2025-04-23 11:55
China accuses US of hindering space cooperation with Europe ILRS has 17 members, versus US Artemis Accords' 50 signatories China-Russia cooperation strong, plan moon-based nuclear reactor BEIJING, April 23 (Reuters) - The chief designer of China's lunar exploration programme accused the United States on Wednesday of interfering in Beijing's attempts to cooperate with Europe and other foreign partners in space programmes. Wu Weiren, in a rare interview with foreign media, told Reuters that China pursued a policy of open space diplomacy, in contrast with the U.S., and that it remained open to cooperating on lunar exploration with developing and developed countries. Sign up here. Wu said the International Lunar Research Station (ILRS), an initiative led by Russia and China to establish a permanent base on the moon by 2035, was developing well, with 17 countries and international organisations already signed up as members. But he suggested China had not been able to attract as many lunar project partners as the U.S. because of U.S. interference, though he didn't provide details. "The ILRS' development trend is very good but compared to the U.S.' Artemis Accords, ours is much smaller in terms of countries because the U.S. is always interfering in our cooperation with other countries, including with Europe," Wu said, without elaborating on the interference. The Artemis Accords are a U.S.-led multilateral agreement meant to establish norms of behaviour in space and on the moon and Mars, which has over 50 signatories so far. "China and Russia cooperate the best with each other now," Wu said, adding that China looked forward to further cooperation with Russia on moon-based nuclear energy. Recent Chinese unmanned missions to the moon, to lay the groundwork to eventually build a manned lunar base, have carried foreign payloads from countries like Pakistan, Thailand, Italy and France, raising the profile of Beijing's space diplomacy. "ILRS is the sole mission in the world that provides equal opportunities for any country to be accepted and to participate actively by proposing payloads and satellites," said Hernan Merino Choque, a deputy director at the Asia-Pacific Space Cooperation Organization, an ILRS member and a multilateral grouping whose biggest funder is Beijing. China in February said it would train a Pakistani astronaut to join a future space flight next year to the country's Tiangong space station. This will be the first time a foreign astronaut enters the station. Following Russia's invasion of Ukraine, the European Space Agency (ESA) ruled out joining the ILRS due to Russia's involvement. Meanwhile, U.S-China space diplomacy has been limited by the Wolf Amendment, a U.S. law passed in 2011 that banned NASA from collaboration with "China or any Chinese-owned company unless such activities are specifically authorised." While ESA sent a payload aboard China's latest lunar probe, the Chang'e-6 mission, it has since said there were no plans for it to join the Chang'e-7 and 8 missions, slated for next year and 2028, respectively. In 2023, the European agency said it would no longer consider sending European astronauts to the Tiangong space station. https://www.reuters.com/business/media-telecom/china-lunar-chief-accuses-us-interfering-joint-space-programmes-2025-04-23/
2025-04-23 11:52
April 23 (Reuters) - India's Tata Consumer Products (TACN.NS) , opens new tab beat quarterly revenue estimates on Wednesday, on higher sales volume and price hikes in its domestic food and beverage segment. Profit before tax and exceptional items, however, fell 5% year-on-year, due to higher tea prices and acquisition-related expenses. Sign up here. Prices of tea, which makes up a significant portion of Tata Consumer's revenue, have risen sharply due to adverse weather conditions and supply chain disruptions, analysts said. Tata Consumer Products has, in recent years, diversified its portfolio away from tea and salt and invested in distribution to boost sales, according to analysts. This has aided sales growth despite muted consumption growth in urban India. The company reported its highest branded business revenue growth in the capital foods and organic segment, which includes packaged noodles and sauces. Its overall revenue of 46.08 billion rupees ($539.7 million) for the January-to-March quarter was 17% higher than a year earlier and above analysts' average estimate of 45.74 billion rupees, according to data compiled by LSEG. The company, known for its 'Tetley' tea, said it took "further price increases" after the third quarter hikes across its tea portfolio, while also raising prices in its salt portfolio. Still, its core profit margin contracted by 250 basis points, with hikes not offsetting the cost inflation. Profit before tax and exceptional items stood at 4.84 billion rupees in the fourth quarter, compared to 5.09 billion rupees a year ago. ($1 = 85.3770 Indian rupees) https://www.reuters.com/world/india/indias-tata-consumer-beats-revenue-estimates-robust-volumes-price-hikes-2025-04-23/
2025-04-23 11:48
FTSE 100 up 1.3%, FTSE 250 rise 1.2% Trump's optimism on US-China trade deal boosts sentiment Croda International rises after reporting growth in Q1 sales BP shares rise after Elliott increases stake British business activity hits lowest level since November 2022 April 23 (Reuters) - UK shares climbed on Wednesday, led by the gains in chemical companies and metal mining firms, while markets also found relief in U.S. President Donald Trump's reversal of his threats to fire Federal Reserve Chair Jerome Powell. As of 1045 GMT, the blue-chip FTSE 100 index (.FTSE) , opens new tab was up 1.3% and the midcap index (.FTMC) , opens new tab gained 1.2%. Sign up here. Hopes for trade negotiations between the U.S. and China, which have been locked in an escalating tit-for-tat tariff war, also helped lift sentiment after Trump expressed optimism that a trade deal with the country could "substantially" lower tariffs on Chinese goods. The chemicals index (.FTNMX552010) , opens new tab led the gains with Croda International (CRDA.L) , opens new tab jumping 10.7% after the company reported 8% growth in first quarter group sales. Croda also topped the FTSE 100 index. BP (BP.L) , opens new tab climbed 5% after activist investor Elliott increased its stake in the oil major to just over 5%. An index of UK's energy companies (.FTNMX601010) , opens new tab rose 3.6% after oil prices climbed more than 1% on a fresh round of U.S. sanctions on Iran and a drop in U.S. crude stocks. Industrial metal miners (.FTNMX551020) , opens new tab were also up 4.5% in the day as copper prices in London hit a near three-week high. Babcock (BAB.L) , opens new tab rose 2% after the engineering firm said it expects , opens new tab fiscal 2025 operating profit to jump 17%. On the data front, British businesses faced a sharp downturn in April as activity contracted to its lowest level since November 2022, the S&P Global's Composite PMI showed on Wednesday. The sharp drop in business activity is likely to further cement expectations that the Bank of England will cut interest rates next month. Reckitt (RKT.L) , opens new tab was among the worst performers on the blue-chip index as the maker of Dettol and Lysol cleaning products missed first-quarter like-for-like net sales growth estimates. Its shares dropped 5.9%. On the midcap index, Hochschild Mining (HOCM.L) , opens new tab tumbled 16.9% and was set for the biggest loss in more than three years after the precious metal miner missed first quarter production esimates. https://www.reuters.com/sustainability/sustainable-finance-reporting/uk-stocks-rise-after-trump-backtracks-remarks-over-fed-2025-04-23/
2025-04-23 11:48
April 23 (Reuters) - Futures for Canada's main stock index rose on Wednesday as investors drew relief from U.S. President Donald Trump saying he had no plans to fire the head of the Federal Reserve, and hinting at a possible trade deal with China. June futures on the S&P/TSX index were up 1.3% at 7.26 a.m. ET (1126 GMT). Sign up here. Markets this week have wrestled with concerns over the Fed's independence, following repeated criticism from Trump over Powell's refusal to cut interest rates. Trump also said he wanted to reach a deal with China where tariffs would not be anywhere near 145%, adding that he would set the terms of a deal if Beijing did not enter talks. The TSX composite index (.GSPTSE) , opens new tab rose to a near three-week high on Tuesday as some optimism took hold of a letup in the global trade war. In Canada, Trump's tariff threats and annexation rhetoric have united two main election candidates in a rare consensus as both pledge to fast-track energy projects reducing U.S. export dependence ahead of the April 28 vote. On the day, Canada's energy companies might get support from rising oil prices after a fresh round of U.S. sanctions on Iran and drop in U.S. crude stocks. Meanwhile, copper prices scaled three-week peaks as worries about global trade tensions eased Gold prices, however, dipped on Wednesday. On the economic front, Canadian retail sales data on Friday will offer insights into consumer spending patterns amid the uncertainty around U.S. tariffs. In corporate news, telecommunications service provider Rogers Communication (RCIb.TO) , opens new tab reported first quarter profit and revenue below analysts' estimates, according to LSEG data. FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report CA/ Reuters global stocks poll for Canada , Canadian markets directory https://www.reuters.com/markets/europe/tsx-futures-rise-after-trump-backtracks-fed-chair-criticism-2025-04-23/
2025-04-23 11:46
April 23 (Reuters) - U.S. utility NextEra Energy (NEE.N) , opens new tab beat Wall Street estimates for first-quarter profit on Wednesday, boosted by increased electricity demand and strong momentum in its renewable energy business. The company's shares rose 2.5% to $68.32 in premarket trade. Sign up here. Power consumption is expected to rise to record highs in 2025 and 2026, climbing nearly 3% this year from 2024's all-time high, the U.S. Energy Information Administration said last month, fueled by demand from data centers powering the artificial intelligence boom. "Amid strong demand across all sectors of the U.S. economy, NextEra Energy Resources (NEER) had a strong origination quarter, adding approximately 3.2 gigawatts (GW) of new renewables and storage to its backlog," CEO John Ketchum said in a statement, referring to the clean energy infrastructure unit. The unit's backlog now totals roughly 28 GW. However, the company faces uncertainty over its reliance on Asian supply chains — particularly China — for key components such as batteries, exposing it to risks from escalating U.S.-China trade tensions and potential tariff changes. FPL SHINES Florida Power & Light (FPL), the company's utility arm and the largest electric utility in the U.S, posted strong quarterly results, with net income rising 12.3% from a year earlier. The utility's growth was supported by continued infrastructure investments and customer base expansion. FPL's capital expenditures totaled $2.4 billion in the quarter. For the full year, the company expects to invest between $8 billion and $8.8 billion. In December, FPL also proposed a year-long rate review, which could see residential customer bill growing at an average annual rate of about 2.5% from January 2025 through the end of 2029. On an adjusted basis, the Juno Beach, Florida-based company posted a profit of 99 cents per share, beating analysts' average estimate of 97 cents, according to data compiled by LSEG. https://www.reuters.com/sustainability/climate-energy/nextera-beats-profit-expectations-rate-hikes-robust-power-demand-2025-04-23/
2025-04-23 11:44
Company reaffirms annual revenue forecast Offshore wind business reports core loss amid challenges Electrification segment's core profit more than triples April 23 (Reuters) - GE Vernova (GEV.N) , opens new tab reported first-quarter revenue on Wednesday that beat Wall Street estimates on the back of strong performance at its power and electrification units, sending its shares up more than 8% in premarket trading. The results come at a time when the power industry is bracing for the impact of the Trump administration's sweeping tariffs and policies, which have disrupted supply chains, raised costs and threatened the future of offshore wind projects. Sign up here. The power equipment maker reaffirmed its annual revenue forecast of $36 billion to $37 billion, but added the forecast includes a cost impact of about $300 million to $400 million due to tariffs. GE Vernova, which became independent last year after a three-way split of General Electric (GE.N) , opens new tab, reported total orders of $10.2 billion in the first quarter, up roughly 8% from last year. Core profit at the electrification segment more than tripled to $214 million in the first quarter, while the power segment, GE Vernova's largest unit, reported core profit of $508 million compared with $345 million a year earlier. The company's offshore wind business, which has faced several challenges, including project delays, cost inflation and supply chain issues, reported a core loss of $146 million during the quarter as orders dropped 44% to $640 million. The Cambridge, Massachusetts-based company reported revenue of $8.03 billion in the three months ended March 31, compared with the average analyst estimate of $7.54 billion, according to data compiled by LSEG. https://www.reuters.com/sustainability/climate-energy/ge-vernovas-quarterly-revenue-beats-strength-power-electrification-units-2025-04-23/
