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.
Linde is optimistic about clean energy projects despite reducing its full-year outlook
Linde, world's biggest industrial gas company, announced on Thursday that it is confident in its clean energy projects, despite reducing its full-year outlook due to a decline in the end markets, including mining, metals, and healthcare. Sanjiv Lamba, CEO of Sanjiv Lamba Technologies said in a conference call that he was "pretty confident" about the 8-10 billion dollars for investments in hydrogen over the next several years.
Budgets for UK mid-caps are boosted by pubs, builders and bookies
The UK midcap stocks rose on Wednesday, as investors deemed that the first UK budget of the new Labour government was less punitive than they had feared. Mid-cap shares outperformed blue-chip stocks, even though UK Finance Minister Rachel Reeves had announced a number of new tax increases to the tune 40 billion pounds per year. These would mostly impact businesses. "UK Chancellor Rachel Reeves delivered a fair but tough budget.
US Gulf of Maine Offshore Wind Auction draws only $22 Million in Bids
The U.S. Bureau of Ocean Energy Management announced on Tuesday that the offshore wind development rights offered in the Gulf of Maine attracted bids of $21.9 million for the first half of eight areas. Avangrid, a developer of offshore wind power, and Invenergy both walked away from the auction with two leases each. The 14 companies qualified to bid were Avangrid and Invenergy.
Norway's wealth funds falls short of climate ambitions according to NGO
A non-governmental organization said that the world's biggest sovereign wealth fund has failed to meet its own climate goals by not voting in favor of shareholder resolutions this year during AGM season. The fund, which has a value of $1.8 trillion, pools revenues from the Nordic states' oil and gas production. It aims to have the 9,000 companies…
Citgo creditors attack Elliott bid in auction, seeking rival offers
Creditors of the company said that the key terms of an agreement proposed by a U.S. court with a hedge fund to control Venezuelan oil refiner Citgo Petroleum would lock in its low-ball offer. The reaction to Elliott Investment Management’s Amber Energy, a wholly owned company by Elliott Investment Management, has ended any hope of changing Citgo's ownership this year to satisfy Venezuela's debt defaults or expropriation.
CorPower Ocean, a wave energy technology company, has secured 32 million Euros.
The firm announced on Wednesday that it had secured funding of 32 million euros ($35 millions) to help commercialise wave energy technology. Wind and tidal projects are being developed in some countries to reduce emissions and achieve climate goals. The wave power industry is still in its early stages of commercialisation and costs are high. It is also more predictable than the wind power.
Senegal announces a 25-year plan for economic and social development
Senegal’s government released a 25-year plan of development on Monday. It said that the plan would lay the groundwork for economic sovereignty by focusing on competitiveness, resource management sustainability and good governance. The agenda was launched in March, seven months after the West African president Bassirou Diomaye Faye won a landslide victory at elections on the promise of improving livelihoods. He said: "Our...
Kpler reports that four tankers are still at sea, with cargoes not sold with Arctic LNG 2.
According to ship tracking agency Kpler data, four tankers carrying Russian Arctic LNG 2 are still at sea. This highlights the difficulties of the U.S. sanctioned project for the sale of seaborne gas. The agency reported that on Monday, the tankers were seen crossing the seas without indicating a destination. This is because the market still anticipates a possible delivery to a customer.
Citgo auction at risk as Venezuelan bondholders file parallel claims
Holders of billions in Venezuelan bonds, notes and other securities have emerged in the last minute as protagonists in an American court case that will decide ownership of oil refiner Citgo Petroleum. They threaten to derail a compensation auction for more than a dozen firms to compensate them for unpaid debts or expropriations. Two groups of holders have taken their cases to other U.S.
Elliott group seeks to buy Citgo Petroleum from Exxon director
Gregory Goff, Exxon Mobil's board director, recently joined a newly-formed company backed by Elliott Investment Management that is seeking to take control of Venezuelan oil refiner Citgo Petroleum. Citgo and Exxon compete in the motor-fuels and lubricants business. Exxon, the third largest U.S. refiner of oil by capacity, and Citgo are the seventh largest.
Elliott group seeks to buy Citgo Petroleum from Exxon director
Gregory Goff, Exxon Mobil's board director, recently joined a newly-formed company backed by Elliott Investment Management that is seeking to take control of Venezuelan oil refiner Citgo Petroleum. Citgo and Exxon compete in the motor-fuels and lubricants business. Exxon, the third largest U.S. refiner of oil by capacity, and Citgo are the seventh largest.
Sources say that Citizen Energy, a producer of shale oil and gas, will buy Validus in a deal worth more than $2 billion.
According to sources familiar with the situation, Validus Energy, a privately held oil and natural gas producer, has agreed to purchase Citizen Energy, a rival company, for over $2 billion including debt. The U.S. Shale industry has seen a record wave of consolidation. After the COVID, oil prices surged and buyers were eager to secure the best drilling locations.
JLR invests 500 million pounds in upgrading EV factory
Jaguar Land Rover announced on Thursday that it will invest £500 million ($669.6million) in parallel production of electric cars at its Halewood plant as part of the electrification strategy. Why is it important? This investment coincides to increasing pressure on automakers to accelerate the electrification of their vehicles, especially in China where competition for EVs is intensifying.
Equities, commodities climb after China announces stimulus
After China announced stimulus measures for its economy, a widely-followed global stock index reached a new record high. Copper prices also hit their highest level in 10 week on Tuesday. Mining stocks drove the Dow and S&P 500 to record-breaking closing highs. The Chinese yuan reached a 16-month-high against the U.S. Dollar, and oil prices rose to a 3-week-high on the news that China was the world's largest crude importer.
Macquarie will take a minority stake in D.E. Shaw's green power arm could be worth up to $1.73 billion
Macquarie Group’s asset management division has acquired a minority stake of the green energy arm of U.S.-based investor D.E. The Australian company announced on Tuesday that it would invest up to $1.73 billion in equity into D.E. Macquarie Asset Management, a fund managed by Macquarie Asset Management, and D.E. Shaw Renewable Investments, or DESRI (Development Energy Services and Renewable Investments)…
Exagen, a British firm that specializes in solar energy and battery storage, has been acquired by Octopus
Octopus Energy Generation acquired Exagen Group, a developer of solar and battery storage systems. This acquisition will allow the company to increase its renewable energy pipeline. Exagen is a developer of utility-scale renewable and energy storage projects. It announced on Tuesday that it had a generation capacity in England of over 2.4 gigawatts. Octopus acquired a 24% initial stake in Exagen in August 2022.
Maryland Cove Point LNG Export Plant of Berkshire Hathaway shut down for maintenance
According to a notice sent to customers, U.S. energy company Berkshire Hathaway Energy closed its Cove Point LNG export plant in Maryland during the annual autumn maintenance period of about three weeks. According to data from the financial firm LSEG, the amount of natural gases flowing into the plant has dropped to almost zero since August 1, when it averaged around 0.7 billion cubic feet per day (bcfd).
Brookfield raises $2.4 Billion for Climate Fund backed by UAE
Brookfield Asset Management announced on Monday that it had raised $2.4 billion to support the Catalytic Transition Fund, which is supported by the United Arab Emirates. The fund aims at scaling up climate finance for emerging markets. CTF was launched last December at the COP28 Climate Talks in Dubai, and was anchored with a commitment of $1 billion from ALTERRA - a $30 billion UAE climate fund.
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.
