MUFG Americas CEO: AI data centres will boost renewable energy demand, even under Trump
Mitsubishi UFJ Financial Group, the largest Japanese banking group, has said that the U.S.'s shift to renewable energy will continue under Donald Trump. Kevin Cronin, chief executive officer of MUFG Americas, said in an interview that the anti-renewables rhetoric of President-elect Trump has not led to a change in MUFG Americas' strategy. Cronin stated that the new administration would be more positive on fossil fuels but this does not mean that renewables will disappear.
Banks assist in the recovery of Australian shares; energy and miners lag behind
The Australian share market ended its five-day loss streak on Tuesday, as gains in the banking sector outweighed losses in mining and energy stocks. Investors around the world pondered whether U.S. policy will ease beyond this week. By 2335 GMT, the S&P/ASX 200 Index rose 0.2% to 8264.9. The benchmark index ended Monday 0.6% lower. The Financials subindex topped the benchmark index by 0.4%. Shares of the "Big Four banks" rose between 0.2% to 0.4%.
Lazard hires Miller from Citigroup in its energy investment banking drive, sources claim
People familiar with the matter said that Lazard hired Citigroup veteran investment banker Chris Miller to lead its dealmaking efforts within the energy sector. Miller, who was based in Houston, and had the title of vice-chairman of energy investment banking for Citigroup, recently resigned his position with the Wall Street bank and will begin his new role at Lazard early in 2025, after a period gardening leave, according to the sources.
Norway's wealth fund will probe shoemakers and crypto firms in 2025 for ethics
Next year, the Norwegian sovereign wealth fund will investigate the potential ethical violations of shoemakers, crypto-firms and gambling operators that the fund holds, leading it to sell its holdings. Norway's Parliament has set ethical guidelines for the world's biggest sovereign wealth fund. It owns 1,5% of all listed shares in 8,700 companies around the globe. The Council on Ethics…
Tokyo Gas president: Asset sales will boost capital efficiency by Tokyo Gas
Tokyo Gas wants to increase capital efficiency through the sale of underperforming assets including real estate. This was announced by its president on Thursday following disclosures that activist investor Elliott Management had invested 5% in Tokyo Gas. Elliott took a 5.03% share in Tokyo Gas earlier this month. The company is trying to get Japan's largest city gas provider to increase shareholder value.
Wall Street welcomes Trump's comeback, but with trepidation
Wall Street executives praised the prospect of business friendly regulations and a flurry of deals, as they analysed the implications of Donald Trump’s reelection. However, some were uneasy over his unpredictable nature. Executives from banks and private equity firms said that Trump's return will likely ease some of the regulatory pressures that existed under Biden's administration.
FinecoBank predicts record revenue in 2024 on the back of rising commissions
FinecoBank, an online bank and brokerage in Italy, forecast record revenues this year. The company also pledged a higher dividend for its 2024 results. As interest rates decline, banks are turning to brokerage and net fee products to generate revenue and compensate for the falling contribution of their lending business. Fineco expects to see a small double-digit increase in annual investing revenues.
Sources say that Brazil is aiming to attract foreign investment through a green development platform.
Brazil will launch a new platform on Wednesday to attract more foreign investment into sustainable development. The platform will highlight $8 billion worth of promising private sector projects, and look to triple this portfolio within a year. Four Brazilian officials who spoke anonymously about the program before a Washington launch event, held on the sidelines the meetings of the International Monetary Fund (IMF) and World Bank…
Financial Times - Oct 16
These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch for the accuracy of these reports. BBC, the British broadcaster, has announced plans for 155 job cuts across its news operations. This is part of a larger cost-cutting plan worth 700 million pounds (915 million dollars). Woodside Energy, an Australian oil and natural gas company…
IMF predicts a slowdown in the economic growth of Mexico between 2024 and 2025
The International Monetary Fund said on Tuesday that it expects Mexico's economy to grow at around 1.5% in this year. It cited capacity constraints and a tight monetary policy. The IMF stated in a press release that the growth rate is expected to slow down next year, reaching just 1.3%. At the same time, inflation is predicted to be close to the 3% target set by the central bank. Banxico is the name of Mexico's central banking institution.
The stability council of Mexico says that the financial system in Mexico is robust and stable.
The Mexican Financial Stability Council believes that Latin America's number one economy's financial system is strong and resilient. According to a statement from the central bank on Friday, Mexico's No. 2 economy is resilient and solid, despite global growth being expected to be slightly lower than last year. The Council said that the Mexican banking industry's capital and liquid levels "far exceeded" regulatory minimums…
According to a Nasscom-Zinnov study, India's global center market will grow to $105 Billion by 2030.
According to a report released by the IT industry association Nasscom on Wednesday, India's Global Capability Centres (GCCs), which were valued at $64.6 billion during fiscal 2024 will likely grow to between $99 and 105 billion dollars by 2030. India's GCCs are no longer low-cost outsourcing centers, but local offices that support their parent companies in multiple areas, such as daily operations, finance and research and development.
British Business – Sept 10,
These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. BP engineers will now be required to take faster decisions based on AI-generated information about oil and natural gas exploration, following a recent agreement with Palantir Technologies. Hostmore, a British restaurant operator…
Taiwan's TCC receives Italian approval to take energy storage company NHOA private
TCC Group Holdings, a Taiwanese company, announced on Friday that it has received approval from the Italian government to privatize energy storage firm NHOA. The Italian government has "golden powers" to block or impose conditions on foreign and local takeovers as well as changes in governance affecting companies operating in strategic sectors like energy, telecoms, and banking. The…
Rosneft CEO blasts high taxes, Rosneft's H1 earnings are up 27% year-on-year
Rosneft, Russia's biggest oil producer, said that its net income for the first half of this year rose by 27% compared to last year. Sales also increased. Company chief Igor Sechin referred to rising taxes as "destructive". The revenue for the period January to June was 5.174 trillion roubles. This is an increase of 33.4% compared to the previous year. Rosneft is responsible for 40% of Russia’s oil production. It managed to divert sales to India and China, away from Europe.
London's FTSE 100 continues to recover on the back of financials and corporate earnings
London stock markets rose broadly for the second consecutive session on Wednesday. Gains in financial stocks, and positive corporate earnings helped the indexes recover most of their losses earlier this week. The blue-chip FTSE 100 ended the day 1.8% higher, its highest showing in over four months. Meanwhile, the mid-cap FTSE 250 closed 1% up. Gains were made as the global appetite for risk improved following the Bank of Japan's unexpected reluctance to raise rates.
Floating Solar: DNV Advises on Indonesian Floating Solar Photovoltaic Project
Floating solar photovoltaic (PV), initially considered a niche technology, is now the fastest-growing solar PV category, alongside ground-mounted utility-scale solar and rooftop PV. As of August 2020, more than 60 countries have actively pursued the deployment of floating PV, with more than 35 installing an estimated 350 operational floating PV systems, equal to a total 2.6 GW of installed capacity.
Markets: Oil Rises as Inventories Expected to Fall
Oil rose on Tuesday on expectation of a continuous decline in U.S. oil inventories, recouping some losses from the previous session due to lingering concern over rising cases of the Delta coronavirus variant.Brent, the international benchmark for oil prices, rose 60 cents, or 0.8%, to $73.49 a barrel, at 0905 GMT.U.S. West Texas Intermediate (WTI) crude was up 63 cents, or 0.9%, at…
Report says BHP Mulls Oil & Gas Exit
Global miner BHP Group is considering getting out of oil and gas in a multibillion-dollar exit as it looks to speed up its retreat from fossil fuels, Bloomberg News reported on Tuesday, citing people familiar with the matter.The world's biggest miner is reviewing its petroleum business and considering options including a trade sale, the report said, adding that the deliberations were…
US-China Cold War Would Redirect Energy Flows
Worsening diplomatic relations between the United States and China are putting a spotlight on their economic inter-dependency in the context of global supply chains for both technology and energy.Top policymakers in the United States and some of its closest allies, including Australia and Britain, have recently hardened the language in which they describe relations with China.China…
