2025-03-19 20:24

TSX ends up 1.47% at 25,069.21 Posts its biggest gain since August 8 Technology gains 3%, led by Shopify Alimentation Couche-Tard adds 6.3% March 19 (Reuters) - Canada's main stock index rose to a near three-week high on Wednesday as energy and technology shares led a broad-based rally after the Federal Reserve was less hawkish than some investors had feared. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) , opens new tab ended up 363.14 points, or 1.47%, at 25,069.21, its highest closing level since February 28 and its biggest advance since August 8. Sign up here. "Certainly seeing a risk-on tone to the tape here," said Mike Archibald, a portfolio manager at AGF Investments. "The driver of this is the Federal Reserve not sounding as hawkish as potentially some were thinking." Wall Street also notched gains after the Fed kept rates unchanged as widely expected. Central bank policymakers indicated they still anticipate reducing borrowing costs by half a percentage point by the end of this year in the context of slowing economic growth and, eventually, a downturn in inflation. Technology was the biggest gainer among sectors, adding 3%, boosted by a 8.3% jump in the shares of e-commerce company Shopify Inc (SHOP.TO) , opens new tab. Energy was up 1.7% as the price of oil settled 0.4% higher at $67.16 a barrel. Heavily weighed financials rose 1.2% and consumer staples ended 2.5% higher. Shares of retailer Alimentation Couche-Tard (ATD.TO) , opens new tab climbed 6.3% after the company reported quarterly results. Its CEO said a no non-disclosure agreement had been signed over potential stores needed to be sold by the Canadian company and Japan's Seven & i to meet U.S. antitrust conditions for a deal. The materials group, which includes metal mining share, ended 0.9% higher as copper prices climbed and gold moved to a fresh record high. Healthcare was the only one of 10 major sectors to end lower, losing 1%. https://www.reuters.com/markets/tsx-futures-edge-up-ahead-feds-rate-decision-2025-03-19/

2025-03-19 20:22

Amtrak aims to drastically boost traffic, add routes White House official says CEO was asked to step down Biden administration gave Amtrak $16.4 billion for infrastructure upgrades WASHINGTON, March 19 (Reuters) - The White House this week forced Amtrak CEO Stephen Gardner to step down as head of the U.S. passenger railroad after President Donald Trump sought the changes, two sources told Reuters. Gardner said on Wednesday he will resign immediately, ending more than four years as head of the railroad, citing concerns about maintaining the carrier's support from the Trump administration. Sign up here. "I am stepping down as CEO to ensure that Amtrak continues to enjoy the full faith and confidence of this administration," Gardner said in a statement. A White House official told Reuters Gardner had been asked to step down. An Amtrak spokesperson declined to comment on whether he had been asked to leave. Transportation Secretary Sean Duffy said in a statement that Amtrak needs to address safety concerns at Washington's Union Station. "It’s time for Amtrak leadership to clean up Union Station," he said. "It’s time to rid our nation's treasures of homelessness and crime. Commuters and travelers need to feel safe in our capital." Billionaire Elon Musk, who is advising Trump on plans to radically shrink the U.S. government, said earlier this month he thought Amtrak should be privatized. Trump, during his first term, repeatedly sought to cut funding , opens new tab to Amtrak, which received about $2.4 billion in annual federal support in 2023. Congress last week approved $2.42 billion for Amtrak through September 30 in annual funding. Amtrak said in December ridership topped 2019 pre-COVID-19 levels for the first time in 2024, reaching a record high even with less capacity. Ridership increased over 15% in 2023 to a record 32.8 million customer trips, as passenger revenue hit $2.5 billion, up 9% over the prior year. The rail operator reported an adjusted operating loss of $705 million for the 12 months ended September 30, 2024, down 9% versus 2023. Amtrak faced service woes over the last year. In November, it was forced to temporarily suspend all train service between New York and Washington due to overhead power issues in Philadelphia, disrupting the travel plans of thousands of riders. Amtrak in March said it was boosting passenger services on the East Coast as it aims to double ridership nationwide by 2040 to 66 million passengers. Congress approved $66 billion for rail projects as part of a massive infrastructure bill in 2021, with $22 billion dedicated to Amtrak over five years on top of regular funding. In 2023, then-President Joe Biden announced $16.4 billion in grant funding for 25 rail projects on Amtrak’s Northeast Corridor -- Boston to Washington -- the busiest U.S. rail corridor with 800,000 daily trips in a region representing 20% of the U.S. economy. Many bridges, tunnels and other parts of the corridor are in serious need of repairs, especially a key tunnel connecting New York City and New Jersey. https://www.reuters.com/world/us/us-passenger-railroad-amtrak-ceo-abruptly-steps-down-2025-03-19/

2025-03-19 20:14

QUITO, March 19 (Reuters) - Ecuador's state oil company Petroecuador said on Wednesday that it had restarted crude transport via the SOTE pipeline after repairing damage caused by a landslide. The firm had suspended use of the pipeline last Thursday after the landslide caused an oil spill. Sign up here. The landslide buried the pipleline in some 225,000 cubic meters of soil, which the company had to remove before repairing the line, Petroecuador said in a statement. The company did not say how much oil had been spilled as a result of the damage. https://www.reuters.com/business/energy/petroecuador-restarts-transport-through-sote-pipeline-after-landslide-damage-2025-03-19/

2025-03-19 19:54

Qilak LNG aiming to produce 4 mln T per year, CEO Treadwell says Wants to be part of Trump's gas push for Asia Asian buyers should diversify their purchasing strategy from Russia, CEO says TOKYO, March 19 (Reuters) - Qilak LNG, which is hoping to develop a LNG project in Alaska, wants to be part of U.S. President Donald Trump's push for rising gas exports from the remote peninsula to Asian markets, its Chief Executive Mead Treadwell told Reuters. Trump's administration is pushing to transport gas south from Alaska's remote north via a $44 billion 1,300-km (800-mile) pipeline, to be shipped as liquefied natural gas to Japan, South Korea and Taiwan, in a project known as Alaska LNG. Sign up here. "There is a lot of excitement between the United States and Japan about natural gas from Alaska," Treadwell said by phone. "We remind people on the both sides of the Pacific that Texas and Louisiana have multiple LNG projects, and so does Alaska." Qilak LNG, with initial targeted capacity of 4 million tones of LNG per year, is talking to the Trump administration about necessary permits and to companies in Japan and South Korea about potential participation in a feasibility study, he said. "We have invited some people who have an interest in offtake (deals) to be observers of the feasibility study, and they include large and small offtakers in Asia, a potential offtaker in the United States and perhaps two (in the U.S.)," Treadwell said. Japanese Prime Minister Shigeru Ishiba met with Trump last month and discussed the 20-million-tones-per annum Alaska LNG project. The project's developers are touring Taiwan, Thailand, South Korea and Japan this month seeking commitments. "One is a much larger project. One is a much smaller project," Treadwell said. "The fact that there are two projects out there doesn't mean one has to kill the other." Qilak LNG is targeting production by early 2033, he added. The project forecasts capital expenditures of $1,000 to $1,250 per ton of liquefaction capacity, according to its recent presentation, or around $4 billion to $5 billion in costs. "President Trump's administration is committed to unleashing the full energy potential of Alaska," a spokesperson for the U.S. Department of Energy told Reuters, without specifically mentioning Qilak LNG. "LNG from Alaska has a massive potential." Some analysts have questioned whether LNG from Alaska could still be a competitive option if sanctions on Russia's Arctic LNG 2 project are lifted as a result of a peace deal on Ukraine Trump is seeking with Moscow. "No matter than happens with Russia coming back to the market, it is reasonable to suggest to Asian buyers that they diversify their northern strategy," Treadwell said. https://www.reuters.com/business/energy/qilak-lng-alaskas-smaller-gas-project-seeks-role-trumps-asia-push-ceo-says-2025-03-19/

2025-03-19 19:47

Trump administration grants Venture Global conditional export permit for CP2 project Venture Global's stock price rises after announcement Environmental groups angry with decision WASHINGTON, March 19 (Reuters) - U.S. President Donald Trump's administration granted Venture Global LNG (VG.N) , opens new tab approval on Wednesday to export natural gas from a proposed Louisiana facility that had faced delays under former President Joe Biden. The approval comes as Trump seeks to vastly expand U.S. oil and gas production and exports as part of what he calls his "energy dominance" agenda. The U.S. is already the world's top producer of oil and the No. 1 LNG exporter. Sign up here. The Department of Energy said in a press release on Wednesday that it has authorized widespread exports from Venture Global's CP2 project in Cameron Parish. Venture Global's share price, which has fallen 60% since its initial public offering in January, was trading higher on Wednesday afternoon, up 6.5% from Tuesday's close. "The benefits of expanding U.S. LNG exports have never been more clear, and I am proud to be taking action to support the American people and our allies abroad with more affordable, reliable, secure American energy," said Energy Secretary Chris Wright. The export permit approval is the fifth LNG-related approval from the Department of Energy since Trump took office and lifted a freeze on new export permits that had been imposed by the previous administration to allow time to study the environmental impacts of projects. "We are grateful for the Trump Administration’s return to regular order and regulatory certainty that will allow us to further expand U.S. LNG exports," said Venture Global in a press release. The Biden administration had been concerned that the rapid expansion of the U.S. LNG business would increase greenhouse gas emissions, particularly through methane escaping from leaky pipelines and other infrastructure. Despite securing the permit, the 20 million metric tons per annum CP2 project also remains subject to final approval from other federal regulators, and Venture Global is still in the process of making a final investment decision. In December, the Federal Energy Regulatory Commission pulled Venture Global LNG's authorization to construct the CP2 export facility, requiring an additional environmental review of air quality impact. Environmental groups said on Wednesday they were upset by the Department of Energy's decision. "NRDC sued over FERC’s approval of this project, and we will be closely examining the legality of this DOE approval, as well," said Gillian Giannetti, an attorney at Natural Resources Defense Council. Venture Global has already secured long-term supply agreements for CP2 with companies including Exxon Mobil (XOM.N) , opens new tab, Chevron (CVX.N) , opens new tab, JERA, New Fortress Energy (NFE.O) , opens new tab, INPEX (1605.T) , opens new tab, China Gas, SEFE and EnBW, the company said. https://www.reuters.com/business/energy/trump-doe-approves-venture-global-lng-exports-louisiana-project-2025-03-19/

2025-03-19 19:44

BUENOS AIRES, March 19 (Reuters) - Argentina's economy shrank 1.7% in 2024 compared with the prior year, but expanded for the second consecutive time in quarterly terms in the last three months of the year, the country's statistics agency said on Wednesday. Argentina's gross domestic product (GDP) however expanded 1.4% in the fourth quarter compared to the previous one in seasonally-adjusted terms, marking the second quarter-on-quarter expansion in a row. Sign up here. Year-on-year, Argentina's gross domestic product (GDP) also posted an increase of 2.1% in the October to December period, beating analysts' forecasts for a 1.7% expansion. Argentina's economy faltered in early 2024 as industry slowed amid a harsh austerity measures from libertarian President Javier Milei, but showed a rebound in the later months of last year. The country has seen its sky-high inflation slow to 66.9%, as the government seeks to tackle economic woes by stripping away capital controls, but residents are still struggling against spiralling costs and slashes public services. https://www.reuters.com/world/americas/argentinas-2024-economy-shrinks-17-despite-late-year-rebound-2025-03-19/