2025-05-01 12:18

Wellington hit by strongest winds since 2013 Schools closed, flights cancelled as winds reach dangerous levels People in Wellington asked to stay indoors State of emergency declared in Christchurch, South Island as river rises WELLINGTON, May 1 (Reuters) - Schools were closed and flights cancelled as New Zealand's capital Wellington was hit by its strongest winds in over a decade on Thursday while a state of emergency was declared in parts of the South Island after 24 hours of heavy rain. Average wind speeds reached up to 87 kilometres an hour (54mph) in Wellington, the strongest since 2013, while gusts south of the capital in coastal Baring Head touched 160 kilometres an hour, the government forecaster said. Sign up here. The highest possible red wind warning has been put in place for Wellington while a state of emergency was called in parts of the South Island, including New Zealand's second-largest city, Christchurch. "This is certainly bigger than your average bad Wellington day," said Dan Neely, a spokesperson for the Wellington region's emergency management department. "Few roads are closed in different parts of the region. We've got some waves overtopping coastal roads and dumping some debris." The department asked people to stay indoors where possible and to secure outdoor furniture and trampolines. Residents in one coastal suburb have been asked to find alternative accommodation overnight due to fears of flooding. Flights at Wellington International Airport had been cancelled by the afternoon and ferry service between the North and South Islands was suspended. A number of local schools and the Victoria University of Wellington said they had shut for the day. Christchurch, the largest city on New Zealand's South Island, declared a state of emergency as floods, landslides and falling trees impacted the city. "We expected the weather would ease, which hasn't happened so declaring will mean we are prepared for anything that may happen overnight," Christchurch Mayor Phil Mauger said in a statement. The island's central Selwyn District had issued an emergency warning earlier on Thursday over flooding and rising river levels. District Mayor Sam Broughton said in a Facebook post that significant flooding risks had developed across Selwyn, particularly in low-lying areas and people in most at-risk areas were being asked to evacuate. MetService, a second government forecaster, said the high winds in Wellington are set to last until the early hours of Friday while the South Island was being hit by heavy rain. https://www.reuters.com/business/environment/wild-weather-new-zealand-disrupts-flights-shutters-schools-2025-05-01/

2025-05-01 12:15

May 1 (Reuters) - Hershey (HSY.N) , opens new tab posted a smaller-than-expected drop in sales for the first quarter and beat profit estimates on Thursday, helped by steady demand for its salty snacks business in North America. Sales in Hershey's North America snack business, home to Dot's pretzels and SkinnyPop popcorn, got a boost as the company reduced prices after several quarters of hikes. Sign up here. Its quarterly organic volumes in the North America salty snacks business rose 4%, while prices were 3% lower than a year ago. The Reese's Peanut Butter Cups maker also maintained its annual net sales and adjusted earnings forecast, including estimated tariff-related expenses of about $15 million to $20 million for the second quarter. The Trump administration's steep import tariffs and often erratic trade-policy shifts have raised costs for many American businesses and clouded their outlook. Peer Mondelez International(MDLZ.O) , opens new tab had also flagged potential uncertainty around tariffs, after the chocolate maker beat quarterly profit estimates. Hershey benefited from a 2% price hike for its overall business as well as decreased advertising and marketing expenses that helped shield its margins from higher costs of manufacturing and commodities such as cocoa. The company's net sales declined 13.8% to $2.81 billion from a year ago. Analysts had estimated a 14.1% decline to $2.79 billion, per data compiled by LSEG. On an adjusted basis, the company reported profit of $2.09 per share for the quarter ended March 30, compared with estimates of $1.95 per share. Shares of the company were marginally up at $167.80 in premarket trading. https://www.reuters.com/business/retail-consumer/hershey-posts-robust-quarterly-results-north-america-snacks-demand-2025-05-01/

2025-05-01 12:11

WASHINGTON, May 1 (Reuters) - The U.S.-Ukraine minerals deal is a full economic partnership that will allow President Donald Trump to negotiate with Russia on a stronger basis, Treasury Secretary Scott Bessent said on Thursday. The deal, signed on Wednesday, will give the United States preferential access to new Ukrainian minerals deals and fund investment in Ukraine's reconstruction. Sign up here. The agreement will show the "Russian leadership that there is no daylight between the Ukrainian people and the American people, between our goals", Bessent said in an interview with Fox Business Network. "The American people don't make any money if Ukrainians don't prosper. So now we are fully aligned in terms of economics. And again, I think this is a strong signal to the Russian leadership, and it gives President Trump the ability to now negotiate with Russia on even a stronger basis," he said. "This is a total economic partnership. This isn't just rare earth, it's infrastructure, it's energy. So there's the opportunity here for both sides to really win," Bessent added. The accord establishes a joint investment fund for Ukraine's reconstruction as Trump tries to secure a peace settlement in Russia's three-year-old war in Ukraine. It was signed in Washington after months of sometimes fraught negotiations, with uncertainty persisting until the last moment with word of an eleventh-hour snag. https://www.reuters.com/world/us-ukraine-minerals-deal-is-economic-partnership-signal-russia-bessent-says-2025-05-01/

2025-05-01 11:42

LAGOS, May 1 (Reuters) - Nigerian billionaire Aliko Dangote said on Thursday he was "comfortable" with the impact President Donald Trump's tariffs would have on his urea exports to the U.S. because major competitor Algeria had been slapped with a higher levy. Trump imposed a 14% tariff on imports from Nigeria, Africa's largest oil exporter, as part of widespread trade measures introduced last month, later paused for 90 days. Sign up here. Dangote told an investment conference in Lagos that Dangote Fertiliser, which began commercial operations in 2022, shipped 37% of its 3 million metric tonnes of urea production to the United States. He said he was initially worried by Trump's tariff on Nigeria, which also exports crude to the U.S. "But when I checked who we are really competing with, we are competing with Algeria. So luckily for us Algeria were slapped with 30%," said Dangote. "So it actually makes us a bit comfortable." Dangote, who built Africa's largest petroleum refinery, said he expected revenues from Dangote Group, also a major cement producer, to grow to more than $30 billion next year from about $25 billion projected in 2025. https://www.reuters.com/world/africa/nigerias-aliko-dangote-comfortable-with-impact-trump-tariffs-urea-exports-2025-05-01/

2025-05-01 11:40

May 1 (Reuters) - Intercontinental Exchange (ICE.N) , opens new tab reported an increase in first-quarter profit on Thursday, benefiting from strong trading volumes in energy and options segments. Global commodity and energy markets have experienced significant volatility due to shifting U.S. trade policies and concerns over the war in Ukraine. Exchanges often benefit from such market turmoil, as it typically drives higher overall trading volume. Sign up here. ICE's average daily volume (ADV) for energy trading rose 24% in the first quarter, with gains across segments including oil, gasoil and other crude and refined products. The ADV for natural gas also increased by 33%. The exchange operator said first-quarter revenue from trading in energy-related products surged by 22% from a year earlier to $557 million. Total revenue from the company's exchange business, the biggest component of its revenue, was $2.12 billion, compared with $1.73 billion a year earlier. However, ICE's listings business remained flat in the first quarter. While hopes for a rebound in the IPO market were high at the start of the year, tariff-related uncertainty and market volatility have rattled companies, forcing many to delay their stock market debuts. Swedish fintech Klarna and San Francisco fintech Chime were among the companies that paused their IPO plans earlier this month. The company reported adjusted earnings of $995 million, or $1.72 per share, for the quarter ended March 31, compared with $852 million, or $1.48 per share, a year earlier. Analysts had expected a profit of $1.70 per share, according to data compiled by LSEG. https://www.reuters.com/business/finance/nyse-parent-ices-first-quarter-profit-rises-robust-trading-volume-2025-05-01/

2025-05-01 11:34

Power segment profit falls 30% on repairs at Bruce Power nuclear reactor TC Energy announces new gas and nuclear projects worth C$2.4 billion Company's US-listed shares drop 4% May 1 (Reuters) - Canadian pipeline operator TC Energy (TRP.TO) , opens new tab on Thursday missed analysts' estimates for first-quarter profit on weakness in its power and energy solutions business, while higher interest expenses offset gains in its natural gas operations. The company's U.S.-listed shares were down 4%. Sign up here. With energy demand growing across North America, demand for renewable and lower-emission electricity is also set to rise. TC Energy has invested in 10 power-generation facilities with a combined generating capacity of about 4,600 megawatts. However, adjusted core profit for the company's power and energy solutions business fell 30% to C$224 million in the first quarter, hurt by a unit of the Bruce Power nuclear reactor going offline for repairs. Bruce Power, partly owned by TC Energy, supplies 30% of Ontario's electricity. Despite the results, TC Energy remains bullish on power demand growth and announced new natural gas and nuclear electricity generation projects worth C$2.4 billion. The company, which last year spun off its oil pipeline business to pursue a natural gas-focused strategy, has forecast natural gas demand in North America to grow by 40 billion cubic feet per day over the next decade. On an adjusted basis, Calgary-based TC Energy earned C$0.95 per share for the three months ended March 31, compared with analysts' average expectation of C$0.97, according to data compiled by LSEG. https://www.reuters.com/business/energy/tc-energys-first-quarter-profit-misses-estimates-2025-05-01/