2025-09-29 12:05
BRASILIA, Sept 29 (Reuters) - Outstanding bank lending in Brazil continued to lose momentum in August, central bank data showed on Monday, as high interest rates helped cool activity in Latin America's largest economy. Credit growth over the past 12 months slowed to 10.1% in August, down from 10.8% in July. Sign up here. The central bank projected last Thursday that annual loan growth would ease further, ending the year at 8.8%. While a steep slowdown from the 11.5% expansion seen in 2024, the forecast marked a slight upward revision from a previous estimate of 8.5%. "The pace of credit expansion has started to decline, partly in response to the more restrictive monetary policy cycle," the central bank said in its latest monetary policy report last week. Since September last year, the central bank has raised interest rates by a total of 450 basis points, taking the benchmark Selic rate to a nearly two-decade high of 15%. The rate was held steady at that level in the last two policy meetings. On a monthly basis, outstanding credit rose 0.5% in August from July. A broad measure of default rates on non-earmarked consumer and business loans rose to 5.4% from 5.2% the previous month, while average lending spreads widened to 32.3 percentage points from 31.8 points. https://www.reuters.com/business/finance/brazil-bank-lending-slows-further-august-tight-monetary-policy-bites-2025-09-29/
2025-09-29 11:51
WASHINGTON, Sept 29 (Reuters) - The United States is set to announce on Monday policies to try to boost the output of coal, the Interior Department said, as the Trump administration seeks to reverse the decline of the fuel's use. President Donald Trump in April signed executive orders to increase coal output, in one of his many actions that run counter to global efforts to cut carbon emissions. Sign up here. Coal-burning plants generated about 15% of U.S. electricity in 2024, a fall from 50% in 2000, according to the Energy Information Administration, as fracking and other drilling methods have hiked natural gas output. Solar and wind power growth has also cut coal use. The coal workforce has sunk to about 40,000 from 70,000 10 years ago. Secretary of the Interior Doug Burgum, Environmental Protection Agency Administrator Lee Zeldin, and an Energy Department official are scheduled to hold an event on coal at the Interior Department later on Monday. Chris Wright, the U.S. energy secretary, told Reuters last week he expects most of the nation's coal-fired power plants to delay retirement to help deliver electricity needed to fuel artificial intelligence. Last month, Wright extended his emergency order to keep a Michigan coal plant running, even though the plant's operator had been planning to shut permanently for economic reasons. Tom Pyle, president of the American Energy Alliance, predicted that 38 coal plants scheduled to close through 2028 would remain open, either on Trump orders or voluntarily. Analysts, however, have been skeptical about a long-term U.S. boost in the use of coal as the economics have shifted in favour of less carbon-intensive fuel. "Coal may see a temporary boost from regulatory relief, and some investors may profit in the short term," Frank Holmes, CEO and chief investment officer of U.S. Global Investors, wrote after Trump's orders. "But in the long run, I think the writing is on the wall." https://www.reuters.com/sustainability/climate-energy/trump-officials-announce-plan-boost-coal-output-2025-09-29/
2025-09-29 11:38
LUSAKA, Sept 29 (Reuters) - China, Zambia and Tanzania on Monday signed a $1.4 billion deal to refurbish the Tanzania-Zambia railway, a vital route for shipping copper exports from the region, Zambia's government said. The deal aims to rehabilitate the railway and purchase locomotives, passenger coaches and wagons. Sign up here. Last year China signed an initial agreement to revive the 50-year-old TAZARA railway, as it is widely known, at a time the United States was throwing its financial weight behind a rival transport corridor for minerals called Lobito, after an Angolan port. TAZARA offers a way to bypass logistics bottlenecks in South Africa that have slowed copper and cobalt exports. https://www.reuters.com/world/africa/china-signs-deal-with-zambia-tanzania-14-billion-railway-upgrade-2025-09-29/
2025-09-29 11:33
CAPE TOWN, Sept 29 (Reuters) - Chevron (CVX.N) , opens new tab said on Monday that its Noble Energy subsidiary had agreed terms with Equatorial Guinea on the development of the Aseng gas project, which will help it to reach a final investment decision. The project, found in Block I of the Douala Basin, will help to sustain the supply of liquefied natural gas from the Central African country to global markets. Sign up here. It will involve an initial investment of some $690 million and bolster the country's ambitions to become a regional gas-processing hub, Equatorial Guinea's minister of hydrocarbons and mining development Antonio Oburu Ondo said in a statement. EQUATORIAL GUINEA SET TO LAUNCH LICENSING ROUND As part of those plans, Equatorial Guinea last year agreed with nearby Nigeria to jointly construct the Gulf of Guinea Gas Pipeline. It is also looking to develop the $4.5 billion EG-27 LNG project with the backing of Afreximbank, which is raising capital for its development. Afreximbank says the EG-27 project that focuses on the Ebano field could produce 2.4 million metric tons of LNG a year over a 20-year period. A member of the Organization of the Petroleum Exporting Countries, Equatorial Guinea is expected to launch its latest oil and gas licensing round later on Monday. https://www.reuters.com/business/energy/chevrons-noble-energy-moves-forward-aseng-gas-project-equatorial-guinea-2025-09-29/
2025-09-29 11:31
Sept 29 (Reuters) - Vistra Corp (VST.N) , opens new tab has secured a long-term deal to supply power from its Comanche Peak nuclear plant to an unnamed buyer, it said on Monday. The utility said in a regulatory filing that it has signed a 20-year deal to supply 1,200 megawatt of power from its nuclear power plant in Somervell County, Texas, to an undisclosed investment-grade buyer. Sign up here. Vistra expects power delivery to start in the fourth quarter of 2027, and full capacity by 2032. "This deal catches Vistra up with independent power producer peers in the race to secure megawatts under long term contract," said Scotiabank analyst Andrew Weisel. But Weisel said some investors seemed unsatisfied as the contract covers only 50% of the Comanche Peak plant's capacity and as Vistra not naming the customer suggests it might not be a data center. Shares of the company fell nearly 2% in afternoon trade. Earlier in the day, the shares had risen marginally after the utility said it will build two new natural gas units at the Permian Basin power plant in West Texas. The addition of the two units at the Permian Basin power plant, together totaling 860 megawatts, will take the site's current capacity to 1,185 MW, it said. Vistra had said last year it would add up to 2,000 MW of natural-gas-fueled power capacity in Texas by 2028, which would be enough electricity to power 1 million homes. U.S. power consumption is expected to reach record highs in this year and the next, fueled by demand from data centers dedicated to AI and cryptocurrency, as well as increased electricity use in homes and businesses for heating and transportation. https://www.reuters.com/business/energy/utility-vistra-build-two-new-natural-gas-power-units-permian-basin-2025-09-29/
2025-09-29 11:25
Sept 29 (Reuters) - Shares of pot companies climbed in premarket trading on Monday after U.S. President Donald Trump advocated the potential benefits from the use of cannabidiol in senior healthcare in a social media post , opens new tab. Trump had said last month his administration was looking to reclassify marijuana, which could also result in potentially easing criminal penalties around its use. Sign up here. Hemp-derived cannabidiol (CBD) could "revolutionize senior healthcare" by helping reduce disease progression and was shown as an alternative to prescription drugs, he said in a post on Truth Social on Sunday. U.S.-listed shares of Canopy Growth (WEED.TO) , opens new tab, and Tilray Brands (TLRY.O) , opens new tab both jumped nearly 20% before the bell, while Cronos Group (CRON.TO) , opens new tab added 9.5% and Aurora Cannabis (ACB.TO) , opens new tab, gained 13.7%, respectively. The AdvisorShares Pure U.S. Cannabis exchange-traded fund (MSOS.P) , opens new tab surged 25.2% and is on track for its biggest quarterly gain on record of around 70%. "MSOS, the largest U.S. marijuana-focused ETF, is indicated up 20% at the open and benefiting from President Trump's surprise Sunday support for the potential benefits of CBD, with any support going a long way for this beleaguered listed sector," said Ben Laidler, head of equity strategy at Bradesco BBI. Regulations around the commercial use of hemp and CBD were significantly eased through the enactment of the Agriculture Improvement Act during Trump's first term. However, marijuana remains listed as a Schedule I substance, under the Controlled Substances Act, meaning it has a high potential for abuse and no current accepted medical use. Former Joe Biden had directed the Department of Health and Human Services to review marijuana's status, leading the agency to recommend moving it to Schedule III, a category for drugs with moderate to low potential for dependence. Trump "already hinted that they were planning to reclassify it. This doesn't mean it's legalizing the drug, but it does reduce some of the burden on the companies," said Daniela Hathorn, senior market analyst at Capital.com. "I do think there is further room for these stocks to move higher if it's confirmed that the reclassification is happening." Weed stocks have reflected the ebb and flow of the prolonged process taken by each U.S. administration toward wider legalization of marijuana and are often volatile. Some stocks, such as Canopy Growth have lost half their value this year, while Cronos and SNDL have both gained more than 30%. Reclassification would remove the tax burden under Section 280E, which denies standard business deductions to cannabis companies. If the tax barrier is resolved, it could pave the way for more cannabis companies to list on U.S. stock exchanges and attract interest from institutional investors. Reclassifying marijuana also represents a first step toward narrowing the chasm , opens new tab between state and federal cannabis laws. The drug is legal in some form in nearly 40 states. https://www.reuters.com/business/healthcare-pharmaceuticals/cannabis-stocks-surge-after-trump-endorses-cannabidiol-senior-healthcare-2025-09-29/
