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Iberdrola approves an interim dividend and raises its full-year profit forecast
Iberdrola, the Spanish utility company, announced an interim dividend of 0.25 euro per share after announcing a full-year adjusted profit guidance of 6.6 billion euros (7.7 billion dollars). The company saw double-digit growth. Iberdrola reported a net profit of 5.7 billion euro last year. Iberdrola's reported net profit fell by 3% for the first nine-months of the year, due to the effects of the sale in Mexico of assets in 2024. However, the adjusted net profit without one-offs jumped up by 17% from January to September. Iberdrola Chairman Ignacio Sanchez Galan stated that the improved outlook is due to increased investments in the United States of America and Britain. Iberdrola’s network business has driven gains in operating profits and cash flow. The biggest utility company in Europe by market value plans to invest more than 100 billion euro's worth of money through 2031, as it shifts its focus towards more regulated power grids such as those in Britain and the United States. The company released its latest strategic update last month. It outlines a significant increase in investments into power networks and a more selective approach towards renewable energy projects. It has committed to investing 58 billion Euros through 2028, two-thirds of which will be in power networks in Britain and America. Additional investments of 45 billion Euros are expected between 2029-2031.
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As sanctions threaten Russian supplies, Asia's refining margins are on the rise.
Analysts and trade sources reported that Asian oil refinery profits had risen to their highest level in 20 months. This was due to a strong diesel performance, which has been boosted by a tightening of the outlook following US sanctions against two major Russian suppliers. Singapore's complex refinery margin, a proxy of Asia's refining profitability rose to almost $9 a barrel Tuesday, the highest since February 2024. LSEG data shows that it was about $2 a barrel early October. The global diesel market has been the main driver of strength in recent weeks, with a strong demand and tighter supplies. On Tuesday, the price of refining cracks used to refine 10ppm gasoil benchmarked at sulphur reached $26 per barrel. This is a record high for more than 1 1/2 years. US SANCTIONS RUSSIAN OPEC EXPORTERS The markets were further boosted last week by U.S. Sanctions on Russian Oil Exporters Rosneft & Lukoil. The latest sanctions against Russia could threaten diesel exports, since Russia exports about 1 million barrels of diesel per day," ING commodities analysts said in a Tuesday research note. There is also a risk that Indian refiners will reduce their run rates if they cease to buy Russian oil. This would result in lower export volumes of middle-distillates from India," ING said. Diesel supplies from India were shifting to Europe before the latest sanctions as refineries reached peak maintenance and production dropped. According to June Goh of Sparta Commodities Senior Oil Market Analyst, the current diesel rally is a result of reduced Russian diesel exports as a result Ukrainian drone attacks and seasonal refinery turnarounds, along with limited Chinese clean products export quotas in Q4. "Also, the distillate arbitrages in the Arab Gulf and West Coast India are pointing East and tightly shutting into Europe. The diesel shortage in Europe is expected to be more severe, said Goh. The short-term sentiment was also boosted by the market talk that fewer spot shipments from Asian suppliers including South Korea China and Taiwan for November shipments. Other parts of the Barrels The profit on processing a barrel gasoline jumped nearly 30% to $13 this month, driven by the tight supply due to unplanned outages in Southeast Asia, while margins are narrowing in other regions as winter approaches, traders reported. Energy Aspects' monthly outlook on middle distillates stated that "Strong margins will keep refinery operations high and a rising OPEC+ supply, particularly medium sours, is expected to improve crude slate optimisation, boosting clean product yields, and increase crude slate optimisation." The margins on fuel oil remained mediocre. Low-sulphur cracks are down, while high-sulphur fuels have seen some recent gains.
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Gold falls to a three-week low amid optimism over US-China trade
Gold prices fell on Tuesday, reaching a three-week-low, as investors awaited major central bank announcements. As of 0652 GMT spot gold fell 1% to $3,941.65 an ounce, its lowest level since 10 October. U.S. Gold Futures for December Delivery fell 1.5% to $3.957.50 an ounce. Tim Waterer, KCM Trade's Chief Market Analyst, said that the defrosting of U.S. China trade relations had a negative impact on the gold price because it has led to fewer safe-haven purchases. Top Chinese and U.S. economists hammered out the framework for a trade agreement that U.S. president Donald Trump and his Chinese equivalent Xi Jinping will decide on this week. If Trump and Xi had a productive trade meeting this week, gold could be swimming against the flow to a certain degree. Waterer noted that this could be countered if the Fed adopts a more dovish tone in its rate-cutting announcement this week. Trump told reporters that he believed a deal with China would be made. He also announced in Malaysia a series of deals with four Southeast Asian countries on minerals and trade. This was the first stop of a five-day Asia tour. Asian shares continued to consolidate recent gains on Tuesday, as the risk appetite remained high amid hopes of a thawing of global trade tensions. Investors are waiting for any future-oriented language from Fed chair Jerome Powell. The U.S. Federal Reserve is widely expected to reduce interest rates by the end of their policy meeting on Tuesday. Both the European Central Bank (ECB) and the Bank of Japan, are expected to keep rates unchanged this week. The gold price has risen by 53% in the past year. It reached a high of $4,381.21 at the end of October, boosted by economic and geopolitical uncertainty, bets on rate cuts, and central bank purchases. Spot silver dropped 0.8%, to $46.51 an ounce. Platinum fell 2.6%, to $1.549.85, and palladium fell 1.2%, to $1.385.50. (Reporting and editing by Sherry Jac-Phillips, Subhranshu Sahu, and Brijesh Patel in Bengaluru).
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Gold falls to a three-week low amid optimism over US-China trade
Gold prices fell on Tuesday, reaching a three-week-low, as investors awaited major central bank announcements. As of 0525 GMT, spot gold was down by 0.2%, at $3,974.66 an ounce. Bullion fell to its lowest levels since October 10 during the morning session. U.S. Gold Futures for December Delivery fell 0.8% to $3.989.10 an ounce. Tim Waterer, KCM Trade's Chief Market Analyst, said that the defrosting of U.S. China trade relations had a negative impact on the gold price because it has led to fewer safe-haven purchases. Top Chinese and U.S. economists hammered out the framework for a trade agreement that U.S. president Donald Trump and his Chinese equivalent Xi Jinping will decide on this week. If Trump and Xi had a productive trade meeting this week, gold could be swimming against the flow to some extent. Waterer noted that this could be countered if the Fed adopts a more dovish tone in its rate-cutting announcement this week. Trump told reporters that he believed a deal with China would be made. He also announced in Malaysia a series of deals with four Southeast Asian countries on minerals and trade. This was the first stop on his five-day Asia tour. Asian shares continued to consolidate recent gains on Tuesday, as the hopes of a thawing of global trade tensions fueled risk appetite. Investors are waiting for any future-oriented language from Fed chair Jerome Powell. The U.S. Federal Reserve is widely expected to reduce interest rates by the end of their policy meeting on Tuesday. Both the European Central Bank (ECB) and the Bank of Japan, are expected to keep rates unchanged this week. The gold price has risen by 53% in the past year. It reached a high of $4,381.21 at the end of October, boosted by economic and geopolitical uncertainty, bets on rate cuts, and central bank purchases. Other than that, silver spot fell by 0.5%, to $46.68 an ounce. Platinum dropped 1%, to $1574.25; and palladium rose 1.1%, to $1417.30. (Reporting and editing by Sherry Phillips, Subhranshu Sahu, and Brijesh Patel in Bengaluru).
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Thailand still has not approved transmission charges for regional electricity deal
The deputy energy minister of Thailand said that the country has not yet approved transmission charges to extend a deal for hydropower to be sent from Laos in Singapore. The Lao PDR-Thailand-Malaysia-Singapore Power Integration Project, first unveiled in 2022, has been recognised as a precursor to an ASEAN Power Grid, an attempt to reduce Southeast Asia's growing reliance on fossil fuels for power generation. In October, Malaysian energy minister stated that approval could be granted as soon as next month. Sompop Pattanariyankool said that the Thai authorities must still approve the second phase of this power project. He was speaking on the sidelines of a Singapore event. Pattanariyankool stated that "the movement of charges from Malaysia to Singapore has already been done." "Thailand needs to approve it." Pattanariyankool stated that he was unable to provide a timeframe for approval as it depends on the National Energy Policy Council's decision. The membership of the council changed last month when a new administration took office. The term "wheeling charges" refers to the costs associated with transmitting electricity over a grid. In the absence of an agreement on wheeling between Singapore and Thailand, exports to Laos would be blocked until a solution is found. The power generated in Laos is transmitted via Thailand. Malaysia's Energy Minister said earlier this month that political changes delayed the resume of power exports to Singapore from Laos. Singapore announced on Monday that a restart was imminent, but did not provide any further details. (Reporting and editing by Thomas Derpinghaus; Sudarshan Varadan, Florence Tan)
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Sany Heavy Industry debuts in Hong Kong after $1.6 billion IPO
Sany Heavy Industry's shares rose up to 4.7% on their Hong Kong debut Tuesday, after the Chinese construction equipment maker raised HK$12.36bn ($1.59bn) in one the biggest listings in the city this year. According to the prospectus, this company was founded in 1994 and is part of the Sany Group. It is now China's leading construction machinery manufacturer, and ranks among the top three worldwide. Sany, which manufactures excavators and concrete machinery as well as road construction equipment and cranes, operates 16 production bases in different countries and sells its products to more than 150. The stock price opened at HK$21.30 and matched the offer, but then rose as high as 4.7%, to HK$22.30. Later, it trimmed these gains to trade at HK$21.84 slightly higher. The benchmark Hang Seng Index remained unchanged. Sany's Hong Kong listing joins a long list of recent large share offerings, including Zijin Gold International's $3.2 billion IPO - the biggest deal of its kind globally to date. Dealogic data shows that companies raised $23 billion total in Hong Kong during the first nine month of this year. This is more than three-times the amount of the same period of 2024. Sany's Shanghai listed shares fell 1.9% to 22.11 Yuan. Stocks have gained 34% this year, mainly due to strong demand and growth overseas. The company's market value is now $26,8 billion. According to the company prospectus, Hillhouse, BlackRock and Temasek via Aranda Investments were among the cornerstone investors of the Hong Kong offering. Sany stated that it would use proceeds to fund overseas growth, invest in intelligent and electric machinery research and development, repay debt, and for general operating capital. Reporting by Yantoultra NGi; editing by Nivedita Bhattacharjee, Subhranshu Sahu
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Report: Climate change is closing the window for fast-marathons.
New research, released in advance of the New York City Marathon on Sunday, shows that climate change will limit the opportunity for world-record performances. Athletes are concerned that rising temperatures will change the face of running marathons. Some cities will be more affected than others. Last month, Berlin's marathon was held in temperatures that were unseasonal at 75 degrees Fahrenheit. Climate Central, a non-profit organization based in the United States, found that 86% (or 221 global marathons) analysed for their dates of 2025 are expected to experience a decline of the odds of running optimally by 2045. This includes all seven Abbott World Marathon Majors. Mhairi Mclennan said that the findings reflect the growing challenges for elite runners. Maclennan stated that "at the elite level, the conditions can make or break performance." "We train every day for years, managing our lives in order to perform at our best. But that elusive goal keeps slipping away as the ideal temperature becomes rarer. Climate change isn't only about the races getting harder. It's also about knowing that record performances may soon be beyond reach if conditions continue to get hotter. The report identifies the'sweet spot" for marathon temperatures which supports peak performance. Men perform better in cooler temperatures (on average 4 degrees Celsius, or 39 degrees Fahrenheit), while women do better with warmer temperatures (10 C). However, the report warns that global heating is making it increasingly difficult to find these conditions. Tokyo has the highest probability of having ideal temperatures for male elite runners (69%) but also the greatest decline projected by 2045. Heat waves in 2025 have already driven race-day temperatures above the thresholds for peak performance. However, starting races earlier can improve conditions modestly. Catherine Ndereba, former world record holder in the sport, said that it was already adapting. Kenyan Ndereba said that climate change had changed the marathon. He is a four-time Boston champion, two-time World Champion and a world champion. Dehydration can be a serious problem, and even simple mistakes in calculations can cause a race to end before it has begun. Even the strongest steps will fail if we do not take care of our environment. Ibrahim Hussein echoed this sentiment. He is the first Kenyan ever to win the New York Marathon and the Boston Marathon. Hussein stated that "the climate is now part of the course." If we don't preserve it, future records and enjoyment will be less likely. Reporting by Martyn Davis Editing by Toby Davis
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Bill Gates, billionaire Bill Gates, calls for a climate strategy pivot before COP30
Bill Gates, philanthropist and billionaire investor, called on world leaders to focus on improving health outcomes and not temperature reduction targets in advance of the COP30 Climate talks in Brazil. COP30 is scheduled to take place in Belem, a port city in Brazil's Lower Amazon Region from November 10-21. The countries are expected to update their national climate commitments, and evaluate progress made on the renewable energy targets set at previous summits. In the last decade, the world has been working to achieve the Paris Agreement goals. This includes limiting global warming below 2 degrees Celsius over the pre-industrial level by the mid-century. However, this goal is still far off track. While climate change was serious, it was "not civilization-ending", Gates posted on his personal blog. Gates wrote that instead of focusing on temperature as a measure of progress, it would be better to build climate resilience by strengthening health. He called for an increase in investments in energy, healthcare and agricultural resilience, especially in regions that are vulnerable. He argued that these areas offered more equitable benefits than temperatures goals and should be at the center of climate strategies discussed during COP30. Gates, whose Breakthrough Energy venture network has invested billions in clean technology innovation, challenged donors and policymakers to examine whether climate aid is being spent efficiently. He called for them to maximise their impact by using data and urged investors to support companies that develop high-impact, clean technologies to lower costs more quickly. He said that direct deaths due to natural disasters had fallen by 90% in the last century, to between 40,000-50,000 per year. This is largely because of better warning systems and a more resilient infrastructure. Last week, the U.N. Secretary General Antonio Guterres, and the World Meteorological Organization urged countries implement disaster warning systems in order to protect people from extreme weather. WMO reported that weather, water, and climate-related hazards killed over 2 million people in the last five decades. 90% of these deaths occurred in developing countries. (Reporting and editing by Simon Jessop, Nia Williams and Sharon Kimathi)
Mexico's Sheinbaum seen tapping political heavyweights for state energy tasks
Mexico's previous foreign minister, the scion of a legendary political family, and a celebration manager are in contention for leading energyrelated tasks in Presidentelect Claudia Sheinbaum's federal government, sources said, suggesting political savvy will surpass technical proficiency in running state energy business.
The cabinet of President-elect Claudia Sheinbaum will be a. mix of old and brand-new faces when it is revealed next week, sources. on her team stated, as she aims to pursue her predecessor's main. top priorities while putting her own stamp on particular essential areas.
State oil business Pemex and state power company, the Federal. Electrical Energy Commission (CFE), are crucial to President Andres. Manuel Lopez Obrador's vision for Mexico's energy. self-sufficiency.
Sheinbaum, an environment researcher, faces the tough balancing. act of honoring her promise to continue Lopez Obrador's policies,. while likewise improving Mexico's environmental record and. increasing renewable power generation.
Among the names doing the rounds to take the reins at. Pemex, the greatly indebted oil manufacturer which stays essential to. federal government financial resources, is the ethnohistorian Lazaro Cardenas. Cardenas is a former advisor to Lopez Obrador, a former governor. and boy of the historical leader of the Mexican left, Cuauhtemoc. Cardenas.
2 sources near Sheinbaum said Cardenas was a. frontrunner for the role though he could likewise be an alternative to. direct the Energy Ministry.
Cardenas has no energy market experience however has the excellent. benefit of bring the name of his grandfather, who as. Mexican president in 1938 oversaw the nationalization of the. country's oil market, spawning Pemex.
That family tree suggests he is unlikely to drive significant. reform at Pemex, a belief backed up by sources familiar with. the ex-governor.
Naming political heavyweights with little market. experience to major state business prevails in Mexico although. it has not generally held true. For example, Ernesto. Zedillo, president from 1994 to 2000, turned to energy expert. Adrian Lajous to head Pemex.
Within the oil market, the name of Deputy Finance Minister. and Pemex board member Gabriel Yorio has been mentioned. Luz. Elena Gonzalez, previous finance secretary for Mexico City, is. likewise in the running, according to market sources.
Neither Cardenas, Yorio, Gonzalez immediately reacted to. requests for comment.
Due to its evident market ramifications, the (Pemex pick). will showcase Sheinbaum's method to an essential entity for her. priority of enhancing Mexico's energy transition record, stated. Matias Gomez Leautaud, expert at Eurasia.
At CFE, the biggest electrical energy provider in the. nation, previous Foreign Minister Marcelo Ebrard and the. president of Morena, Mario Delgado, are frontrunners to take. charge, according to the two sources in Sheinbaum's team.
Neither have power experience however both wield significant. influence, once again suggesting the value to Sheinbaum of. having political savvy over technocratic know-how.
CFE has actually been at the center of Lopez Obrador's moves to. increase the state's stake in power generation. However both CFE and. Pemex have actually been slammed for their poor environmental records. and financiers will be seeing whether Sheinbaum can wring. changes at the state companies.
Critics have likewise knocked CFE for failing to enhance. production capacity, with Mexico being struck with power blackouts. amidst scorching temperature levels and prevalent dry spell.
Delgado and Ebrard's interactions team decreased to. remark.
We've always anticipated a high degree of continuity given. Sheinbaum's positioning with President Andres Manuel Lopez. Obrador's concerns, Gomez Leautaud said. In some locations, such. as the finance ministry, connection is a great signal for markets.
(source: Reuters)