2024-12-13 03:53
TOKYO, Dec 13 (Reuters) - Japan's Kansai Electric Power Co (9503.T) , opens new tab has agreed to take a 49% stake in Iberdrola's (IBE.MC) , opens new tab Windanker offshore wind project in Germany, the company said on Friday, expanding a partnership with the Spanish renewable energy giant. Located in the German part of the Baltic Sea, the wind farm will have an installed capacity of 315 megawatts and is set to start operating in late 2026. Neither company disclosed how much Kansai paid for its stake. Iberdrola, which will retain a 51% stake in the project, said it values the wind farm at 1.3 billion euros. For Kansai Electric, Japan's top nuclear power operator and the country's second largest electric power utility, this is the fifth offshore wind project overseas bringing its total projected offshore wind capacity of 3 gigawatts. The two companies are already partners in British power distributor Electricity North West, where Kansai Electric holds a 12% stake and Iberdrola controls the rest. In March, Iberdrola won a 375 megawatt offshore wind project in northern Japan, part of a consortium with two other Japanese companies, in the third round of the state offshore wind auctions as Tokyo wants to grow renewable energy output. This week, BP (BP.L) , opens new tab and Japanese power generator JERA have agreed to join forces to form one of the world's largest offshore wind operators, as Japanese firms team up with western players for experience and growth while foreign companies seek a foothold in Japan's expanding renewable energy market. ($1 = 0.9557 euros) Sign up here. https://www.reuters.com/business/energy/japans-kansai-electric-buys-into-iberdrolas-13-bln-euro-offshore-wind-project-2024-12-13/
2024-12-13 03:04
MUMBAI, Dec 13 (Reuters) - The Indian rupee will have to contend with the higher run in the U.S. dollar and yields at the open on Friday, which may push the local currency to a new all-time low. The one-month non-deliverable forward indicated that the rupee will open at 84.87-84.88 to the dollar, compared with 84.8575 in the previous session and near the all-time low of 84.88 hit on Thursday. The dollar index climbed past the 107 handle in the New York session on Thursday to its highest in more than two weeks. The 10-year U.S. Treasury yield rose about six basis points. Asian currencies declined on Friday, with the offshore Chinese yuan dipping past 7.28 to the dollar. Comments from a top trade adviser to U.S. President-elect Donald Trump warning China against currency manipulation likely weighed on the yuan. A weaker yuan alongside "the sweeping" problems that the rupee is facing, "will likely result in one more busy day" for the Reserve Bank of India (RBI), a currency trader at a bank said. To support the rupee, India's central bank has been selling dollars in the spot market and conducting buy/sell swaps. The latter ensures that the intervention in the spot market does not have an impact on rupee liquidity and on forex reserves. The RBI's action in the swap market has distorted the dollar/rupee forward premiums, with near maturities yielding more than far maturities. SOFT US DATA The run up in the dollar and U.S. yields is despite data further reinforcing high expectations that the Federal Reserve will cut rates next week. U.S. initial jobless claims increased last week and U.S. producer inflation data indicates that the Fed's favoured inflation gauge is likely to show a mild reading for November. KEY INDICATORS: ** One-month non-deliverable rupee forward at 85.02; onshore one-month forward premium at 16.5 paise ** Dollar index up at 107.04 ** Brent crude futures at $73.4 per barrel ** Ten-year U.S. note yield at 4.32% ** As per NSDL data, foreign investors bought a net $23 million worth of Indian shares on Dec. 11 ** NSDL data shows foreign investors bought a net $171 million worth of Indian bonds on Dec. 11 Sign up here. https://www.reuters.com/markets/currencies/rupee-weakness-persist-rally-dollar-us-yields-2024-12-13/
2024-12-13 02:29
MEXICO CITY, Dec 12 (Reuters) - Mexico's Senate on Thursday approved reforms to improve conditions for drivers with ride-hailing and delivery services such as DiDi (92Sy.MU) , opens new tab, Rappi and Uber (UBER.N) , opens new tab, ensuring access to social security and a Christmas bonus, among other benefits. The reform passed unanimously with 113 votes in favor, and will be forwarded to the executive power to get enacted. President Claudia Sheinbaum had sent the proposal to lawmakers in early December and it was fast-tracked to a plenary vote ahead of Congress' Christmas recess on Dec. 15. Mexico's ruling Morena party and its allies, which won a landslide victory in the June general election, enjoy a large majority in both houses. They have since pushed through a number of reforms proposed under the current and former administrations. The latest would add Mexico to the ranks of countries such as Chile and Spain that already regulate work through digital platforms, guaranteeing basic labor rights such as a minimum wage and social security. It would ensure that workers who earn at least a minimum wage on an app - around $414 per month starting in 2025 - have the right to unionize and have access to benefits such as social security, accident insurance, pensions, maternity leave, the right to receive company profits, or a Christmas bonus. Workers earning less than minimum wage would not have access to all the benefits but would be protected in case of work-related accidents. Around 658,000 people are employed across Mexico on digital platforms, official numbers show. Of these, some 41% earn more than minimum wage. Alianza in Mexico, an organization representing driving and delivery apps including Uber, Didi and Rappi, has called for broader dialogue. Some drivers told local media they felt left out of talks and were worried the reform would impact their work flexibility, a top priority for many part-time workers. According to Uber, around 70% of its drivers connect for fewer than 10 hours a week, many using the app as a supplementary source of income between other commitments. Sign up here. https://www.reuters.com/world/americas/mexican-senate-approves-work-benefits-app-drivers-2024-12-13/
2024-12-13 00:20
WASHINGTON, Dec 12 (Reuters) - Wall Street brokerage Cantor Fitzgerald has agreed to pay a $6.75 million penalty to settle Securities and Exchange Commission charges that it misled investors in blank-check companies it controlled, the regulator said on Thursday. "No investor was ever harmed by the alleged issues described in the order," Cantor Fitzgerald said in a statement. "We are pleased to have concluded this matter by mutual agreement with the SEC.” The firm's chairman and CEO, Howard Lutnick, was recently nominated by U.S. President-elect Donald Trump to serve as Commerce Secretary. According to the SEC, Cantor neither admitted nor denied the SEC's findings. Blank-check firms, or special purpose acquisition companies (SPACs) are shell companies that raise funds through a listing with the intention of acquiring a private company and taking it public, circumventing the initial public offering process. According to the SEC, in 2020 and 2021 a team of Cantor Fitzgerald executives managed and controlled two SPACs that raised $750 million from investors through IPOs ahead of the SPACs' eventual mergers with View and Satellogic (SATL.O) , opens new tab. In their SEC filings, the SPACs said they had not had substantive discussions with potential takeover targets prior to their IPOs, even though Cantor, acting on behalf of the SPACs, had already commenced negotiations with View and Satellogic, the SEC said. “This enforcement action reflects the straightforward proposition that any disclosures about substantive discussions with potential targets must be materially accurate," Sanjay Wadhwa, acting director of the SEC’s Division of Enforcement, said in a statement. Sign up here. https://www.reuters.com/markets/us/cantor-fitzgerald-pays-675-million-settle-sec-charges-over-misleading-spac-2024-12-12/
2024-12-13 00:17
Dec 13 (Reuters) - Australian green hydrogen producer Hysata on Friday signed agreements with South Korean steelmaker POSCO (005490.KS) , opens new tab and its POSCO Eco & Challenge unit to advance its electrolyser technology for green hydrogen production, the companies said in a joint announcement. These agreements underline the growing collaboration between the global steel industry and the green hydrogen sector, with steelmakers increasingly turning to hydrogen as a clean energy source to reduce their carbon emissions. Under the joint development agreements, the firms will combine their technical knowledge to develop materials and systems for electrolysers and conduct activities to speed up the commercialisation of Hysata's technology, they said. The agreements follow earlier investments in Hysata's Series B funding round by the two companies, the firms added. Sign up here. https://www.reuters.com/sustainability/climate-energy/australias-hysata-joins-forces-with-posco-enhance-green-hydrogen-technology-2024-12-13/
2024-12-13 00:17
Malibu Fire burns 4,037 acres (1,664 hectares), 30% contained 3,700 people return home but 1,600 still evacuated Higher humidity, low winds aid firefighters Dec 12 (Reuters) - Some 3,700 evacuees from the Malibu wildfire returned home on Thursday as firefighters made progress in battling the blaze that has destroyed at least six homes in the beach community that is a popular retreat for Hollywood celebrities. The so-called Franklin Fire has charred 4,037 acres (1,664 hectares) of rugged hilly terrain in the coastal city just northwest of Los Angeles and was 30% contained, Cal Fire said. "Today, to be able to get 3,700 residents back into their homes and their communities is a big win. However, the work is not done" with another 1,600 people still out of their homes, said Dusty Martin, of the incident commanders for the California Department of Forestry and Fire Protection (Cal Fire), at a public forum. Some 5,600 homes plus another 2,000 structures were in the fire zone, where 22,000 people were affected, officials said. Six homes and six minor structures were destroyed while another 10 homes and one structure were damaged, said Albert Yanagisawa, deputy fire chief for Los Angeles County. Firefighters were protecting buildings in the secluded hills above the Pacific Ocean while establishing and reinforcing the fire's perimeter control, Cal Fire said in an online post. The cause of the fire, which began on Monday, has yet to be determined and no deaths or injuries were reported. Thousands evacuated their homes, including celebrities Dick Van Dyke and Cher, as schools and businesses shut their doors. Firefighters said increased humidity and lighter winds helped them make progress as containment increased to 30% from 20% a few hours earlier on Thursday. Sign up here. https://www.reuters.com/world/us/firefighters-malibu-hope-maintain-momentum-battling-stubborn-blaze-2024-12-12/
