2025-03-21 00:05

LONDON, March 21 (Reuters) - GB Energy will lead a 200 million pound ($260 million) solar panel project for hospitals and schools, Britain said on Friday, in the first investment for the state-owned company since it was set up last year with the aim of lowering energy bills. A key part of the Labour government's plan to improve public services in Britain and help revive the economy, GB Energy was established in October to drive investment in renewables. Sign up here. The 200-million-pound deal could help dampen speculation around GB Energy's funding ahead of a budget update speech from finance minister Rachel Reeves next Wednesday, when she is expected to announce cuts to public spending plans. GB Energy will pay for solar panels on the roofs of schools and hospitals, in this first major project, with the first installations expected to be made this summer, the government said. A jump in energy bills since the Ukraine war has heaped extra pressure on already strained health and education budgets, but the new solar panels and related renewable schemes will help cut those costs, the statement said. "Great British Energy's first major project will be to help our vital public institutions save hundreds of millions on bills to reinvest on the frontline," energy minister Ed Miliband said. "This is our clean energy superpower mission in action, with lower bills and energy security for our country." GB Energy will make this investment alongside the government as the parliamentary process to finalise its creation is not expected to complete until next month. Of the total investment, about 80 million pounds has been earmarked for schools in England, while 100 million pounds will go on hospitals. GB Energy will also work with devolved governments on solar projects for their schools and hospitals. ($1 = 0.7717 pounds) https://www.reuters.com/world/uk/uk-invest-260-million-solar-panels-schools-hospitals-2025-03-21/

2025-03-20 23:45

March 20 (Reuters) - Elon Musk, the world's richest man and a top adviser to U.S. President Donald Trump, was issued a summons in connection with the Securities and Exchange Commission's lawsuit against him, a court filing on Thursday showed. A process server gave the civil summons and other documents on March 14 to a security guard at the Brownsville, Texas, headquarters of SpaceX, the space technology company of which Musk is CEO, the filing said. An answer is due on April 4, according to the docket. Sign up here. The SEC in January accused Musk of waiting too long to disclose in 2022 that he had amassed a large stake in Twitter, the social media company he later bought and renamed X. The regulator said Musk violated federal securities law by waiting 11 days too long to disclose his initial purchase of 5% of Twitter's common shares. An SEC rule requires investors to disclose within 10 calendar days -- or by March 24, 2022, in Musk's case -- when they cross a 5% ownership threshold. Musk and his lawyer didn't immediately respond to requests for comment. A spokesperson for the SEC declined to comment. https://www.reuters.com/world/us/elon-musk-issued-summons-sec-case-over-twitter-stake-disclosure-2025-03-20/

2025-03-20 23:24

MOSCOW, March 20 (Reuters) - Russia's foreign ministry said on Thursday that Ukraine had already violated a proposed ceasefire on energy sites in the three-year-old war by attacking a Russian oil depot. Russia's TASS news agency reported foreign ministry spokeswoman Maria Zakharova told state television Channel One that it was up to the United States, which had proposed the ceasefire, to confront Ukraine over its actions. Sign up here. The Kremlin said this week that Russian President Vladimir Putin had agreed in a call with his U.S. counterpart Donald Trump to observe a 30-day ceasefire on energy targets. The accord fell short of a wider agreement that the U.S. had sought, and which was accepted by Ukraine, for a blanket 30-day truce. Firefighters in southern Russia were still battling a blaze at an oil depot triggered by a Ukrainian drone attack, regional authorities said on the Telegram messaging app. "We believe that the Kyiv regime has already broken the ceasefire proposed by the U.S. president," Zakharova said on television, according to TASS. "Now the question is - you will forgive me - how is Washington going to handle this terrorist scum gone mad? How are they going to put them in their place and get them on to something like the right track?" Ukrainian officials have also accused Russia of failing to align their actions with their pledges by launching attacks on civilian targets. Ukrainian President Volodymyr Zelenskiy said on Wednesday that Russian attacks on infrastructure, including hospitals and rail equipment, showed "Putin's words are very different from reality". In earlier comments, Zakharova had described the attack on the oil depot as a "provocation" and an attempt by Ukraine to disrupt peace initiatives. Authorities in the southern Russian region of Krasnodar said a Ukrainian drone attack caused a fire at an oil depot near the village of Kavkazskaya. The depot is a rail terminal for Russian oil supplies to a pipeline linking Kazakhstan to the Black Sea. A statement issued by authorities in the Krasnodar region on Thursday evening said efforts were continuing to bring the blaze under control. The statement said 429 firefighters and 174 pieces of equipment had been drafted to tackle the fire covering 3,750 sq m (40,400 sq ft). https://www.reuters.com/world/europe/russia-says-ukrainian-drone-attack-oil-depot-already-violates-proposed-ceasefire-2025-03-20/

2025-03-20 23:18

BUENOS AIRES, March 20 (Reuters) - Argentina's largest umbrella union, the powerful General Confederation of Labor (CGT), announced on Thursday it will hold a broad 24-hour strike on April 10 in protest of President Javier Milei's economic austerity measures and reforms. Milei has overseen a dramatic reduction in Argentina's sky-high inflation, but unions say his cuts to public spending have caused layoffs and hurt consumers' purchasing power. Sign up here. Rising unemployment will be a focus of the strike, CGT secretary general Hector Daer said. "One cannot be a mere spectator of the layoffs that are taking place," Daer said. The strike will be the union's third organized in protest of Milei's administration. The umbrella union is historically identified with the now-opposition Peronist movement. "There is nothing that warrants a strike," presidential spokesman Manuel Adorni said earlier on Thursday, adding that union leaders are seeking to "harm the government." https://www.reuters.com/world/americas/argentina-unions-strike-against-milei-april-10-2025-03-20/

2025-03-20 23:05

Almost 80% of Japan firms plan to continue promoting diversity Some 36% of Japan firms see higher FY2025 profit, 20% see slide Most Japan firms see dollar trade in 140-150 yen range in FY2025 TOKYO, March 21 (Reuters) - More than three-quarters of Japanese companies have no plan to pull back from promoting workplace diversity and decarbonisation despite recent policy changes in the United States, a Reuters survey showed on Friday. Since taking office in January, U.S. President Donald Trump has issued a series of executive orders aimed at dismantling diversity, equity and inclusion programmes across the federal government and the private sector. Sign up here. Major U.S. companies that have backtracked on their DEI initiatives in recent months include Facebook and Instagram parent Meta Platforms (META.O) , opens new tab and Alphabet's Google (GOOGL.O) , opens new tab. Japan runs far behind the United States and the other members of the Group of Seven advanced economies in gender equality, a World Economic Forum report published last year showed. Around 77% of survey respondents said they plan to press ahead with their diversity efforts, while 3% are reviewing or considering reviewing their DEI steps. The remaining 20% had no plan to promote diversity in the first place. "DEI is a global trend. We don't see it necessary to change our direction just because one country's president is against it," a manager at a machinery manufacturer wrote in the survey. "It is important to manage a company in a way that is fair to everyone regardless of race or gender." Promoting diversity and inclusion is vital to attract and retain employees as Japan faces a chronic labour shortage due to a shrinking and ageing population, some survey respondents said. The number of foreign workers reached a record 2.05 million in 2023, around 3% of the entire workforce, government data showed, but the figure is still short of what is needed to overcome labour shortages due to Japan's ageing population. Asked about the potential impact of the energy policy of President Trump, a climate sceptic and advocate of fossil fuels, about 84% of respondents said they intended to maintain their decarbonisation measures, while 3% said they would slow down such efforts. Japan relies heavily on imported oil and gas for its energy needs, and weaning itself away from fossil fuels is important for its energy security as well as for reducing greenhouse gas emissions. The survey was conducted by Nikkei Research for Reuters from March 5-14. Nikkei Research reached out to 505 companies and 225 responded on condition of anonymity. EARNINGS OUTLOOK On their earnings outlook for the business year starting in April, 36% of respondents expect operating profit to grow from a year earlier, 20% anticipate a year-on-year decline and 44% see their profit moving sideways, the survey showed. Nearly two-thirds of those expecting positive earnings growth cited firmer domestic demand as a contributing factor, while more than half of those foreseeing a slide in profit blamed higher costs for weaker performance. "Costs are on the rise across the board. We cannot pass them all onto selling prices," an official at a food company said. A manager at a transportation equipment maker also pointed to the prospect of higher auto tariffs in the United States and a slowdown in the Chinese economy as a reason for predicting a profit decline. Trump is considering imposing significant tariffs on vehicles and parts made around the world in early April. On expectations for the yen, 77% anticipate it to trade between 140-150 yen to the dollar in the new business year starting next month, while 15% see the Japanese currency to be weaker at 150 to 160 yen, and 7% expect it to trade between 130 and 140 yen, the survey showed. https://www.reuters.com/world/japan/most-japan-firms-stay-committed-diversity-despite-us-moves-reuters-survey-shows-2025-03-20/

2025-03-20 23:05

Shares fall on FY25 forecast cuts, downbeat view on vital industrial sector Fiscal Q3 profit misses Wall Street target CEO says company 'navigating challenging operating environment' March 20 (Reuters) - FedEx Corp (FDX.N) , opens new tab lowered its full-year profit and revenue forecasts on Thursday, as the parcel delivery firm battles stubbornly soft demand and uncertainty in the U.S. industrial economy as President Donald Trump imposes tariffs on trading partners. "Our revised earnings outlook reflects continued weakness and uncertainty in the U.S. industrial economy, which is constraining demand for our business-to-business services," Chief Financial Officer John Dietrich said in a statement. Sign up here. FedEx shares fell 5.3% to $232.29 in after-hours trade, while rival United Parcel Service (UPS.N) , opens new tab stock shed 1.1%. Those companies are seen as barometers for the global economy since their business touches so many types of businesses. Both companies have been slashing costs as less lucrative e-commerce delivery demand from companies like Temu (PDD.O) , opens new tab and Shein outperforms that of higher-margin shipments between businesses. The industrial sector includes firms that produce products used to make other goods. It drives significant cargo volume and more profitable deliveries for FedEx and UPS. Many executives in the U.S. transportation industry had been banking on the industrial economy returning to growth this year. Those hopes appear to have been dashed by new and threatened tariffs from the Trump administration. Experts are also concerned those import levies could spark a recession and trade war that further weakens transportation and delivery demand. Memphis-based FedEx on Thursday lowered its full-year forecast for adjusted profit to $18 to $18.60 per share. FedEx in December cut that profit forecast for the fiscal year ending May 2025 to $19 to $20 per share, down from its initial target range of $20 to $22 per share. FedEx also expects revenue for the 12 months ending in May to be flat to slightly down year-on-year, versus its earlier forecast for it to be approximately flat. For the third quarter that ended on February 28, FedEx reported adjusted profit per share of $4.51. That was up from $3.86 per share last year, but below average analyst estimates of $4.54, according to data compiled by LSEG. FedEx CEO Raj Subramaniam said the results came as the company was "navigating a very challenging operating environment, including a compressed peak season and severe weather events." FedEx and UPS are locked in a fierce battle for market share, which analysts worry could lead to a price war. FedEx and the United States Postal Service, its largest customer, ended their air cargo contract in September. UPS picked up that business, but in January said it was accelerating a plan to slash deliveries for its largest customer, Amazon.com (AMZN.O) , opens new tab. FedEx in December announced long-awaited plans to spin off its profitable Freight division. FedEx executives said on Thursday that the company remained on track for permanent cost reductions of $2.2 billion for fiscal 2025. CFO Dietrich also said the company had reached agreements to buy eight new Boeing (BA.N) , opens new tab 777 freighters at "very attractive prices." https://www.reuters.com/business/fedex-cuts-full-year-revenue-forecast-it-struggles-replace-usps-contract-loss-2025-03-20/