2024-02-22 00:08

MANILA, Feb 22 (Reuters) - Fifteen people died and two were injured when a truck carrying livestock traders veered off a winding road and plunged into a ravine 40 to 50 meters (44 to 55 yards) deep in central Philippines, the provincial police said on Thursday. "The driver lost his brake and lost control," Stephen Polinar, spokesperson of Negros Oriental's provincial police office, told DWPM radio station. "It was raining for two days so the road was slippery." Rescuers rushed to the accident area on Wednesday afternoon, and all passengers were already accounted for, Polinar said. The driver is being treated at a hospital and could face charges, he added. The Philippines is notorious for its lax regulation on public transportation, including passenger overloading, and poorly maintained roads. In December, 17 people died when a bus lost its brakes and plunged into a ravine in the central Philippines province of Antique. https://www.reuters.com/world/asia-pacific/fifteen-killed-after-truck-falls-into-ravine-central-philippines-2024-02-22/

2024-02-22 00:04

SINGAPORE, Feb 22 (Reuters) - China approved another 114 gigawatts (GW) of coal power capacity in 2023, up 10% from a year earlier, with the world's top carbon polluter now at risk of falling short on climate targets after sanctioning dozens of new plants, research showed on Thursday. In an effort to bring climate-warming emissions to a peak by 2030, China has vowed to "strictly control" new coal-fired generation capacity, and has also connected record numbers of new wind and solar plants to its grid. But after a wave of electricity shortages in 2021, China also embarked on a coal power permitting boom that could slow its energy transition, according to analysis by U.S. think tank Global Energy Monitor (GEM) and the Helsinki-based Centre for Research on Energy and Clean Air (CREA). China has approved 218 GW of new coal power in just two years, enough to supply electricity to the whole of Brazil. Construction started on 70 GW of new coal plants last year, up from 54 GW a year earlier, with another 47 GW going into operation, up from 28 GW in 2022, the analysis said. "Drastic action" is now required to meet 2025 carbon and energy intensity goals, and China could also struggle to meet a target to raise the share of non-fossil fuels in its total energy mix to 20% by 2025, it added. China has pledged to start cutting coal consumption over the 2025-2030 period, but developers are building as much new capacity as they can before 2025, they said. China's total power capacity is already sufficient to meet demand, but its inefficient grid is unable to deliver electricity where it is needed, especially across provincial borders, encouraging more plant construction. CREA has previously forecast that China's carbon emissions will fall this year, with utilisation rates at coal plants likely to drop significantly as more clean energy is connected to the grid. "This risks significant financial problems for coal power plant operators and potential pushback against the energy transition," said Lauri Myllyvirta, CREA's chief analyst. "This contradiction will have to be resolved in order for China to realise the emission reductions needed to get on track to carbon neutrality." https://www.reuters.com/sustainability/climate-energy/china-2023-coal-power-approvals-rose-putting-climate-targets-risk-2024-02-22/

2024-02-21 23:50

SAO PAULO, Feb 21 (Reuters) - Brazilian miner Vale (VALE3.SA) , opens new tab said on Wednesday it had received a letter from the State of Para's environmental secretary informing it that its operating license for its Sossego mine has been suspended. The company said in a filing it was evaluating the necessary measures to re-establish the full validity of the mine's operating license. Vale, which did not give details of the reason for the suspension in the filing, said it complies with conditions and socio-environmental controls of its activity. Vale produced 66,800 metric tons of copper in 2023 in Sossego, its second largest mine of copper in output terms, only behind Salobo, also located in Para. Para's environment secretary did not immediately respond to request for comments sent outside normal business hours. https://www.reuters.com/markets/commodities/brazils-vale-says-its-sossego-mine-operating-license-has-been-suspended-2024-02-21/

2024-02-21 23:32

Feb 21 (Reuters) - Nutrien (NTR.TO) , opens new tab, the world's biggest fertilizer producer, reported a big drop in fourth-quarter profit on Wednesday, hit by lower potash prices. The company reported net earnings of $176 million, or 35 cents per share, for the three months ended Dec. 31, compared with $1.12 billion, or $2.15 per share, a year-ago. Fertilizer companies have grappled with slow demand throughout 2023, as farmers held back on purchases to see if fertilizer prices settle any lower. Prices had soared in 2022, after sanctions on top exporters Russia and Belarus had tightened supplies of fertilizers. Potash prices averaged $235 per tonne during the reported quarter, the company said, compared with $526 per tonne a year earlier. Nutrien, the top U.S. agricultural retailer, also forecast potash sales volume of 13.0 to 13.8 million tonnes assuming demand to grow in offshore markets and a return to more normal Canpotex port operations in 2024. It also said it sees Nitrogen sales volume of 10.6 to 11.2 million tonnes, assuming higher operating rates at its US and Trinidad plants compared to 2023. The company had said in November that it expected a Canpotex facility in Portland, Oregon, to be back online by the end of 2023 after suffering an outage. For the quarter, the company reported an adjusted profit of 37 cents, missing analyst estimates of 65 cents, as per LSEG data. The company declared a quarterly dividend of 54 cents per share payable, a near 2% increase from its prior dividend declared in November last year. The company also approved the purchase of up to 5% of Nutrien's issued and outstanding common shares over a 12-month period through a normal course issuer bid. https://www.reuters.com/markets/commodities/nutrien-reports-fall-fourth-quarter-profit-2024-02-21/

2024-02-21 23:23

Feb 21 (Reuters) - Synopsys (SNPS.O) , opens new tab forecast second-quarter revenue and profit above Wall Street estimates on Wednesday, anticipating a surge in demand for its software to design complex and artificial intelligence-compatible chips. The Sunnyvale, California-based company's shares were up more than 3% in extended trading. The outlook comes more than a month after Synopsys, the largest maker of software used in the chip designing process, said it would buy Ansys (ANSS.O) , opens new tab in a $35 billion cash-and-stock deal. In an interview, Synopsys CEO Sassine Ghazi said the company has started filing for regulatory approvals and so far has encountered "no surprises - there is nothing that we did not anticipate." Ghazi also told Reuters that the company hopes to tell investors whether it will sell off its software integrity business by March 20. Synopsys said in December it was evaluating strategic alternatives for the unit. Synopsys, which partners with chipmakers including Taiwan Semiconductor Manufacturing Co (2330.TW) , opens new tab, Intel (INTC.O) , opens new tab, and Samsung Electronics (005930.KS) , opens new tab, expects second-quarter revenue to be in a range of $1.56 billion to $1.59 billion, above analysts' average estimate of $1.55 billion, according to LSEG data. The AI boom has elevated demand for companies such as Synopsys, as its electronic design automation (EDA) tools are used by chip firms for custom semiconductor design in diverse sectors such as aerospace, automotive and industrial. Chip firms are spending heavily on research and design initiatives to make robust chips with innovative design, which is one of the industry's biggest challenges because billions of transistors - tiny on-off switches - must be precisely arranged on a piece of silicon just a few millimeters wide. That has sparked demand for software provided by Synopsys even as economic uncertainty looms. Synopsys forecast adjusted earnings per share in a range of $3.09 to $3.14 for the second quarter ending April 30, also above analysts' average estimate of $3.02 per share. The company reiterated its outlook for full-year revenue but raised its annual adjusted earnings per share forecast to a range of $13.47 to $13.55, from $13.33 to $13.41. Revenue in the first quarter ended Jan. 31 rose about 21% to $1.65 billion, in line with estimates. Excluding certain items, it earned $3.56 per share, beating the estimate of $3.43. https://www.reuters.com/technology/synopsys-expects-strong-second-quarter-ai-powered-chip-design-demand-2024-02-21/

2024-02-21 23:19

HOUSTON, Feb 21 (Reuters) - Three of Venture Global LNG's major customers have asked U.S. energy regulators to address the LNG developer's request for an one-year permit extension to complete a Louisiana export facility, signaling their intention to voice concerns. The LNG developer last week asked for a one-year extension to complete its Calcasieu Pass gas-export plant, or to receive assurances it did not need an extension. BP PLC (BP.L) , opens new tab, Shell PLC (SHEL.L) , opens new tab and Repsol SA (REP.MC) , opens new tab are requesting to weigh in on the request, according to documents filed on Wednesday with the Federal Energy Regulatory Commission (FERC). All three have filed contract arbitration claims against Venture Global over a lack of contracted cargoes. Shell said it has deep concerns about Venture Global's conduct and "intends to file comments or a protest in response." The existing FERC authorization expires on Feb. 21, but the Arlington, Virginia-based company has said the plant's commissioning phase will not be concluded until late this year. A Venture Global LNG spokesperson called the requests "unnecessary and premature," adding: "We thank our stakeholders - including BP - for their continued interest.” The company's Calcasieu Pass export facility has been processing gas for export since March 2022. But it considers the facility not fully operational and is allowed under its contracts to sell pre-commission cargoes. https://www.reuters.com/markets/commodities/venture-global-lng-customers-challenge-permit-extension-request-2024-02-21/