2024-10-30 12:35

OSLO, Oct 30 (Reuters) - British utility Centrica and U.S. producer Coterra Energy have entered into two gas sale and purchase agreements, which will reduce market risk in Centrica's liquefied natural gas (LNG) portfolio, Centrica said on Wednesday. Under the contracts, Coterra will supply 100,000 mmBtu per day of natural gas linked to European gas prices such as the Dutch TTF and British NBP hubs, for a period of 10 years, commencing in 2028, the Centrica statement said. "This major gas deal will reduce the market risk in Centrica's LNG portfolio by purchasing U.S. gas on the same price indices under which the LNG is subsequently sold," the company wrote. Centrica did not disclose a financial value for the transaction. Sign up here. https://www.reuters.com/business/energy/britains-centrica-signs-10-year-us-gas-deal-with-coterra-2024-10-30/

2024-10-30 12:33

MOSCOW, Oct 30 (Reuters) - Russia on Wednesday accused Britain of using a Black Sea grain corridor to deliver arms to Ukraine, after denying London's allegations that Russian attacks on Ukrainian ports had disrupted crucial grain supplies for other countries. British Prime Minister Keir Starmer said last week that an increase in Russian attacks on Ukraine's Black Sea ports was delaying vital aid reaching the Palestinians and stopping crucial grain supplies from being delivered to the global south. The United Nations said last week that Russian attacks on Ukrainian Black Sea ports had damaged six civilian vessels as well as grain infrastructure since Sept. 1, calling the ramp-up in strikes "distressing". Russian Foreign Ministry spokeswoman Maria Zakharova said on Wednesday that Starmer's allegations that Moscow was damaging global food security with such strikes were wide of the mark. "Such baseless yet thunderous outrage from London once again confirms just the opposite: the direct involvement of the UK in supplying arms to the Kiev regime using the Black Sea sea corridor," she told a press briefing. Zakharova referred to what she said was recent video evidence concerning the port of Yuzhny, in Ukraine's Odesa region, and purported arms supplies published by Russia's Ministry of Defence. Reuters could not independently verify her assertions and there was no immediate response to them from London. Ukraine is a major global wheat and corn grower and exported about six million tons of grain alone per month via the Black Sea before Russia sent its troops into Ukraine in 2022. Ukraine created a shipping corridor in the Black Sea after the collapse last year of a U.N.-backed Black Sea grain export initiative that involved Russia and had ensured the safe passage of grain ships. Sign up here. https://www.reuters.com/world/europe/russia-accuses-uk-using-black-sea-corridor-supply-ukraine-with-arms-2024-10-30/

2024-10-30 11:52

NEW DELHI, Oct 30 (Reuters) - India's infrastructure output (ININFR=ECI) , opens new tab grew 2% year-on-year in September, backed by strong cement and refined product output, government data showed on Wednesday. Infrastructure output, which makes up 40% of India's industrial production and tracks activity across eight sectors, had contracted for the first time in more than three years in August at a revised 1.6%. Last month, coal production increased 2.6% compared to an 8.1% fall in August, while electricity generation fell 0.5% from a revised 3.7% drop in the previous month. Steel production grew 1.5%, against a revised 3.9% increase a month earlier. Cement output rose 7.1% year-on-year, compared with August's 3% fall, and fertiliser production increased 1.9%, against a 3.2% rise in the previous month. Output of refinery products rose 5.8% compared with a decline of 1% in August. Crude oil production fell 3.9% compared with a 3.4% decline in August. Natural gas output decreased 1.3% compared to a 3.6% decline a month ago. Sign up here. https://www.reuters.com/world/india/indias-september-infrastructure-output-grows-2-year-2024-10-30/

2024-10-30 11:51

Oct 30 (Reuters) - Bunge (BG.N) , opens new tab exceeded Wall Street expectations for third-quarter profit on Wednesday as large global harvests provided the grain trader and processor enough volumes of soy, corn and other crops to blunt a hit from lower margins. The global grains merchant had expected a profit lift from a spike in crop sales by U.S. farmers, who are harvesting a record soybean crop and their second-largest corn crop ever. Bunge firmed its 2024 adjusted earnings-per-share outlook to "at least $9.25" from "approximately $9.25" previously as results from its Agribusiness and its Refined and Specialty Oils were better than expected, though down from the same quarter last year. Bunge and agribusiness rivals including Archer-Daniels-Midland Co (ADM.N) , opens new tab and Cargill Inc (CARG.UL) have seen profits decline and margins erode as prices for staple crops like corn and soybeans have slid to near four-year lows. Quarterly adjusted earnings in Agribusiness, Bunge's largest segment, fell 22% from a year earlier despite a 5.5% rise in sales as weak oilseed processing margins in North America and Asia more than offset better results in South America. Merchandising, which includes grain trading and purchasing, was a bright spot as quarterly adjusted earnings rose by about 56% from last year to $75 million. Refined and Specialty Oils adjusted profit dropped 21% amid a 2.4% bump in volumes, while milling segment earnings tumbled 61%. The results come as Bunge is waiting to close a $34-billion merger with Glencore-backed Viterra. The deal, which was announced last year and has been approved by Bunge's shareholders, awaits regulatory approvals in key markets. Bunge reported an adjusted profit of $2.29 per share for the quarter ended Sept. 30, compared with analysts' estimate of $2.15 per share, according to data compiled by LSEG. The company's full-year adjusted profit outlook of "at least $9.25" per share fell short of the $9.43 expected by analysts. Shares were down 0.2% at $87.65 in premarket trading. Sign up here. https://www.reuters.com/markets/commodities/bunge-reports-quarterly-profit-beat-improved-sale-volumes-2024-10-30/

2024-10-30 11:21

Oct 30 (Reuters) - Electric and gas utility NiSource (NI.N) , opens new tab beat Wall Street estimates for third-quarter profit on Wednesday, helped by higher residential and industrial demand for power. The U.S. Energy Information Administration (EIA) expects power consumption to reach records in 2024 and 2025, driven by demand from AI technology and data centers, along with the rising power usage in homes and businesses amid record high temperatures. NiSource's revenues from its gas distribution operations increased 1.2% to $531 million, while total operating revenues climbed nearly 5% to $1.08 billion in the July-September quarter. Revenues from its electric operations rose to $515.1 million in the quarter, from $477.7 million in the year-ago period. NiSource said it would extend its expected 6%-8% annual growth rate plan to 2029, and forecast adjusted profit of $1.84-$1.88 per share in 2025. Analysts are expecting the firm to report a profit of $1.85 per share in 2025, according to data compiled by LSEG. The Merrillville, Indiana-based company posted an adjusted profit of 20 cents per share for the three months ended Sept. 30, compared with analysts' average estimates of 16 cents per share. Sign up here. https://www.reuters.com/business/energy/nisource-beats-third-quarter-profit-estimates-higher-demand-power-2024-10-30/

2024-10-30 11:15

ATHENS, Oct 30 (Reuters) - Greek police have arrested a Vietnamese woman wanted for smuggling nearly 300 kg (660 pounds) of gold bars by hiding them under vehicles used to shuttle ice across the Vietnam-Cambodia border, police officials said on Wednesday. An Interpol Red Notice was issued on behalf of Vietnam last year for the 64-year-old woman, who had been living in Greece and was arrested at Athens airport on Oct. 28. A Greek prosecutor ordered her detention pending extradition, one of the officials said. The woman is accused of working with a group of accomplices, mainly her relatives, to smuggle the gold, the official added. "To avoid detection and identification, they crossed through points without customs control. The would also remove any letters or distinctive marks from the bars," police said in a statement. Sign up here. https://www.reuters.com/world/vietnamese-woman-wanted-gold-smuggling-arrested-greece-2024-10-30/