2025-01-12 08:59

Separatist authorities reduce Sunday rolling blackouts Many industries work at night to preserve energy Moldovan government says Russia holding rebel region hostage Jan 12 (Reuters) - Authorities in Moldova's separatist Transdniestria region said on Saturday that energy conservation measures had allowed them to ease restrictions caused by a halt to Russian gas supplies, with the duration of rolling blackouts to be further reduced. Transdniestria's pro-Russian leaders said via the region's official Telegram channel that daily rolling blackouts would be reduced to three hours on Sunday from eight hours earlier this week, though on Sunday they said the cut-off time will be extended to five hours from Monday. Moldova's pro-European central government renewed its criticism of Russia, saying it caused the energy crisis and now wants to portray itself as the power that was coming to the separatist region's rescue. Transdniestria, which split from Moldova at the end of Soviet rule, has relied on Russian gas shipped through Ukraine. Authorities in Ukraine, locked in a 34-month conflict with Russia, refused to extend a transit deal into 2025. Russian gas major Gazprom (GAZP.MM) , opens new tab has said it will not send the gas to Moldova along alternative routes, citing what it describes as Moldovan arrears of $709 million. Moldova, which denounces Russia's invasion of Ukraine, disputes that figure. "With current super efficiencies in consumption, Transdniestria has enough gas until the end of January," the Telegram channel quoted First Deputy Prime Minister Sergei Obolonik as saying. NIGHT SHIFTS Many factories have switched to night shifts, when the power grid is under less strain, but authorities said one plant, a cement manufacturer in the town of Rybnitsa, had closed down. A steel mill of critical importance to the region also closed in the city. Russian gas supplied to the separatist region powered a thermal plant which provided electricity both for Transdniestria and most of the needs of government-held regions. Daniel Voda, press secretary of Moldova's central government, said suggestions that Russia might relent and eventually send gas to Transdniestria did not alter Moscow's responsibility for the energy crisis. "Every time that Russia wants to show its might, it cuts off vital resources and turns people into hostages," Voda told the media outlet Nokta. "This is an experiment using people that shows that Moscow is not worried about residents' comfort and security. ... No one deserves to live in fear and in the cold." Moldova's government has accused Russia of artificially creating the energy crisis to destabilise the country ahead of this summer's parliamentary election. It has offered to help Transdniestria tackle the power shortages, but the separatist region's leaders deny receiving any official proposals. Moldovan President Maia Sandu has said Gazprom could supply gas to Transdniestria via an alternative route, the Turkstream pipeline through Turkey, Bulgaria and Romania. Transdniestria fought a brief war against Moldovan government forces in 1992 and still hosts 1,500 Russian soldiers on the tiny territory that neighbours Ukraine. Sign up here. https://www.reuters.com/world/europe/moldovas-separatist-transdniestria-region-reduces-blackouts-2025-01-11/

2025-01-12 06:23

MELBOURNE, Jan 12 (Reuters) - Aryna Sabalenka opened her bid for a third straight Australian Open title with a 6-3 6-2 victory over Sloane Stephens on Sunday after rain had washed away a good chunk of play on the opening day at Melbourne Park. The top seed did not have it all her own way against the 2017 U.S. Open champion but wrapped up the win in little more than an hour on Rod Laver Arena, one of three courts where play continued under closed roofs during the deluge. Men's second seed Alexander Zverev, seeking a maiden Grand Slam title, made a dominant start to his bid as he closed out the evening session on the main showcourt with a 6-4 6-4 6-4 victory over 2019 semi-finalist Lucas Pouille. Olympic champion Zheng Qinwen, who lost to Sabalenka in last year's final, reached the second round indoors, while men's sixth seed Casper Ruud and former world number four Kei Nishikori dodged the wet weather to secure five-set victories. It was another matter on the outside courts where play ended after less than an hour in the morning and did not resume until more than six hours later in the early evening. Eight of the 32 scheduled singles matches were scratched and organisers will be giving thanks for the cushion of the extra day which was first added to the tournament last year. One of the benefits of winning three Grand Slam titles is preferential scheduling and the roof of Rod Laver Arena was open again to the evening sun as Sabalenka took to court to face American Stephens. Five breaks of serve, 20 winners and 21 unforced errors later and the Belarusian was leading the crowd in an impromptu dance, having secured a second-round clash with Spain's Jessica Bouzas Maneiro. "It's not like I played my best match, probably, but I was glad to close it out in straight sets," the 26-year-old said. "I love playing here, it feels like home." Zverev was equally impressive despite not hitting top gear as he began his quest to become the first German man to claim a major since Boris Becker at Melbourne Park in 1996. Frenchman Pouille tried his best to resist Zverev in the third set, but the world number 103 who has endured injury problems in recent years faded away. "Lucas is somebody who when healthy isn't the ranking that he is," Zverev said. "He's a great player, so I wish him all the best." At the start of the day, the roofs of the showcourts were already closed before a violent thunderstorm brought the first rain and Zheng and Romanian qualifier Anca Todoni played out their baseline battle uninterrupted. Fifth seed Zheng, who did not play a warm-up tournament, struggled against the tall Todoni in the first set, finally breaking for 4-3 only to be broken back. The 22-year-old saved a set point before clinching the tiebreaker 7-3 and quickly raced to a 3-0 lead in the second while Todoni racked up unforced errors as she fought to stay in the contest. "The first match is never easy and I made some stupid mistakes," Zheng said after wrapping up her 7-6(3) 6-1 win in a shade under two hours. FIRST THROUGH Earlier, Mirra Andreeva was the first player to reach the second round when the 17-year-old Russian beat Czech Marie Bouzkova 6-3 6-3 on John Cain Arena. On Margaret Court Arena, Arthur Fils was the first man into second round when he came from a set down to beat unseeded Finn Otto Virtanen 3-6 7-6(4) 6-4 6-4. "It's pretty nice, man. First time in my life I'm playing on a good court," the 20th seeded Frenchman said. "To be able to play a match and to finish a match with a roof, it's much more easy than to play, to stop with the rain." The other two early men's matches were much longer with Norwegian Ruud advancing after a 6-3 1-6 7-5 2-6 6-1 victory over Jaume Munar and Japan's Nishikori prevailing 4-6 6-7(4) 7-5 6-2 6-3 against Brazilian qualifier Thiago Monteiro. "He deserved to win today but somehow I fought through," said Nishikori, who was playing at Melbourne Park for the first time in four years after a horror run of injuries. Qualifier Hady Habib gave Lebanese fans reason to cheer by becoming the first man from his nation to win a singles main draw match at a Grand Slam in the professional era with a 7-6(4) 6-4 7-6(6) win over China's Bu Yunchaokete. Sign up here. https://www.reuters.com/sports/tennis/rusty-zheng-into-second-round-grand-slam-tennis-rain-return-melbourne-2025-01-12/

2025-01-12 04:08

Delay gives steelmakers time to try to revive deal Biden blocked $14.9 bln deal on national security grounds President-elect Trump has also expressed opposition WASHINGTON, Jan 11 (Reuters) - The Biden administration delayed until June an order for Nippon Steel (5401.T) , opens new tab to abandon its $14.9 billion bid for U.S. Steel (X.N) , opens new tab, the companies said on Saturday, giving them some time to revive the politically contentious deal. President Joe Biden blocked the acquisition on national security grounds on Jan. 3, and Treasury Secretary Janet Yellen said this week the proposed deal had received a "thorough analysis" by the interagency review body, the Committee on Foreign Investment in the United States. The delay will give the courts time to review a legal challenge the steelmakers brought against Biden's order. The parties previously had 30 days to unwind their transaction. "We are pleased that CFIUS has granted an extension to June 18, 2025 of the requirement in President Biden's Executive Order that the parties permanently abandon the transaction," the companies said in a statement. "We look forward to completing the transaction, which secures the best future for the American steel industry and all our stakeholders," they said. June 18 is the expiration date of the current acquisition contract between Nippon Steel and U.S. Steel, according to a spokesperson for the Japanese company. The White House, Treasury Department and a lawyer for the United Steelworkers union, which has opposed the deal, could not immediately be reached for comment late on Saturday. Biden, a Democrat, and his incoming successor, Republican Donald Trump, both voiced opposition to the Japanese company acquiring the American steelmaker as the candidates courted union votes in the November election that Trump won. U.S. Steel and Nippon Steel alleged in their lawsuit on Monday that the CFIUS review was prejudiced by Biden's longstanding opposition to the deal, denying them the right to a fair review. They asked a federal appeals court to overturn Biden's decision to allow them a fresh review to secure another shot at closing the merger. The Treasury secretary chairs the CFIUS panel, which screens foreign acquisitions of U.S. companies and other investment deals for national security concerns. CFIUS normally decides directly on cases or submits recommendations to the president, but in the U.S. Steel-Nippon Steel case, the panel failed to reach consensus, leaving the decision to Biden. CFIUS has rarely rejected deals involving the Group of Seven closely allied countries, which include Japan. Japanese Foreign Minister Takeshi Iwaya said on Sunday he had told outgoing Secretary of State Antony Blinken during a recent meeting that Biden's decision to block the sale on national security grounds is highly regrettable. "The broader context of the Japan-U.S. alliance is extremely important, and it is essential to handle this transaction appropriately to avoid disrupting it," Iwaya told a talk show on public broadcaster NHK. "Japan is the largest investor in the United States. There is widespread unease within the business community, and I will continue urging the U.S. to alleviate these concerns," Iwaya said. For more insights like these, click here , opens new tab to try Breakingviews for free. https://www.reuters.com/breakingviews/biden-admin-delays-enforcement-order-blocking-nippon-steel-us-steel-deal-2025-01-12/

2025-01-12 03:14

Venture Global plans to ask for $40 to $46 a share, source says Could be first major IPO under Trump's second term Trump has promised to end Biden halt on new LNG licenses U.S. LNG capacity to double by 2028, EIA reports NEW YORK/HOUSTON, Jan 11 (Reuters) - Venture Global LNG will begin formally pitching investors next week for its highly anticipated initial public offering, with the second-largest U.S. producer of liquefied natural gas aiming to secure a non-diluted valuation of as much as $110 billion, a document seen by Reuters and a person familiar with the matter said on Saturday. It could be the first major share offering to occur during the second administration of President-elect Donald Trump, who promised on the campaign trail to overturn President Joe Biden's year-long halt of green-lighting new LNG export licenses. The company plans to ask investors to pay between $40 and $46 per share when it begins marketing its New York Stock Exchange flotation on Monday, the source said and the document showed. The preliminary price range, which has not been previously reported, would value the company at $96 billion to $110 billion on a non-diluted basis, which does not include securities such as options and restricted stock units. The 50-million-share offering would bring in between $2 billion and $2.3 billion. The source noted Venture Global's final IPO price was dependent upon investor demand and could ultimately fall outside of the range, and cautioned the IPO timing was dependent on market conditions. Venture Global was not immediately available for comment. Should the Arlington, Virginia-based company launch its IPO meetings next week, it would likely price its offering during the middle of the week of Jan. 20, the source said. Dealmakers anticipate a resurgence in global equity capital market activity this year. Venture Global, founded in 2013 by current co-chairs Michael Sabel and Robert Pender, exports LNG through a process in which gas is cooled into a liquid form for transportation and then exported from the U.S., mainly to Europe and Asia. The U.S. is the world's largest exporter of the superchilled gas and has played a crucial role in providing energy to Europe in the wake of Russia's invasion of Ukraine. U.S. LNG capacity is expected to more than double between 2024 and 2028, according to the U.S. Energy Information Administration. Venture Global operates a 10 million metric tonnes per annum (MTPA) facility at Calcasieu Pass, Louisiana, that has been exporting LNG since 2022. The facility is still being commissioned - the testing and optimizing before commercial operation. The lengthy process has been subject to a legal challenge from customers including Shell (SHEL.L) , opens new tab, BP and Edison (EDNn.MI) , opens new tab, over the non-receipt of contracted cargoes. On Dec. 26, its 20 MTPA export facility, Plaquemines, exported its first cargo of the superchilled gas, making it the first new LNG plant to begin operations in the U.S. since 2022. Sign up here. https://www.reuters.com/markets/deals/venture-global-pitch-110-bln-valuation-ipo-investors-next-week-source-says-2025-01-12/

2025-01-12 02:23

Jan 11 (Reuters) - Scott Bessent, the investor selected by President-elect Donald Trump to be his Treasury secretary, will divest from his Key Square Group hedge fund and other investments, according to a letter to the Treasury Department's ethics office. Bessent outlined the steps he would take to "avoid any actual or apparent conflict of interest in the event that I am confirmed for the position of Secretary of the Department of Treasury," according to the letter. The money manager, tapped by Trump on Nov. 23 to be the top U.S. economic policymaker, said he would resign from his position in Bessent-Freeman Family Foundation. He also plans to shutter Key Square Capital Management, the investment firm he founded, according to the New York Times, which first reported Bessent's divestments. Reuters reported in November that if Bessent were to take a job in the new administration, Key Square could be wound down, sold, or put in "sleep mode." A spokesperson for Bessent declined to comment. On Friday, Trump repeated the financial arrangement that he made during his first term, handing over daily management of his multi-billion-dollar real estate, hotel, golf, media and licensing portfolio to his children when he enters the White House. Sign up here. https://www.reuters.com/world/us/trump-treasury-pick-bessent-divest-assets-avoid-conflicts-ny-times-reports-2025-01-12/

2025-01-11 20:29

LOS ANGELES, Jan 11 (Reuters) - Before one of the most destructive fires in California history swept through, the Pacific Palisades neighborhood on Los Angeles' west side was filled with expensive homes fronted by green, well-tended landscaping and popular boutiques and cafes. This week, the Palisades Fire leveled much of it to blackened rubble. To see what has been lost, a Reuters video journalist visited the neighborhood on Friday to retrace the path taken by a YouTube travel influencer couple who made a video last year of a walking tour, which is being reproduced with their permission. In May 2024, when the original video was recorded under a California blue sky, a white building with ionic columns on Sunset Boulevard at the Palisades Village shopping complex was home to a Starbucks and Cafe Vida. It is now gutted, darkened with soot, the palm trees outside denuded, the sky hazy and yellowed. On the surrounding residential streets, home after home has collapsed in charred piles topped with a scattering of terracotta roofing tiles that withstood the blaze. Still-standing concrete doorways open onto ruins. The Palisades Fire has grown to more than 20,000 acres since breaking out on Tuesday and was still only 11% contained on Saturday, and the Palisades neighborhood remains a mandatory evacuation zone. Other fires, some nearly as vast, are destroying other parts of Los Angeles and neighboring towns, killing at least 11 people so far and destroying thousands of buildings. The Palisades was almost devoid of life on Friday: a few Los Angeles firefighters here and there, and a few ravens watched from a road before scattering. Outside one home, what was once a wheelchair sat on the sidewalk, everything melted or burned except for its steel frame. A scenic lookout spot from the Point at the Bluffs encompasses the ocean and curving Pacific Coast Highway. From there, what remains of the Pacific Palisades Bowl Mobile Estates fills the view: dozens of relatively affordable mobile homes that sloped down towards the beach are now rows of rubble. Sign up here. https://www.reuters.com/world/us/see-pacific-palisades-before-after-devastating-los-angeles-fires-2025-01-11/