2025-10-02 20:58
TSX ends up 0.2%, at 30,160.59 Eclipses Wednesday's record closing high Technology rises 1% Consumer discretionary adds 1.7% Oct 2 (Reuters) - Canada's main stock index rose to another record high on Thursday, led by gains for technology and consumer discretionary shares, as investors looked past the uncertainty around a U.S. government shutdown. Toronto's S&P/TSX composite index (.GSPTSE) , opens new tab ended up 52.92 points, or 0.2%, at 30,160.59, notching its fifth straight day of gains and eclipsing Wednesday's record closing high. Sign up here. "What we're seeing in the market right now is really a playing out between the fundamentals and the political noise," said Philip Petursson, chief investment strategist at IG Wealth Management. "Some investors have been making the mistake, thinking that what's going on in the United States with the shutdown and everything else would have a bigger impact on the market but the reality is what matters are profits." The U.S. was in the second day of a government shutdown which could disrupt air travel, threaten food aid for millions of Americans, and weigh on exports and mortgage applications if prolonged. However, past shutdowns have not had a lasting impact on the broader U.S. economy. "This is a profit-driven market. That's why we continue to hit new highs on the TSX, on the S&P 500, on other indexes around the world," Petursson said. "We believe that this is a culmination of a renewed economic cycle and a renewed market cycle." The technology sector (.SPTTTK) , opens new tab rose 1%, with Constellation Software Inc (CSU.TO) , opens new tab ending 1.8% higher. Consumer discretionary advanced 1.7%, helped by a gain of 2.3% for autoparts supplier Magna International Inc (MG.TO) , opens new tab. Energy (.SPTTEN) , opens new tab was a drag, falling 0.7%, as the price of oil settled 2.1% lower at $60.48 a barrel on oversupply concerns ahead of a meeting of the OPEC+ group over the weekend. The materials group (.GSPTTMT) , opens new tab, which includes fertilizer companies and metal mining shares, was down 0.4%. https://www.reuters.com/markets/europe/tsx-futures-pause-after-record-high-investors-eye-rate-cut-bets-2025-10-02/
2025-10-02 20:48
ISTANBUL, Oct 2 (Reuters) - Turkey may work with the United States and South Korea for its second planned nuclear power plant, Energy Minister Alparslan Bayraktar said on Thursday, adding this may be in the form of a trilateral model. Ankara has said it was in talks with Russia, China, Canada and South Korea on possible new nuclear power plants, in the northern Sinop and Western Thrace regions, to add to the Akkuyu nuclear power plant it is building with Russia. Sign up here. Speaking to broadcaster CNN Turk, Bayraktar said President Tayyip Erdogan had discussed cooperation on both small and big reactors with the leaders of Canada and France, adding that the country would cooperate with the United States for both small modular and conventional plant development after a meeting with U.S. President Donald Trump at the White House last month. "We can say the United States and (South) Korea got added together. Therefore, there may be a trilateral model with Korea-America-Turkey," he said, while repeating that the first reactor of Akkuyu would be operational in 2026. Bayraktar also said Turkey wanted access to cheap energy and technology transfer, know-how with such investments, and that an accord providing these was reached with Russia on Akkuyu, so it would also seek the same for its second nuclear power plant. https://www.reuters.com/business/energy/turkey-may-work-jointly-with-us-skorea-its-second-nuclear-power-plant-minister-2025-10-02/
2025-10-02 20:43
WASHINGTON, Oct 2 (Reuters) - U.S. President Donald Trump on Thursday said federal workers could be fired and projects cut if a government shutdown continues, even as he suggested Americans might get rebate checks from new tariff revenues. "There could be firings, and that's their fault," Trump said of Democrats in Congress, when asked in an interview with OAN television network about a recent memo from the Office of Management and Budget that raised prospects of firings. Sign up here. "We could cut projects that they wanted, favorite projects, and they'd be permanently cut," he said, adding, "I am allowed to cut things that should have never been approved in the first place and I will probably do that." The federal government partially shut down on Wednesday after Congress failed to reach a funding deal, with only essential services continuing. Trump said revenues from new tariffs were just starting to kick in but could eventually reach $1 trillion a year. He said some of the funds would help pay down the government's debt, which he said could reach $38 trillion. Trump's tariff estimate far exceeds that of Treasury Secretary Scott Bessent, who last month said customs duty revenues from Trump's tariffs could top $500 billion a year. U.S. Treasury data shows the federal government has $37.64 trillion in federal debt. The Republican president said his administration was looking at using tariff revenues to issue rebate checks for Americans. "We also might make a distribution to the people, almost like a dividend to the people of America," Trump told OAN. "We've thinking maybe $1,000 to $2,000. It'd be great." https://www.reuters.com/world/trump-says-there-could-be-firings-project-cuts-if-shutdown-continues-2025-10-02/
2025-10-02 20:34
RIO DE JANEIRO, Oct 2 (Reuters) - BP (BP.L) , opens new tab will seek a partner for its major Bumerangue oil discovery in Brazil and could close a deal before making a final investment decision on the project, the oil major's country head said on Thursday. The British company, which currently holds 100% of the block, in August announced that Bumerangue was its largest oil and gas discovery in 25 years. Sign up here. "The search for a partner will happen over the next one or two years, but it will run in parallel with the evaluation," BP's Brazil chief, Andres Guevara, said during an event in Rio de Janeiro. "For me, almost certainly, the partnership will be closed before we make a FID (final investment decision)... but there's no set date," he added. Brazil's state-owned oil company Petrobras would be a natural partner. Sources at Petrobras told Reuters in August the firm's involvement would likely depend on whether carbon dioxide levels in the field are low enough for commercial viability. The Bumerangue discovery was made while drilling BP's 13th well in Brazil, sparking industry interest by confirming the potential for major finds in pre-salt areas far from established producing regions. "It's relevant for us, but it's also relevant for the country because it revitalizes the pre-salt (sector) after perhaps a decade without major discoveries," Guevara said. BP is currently active in seven blocks in Brazil, operating four of them. The company plans to drill another well next year in the Tupinamba block, which is adjacent to Bumerangue. BIOENERGY FOCUS Separately, Guevara said BP is considering investments in corn-based ethanol plants in Brazil, citing synergies with its existing sugarcane operations. Guevara mentioned opportunities for shared infrastructure, such as storage tanks, or using leftover sugarcane fiber to power the corn ethanol plants. BP is one of Brazil's leading ethanol and sugar producers, with 11 plants across five states. https://www.reuters.com/business/energy/bp-seek-partner-brazil-bumerangue-block-2025-10-02/
2025-10-02 20:21
Alberta to lead early planning for new pipeline Federal cap on emissions a hurdle for pipeline investment Enbridge CEO demands lifting of tanker ban for pipeline feasibility CALGARY, Oct 2 (Reuters) - Canada and Alberta are not far apart on the terms of a bargain that would create the conditions for a new oil export pipeline to be built in the province in exchange for certain environmental commitments, Premier Danielle Smith told Reuters on Thursday. Smith on Wednesday announced plans for Canada's main oil-producing province to take the lead on early planning for a pipeline. Sign up here. "We're about 80% in agreement on most of the aspects," Smith said in an interview. "The fact of the matter is, the ball is now in (Canadian Prime Minister) Mark Carney's court." The federal government did not immediately respond to a request for comment. Smith said her government has no intention of building the pipeline from Alberta's oil sands to the Northwest coast of British Columbia itself. Canadian pipeline companies Enbridge (ENB.TO) , opens new tab, South Bow (SOBO.TO) , opens new tab and government-owned Trans Mountain have agreed to provide advice and technical support to Alberta as it develops its proposal, according to Smith. Smith said if Alberta's pipeline proposal does get the greenlight from Canada's government, she is confident a private sector company will come forward to build the project. In a speech to a business crowd in Toronto on Thursday, Enbridge CEO Greg Ebel said Canada will have to drop its ban on oil tankers off the northwest B.C. coast before any pipeline company commits to what Alberta is proposing. "No company would build a pipeline to nowhere," Ebel said. B.C. Premier David Eby said on Wednesday his province has supported the tanker ban from its inception and remains adamant that the legislation stay in place. South Bow and Trans Mountain have not commented on the proposal. Reuters reported , opens new tab in September that Carney's government is in talks with Alberta and the energy sector about eliminating a federal emissions cap on Canada's oil and gas sector in exchange for the industry and province reducing their carbon footprint in other ways. The federal government has also been clear that any pipeline proposal by Alberta must be contingent on the proposed Pathways carbon capture and storage project moving ahead in order to be considered for fast-tracking. Smith declined to say what other commitments the federal government may be asking Alberta to make. Alberta's government said the proposed pipeline could carry up to 1 million barrels per day. Canada achieved record oil production in 2024 as the completion of the Trans Mountain pipeline expansion boosted oil companies' ability to get their product to market. Many analysts have suggested Trans Mountain will be full between 2027 and 2028 as Canada tries to diversify oil exports and rely less on the U.S. market. https://www.reuters.com/sustainability/climate-energy/alberta-canada-are-80-aligned-potential-pipeline-proposal-premier-says-2025-10-02/
2025-10-02 20:01
PARIS, Oct 2 (Reuters) - At least four LNG-laden tankers bound for the Zeebrugge LNG terminal in Belgium were either diverted or left idling during a 30-hour Greenpeace blockade to protest against European Union imports of Russian gas, LSEG data showed on Thursday. Belgium is the second-largest European importer of Russian LNG, receiving 2.3 million metric tons over the first eight months of the year, behind France's 4 million tons over the same period. Sign up here. LSEG analysts said the Megara and the Rias Baixas Knutsen, both carrying cargo from the United States, and the LNG Phecda, carrying Russian gas, appeared to have changed course. The Megara was heading south away from the port late Thursday, while the other two ships had spent the day idled, LSEG data showed. The Arctic Voyager, coming from Norway, also remained idled off the coast of Belgium, the data showed. POLICE ARREST PROTESTERS The Arctic Voyager is now expected to arrive later Thursday evening, while the other three were expected over the course of the week, LSEG data showed. Greenpeace started its action on Wednesday afternoon, using kayaks, life rafts and a sail boat to block the entrance of the terminal to protest against continued imports of Russian LNG to the European Union, despite Moscow's war in Ukraine. Police arrested the protesters in the evening and dispersed the blockade of the terminal after several warnings, Greenpeace said. There was no impact on the operations or output flow of the terminal itself, Fluxys said. Other ships carrying cargo not destined for the LNG terminal have not been interrupted, but needed to proceed with more caution due to the protests, a spokesperson for the Port of Antwerp-Bruges said. The EU plans to ban Russian LNG imports a year earlier than envisaged as part of a 19th package of sanctions against Moscow following pressure from U.S. President Donald Trump. https://www.reuters.com/sustainability/sustainable-finance-reporting/lng-tankers-diverted-belgian-terminal-amid-greenpeace-blockade-2025-10-02/
