2025-09-10 12:41
Sept 10 (Reuters) - U.S. energy infrastructure company Glenfarne said on Wednesday its unit struck a 20-year deal to sell liquefied natural gas to trading firm Gunvor, moving its planned Brownsville export project in Texas closer to a final investment decision. The deal covers 0.5 million tonnes per annum of LNG on a free-on-board basis and converts a previous preliminary agreement between the two firms. Sign up here. Global demand for LNG has surged since Russia's invasion of Ukraine upended gas markets in 2022, driving buyers in Europe and Asia to lock in long-term supply deals with U.S. exporters. The U.S. had emerged as the world's top LNG supplier in 2023, with Texas and Louisiana at the centre of new capacity growth since. Texas LNG, a unit of Glenfarne Energy Transition, is developing the Brownsville project, with engineering, procurement and construction to be led by contractor Kiewit. https://www.reuters.com/business/energy/glenfarne-gunvor-sign-20-year-lng-supply-deal-project-nears-investment-decision-2025-09-10/
2025-09-10 12:25
Israeli strike on Hamas leadership in Qatar supports prices Trump asks EU to put tariffs on China, India to pressure Russia Longer-term outlook still for oversupply as OPEC+ ups production LONDON, Sept 10 (Reuters) - Oil prices rose on Wednesday after Israel attacked Hamas leadership in Qatar, Poland shot down drones and the U.S. made a push for new sanctions on buyers of Russian oil, but concerns over crude oversupply capped further gains. Brent crude futures were up 66 cents, or 1%, at $67.05 a barrel, at 1208 GMT, and U.S. West Texas Intermediate crude futures rose 68 cents, or 1.1%, to $63.31 a barrel. Sign up here. Prices had settled 0.6% higher in the previous trading session after Israel said it had attacked Hamas leadership in Doha. Both benchmarks rose nearly 2% shortly after the attack, but then retraced much of their gains. Elsewhere, geopolitical tensions also rose when Poland shot down drones during a widespread Russian attack in western Ukraine on Wednesday, marking the first time a NATO member fired shots in the war. However, there was no immediate threat of a supply disruption. "The dark cloud of surplus ahead is ... hanging over the market with Brent trading two dollars lower than last Tuesday. Geopolitical risk premiums in oil rarely last long unless actual supply disruption kicks in," SEB analysts said. Meanwhile, U.S. President Donald Trump has urged the European Union to impose 100% tariffs on China and India - major buyers of Russian oil - as a strategy to pressure Moscow, according to sources. With European Union officials in Washington to discuss Russia, European Commission chief Ursula von der Leyen said on Wednesday the bloc was considering a faster phase-out of Russian fossil fuels as part of new sanctions against Moscow. Traders expect the Federal Reserve will cut interest rates at its September 16-17 meeting, which would boost economic activity and demand for oil. But the supply outlook remains bearish. The U.S. Energy Information Administration cautioned global crude prices will be under significant pressure in the coming months because of rising inventories as OPEC+ increases output. U.S. crude, gasoline and distillate stocks rose last week, market sources said, citing American Petroleum Institute figures on Tuesday. Government data is due at 1430 GMT . https://www.reuters.com/business/energy/oil-prices-up-after-israeli-attacks-oversupply-caps-gains-2025-09-10/
2025-09-10 12:19
OSLO, Sept 10 (Reuters) - Equinor (EQNR.OL) , opens new tab believes in offshore wind farm developer Orsted's (ORSTED.CO) , opens new tab core business but is not at a stage where the two will merge their renewables businesses, the Norwegian group's board chair said on Wednesday. Oil group Equinor holds a 10% stake in Orsted and has said it will take part in the Danish group's emergency rights issue designed to fund U.S. projects thrown into uncertainty by President Donald Trump's opposition to wind farms. Sign up here. "We are convinced that there is a robust value case here, and that's what we're looking for," Equinor Chair Jon Erik Reinhardsen said on the sidelines of an energy conference in Oslo. "We have open minds in terms of what it leads to," he said when asked if the Equinor may raise its stake in Orsted. Some analysts have said Equinor would be open to spinning off its own renewables unit and merge it with Orsted. "It might be one of many options, but again, we are not at that stage at the moment, that we are sitting and ranking options," Reinhardsen said. Orsted's shares traded up 2.9% at 1208 GMT. https://www.reuters.com/business/energy/equinor-keeps-options-open-orsted-stake-2025-09-10/
2025-09-10 12:06
MOSCOW, Sept 10 (Reuters) - Russia is considering a moratorium on bankruptcies in the metals industry, a government document showed on Wednesday, in a sign of growing concern about a sector struggling with falling demand, high interest rates and a strong rouble. The document, a protocol from the government's financial stability commission meeting on August 28, asked the economy and industry ministries to present proposals by October 28 on the advisability of introducing an effective ban on bankruptcies in the sector. Sign up here. The news was first reported by the Kommersant daily. The move, part of wider measures to support the sector, would follow similar action to help the struggling coal industry, which included tax deferrals and limiting dividends and bonuses for top management. The Economy Ministry declined to comment. Russia is the world's fifth-largest steel producer, with output of about 71 million tons in 2024. One of its leading steelmakers, Severstal, estimated in July that first-half steel demand fell by up to 15% due to a high key interest rate. That, along with low prices, led to a 55% fall in the company's net profit in the second quarter, it said. The central bank's board is set to convene on September 12 to decide on the key rate. Analysts polled by Reuters expect a 200 basis-point cut, as the economy is slowing faster than expected while inflation is receding. The Russian economy is expected to slow to 1.2% growth from 4.3% last year. A think-tank advising the government said in a research note in January that Russia could face a wave of corporate bankruptcies this year as the share of enterprises with risky levels of debt doubled in 2024. The government and the central bank dismissed such warnings, saying the situation was under control. https://www.reuters.com/markets/europe/russia-considers-moratorium-bankruptcies-indebted-metals-giants-2025-09-10/
2025-09-10 12:06
Judge finds Trump move likely unlawful Ruling will keep Cook in office while lawsuit proceeds Trump administration accused Fed governor of mortgage fraud White House: ruling not 'last say on the matter' Sept 10 (Reuters) - A federal judge on Tuesday temporarily blocked President Donald Trump from removing Federal Reserve Governor Lisa Cook, an early setback for the White House in an unprecedented legal battle that could upend the central bank's long-held independence. The preliminary ruling by U.S. District Judge Jia Cobb in Washington, D.C. found that the Trump administration's claims that Cook committed mortgage fraud prior to taking office were likely not sufficient grounds for her removal. Sign up here. Cook denies any wrongdoing. "President Trump has not identified anything related to Cook’s conduct or job performance as a Board member that would indicate that she is harming the Board or the public interest by executing her duties unfaithfully or ineffectively," Cobb wrote in her ruling. Trump moved to fire Cook in late August, but the Fed has said she remains in her position. The Fed declined to comment on the decision. The White House spokesman Kush Desai on Wednesday defended Trump's actions, saying that the president had "lawfully removed" Cook for cause over the mortgage allegations and that "this ruling will not be the last say on the matter." Trump on Tuesday did not respond to a reporter's question about the ruling. Cobb's ruling prevents the Fed from following through on Cook's firing while her lawsuit moves forward. The case, which will likely end up before the U.S. Supreme Court, has ramifications for the Fed's ability to set interest rates without regard to politicians' wishes, widely seen as critical to any central bank's ability to keep inflation under control. Trump has demanded that the U.S. central bank cut rates immediately and aggressively, berating Fed Chair Jerome Powell for his stewardship over monetary policy. The central bank is expected to deliver a rate cut at its September 16-17 policy meeting. "This ruling recognizes and reaffirms the importance of safeguarding the independence of the Federal Reserve from illegal political interference," Cook's lawyer Abbe Lowell said in a statement. The law that created the Fed says governors may be removed only "for cause," but does not define the term nor establish procedures for removal. No president has ever removed a Fed governor, and the law has never been tested in court. Cobb found that the "best reading" of the law is that it only allows a Fed governor to be removed for misconduct while in office. The mortgage fraud claims against Cook all relate to actions she took prior to her U.S. Senate confirmation in 2022. Trump and William Pulte, the Federal Housing and Finance Authority director appointed by the president, say Cook inaccurately described three separate properties on mortgage applications, which could have allowed her to obtain lower interest rates and tax credits. The U.S. Justice Department has also launched a criminal mortgage fraud probe into Cook and has issued grand jury subpoenas out of both Georgia and Michigan, according to documents seen by Reuters and a source familiar with the matter. Cook sued Trump and the Fed, saying the claims did not give Trump the legal authority to remove her and were a pretext to fire her for her monetary policy stance. Cook, the first Black woman to serve as a Fed governor, has denied the fraud claims in court filings, saying that she "did not ever commit mortgage fraud." But she has said that even if the allegations were true, it would not be grounds for removal because the alleged conduct occurred before she was confirmed by the U.S. Senate. The Trump administration has argued that the president has broad discretion to determine when it is necessary to remove a Fed governor, and that courts lack the power to review those decisions. https://www.reuters.com/world/us/us-judge-temporarily-blocks-trump-removing-fed-governor-cook-2025-09-10/
2025-09-10 11:59
Primark's like-for-like sales forecast down 2% in second half UK/Ireland showed improved trading but Europe subdued CEO worried about impact of UK budget and rising unemployment Shares down 12% LONDON, Sept 10 (Reuters) - Primark's owner Associated British Foods (ABF.L) , opens new tab warned that underlying sales at the budget fashion chain will decline in its second half, as improving UK trading is outweighed by weaker demand in continental Europe, sending its shares sharply lower. The group, which also owns major grocery, sugar, agriculture and ingredients businesses, also cautioned on Wednesday that it expected the consumer environment "to remain uncertain". Sign up here. Chief Executive George Weston said the trading environment was characterised "by consumer caution, geopolitical uncertainty and inflation." Shares in AB Foods were down 12% at 1150 GMT, wiping out its gains this year. Weston said he was concerned about the potential impact of the UK government's November budget on consumers, given the prospect of higher taxes, and rising unemployment. Primark's total like-for-like sales for its second half to September 13 were expected to be down around 2%, AB Foods said. Like-for-like sales in the UK and Ireland were expected to be close to flat, helped by favourable weather, and improving from the 6.0% fall recorded in the first half. Primark's second half sales in the U.S. were expected to be strong, and the retailer has started to raise prices in response to President Donald Trump's tariffs. However, in Europe, while sales have risen during the period in Spain, Portugal and in Central and Eastern Europe, they have fallen in France, Italy and Germany. "The consumer is in a very difficult and negative place across so much of continental Europe now," Weston told Reuters. Analysts at Panmure Liberum said trading at Primark in Europe was "softer than expected" but maintained a 'buy' rating. Separately on Wednesday, Zara owner Inditex (ITX.MC) , opens new tab, the world's biggest listed fast-fashion retailer, reported a better start to its autumn sales. AB Foods said overall second half trading in its food businesses, which include grocery brands such as Twinings tea, Jordans cereals and Ovaltine drinks, was in line with its expectations. Last month, the group bought the Hovis bread brand. It also said it was closing its Vivergo bioethanol plant after the UK government refused financial support. Analysts forecast the group as a whole will report a 2024/25 adjusted operating profit below the 2 billion pounds ($2.7 billion) made in 2023/24, mainly because AB Foods expects its sugar business to report a loss. ($1 = 0.7390 pounds) https://www.reuters.com/business/retail-consumer/ab-foods-warns-primark-sales-dip-europe-drags-shares-tumble-2025-09-10/
