2024-11-05 23:41

Nov 17 (Reuters) - Britain said on Sunday it had confirmed a strain of the H5N1 bird flu virus in commercial poultry at premises near the town of St Ives in southwest England. All poultry on the premises will be humanely culled, and a 3 km protection zone and 10 km surveillance zone have been put in place, the UK government added in a statement. It was the first confirmation of the HPAI H5N1 strain in kept birds this season and followed recent detections of HPAI H5N5 in wild birds in south west England and continental Europe, it added. Bird flu or avian influenza, which has killed hundreds of millions of birds around the globe in recent years, has increasingly spread to mammals, raising concerns it may lead to human-to-human transmission. Britain, which increased the threat level to medium in mid-October, has experienced several bird flu outbreaks over the years, including one in 2021 that was then described as the largest ever in the country. Sign up here. https://www.reuters.com/world/uk/uk-confirms-bird-flu-cases-commercial-poultry-farm-2024-11-17/

2024-11-05 23:17

HOUSTON, Nov 5 (Reuters) - New Fortress Energy (NFE.O) , opens new tab shares rose 7.4% on Tuesday on the power and liquefied natural gas developer's plan to raise cash and improve its finances by taking on partners for one or more of its primary businesses. In September, the company deferred a shareholder dividend to preserve cash while it worked out a deal with bondholders to push back maturities. That deal refinanced its most pressing debt maturities into 2029. The company's shares traded at $8.91, down 48% over the last three months and off 76% year-to-date. New York-based NFE said it would explore financing or other deals with partners "to enhance the company’s liquidity and financial flexibility," but warned there were no guarantees the effort would result in a transaction at attractive terms. NFE was the first company to export LNG from Mexico and the only company to receive an non-Free Trade Agreement permit by the Biden administration since a January review pause. The company's financial woes stem from its inability to secure LNG for its power-generation assets in Latin America on long-term agreements because its credit was not rated investment-grade and had to acquire the gas at higher prices. Its investment in floating LNG production was an attempt to lower its power projects' fuel costs, analysts said. "We like NFE monetizing its non-core and underutilized assets to boost its credit profile," said Morningstar (MORN.O) , opens new tab analysts who closely monitor the stock. NFE had initially planned to develop at least five floating LNG projects but costs associated with commissioning and developing them ballooned, said Joshua Aguilar, an analyst with Morningstar. "If NFE uses the cash generated by the new FLNG assets’ operations and other sales to pay down debt and become investment-grade, it will have a much better chance of securing significant third-party volumes," said Adam Baker, another Morningstar analyst. NFE will report third-quarter results on Nov. 7. Sign up here. https://www.reuters.com/business/energy/new-fortress-energy-scouts-strategic-partners-one-or-more-its-businesses-2024-11-05/

2024-11-05 23:12

Rafael expected to become a hurricane soon, NHC reports Cayman Islands brace for infrastructure damage, schools closed Oil and gas producers cut output, evacuate workers from platforms Nov 5 (Reuters) - Tropical Storm Rafael was rapidly picking up steam on Tuesday afternoon as it chugged toward the Cayman Islands in the Caribbean, and will likely become a hurricane in the next few hours, according to the U.S.-based National Hurricane Center. Rafael was blowing maximum sustained winds of 70 mph (113 kph) after skirting past western Jamaica around mid-day, the NHC said in a weather report. Residents in Jamaica hunkered down, with four emergency shelters activated, according to authorities. No deaths or injuries were reported as bursts of heavy rain dumped on the island. As Rafael chugged toward the Cayman Islands, the British territory was setting up its own preparations and bracing for damages to infrastructure, power lines and water systems, the government said in a statement. Premier Juliana O'Connor-Connolly told Radio Cayman that schools would remain closed on Wednesday. Storm Rafael will likely brush near western Cuba or be even stronger when it makes landfall on Wednesday, the NHC said, and pass over the Gulf of Mexico by Wednesday evening. "We cannot rule out the possibility that Rafael could intensify into a major hurricane before reaching Cuba," AccuWeather meteorologist Jon Porter said in a statement. "That would be Category 3 with maximum sustained winds of 111 to 129 mph," he explained. In Cuba, officials quickly worked to collect garbage and clear drains, particularly in capital Havana on the western end of the island, according to state media outlet Granma. Cuba's energy grid collapsed last month, with recovery complicated by the passage of Hurricane Oscar. Another storm would further batter efforts to bring the lights back on. After passing Cuba, tropical storm conditions could come to the Florida Keys, the NHC's forecast showed. "It is too soon to determine what, if any, impacts Rafael could bring to portions of the northern Gulf Coast," the NHC said. On the Gulf, oil and gas producers began cutting output and pulling workers off platforms. Producers could lose between 3.1 million and 4.9 million barrels of oil and 4.56 billion to 6.39 billion cubic feet of natural gas due to the late season tropical storm, researchers predicted. Sign up here. https://www.reuters.com/world/americas/tropical-storm-rafael-strengthens-it-barrels-toward-cayman-islands-cuba-2024-11-05/

2024-11-05 23:05

BRASILIA, Nov 5 (Reuters) - Brazil's government is preparing measures to curb spending that would put health and education expenditures under a general cap that already applies to other outlays, two officials familiar with the matter said on Tuesday. The measures, which have not been finalized, are aimed at easing fiscal concerns that have pushed Brazil's currency to its weakest level since March 2021 in recent sessions, amid volatile trading ahead of the U.S. election. The government sources, who requested anonymity to discuss ongoing talks, said the plan is to end an exemption for health and education spending from fiscal rules passed last year under President Luiz Inacio Lula da Silva's administration. Those new fiscal rules combine annual fiscal targets with a spending growth cap of up to 2.5% above inflation. The Finance Ministry declined to comment on discussions. Finance Minister Fernando Haddad previously said the government was working on measures to extend the lifespan of the new fiscal framework, which could be announced this week. Earlier on Tuesday, Lula's chief of staff was set to meet with the ministers of social security and social development to discuss new fiscal measures, his office said in a statement. Currently, health spending is required to be at least 15% of net current revenue, while education spending must be at least 18% of net tax revenue. As government revenue rises, those spending categories have consumed a growing share of the budget. In meetings held this week to discuss fiscal measures, the health and education ministers showed little resistance to the plan, one source said, noting that they are already spending less than their earmarked budget. The Education Ministry did not immediately respond to requests for comment, while the Health Ministry said it would seek to reply when possible. Under the current spending dynamics, key mandatory expenses, such as pensions and some social programs, have been increasing much faster than the overall spending cap rate, squeezing out other spending and threatening the new fiscal framework. Sign up here. https://www.reuters.com/world/americas/brazil-looks-curbing-health-education-spending-fiscal-package-sources-say-2024-11-05/

2024-11-05 23:03

WARSAW, Nov 6 (Reuters) - Decarbonising Poland by 2050 would require investments worth about $450 billion, but could boost gross domestic product by an extra 4%, according to a World Bank report on Wednesday. Poland has agreed to stop mining coal for energy production by 2049 and is now working on a new version of the national energy and climate plan that it has to submit to the European Commission. The EU targets carbon neutrality by 2050. "Achieving net zero emissions by 2050 ... could push real GDP growth by an average of 0.2% a year over the next 25 years compared to the trajectory set out by current policies, delivering cumulative economic gains of at least 4% of GDP by 2050," the World Bank said. Additionally, benefits related to the improved health of Poland's population resulting from cleaner air could be equal to 1.4% of GDP over the same period, it added. According to the World Bank, Poland's continued reliance on coal for power and industrial production poses "severe risks" to people and its economy, and accounts for the highest number of deaths attributable to air pollution in Europe. Poland is the world's ninth largest coal user. It also said that extreme droughts were inflicting annual losses of about $1.4 billion, while 600,000 people and $7 billion worth of assets were at risk from flooding every year. The report said decarbonising the economy would require investments of about $450 billion, and would need private capital on top of domestic and EU resources to finance it. Sign up here. https://www.reuters.com/markets/carbon/decarbonising-by-2050-could-boost-polands-economy-by-4-world-bank-says-2024-11-05/

2024-11-05 22:54

Nov 6 (Reuters) - A look at the day ahead in Asian markets. Investors in Asia are bracing for a day of potential high drama and volatility on Wednesday as the outcome of Tuesday's U.S. presidential election begins to emerge. Whether the final result is known in Asian hours remains to be seen - that could take days if the count in certain key swing states is tight - but the yen, gold, dollar and Treasury futures could be most sensitive to election-related swings in sentiment. Wednesday's trading in Asia may ultimately be marked by volatility and uncertainty, but markets may open on a solid footing after a strong reading of U.S. service sector activity sparked a broad-based rally on Wall Street on Tuesday. The three main U.S. equity indices rose at least 1.00%, while gauges of implied stock market volatility remained subdued. U.S. equity investors, at least, went into election day in a reasonably upbeat mood. The dollar weakened significantly and U.S. bond yields also rose, which is often a bad combination for Asian and emerging markets. Implied U.S. bond market volatility remains elevated too, with the "MOVE" index at its highest in a year. Currency market volatility is also high. A broad measure of G10 FX implied "vol" is hugging the 18-month high struck last week, while one-week dollar/Mexican peso implied vol is at the highest since March 2020 and one-week implied vol for China's offshore yuan is at a record high. The Mexican peso and Chinese yuan are two currencies that could be hit hardest by extra trade restrictions and import tariffs imposed by Washington, a scenario most likely to play out if Donald Trump wins the election. Investors will also be sensitive to the announcement of any economic support measures from China's Standing Committee of the National People's Congress that is convening this week in Beijing. Shanghai stocks closed at a four-week high on Tuesday, boosted by upbeat comments from Premier Li Qiang on China's recovery and improving economic data. Services activity expanded in October at the fastest pace in three months, a private survey on Tuesday showed. The Asian calendar on Wednesday, meanwhile, includes an interest rate decision from Malaysia, inflation data from Taiwan and Thailand, and services PMI data from Japan and India. The Bank of Japan releases minutes of its September policy meeting, and Reserve Bank of India Governor Shaktikanta Das speaks, while on the corporate front the world's largest automaker Toyota releases second-quarter results. Toyota is expected to post a quarterly operating profit of almost $8 billion, marking its first profit drop in two years and signaling cooler demand after a run of robust earnings helped by a consumer shift away from electric vehicles. Here are key developments that could provide more direction to markets on Wednesday: - Reaction to U.S. presidential election result - Malaysia central bank decision - Japan services PMI (October) Sign up here. https://www.reuters.com/markets/asia/global-markets-view-asia-pix-graphic-2024-11-05/