2024-10-22 21:42

HAVANA, Oct 22 (Reuters) - Cuba made fast progress restoring power to swaths of the Caribbean island nation on Tuesday, both in Havana and outlying provinces, even as emergency and grid workers struggled to reach areas ravaged by Tropical Storm Oscar. Oscar, which first made landfall near Baracoa as a Category 1 hurricane, was downgraded to a tropical storm, but not before wreaking havoc across much of eastern Cuba, knocking down powerlines, triggering mudslides and flooding rivers. A violent flash flood nearly wiped out the small town of San Antonio del Sur in that province early on Monday, killing six, including a young child, authorities said. Upwards of 10 inches (25 cm) of rain fell in many areas, swamping croplands, tipping over banana plants and dousing the region's coveted coffee crop. Swaths of Guantanamo were still cut off by raging rivers and roads blocked by mudslides, complicating efforts to restore power and leaving many cut off from communications. Cuban authorities said in mid-afternoon they had successfully stabilized the grid after several major failures since Friday, when Cuba's entire national electrical grid first crashed before Oscar's arrival, leaving 10 million people without electricity. Upwards of 70% of Cuba had electricity on Tuesday, and officials said they expected several more power plants to come online shortly, boosting that total. Cuba's grid operator said 90% of its clients in the capital Havana, largely unaffected by the passage of Oscar, had also seen their power restored by midday on Tuesday. Cuba's oil-fired power plants, already obsolete and struggling to keep the lights on, reached a full crisis this year as oil imports from Venezuela, Russia and Mexico dwindled, culminating in last week's grid collapse. Sign up here. https://www.reuters.com/world/americas/havana-cuban-provinces-see-power-restored-tropical-storm-oscar-leaves-six-dead-2024-10-22/

2024-10-22 21:17

Oct 22 (Reuters) - The Biden administration said on Tuesday it would extend a semiconductor manufacturing tax break to producers of solar wafers, thin silicon slices used to make solar panels that are primarily produced in China. WHY IT'S IMPORTANT The move is the latest effort by the administration to build out a domestic solar supply chain as part of its climate change and jobs agenda. Manufacturers have announced dozens of solar panel facilities since 2022, thanks to new subsidies for clean energy manufacturing, but the industry has called for more support for wafer-producing facilities with more complex manufacturing processes which require larger investments. CONTEXT The Treasury Department's new rules for the 48D advanced manufacturing investment credit created by the 2022 Chips and Science Act will allow solar ingot and wafer makers to claim a 25% tax break for new facilities. Those factories are also eligible for a separate manufacturing tax credit created by the 2022 Inflation Reduction Act based on the number of components produced. KEY QUOTE "The Biden-Harris Administration's efforts will drive significant investment in domestic solar ingot and wafer manufacturing capacity, currently dominated by China, help meet our economic and national security goals, and support thousands of good-paying jobs across the country," Mike Carr, executive director of the Solar Energy Manufacturers for America Coalition, said in a statement. Sign up here. https://www.reuters.com/markets/us/us-extends-semiconductor-tax-breaks-some-solar-factories-2024-10-22/

2024-10-22 21:06

Oct 22 (Reuters) - Baker Hughes (BKR.O) , opens new tab beat Wall Street estimates for third-quarter profit on Tuesday, helped by sustained demand for its drilling equipment and oilfield technology in international markets. The robust activity in several international markets have helped oilfield services companies offset some of the declines in North America. "We remain confident in achieving our full-year EBITDA guidance midpoint," CEO Lorenzo Simonelli said in a statement. Houston-based Baker Hughes has benefited from several liquefied natural gas projects as energy firms rush to build new LNG producing facilities betting on long-term demand for the super-cooled commodity. Revenue from its industrial and energy technology segment rose 9% to $2.95 billion, from a year earlier. Baker Hughes, which makes power generating turbines, has also inked several contracts for non-LNG projects this year in the Middle East with the likes of Saudi Aramco (2222.SE) , opens new tab. Larger rival SLB last week said natural gas projects in Asia, the Middle East and the North Sea are expected to grow regardless of decisions on oil production curbs by the OPEC+ producers' alliance. Baker Hughes said revenue in its bigger oilfield services and equipment segment rose 4% in international markets, helped by a 34% growth in Europe and Sub-Saharan Africa. However, the company said that oilfield services revenue declined by 6% in Middle East and Asia, a region which has seen increased drilling demand post-pandemic. North America revenue at the unit fell 9%. Total third-quarter revenue of $6.91 billion missed estimates of $7.22 billion. Baker Hughes posted an adjusted profit of 67 cents per share for the three months ended Sept. 30, compared with the average analyst expectation of 61 cents, according to data compiled by LSEG. Sign up here. https://www.reuters.com/markets/commodities/baker-hughes-beats-quarterly-profit-estimates-2024-10-22/

2024-10-22 20:33

SAO PAULO, Oct 22 (Reuters) - Brazilian power firm Eletrobras has signed a memorandum of understanding with Ocean Winds to study the development of offshore wind farms in Brazil, the firms said on Tuesday in a joint statement. WHY IT'S IMPORTANT Offshore wind farms are expected to be an important technology to generate large volumes of renewable energy in Brazil in the future. However, the world's sixth largest producer of onshore wind energy - in capacity terms - does not have offshore farms, as it lacks its own regulatory framework for these projects. Eletrobras is Latin America's largest power company, while Ocean Winds is a joint venture between Portugal's EDP Renovaveis (EDPR.LS) , opens new tab and France's Engie (ENGIE.PA) , opens new tab focused on offshore wind projects. KEY QUOTES Ocean Winds said it "strategically directs its efforts to Brazil", citing the country's potential to "meet the growing demand for renewable energy in the long term". The agreement "allows the development of strategic cooperation, which will contribute to making power generation sources in Brazil and around the world increasingly cleaner and renewable," said Eletrobras director for M&A and business development Leonardo Soares, in the statement. Sign up here. https://www.reuters.com/business/energy/eletrobras-ocean-winds-agree-assess-offshore-wind-projects-brazil-2024-10-22/

2024-10-22 20:17

Oct 22 (Reuters) - Young women are consuming more pot than men for the first time in a historic shift in the $30 billion U.S. cannabis industry, prompting companies to revamp products and step up investments. Top cannabis retailers told Reuters they've started refocusing shelf space toward products that have proved popular with women, including edibles, tinctures, topicals, and beverages, in the hopes that any resulting rise in costs will pay off in the longer term. "Creating new products or rebranding may seem like sunk cost, but with women making over 80% of purchasing decisions in the U.S., it's not just smart, it's necessary," said Lauren Carpenter, CEO of cannabis dispensary chain Embarc. Women now make up 55% of the user base on Jointly, a cannabis product discovery app, and are even surpassing men in spending in certain areas. In September, the average purchase size of female buyers exceeded $91 at Housing Works Cannabis Co, New York's first legal dispensary, compared with $89 by male buyers. Updated branding, market study and women-focused research and development could be needed to capitalize on the growing market potential - a "short-term impact on capex with the long-term benefit of capturing female consumers who are not going anywhere", said Embarc's Carpenter said. Women aged 19 to 30 surpassed men of the same age in cannabis consumption for the first time in 2023, according to a survey by the U.S. National Institute on Drug Abuse (NIDA). The rise could be partly attributed to medical reasons like stress and anxiety, said NIDA director Nora Volkow, one of the study authors. Out of a dozen regular female cannabis consumers interviewed by Reuters, the majority cited mental health concerns such as anxiety and depression as their primary reason for usage. To be sure, there is little evidence to suggest cannabis can help with those issues. The ongoing legalization of cannabis across more U.S. states and growing social acceptance have also fueled the shift. "Women are more likely to purchase from the industry's legal market than their male counterparts, making them practical targets with long-term capital benefits," said Tatiyana Brooks, co-founder of cannabis data firm GetCannaFacts. New York-based Tilray (TLRY.O) , opens new tab, a retailer with a market cap exceeding $1 billion, said it was increasing investments in its brands favored by female patrons, such as Solei Cannabis. The firm, which holds a 45% market share in the cannabis beverage market, said its range of offerings, including its XMG brand's lemon iced tea that is sold for around $6, has been a big hit with women. Similarly, Calgary-headquartered High Tide (HITI.V) , opens new tab partly credited its recent acquisition of Queen of Bud to the Canadian brand's designed-for-women products featuring higher concentrations of THC, the main active ingredient in cannabis. The companies did not divulge the increased costs that this shift may entail, as the trend remains relatively nascent. A generational shift is also evident. Several retailers and dispensary owners have reported that their younger customers, or Gen Z, are consuming less alcohol and tobacco, and more cannabis. "Businesses that take the buying power of female cannabis consumers more seriously will stay ahead of the curve among competitors," said Brooks from GetCannaFacts. Sign up here. https://www.reuters.com/world/us/breaking-grass-ceiling-pot-firms-rethink-strategy-young-women-lead-cannabis-use-2024-10-22/

2024-10-22 20:09

WASHINGTON, Oct 22 (Reuters) - Ryan Choi, an associate of U.S. short seller Andrew Left of Citron Research, agreed to pay $1.8 million to settle U.S. Securities and Exchange Commission (SEC) charges relating to two of Citron's stock recommendations, according to court documents. The SEC accused Choi of "negligently engaging in a scheme to defraud" readers of Citron Research in connection with two social media posts the company issued recommending readers buy stocks in two U.S.-listed companies. A lawyer for Choi did not respond immediately to requests for comment. In December 2020, Choi worked with Left on the research and content for the recommendations, but did not conduct adequate research or due diligence, the SEC alleged. It further said that Choi quickly traded on price increases that followed the two tweets, but failed to disclose this trading in the tweets. Without admitting or denying the allegations, Choi agreed to pay $1.8 million in disgorgement of his profits, prejudgment interest, and fines, to the SEC to settle the charges. The settlement is likely to be a blow to Left, who is fighting SEC and Department of Justice charges filed in July alleging he engaged in a scheme to defraud Citron Research followers by publishing false and misleading statements regarding his stock trading recommendations. Sign up here. https://www.reuters.com/markets/us/us-sec-settles-charges-with-associate-short-seller-andrew-left-18-million-2024-10-22/