reserve in Texas in early may and is expected to arrive in Bataan in early July. This was shown by a bill-of-lading. The vessel is chartered by Shell and co-loaded with 700,000 barrels?U.S. Thunder Horse sour. Sharon Garin, Philippines' Energy Secretary, said that the Philippines is diversifying its energy sources amid a shortage in Middle Eastern barrels. The government has also been looking at producers from the U.S.A., Canada and Colombia, as well U.S. waivers for Russian seaborne oil. Kpler reports that the Southeast Asian nation hasn't received crude oil from the U.S.S.A. since February 2020. It gets most of its crude oil from Saudi Arabia and the United Arab Emirates, as well as Iraq. The last time the U.S. sent barrels of its "emergency reserves" to Asia was in November 2022 when the Biden administration released 180 million barrels to dampen energy shocks after Russia's invasion. The U.S. has begun releasing 172?barrels of oil from the SPR in order to fight the rising crude prices. This is because the 'war in Iran' has disrupted global supplies and the Strait of Hormuz is largely closed. This is part of an international effort to release 400 million barrels of crude oil at a record rate. According to data from ship tracking, U.S. SPR has already been heading to the Mediterranean, northwest Europe and the Balkans. Reporting by Georgina Mccartney in Houston Editing and rewriting by Rod Nickel
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Sign partnership agreement between the US and Armenia ahead of Armenian elections
U.S. Secretary?of State Marco 'Rubio signed a strategic partnership agreement with Armenian Foreign Minister Ararat Mirzoyan in Yerevan, Armenia on Tuesday. This was less than two weeks prior to parliamentary elections in this South Caucasus nation. Rubio's visit comes at a time when Russia has threatened to impose economic pressure on Yerevan because of its growing ties with the West. They will raise the prices Armenia pays for Russian Gas if it turns away from integration. On June 7, Armenia holds an election in which Prime Minister Nikol Pashinyan’s Civil Contract Party faces an array of opposition groups, many of whom are pro-Russian. Rubio and Mirzoyan signed also a framework on critical minerals, and another agreement on cooperation regarding a 43-km-long (27-mile-long) proposed transit corridor through southern Armenia. This would provide Azerbaijan with a direct route into its exclave?Nakhchivan as well as Turkey, Baku’s closest ally. The corridor, also known as the "Trump Route for International Peace and Prosperity" (TRIPP), is a crucial part of a 'peace agreement' reached in August last year between Armenia and Azerbaijan. Both countries have been at war with each other since the late 1980s. There has not been a formal peace agreement signed. This route would bypass Russia and Iran, better connecting Asia with Europe at a moment when U.S. president Donald Trump expressed an interest in mineral deals with resource-rich Central Asian nations to the east the South Caucasus. Iron, copper and zinc mining and other mineral extraction is a major part of Armenia's economy. RUSSIA STRAINED ITS TIES Rubio stated at the signing ceremony on Tuesday, "We will be able to collaborate to ensure that both our countries and both our economies?will have reliable access to?these critical minerals." Armenia's closer ties with the West have been intensified under?Pashinyan. Last year, Armenia adopted a law to kick-start its accession to the?European Union. Yerevan has drawn Russia's anger after hosting a high profile EU summit earlier this month. The Kremlin has warned that the price increase of gas would have a major impact on Armenia. This week, Russia banned the import of Armenian brandy, mineral water and?flowers as a sign of its anger at Yerevan for warming up to the West. Michael Martina reported from Yerevan, and Lucy Papachristou wrote in Tbilisi. Kevin Liffey edited the piece. Emelia Sithole Matarise and Chiara Rodriguez provided editing.
Iran war closes US to being net crude exporter first time since World War Two
Last week, the U.S. almost became a net oil exporter for the first since World War Two. Shipments surged to near-record highs to meet the demand of Asian and European buyers scrambling in order to replace Middle East supply?cut off by the Iran War.
The U.S.-Israeli war against?Iran has caused the biggest ever disruption in the global energy markets. Iranian threats have stopped a fifth of oil and gas from the world transiting through the Strait of Hormuz.
Refiners who depend on these supplies in Asia and Europe have purchased alternative cargoes wherever possible, thereby boosting the demand for oil produced by the United States, the largest producer of the world.
Analysts and traders claim that the U.S. export capacity is quickly approaching.
According to U.S. data released Wednesday, net imports of crude, or the difference between exports and imports, decreased to 66,000 barrels daily last week, the lowest ever recorded in weekly data dating back to 2001. Meanwhile, exports increased to 5.2 millions bpd, which is the highest since seven months.
Data showed that the U.S. last exported crude oil on an annual basis in 1943.
Janiv Shah, Rystad's vice president for oil markets and the Atlantic Basin, says that rising U.S. crude oil exports show that buyers in Asia are looking further out to find available oil, as regional differences in oil prices cover shipping costs.
In recent months, countries such as Greece purchased U.S. crude oil for the first time.
According to the ship tracking service Kpler, about 2.4 million barrels per day, or 47%, of U.S. imports last week went to Europe. About 37% of the U.S. exports last week, or 1.49 million bpd (about 1.4 million bpd), went to Asia. This is up from 30% one year ago.
The Netherlands, Japan France Germany and South Korea were the top buyers.
Kpler data revealed that a vessel with 500,000 barrels was on its way to Turkey. This would be the first U.S. import to Turkey in at least one year.
BENCHMARK BRENT SOARING MAKES US OIL ATTRACIVE
Imports into the U.S. dropped more than one million bpd, to 5.3 millions bpd, last week. The U.S. imports much of its crude because its refineries can only handle heavier grades, which are more sour than the lighter sweet crude that it produces.
Last month, the disruption in Middle East oil supplies blew up the Brent crude premium over U.S. West Texas Intermediate Crude Futures to $20.69 per barrel, which reduced U.S. buyer's appetite for imports while making U.S. Crude attractive to refiners across Europe and Asia.
According to LSEG traders and data, the price of crude oil?cargoes destined for immediate delivery in Europe reached a new high on Monday.
Exports are approaching capacity
Matt Smith, a Kpler analyst, said that U.S. exports will likely reach 5.2 million bpd in April. Smith added that monthly, exports have been pushing against their capacity limits.
Analysts and traders said that the U.S. could export up to 6 million barrels per day, citing the limited capacity of pipelines and vessels. Government data shows that its exports reached a record of?5.6m bpd by 2023.
The market has already tested the export limit with 5.2m bpd last week. "Every incremental barrel costs more than the previous one in terms of freight and logistics," said Bekzod Zhritdinov.
Shah of Rystad said that a release of'medium-sour crude' from the Strategic Petroleum Reserve would allow more U.S. crudes with low sulfur to be exported. He added that a shortage in tankers and higher freight costs could affect the export demand.
As of Wednesday, about 80 supertankers with empty cargo were headed to the Gulf of Mexico, where they will likely pick up crude oil in April and May. Rohit Rathod is a senior analyst for Vortexa.
(source: Reuters)