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France’s EDF Reports $944M Impairment on US Offshore Wind Project
State-owned French power giant EDF is taking a 900 million euro ($944.4 million) impairment charge on the Atlantic Shores offshore wind farm project in the United States after partner Shell pulled out of the joint venture."We have every intention of pursuing the interests of the (joint venture) company to the end, but in order to reflect the new American political landscape ..., the board of directors has decided at this stage to depreciate the developments that we have carried out offshore at Atlantic Shore," EDF CEO Luc Remont told reporters.($1 = 0.9530 euros)(Reuters - Reporting by Forrest Crellin, Editing by David Goodman)
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Cuba opens the first of 92 new solar parks to combat energy crisis
Cuban President Miguel Diaz-Canel opened the first of 92 Solar Parks on Friday, as part of an initiative backed by China to reduce the number of blackouts that can last for hours in the Caribbean Island nation. The park in Havana is one of 55 that are expected to be online by this year. It will generate 1,200 megawatts. Last year, the outdated power grid of this Communist-run nation collapsed multiple times. A severe fuel shortage made it impossible for smaller clusters to operate diesel-powered generators which typically backup the system. Blackouts that lasted for years have weakened the economy, and prompted scattered protests by residents who are tired of the multi-faceted crisis which includes a scarcity of basic goods such as food and medicine. The government is heavily promoting the parks as a partial answer to people's problems, which they blame primarily on U.S. sanction. Diaz-Canel tweeted on Friday that "the recovery of the grid is a top priority, and this is its safest route." Cuba's maximum demand is around 3,500MW. However, it fails to meet 1,500MW of this, leading to power outages. Cuba and China agreed to boost solar energy in Cuba's grid in April, but neither government provided details on the financing. Hua Xin attended the Havana solar park's inauguration. Foreign journalists were not allowed to attend the event. Presently, less than 5% (or a little more) of Cuba's energy is derived from alternative sources. Cuba's 2030 goal is 24%. Marc Frank (reporting; Paul Simao, editing)
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Baker Hughes reports that the US oil and gas rig counts have reached their highest level since June.
Baker Hughes, a leading energy services company, said that the U.S. added oil and gas rigs this week for a fourth consecutive week to reach their highest level since last June. The number of oil and gas drilling rigs, a good indicator of future production, increased by four in the week ending February 21. Baker Hughes reported that despite this week's increase in rigs, the total count is still 34 or 5% lower than this time last year. Baker Hughes reported that oil rigs increased by seven this week to 488, the highest level since September. Gas rigs dropped by two to 99. Oil and gas rig counts are expected to decline by 5% and 20% respectively in 2024, as the lower U.S. gas and oil prices in recent years have prompted energy companies to concentrate more on increasing shareholder returns and paying off debt than raising production. Although analysts predicted that U.S. crude spot prices would remain the same in 2025, U.S. Energy Information Administration projected crude production would increase from a record 13,2 million barrels per daily (bpd), in 2024, to around 13.6 millions bpd, in 2025. The EIA predicted a 73% rise in the price of spot gas Prices in 2025 will prompt producers to increase drilling activity in this year. A 14% drop in price in 2024 forced several energy firms in the industry to reduce output for the very first time since 2020, when the COVID-19 epidemic reduced demand for fuel. The EIA predicted that gas production would increase to 104.6 billion cubic feet per day in 2025. This is up from 103.1 bcfd and a record-breaking 103.6 bcfd. (Reporting and Editing by Marguerita Choy)
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After the US exit, countries warn that global climate assessments should not be delayed.
After the U.S. government withdrew, the European Union, Britain, and other climate-vulnerable countries raised concerns over the delay in the next global assessment on climate change by the U.N.'s Climate Science Panel. Next week, the Intergovernmental Panel on Climate Change (IPCC), the U.N. organization that brings together scientists from over 200 countries to assess Earth's health, will be meeting in Hangzhou, China to plan its next report. In a Friday joint statement seen by, Wopke Hoopstra, EU climate chief and 17 other countries, including Britain, Germany France, Spain, Marshall Islands, Guatemala and the Marshall Islands, said: "It is vital that all contributions from the working groups to the Seventh Assessment Report be prepared on time." The statement stated that "we owe it both to those who are suffering from the effects of climate change now and to future generations to make decisions regarding the future of our planet based on the best available evidence and knowledge." According to reports on Thursday, the Trump administration has stopped the participation of U.S. Scientists in the IPCC. They will also not be attending its meeting next week in Hangzhou. Officials familiar with these talks say that the countries who made the statement are concerned that the report will not be finished in time for the next Paris Agreement stocktake in 2028. Nearly 200 countries will evaluate their progress in curbing climate changes and agree on tougher measures in order to avoid escalating temperatures. Last month, Donald Trump ordered the U.S. again to withdraw from the Paris Climate Agreement and reversed the Biden administration’s climate policies. Elon Musk, the billionaire, is leading the effort to rid the federal administration of what he considers wasteful spending, and to slash its workforce. He has cut funding for climate related work, and removed employees who worked on climate justice, climate science and clean energy. In a second statement published by the Least Developed Countries on Friday, a group consisting of 45 of the most vulnerable nations in the world, the Least Developed Countries said that there was no excuse for delays. In a press release, they stated that "any backtracking in this process issue would be seen as what it really is: politization of science on the cost of vulnerable countries." "People living in developing countries have nothing to gain by restricting their access to IPCC science." During the COP28 Climate Summit in 2023, nearly 200 countries agreed to transition from fossil fuels. The IPCC's earlier report was the basis for the agreement. It detailed the dramatic changes humans had made to the climate of the Earth and the need to drastically reduce emissions to prevent further disasters. Reporting by Kate Abnett and Valerie Volcovici, editing by Giles Elgood
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Global equity markets mixed due to uncertainty over Trump's moves and geopolitical issues
Wall Street stocks fell but European shares edged up on Friday, amid uncertainty over U.S. president Donald Trump's rapid policies, including tariffs and spending cuts, as well as Germany's upcoming election. Since returning to the White House in late October, Trump has announced tariffs against several U.S. trading partner countries and launched a campaign to cut the federal workforce of 2.3 million people. These moves have caused concern among traders. Joshua Wein, portfolio director at Hennessy Funds, Chapel Hill, North Carolina, said: "The sell-off over the past couple of days was really about the uncertainty regarding the pace of the change in government." We all knew that there would be cuts in spending and layoffs, but this pace has created a level of uncertainty we've never seen before. The data released on Friday revealed that U.S. businesses have fallen to their lowest level in 17 months, showing that consumers and businesses are becoming more concerned about the Trump administration. S&P 500, Dow Jones Industrial Average, and Nasdaq Composite Index all fell due to losses in consumer discretionary, industrial, and energy stocks. All three major indexes are also expected to finish the week lower. This week, European shares were volatile ahead of the German election on Sunday. Europe's Stoxx 600 index rose 0.45% on Wednesday, ending two days of declines. It is now heading for a weekly increase. The Dow fell 0.85% to 43799.85. The S&P 500 dropped 0.57% at 6,082.56. And the Nasdaq Composite was down 0.69% at 19,823.69. MSCI's global index of stocks fell by 0.23%, to 881.69. The index has fallen 0.25% in the past week. Overnight, MSCI's broadest Asia-Pacific share index outside Japan rose 1.45% and reached its highest level since November 8.
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Gold takes a break from profit-taking and targets eighth weekly gain
Gold prices fell on Friday, as investors took profits off the previous session's high. However, they were still set to make an eighth consecutive weekly gain due to strong demand for safe-haven assets amid fears over U.S. president Donald Trump's proposed tariffs. As of 10:07 am, spot gold fell 0.3% to $2.930.85 per ounce. ET (1507 GMT). Bullion is up around 1.7% after reaching a record of $2,954.69 last Thursday. U.S. Gold Futures dropped 0.4% to $2.945.20. Alex Ebkarian is the chief operating officer of Allegiance Gold. He said, "It was just a classic movement with new all-time highs and profit taking... but" gold's fundamentals remain strong. The price of gold has reached two new record highs in the past week, with prices trading above $2,950/oz. Investors' appetite for bullion is on the rise, as uncertainty surrounding global economic growth, and political instability, have highlighted investor appetite. The demand for gold at the moment is primarily driven by western investors and central bankers. Investors in ETFs appear to be jumping aboard the bandwagon," Commerzbank analyst said in a report. Trump announced a new round of tariffs earlier this week, including duties on lumber and wood products. This is in addition to the previously announced plans for duties on imports of cars, semiconductors, and pharmaceuticals. The tariffs are in addition to the 10% additional tariff imposed on Chinese imports, and the 25% tariff imposed on steel and aluminum. Ebkarian stated that the role of gold as a safe haven has not been fully realized, because the money is still sitting on the sidelines. Investors also monitor the U.S. Federal Reserve interest rate trajectory, as Trump's policies have been viewed by many as inflationary. A higher inflation rate could force the Fed to keep interest rates high, reducing the appeal of gold that doesn't yield. Silver spot was down 0.6% to $32.74 per ounce, and palladium dropped 0.9% to $968.78. Both metals are headed for gains this week. Platinum fell 1%, to $969.05. It is expected to decline by a week. (Reporting and editing by Maju Samuel in Bengaluru, Anmol Choubey from Bengaluru)
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Sources say that European military supplier KNDS is considering an IPO in the midst of a boom in the defence sector.
Two people with knowledge of the matter said that KNDS, a military defence system provider, is looking at an IPO as soon as the end this year. This comes as Europe's push to boost its defence sector sparks a rally. Sources, who spoke on condition of anonymity, said that the Franco-German firm has begun early discussions with advisers regarding a possible listing at Frankfurt in 2026 or 2025. They added that the Banks are yet to be named. The French state-owned holding agency (APE), declined to comment. KNDS, as well as its German family shareholders Wegmann-Group, did not immediately respond to requests for comments. The talks take place amid a recovery in the defence sector after U.S. president Donald Trump stated that Europe would have to increase its military resources significantly. After the U.S. urged European leaders to increase their military budgets, Germany's Hensoldt and Europe's largest ammunition manufacturer Rheinmetall led this week's gains. Rheinmetall's value has increased dramatically since the Russian invasion of Ukraine. It is now worth approximately 39 billion euros (40.87 billion dollars), up from 4 billion euros back in February 2022. KNDS formed in 2015 through the merger of German Krauss-Maffei Wegmann, a family-owned company famous for its Leopard tanks, and French state-owned Nexter. According to the website, both the German family and French Government remain joint owners. One person suggested that a complex shareholder structure could result in the company only floating a small portion of its shares. This would allow the company's family and state supporters to retain control stakes. They also warned that the company may decide not to list as a public business. At the time the article was published, it wasn't clear which shareholders would sell their shares in an IPO scenario or what valuation they might be seeking. According to LSEG Datastream on February 20, world defence companies are trading at 25,8 times expected earnings compared to 18 times three year ago. Iveco, Thyssenkrupp and other world defence companies trade at around 8 times the same valuation metric. KNDS is a manufacturer of battle tanks, armoured vehicle, artillery system, weapons station, ammunition, military bridges and battle management systems. It also produces battle management systems and protection and training solutions. According to its website, it generated revenue of 3.3 billion euro ($3.45 billion). KNDS, an investor in German gearbox manufacturer Renk, listed its shares last year at a valuation 2.15 billion euro and is expected to have sales of 1.1bn euros by 2024, according to preliminary results. KNDS increased its stake in Augsburg-based Renk last week to 25,1%. Renk's shares have risen 62% since the company made its debut on the stock exchange a year earlier. KNDS has approximately 9,500 employees worldwide and is incorporated in The Netherlands. According to its website, it supplies armies around the world with production lines located in France and Germany, and has various industrial partnerships. ($1 = 0.9543 euros)
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Savannah resumes lithium prospecting as Portugal overturns injunction
Savannah Resources announced on Friday that it will immediately resume prospecting work at its lithium project located in northern Portugal, after the government assisted it in overturning a precautionary order filed by landowners. Savannah, a London-based company, believes that the Barroso Project's deposit of lithium-bearing spodumene is the largest in Europe. The latest prospecting results indicate a deposit larger than the 28 million metric tonnes of high-grade battery lithium previously estimated. The EU's goal to reduce its dependence on countries like China for strategic raw material could hinge on this project. Savannah was forced to stop prospecting at Barroso in two weeks' time after the court ordered that the government revoke its permission for the company to enter land owned by others. Savannah said that in a press release, the government filed a "reasoned solution" citing a wider public interest and the court ended up overturning an injunction. Savannah's statement stated that the government claimed any delay in the work "would be more expensive and detrimental to public interest". It added that the company expected to compensate for the delays over the rest of the program. Savannah has only one venture, Barroso. It hopes to begin commercial production in 2027. The project will also complete its final environmental licensing and feasibility study in the second half this year. Reporting by Sergio Goncalves, Editing by Aiden Lewis
What Trump 2.0 would mean for trade, migrants, climate modification and electric cars and trucks
A Donald Trump governmental election success would have substantial implications for U.S. trade policy, climate change, the war in Ukraine, electric lorries, Americans' taxes and prohibited migration.
While a few of his proposals would need congressional approval, here is a summary of the policies he has actually stated he would pursue in his 2nd four-year term in workplace:
MORE TARIFFS
Trump has drifted the concept of a 10% or more tariff on all items imported into the U.S., a move he says would get rid of the trade deficit. However critics say it would lead to higher prices for American customers and global economic instability.
He has also said he needs to have the authority to set higher tariffs on countries that have put tariffs on U.S. imports. He has actually threatened to enforce a 200% tariff on some imported vehicles, saying he is identified in particular to keep cars and trucks from Mexico from entering the nation.
But he has likewise recommended that allies such as the European Union might see higher tasks on their items.
Trump has targeted China in particular. He proposes phasing out Chinese imports of items such as electronic devices, steel and pharmaceuticals over four years. He looks for to restrict Chinese business from owning U.S. realty and facilities in the energy and tech sectors.
Trump has actually said tariff is his preferred word and views them as revenue generators that would assist fill government coffers.
MASS DEPORTATIONS
Trump has sworn to restore his first-term policies targeting prohibited border crossings and to forge ahead with sweeping brand-new restrictions.
He has promised to restrict access to asylum at the U.S.-Mexico border and to embark on the biggest deportation effort in American history, which would likely set off legal challenges and opposition from Democrats in Congress.
He has actually said he will utilize the National Guard, and, if required, federal troops, to accomplish his goal, and he has not ruled out establishing internment camps to process people for deportation.
Trump has said he would seek to end automatic citizenship for kids born to immigrants, a move that would run against the long-running interpretation of the U.S. Constitution's 14th Amendment.
He has actually likewise recommended he would withdraw protected legal status for some populations such as Haitians or Venezuelans.
Trump says he will reinstitute the so-called travel ban that restricts entry into the United States of people from a. list of mainly Muslim-dominant countries, which stimulated. multiple legal battles throughout his very first term.
DRILLING AWAY
Trump has actually vowed to increase U.S. production of nonrenewable fuel sources. by relieving the allowing procedure for drilling on federal land. and would encourage new gas pipelines. He has actually stated he. would reauthorize oil drilling in the Arctic National Wildlife. Sanctuary in Alaska.
Whether the oil market follows through and raises. production at a time when oil and gas costs are relatively low. remains to be seen.
He has stated he will once again pull the United States out of the. Paris Environment Accords, a framework for lowering global. greenhouse gas emissions, and would support increased nuclear. energy production. He would also roll back Democratic President Joe Biden's. electric-vehicle mandates and other policies targeted at decreasing. car emissions.
He has argued that the U.S. requires to be able to boost energy. production to be competitive in developing artificial. intelligence systems, which take in big amounts of power.
TAX RELIEF
In addition to his trade and energy agendas, Trump has assured. to slash federal regulations that he states limit task production. He. has actually vowed to keep in place a broad 2017 tax cut that he signed. while in office, and his economic team has actually gone over an even more. round of individual and business tax cuts beyond those enacted. in his very first term.
Trump has actually pledged to decrease the business tax rate from 21%. to 15% for companies that make their items in the U.S.
. He has actually said he would seek legislation to end the tax. of suggestions and overtime earnings to aid waiters and other service. employees. He has pledged not to tax or cut Social Security. benefits.
Trump likewise has stated that as president he would press the. Federal Reserve to decrease rate of interest - however would stop short. of requiring it.
Many, if not all, of his tax propositions would require. congressional action. Spending plan experts have cautioned that the bevy. of tax cuts would swell the federal financial obligation.
ELIMINATING VARIETY PROGRAMS
Trump has promised to need U.S. institution of higher learnings. to defend American custom and Western civilization and to. purge them of variety programs. He said he would direct the. Justice Department to pursue civil rights cases against schools. that take part in racial discrimination.
At K-12 schools, Trump would support programs enabling. parents to use public funds for private or religious. direction.
Trump likewise wishes to abolish the federal Department of. Education, and leave states in control of education.
NO FEDERAL ABORTION BAN
Trump appointed 3 justices to the U.S. Supreme Court who. became part of the majority that eliminated Roe v. Wade's. constitutional protection for abortion. He likely would continue. to appoint federal judges who would maintain abortion limitations.
At the exact same time, he has stated a federal abortion restriction is. unneeded and that the issue ought to be fixed at the state. level. He has actually argued that a six-week restriction favored by some. Republicans is overly harsh and that any legislation should. consist of exceptions for rape, incest and the health of the. mom.
Trump has actually suggested he would not seek to restrict access to the. abortion drug mifepristone after the U.S. Supreme Court turned down. a challenge to the government's approach to managing it.
He supports policies that advance in vitro. fertilization (IVF), contraception and prenatal care.
A PUSH TO END WARS. Trump has actually been vital of U.S. support for Ukraine in its war. with Russia, and has actually said he might end the war in 24 hr if. chosen - although he has not stated how he would attain this. He. has recommended Ukraine might need to yield a few of its area if. a peace deal is to be struck, a concept Ukraine has regularly. turned down.
Trump has likewise said that under his presidency the U.S. would. essentially rethink NATO's purpose and NATO's objective.. He has backed Israel in its fight against Hamas in Gaza however has. prompted it to conclude its offensive. Trump can be expected to. continue the Biden administration's policy of arming Israel. At. the same time, he is most likely to promote historic normalization. of relations in between Israel and Saudi Arabia, an effort he made. throughout his 2017-2021 presidency and which Biden has also. pursued.
Trump has said if he becomes president, he will stop the. suffering and damage in Lebanon, however has not said how he. will attain that.
He has actually suggested constructing an iron dome - a massive. missile-defense shield comparable to Israel's - over the entire. continental United States.
Trump has actually also drifted sending militaries into Mexico to. battle drug cartels and utilizing the U.S. Navy to form a blockade. of that nation to stop the smuggling of fentanyl and its. precursors.
EXAMINING OPPONENTS, ASSISTING ALLIES
Trump has actually pledged sometimes to use federal police. agencies to examine his political enemies, including election. officials, attorneys and party donors.
Along that line, Trump has said he will think about designating. a special prosecutor to probe Biden, though he has not defined. the grounds for such an examination.
And he has actually said he would consider shooting a U.S. attorney. who did not follow his instructions - which would make up a. break with the longstanding U.S. policy of an independent. federal law enforcement device.
Trump has actually said he will consider pardoning all of those who. have been convicted of crimes in connection with the Jan. 6,. 2021, attack on the U.S. Capitol.
In addition to criminal investigations, he has actually suggested. using the government's regulative powers to punish those he. views as critics, such as tv networks.
PURGING THE FEDERAL BUREAUCRACY
Trump would seek to decimate what he terms the deep state. -- profession federal workers he says are clandestinely pursuing. their own agendas-- through an executive order that would. reclassify countless workers to enable them to be fired. That. would likely be challenged in court.
He would establish an independent federal government performance panel. headed by billionaire advocate Elon Musk to root out waste in. the federal government. He has actually not detailed how the body would. function. The government currently has guard dogs such as the. Workplace of Management and Spending plan, and private investigators basic at. federal agencies.
Trump would punish federal whistleblowers, who are. typically shielded by law, and would set up an independent. body to monitor U.S. intelligence agencies.
(source: Reuters)