2024-01-15 10:34

LONDON, Jan 15 (Reuters) - Nyrstar will suspend its Budel zinc smelting operations in the Netherlands in the second half of this month owing to high energy costs and market conditions, it said on Monday. Nyrstar, which is wholly owned by trading and logistics company Trafigura, said it will put the operations on "care and maintenance", which stops production but continues maintenance so it can reopen in the future. "This decision follows a thorough and extensive review and is a direct response to ongoing and projected high energy costs as well as deteriorating market conditions," Nyrstar said. Budel was at disadvantage compared with other European operations because the Dutch government has halted support measures for energy-intensive industries, Nyrstar added. "As a result, continued production at the Nyrstar Budel site is currently not economically viable," it added. Budel's capacity is 315,000 metric tons a year, but the smelter has been operating on a flexible basis since the fourth quarter of 2021, the company said. Last November Nyrstar said it would temporarily close two zinc mines in the U.S. state of Tennessee because of weak prices and inflation. https://www.reuters.com/markets/commodities/nyrstar-suspend-budel-zinc-operations-second-half-january-2024-01-15/

2024-01-15 10:30

BENGALURU, Jan 15 (Reuters) - An infrastructure investment trust (InvIT) backed by India's Mahindra Group and Canada's Ontario Teachers' Pension Plan Board made its trading debut on Monday, with an offer size of 22.63 billion rupees ($273 million), the two entities said. Sustainable Energy Infra Trust (SEIT) (SUSA.NS) -- formed to own and operate renewable power generation assets in India -- debuted on the country's National Stock Exchange at an issue price of 100 rupees each, exchange data showed. SEIT raised 13.65 billion rupees in the offer, while Mahindra Susten, the green energy arm of the tractors-to-financing conglomerate Mahindra Group, raised 8.98 billion rupees, according to a statement. The statement did not mention the stake, if any, Mahindra Susten, Mahindra Group and Ontario Teachers' still hold in SEIT. Infrastructure investment trusts have gained popularity in recent years amid India ramping up its infrastructure spending ahead of its general elections scheduled to be held this year. Marquee global and Indian investors, including the Asian Infrastructure Investment Bank, subscribed to the offer, the statement said. SEIT will have the right of first refusal on the renewable energy assets that Mahindra Susten makes. Mahindra Group and Ontario Teachers' have committed to invest up to 30.50 billion rupees and 35.50 billion rupees, respectively, into Mahindra Susten and SEIT. Kotak Mahindra Capital, Axis Capital and Avendus Capital were placement agents for the deal. ($1 = 82.8510 Indian rupees) https://www.reuters.com/sustainability/indias-mahindra-group-backed-infra-investment-trust-goes-public-2024-01-15/

2024-01-15 10:28

DOHA/SINGAPORE, Jan 15 (Reuters) - QatarEnergy, the world's second largest exporter of liquefied natural gas, has stopped sending tankers via the Red Sea although production continues, a senior source with direct knowledge of the matter told Reuters on Monday. Yemen's Iran-backed Houthi group has since November been attacking vessels in the Red Sea, part of a route that accounts for about 12% of the world's shipping traffic, in what they say is an effort to support Palestinians in the war with Israel. At least four tankers used to carry Qatari LNG were held up over the weekend after U.S. and British forces responded by carrying out dozens of air and sea strikes on Houthi targets in Yemen. The Al Ghariya, Al Huwaila and Al Nuaman had loaded LNG at Ras Laffan in Qatar and were heading to the Suez Canal but stopped off the coast of Oman on Jan. 14, according to LSEG shiptracking data. The Al Rekayyat, which was sailing back to Qatar, stopped along its route on Jan. 13 in the Red Sea. "It is a pause to get security advice, if passing (through the) Red Sea remains unsafe we will go via the Cape," the source said. "It is not a halt of production." The Qatari government's International Media Office and QatarEnergy did not immediately respond to requests for comment. The alternative route to Europe round the Cape of Good Hope could add around 9 days to the 18-day voyage from Qatar, said ICIS LNG analyst Alex Froley. A trader calculated that could add about 1-1.30 euros per megawatt hour (MWh) to the price of the cargo, although it would be partially offset by not paying Suez Canal fees. "Qatar will just take the long route via Cape of Good Hope, which will result in delivery delays but nothing dramatic for European balances," another trading source said on Monday. Shipowners and managers of the four vessels including Teekay Shipping Glasgow, Pronav Ship Management, Nakilat Shipping Qatar Ltd and Shell's shipping and chartering arm STASCO also did not immediately respond to requests for comment. Qatar shipped more than 75 million metric tons (MMt) of LNG in 2023, according to LSEG data, including 14 MMt to buyers in Europe and 56.4 MMt to Asia. While several LNG vessels have changed course, others have continued to sail past Yemen through the Red Sea and Suez Canal, through which Qatar, the United States and Russia are the most active shippers of the fuel S&P estimates Qatari LNG cargoes through the canal at 14.8 MMt a year, U.S. cargoes at 8.8 MMt and Russian ones at 3.7 MMt. Front month European benchmark gas prices on the Dutch TTF hub were down 1.20 euros at 30.40 euros per megawatt hour (MWh) by 0842 GMT, LSEG data showed. Asia spot LNG prices fell to a seven-month low of $10.10 per million British thermal units (mmBtu) on Friday, supported by healthy storage levels in Europe and northeast Asia. Oil prices edged lower after rising 1% on Friday on concerns the war could disrupt supplies. https://www.reuters.com/world/middle-east/lng-tankers-held-up-over-weekend-following-us-uk-strikes-houthis-data-2024-01-15/

2024-01-15 10:15

MUMBAI, Jan 15 (Reuters) - The Indian rupee ended higher on Monday for a ninth straight session, fuelled by speculative bets its recent winning streak will continue. The rupee settled at 82.8800 to the U.S. dollar compared with its previous close of 82.9225. The rupee rose to 82.7800 intraday, the highest in more than four months, but trimmed gains on importers' dollar demand, dealers said. The rupee has surged, breaking beyond its "pivotal thresholds" of 83.00 and 82.90, Amit Pabari, managing director at FX advisory firm CR Forex, said. Investors are betting the rupee will break out of its recent narrow range and rally this year. "The current momentum suggests a probable continuation of this upward trend, with a further advancement towards the 82.50 mark in the near term," Pabari said. The rupee was also helped by a slide in U.S. Treasury yields after the producer price index data boosted the odds of a Federal Reserve rate cut in March. U.S. producer prices unexpectedly fell in December. The 10-year Treasury yield dropped to near 3.95% on Friday, down nine basis points for the week, while the two-year yield fell 25 basis points last week. The fall in U.S. bond yields pushed dollar-rupee forward premiums higher. The USD/INR one-year implied forward rose to 1.92%, up 17 basis points this month. Investors have cemented Fed easing expectations despite some hotter-than-expected U.S. inflation data last week. The odds of a rate cut at the March meeting are now at over 72%. . Forex traders will be watching out for Fed Governor Christopher Waller's speech on Tuesday and U.S. retail sales data due on Wednesday for more clues on the outlook for interest rates in the world's largest economy. https://www.reuters.com/markets/currencies/rupee-gains-ninth-session-speculative-dollar-selling-2024-01-15/

2024-01-15 08:30

Jan 15 (Reuters) - Microsoft (MSFT.O) has eclipsed Apple to become the world's largest company by market capitalization, driven by its deep focus on generative artificial intelligence (AI), a sector that has garnered increasing investor favour. The tech giant, which along with Nvidia (NVDA.O) and Amazon (AMZN.O) placed a significant emphasis on AI, has experienced substantial market surges over the past year. Notably, Microsoft's market value has risen by over $1 trillion. Analysts are drawing parallels between this shift and the early 2000s, when technology and internet companies began to replace consumer and financial firms at the forefront of the market's highest echelons. According to LSEG data, Microsoft's market cap stood at $2.887 trillion, its highest ever, while Apple's market cap was $2.875 trillion as of Friday's close after peaking at $3.081 trillion on Dec. 14. Microsoft has incorporated OpenAI's technology across its suite of productivity software, a move that helped spark a rebound in its cloud-computing business in the July-September quarter. Its AI lead has also created an opportunity to challenge Google's dominance of web search. Apple, on the other hand, is facing challenges with waning demand, including for its flagship product, the iPhone. The company is particularly struggling in China, a key market where economic recovery from the COVID-19 pandemic has been sluggish and competition from a resurgent Huawei is intensifying, impacting its market share. Other AI-focused tech players such as Nvidia, Meta Platforms (META.O) and Alphabet (GOOGL.O), also witnessed a big jump in their market cap in the past year. https://www.reuters.com/technology/global-markets-microsoft-marketcap-pix-2024-01-15/

2024-01-15 08:24

ATHENS, Jan 15 (Reuters) - Greece has begun preparations for the sale of 30% stake in Athens International Airport through an initial public offering (IPO) and separate agreements with shareholders AviaAlliance and the Copelouzos family, Athens International Airport said on Monday. The listing on the Athens Stock Exchange is expected to take place in February, subject to regulatory approvals, the country's biggest airport said in a statement, confirming a Reuters report last week. AviAlliance, which holds a 40% stake in the airport, will have the right to buy a further 10% of the lucrative asset. The Copelouzos family, which owns about 5%, will be eligible for a further 1% stake, the statement said. After conclusion of the offering, the company's free float is expected to be about 19%, it added. Greece is heavily reliant on tourism and Athens airport handled more than 28 million passengers last year, accounting for 35% of passenger traffic through all the nation's airports. Deutsche Bank (DBKGn.DE) will bee a senior joint bookrunner for the offering and Morgan Stanley (MS.N) and BofA Securities (BAC.N) are joint coordinators. https://www.reuters.com/markets/deals/greece-prepares-imminent-athens-airport-stake-sale-listing-2024-01-15/