Latest News
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Iberdrola Puts 49% East Anglia TWO Offshore Wind Stake Up for Sale
Spanish power utility Iberdrola is seeking to sell 49% of its offshore wind farm East Anglia Two in Britain, which has an estimated total value of 5 billion euros ($5.8 billion), newspaper Cinco Dias reported on Thursday, citing unidentified sources familiar with the plans.The company has hired Bank of America BAC.N and BBVA BBVA.MC as financial advisers for the potential sale, the report said.An Iberdrola spokesperson did not immediately respond to a Reuters request for comment.Iberdrola has been shifting its focus from green assets to power networks in regions with maximum legal certainty, such as the United States and Britain.The company continues to see the U.S. as a key market despite opposition from President Donald Trump's administration to offshore wind. But the bulk of its investments are in power networks - regulated at state level - in Democratic-controlled states like New York, Maine, Massachusetts or Connecticut.In September, Iberdrola announced a 30% increase in investment through 2028 to 58 billion euros - two thirds of which are destined to British and U.S. power networks.($1 = 0.8581 euros)(Reuters - Reporting by David Latona; Editing by Jane Merriman)
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Moody's downgrades Botswana's credit rating to "Baa1" amid a slump in the diamond industry
Moody's, the global credit rating agency, downgraded Botswana's ratings to 'Baa1' (from 'A3') on Friday. The downgrade was attributed to the government's difficulties in adapting to the structural decline in the diamond sector and the increasing government debt. Moody's stated in a press release that "the economy remains heavily dependent on capital-intensive mining of diamonds; diversification efforts are lagging due to reform delays while climate shocks continue to persist." Botswana, long regarded as an African success story in economics, is now in a slump. This is due to the prolonged decline in the global market for diamonds, its main export. The demand has been hurt by the economic uncertainty in the world and the growing popularity of lab-grown gemstones. According to Moody's, the world's largest diamond producer by value has seen its current account deficit increase and reserves fall to an historic low. Botswana is expected to see its economy decline by 6% more in 2025, as the country remains vulnerable to global demand shocks, technological disruptions from lab-grown substitutes and changes in consumer preference. S&P, a peer agency, cut Botswana’s rating last month to 'BBB.' It expects that weak global diamond prices and demand will continue to keep the Southern African nation's fiscal and external flow positions weak. The agency stated that the global diamond slump is not likely to reverse and maintained the country's view as 'negative.' (Reporting and editing by AnushkaChourasia and SfundoParakozov)
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Hand and foot remains found in Kenya suggest ancient human relatives
Researchers in northern Kenya have discovered fossils of the hand and foot bones of an extinct human relative that dates back to 1.52million years ago. This species was able to manipulate stone tools, and would have been fully bipedal. The fossils were the first to be unambiguously associated with the species Paranthropus boisei. Researchers found a partial skull that contained a large portion of the hand and three foot bones. They also discovered most of teeth, a forearm fragment, a partial tooth, and a fragment of a skull. The new discovery is a revelation, especially when you consider the fragmentary nature previous fossils. This species is a descendant of Homo Sapiens, who evolved much later. Paranthropus bossei had a robust build with massive teeth and strong jaws. The skull of Paranthropus boisei was designed for chewing tough plant food. It had a crest on top to anchor the large jaw muscles. Flaring cheekbones gave it a dish shape. It was difficult to know the species without hand and foot fossils. This included whether it could have made and used simple tools. The study, published in Nature this week, was led by paleoanthropologist Carrie Mongle, a researcher at Stony Brook University, New York. The fossils have been discovered on the eastern shore of Lake Turkana in a place called Koobi Fora. Before this discovery, researchers were only able to study the dental and cranial remains, but very little else was known about this species' skeleton, said Louise Leakey of the Koobi Fora Research Project, a paleoanthropologist who co-authored the study. Mongle stated that the hand bones showed it was able to form precision grips like modern humans. This suggests this species could have made and used stone tools. Leakey stated that the handshake would have been very firm. We can tell that this species' hand was built to be able to hold firmly and for a long time. It would have been similar to gorillas as it would have used the hands to break down tough plant food, such as tearing, crushing or stripping vegetation. This is consistent with their hard and fibrous dietary habits, seen in its robust dentition. Fossils also revealed the species' locomotion. It was well adapted to walk upright on two feet. Leakey explained that "we can tell from its few foot bones that it is fully bipedal and not flat-footed, like a monkey, and that it would have had a similar lateral arch to ours which would have propelled the animal forward as it walked." Hominins are species that have evolved from humans. Paranthropus boisei is one of the four hominins that shared East Africa's landscape between one and two millions years ago. There have been discoveries of stone and bone tools dating from this period, but it is unclear if Paranthropus could have made and used them. Genus is a term used to describe a grouping of closely related species. Our species belongs to Homo. Homo, Homo Rudolfensis, and Homo Erectus are extinct species that lived in East Africa at the same time as Paranthropus. Some of these species literally crossed paths. In a study published in 2013, Paranthropus erectus and Homo boisei left footprints that crossed each other at Koobi Fora, a once muddy lakeshore. This discovery raised interesting questions about the relationship and competition between the two species for resources. Mongle explained that "Conventional Wisdom" has it that, while Homo was specialized in bigger brains and stone tools that allowed them to adapt well to changing climates, Paranthropus became a grass-focused dietary specialist. Leakey stated that the Paranthropus eventually went extinct.
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US furloughs workers at Nuclear Weapons Agency due to shutdown
Chris Wright, the Energy Secretary of the United States, said that the Trump administration will start furloughing workers next week at the agency responsible for managing the U.S. arsenal of nuclear weapons due to the shutdown. Wright stated in a posting on X, that furloughs would affect National Nuclear Security Administration employees who are "critical for modernizing our nuclear weapons." The NNSA is a semi-autonomous department of energy that also works in Ukraine to protect dangerous nuclear materials as the war against Russia continues. About 2,000 employees supervise 60,000 contractors who maintain and test weapons in national laboratories across the U.S. Wright told USA Today, that due to the shutdown now in its 17th week, there could be up to tens-of-thousands of contractor layoffs and furloughs for staff. Experts in nuclear weapons control have criticized potential reductions. The Arms Control Association's executive director Daryl Kimball said, "If the Trump Administration really believes the NNSA functions are important - and many are essential for nuclear facilities safety and security - I am sure they will find the funding to keep workers on the jobs, or they may want to reconsider their position regarding the federal government shut down." Wright, speaking to Bloomberg Surveillance Friday, said that the agency would not be furloughing people who work in emergency services. Wright said that the nuclear weapons modernization program, which is replacing older weapons with newer ones, could be affected. He said that the modernization program was just starting to gain momentum. "To have everyone unpaid and not come to work will not be helpful." A non-partisan report from the Congressional Budget Office in April projected that costs for operating and modernizing America’s nuclear forces until 2034 would reach $946 billion. This is 25% more than a previous estimate of 2023. The NNSA and Pentagon share the costs of nuclear weapons.
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A stampede kills two and injures many at the funeral of Kenyan opposition leader Odinga
Doctors Without Borders reported that two people died and over 160 were injured during a stampede on Friday at the funeral of Kenyan Opposition Leader Raila Odinga. Nairobi's Nyayo National Stadium was packed with people for the funeral of Odinga. Heavy security was also in place. Kenyan broadcaster NTV said that some people in the crowd rushed forward to see Odinga's corpse, causing them to crush mourners. It did not provide any further details. Kenya Red Cross spokeswoman said that "our teams are helping to treat and evacuate the wounded" but added that more details were not available immediately. The police did no answer the phone. Doctors Without Borders released a statement saying that two people died in the melee, and that more than 160 other were injured. The exact cause of all injuries, including fractures and blunt trauma, was not immediately known. Three people died on Thursday, when security forces opened fire at mourners at the Kasarani Stadium during a public viewing. Former political prisoner, who ran for president unsuccessfully five times in Kenyan politics for decades. He died on Wednesday, aged 80, in India where he was receiving medical care. Thousands of mourners danced and waved white handkerchiefs at the Friday service. Banners bearing Odinga’s portrait were also displayed. Some blew vuvuzelas and whistles to honour the man whom they called "Baba" or father in Swahili. William Ruto, Kenya's President, attended the service on Friday which included military honours. Since early Thursday morning, people have been taking to the streets to show their respect and to celebrate Odinga. Mourners stormed the main airport of the country when the plane with his body arrived. Flights were suspended for two hours. Odinga will be buried on Sunday at his homestead, in western Kenya. He was particularly beloved by members of the Luo tribe. Many of them believe that he lost the presidency through electoral fraud. Odinga, who is primarily known as an opponent, became Prime Minister in 2008; he also formed a political alliance with the former President Uhuru Nairobitta in 2018 and Ruto in 2018. This has been a career marked by shifting alliances. (Reporting and editing by Toby Chopra, Cynthia Osterman, Vincent Mumo and George Obulutsa)
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Nigeria's Dangote refinery says that the reduction in crude inflow is due to high prices and not faults
Nigeria's Dangote Refinery stated on Friday that the recent reductions in crude inflows was a strategic reaction to high global prices and not a result of operational failures. The comments were made during a tour of the media to address concerns about crude volumes and possible outages at this facility. Edwin Devakumar said that the refinery adjusted crude purchases in response to price fluctuations and stock levels. The 650,000-barrel-per-day refinery, built by billionaire Aliko Dangote, has undergone several rounds of maintenance this year, leading to reduced crude demand. Devakumar stated that "no factory is 100% fault-free every day." What matters is whether the problem has an impact on final production. He said that the refinery, which started operations in early 2018, is designed to undergo turnaround maintenance every five year, unlike older installations, which require more frequent shut-downs. The refinery's gasoline division has been shut down four times this year, which is unusual for an old plant. The company usually declines to comment on the maintenance schedule. Devakumar, who was speaking about recent dismissals of staff, said that the company had recorded 22 sabotage efforts, including attempts to start fires or tamper equipment. The refinery's automated control and fire protection systems, he said, prevented damage. He said: "We have dates and units of attempted fire incidents documented." "Some people tried to destroy instruments, but they were overruled by the system." According to the Crude Oil Refinery Owners Association of Nigeria (a trade association representing domestic refiners), sabotage is rare in local refineries. Nigeria's state owned refineries are still mothballed after years of neglect and corruption. Reporting by Isaac Anyaogu, Editing by Chijioke Ahuocha and Rod Nickel
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Petroperu's chairman is ousted by the new government of Peru, says regulator
The country's market regulator announced on Friday that the interim government of Peruvian President Jose Jeri has dismissed the chairman of Petroperu, the cash-strapped energy company owned by the state. In a document, Peru's market regulator stated that the decision was taken to dismiss chairman Alejandro Narvaez during a shareholder's meeting on Thursday. Narvaez's position was terminated that same day. Fidel Augusto Moreno, the current vice-chairman of the board, was appointed as interim chairman. Officials from the Economy Ministry and Energy and Mines Ministry are the main shareholders in the oil company. Jeri appointed their new heads after taking office last week, following the sudden ouster of Dina Boluarte. Narvaez was appointed chairman of Petroperu’s board in November. The company is facing a financial emergency due to heavy debts and tight cash flow after an investment of $6.5 billion in modernizing its Talara refinery, which was more than twice the original estimate. (Reporting and writing by Marco Aquino, Editing by Sarah Morland; Brendan O'Boyle)
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The October budget revenue for Russia's oil and gas sector is expected to fall by 21%
Calculations show that Russia's oil and gas revenues in October will fall by about 21%, to 950 billion Russian roubles (about $11.7 billion), compared to the same month a year ago, due to lower prices and an increased rouble. This is a blow to Moscow's largest source of income. The projected decline will present more challenges to the Russian government. It is already facing a growing budget deficit, and it has been forced to raise taxes in order to finance increasing military and security expenditures. The oil and gas revenues account for up to one quarter of the Russian budget. They are also the main source of funds for Moscow's ongoing military campaign against Ukraine. According to calculations based upon data on oil and natural gas production, refining and supplies on the domestic and international market, October revenues are expected to increase by 63% month-over-month due to companies paying profit-based tax. Calculations show that revenue for the first 10 month of the year will fall by 20,5%, to 7,56 trillion roubles. On November 5, the Finance Ministry will publish its estimates for oil and gas revenues in October. The Ministry initially projected 2025 oil revenues at 10,94 trillion, or 5% of the gross domestic product. However, this has been reduced to 8,32 trillion roubles.
Australia budget administers energy, rent relief in quote to tame inflation
Australia's federal government plans to invest billions to cut energy costs and lease, hoping to lower heading inflation and provide relief for voters whining about expense of living pressures ahead of an election next year.
In his third annual budget since taking workplace in 2022, Treasurer Jim Chalmers on Tuesday pledged more cash for renewables, important minerals and defence, alongside a long prepared cut to income taxes by a typical A$ 1,888 a year for each taxpayer.
The number one priority of this government and this spending plan is assisting Australians with the expense of living, Chalmers said in his spending plan speech to parliament.
Yearly inflation has more than halved from its peak in 2022 ... however we understand people are still under the pump. That's why we designed our expense of living policies to ease these pressures.
The federal government approximates the proposed A$ 3.5 billion ($ 2.31. billion) in energy expense relief - comparable to a yearly A$ 300. rebate for every family - will minimize headline inflation by. around half a portion point for the ending June. 2025.
Treasury now expects a reducing in inflation back to the. central bank's 2-3% target band by the end of this year.
That would be a welcome surprise for the Reserve Bank of. Australia, which was forecasting inflation to get to 3.8% by. the year end from the existing 3.6%, raising the threat of another. rates of interest hike.
The ambitious inflation projections come as Prime Minister. Anthony Albanese's Labor government deals with growing criticism over. soaring consumer rates ahead of a federal election due by early. next year.
Nevertheless, experts think core inflation could still stay. sticky even with the extra expense of living relief, which also. risks of adding to costs later on in the year.
Total income for 2024/25 is anticipated to be A$ 711.5. billion, while overall costs
are seen
at A$ 734.5 billion.
S&P Global Scores said the budget procedures could be slightly. inflationary as it a little loosens the bag strings.
Rent help or electricity refunds might be. administered in such a way that decreases determined customer price index. inflation, however they also put more cash into consumers' pockets. to invest in other items and services, the ratings firm stated. in a note.
Subsequently, the 'last mile' of the Reserve Bank of. Australia's (RBA) inflation fight might remain difficult, it. said, adding it no longer expected RBA to cut its policy rate in. calendar 2024.
Chalmers safeguarded the budget, stating the expense of living. procedures will soothe inflation.
I'm very positive in this budget that we're putting. downward pressure on inflation, that we are belonging to the. solution to inflation rather than the problem, the Treasurer. said in a post-budget interview with ABC News.
BACK TO DEFICIT
Other expense of living procedures in the spending plan consist of an. increase in the rent support program and financial obligation relief for. trainees, as well as more financial investment to make medicines more affordable.
Buying Labor's Future Made in Australia aid. program was the other huge theme of the budget plan, with the. government vowing to gather more than A$ 20 billion over the. next 10 years to assist domestic industries compete worldwide.
It also includes substantial tax incentives for the production of. eco-friendly hydrogen and for the processing and refining of. important minerals, a market China dominates worldwide.
The federal government will also spend A$ 5.7 billion more in the. next 4 years on defence - the largest increase in years -. as it upgrades its missiles, drones and warships to counter. China's increasing influence in the area.
All of that costs means the spending plan will swing back to. deficit in the next couple of years after 2 straight surpluses on a. strong labour market and high commodity prices.
The government predicts a combined A$ 122 billion in the red. over the four to 2028, though that will still be. relatively little at around 1% of gross domestic product on. average.
The government trimmed its 2024/2025 GDP growth projection to. 2.0% from 2.25%, while maintaining its existing year view at. 1.75%.
It kept its long-lasting product price presumptions the same. in the budget, with iron ore spot costs seen falling to $60 per. tonne by the March quarter of 2025, and thermal coal prices to. $ 70 per tonne.
(source: Reuters)