2025-09-02 11:46
Sept 2 (Reuters) - Black Rock Coffee Bar is targeting a valuation of up to $860.7 million in its New York initial public offering, the cafe chain said on Tuesday, setting the stage for a rare consumer sector listing amid an IPO market buoyed by tech-heavy debuts. The Scottsdale, Arizona-based company is seeking up to $265 million by offering 14.7 million shares priced between $16 and $18 apiece. Sign up here. While the new listings market has made a comeback after a brief pause in April, consumer-related IPOs have been a key miss, with much of the activity coming from sectors with low-tariff exposure. Black Rock Coffee's flotation will be a crucial test of investor appetite for consumer IPOs, with its peer Dutch Bros (BROS.N) , opens new tab having gone public back in 2021. Founded in 2008, Black Rock Coffee is a founder-owned operator of drive-thru coffee bars, selling hot and iced coffees as well as energy drinks, including Nitro Cold Brew and Caramel Blondie. While it began as a single coffee stand in Oregon, it has since bulked up with over 150 locations spanning seven states from the Pacific Northwest to Texas. BEANS AND TARIFFS The company sources most of its coffee beans from Brazil, Ethiopia, Colombia and Mexico, among other countries. Inflated costs or lower availability of arabica coffee beans, dairy and other commodities could have an adverse impact on its business, according to its prospectus. Coffee prices have hit a record high this year, driven by droughts in top producers Brazil and Vietnam and a U.S. move to impose 50% duties on beans imported from Brazil. Moving forward, the company expects much of the tariff exposure stemming from refrigeration units, espresso machines and coffee beans. Black Rock Coffee will list on the Nasdaq under the symbol "BRCB". J.P. Morgan, Jefferies, Morgan Stanley and Baird are the lead underwriters for the offering. https://www.reuters.com/business/retail-consumer/cafe-chain-black-rock-coffee-bar-targets-861-million-valuation-rare-us-consumer-2025-09-02/
2025-09-02 11:45
Sept 2 (Reuters) - Enbridge (ENB.TO) , opens new tab said on Tuesday it has reached a final investment decision to go ahead with Algonquin gas transmission (AGT) pipeline expansion to capitalize on the growing natural gas demand in the United States. Even as oil production starts to plateau, gas production in the U.S. is predicted to increase to meet increased electricity use and a surge in liquefied natural gas exports. Sign up here. U.S. pipeline firms, including Kinder Morgan (KMI.N) , opens new tab, Williams (WMB.N) , opens new tab and Energy Transfer (ET.N) , opens new tab, are spending billions to build hundreds of miles of new pipelines, including in the Northeast, to meet the increasing demand. Once completed, the expanded pipeline will deliver about 75 million cubic feet per day of incremental natural gas under long-term contracts in the U.S. Northeast. Natural gas is a key component of the energy mix in the region. Enbridge expects to invest $300 million in system upgrades and fully complete AGT enhancement in 2029. Companies typically reach an FID on projects once they have secured enough supply deals to obtain the necessary financing for construction. Last month, Enbridge, through its Matterhorn joint venture, reached FID for the construction , opens new tab of the Eiger Express Pipeline . https://www.reuters.com/business/energy/enbridge-go-ahead-with-algonquin-gas-transmission-pipeline-expansion-project-2025-09-02/
2025-09-02 11:39
Gold hits record high of $3,508.50 US non-farm payrolls data due on Friday Silver holds near 14-year highs hit on Monday Reuters poll indicates gold to average $3,220 in 2025 Sept 2 (Reuters) - Gold prices scaled the $3,500 per ounce level to hit a record high on Tuesday, as mounting expectations for a U.S. Federal Reserve interest rate cut this month lifted demand for the precious metal. Spot gold was up 0.1% at $3,480.57 per ounce as of 1125 GMT, after hitting a record high of $3,508.50 earlier in the session. Bullion has gained 32% so far this year. Sign up here. U.S. gold futures for December delivery gained 0.9% to $3,549. "Gold's rally is set to be heavily influenced by how much the Fed's rate-cutting path adheres to market projections," said Han Tan, chief market analyst at Nemo.money. "It still enjoys enough fundamental tailwinds, from central bank purchases to safe-haven demand - especially if trade tariffs take a meaningful toll on global economic growth - going into next year," he added. Traders are currently pricing in a 90% chance of a 25-basis-point Fed rate cut on September 17, according to the CME FedWatch tool. Non-yielding gold typically performs well in a low-interest-rate environment. Long regarded as a dependable hedge against geopolitical and economic turmoil, gold has rallied to multiple record highs in 2025, drawing support from ongoing central bank buying amid a move away from the U.S. dollar, strong safe-haven demand in light of geopolitical and trade uncertainty, plus broad dollar weakness, analysts say. Spot gold prices rose 27% in 2024, and broke the $3,000 per ounce level for the first time in March this year as uncertainty around U.S. President Donald Trump's trade policies sent investors flocking to the safe-haven asset. Meanwhile, Trump has criticised the Fed and its chair, Jerome Powell, for months for not lowering interest rates. Investors are now looking forward to the U.S. nonfarm payrolls data due on Friday to determine the size of an expected Fed rate cut later this month. "All the indicators - fundamental and technical - point toward a sustained rally. As always, we might not go up in a straight line, but we are in 'buy the dip' mode... plus, gold remains an uncorrelated asset to stocks, real estate, and credit," said Hugo Pascal, a precious metals trader at InProved. SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings rose 1.01% to 977.68 tons on Friday - its highest level since August 2022. In a quarterly Reuters poll conducted in July, analysts forecast gold would average $3,220 in 2025, up from January's estimate of $2,756/oz. Spot silver was down 0.4% at $40.50 per ounce, after hitting its highest since September 2011 in the previous session. Platinum lost 0.8% to $1,388.22 and palladium fell 1.3% to $1,123.14. https://www.reuters.com/world/india/gold-races-all-time-high-above-3500-us-rate-cut-prospects-2025-09-02/
2025-09-02 11:23
PARIS, Sept 2 (Reuters) - Workers began a three-day strike over pay at Belgian gas terminal operator Fluxys' (FLUX.BR) , opens new tab Dunkirk liquefied natural gas terminal late on Monday evening, part of a broader action in the power and gas sector focused on pensions and wages. The Dunkirk LNG terminal is the second largest in continental Europe and the only terminal directly connected to two separate markets - Belgium and France - accounting for about 20% of both countries' annual gas consumption. Sign up here. The flow rate of the terminal has been affected, a representative of the CGT union, who did not wish to be named, said on Tuesday. He did not have precise figures for the impact. Fluxys denied that the flow rate has been impacted at the site. "There is some minor impact on some small preventive maintenance jobs but this is without any impact on operational activities," a Fluxys spokesperson said. The strike is currently having no impact on the regasification and ship unloading operations, or the truck loading activities of the terminal, the spokesperson added. The strike is initially planned to last three days as workers demand higher pay and a decrease to the national energy tax, the representative for the hardline CGT union said. After the three days, the unions will hold a workers' council to determine whether to end or prolong the strike. Unions in the French power sector are also striking at electric utility EDF's facilities, and have reduced hydroelectric power supply by 1.4 GW, but nuclear power supply remains unaffected. https://www.reuters.com/business/energy/workers-begin-strike-belgiums-fluxys-dunkirk-lng-terminal-2025-09-02/
2025-09-02 11:13
BUCHAREST, Sept 2 (Reuters) - Romania is negotiating with the European Commission to delay shutting down 2.6 gigawatts of coal-fired generation by at least five years, Romanian Energy Minister Bogdan Ivan said on Tuesday. Romania uses a mix of gas, coal, hydro, nuclear and renewables for electricity generation. The government had committed to phasing out lignite and hard coal from 2026 under its European Union-funded recovery aid package. Sign up here. State-owned lignite power holding CE Oltenia has partnered with three private companies - OMV Petrom (ROSNP.BX) , opens new tab, Tinmar and Alro Slatina (ALR.BX) , opens new tab - to build solar parks and gas-fired power plants to replace coal assets, but the projects will be completed later than initially envisioned. In central Romania, private developer MAS Group Holding is building a 1.7 GW steam and gas power plant that will replace outdated hard coal fired generation. "Right now we are having fairly intense negotiations to postpone the deadline by at least five years, a realistic deadline for when we will connect new gas-fired energy units," Ivan told reporters. The country has been asking for a postponement since 2023. Ivan said Romania will send Brussels a study showcasing the negative impact on the economy and power market that will be triggered by shutting down coal assets by 2026. He also said that Romania expected to add 12.96 GW worth of new gas, nuclear, wind and solar power units by 2032, using EU funds as well as private and state investment, including 2.25 GW in storage capacity. "This will take us as a country from a net power importer to a net exporter," Ivan said. A large offshore gas project which will come online in 2027 is also expected to turn Romania into a net gas exporter. The country already produces about 90% of its required gas locally through state producer Romgaz , oil and gas group OMV Petrom and Black Sea Oil & Gas (BSOG). https://www.reuters.com/business/energy/romania-is-negotiating-with-eu-extend-coal-fired-plants-operation-minister-says-2025-09-02/
2025-09-02 11:08
Sterling, yen fall 1% each against dollar Britain, France bond yields at multi-year highs on fiscal worries Higher Treasury yields support dollar Key U.S. data due this week MUMBAI, Sept 2 (Reuters) - Sterling and the Japanese yen slumped on Tuesday on the back of growing investor anxiety about government finances, allowing the dollar to claw back some ground after five days of selling. Renewed pressure on bond markets, with Britain's 30-year borrowing costs rising to their highest levels since 1998, spilled over into currency markets, while gold hit fresh record highs. Sign up here. Sterling fell 1.3% to $1.3379, its lowest level since August 7, while the dollar firmed by 1% to 148.66 yen . The euro gained against both sterling and yen by 0.6% and 0.3%, respectively. While sterling was weighed down by lingering worries over Britain's fiscal position ahead of a budget later this year, dovish-leaning remarks from a Bank of Japan official and the resignation of a key ruling party official pulled down the yen. "Sterling's underperformance is reflecting the growing concerns over the fiscal situation as we move closer to the budget and it becomes a bigger focus for market participants," said Lee Hardman, senior currency analyst at MUFG. Finance minister Rachel Reeves is expected to raise taxes in her autumn budget in order to remain on course for her fiscal targets, potentially adding to the challenge of boosting growth. For the Japanese yen, heightened political uncertainty was likely to remain a drag, while the lack of a hawkish policy signal from Deputy Governor Ryozo Himino on Tuesday would encourage speculators to continue rebuilding short yen positions, Hardman said. The dollar also drew support from an uptick in U.S. Treasury yields as investors home in on key U.S. labour market data due this week for cues on the path of benchmark interest rates. Against a basket of major currencies , the dollar was up 0.8% at 98.4. The interest rate expectations-sensitive 2-year U.S. Treasury yield was up 3 bps at around 3.653% after hitting its lowest level since May last week. U.S. markets were shut on Monday for the Labor Day holiday. Money markets are currently pricing in a 91% chance that the Fed will cut rates by 25 basis points this month, but those wagers could be tested by U.S. economic data lined up this week. Data due this week include ISM's manufacturing and services purchasing managers' indexes and the non-farm payrolls report. While the data was likely to cement expectations of a rate cut by the Fed, it was unlikely to cause a sharp move lower in the dollar beyond the knee-jerk reaction, said Jane Foley, head of FX strategy at Rabobank. The bank expected the euro to rise to $1.20, but the move was more likely to be a grind higher than a bounce and was likely to roughly coincide with the end of Fed Chair Jerome Powell’s term in the spring of next year, Foley said. Concerns about the independence of the U.S. Federal Reserve have also been in focus for investors in light of U.S. President Donald Trump's repeated push for lower policy rates and his move to fire Fed Governor Lisa Cook over allegations of mortgage fraud, which she denies. Elsewhere, data released on Friday showed that Euro zone inflation edged up in August but remained close to the European Central Bank's 2% target, likely reinforcing market expectations that the ECB will keep benchmark rates unchanged in the near-term. Spot gold , meanwhile, steadied after touching an all-time high and was last up 0.2% at $3,483 per troy ounce. https://www.reuters.com/world/africa/sterling-japanese-yen-slump-investor-anxiety-over-public-finances-2025-09-02/
