2024-03-01 00:40

KINGSTOWN, Saint Vincent and the Grenadines, Feb 29 (Reuters) - It is "essentially" the responsibility of G20 nations who are the largest pollutors to slash their carbon emissions, U.N. Secretary General Antonio Guterres told press on Thursday. Guterres, speaking ahead of the Community of Latin American and Caribbean States (CELAC) summit in Saint Vincent, said "more climate justice" was needed, including reasonable financing costs for developing countries to protect themselves from climate change. https://www.reuters.com/business/environment/reducing-emissions-is-responsibility-g20-nations-uns-guterres-says-2024-03-01/

2024-03-01 00:30

Feb 29 (Reuters) - The U.S. military said it conducted strikes on Thursday against six mobile anti-ship cruise missiles and an aerial drone that posed a threat to ships in the Red Sea. Military officials determined that the missiles and drone "presented an imminent threat to merchant vessels and to the U.S. Navy ships in the region," U.S. Central Command said in a post on X, formerly known as Twitter. https://www.reuters.com/world/middle-east/us-says-it-struck-missiles-drone-that-posed-threat-red-sea-ships-2024-03-01/

2024-03-01 00:00

Feb 29 (Reuters) - EV startup Fisker (FSR.N) , opens new tab warned on Thursday it might not be able to continue as a going concern and its shares tumbled 35% after the stock market closed. Fisker said it would cut its workforce by about 15% and added it was in talks with a large automaker for a potential investment and joint development partnership. It did not disclose the name of the automaker or financials of the potential deal. The company has struggled to sell its flagship Ocean electric SUV after high interest rates have led to a slowdown in demand. Current resources were "insufficient" to cover the next 12 months, Fisker said. In addition to talks with the large automaker, Fisker said it was in talks with a debt holder about a potential investment. Fisker said it aims to deliver between 20,000 and 22,000 Ocean vehicles in 2024. Without additional financing, the company said it might be forced to reduce production of Ocean, decrease investments, scale back operations and cut jobs further. Fisker's commentary followed disappointing production forecasts from larger peers Rivian (RIVN.O) , opens new tab and Lucid (LCID.O) , opens new tab as high borrowing costs have soured consumer sentiment and sharply slowed demand for EVs that are typically more expensive than gasoline-powered vehicles. "2023 was a challenging year for Fisker, including delays with suppliers and other issues that prevented us from delivering the Ocean SUV as quickly as we had expected," CEO Henrik Fisker said. The company has been grappling with delivering vehicles to customers. Though it made more than 10,000 vehicles in 2023 - less than a quarter of its initial forecast - it delivered only about 4,700. Last month, Fisker said it would add dealerships alongside its direct-to-consumer distribution model to expand its delivery network. So far, Fisker has signed 13 dealer partners across the U.S. and Europe. Fisker said its business plan was "highly dependent" on the successful transfer to the new dealer partner model this year. The company has been in talks with five automakers over a partnership to secure additional production capacity, Fisker told Reuters late last year. On Thursday, he said talks had narrowed down to one automaker and a deal would include joint development of one or more electric vehicle platforms, and North America manufacturing. Many traditional automakers have been laggards in the EV race and a deal with a startup will help them leapfrog into the market. "It saves time, saves cost and where we've been focusing on in talking to automakers is really to share the technology, the investments we've made," the company's finance chief Geeta Fisker said on the call. Last year, Fisker unveiled a $45,000 electric pickup, Alaska, and a smaller SUV, PEAR, priced at $29,990. But the projects depend on the partnership. "We are not planning to start external expenditure on our next projects until or we have a strategic partnership in place," Henrik Fisker said on a post-earnings call with analysts. On Thursday, Fisker reported preliminary revenue of $200.1 million for the fourth quarter, missing the average analyst estimate of $310.8 million, according to LSEG data. Net loss widened to $463.6 million from $170 million a year ago. https://www.reuters.com/business/autos-transportation/ev-startup-fisker-raises-going-concern-doubts-2024-02-29/

2024-02-29 23:46

Feb 29 (Reuters) - U.S. energy major Exxon Mobil (XOM.N) , opens new tab said on Thursday that trader salaries would be adjusted based on benchmarking and will include performance bonuses at the end of the year and long-term incentives as compensation. Individual compensation outcomes will vary depending on company results, global trading, and individual performance, Exxon said. Exxon launched a major push into trading in 2019, but pulled back in 2020 as the COVID-19 pandemic crushed energy demand. It rebooted and restructured the operation last year under a new chief. The trading unit helped the company beat fourth-quarter profit estimates earlier this month. "The company plans to offer competitive salaries, informed by benchmarking," Exxon said in a statement. Earlier in the day, Bloomberg News had reported that the energy firm informed traders in the U.S. and Europe this month that base salaries would be cut to better align with industry standards. Under the new compensation structure shared internally this month, the bonuses are the only way to offset salary cuts for some traders, the report added. https://www.reuters.com/business/energy/exxon-trim-trader-salaries-latest-pay-overhaul-bloomberg-reports-2024-02-29/

2024-02-29 23:42

Feb 29 (Reuters) - U.S. brokerage firm B. Riley (RILY.O) , opens new tab said on Thursday it was exploring strategic options for some of its businesses, which could include a potential sale, sending its shares plunging 14% in extended trading. The company is seeking options for its appraisal and valuation services, retail, wholesale and industrial solutions businesses. It said the businesses were not appropriately valued by the market and could provide greater value to a potential acquirer. The businesses, for which it has launched a strategic review, was collectively formerly known as Great American Group and was acquired by B. Riley in 2014 through a strategic combination. The retail and appraisal business is currently carried on B. Riley's balance sheet at a book value of about $35 million, it said. The company in a separate statement announcing its preliminary unaudited results also said it would inform the U.S. Securities and Exchange Commission (SEC) that it was unable to file its annual report for the year ended Dec. 31, 2023 by the required filing date due to delays in finalizing its financial statements. The company's preliminary fourth-quarter loss widened to $2.32 per share compared with $2.08 per share a year earlier. B. Riley has also been under investor and media scrutiny due to its investment in Vitamin Shoppe-owner Franchise Group when it was taken private by a management-led buyout in 2023. It said last week an internal review found the company had no knowledge or involvement in alleged misconduct at Prophecy Asset Management. https://www.reuters.com/markets/us/b-riley-launches-strategic-review-some-its-services-shares-slump-2024-02-29/

2024-02-29 23:30

BAMBOLIM, India, Feb 28 (Reuters) - New U.S. sanctions on Moscow are more likely than previous ones to cut Indian imports of thermal coal from Russia because they specifically cite top exporters SUEK and Mechel, three major traders of Russian coal said. Russia, historically a minor exporter of the fuel to India, began boosting shipments to the south Asian country after Western sanctions against Moscow over its invasion of Ukraine. The latest U.S. sanctions , opens new tab also include Russia's payment system, financial institutions and energy production. "With the new sanctions, I do not expect any of the big Indian companies to buy Russian cargoes," one major Indian trader told Reuters on the sidelines of the Coaltrans conference in the western Indian state of Goa. The traders, two Indian and one Russian, declined to be named as they are not authorised to speak to the media. "Shipments of coal will still not stop, but people will be more hesitant to touch Russian cargoes," the second Indian trader said, adding that the sanctions could benefit other coal suppliers such as Indonesia, Australia and South Africa. Ship tracking data reviewed by Reuters shows Indian conglomerates JSW Group, Vedanta (VDAN.NS) , opens new tab and consortium Arcelor Mittal Nippon Steel India were among the biggest importers of Russian thermal coal in the last six months. The three companies did not immediately respond to requests for comment on any potential impact from the new sanctions. SUEK, Russia's largest coal producer and exporter, did not reply to an email seeking comment. Reuters was not immediately able to reach Mechel for comment. Evidence of any immediate adverse impact of the new U.S. sanctions announced last week could not be ascertained, as cargoes of thermal coal typically take more than two weeks to sail from Russia to India. Russian supplies of thermal coal rose by 19% in 2023 to 10.06 million metric tons, or nearly 6% of Indian imports of the fuel, consultancy Bigmint said. India's trade ministry had no immediate comment on the impact of the sanctions on trade with Russia, but in a note on Wednesday the oil ministry highlighted "longstanding ties" with Moscow and future plans for partnerships across sectors. India had become the biggest buyer of Russian seaborne crude since the start of the Ukraine war, a trade that also faces hurdles from the new U.S. sanctions. While expanding trade with Moscow since Western sanctions following Russia's invasion of Ukraine in 2022, New Delhi has consistently called for "complete cessation of all hostilities", including in the note released by the oil ministry on Wednesday. https://www.reuters.com/business/energy/new-us-sanctions-more-likely-curb-indian-imports-russian-coal-traders-say-2024-02-28/