2024-12-14 02:45

HOUSTON, Dec 13 (Reuters) - Venture Global LNG on Friday produced its first liquefied natural gas (LNG) from its Plaquemines plant in Louisiana, the company said in a statement. This marks the first new U.S. plant in two years to produce the super-chilled gas, beating Cheniere Energy's (LNG.N) , opens new tab Corpus Christi midscale expansion project to market. With first production of super-chilled gas 30 months after the project got the financial go-ahead, Venture Global has now built two of the fastest greenfield LNG projects to move from financial approval to producing first LNG, the company said. When fully completed Plaquemines will be one of the largest LNG plants in the world and help keep the United States ranked as the world's largest exporter of the super-chilled fuel. "Between current and planned facilities Venture Global is prepared to invest $50 billion in energy projects in the United States," said Venture Global CEO Mike Sabel. Friday's production kicks off an extended commissioning period in which Venture Global retains all revenue from shipments. Some long-term contract customers of the Louisiana facility may wait up to two years to get their cargoes under the commissioning schedule, which extends to 2026 in the first phase and to 2027 in the second, a July offer of senior notes showed. The company on Friday said its strategy is to produce LNG while it continues to build the plant. Similar waits at another Venture Global plant, Calcasieu Pass, have led to contract disputes sent to arbitration by BP (BP.L) , opens new tab, Shell (SHEL.L) , opens new tab, Edison (EDNn.MI) , opens new tab, Repsol (REP.MC) , opens new tab and Orlen (PKN.WA) , opens new tab. The disputes could cost Venture Global billions of dollars if it loses the cases, separate financial documents show. Sign up here. https://www.reuters.com/business/energy/venture-global-produces-first-lng-plaquemines-plant-company-says-2024-12-14/

2024-12-14 02:13

Dec 13 (Reuters) - MicroStrategy (MSTR.O) , opens new tab will be added to the tech-heavy Nasdaq-100 Index, the exchange operator said on Friday, following a meteoric surge in the shares of the bitcoin buyer. The change comes into effect before the market opens on Dec. 23, Nasdaq said. Inclusion in the index typically boosts the stock's price, as exchange-traded funds looking to replicate the index's performance buy shares of the newly included firm. Data analytics firm Palantir Technologies (PLTR.O) , opens new tab and Taser maker Axon Enterprise (AXON.O) , opens new tab were added to the Nasdaq-100 Index along with MicroStrategy. Gene-sequencing equipment maker Illumina (ILMN.O) , opens new tab, AI server maker Super Micro Computer (SMCI.O) , opens new tab and vaccine maker Moderna (MRNA.O) , opens new tab were removed, Nasdaq said. MicroStrategy, an aggressive investor in the world's largest crypto asset, has seen its shares soar more than six-fold this year, taking its market value to almost $94 billion. The company began buying and holding bitcoin in 2020 as revenue from its software business waned. It is now the largest corporate holder of the cryptocurrency. Analysts have said MicroStrategy's decision to purchase bitcoin to protect the value of its reserve assets has enhanced the appeal of its stock, which tends to align with the performance of the cryptocurrency. Bernstein analysts expect the market will likely set its sights on S&P 500 inclusion for MicroStrategy in 2025 following the Nasdaq-100 inclusion. The brokerage also sees the company's prospects continuing to improve next year, adding it expects "more visibility and recognition beyond fresh ETF inflows," as a result of the Nasdaq-100 inclusion. Bitcoin has rallied in recent weeks as U.S. President-elect Donald Trump's victory heightened the crypto sector's hopes for easing regulatory roadblocks. Earlier this month, the digital asset catapulted above $100,000 for the first time. "Management has shown no signs of slowing this (bitcoin-buying) down and are comfortable buying bitcoin in the $95K-$100K range," Bernstein analysts said. The company held roughly 423,650 bitcoins bought for about $25.6 billion based on the average purchase price as of Dec. 8. The investment is worth around $42.43 billion, based on bitcoin's previous close, according to Reuters calculations. Sign up here. https://www.reuters.com/technology/microstrategy-secures-nasdaq-100-inclusion-after-bitcoin-fueled-stock-surge-2024-12-14/

2024-12-14 00:19

CHICAGO, Dec 13 (Reuters) - The U.S. Department of Agriculture late on Friday walked back comments that it could resume imports of Mexican cattle before year-end holidays, after it suspended shipments last month due to the discovery of New World screwworm in Mexico. The agency also said it approved a second round of emergency funding to block the flesh-eating livestock pest from entering the United States. Lifting the import suspension would remove a barrier for the U.S. agricultural sector, as farmers and consumers prepare for rising prices and supply-chain disruptions if President-elect Donald Trump follows through on plans to slap tariffs on goods from Mexico and Canada. "Shipments will likely resume incrementally after the New Year, with full resumption of live animal movements sometime after that," Dr. Rosemary Sifford, USDA's chief veterinary officer, said in a statement. Jenny Lester Moffitt, USDA undersecretary for marketing and regulatory programs, previously told Reuters that some imports may resume as soon as this month. "We could have some (imports) certainly before the holidays," Moffitt said in an interview, and more in January. The USDA is tapping $165 million from the Commodity Credit Corporation to bolster the fight against screwworm in Mexico and Central America, Moffitt said. It approved $109.8 million last year. The U.S. is working to block the pest that has spread through Central America because it can infest livestock, wildlife and in rare cases, people. Maggots from screwworm flies burrow into the skin of living animals, causing serious and often fatal damage. Mexico identified screwworm in a cow in a southern state near the Guatemalan border in November, prompting Washington to halt imports. To resume shipments, Mexico must set up USDA-approved holding pens where inspectors will check and treat Mexican cattle for screwworm before they cross the border, Moffitt said. USDA will start inspecting Mexico's pens soon, she added. "While the United States continues to work very closely with Mexico and has agreed to protocols, it will take some time to implement these due to multiple steps needed to resume trade," Sifford said later. U.S. meat companies and cattle feeders are eager for trading to restart after drought slashed the nation's herd to its smallest size in decades. "They're just holding their breath right now," said Ron Gill, a Texas A&M University livestock specialist. USDA's funds will aid the production and dispersal of sterile screwworm flies in Central America, Moffitt said. A Panama-based facility increased production to about 95 million sterile flies a week from 20 million over the past year, she said. Sterile male flies are bred to mate with fertile female flies, so the screwworm population decreases until it eventually dies out. USDA said it eradicated screwworm from the U.S. in 1966 using this technique. Sign up here. https://www.reuters.com/world/us/usda-approves-funds-fight-screwworm-may-resume-mexico-cattle-imports-this-year-2024-12-13/

2024-12-13 23:49

Broadcom jumps as it forecasts Q1 revenue above estimates Chip stocks post varied performance Investors await Fed's Dec. 17-18 meeting Indexes: Dow down 0.20%, S&P 500 unchanged, Nasdaq up 0.12% Dec 13 (Reuters) - U.S. stocks closed out the trading week near the unchanged mark in a subdued session on Friday, with the S&P 500 and Dow posting weekly declines, while the Nasdaq secured its fourth consecutive week of gains. Broadcom (AVGO.O) , opens new tab forecast quarterly revenue surpassing Wall Street expectations and predicted robust growth in demand for its custom AI chips over the next few years. The optimistic outlook propelled the company’s shares 24% higher, pushing its market capitalization past $1 trillion for the first time. Chip stocks were mixed, with Broadcom rival Marvell Technology (MRVL.O) , opens new tab rising 10.8%, while AI bellwether Nvidia (NVDA.O) , opens new tab closed 2.2% lower. But a gauge of semiconductor stocks (.SOX) , opens new tab added 3.2%. Yields on U.S. Treasuries rose across the board, with ones on the benchmark 10-year bond hitting a three-week high. “Right now the interest rate selloff is winning,” said Jay Hatfield, chief executive officer at Infrastructure Capital Management in New York. “It's pretty natural for value and income stocks to go down when tech stocks are rising.” Technology stocks continued their upward momentum, driving the Nasdaq above the 20,000 mark for the first time on Wednesday. The rally was further bolstered by an in-line inflation report, which solidified expectations for a 25 basis-point interest rate cut from the Federal Reserve in its meeting next week. Trader bets on the cut at the central bank's Dec. 17-18 meeting stand at near 97%, according to CME's FedWatch Tool. However, they indicate chances of a pause in January. The Dow Jones Industrial Average (.DJI) , opens new tab fell 86.06 points, or 0.20%, to 43,828.06, the S&P 500 (.SPX) , opens new tab lost 0.16 point, or 0.00%, to 6,051.09 and the Nasdaq Composite (.IXIC) , opens new tab gained 23.88 points, or 0.12%, to 19,926.72. Wall Street had taken a breather in the previous session after recent gains and some hot economic data ahead of the Fed's meeting, setting up the benchmark S&P 500 and the Dow for weekly losses. However, the Nasdaq ended the week higher. U.S. stocks have repeatedly reached all-time highs this year, driven by surging interest in heavyweight tech companies capitalizing on artificial-intelligence trends. Investor sentiment also received a boost following Donald Trump’s presidential election victory, as markets anticipate his pro-business policies could enhance corporate profitability. Among other movers, RH (RH.N) , opens new tab jumped 16.95% after the home furnishings retailer reported higher net revenue for the third quarter, while D.R. Horton (DHI.N) , opens new tab eased 0.89% as J.P. Morgan downgraded its rating on the homebuilder to "underweight." Declining issues outnumbered advancers by a 2.23-to-1 ratio on the NYSE. There were 100 new highs and 141 new lows on the NYSE. The S&P 500 posted 8 new 52-week highs and 15 new lows while the Nasdaq Composite recorded 75 new highs and 199 new lows. Volume on U.S. exchanges was 12.56 billion shares, compared with the 14.03 billion average for the full session over the last 20 trading days. Sign up here. https://www.reuters.com/markets/us/nasdaq-futures-lead-gains-after-broadcoms-upbeat-forecast-2024-12-13/

2024-12-13 23:16

BELGRADE, Dec 13 (Reuters) - The United States will in the coming days introduce financial sanctions against Serbia's oil company NIS (NIIS.BEL) , opens new tab, which is majority owned by Russia's Gazprom Neft and Gazprom, President Aleksandar Vucic said on Friday. "We got confirmation that in the next few days, the U.S. will introduce sanctions against NIS because of Russian ownership," Vucic told Informer TV. He said the UK and European Union would likely follow the U.S. in introducing sanctions, which will mean that oil shipments through a pipeline from Croatia are halted. "We are still waiting to get an official paper with details," Vucic said. The U.S. Treasury Department did not immediately respond to a request for comment. Serbia has repeatedly condemned Russia's invasion of Ukraine in the United Nations and other international forums, but it has resisted Western pressure to impose sanctions. The Balkan country is dependent on Russian gas. Russia's Gazprom Neft (SIBN.MM) , opens new tab and Gazprom (GZAVI.MM) , opens new tab own 50% and 6.15% of NIS, respectively. The government owns 29.87% while small shareholders hold the remaining shares. "We will have to look if there is a possibility to reduce Russian ownership below 50% and to talk with Russian partners about it," Vucic said. Sign up here. https://www.reuters.com/markets/commodities/us-mulls-sanctions-against-serbian-oil-firm-majority-owned-by-russians-president-2024-12-13/

2024-12-13 22:57

WASHINGTON, Dec 13 (Reuters) - The U.S. Environmental Protection Agency said on Friday it has not made a decision yet on whether to approve California's landmark plan to end the sale of gasoline-only vehicles by 2035. A senior California Air Resources Board official told Reuters in October the state expects the EPA to grant a waiver under the Clean Air Act to California to implement its plan to require that at least 80% of new cars sold be electric by 2035 and up to 20% plug-in hybrid models. California's rules have been adopted by 11 other states including New York, Massachusetts and Oregon. California has seven other waivers pending with the EPA. "EPA continues to review California’s waiver requests closely to make sure its decisions are durable and grounded in the law. We have no updates to share on timing," an EPA spokesperson said. President-elect Donald Trump has vowed to rescind waivers granted by the EPA to California to require more EVs and tighter vehicle emissions standards. California's rules require 35% of vehicles in the 2026 model year to be a zero-emission model, rising to 68% by 2030. The state says the rule is crucial to meeting greenhouse gas emission reduction targets and cutting smog-forming pollutants. The Alliance for Automotive Innovation, a trade group representing General Motors (GM.N) , opens new tab, Volkswagen (VOWG_p.DE) , opens new tab, Toyota Motor (7203.T) , opens new tab and other automakers, said the "program will depress economic activity, increase costs and limit vehicle choice" and will require automakers to sell fewer vehicles in the 12 states to comply. "Achieving the mandates will take a miracle. There needs to be balance and some states should exit the program," the group wrote. On Friday, the Supreme Court agreed to hear a bid by fuel producers to challenge the waiver California received in 2022 for vehicle emissions rules. California, the most populous U.S. state, has received more than 75 waivers since 1967, requiring increasingly better emissions performance and EV sales. The EPA in March 2022 reinstated a waiver for California to set its own tailpipe emissions limits and zero-emission vehicle mandate through 2025, reversing a 2019 decision under Trump's first administration. Sign up here. https://www.reuters.com/business/autos-transportation/us-epa-says-it-has-not-made-decision-california-2035-vehicle-waiver-2024-12-13/