2024-12-18 21:07

Dec 18 (Reuters) - Hanwha Corp's (000880.KS) , opens new tab Qcells said on Wednesday it had made a breakthrough in an emerging solar technology that has the potential to reduce the amount of space required by panels that generate power from the sun's rays. Space is among the most pressing issues for the rapidly growing solar power industry, which has encountered growing opposition in some parts of the United States to large-scale projects that take up big swathes of land. Qcells said it had set a world record for the efficiency of a large-area silicon solar cell with a top layer of perovskite, the name for materials with a crystal structure that absorbs large amounts of light and is cheap to produce. The technology's potential could dramatically shrink the size of projects and slash costs. "If you have 100 solar panels in the field, but you can get the same power output for only 60 or 80 of them, now you're digging less holes, you're using less rails, you have less labor to install it," Danielle Merfeld, Qcells' chief technology officer, said in an interview. Qcells is among several large solar manufacturers developing perovskite technology because of this opportunity. "It's a little bit of an arms race," Joseph Berry, who leads perovskite research at the U.S. Department of Energy's National Renewable Energy Laboratory, said in an interview. Qcells said it achieved cell efficiency of 28.6% on a large commercial-sized cell known as an M10 using the technology - setting the stage for future mass production. China's Longi (601012.SS) , opens new tab has achieved efficiency breakthroughs of above 30%, but on much smaller cells, in recent months. Britain's Oxford PV has said it had set an efficiency record for perovskite-silicon panels of 26.9% - a level that would produce about 20% more energy than a traditional panel. That compares to 27% efficiency for crystalline silicon cells and around 21% for traditional commercial silicon solar panels, according to NREL. Cell efficiency refers to the percentage of solar energy hitting a device that is converted into usable electricity. While so-called tandem perovskite and silicon cells have shown that they are more efficient than traditional cells, they must still prove that they can produce power reliably for years through at least a year or two of field testing. "Now we have this opportunity to start building the case for the reliability of this relatively new technology," Merfeld said. "Customers won't adopt it until they know that it's feasible." The record-breaking cell was produced at Qcells' research and development line in Germany and its efficiency was verified by the Fraunhofer Institute for Solar Energy Systems, a German solar research body, Qcells said. Sign up here. https://www.reuters.com/business/energy/qcells-says-technology-breakthrough-could-reduce-space-needed-solar-panels-2024-12-18/

2024-12-18 21:01

Canadian dollar falls 0.9% against the greenback Touches its weakest since March 2020 at 1.4444 CAD 3-month implied volatility rises to 6.6 Canadian bond yields rise across the curve TORONTO, Dec 18 (Reuters) - The Canadian dollar tumbled to a near five-year low against its U.S. counterpart on Wednesday as hawkish guidance from the Federal Reserve boosted the greenback and investors sought protection against additional losses for the Canadian currency. The loonie was trading 0.9% lower at 1.4440 to the U.S. dollar, or 69.25 U.S. cents, after touching its weakest intraday level since the onset of the COVID-19 crisis in March 2020 at 1.4444. The U.S. dollar (.DXY) , opens new tab jumped against a basket of major currencies after the Fed delivered a widely expected interest rate cut while also indicating it would slow the pace of its monetary policy easing cycle. "We knew it was going to be a hawkish cut today. ... It's uber-hawkish," said Erik Bregar, director, FX & precious metals risk management at Silver Gold Bull. "Nobody likes it. Stocks don't like it, bonds don't like it, precious metals don't like, the risk-sensitive Canadian dollar doesn't like it. The only thing up is the U.S. dollar." Domestic political uncertainty has weighed on the Canadian currency in recent days, joining the threat of U.S. trade tariffs and the Bank of Canada's aggressive interest rate cutting campaign as headwinds for the currency. "Demand for protection against a downside move in the loonie has soared," said Karl Schamotta, chief market strategist at Corpay. Implied volatility on an at-the-money options contract to buy or sell Canadian dollars against the U.S. dollar in three months climbed to roughly 6.6, its highest level since April 2023. It was 4.5 in July. Investors and companies use options to hedge their currency exposure. The currency touched a low of 1.4667 in March 2020. Canadian bond yields rose across the curve, tracking moves in U.S. Treasuries. The 10-year was up 8.2 basis points at 3.224%. Sign up here. https://www.reuters.com/markets/currencies/canadian-dollar-hits-new-low-scramble-downside-protection-2024-12-18/

2024-12-18 21:00

Fed cuts rates by 25 bps, as expected Real estate, consumer discretionary sectors weakest Crypto stocks fall on Powell comments Indexes down: Dow 2.58%, S&P 500 2.95%, Nasdaq 3.56% NEW YORK, Dec 18 (Reuters) - U.S. stocks plunged on Wednesday, with all three major indexes posting their biggest daily decline in months, after the Federal Reserve cut interest rates by a quarter of a percentage point but disappointed some investors with projections that signaled a more cautious path of easing next year. The Fed cut rates by 25 basis points to the 4.25%-4.50% range and its summary of economic projections (SEP) indicated it will make rate cuts totaling a half percentage point by the end of 2025 given the solid labor market and the recent stall in lowering inflation. "If you look at the changes to the statement of economic projection, they really had no choice," said Ellen Hazen, chief market strategist at F.L.Putnam Investment Management in Wellesley, Massachusetts. "So as you look at all the changes that they made, it's very clear that the economy is running a lot hotter than their previous projection. And that has got to contribute to their desire to potentially pause." The Dow Jones Industrial Average (.DJI) , opens new tab fell 1,123.03 points, or 2.58%, to 42,326.87, the S&P 500 (.SPX) , opens new tab lost 178.45 points, or 2.95%, to 5,872.16 and the Nasdaq Composite (.IXIC) , opens new tab lost 716.37 points, or 3.56%, to 19,392.69. The Dow suffered its 10th straight session of declines, its longest streak of daily losses since an 11-session skid in October 1974. The Dow and S&P saw their biggest one-day percentage decline since Aug. 5 and the Nasdaq saw its biggest daily decline since July 24. The small cap Russell 2000 (.RUT) , opens new tab dropped 4.4%, its biggest drop since June 16, 2022. Small cap stocks are seen as more likely to benefit from a lower interest rate environment. Despite the declines, the Dow is up nearly 12.3% on the year, while the S&P has rallied about 23% and the Nasdaq has shot up more than 29%, lifted largely by technology companies and enthusiasm around artificial intelligence, along with prospects of a lower rate environment and more recently, the hope of deregulation policies from President-elect Donald Trump's incoming administration. However, investors are also wary that some of Trump's expected policies, such as tariffs, could rekindle higher inflation. The CBOE Volatility Index (.VIX) , opens new tab - an options-based gauge of investor expectations for near-term stock market gyrations - jumped 11.75 points to close at a four-month high of 27.62. U.S. Treasury yields moved higher after the statement as the benchmark U.S. 10-year note touched its highest level since May 31 at 4.518%. "You've got the 10-year creeping back up, around that 4.5% and particularly the 5% level that's been a real problem for equity markets," said Ross Mayfield, investment strategist at Baird in Louisville, Kentucky. "Probably the most obvious headwind or point of contention for markets in the first quarter of next year is whether the markets interpret the policies on the table as inflationary and, or, pro-growth, both things are embedded in the 10-year." Markets were pricing in expectations the Fed will hold rates steady at its January meeting, while factoring in about 33 basis points (bps) in cuts for 2025, down from 49 bps immediately after the Fed statement. Higher interest rates are usually seen as a drag to the equity market, boosting the appeal of less risky assets while crimping the ability of companies to grow earnings. Each of the 11 major S&P 500 sectors were lower, with real estate (.SPLRCR) , opens new tab, down 4%, and consumer discretionary (.SPLRCD) , opens new tab leading declines, off 4.7%. Cryptocurrency related stocks fell, with losses accelerating after Powell said the central bank is not allowed to own bitcoin and is not seeking a law change in order to do so. There has been speculation Trump's incoming administration might seek to build a government owned stock of the asset. Microstrategy (MSTR.O) , opens new tab tumbled 9.5%, MARA Holdings (MARA.O) , opens new tab plunged 12.2% and Riot Platforms (RIOT.O) , opens new tab fell 14.5%. Declining issues outnumbered advancers by a 9.489-to-1 ratio on the NYSE, and by a 5.46-to-1 ratio on the Nasdaq. The S&P 500 posted six new 52-week highs and 27 new lows, while the Nasdaq Composite recorded 80 new highs and 264new lows. Volume on U.S. exchanges was 18.59 billion shares, compared with the 14.36 billion average for the full session over the last 20 trading days. Sign up here. https://www.reuters.com/markets/us/futures-inch-higher-markets-await-fed-decision-2024-12-18/

2024-12-18 20:37

Dec 18 (Reuters) - Montana's top court ruled on Wednesday the state's constitution guarantees a right to a stable climate and invalidates laws barring regulators from considering the effects of greenhouse-gas emissions when permitting fossil-fuel projects. The Montana Supreme Court upheld a landmark trial court decision in favor of 16 young people who said their health and futures were being jeopardized by climate change that the state aggravates through its permitting of energy projects. The 6-1 decision , opens new tab, the first of its kind by a U.S. state supreme court, came in the first lawsuit to go to trial nationwide by young environmental activists challenging state and federal policies they say are exacerbating climate change. Chase Scheuer, a spokesperson for Republican Montana Attorney General Austin Knudsen, in a statement called the ruling "disappointing, but not surprising." "The majority of the state Supreme Court justices yet again ruled in favor of their ideologically aligned allies and ignored the fact that Montana has no power to impact the climate," Scheuer said. Youth-led lawsuits nationally have taken aim at government policies at the state and federal levels that they say encourage or allow the extraction and burning of fossil fuels, and violate the rights of young people under U.S. or state constitutions. While some of those cases have faltered, the youth activists scored a major victory in June when the state of Hawaii agreed as part of a first-in-the-nation settlement to take action to decarbonize its transportation system by 2045. Wednesday's ruling rejected Republican-led Montana's bid to overturn District Court Judge Kathy Seeley's 2023 decision that said the young people had a right to a clean and healthful environment under a 1972 amendment to Montana's constitution that required the state to protect and improve the environment. "Montana's right to a clean and healthful environment and environmental life support system includes a stable climate system," Chief Justice Mike McGrath wrote for the majority. The state had argued the young people lacked legal standing to challenge the restrictions on agencies' ability to consider greenhouse gas emissions when issuing permits. But McGrath said they proved they had "a sufficient personal stake in their inalienable right to a clean and healthful environment." He said the young people had shown that climate change was harming Montana's environmental life support system and "drastically" altering its water systems, air quality, glaciers and forests by increasing temperatures as well as leading to droughts, wildfires and extreme weather events. McGrath said the constitutional provision's drafters intended it to be a strong environmental right and would not want to provide "a free pass to pollute the Montana environment just because the rest of the world insisted on doing so." Nate Bellinger, a lawyer for the plaintiffs at the nonprofit Our Children's Trust, in a statement said the ruling "affirmed the constitutional rights of youth to a safe and livable climate, confirming that the future of our children cannot be sacrificed for fossil fuel interests." Sign up here. https://www.reuters.com/legal/montana-top-court-says-youth-have-right-stable-climate-2024-12-18/

2024-12-18 20:33

WASHINGTON, Dec 18 (Reuters) - The United States issued fresh sanctions on Wednesday on several Russia-based entities over their involvement in the Nord Stream 2 gas pipeline, the State Department said, including new measures against the operator of the project. The U.S. State Department said in a statement that it was re-imposing sanctions on a number of entities involved in the construction of the pipeline that were already designated, as well as several new owners of vessels already under sanctions. Among those targeted on Wednesday were Russia-based marine services and water transport entities, the state-owned maritime rescue service and over a dozen vessels, the State Department said. Also targeted was Nord Stream 2 AG, the operator of the project, and a Russia-based insurer that provided insurance to companies involved in the project, the State Department said. State Department deputy spokesperson Vedant Patel said the United States is maintaining its opposition to Nord Stream 2 as a Russian geopolitical project and efforts to revive it. "We're going to continue to work and ensure that Russia is never able to weaponize its energy resources and its energy positioning for political gain," Patel told reporters in a news briefing. Nord Stream 2, built under the Baltic Sea by Russia's state-controlled Gazprom (GAZP.MM) , opens new tab to pump natural gas from the Arctic to Germany, was damaged on Sept. 26, 2022, in the wake of Russia's invasion of Ukraine in February of that year. No one has taken responsibility. Even before Russia's invasion, Washington opposed Nord Stream 2 because it would have allowed Russia to bypass Ukraine, potentially depriving it of billions of dollars in transit fees and undermining the country's efforts against Russian aggression. Some Western officials have suggested that Moscow blew up its own pipelines, an interpretation dismissed as "idiotic" by Russian President Vladimir Putin. Last year the Washington Post reported that the United States had intelligence of a Ukrainian plan to attack Nord Stream 2 months before it was damaged. Russia has blamed the United States, Britain and Ukraine for the blasts, which largely cut Russian gas off from the lucrative European market. Those countries have denied involvement. Sign up here. https://www.reuters.com/world/us-issues-fresh-sanctions-related-nord-stream-2-pipeline-2024-12-18/

2024-12-18 20:32

Louisiana resident in critical condition with severe respiratory illness Virus genotype linked to wild birds, not cattle strain US confirmed 61 human cases since April, mostly in dairy workers Dec 18 (Reuters) - The U.S. reported its first severe human case of bird flu on Wednesday in a Louisiana resident who is hospitalized in critical condition after suspected contact with an infected backyard flock. California, the most populous state, declared an emergency over the H5N1 virus as it spread more widely in dairy herds and after it has infected dozens of farm workers this year. Federal and state officials have failed to control the nation's outbreak, which infected dairy cattle for the first time in 2024, as some farmers resist testing and containment measures. Severe respiratory illness in the Louisiana patient shows increased health risks for people from the virus that previously caused eye redness, or conjunctivitis, in infected dairy workers. Bird flu still represents a low risk to the general public, the U.S. Centers for Disease Control and Prevention said. CDC has confirmed 61 human cases nationally since April, mostly in workers on dairy farms where the virus infected cattle. Workers culling infected poultry also have tested positive. The patient in Louisiana is suffering severe respiratory illness, the Louisiana Department of Health said in a statement. The person is reported to have underlying medical conditions and is over the age of 65, the department said, putting the patient at higher risk. The case is the first to be linked to backyard, non-commercial poultry, said Demetre Daskalakis, director of CDC's National Center for Immunization and Respiratory Diseases, on a call with reporters. The CDC said a sporadic case of severe illness in a person with H5N1 bird flu is not unexpected as such cases have occurred in other countries in 2024 and prior years, including cases that led to death. "The mild cases that we've seen in the United States largely reflect that many of the individuals are getting infected by dairy cows and that's very different than getting infected with infected birds," said Amesh Adalja, a senior scholar at Johns Hopkins Center for Health Security. "If you look at the genotype of this patient in Louisiana, it wasn't the cattle strain. It was a wild bird strain." CDC said partial viral genome data from the infected patient shows that the virus belongs to the D1.1 genotype, recently detected in wild birds and poultry in the United States and in recent human cases in British Columbia, Canada, and Washington state. This genotype of the virus is different from the B3.13 genotype detected in dairy cows, human cases in multiple states, and some poultry outbreaks in the country, CDC said. Bird flu has infected more than 860 dairy herds in 16 states since March and killed 123 million poultry since the outbreak began in 2022. In California, the top U.S. milk-producing state, 649 herds have tested positive since late August, roughly 60% of its herds, according to U.S. data. Four southern California dairies tested positive on Dec. 12, "necessitating a shift from regional containment to statewide monitoring and response," California Governor Gavin Newsom said in his emergency declaration. Earlier cases had been centered in the Central Valley in the middle of the state. The declaration aims to streamline and expedite California's response by allowing more flexibility for staffing, contracting and other rules, Newsom said. The U.S. Department of Agriculture said it has enrolled 13 states in a newly launched national bulk milk bird flu testing plan, representing nearly half of the nation’s milk supply. Sign up here. https://www.reuters.com/business/healthcare-pharmaceuticals/cdc-confirms-first-severe-case-bird-flu-us-2024-12-18/