2025-04-24 12:42
DAR ES SALAAM, April 24 (Reuters) - Tanzania has banned the importation of agricultural products from Malawi and South Africa, saying it was retaliation for similar hostile trade measures from both countries. The three countries all belong to a regional economic bloc, the Southern African Development Community, SADC. Sign up here. Tanzania had demanded that both countries rescind bans on imports of agricultural goods from Tanzania by Wednesday, but they had not done so, agriculture minister Hussein Bashe said in a video posted on his X account late on Wednesday. Malawi had recently banned imports of Tanzanian commodities like maize flour, rice, ginger, and bananas, among others, while South Africa has also proscribed the import of bananas shipped by Dar es Salaam. "I would like to officially announce that from this night ... we won't allow any agricultural products from South Africa in our country," Bashe said, adding a similar ban was being imposed on Malawi. Talks to resolve the trade impasse, however, would continue with both countries, he said. He said Tanzania will start prohibiting the transit of agricultural goods from other countries through its territory to land-locked Malawi, and will also ban the export of Tanzanian fertilizer to Malawi. "We are taking this measure to protect our business. This is business, and we should all respect each other," Bashe said. https://www.reuters.com/world/africa/tanzania-bans-agriculture-imports-south-africa-malawi-2025-04-24/
2025-04-24 12:38
MILAN/LONDON, April 24 (Reuters) - The British government and Italian energy group Eni (ENI.MI) , opens new tab have reached an agreement for the launch of the Liverpool Bay carbon capture (CCS) project, they said on Thursday, opening the way to the construction phase for the initiative. The government said last year it would provide funding of up to 21.7 billion pounds ($28.76 billion) over 25 years to develop CCS projects to curb emissions from industry and create new jobs in northern England. Sign up here. The Liverpool Bay project is included in this initiative and is expected to help cut emissions in a major industrial area of the UK. The project will allow the transport of carbon dioxide (CO2) from industrial plants across the northwest of England and north Wales through new and re-purposed infrastructure to Eni's depleted gas fields in Liverpool Bay. It also involves the construction of 35 km (22 miles) of new pipelines to connect industrial plants to the Liverpool Bay CCS network, Eni said in a statement. Eni did not give financial details of the agreement. The Liverpool Bay project will be the backbone for the so-called HyNet CCS Cluster, Eni said, adding the Italian group would act as the CO2 transport and storage system operator. The initiative is part of Britain's efforts to curb emissions from energy-intensive industries and reach net zero emissions by 2050. The International Energy Agency says CCS can play a vital role in achieving global climate goals while critics say it risks prolonging the use of fossil fuels and question its commercial viability. Eni plans to create a separate division dedicated to CCS and is currently in talks with a handful of suitors interested in taking a minority stake in this business, sources told Reuters. It is developing several CCS projects including one in Italy where it is working with gas grid operator Snam (SRG.MI) , opens new tab. The news of the UK agreement was first reported by the Financial Times newspaper late on Wednesday. https://www.reuters.com/sustainability/climate-energy/uk-eni-agree-go-ahead-with-liverpool-bay-carbon-capture-project-2025-04-24/
2025-04-24 12:28
Reeves acknowledges Trump's concerns about China UK minister also says where goods are made matters But trade tariffs are a blunt instrument to fix problems Reeves is due to meet U.S. Treasury Sec. Bessent on Friday UK-US trade deal is on the agenda at discussions WASHINGTON, April 24 (Reuters) - British finance minister Rachel Reeves said on Thursday she shared some of U.S. President Donald Trump's concerns about imbalances in the world economy, a day before she was due to discuss a trade deal with her U.S. counterpart. Reeves, speaking at the International Monetary Fund, said trade tariffs - launched this month by Trump and followed up by China - benefited no one. Sign up here. But she said she was worried about China's exporting power and how it has hit workers in the United States, Britain and beyond. "Where the US does have a point is that there are substantial imbalances in the global economy, with some countries running large persistent surpluses and others large persistent deficits," Reeves said in a panel discussion. "It does matter where things are made and who makes them, and we can't be agnostic or naive about that," she said. Reeves is due to meet U.S. Treasury Secretary Scott Bessent on Friday. High on the agenda will be a possible trade deal which Britain hopes will reduce the hit from Trump's import tariffs to its exporters of goods including cars and steel. Reeves said earlier on Friday she was hopeful an agreement with Britain's single-biggest export market would be reached. "I am confident that a deal can be done, that our strong relationship - when it comes to defense, when it comes to security and when it comes to the economy and prosperity - means that we can strike a deal," she told U.S. television outlet Newsmax, which is close to the Trump administration. Reeves also stressed Britain's commitment to increase defense spending, touching on another policy priority for Trump. On Wednesday, Reeves said Britain would not rush to secure a deal with Washington and ruled out making concessions on food standards. The Wall Street Journal reported on Tuesday that the U.S. wanted Britain to reduce levies and other non-tariff barriers on a variety of goods including a relaxation of rules on U.S. agricultural imports, such as beef. Britain also wants to lower post-Brexit trade barriers with the European Union, a prospect welcomed on Thursday by IMF chief Kristalina Georgieva, who was speaking alongside Reeves. "When the divorcees - the EU and UK - are dating again, we are in a great place," Georgieva said, prompting Reeves and her German counterpart, Joerg Kukies, to swap a high-five. British and European officials are aiming for a defence agreement at a planned summit in May which could also kick off negotiations for closer cooperation in areas such as energy, fish, food standards and opportunities for young people. https://www.reuters.com/world/uk/uks-reeves-says-she-is-confident-about-trade-deal-with-us-2025-04-24/
2025-04-24 12:12
April 24 (Reuters) - U.S.-based utility Xcel Energy (XEL.O) , opens new tab missed Wall Street estimates for first-quarter profit on Thursday, hurt by higher operating and interest expenses. Utility companies have struggled with persistently high interest rates as it has made it more expensive to construct and maintain critical infrastructure, at a time when electricity demand is soaring due to an AI-led boom in data centers. Sign up here. Xcel Energy said its total operating costs rose 8.7% to $3.23 billion, while its interest expenses climbed over 11.6% to $309 million during the first quarter. The company said its total revenue for the first quarter rose about 7% from a year earlier to $3.91 billion, compared with analysts' average estimate of $3.93 billion according to data compiled by LSEG. The utility said on Thursday it has reached constructive settlements for Colorado Wildfire Mitigation and Texas System Resiliency plans. Xcel Energy has come under fire over its role in the deadly 2021 Marshall wildfire in Colorado and the 2024 Smokehouse Creek fire in Texas. Xcel Energy provides electric services to about 3.9 million customers and natural gas services to 2.2 million customers million across eight Western and Midwestern states of the U.S. On an adjusted basis, the Minneapolis, Minnesota-based company reported a profit of 84 cents per share for the three months ended March 31, compared with analysts' average estimate of 92 cents per share, according to data compiled by LSEG. https://www.reuters.com/business/energy/xcel-energy-misses-first-quarter-profit-estimates-higher-costs-2025-04-24/
2025-04-24 11:53
PRAGUE, April 24 (Reuters) - The Czech Republic's competition authority UOHS said on Thursday it had rejected French group EDF's appeals against the country's multi-billion dollar tender for new nuclear power units in which it lost out to South Korea's KHNP. The rejection clears the way for KHNP, the Czech government and majority state-owned utility CEZ (CEZP.PR) , opens new tab to sign contracts worth at least 400 billion crowns ($18.22 billion), plus expected inflation. Sign up here. The competition authority's decision confirms an earlier verdict that EDF had appealed. "There is nothing at this point that prevents (CEZ subsidiary) EDU II from concluding a contract with the preferred bidder KHNP," Chair of the competition authority Petr Mlsna told a news conference. He said the decision invalidated an injunction that had prohibited any contracts being concluded. Earlier this month, Czech Finance Minister Zbynek Stanjura said he expected contracts would be signed this quarter. The 70% state-owned CEZ plans two 1,000-megawatt units at it Dukovany nuclear power plant in what will be country's largest energy investment to date. CEZ and the government chose KHNP over EDF in July 2024 to build the new units, leaving the option open for further units later. https://www.reuters.com/business/energy/czechs-clear-sign-18-billion-nuclear-power-deal-after-edf-appeals-rejected-2025-04-24/
2025-04-24 11:50
April 24 (Reuters) - Valero Energy (VLO.N) , opens new tab reported a first-quarter loss compared with a year-ago profit on Thursday, weighed down by lower refining margins and around $1 billion in impairment charges related to its West Coast assets. Excluding asset impairment loss, the second-largest U.S. refiner by capacity posted an adjusted profit of 89 cents per share, beating tempered expectations of 42 cents per share, according to data compiled by LSEG. Sign up here. CEO Lane Riggs said the quarter was marked by heavy maintenance across the refining system and a "challenging margin environment" in the renewable diesel segment. U.S. refineries typically undergo turnaround activity in the first quarter to prepare for higher summer demand, but this seasonal maintenance temporarily limits utilization and revenue. Valero's renewable diesel segment, operated through the Diamond Green Diesel joint venture, posted an operating loss of $141 million, a reversal from the $190 million in operating income reported a year earlier. The core refining business also saw a downturn, with an operating loss of $530 million compared with $1.7 billion in profit in the prior year. Valero is the first major refiner to report results this earnings season. The results come as the industry braces for a fallout from the ongoing U.S.-China trade tensions, which could dampen demand for refined products such as gasoline, diesel, and jet fuel and hit already struggling refining margins. U.S. refining margins, as measured by the 3-2-1 crack spread , bounced back in early 2025 after hitting multi-year lows last year, but continue to face pressure from lingering market challenges. Valero said its quarterly refining margins fell 29.5% to $2.49 billion from the prior year. The company's net loss attributable to stockholders was $595 million, or $1.90 per share, in the three months ended March 31, compared with last year's profit of $1.2 billion, or $3.75 per share. https://www.reuters.com/business/energy/valero-kicks-off-refiners-earnings-with-first-quarter-loss-2025-04-24/
