2024-11-13 12:00

RWE, Siemens Energy expect delays to offshore projects RWE launches buyback due to cooling renewables environment Siemens Energy: future US projects could be affected MUNICH/FRANKFURT Nov 13 (Reuters) - Two of the world's biggest renewables players on Wednesday warned of challenges for the U.S. offshore wind sector under a presidency led by Donald Trump, flagging potential delays for the technology slammed by the president-elect. The comments by Germany's RWE (RWEG.DE) , opens new tab, the world's No. 2 offshore project developer, and Siemens Energy (ENR1n.DE) , opens new tab, the biggest maker of offshore wind turbines, reflect a sobering view of Trump's expected impact on renewables after his victory in this month's presidential vote. "Given the results of the U.S. elections, we see higher risks than before for the timely implementation of offshore wind projects there," RWE finance chief Michael Mueller told journalists after presenting nine-month results. "We have to expect that investments in our projects will come later than originally planned," he said. Christian Bruch, CEO of Munich-headquartered Siemens Energy, also pointed to looming issues in offshore permitting in the U.S. in the future, assuming current projects that had already secured permitting would be unaffected. "Those would be projects slated for '29, '30, '31," he told journalists after also presenting full-year results that included an upgrade of the company's mid-term targets, causing shares to reach a fresh record high. Siemens Energy is lined up to supply U.S. offshore projects with a combined capacity of 4.2 gigawatts (GW), while RWE is engaged in the U.S.-focused 3 GW Community Offshore Wind joint venture with Britain's National Grid (NG.L) , opens new tab. PROJECT DELAYS "According to our current planning, approval is planned for 2026. And that is exactly the issue where we now have to watch closely to see whether this timeline can be maintained," RWE's Mueller said. Trump's potential impact on clean energy technologies has been squarely in focus by investors, who fear he could repeal parts of current President Joe Biden's Inflation Reduction Act , opens new tab, a scheme aimed at attracting investments into solar, wind and hydrogen. "In renewables, the U.S. don't want to do offshore wind anymore. This business might disappear," said Gilles Guibout, head of European equity strategies at AXA Investment Managers. "While before you had certain prospects, now, to some extent, those prospects are gone. The point is that there's a paradigm shift," Guibout said. In response to the cooling environment for offshore and hydrogen, where investors have become more reluctant over potential regulatory changes, RWE unveiled a 1.5 billion euro ($1.59 billion) share buyback as a smarter way to spend its cash. Trump earlier this year singled out offshore wind as a technology he would target once in office, causing shares in Orsted (ORSTED.CO) , opens new tab, the world's biggest offshore wind project developer, to plunge. ($1 = 0.9413 euros) Sign up here. https://www.reuters.com/sustainability/climate-energy/siemens-energy-rwe-warn-trump-fallout-us-offshore-wind-sector-2024-11-13/

2024-11-13 11:48

Nov 13 (Reuters) - Canadian supermarket retailer Loblaw Companies (L.TO) , opens new tab missed third-quarter revenue estimates on Wednesday, hurt by a slowdown in the demand for its non-essential goods such as household items and electronics. Consumers have been holding back on discretionary spending as prices remain relatively high despite inflationary trends declining, hurting demand for higher-end brands offered by retailers such as Loblaw. However, demand for value deals has helped Loblaw's discount banners such as No Frills and Maxi. "Drug front store sales reflected continued strength in the beauty category but were pressured by the Company's exit from certain low margin electronics categories and lower customer spend on convenience items," the company said. Same-store sales in the food retail segment grew 0.5% in the third quarter, compared with 4.5% a year ago. The company's quarterly revenue rose to C$18.54 billion ($13.28 billion) from C$18.27 billion a year earlier, compared with analysts' average estimates of C$18.65 billion, according to data compiled by LSEG. Loblaw's adjusted earnings per share was C$2.50 in the third quarter, topping expectations of C$2.45. ($1 = 1.3960 Canadian dollars) Sign up here. https://www.reuters.com/business/retail-consumer/canadas-loblaw-misses-quarterly-revenue-estimates-2024-11-13/

2024-11-13 11:36

Negotiators see $120 bln pledge from banks as good start Tough negotiations lie ahead for broader finance deal Country leaders urge swift action BAKU, Nov 13 (Reuters) - COP29 negotiators welcomed a pledge by major development banks to lift funding to poor and middle-income countries struggling with global warming as an early boost to the two-week summit. A group of lenders, including the World Bank, announced on Tuesday a joint goal of increasing this finance to $120 billion by 2030, a roughly 60% increase on the amount in 2023. "I think it's a very good sign," Irish Climate Minister Eamon Ryan told Reuters on Wednesday. "It's very helpful. But that on its own won't be enough", Ryan said, adding countries and companies must also contribute. China's Vice Premier Ding Xuexiang said on Tuesday that Beijing has already mobilized around $24.5 billion to help developing countries address climate change. Ryan's view was echoed by Patrick Verkooijen, CEO of the Global Center on Adaptation who welcomed the announcement as "a shot in the arm for the climate finance discussion" "But there is so much more work ahead," he added. The chief aim of the conference in Azerbaijan is to secure a wide-ranging international climate financing agreement that ensures up to trillions of dollars for climate projects. Developing countries are hoping for big commitments from rich, industrialized nations that are the biggest historical contributors to global warming, and some of which are also huge producers of fossil fuels. "Developed countries have not only neglected their historical duty to reduce emissions, they are doubling down on fossil-fuel-driven growth," said climate activist Harjeet Singh. Wealthy countries pledged in 2009 to contribute $100 billion a year to help developing nations transition to clean energy and adapt to the conditions of a warming world. But those payments were only fully met in 2022 and the pledge expires this year. 'GET IT DONE' Hopes for a strong deal have been dimmed by Donald Trump's U.S. election win. The President-elect has promised to again withdraw the U.S. from international climate cooperation. The United States is already the world's largest oil and gas producer and Trump has vowed to maximize output. Officials representing President Joe Biden's outgoing administration at COP29 have said China and the European Union may need to pick up the slack if Washington cedes leadership. "We have a clear choice between a safer, cleaner, fairer future and a dirtier, more dangerous, and more expensive one. We know what to do. Let's get to work. Let's get it done," U.S. climate envoy John Podesta told the conference. With 2024 on track to be the hottest year on record, scientists say global warming and its impacts are unfolding faster than expected. Climate-fuelled wildfires forced evacuations in California and triggered air quality warnings in New York. In Spain, survivors are coming to terms with the worst floods in the country's modern history. Indigenous leaders from Brazil, Australia, the Pacific and Eastern Europe said on Wednesday they intend to work together to ensure indigenous people have a say in future climate decisions. The group said it was pushing for an indigenous co-presidency at next year’s COP, which is meant to be held in Brazil’s Amazon, as well as at future COP conferences. Albania's Prime Minister Edi Rama told the conference he was concerned that the international process to address global warming, now decades old, was not moving swiftly enough. "Life goes on with its old habits, and our speeches, filled with good words about fighting climate change, change nothing," Rama said. Sign up here. https://www.reuters.com/sustainability/development-bank-financing-pledge-gives-cop29-summit-early-boost-2024-11-13/

2024-11-13 11:34

Nov 13 (Reuters) - The pound hovered near three-month lows against a stronger dollar on Wednesday, after a sharp fall in the previous session following data that showed inflation was easing in the UK. Sterling dipped 0.1% to $1.2795 after hitting its lowest since early August at $1.2719 on Tuesday, after data showed regular pay for British workers grew at its slowest pace in two years in the third quarter, supporting the Bank of England's confidence that inflation pressures will continue to ease. The BoE last week lowered interest rates for the second time since 2020 and said the Labour government's first budget would lead to higher inflation and economic growth. Stubborn UK inflation has so far forced the BoE to cut rates more slowly than either the euro zone or U.S. central banks, helping the pound outperform major currencies against the dollar this year. However, sterling could become vulnerable if the market begins pricing in more interest rate cuts by the BoE. Traders are currently pricing in only a 15% chance of another 25-bp rate cut in December. "The risks remain skewed towards a dovish repricing and consequent negative impact on sterling, although a repricing lower in rates may take some time to materialise, as markets will tread carefully when assessing the inflationary implications of the budget," said ING FX strategist Francesco Pesole. The pound was flat at 83.31 pence per euro . The dollar index has scaled a more-than six-month peak against other major currencies, driven by bets that incoming U.S. President Donald Trump's policies on tax and tariffs could stoke inflation and prompt the Federal Reserve to slow the pace of interest rate cuts, or even pause them. Sign up here. https://www.reuters.com/markets/currencies/sterling-drifts-near-3-month-lows-vs-dollar-2024-11-13/

2024-11-13 11:33

MADRID, Nov 13 (Reuters) - The bodies of two young brothers who went missing in floods that struck Spain's eastern Valencia region two weeks ago have been found, the Civil Guard confirmed on Wednesday. Ruben and Izan Matias Calatayud, aged 3 and 5, were found in separate locations near Catarroja, almost 10 km (6 miles) downstream from their home in Torrent, a suburb of Valencia city, where they went missing when the floods hit on Oct. 29, a Civil Guard spokesperson said. Their aunt Barbara Sastre told Spain's state TVE last week that the boys' mother was working in Valencia and their father was with them at the family home when the flood hit at 6:30 p.m. The sound of the water running through the streets had frightened the children and their father moved them to the living room to calm them down when the water burst through the wall, she said. "The three of them were dragged out," she told TVE. Their father - whose name has not been confirmed - tried to cling on to them but they were swept away by the tide of water, state news agency EFE reported. He survived by grabbing hold of a tree, TVE added, and remained there for four hours before being rescued, having suffered serious injuries. Sastre told TVE that the wait for news had left the family "destroyed". "It's been many days and they are very small," she said. "We know that they are looking for them and there are search parties every day." Rescue teams searching for people missing from the storm have intensified their efforts in nearby ravines and the Albufera wetlands as well as at sea using specialist search boats. As of Tuesday, authorities confirmed a total of 223 people dead so far in the Oct. 29 floods, while 17 remained missing. A new storm warning has put the Valencia region on a fresh alert since Tuesday night, along with other areas along the Spanish coast including the southern city of Malaga. Emergency services have moved some people from homes at high risk of flooding, asked citizens to move to higher ground, while classes have been suspended in Malaga, Valencia and some municipalities of Catalonia. Sign up here. https://www.reuters.com/world/europe/bodies-missing-spanish-boys-found-two-weeks-after-flash-floods-2024-11-13/

2024-11-13 11:26

MALAGA, Spain, Nov 13 (Reuters) - The Billie Jean King Cup Finals in Malaga which were due to begin on Wednesday were postponed after Spanish authorities issued a red weather alert for extreme rain and flooding in parts of the country, the International Tennis Federation said. Two weeks after the worst floods in Spain's modern history killed more than 200 people, thousands have been evacuated in the Costa del Sol region of southern Spain as the new weather front is expected to bring torrential rain and low temperatures. "Due to a severe weather alert issued by local and regional authorities, the 2024 BJK Cup Finals first round tie between Spain and Poland, originally scheduled for today, November 13 at 5 PM, has been postponed. The tie will now take place on Friday, November 15, starting at 10 AM," the ITF said in a statement on Wednesday. "This decision has been made based on guidance from the relevant authorities to ensure the health and safety of all participants and attendees. We apologise for any inconvenience this may cause and appreciate your understanding and cooperation." Hosts Spain were scheduled to begin the tournament against Iga Swiatek's Poland as twelve teams assembled in Andalusia to battle for the title won last year for the first time by Canada. Later on Wednesday the ITF confirmed that Thursday's schedule would go ahead as planned although they would closely monitor weather forecasts. "After a thorough site inspection by our technical and security teams, we are pleased to confirm that the 2024 BJK Cup Finals first-round tie between Japan and Romania will proceed on Thursday, November 14, starting at 12:00 PM and Slovakia versus USA first round tie will take place not before 5:00 PM," a statement read. "Please be aware that local authorities have advised the red alert will be lifted at 8am tomorrow. We continue to closely monitor weather conditions and will provide updates, as necessary." The last couple of days of the BJK Cup would overlap with the men's Davis Cup Finals in the same venue next week, when Spanish great Rafael Nadal is expected to play his last tournament before retiring. Sign up here. https://www.reuters.com/sports/tennis/bjk-cup-opening-day-postponed-due-extreme-weather-alert-spain-2024-11-13/