2025-03-11 12:18

GEORGETOWN, March 11 (Reuters) - The eighth energy project in Guyana of a consortium led by U.S. major Exxon Mobil (XOM.N) , opens new tab will produce up to 1.5 billion cubic feet per day (bcfd) of natural gas and 290,000 barrels per day on condensate through a floating production facility that will have capacity to export the fuel, the group told the government. The Longatil project's details, which include the development of the Longtail, Tripletail and Turbot discoveries off Guyana's coast, were included in the group's request for environmental authorization, published by Guyana's government and seen by Reuters on Tuesday. Longtail is expected to become Exxon's most important gas development in Guyana so far amid the government's pressure to ramp up gas output and supply to a wide variety of projects, including petrochemical plants and liquefied natural gas. The project will include up to 60 production and injection wells, according to the document. Sign up here. https://www.reuters.com/business/energy/exxon-groups-eighth-guyana-project-produce-up-15-bcfd-gas-2025-03-11/

2025-03-11 12:17

D. Boerse to offer crypto settlement services via Clearstream Starts with bitcoin, ether, considering other coins later European financial institutions making crypto moves March 11 (Reuters) - Germany's Deutsche Boerse (DB1Gn.DE) , opens new tab will offer cryptocurrency custody and settlement services for institutional clients from next month, the company said on Tuesday, becoming the latest firm to offer custody management for bitcoin and ether. The service aims to allow crypto trading from various trading venues to be settled and held in Clearstream, Deutsche Boerse's settlement business. It marks an expansion into crypto services for the German exchange, after last year it launched its own crypto trading platform for institutional investors. From April clients will be able to use Clearstream for bitcoin and ether - the two largest cryptocurrencies - and the company is considering adding additional cryptocurrencies, based on demand. Deutsche Boerse's subsidiary Crypto Finance will act as a sub-custodian. "Offering crypto custody is the next step on Clearstream’s journey to digitise financial markets," said Jens Hachmeister, Clearstream's head of issuer services and new digital markets. European financial institutions are increasingly making moves in cryptocurrencies, after the European Union introduced a landmark regulatory framework, the Markets in Crypto-Assets regulation (MiCA) in 2023. The news, first reported by Bloomberg, comes after Crypto Finance obtained a MiCA licence in January. Other custody managers to offer crypto custody services include Bank of New York Mellon (BK.N) , opens new tab, which began offering it in 2022, and State Street (STT.N) , opens new tab, which expanded its digital asset services last year. Deutsche Boerse launched a regulated platform for institutional investors to trade cryptocurrencies in March last year, as part of a separate entity which has been merged into Deutsche Boerse's 360T subsidiary, a spokesperson for Deutsche Boerse said. The election of Donald Trump as U.S. President last year has raised expectations of more mainstream financial institutions getting involved in crypto, and U.S. regulators this month made it easier for banks to engage in crypto activities. Some European banks are also expanding. Spanish bank BBVA (BBVA.MC) , opens new tab said on Monday it had received approval from the country's securities regulator to offer bitcoin and ether trading services in Spain. Bitcoin rallied sharply following the election of Trump, but has since declined. Sign up here. https://www.reuters.com/technology/deutsche-boerses-clearstream-offer-bitcoin-ether-custody-services-2025-03-11/

2025-03-11 12:12

March 11 (Reuters) - ARC Resources (ARX.TO) , opens new tab said on Tuesday it had entered into a long-term liquefied natural gas supply agreement with a unit of Exxon Mobil (XOM.N) , opens new tab. Global LNG demand has risen in recent years amid a shift toward cleaner energy, with the U.S. emerging as a major supplier to both Europe and Asia. ExxonMobil LNG Asia Pacific will purchase all of ARC's LNG offtake from the Cedar LNG project, representing about 1.5 million tonnes per annum (mtpa), at international LNG pricing, ARC said. The Cedar LNG project, a partnership between the Haisla Nation and Pembina Pipeline (PPL.TO) , opens new tab located on Canada's West Coast, is expected to commence commercial operations later in 2028 and will have a capacity of 3.3 million tonnes per annum (mtpa). Last year, oil and gas transportation firm Pembina Pipeline said it, along with Haisla Nation, has decided to go ahead with the construction of the $4 billion project. In 2023, ARC signed a 20-year agreement to supply and liquefy natural gas with Cedar LNG. It planned to supply about 200 million cubic feet per day (MMcfpd) of natural gas with the project, resulting in the equivalent of 1.5 mtpa of LNG. "This agreement provides ExxonMobil with advantaged access to Asian LNG markets by establishing ExxonMobil's first long-term offtake position on Canada's Pacific Coast," said Andrew Barry, vice president of global LNG marketing, ExxonMobil Asia Pacific Pte Ltd. Sign up here. https://www.reuters.com/business/energy/arc-resources-supply-exxon-mobil-with-lng-2025-03-11/

2025-03-11 12:04

March 11 (Reuters) - Sterling rose against the dollar on Tuesday as fears of a U.S. recession drove traders away from the greenback, though the British currency was set for its seventh straight day of losses against the resurgent euro. The pound rose 0.4% to $1.2931, building on its 2.7% gain last week, as worries about a tariff-led slowdown in U.S. economic growth drive traders away from the greenback. Analysts said the move could continue in the coming days, though was unlikely to be sustained medium term. Nick Rees, head of macro research at Monex Europe, said while U.S. recession fears were "overdone", currency markets "could be wrong for an extended period". He expects the pound to fall against the dollar, but potentially not for a couple of weeks. From the UK side, the week's focus will be on Britain's monthly gross domestic product due on Friday but until then analysts said the currency would largely be influenced by moves elsewhere. The pound lost ground on the euro, which rose as high as 84.445 pence, its highest since late January, before paring some of its gains. It was last up 0.1% at 84.235 pence. Optimism that a deal could be reached on a German defence spending package has lifted the common European currency as eurozone growth prospects have brightened. The package, and reform of Germany's "debt brake" have also caused a sharp repricing of German government bonds, giving support to the euro. The spread between German and UK 10-year yields was 5 basis points narrower on Tuesday, and the two-year yield spread was 2 bps tighter. Both are around their narrowest since late 2024. Sign up here. https://www.reuters.com/markets/currencies/sterling-regains-footing-against-weak-dollar-tumbles-versus-euro-2025-03-11/

2025-03-11 12:03

BIS sees world markets in phase of major uncertainty Trade war key risk but sees no global recession for now Europe's defence spending plan could be harbinger of growth LONDON, March 11 (Reuters) - Central bank body, the Bank for International Settlements, has refrained from voicing its usual concerns about rising debt, noting markets' positive reaction to Europe's plans to ramp up defence spending in response to U.S. security policy shifts. The central bankers' central bank as the BIS is known, warned in its latest global report that U.S. President Donald Trump's tariffs led to unusually high uncertainty and market volatility, although it still expects the world's economy to avoid recession. U.S. bond yields, the dollar and stocks have all fallen in recent weeks on signs the economy there is now slowing, while Germany's dramatic plans to overhaul its debt limits as part of a wider European increase in defence spending has seen the sharpest rise in its bond yields since reunification in 1990. "Tariffs wrapped in uncertainty are going to be doubly unhelpful," said Hyun Song Shin, economic adviser and head of research at the BIS, referring to both their unpredictable timing and some other policy shifts Trump has made recently. Commenting on the report in briefing with journalists, Shin said tariffs both hurt consumer and business confidence and could stoke inflation, causing a headache for central banks. Asked how the market conditions compared to those during the COVID-19 pandemic and the global financial crisis, he said: "I don't think we are anywhere near that." He said the BIS' "base case" was still for a "soft landing" for the world economy. U.S. stock market volatility gauges, such as the VIX index (.VIX) , opens new tab also remain well below levels during those crises, Shin said, while the rise in German and European bond yields had a much more positive feel than the spikes seen early in the year. Whereas the recent spikes in yield were seen as a sign of concern the latest one was accompanied by a strong "risk on" rise in European stocks on the hopes of stronger economic growth in Germany, Europe's largest economy. "It is still very early days but is it is very notable that the rise in the yields is very different in tone." He also refrained from the BIS' traditional warning of potential debt risks. "I think it really depends on the race between the growth trajectory and the debt trajectory," Shin said. "The (German) fiscal announcement could be the harbinger of higher activity." MAR-A-LAGO ACCORD? The BIS report also looked at a number of broader market trends. One section focused on central bank inflation targeting over the last 25 years and increased role other objectives such as employment have played, especially in some advanced economies. Given the BIS acts as forum for the world's top central banks and helps manage their foreign exchange reserves, Shin was also asked how the institution would react to a possible 'Mar-A-Lago Accord'. Floated as modern day version of the 1985 'Plaza Accord', economists say Trump could use the threat of tariffs and the lure of U.S. security support to persuade foreign governments to swap their Treasury holdings for cheaper, ultra long-term debt to lower the dollar's value and improve Washington's finances. "The details are still not really fully sketched out so we will need to see," Shin said, adding that there were obvious questions about how other countries would manage concerted sales of U.S. Treasuries. Shin's colleague Frank Smets, a former advisor to the European Central Bank's Executive Board also said that "forward guidance" - the practice where central banks hint at future moves in interest rates - was not going to be very effective in current environment. "You want to move in small steps when you are in an uncertain world," Smets told reporters. Sign up here. https://www.reuters.com/markets/global-markets-bis-graphic-2025-03-11/

2025-03-11 12:01

https://www.reuters.com/world/us/latest-us-markets-after-mondays-selloff-2025-03-11/