2025-03-02 18:39
March 2 (Reuters) - South African power utility Eskom said on Sunday that a unit at its Koeberg nuclear power plant was shut down after experiencing an unplanned, non-technical trip while operating at full capacity. Eskom said that Koeberg Unit 2 inadvertently tripped during work on Unit 1, which is currently offline. The second unit was switched off in accordance with protocol, Eskom said, adding that start-up process for the tripped unit was in the works. Unit 2 is expected to be reconnected to the national grid within 48 hours, state power utility Eskom said. Koeberg power station, north of Cape Town, is currently the only commercial nuclear power plant in Africa and its two units contribute around 1,860 megawatts or 5% of national power supply. Sign up here. https://www.reuters.com/business/energy/south-africas-koeberg-nuclear-plant-unit-shuts-down-after-unplanned-trip-2025-03-02/
2025-03-02 17:23
Extension aims to support mining sector's efforts to raise capital Canada seeks alternative capital sources to reduce reliance on China Canada offers U.S. secure supply of critical minerals amid trade tensions BHP CEO urges Canada to be more competitive March 2 - Canada will extend a tax credit on mineral exploration for two additional years as part of the government's move to support investment in exploration projects, energy, and natural resources, Natural Resources Minister Jonathan Wilkinson said on Sunday. The mineral exploration tax credit is a capital market tool that offers investors a 15% tax credit to invest in flow-through shares of smaller mining companies. It was set to expire on March 31. Wilkinson said the extension is to ensure that the mining sector has the tools to raise capital for exploration projects. The move is also an attempt by the government to provide companies with an alternative source of capital to China. Canada has maintained a tough stance against investments from Chinese state-owned enterprises in domestic mining companies. It has asked at least five companies to divest investments from Chinese state-owned enterprises in Canadian-listed companies. "There was some degree of anxiety on the part of the sector, especially the juniors (exploration companies), whether it's going to be renewed," Wilkinson said in an interview. The extension is expected to provide C$110 million ($76.05 million) to support mineral exploration investment, he added. The extension will be announced during the annual Prospectors and Developers Association of Canada (PDAC) conference in Toronto, one of the world's largest gatherings of mining companies and their financiers, which starts on Sunday. Miners are bracing for a possible trade war in North America unleashed by U.S. president Donald Trump, who is threatening to impose a 25% tariff on most Canadian goods. Miners are also watching for tougher controls on the export of critical minerals from China. Wilkinson said that Canada has pitched a mutually beneficial partnership to the U.S. by offering Washington a secure supply of critical minerals such as germanium and gallium. "There are specific types of critical minerals that Canada has that China has been providing in large quantities to the United States, that they have now banned the export (of) into the United States," he said. Wilkinson said his argument to U.S. officials has been that it is far better to talk about how the U.S. and Canada can help each other. Canada has prepared retaliatory measures in case Trump proceeds with tariffs on Canada and Mexico. While Canada might not impose an export tax on metals in the first round of its counter-tariff measures, it is considering one on commodities such as zinc, copper, and nickel in the future. "That may not be the first order of business, but certainly those are tools in the Canadian toolbox, and we're not taking any tools out right now," Wilkinson said. Mining giants however have been demanding much more from governments. Mike Henry, Chief Executive Officer of BHP on Sunday in a speech at PDAC said that Canada's competitiveness has dropped compared to other countries that are emerging as new mining destinations and issuing faster permitting process for miners. "Past success is not an indicator of future success," Henry said referring to Australia and Canada, adding that even though BHP has had positive experience in Canada, the experience of other companies might not be the same. BHP is developing a potash mine in Saskatchewan Canada, which when it comes to production will be of the biggest investments ever made by a mining company in the country. ($1 = 1.4465 Canadian dollars) Sign up here. https://www.reuters.com/world/americas/canada-extend-mineral-exploration-tax-credit-two-more-years-minister-says-2025-03-02/
2025-03-02 16:50
March 2 (Reuters) - Bitcoin, the world's largest cryptocurrency by market value, was up by around 6.06% at $89,359 at 1620 GMT on Sunday. Ether, the second largest cryptocurrency, was up 1.36% at $2,253 at 1622 GMT on Sunday. This comes after U.S. President Donald Trump said on Sunday that his recent executive order on digital assets directed his team to create "a Crypto Strategic Reserve that includes XRP, SOL, and ADA." Sign up here. https://www.reuters.com/technology/bitcoin-up-606-89359-2025-03-02/
2025-03-02 14:13
February jobs report due on March 7, increase of 133,000 jobs expected Weakening US consumer, business indicators signal caution Investors assessing fallout from Trump plans to shrink federal workforce Feb 28 (Reuters) - The stakes are high for the monthly U.S. jobs report in the coming week, as investors gauge whether a string of worrisome data is signaling significant concern about the economy. The benchmark S&P 500 stock index (.SPX) , opens new tab has pulled back 4% from its all-time high reached earlier this month, while falling Treasury yields and a slide in bitcoin are also indicating increasing investor wariness. A number of recent economic releases have disappointed or weakened, including consumer confidence, business activity and retail sales. The Trump administration's dramatic moves on trade and other policies have injected uncertainty for consumers and businesses. The monthly employment release is seen as among the most crucial data points assessing the economy's health and investors will be looking for the jobs data for February, due on March 7, to either bring relief or drive further worry. "The market is on edge because of fears regarding a U.S. economic growth scare," Michael Arone, chief investment strategist for the U.S. SPDR Business at State Street Global Advisors. "If the unemployment figure shows signs of weakness, it further fuels the flames for that growth scare." Employment in February is estimated to have increased by 133,000 jobs, according to a Reuters poll, compared to 143,000 in added jobs in January. The unemployment rate is expected to be 4.0%. "The jobs market is the most important pillar of the U.S. economy," said Matthew Miskin, co-chief investment strategist at John Hancock Investment Management. "Whether the consumer is in too much debt or whether they're going to spend is really going to come down to whether or not they have a job and they feel comfortable in their job." Despite concerns about economic weakening, investors remain on guard about inflation, with the annual pace of inflation still running above the Federal Reserve's 2% target, so an overly strong jobs report also could spark market concerns. "The street is hoping for a number that's not going to be too cool, too negative relative to expectations, or too hot, meaning that ... inflation might take longer than expected to normalize," said Angelo Kourkafas, senior investment strategist at Edward Jones. In a possible silver lining for stocks, investors expect more monetary policy easing than they did earlier this month following the recent disappointing economic reports. Fed funds data indicate at least two more interest rate cuts expected by December, according to LSEG. The jobs data comes as Trump takes dramatic action to shrink the federal workforce, with the administration on Wednesday ordering agencies to undertake more large-scale layoffs. Tens of thousands of U.S. government workers have been fired in recent weeks, according to a Reuters tally of announcements tracking Trump's plans. With federal employees and contractors worrying about their jobs, "the risks are rising that households may begin to hold back purchases," said Torsten Slok, chief economist at Apollo Global Management. "We remain bullish on the economic outlook, but we are very carefully watching the incoming data for signs if this is an inflection point for the business cycle," Slok said in a note on Thursday. Data on manufacturing and the services sector are due in the coming week, when several Fed officials are set to speak and give their views on the economy. Investors remain mindful of market volatility stemming from further announcements from Trump on tariffs and other policies. The president on Wednesday raised hopes for another pause on steep tariffs on imports from Mexico and Canada, while floating a tariff on European cars and other goods. "Yesterday was another example of how the words from the White House or the President can shake things up on any given day," Matthew Maley, chief market strategist at Miller Tabak, said in a note on Thursday. Wall St Week Ahead runs every Friday. For the daily stock market report, please click Sign up here. https://www.reuters.com/markets/us/wall-st-week-ahead-rising-investor-angst-about-economy-be-tested-by-us-jobs-data-2025-02-28/
2025-03-02 13:23
KYIV, March 2 (Reuters) - Ukraine said on Sunday it condemned a "breach of territorial sovereignty" by employees of the U.N. nuclear watchdog who visited the Russia-held Zaporizhzhia nuclear power plant in Ukraine via Russian-occupied territory. In an emailed statement, Ukraine's foreign ministry blamed "Russian blackmail and systematic attempts to impose upon international organisations illegal and contradictory mechanisms of operating on the temporarily occupied territories." A new monitoring mission from the IAEA arrived on Saturday at the Zaporizhzhia plant, which has been occupied by Russia since 2022, for the first time through Russian territory, the Russia-installed head of the plant said. Previously, monitoring missions entered the Russian-occupied area from territory controlled by Kyiv. The IAEA did not immediately respond to a request for comment on Sunday. The IAEA rotation came after weeks of delay caused by military activity around the site with each side blaming the other for violating rules to ensure the team's safe passage to the plant. Sign up here. https://www.reuters.com/world/europe/ukraine-condemns-iaea-nuclear-plant-visit-via-russian-occupied-territory-2025-03-02/
2025-03-02 10:08
OSLO, March 2 (Reuters) - Finland will release an oil tanker which investigators believe broke a Baltic Sea power cable and four internet lines late last year, and will escort the vessel to international waters even as the criminal probe continues, police said on Sunday. The Cook Islands-registered Eagle S was boarded by Finland's coast guard on December 26 and has been held in custody while authorities probed the case, which remains under investigation on suspicion of sabotage. Three crew members remain subject to a travel ban and are not allowed to leave Finland, police said in a statement. "The criminal investigation continues with further interviews of the crew and the examination of the material gathered," police said, while adding that the aim is to conclude the probe by the end of April. The Baltic Sea region is on high alert after a string of power cable, telecom link and gas pipeline outages since Russia invaded Ukraine in 2022, and the NATO military alliance has boosted its presence with frigates, aircraft and naval drones. Investigators believe the cables broke when the Eagle S dragged its anchor along the seabed, and a lost anchor believed to belong to the vessel was later recovered from the ocean. A lawyer representing the ship's owner has said the alleged damage happened outside of Finland's territorial waters and that the country thus lacked jurisdiction to intervene. Finnish power grid operator Fingrid said on Sunday it had agreed with Estonian partner Elering to waive their right to enforce a seizure of the Eagle S as the cost of taking over and maintaining it likely exceeded the vessel's value. Sign up here. https://www.reuters.com/world/europe/finnish-estonian-grid-operators-wont-enforce-tanker-seizure-after-power-cable-2025-03-02/
