Tokyo Gas expects its net profit to double in FY26
Tokyo Gas, Japan's largest city gas provider, said that it aims to double its net profits in 2026 and has plans to expand into the United States. The plan was released in a mid-term management report on Wednesday. The company expects its net profit to increase to 131 billion Japanese yen ($871million) for the fiscal year 2025-26, which starts on April 1.
Vingroup Vietnam plans LNG and renewable energy ventures
Vingroup, Vietnam's largest conglomerate, announced on Tuesday that it is looking to develop renewable energy sources and liquefied gas power plants. This would be the company's first ventures in the energy sector. The state-run newspaper VietnamNet reported, citing documents the company had submitted to the Government…
Putin's decree authorizes US hedge funds to purchase foreign-owned Russian securities
A presidential decree published on Monday showed that Russian President Vladimir Putin had given permission to a U.S.-based hedge fund to purchase securities in Russian firms from certain foreign investors and to sell them to two Russian funds. Since the beginning of the Ukraine conflict, Moscow has tightened its restrictions on the sale of foreign assets.
Australian shares gain modestly as commodities support
Australian shares rose on Monday and hovered below the important 8,000-level as commodities fueled a slight recovery in the benchmark index after a selloff in the previous session amid market uncertainty. As of 2341 GMT, the S&P/ASX 200 was up 0.2% to 7963.8. The benchmark index fell 1.8% on Friday to close below 8,000 for the first six-month period, amid uncertainty about global trade.
Nine Entertainment is the top gainer among Australian shares.
Australian shares rose Friday on the back of gains in energy and mining stocks, as well as strong commodity prices. Nine Entertainment was the biggest gainer, after Domain Holdings Australia, which owns 60%, received a purchase offer. As of 0026 GMT, the S&P/ASX 200 was up by 0.1% to 8,333.1. The benchmark index has lost 2.6% in the first week.
European shares rise on the back of energy stocks; US tariffs are in sight
European shares rose slightly Monday, as energy stocks gained support. Markets also weighed the fears of a trade war after President Donald Trump warned that he would impose tariffs for all steel and aluminum imports to the United States. As of 8:10 GMT, the pan-European STOXX 600 Index was up by 0.3%. On Friday, the benchmark posted its seventh consecutive weekly gain.
Australian shares are led higher by banks and retailers.
Australian shares followed Wall Street's rise on Thursday. Financial stocks and consumer discretionary companies led the charge, after investor concerns about a global war of trade began to fade. As of 2350 GMT, the S&P/ASX 200 Index rose by 0.9% to 8,490.7. The benchmark closed Wednesday 0.5% higher. Overnight the Dow Jones Industrial Average in the U.S. rose 0.71%.
China's 2024 refining output is expected to decline by a rare amount due to weak demand
China's oil refining throughput in the year 2024 will be the lowest in over two decades, barring 2022 when the world was hit by the pandemic. Plants have reduced production in response to stagnant demand for fuel and low margins. National Bureau of Statistics data showed that the world's second largest refining industry, after the U.S., processed 1.6% less crude last year.
Housing regulator: China will focus on stabilising the housing market by 2025
China Construction News, citing the work conference of the housing regulator held on Tuesday and Wednesday, reported that efforts will continue to be made in 2025 in order to stabilize and prevent further falls in China's property market. The report stated that China would vigorously promote reform of the commercial…
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…
Finland seizes $4.25 billion in Russian assets as part of the Naftogaz case
Documents from a Finnish court show that the court ordered the confiscation of assets worth $4.25 billion owned by Russia and located in Finland at the request Naftogaz. The Finnish Enforcement Authority confirmed it was executing this order. Since 2016, Naftogaz has taken legal action against Russia to seek compensation…
In a legal dispute with Ukraine's Naftogaz, Russia contests the seizure of Finnish assets.
The Kremlin announced on Tuesday that Russia would file a lawsuit against the confiscation of Russian state assets by the Ukrainian oil and natural gas company Naftogaz. Naftogaz's lawyers announced on Sunday that they had frozen Russian state-owned assets and real estate in Finland, worth tens or hundreds of millions of dollars.
OPEC lowers its global oil demand growth forecast for 2024 and 2025
OPEC cut its projection for the global oil demand in 2024 based on data collected so far this season. It also lowered its expectations for next year. This is the second successive downward revision by the producer group. The weaker outlook highlights the challenges that OPEC+ faces in balancing the markets. OPEC+ is…
Developments in Clean Hydrogen Production
The recent release of proposed regulations to the Clean Hydrogen Production Credit by the U.S. Department of the Treasury and IRS has stirred significant interest in the energy sector. These changes mark a pivotal moment in advancing towards a cleaner, more sustainable energy economy. Ongoing review and analysis will be crucial as stakeholders adapt to these regulations…
Zara founder Ortega triples investment in energy assets
Amancio Ortega, founder of Zara and his investment company Pontegadea, almost tripled their investments in renewable energy last year. They are continuing to expand the efforts they have made to diversify Amancio Ortega’s fortune outside his fashion empire. The 2023 financial statements filed at the Mercantile Register…
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…
Linde UK assets frozen by Russian court for $1.2 billion
In a dispute over the ownership of a gas plant, a Russian court ordered assets of a British Linde subsidiary worth $1.15 billion to be frozen. RusChemAlliance is a joint-venture 50% owned by Russia’s Gazprom. RusChemAlliance filed other lawsuits against European banks for the construction of a German-owned gas processing plant with Russia's Linde that was halted by Western sanctions.
World's Largest Wealth Fund Cites Paucity of Good Green Energy Deals
While societal, political and corporate pressure continue to push innovation on renewable energy, the world's largest wealth fund is apparently having trouble identifying good investment deals in the sector.Norway's $1.1 trillion sovereign wealth fund, the world's largest, is having trouble finding suitable unlisted…
The Emerging U.S. Offshore Wind Industry in a Post-COVID-19 World
Join a webinar on June 17, 2020 for the global release of a major new market study on the depth, breadth and growth prospects of the Offshore Wind Market -- https://zoom.us/webinar/register/WN_UR5uY1boTOKdAAcAXDbR4gJust when it was looking like the offshore wind industry was finally about to take off in the United States…
Petrobras Sees No Need to Cut Oil Production
Brazil's state-run Petrobras sees no need for cuts in oil production, executives say, as the market for its crude remains robust in China, while domestic demand for fuel picks up amid social distancing fatigue in Latin America's largest economy.On a Friday earnings call with analysts, executives credited the company's…
