TSX reaches record highs as markets bet on possible Fed rate cuts
Canada's main index of stocks hit a new record on Tuesday. Energy stocks helped to boost the index as investors assessed domestic annual inflation figures amid optimism about a policy cut made by the U.S. Federal Reserve last week. If gains continue, the S&P/TSX Composite Index of the Toronto Stock Exchange is poised to close at a record level for a fourth consecutive session. The markets remained focused on the U.S.
CFO: Petrobras new strategic plan will focus more on oil and natural gas.
Fernando Melgarejo, the Chief Financial Officer of Petrobras, said that the new strategic plan for the Brazilian state-run company will be more focused on upstream operations. Melgarejo said that the plan for 2025-2029, which is being developed, will not include any mergers or acquisitions of major proportions and it is unlikely to need more debt and cash than the one for 2024-2028.
Sources: Eni is in discussions with funds about another Plenitude stake sales
Two sources familiar with the matter confirmed on Friday that the Italian energy group Eni was in discussions with several funds about the possible sale of a minor stake in its renewables and retail businesses Plenitude. This possible sale would be a further step in Eni’s strategy to tap specialized investors to fund the energy transition of the group. Eni sold 7.6% of Plenitude in March to Energy Infrastructure Partners.
Official: Argentina's energy subsidy cuts as government tackles fiscal deficit
Energy Secretary Eduardo Rodriguez Chirillo announced on Thursday that Argentina had reduced its energy subsides by $2.7 billion in the first seven month of the year, as part the government's aim to reduce its fiscal deficit. Rodriguez Chirillo, in a meeting held with officials from the energy industry in Houston, said that Argentina achieved a surplus of $2.9 billion between January and July.
Toronto stocks are up as resource-linked stocks gain.
Canada's main index of stocks rose on Thursday. This was largely due to gains in mining shares, as the latest U.S. data confirmed the possibility of an interest rate cut by a quarter basis point next week. The Toronto Stock Exchange’s S&P/TSX Composite index rose 87.91, or 0.38% to 23,299.08, and hovered near a new record high. The materials sector in Canada led the way with a 2.8% increase…
Thyssenkrupp’s green steel plant, worth $3.3 billion, could become more expensive
Thyssenkrupp’s steel division said on Thursday that a direct reduction plant planned to produce carbon-free, steel could cost more than originally thought. The site is expected to cost approximately 3 billion euros ($3.3billion). Thyssenkrupp Steel Europe, Thyssenkrupp’s steel unit where Czech billionaire Daniel Kretinsky holds a 20% stake in the company…
Seadrill CEO: Seadrill is looking to acquire assets and engage in M&A.
Seadrill, an offshore drilling contractor, is looking to merge with other companies or buy more assets. John Fredriksen, a Norwegian billionaire, lost control of his company, which was once the largest drilling company in the world by market capital, to creditors after two debt restructurings. Seadrill, a New York-listed company that is now leaner and smaller…
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.
US CFTC fines energy traders
The U.S. Commodity Futures Trading Commission ordered TOTSA TotalEnergies Trading SA on August 27 to pay a fine of $48 million for alleged gasoline price manipulation. Ian McGinley, CFTC Director of Enforcement, said that the CFTC had "guarded the integrity of the market in numerous cases during the past 20 years" by detecting these benchmark-related scheme and prosecuting them. The U.S.
US mineral projects close down government loans in fear of Trump
U.S. battery and miner recyclers have been rushing to close billions-dollar government loans before January, out of fear that the former president Donald Trump, if elected, would block funding necessary to boost American production of vital minerals for energy transition. The falling prices of lithium, nickel, and other minerals this year, along with lower than expected EV sales have scared private financiers.
Biden administration finalizes the solar lands plan and touts progress
The administration of U.S. president Joe Biden announced on Thursday that it had finalized plans to expand solar power on federal lands across 11 western states. This is part of an overall push to accelerate the permitting and construction process for large infrastructure projects. The White House is looking to speed up the approval of projects ranging…
Rains hit India and Pakistan, evacuating thousands
Authorities warned of further heavy rains on Thursday after heavy rains flooded parts of India's western Gujarat state, forcing thousands of people to flee their homes and causing utility lines to be cut. At least 28 people were killed. Television images showed that the army has joined in on the relief effort as people wade through waist-high water which had partially submerged roads and vehicles.
Meet ZEUS, a Proposed Zero-emission Power Station
Aker Solutions, PETRONAS Carigali Sdn. Bhd., MISC Bhd and Clean Energy System Inc, signed a Memorandum of Understanding (MOU), effectively commencing the Zero Emission Power Station (ZEUS) pilot project, an energy solution that uses oxyfuel combustion with immediate CO2 capture and storage.The ZEUS technology employs advanced oxyfuel combustion to…
Meyer Burger to halt solar plant in Colorado and plans restructuring
Meyer Burger, a Swiss solar panel manufacturer, announced on Monday that it had suspended plans for an upcoming plant in Colorado. The company said it would take restructuring measures to improve profitability and also suggested the profits might be lower than expected. The company said that its board had requested management to develop a "comprehensive cost-cutting and restructuring program"…
US sanctions 400 additional targets for helping Russia's war efforts
The State Department announced that the United States imposed sanctions Friday on more than 400 individuals and entities for supporting Russia's military effort in Ukraine. This included Chinese firms, which U.S. officials believed were helping Moscow skirt Western sanctions while building up its military. Washington has warned Beijing repeatedly over its support of Russia's defence industrial base.
US sanctions 400 additional targets for helping Russia's war efforts
The State Department announced that the United States imposed sanctions Friday on more than 400 individuals and entities for supporting Russia's military effort in Ukraine. This included Chinese firms, which U.S. officials believed were helping Moscow skirt Western sanctions while building up its military. Washington has warned Beijing repeatedly over its support of Russia's defence industrial base.
Mexico's Pemex receives approval to increase investment in deepwater Lakach field by $400 million
The hydrocarbon regulator in Mexico approved Thursday the request of state energy company Pemex for an expansion of a natural-gas project in Gulf of Mexico. This requires additional investments of just under $400 million. Lakach has been touted as a possible gateway to a deepwater Mexican gas frontier. Pemex requested that the production strategy for the field be updated to include the termination and recovery of wells…
The policy uncertainty highlighted by the rise in US executives' election talk
U.S. executives are more concerned about the presidential election this year than they were four years ago. A wider policy divide between Donald Trump and Kamalah Harris raises concerns over taxes, tariffs, and pricing power. According to a LSEG Workspace screen on S&P 500 companies, mentions of the "election" and "White House" in earnings calls were 34% more than they would have been for the corresponding period of 2020.
Autry Stephens, Texas Oil Billionaire, Dies at the age of 86
Autry Stephens died at the age of 86 after a long battle with cancer, Endeavor Energy Resources announced on Friday.He was known for his relentless work ethic and frugal attitude. He continued to work even while under medical treatment and relying on friends to fly in a private plane to Houston to receive cancer treatments.Sources said that his work ethic was shaped during the difficult years of the 1980s…
TSX sluggish as gains in CPI are offset by energy shares
Canada's main index of stocks was down on Tuesday, as the losses in energy shares tempered gains from consumer price data which showed that inflation had cooled to a low of 40 months in July. This raised hopes for a rate cut next month. At 9:56 am. The S&P/TSX Composite index rose 3.48 points or 0.02% to 23,119.87 ET (13.56 GMT), hovering near its record highs.
