2025-08-27 11:55

MADRID, Aug 27 (Reuters) - U.S. asset manager Blackstone (BX.N) , opens new tab is looking to expand its planned project to build data centres in Spain's Aragon, with an additional investment of 4.3 billion euros ($5.03 billion) in the region striving to become a major cloud computing hub. Documents filed with the regional government showed that aside from an initial investment of 7.5 billion euros over nine years, that was disclosed in 2024, the world's largest alternative asset manager plans a second phase to add capacity at the same site, depending on demand from customers. Sign up here. That second phase would take seven years to be completed, the company said. Blackstone follows tech giants such as Microsoft (MSFT.O) , opens new tab and Amazon (AMZN.O) , opens new tab in choosing the northeastern region, which has around 20 data centre projects under evaluation. The first phase would start in the second quarter of 2026, the document said. It would comprise eight data centres, an electricity substation, a photovoltaic power plant and connections to the grid. The company said it had signed renewable electricity supply contracts for all its needs and its cooling systems will not use water, a commodity that is often in short supply in Spain. ($1 = 0.8542 euros) https://www.reuters.com/business/finance/blackstone-plans-5-bln-expansion-spanish-data-centre-project-2025-08-27/

2025-08-27 11:53

CAPE TOWN, Aug 27 (Reuters) - Qatari investment firm Al Mansour Holdings has taken a 19.9% stake in Australia's Invictus Energy (IVZ.AX) , opens new tab and will provide up to $500 million to help the company develop its Cabora Bassa gas project in Zimbabwe, the companies said on Wednesday. The equity stake, acquired at a cost of A$37.8 million ($24.56 million), will fund near-term work including the drilling of the priority Musuma-1 well. Sign up here. Under the partnership, Al Mansour Holdings, led by royal member Sheikh Mansour bin Jabor bin Jassim Al Thani, will also form a joint venture with Invictus, called Al Mansour Oil & Gas, which will look to acquire oil and gas assets across Africa. Seismic survey data covering the eastern Cabora Bassa Basin has identified eight high-potential prospects totalling an estimated 2.9 trillion cubic feet of gas and 184 million barrels of condensate, according to Invictus Energy. The Basin contains the Mukuyu gas field, discovered in 2023 and considered by analysts as one of the largest finds in Sub-Saharan Africa that year. The Qatari investment "significantly enhances the growth trajectory for our Cabora Bassa Project," Invictus Managing Director Scott Macmillan said in a joint statement. Invictus shares more than doubled in price to their highest level since December 2023 after the announcement, valuing the company at A$208 million. Last week, Al Mansour Holdings also committed to invest $12 billion in neighbouring Botswana across a range of economic sectors. "Our investment in Invictus and our new AMOG joint venture reflects our long-term commitment to Africa's growth, energy security and economic transformation," Sheikh Mansour bin Jabor bin Jassim Al Thani said. ($1 = 1.5389 Australian dollars) https://www.reuters.com/business/energy/qatars-al-mansour-holdings-bets-zimbabwe-energy-deal-with-australias-invictus-2025-08-27/

2025-08-27 11:47

US dollar up 0.4% Fed's Cook will file lawsuit to keep job, lawyer says Focus on US PCE data due on Friday Aug 27 (Reuters) - Gold slipped on Wednesday as the dollar firmed and investors booked profits after prices hit a more than two-week high in the previous session. Spot gold was down 0.5% at $3,375.79 per ounce at 1119 GMT. U.S. gold futures for December delivery eased 0.2% to $3,425.10. Sign up here. The dollar index (.DXY) , opens new tab, which measures the greenback against a basket of major currencies, rose about 0.4%, making dollar-priced bullion more expensive for other currency holders. "(Gold) prices are acting less like an arrow and more like a feather, with the prevailing direction of travel determined by the dollar. Current gold price weakness is likely attributable to some profit-taking...as momentum faded to the upside," independent analyst Ross Norman said. Bullion hit its highest since August 11 on Tuesday after U.S. President Donald Trump's attempt to fire Fed Governor Lisa Cook undermined confidence in the independence of the central bank and more broadly in U.S. assets, boosting safe-haven demand. Cook will file a lawsuit to prevent Trump from firing her, her lawyer said, kicking off what could be a protracted legal fight over the White House's effort to shape U.S. monetary policy. "Market participants will await the decision of U.S. courts (regarding whether) Trump can fire Cook or not, before gold reacts more strongly," UBS analyst Giovanni Staunovo added. The data focus is on the Fed's preferred inflation gauge, the Personal Consumption Expenditures Price Index, due on Friday, after dovish remarks from Fed Chair Jerome Powell at the Jackson Hole symposium last week. Markets have priced in an 87% chance of a quarter-point rate cut at the Fed's September 17 policy meeting, according to the CME FedWatch Tool. Non-yielding gold typically performs well in a low-interest-rate environment. Spot silver fell 0.8% to $38.27 per ounce, platinum was also down 0.8% at $1,337.38 and palladium was 0.2% lower at $1,091.99. https://www.reuters.com/world/india/gold-eases-firmer-dollar-profit-taking-2025-08-27/

2025-08-27 11:45

Aug 27 (Reuters) - Harvest Midstream, owned by the founder of privately held Hilcorp Energy, has agreed a deal to acquire $1 billion worth of natural gas gathering and processing assets from MPLX (MPLX.N) , opens new tab, the companies said on Wednesday. Houston-based Harvest holds midstream assets in multiple oil and gas plays, notably in Alaska and the Bakken shale of North Dakota. It was founded by billionaire businessman Jeff Hildebrand, who also owns Hilcorp, one of the largest U.S. private oil and gas companies. Sign up here. Shares of MPLX gained more than 1.4% in the premarket trading. Reuters had reported the news earlier in the day, citing people familiar with the matter. Under the agreement, Harvest will dedicate around 12 thousand barrels per day of natural gas liquids from these assets to MPLX for seven years beginning 2028. The deal with MPLX will allow Harvest to expand its operations into the Uinta and Green River shale basins, which collectively stretch across Utah, Colorado and Wyoming. Harvest is set to buy about 1,500 miles (2,414 km) of pipelines that transport natural gas from the wellhead to larger lines that link with consumers, as well as 1.2 billion cubic feet per day of processing capacity, the companies said. The transaction is expected to close in the fourth quarter. For MPLX, the deal comes as the company is focusing more investment on the Permian Basin of Texas and New Mexico. MPLX has struck around $3.5 billion of acquisitions in 2025, according to an August 5 analyst call. The activity has been centered on the Permian and the most recent one was an agreement to buy Northwind Midstream for nearly $2.4 billion. The company, alongside WhiteWater and other partners, on Monday announced the final investment decision on the Eiger Express Pipeline, a new natural gas pipeline linking the Permian with export facilities on the U.S. Gulf coast. https://www.reuters.com/business/energy/jeff-hildebrands-harvest-midstream-buy-some-mplx-pipeline-assets-1-billion-2025-08-27/

2025-08-27 11:20

BRUSSELS, Aug 27 (Reuters) - European Union targets to cut CO2 emissions from vehicles, including a 100% reduction for cars by 2035, are no longer feasible, the heads of the European automobile manufacturers' and automotive suppliers' associations said on Wednesday. European Commission President Ursula von der Leyen is set to host automotive sector executives on September 12 to discuss the future of the sector, which is facing twin threats of Chinese competition in electric vehicles and U.S. tariffs. Sign up here. In a letter to von der Leyen, Mercedes-Benz (MBGn.DE) , opens new tab CEO Ola Kaellenius and Matthias Zink, CEO of powertrain and chassis at Schaeffler AG (SHA0n.DE) , opens new tab, said they were committed to achieving the EU's net zero goal in 2050. However, they said EU manufacturers now faced near-total dependency on Asia for batteries, as well as uneven charging infrastructure, higher manufacturing costs and U.S. tariffs. The bloc needed to go beyond new-vehicle targets, they argued, such as 55% CO2 emissions reductions from 2021 levels for cars and 50% for vans by 2030 and of 100% for both by 2035. Electric cars have a market share of around 15% of new EU cars, with vans at 9%. "Meeting the rigid car and van CO2 targets for 2030 and 2035 is, in today’s world, simply no longer feasible," they wrote. Legal mandates and penalties would not drive the transition, they wrote. "EVs will lead the charge, but there must also be space for (plug-in) hybrids, range extenders, highly efficient internal-combustion engine vehicles, hydrogen and decarbonised fuels," the letter said. CO2 regulation for heavy-duty trucks and buses must also be reviewed, the two association chiefs said. In March, the Commission agreed to give automakers extra time to meet CO2 emission reduction targets initially set for 2025. Members of von der Leyen's centre-right grouping have also called for the EU to withdraw its 2035 ban on combustion engines. https://www.reuters.com/sustainability/boards-policy-regulation/eu-auto-groups-press-change-no-longer-feasible-car-co2-emission-targets-2025-08-27/

2025-08-27 11:13

Election takes places September 7-8 Tight contest between centre-left and centre-right blocs Cost of living and inequality central to campaign OSLO, Aug 27 (Reuters) - Norway's general election on September 7-8 is expected to be a close race between a centre-left bloc led by the incumbent Labour Party, and a centre-right bloc dominated by the populist Progress Party and centre-right Conservatives. Among the issues that could decide the vote are inequality and taxation, while the outcome could have an impact on energy and power supplies to Europe and the management of Norway's huge sovereign fund. Sign up here. WHAT'S AT STAKE? Prime Minister Jonas Gahr Stoere's Labour is looking to extend its rule after returning to power in 2021, following eight years of Conservative-led governments. Labour has led a minority government, supported by the Socialist Left and the rural-based Centre Party. Inequality tops voters' list of concerns, according to an August 7-13 survey by Respons Analyse for daily Aftenposten, replacing defence and national security, which slipped to sixth place since a similar poll in April. Cost of living and pocketbook issues have been central to the campaign, with food price inflation at 5.9% in the last 12 months. The economy, jobs and taxes are also high priorities for voters, the survey showed. While Labour favours broadly stable taxes, some of its allies seek stiffer rates for the wealthy to finance tax cuts for low-income families and expanded public services. Progress and the Conservatives both advocate large tax cuts. SOVEREIGN WEALTH FUND Norway's $2 trillion wealth fund, built on vast oil and gas income, allows governments to spend much more freely than fellow European countries, though the need to control inflation and interest rates are constraining factors. A debate over investments in Israel took centre stage at the beginning of the campaign, sparking an unusually public debate over how the world's largest sovereign fund operates. The Socialist Left last week said it would only support a future Labour government if it divested from all companies involved in what it called "Israel's illegal warfare in Gaza". Labour rejected the demand, but it may be difficult to rebuff such calls after the election. OIL AND GAS Norway is Europe's top gas supplier, replacing Gazprom after Russia's 2022 invasion of Ukraine. Its role is set to grow as the European Union plans to phase out use of Russian gas by 2027, but exploiting new oil and gas reserves is critical to slowing down an expected production decline. The election could decide whether Norway opens new areas for exploration, or if oil companies will remain restricted to existing ones, depending on the influence wielded by the Greens, Liberals and other small parties. More radical proposals to stop exploration completely are unlikely to gather sufficient support. POWER Norway produces more power than it consumes and exports the surplus to Europe. Still, some left-wing and right-wing parties are campaigning on limiting exports to the continent. If that happened, it would be a problem for Norway's neighbours and Brussels. Norway is not in the EU but is part of the single European market and must respect its rules. Restricting power exports would breach them. Parties are also divided over how to meet growing domestic demand that is eroding Norway's surplus, with little generation capacity added in recent years. Wind on land, solar and new hydropower are relatively cheap and quick to build, but face local protests over their ecological impact. Offshore wind is controversial due to its high costs. HOW DOES IT WORK? Norway has a system of proportional representation whereby 169 lawmakers are elected from 19 geographical districts for a fixed, four-year term. Any party scoring above 4% support nationwide is guaranteed representation, although a strong showing in individual districts can also yield one or more seats. No party is expected to win the 85 seats required for an outright majority, so continued minority rule under Labour or the formation of a coalition are the likeliest outcomes. Polls show nine parties are expected to win seats. On the left, Labour, the Socialists, the Greens, Centre and the Reds; and on the right, the Conservatives, Progress, the Christian Democrats and the Liberals. If the centre-left wins, Labour's Stoere is expected to remain in office, while a centre-right win could see either Progress Party leader Sylvi Listhaug or Conservative Party head Erna Solberg become prime minister. RESULTS The ballot ends on September 8 at 1900 GMT, when the first exit polls are expected. Results could become clear late that evening, though the final outcome may not be known until the following day. The exact combination of parties in the cabinet will depend on post-election negotiations. https://www.reuters.com/business/finance/what-you-need-know-about-norways-upcoming-election-2025-08-27/