2024-03-12 11:41
March 12 (Reuters) - Spain's hotels expect demand to rise this spring, boosted by a jump in international visitors and in appetite for travel during the Easter holidays, the country's hotel and tourist lodging association CEHAT said on Tuesday. While consumers still prioritize travel in the aftermath of the COVID-19 pandemic - with European airlines reporting strong summer bookings - prospects for the tourism industry are clouded by high jet fuel prices, global flashpoints, problems at plane manufacturers and wage disputes. But in a joint report with consultancy firm PricewaterhouseCoopers (PwC), CEHAT said it expects the sector's growth this spring to be 14% higher than last year and 25% above pre-pandemic levels. Jose Manuel Fernandez of PwC said the predicted increase in hotel spending was due to a more stable economic environment and strong growth in international tourism, mainly from nearby countries. "France and Italy stand out in their intention to visit Spain and there's a good recovery of air connectivity with England and Germany, which is already above pre-pandemic levels," Fernandez added. However, CEHAT also warned of Spain's weaker forecasts for growth in 2024 and sticky inflation, which has weighed on the sector's costs. Spanish airports owned by operator Aena (AENA.MC) , opens new tab closed February with an all-time record number of passengers at 19.2 million, maintaining the upward trend seen in January and in 2023. https://www.reuters.com/markets/europe/spains-hotel-sector-sees-demand-surging-spring-2024-03-12/
2024-03-12 11:35
March 12 (Reuters) - Renewable energy investor Excelsior Energy Capital said on Tuesday it has sold a portfolio of solar assets from its Fund I portfolio to BlackRock's (BLK.N) , opens new tab Evergreen Infrastructure Partners Fund. The portfolio consists of 38 solar energy and solar plus storage projects, the company said, adding that it has divested its entire stake as part of the deal. Financial details of the deal were not disclosed. Excelsior said the project portfolio consists of operational solar and battery storage distributed generation projects with a total capacity of 89 megawatts (MWDC). The fund, Excelsior Renewable Energy Investment Fund I LP, was launched seven years ago and had invested in solar, wind, and battery storage projects across ten states in the United States. Last month, BlackRock had committed over $200 million to Enviria, a German commercial and industrial solar startup, to boost the asset management giant's renewable energy investments. https://www.reuters.com/business/energy/excelsior-energy-sells-solar-assets-inaugural-fund-blackrock-2024-03-12/
2024-03-12 11:35
BERLIN, March 12 (Reuters) - Elon Musk will visit Tesla's (TSLA.O) , opens new tab gigafactory in Germany on Wednesday morning after an arson attack on a nearby power pylon last week left it without electricity and halted production, Table Media reported on Tuesday, citing company sources. Power was restored to the factory near Berlin on Monday after an outage which started on March 5. Musk will travel directly to the plant at Gruenheide from Berlin airport, reported Table Media, adding he would meet Brandenburg State Premier Dietmar Woidke and the state's economy minister, Joerg Steinbach. A spokesperson for Tesla in Germany declined to comment on the report. Activists from the far-left Vulkangruppe claimed responsibility for the attack on the pylon near Gruenheide. https://www.reuters.com/business/autos-transportation/musk-visit-german-gigafactory-wednesday-table-media-reports-2024-03-12/
2024-03-12 11:32
NEW DELHI, March 12 (Reuters) - Most tankers carrying fuel from the world's biggest refining complex operated by India's Reliance Industries (RELI.NS) , opens new tab are sailing via the Cape of Good Hope to avoid the Red Sea, according to shipping sources and ship tracking data. The risk of attacks on vessels by Houthi militants in Yemen has prompted many shipping firms to divert south around Africa despite the Red Sea and Suez Canal being the shortest route between Asia and Europe. Reliance, in its chartering contracts, is offering tanker owners flexibility to go either way, shipping sources said, but added that most tanker owners are opting for the African route. At least eight tankers since mid-February have taken the Cape of Good Hope route to supply jet fuel and diesel to Europe, LSEG data showed. The tankers included Hafina Yangtze, Dimitri, Sabrina Glory, Arisarchos, High Prospertix, Atalantic Gold, Marlin La Plata, and Neutron Sound. Previously all tankers carrying fuel from Reliance Industries passed through Red Sea. Reliance did not respond to a Reuters email seeking comment. Reliance's two refineries at Jamnagar in western Gujarat State can process about 1.4 million barrels of oil per day. https://www.reuters.com/markets/commodities/india-reliances-fuel-supply-europe-avoids-red-sea-sources-2024-03-12/
2024-03-12 11:21
March 12 (Reuters) - Archer-Daniels-Midland (ADM.N) , opens new tab reported lower-than-expected fourth-quarter earnings on Tuesday, after an investigation into accounting practices at the company's nutrition unit delayed the release of its financial results for nearly two months. The global grains merchant reported adjusted earnings of $1.36 per share for the fourth quarter, while analysts had expected earnings of $1.43 per share, according to LSEG data. It also announced an additional $2 billion in share repurchases. https://www.reuters.com/markets/commodities/adm-misses-quarterly-profit-estimates-2024-03-12/
2024-03-12 11:17
STOCKHOLM, March 12 (Reuters) - Bitcoin has no place in Sweden's financial system, the head of the central bank said on Tuesday. Riksbank Governor Erik Thedeen said that for Bitcoin it was a case of "the less the better" for Sweden. Get a look at the day ahead in European and global markets with the Morning Bid Europe newsletter. Sign up here. https://www.reuters.com/markets/europe/bitcoin-not-welcome-swedish-financial-system-riksbanks-thedeen-says-2024-03-12/
