2024-12-26 11:48
MOSCOW, Dec 26 (Reuters) - Russia's state nuclear corporation Rosatom launched a wind turbine blade factory at the location of a plant formerly owned by Denmark's Vestas (VWS.CO) , opens new tab, the governor of Russia's Ulyanovsk region said on his Telegram channel. Danish wind turbine maker Vestas closed its plant that produced blades for wind farms in the city of Ulyanovsk in 2022 and left Russia in 2023, leaving all assets behind. The sanctions, imposed on Russia by Western countries after the beginning of the conflict in Ukraine, have cut Russia off from Western technologies and components, including the renewable energy industry. Russian Deputy Prime Minister Alexander Novak said last April that Russia in 2-3 years would be able to replace foreign manufacturers of equipment for wind farms that left the market. The plant at its full capacity will produce up to 450 blades per year, Rosatom, one of the largest investors in Russia's wind power, said. The plant in Ulyanovsk may also supply blades for export, including Rosatom's project in Kyrgyzstan, where it plans to build a 1-gigawatt wind farm, Rosatom's head Alexei Likhachev was quoted by Interfax news agency as saying. Sign up here. https://www.reuters.com/business/energy/russias-rosatom-launches-wind-turbine-blade-factory-replacing-vestas-plant-2024-12-26/
2024-12-26 10:49
MOSCOW, Dec 26 (Reuters) - Russia's second-largest lender, VTB, has acquired an agricultural company in southern Russia, which was nationalised after its former owners were accused of corruption and fled Russia, the bank said in a statement on Thursday. The company, now called Agrocomplex Labinski, was nationalised in 2023 after an arrest warrant was issued for its former owner Andrei Korovaiko, and his business partner, Arkady Chebanov. Both businessmen are now living abroad. VTB said it plans to increase the company's efficiency, streamline its operations, and eventually sell it at a profit. VTB had previously been tasked with streamlining the business of Russia's shipbuilding conglomerate, OSK. Labinski, which controls assets of the nationalised Pokrovski holding, owns 240,000 hectares of land, producing grains, milk, sugar, and other agricultural products. The company says that it exports up to 400,000 metric tons of grains and oilseeds annually. Sign up here. https://www.reuters.com/markets/deals/russias-vtb-buys-nationalised-agriculture-firm-2024-12-26/
2024-12-26 10:13
MUMBAI, Dec 26 (Reuters) - The Indian rupee settled at a record closing low for a third consecutive session on Thursday, pressured by a firm dollar and importers' month-end dollar demand. The rupee ended at 85.2625 to the dollar, against 85.20 in the previous session. It hit an all-time low of 85.2825 earlier in the session. "Importers were pretty active in the session, while trading volumes were relatively low towards the year-end," a trader with a private bank said. The rupee's drop to 85 from 84 happened over two months, while the decline to 84 from 83 took nearly 14 months. Since slipping below the 84 handle in mid-October, the rupee has been falling gradually amid concerns over India's growth slowdown, foreign outflows, worries over U.S. President-elect Donald Trump's trade policies and a hawkish Federal Reserve. Persistent interventions from the Reserve Bank of India (RBI) have, however, kept the rupee's decline in check. Amid repeated interventions from the RBI, the real effective exchange rate of the rupee, or its value relative to multiple foreign currencies after adjusting for inflation, stood at a multi-year high of 108.14 in November. "This means that the rupee is overvalued and hence, any major upside can be ruled out," said Anil Bhansali, head of treasury at Finrex Treasury Advisors. As such, any dip on the dollar-rupee pair is a buying opportunity, with the rupee expected to remain in a weakening mode, Bhansali said. The dollar has rallied against its major peers and Asian currencies, helped by the rise in U.S. Treasury yields and supported by expectations that the Federal Reserve will cut rates at a measured pace next year. Fed policymakers indicated earlier this month that they will deliver fewer rate cuts in 2025 than they had previously forecast. Sign up here. https://www.reuters.com/markets/currencies/rupee-ends-record-closing-low-3rd-straight-session-dollar-firms-2024-12-26/
2024-12-26 09:36
TOKYO, Dec 26 (Reuters) - Japan's Sekisui Chemical (4204.T) , opens new tab said on Thursday that it plans to begin mass production of next-generation perovskite solar cells (PSCs) in 2027. PSCs, which are thin and bendable, are considered by scientists to be a potential low-cost alternative to silicon cells, as they have the potential to reduce the amount of space required for panels that generate power from the sun's rays. Sekisui, in partnership with the Development Bank of Japan (DBJ), will establish a new company in early January to design, manufacture, and sell PSCs under a license from Sekisui Chemical. The total project cost is expected to exceed 310 billion yen ($1.97 billion), with half of the funding provided through government subsidies. Sekisui plans to implement a phased investment strategy, beginning with 90 billion yen spending to build a 100-megawatt production line by 2027, followed by a gigawatt-class production line by 2030. "Leveraging its lightweight and flexible characteristics, we aim to promote its adoption primarily in the public sector, such as gymnasiums that serve as evacuation centers during disasters," the company said. "We plan to expand our business by reducing costs through mass production while driving demand by targeting roofs and exterior walls of private-sector factories and warehouses," it added. The new company, to be 86% owned by Sekisui Chemical, will buy and use facilities at the Sharp's (6753.T) , opens new tab plant in Sakai in western Japan. Japan finalised a draft basic energy policy on Wednesday, which aims to boost renewable energy to account for up to 50% of electricity mix by fiscal 2040 as it makes a clean energy push while meeting rising power demand. ($1 = 157.4400 yen) Sign up here. https://www.reuters.com/world/japan/sekisui-chem-begin-mass-production-perovskite-solar-cells-2027-2024-12-26/
2024-12-26 08:40
TOKYO, Dec 26 (Reuters) - Japan's crude steel output is expected to fall 2.4% in the first three months of 2025 due to slow demand from the manufacturing and construction sectors, the Ministry of Economy, Trade and Industry (METI) said on Thursday. The forecast would bring the world's third-largest steel producer's annual output for the fiscal year ending March 31 to 83.72 million metric tons, down 3.6% from a year earlier. It marks the lowest output since fiscal 2020, when the COVID-19 pandemic eroded demand. "Steel demand will likely remain sluggish due to weak demand from manufacturers including automakers and from the construction sector," Manabu Nabeshima, director of METI's metal industries division, told a news conference. The ministry estimated crude steel output to be 20.93 million metric tons in January-March, down from 21.45 million tons a year earlier. It would log a 0.1% drop from the current quarter. Demand for steel products, including those for exports, is forecast to fall 0.5% to 19.09 million tons in January-March compared with a year earlier, the ministry said, citing an industry survey. Exports are forecast to fall 0.4%, the ministry said. The Japan Iron and Steel Federation projected on Wednesday that the country's crude steel output in fiscal 2025 will see a slight increase compared to the current year. However, the federation's chairman, Tadashi Imai urged the government to take swift trade measures against rising steel imports from China to protect domestic supply chains. When asked about potential trade actions, Nabeshima said, "We can't comment on specific actions," but noted that China's steel exports have surged significantly, leading to an increase in Japan's imports. "We aim to respond promptly while adhering to WTO trade rules," he added. Japanese steelmakers have repeatedly voiced concerns over China's growing steel exports. Chinese steelmakers, already exporting at near-decade high volumes, are set to keep pushing out shipments in 2025 to manage overcapacity and soft domestic demand, industry insiders and analysts say, threatening to worsen mounting trade frictions. Sign up here. https://www.reuters.com/markets/commodities/japan-jan-march-crude-steel-output-forecast-fall-24-yy-meti-2024-12-26/
2024-12-26 06:56
China to ramp up fiscal support for consumption next year API shows US crude stocks fall 3.2 million barrels, sources say Coming up: EIA supply report on Friday NEW YORK, Dec 26 (Reuters) - Oil edged lower on Thursday in light holiday trade as the dollar's strength offset hopes for additional fiscal stimulus in China, the world's biggest oil importer. Brent crude futures settled down 32 cents, or 0.43%, at $73.26 a barrel. U.S. West Texas Intermediate crude closed at $69.62, down 0.68%, or 48 cents, from Tuesday's pre-Christmas settlement. Chinese authorities have agreed to issue 3 trillion yuan ($411 billion) worth of special treasury bonds next year, Reuters reported on Tuesday, citing two sources, as Beijing ramps up fiscal stimulus to revive a faltering economy. "Injecting a stimulus into a nation's economy creates increased demand, and increased demand pushes prices higher," said Tim Snyder, chief economist at Matador Economics. The World Bank on Thursday raised its forecast for China's economic growth in 2024 and 2025, but warned that subdued household and business confidence, along with headwinds in the property sector, would keep weighing it down next year. The U.S. dollar continued to edge up higher after hitting a milestone last week . A stronger dollar makes oil more expensive for holders of other currencies. The latest weekly report on U.S. inventories, from the American Petroleum Institute industry group, showed crude stocks fell last week by 3.2 million barrels, market sources said on Tuesday. Traders will be waiting to see if the official inventory report from the Energy Information Administration confirms the decline. The EIA data is due at 1 p.m. EST (1800 GMT) on Friday, later than normal because of the Christmas holiday. Analysts in a Reuters poll expect crude inventories fell by about 1.9 million barrels in the week to Dec. 20, while gasoline and distillate inventories are seen falling by 1.1 million barrels and 0.3 million barrels respectively. Elsewhere, southbound traffic in Turkey's Bosphorus Strait was set to resume on Thursday, having been halted earlier in the day after a tanker suffered an engine failure, shipping agent Tribeca said. ($1 = 7.2975 Chinese yuan renminbi) Sign up here. https://www.reuters.com/markets/commodities/oil-prices-edge-higher-hopes-more-china-stimulus-2024-12-26/
