Latest News
-
Trump bought bonds worth more than $100 Million during his tenure as president, a disclosure shows
Since taking office in January 2017, Donald Trump has purchased more than $100,000,000 in bonds issued by companies, states and municipalities. This is according to new disclosures that shed light on his vast portfolio. The online forms posted on Tuesday show that the former Republican real estate mogul has made over 600 financial purchases in the past 21 days, the day following his second term as President. The filing of the U.S. Office of Government Ethics on August 12 does not give exact amounts, but only a range. These include corporate bonds issued by Citigroup, Morgan Stanley and Wells Fargo as well as Meta, Qualcomm, The Home Depot and T-Mobile USA. Other debts include bonds issued by states, counties, school districts, cities, as well as other issuers such as gas districts and others. The holdings are in sectors that may benefit from policy changes under the Trump administration, including financial deregulation. On Wednesday, the White House did not respond immediately to a comment request. Trump, a businessman-turned-politician, has said he has put his companies into a trust managed by his children. The annual disclosure form he filed in June revealed that his income, from various sources, still accrued to the president. This has led to accusations of conflict of interest. Trump disclosed more than 600 million dollars in revenue from cryptocurrency, golf properties and licensing, among other ventures, in this disclosure. The president's investment in crypto also added significantly to his wealth. According to an estimate made at the time, the president's assets totaled at least $1.6billion. (Reporting and editing by Sharon Singleton, David Gregorio and Trevor Hunnicutt)
-
South Africa's Tariff Body proposes an increase in steel duties to stop imports
The International Trade Administration Commission of South Africa proposed Wednesday import duties on steel products starting at 10% as part of measures designed to protect the sector against an influx of imported goods. After a review of the steel tariffs announced in March as part of South Africa's crisis of steel, which was marked by an oversupply of steel, a weak local market and high input prices, the government released preliminary findings. The government estimates that imports, mostly from China, account for around 35% total domestic consumption. This puts companies like ArcelorMittal South Africa at risk of bankruptcy. South Africa's steel industry has suffered as a result of U.S. President Donald Trump’s tariffs. The Commission, whose role involves conducting tariff investigations, providing trade remedies, and implementing import-export controls, stated that its initial findings will not become final until after it receives and reviews feedback from the general public in the next two week. In a public notice, it said that more than 150 submissions had been received, "ranging from requests to increase duty, create rebate provisions, and include specific products under import controls". The proposal is to increase customs duties by 10% on certain products, including flat-rolled, bars, rods and wires. Currently, the rate of duty for these products is 0%. According to the schedule, selected tube and pipe products, as well as nails, would be subject to a 15% duty. The Southern Africa Customs Union (which includes Botswana and Namibia) also offers rebates for steel products which are imported from South Africa because they cannot be found in these countries. Reporting by Nelson Banya, Nqobile Dudla and Barbara Lewis
-
Scientists say that rapid loss of Antarctic ice could be a tipping point for climate change.
A scientific study published Thursday warned that rapid loss of Antarctic sea-ice could tip the climate in a way that is impossible to reverse. It would cause sea level to rise, ocean currents to change and marine life to disappear. The Nature paper aims to describe the effects of global warming in Antarctica, the continent frozen at the South Pole. It said that "Evidence of rapid, interdependent and sometimes self-perpetuating change in the Antarctic environment is emerging." The study used data from observations, ship logbooks, and ice cores to chart the long-term change in sea ice. It also put into context a rapid decrease in recent years. It said that a regime shift had reduced Antarctic sea ice extent below its natural variability in past centuries. In some ways, it was more abrupt, nonlinear, and potentially irreversible, than Arctic sea ice loss. Nerilie Abram, lead author of the study, explained that changes are having knock-on impacts across the ecosystem, which in some cases amplify one another. A smaller ice-sheet reflects less sunlight, which means the planet will absorb more heat. It is also likely to accelerate the weakening the Antarctic Overturning Circulation (AOC), an ocean current that distributes nutrients, regulates the weather, and distributes heat. The loss of ice has a negative impact on wildlife, including the emperor penguins that breed on ice and the krills which feed beneath it. The study found that warming of surface waters will reduce the phytoplankton population, which is responsible for removing vast amounts of carbon dioxide from the atmosphere. Abram, former professor of the Australian National University and chief scientist for the Australian Antarctic Division, said that the Antarctic sea ice could be one of the Earth's tipping points. The study stated that reducing global carbon dioxide emissions could reduce the risk but not necessarily prevent major changes to the Antarctic. Abram explained that "once we begin to lose Antarctic sea ice we will set in motion this self-perpetuating cycle." Even if we stabilize the climate, we will still lose Antarctic sea ice for many centuries.
-
Sovecon increases its 2025 Russian wheat production forecast on the basis of improved prospects in Siberia, Urals and Ural
The grain consultancy Sovecon announced on Wednesday that it has raised its forecast of Russia's wheat crop for 2025 to 85.4 millions metric tons. This is up from the previous estimate, which was 85.2 million tons. It cited improved prospects in Siberia as well as the Urals. Sovecon analysts stated in a report that the wheat forecast has been revised upwards as yields are expected to reach record levels in these regions due to favorable weather conditions. Sovecon reported that the overall estimate of grain and pulse production remains unchanged, at 130.5 millions tons. The Russian statistics agency has revised the data regarding the area sown. The weather conditions in the south made it less likely to grow corn. It reduced its forecast from 14.3 millions tons to 13.4 due to unfavorable conditions. Andrey Sizov of SovEcon said that "yields continue to confirm our expectations". "However, although good crops may offset the losses in the South, it will take some time to deliver this wheat to Azov or Black Sea ports. This complicates Russia's export programme over the next several months - which is often the most important period of the year." The Russian IKAR consulting firm raised its forecast for 2025 wheat production to 85.5 millions metric tons, up from 84.5million tons. The Ministry of Agriculture has forecast a grain harvest of 135, 000 tons in 2025, which includes 88-90 millions tons of wheat. (Reporting and writing by Olga Popova, Anastasia Teterevleva, Editing by Mark Trevelyan).
-
As the dollar falls, gold prices rise. Focus on Fed Minutes and Jackson Hole
The U.S. Dollar eased on Wednesday, and the gold price rose by nearly 1%. Market participants awaited the minutes from the last U.S. Central Bank policy meeting as well as the upcoming Jackson Hole Symposium for clues about future interest rates. Gold spot rose by 0.9%, to $3,343.42 an ounce at 10:06 am EDT (1406 GMT), after having fallen as low as it had been since August 1, earlier in the day. U.S. Gold Futures rose by 0.9% to $3387.10. The U.S. dollar eased, making dollar-priced-bullion more affordable for other currency holders. Federal Reserve meeting minutes for July will be released at 2:00 pm EDT two days before Fed Chair Jerome Powell delivers his speech at the annual Jackson Hole Economic Symposium on Friday. Two central bankers disagreed with the Fed's decision to keep interest rates the same last month. They wanted rates lowered to prevent further deterioration of the labor market. Bob Haberkorn, RJO Futures' market strategist, said that traders see the recent drop in gold prices as an opportunity to buy ahead of Fed minutes. If Powell is dovish it's good for gold as it doesn't pay interest. If he is dovish, it will be necessary to break through the $3,350/oz barrier and ultimately retest the $3,400/oz level if he is a hawk. According to CME FedWatch, traders expect a quarter-point cut in rates by September. The U.S. president Donald Trump called for Fed Governor Lisa Cook's resignation on Wednesday, citing the call from the head of the U.S. Federal Housing Finance Agency, who urged the Department of Justice investigate Cook regarding alleged mortgage fraud. Silver spot rose 1%, to $37.73 an ounce. Platinum gained 2%, to $1,331.70. Palladium, which had hit its lowest level since earlier in July, was unchanged at $1115.92. Ashitha Shivaprasad reports from Bengaluru.
-
Trump bought bonds worth more than $100 Million during his tenure as president, disclosure shows
Since taking office in January 2017, Donald Trump's disclosures revealed that he has purchased more than $100,000,000 in bonds issued by companies, states and municipalities. The online forms posted on Tuesday show that the billionaire Republican President made more than 600 financial transactions since January 21, just one day after his second term as president was inaugurated. The filing of the U.S. Office of Government Ethics on August 12 does not give exact amounts, but only a range. These include corporate bonds issued by Citigroup, Morgan Stanley and Wells Fargo as well as Meta, Qualcomm, The Home Depot and T-Mobile USA. Other debts include bonds issued by states, counties, school districts, cities, as well as other issuers such as gas districts and others. The holdings are in areas that would benefit from U.S. policies under the Trump administration. Trump, a businessman-turned-politician, has said he has put his companies into a trust managed by his children. Trump's annual disclosure form, filed in June, showed that his income from different sources ultimately accrued to him - opening him up to accusations of conflict of interest. The White House did not respond immediately to a comment request on Wednesday. (Reporting and editing by Sharon Singleton, Trevor Hunnicutt and Susan Heavey)
-
Orlen Unipetrol is forced to seek help from the state to meet diesel demands due to a Czech refinery shutdown
A breakdown at the largest refinery in the Czech Republic forced Orlen Unipetrol to borrow 50,000 cubic meters from its state reserves to meet demand. It said that "despite all the measures taken including the stopping of fuel exports and increasing imports, at this time it is not possible to cover the demand for Diesel fuel on the Czech Market in full." The company has been granted permission to use state diesel reserves. The Czech unit of Polish refiner Orlen reported on X that a power failure at Orlen Unipetrol’s refinery in Litvinov in the northwest of Czech Republic in July damaged the ethylene units and severely limited the operations of the site. After repairs, the refinery resumed its operations. However, during the transition from partial power to full power Unipetrol discovered a second failure in the main ethylene compressor and was forced to shut down the Steam Cracker, and again reduce fuel and petrochemical production. Unipetrol said that its second largest refinery, located in Kralupy in the middle of the Czech Republic, is still in operation. It also stated that the company's other fuel production was sufficient. (Reporting and editing by Barbara Lewis; Marek Strzelecki)
-
CNBC-TV18 reports that the government is against Vedanta's demerger.
CNBC-TV18, an Indian news channel, reported Wednesday that the Indian government had objected to Vedanta’s proposed split into four new firms, claiming the demerger would make it more difficult to collect dues. CNBC reported that the Indian government claimed at a hearing held by the National Company Law Tribunal that Vedanta had modified its demerger plan after receiving a certificate of no objection from the Securities and Exchange Board of India. The NCLT is an independent quasi-judicial tribunal that decides on matters relating to companies. Could not verify the court proceedings immediately. Vedanta said in a press release that it filed a detailed reply to the government, but declined to share any specifics. The Ministry of Mining, Petroleum and Natural Gas did not reply to a comment request. They have not specified the amount claimed. Vedanta has told the tribunal it will provide a corporate guarantee in favor of the Ministry of Petroleum and Natural Gas in order to recover the debts. Oils-to-metals, a conglomerate that combines metals and oils, announced in December it would be split into four separate companies while still remaining as the main company. This plan was scrapped earlier to divide into six businesses. CNBC-TV18 reported that the government, via its legal representative alleged that key information regarding demerger was concealed and not disclosed. The report also stated that key information was not disclosed, including "inflated revenue" and "concealed liability." Vedanta said earlier in the month that it SEBI sent a letter warning them of certain non-compliances. However, the government did not respond to their allegations. News channel: NCLT postpones next hearing until September 17 Vedanta's shares dropped as much as 2.8% following the report. However, they recovered some of their losses and closed 1% lower than before at 445.50 Rupees. Reporting by Sethuraman NR, Manvi Pant and Niveditarjee; editing by Sonia Cheema & Niveditarjee
The European renewables market is driving the battery storage boom
The battery storage capacity in Europe is expected to increase five-fold between now and 2030. This will bring increased returns for energy companies, traders, and project developers, as new projects become cheaper.
The use of wind and solar energy has increased to around a third in Europe's mix. However, because they are intermittent sources, there is also a demand for backup batteries.
Battery technology has also made great strides. Smaller battery packs can store more power and lower costs.
According to estimates from the industry, even the anticipated leap in capacity will not be enough to meet national demand and balance energy grids.
Aurora Energy Research predicts that capacity will rise to more than 50 gigawatts by 2030, which represents investments worth approximately 80 billion euros (82.80 billion dollars).
The European Association for Storage of Energy estimates that 200 GW of storage will be required by 2030.
According to Aurora Energy Research, a total of 10.8 GW in Europe's battery capacity has already been added by 2024.
Some investors have been disappointed by the renewable energy industry in general. In Europe, wind turbine manufacturers have seen their profits eroded by technical issues, supply-chain problems, rising costs, and planning disputes.
After the oil price recovery, following a slump in demand caused by pandemic locksdowns, energy majors are also under pressure from shareholders to focus on fossil fuels.
Battery storage is a great way to earn money.
Project operators can secure what is known as ancillary contract from grid operators who pay them for helping to balance the system. For example, capacity market contracts pay generators and battery owners for being available during times of high demand.
Price volatility on the wholesale energy market offers traders the opportunity to make a lot of money.
When the amount of wind or solar energy produced exceeds the demand on the grid, the electricity price can go negative. Battery operators are paid to store power in case it is needed.
The traders can make money if they can charge their battery at a low price because the prices are negative, and then sell it at a higher price at sunset at six o'clock. This is what Roberto Jimenez said, the executive director of BW ESS. BW Group, whose global infrastructure company includes BW ESS.
LSEG data shows that the number of hours with a price below zero or at a negative value in Britain's electricity day-ahead market reached a record 176 in 2024. It predicts a nearly four-fold rise to 792 hours by 2026.
Similarities are seen across Europe. LSEG predicts that the number of German negative hour will increase from less than 500 in 2024 to over 900 in 2026.
MAJOR PROFITS
BW ESS and oil giant Shell have an agreement for the 331 MW capacity of a battery project in Britain. Shell will pay a fee of fixed amount to BW ESS for the battery to be available to Shell when it sees a business opportunity.
TotalEnergies, another major, bought German battery storage firm Kyon Energy in the last year. The first project, a 200-megawatt-hour project, will begin operating in 2026 with an investment of 75 million euros.
TotalEnergies spokesperson said that the German market is interconnected with 11 other countries. This provides ample opportunity for trans-border electricity trade.
In order to attract investment, new markets will also offer initial revenues that are contracted. Italy's grid operator Terna announced that it will conduct a first auction for battery storage capacity before the end of 2025. The projects are expected to become operational by 2028.
Statkraft is Europe's biggest renewable generator. It has a portfolio of large batteries, including projects in Britain and Ireland. It has said that it will bid in the Italian auction.
RETURNS ARE RISING, COSTS ARE DRIVING DOWN
RBC analyst Joseph Pepper stated that the growing revenue from contracts and trade has pushed UK batteries revenues to their highest levels in two years. They are now at approximately 90,000 pounds ($112,617) each MW per annum.
The price of battery storage has also decreased due to the oversupply of batteries from China, and the shrinking size of the battery packs as a result of technological improvements.
Pepper said that the cost to build a project in Britain had fallen by around 30% over two years, and is now just a little above 500,000 pounds for a 2-hour project.
He said that the result of a British project will be returns in the range of 12%.
The main driver (to improve returns )...) is the large decrease and reduction of CAPEX for Batteries, said Tom Vernon. Statera Energy has over 1 GW in pipeline projects that are in operation or under construction in Britain.
This trend is likely to continue. Goldman Sachs analysts said that average battery prices could drop to $80/kWh in 2026 from $153 per Kilowatt-hour in 2022. ($1 = 0.9662 euros) ($1 = 0.7992 pounds)
(source: Reuters)