2024-07-31 22:09

July 31 (Reuters) - JetBlue Airways (JBLU.O) , opens new tab said on Wednesday it agreed to procure sustainable aviation fuel (SAF) from a unit of U.S. refiner Valero Energy Corp (VLO.N) , opens new tab, which would be distributed by energy firm World Kinect (WKC.N) , opens new tab, for use in flights from a New York's airport. Under terms of the deal, World Fuel Services will provide the fuel supply to John F. Kennedy International Airport from the fourth quarter of 2024. Airlines have been under pressure from environmental groups to lower their carbon footprint, with the Biden administration setting targets to boost SAF output and help the domestic aviation industry shift away from traditional fuels. As a part of the initial 12-month deal, JetBlue is expected to take delivery of about 3.3 million gallons of blended fuel, with an option to purchase up to an additional 13.3 million gallons of blended fuel. JetBlue said the SAF, made from a wide array of feedstocks, including agricultural wastes and used cooking oils, will be blended by Valero with conventional jet fuel to create blended SAF which can lower greenhouse gas emissions by about 80%, compared to conventional jet fuel. Sign up here. https://www.reuters.com/sustainability/jetblue-buy-sustainable-jet-fuel-use-new-york-airport-2024-07-31/

2024-07-31 22:00

July 31 (Reuters) - The first batch of long-awaited F-16 jets have arrived in Ukraine, Lithuania's foreign minister and a U.S. official said on Wednesday, an effort Kyiv has said will help rebuild its depleted air force. F-16s, built by Lockheed Martin(LMT.N) , opens new tab, have been on Ukraine's wish list for a long time because of their destructive power and global availability. The fighter jet is equipped with a 20mm cannon and can carry bombs, rockets and missiles. "F-16s in Ukraine. Another impossible thing turned out to be totally possible," Lithuanian Foreign Minister Gabrielius Landsbergis said on X, formerly known as Twitter. A U.S. official, speaking on the condition of anonymity, said the delivery had been complete. Ukraine's Air Force did not immediately respond to Reuters request for comment. Denmark has committed to donate 19 jets in total, while the Netherlands has promised to deliver 24 aircraft. Both countries have been driving forces behind an international coalition to supply Ukraine with F-16s. Norway has also said that it would donate six F-16 fighter jets to Ukraine. The pilots and ground staff have been trained by Ukraine's Western partners for months. The Ukrainian military has had to rely on a relatively small fleet of Soviet-era jets as it has fought to hold back Russia's full-scale February 2022 invasion. Ukrainian officials see the addition of the F-16 as a vital upgrade for its Air Force. Analysts and officials say the F-16s will not alone prove a turning point in the war, which began with Russia's full-scale invasion in February 2022. Sign up here. https://www.reuters.com/world/europe/ukraine-receives-small-number-f-16-jets-bloomberg-reports-citing-sources-2024-07-31/

2024-07-31 21:49

TEAHUPO'O, Tahiti, July 31 (Reuters) - Kevin Wallis might have just about the toughest job at the Olympic surfing venue of Teahupo'o in Tahiti this week. As director of forecasting at Surfline.com, which partners with the Olympic surfing organisers, the American has to tell them what conditions will be like, days in advance and down to the last minute, to advise of the best times to run competition. Doing that on a remote island in the South Pacific is mostly science, but there's some art too. Wednesday brought home the challenges of making a call. With time running out to finish competition, organisers decided to send the women's round three out into a maelstrom of 15-foot stormy surf at one of the world's most dangerous waves. They quickly changed their minds and cancelled competition for the day, leaving a nail-biting wait to wrap up the event and decide the medals. "There's a 10-day window (for competition) and we've got four days to run all the way through the event," Wallis told Reuters. "In a perfect world, you get four really great days of surf like we had on Monday morning, but that doesn't always happen. "We've been super lucky so far. We've had two and a half days of anywhere from good to unbelievably all-time good in the case of Monday morning. "So I would just look whether we get anything more like that the rest of the waiting period - probably not - but we've got a day and a half to finish. We've got to try and find the best day and a half left in the waiting period." WESTERLY SWELL Monday's waves were somewhat atypical, with a westerly swell that created thick slabs of water when they hit Teahupo'o's unique reef, providing spectacular viewing and challenging conditions even for the world's best surfers. "In this case, we had a low develop over near Fiji almost due west of Tahiti and then it kind of dived down to the south of Tahiti. So it set up a very westerly swell to start with, which is not unprecedented, but not typical either." The weather system also drove some interesting local winds. "clocking around and doing all sorts of weird things" due to the mountains and canyons behind the village, he said. "As that storm moved all the way past and the front came through, winds shifted in the west, onshore, it's poured rain ... It went from as good as it gets to about as bad as it gets in an hour." With the clock counting down to complete the event, Wallis is in hot demand from surfers, officials and media. "My popularity it wanes with how good the waves actually look. But, yeah, everyone's obviously interested in what the waves were doing over the next few days. So Monday's epic conditions maybe made him some friends? "I look back and it wasn't a perfect forecast by any means ... but, yeah, under promise, over deliver. That's always a good rule of thumb in forecasting." And the verdict for the days ahead? Thursday is looking decent with solid, overhead waves but maybe still a little jumbled, then small and, at best, only decent surf for the remainder of the waiting period. A surfer himself - "that's how I got into this racket" - Wallis said during Tuesday's stormy weather he might go for a quick wave, but at a little river mouth break near the main reef. "Ah no ... Well, maybe the river mouth here. But out at Teahupo'o - no way," he said laughing. "It's terrifying out there right now." Sign up here. https://www.reuters.com/sports/olympics/surfing-there-are-tough-jobs-tahiti-surf-forecasting-is-one-2024-07-31/

2024-07-31 21:46

Aug 1 (Reuters) - A look at the day ahead in Asian markets. After an unexpectedly bold move from the Bank of Japan, the Federal Reserve indicating that U.S. rates are about to come down, and an explosive rise in U.S. megacap stocks on Wednesday, investors may be in need of some respite on Thursday. Good luck with that. Aside from the continuing ripples across all asset classes from the BOJ, Fed and tech boom, a wave of manufacturing PMIs from China and across Asia lands and investors are bracing for more Big Tech earnings and a possible Bank of England rate cut. Thursday is also the first trading day of the month, and investors may want to put capital to work. Wednesday's surge in risk appetite, especially in chip stocks, may fuel those spirits. Investors usually baulk at volatility but appear to be embracing it right now. Look at Nvidia shares - down 7% on Tuesday then soaring 13% on Wednesday to bring its market cap back above $3 trillion. That's a one-day increase in market value of over $350 billion. Wednesday's action across all markets may have been tied to position adjustments on the last trading day of the month, but was nevertheless extraordinary. The Nasdaq had its best day since February last year, geopolitical tensions helped fuel a 5% rise in WTI crude oil for its best day this year, and palladium was the pick of the bunch in a buoyant precious metals complex, rising 4%. U.S. bond yields fell to their lowest since February or March, depending on what part of the curve, while the dollar's slump against a rampant yen dragged down its broader value against a range of G10 and emerging currencies. The South Korean won posted its biggest rise this year, aided by strong Samsung earnings and a chip-fueled stock market rally, while the Thai baht hit a four-month high. That momentum will likely extend into Asia on Thursday, although the BOJ's hawkish stance and Fed's more balanced posture - certainly relative to some recent soundings from key former Fed officials - may put the brakes on as the day progresses. The yen and Nikkei could be most primed for reversal, having rallied strongly on Wednesday. The yen jumped 2% to break through 150.00 per dollar for the first time since March. On the data front, the most market-sensitive releases will probably be manufacturing sector purchasing managers index reports from China and across Asia. China's 'official' PMIs on Wednesday showed that manufacturing sector activity continued to shrink in July while service sector growth slowed. Here are key developments that could provide more direction to markets on Thursday: - China, Asia manufacturing PMIs (July) - Indonesia inflation (July) - South Korea trade (July) Sign up here. https://www.reuters.com/markets/asia/global-markets-view-asia-graphic-pix-2024-07-31/

2024-07-31 21:42

Exxon claims right of first refusal to Hess asset sale Arbitrators' ruling may fall into second-half of 2025 Chevron, Hess 'confident' merger will still go ahead HOUSTON, July 31 (Reuters) - Chevron Corp's (CVX.N) , opens new tab proposed purchase of oil producer Hess (HES.N) , opens new tab faces a lengthy new delay, with an arbitration panel not expected to hear a rival's claim to Hess' stake in a Guyana oil-producing joint venture until May 2025, the company said on Wednesday. Exxon Mobil (XOM.N) , opens new tab and partner CNOOC Ltd (0883.HK) , opens new tab filed arbitration claims claiming a pre-emption right to any sale of Hess’ lucrative stake in the Guyana oil-producing joint venture, a move that threatened to block Chevron’s biggest deal in more than two decades. Hess last October agreed to sell itself to rival Chevron in a $53 billion deal that would give Chevron a 30% stake in the consortium that controls all of Guyana’s oil production. Exxon leads the consortium with a 45% stake. "Chevron and Hess had expected and requested that this hearing be held earlier, but the arbitrators’ common schedules did not make this possible," a Chevron spokesman said in a statement. "Exxon and CNOOC continue to ignore the plain language of the operating agreement, and Chevron and Hess remain confident that the arbitration will confirm that the Stabroek ROFR does not apply to the Merger." Chevron and Hess remain committed to the merger and look forward to combining the two companies, the spokesman added. "We appreciate the arbitration panel giving this issue the due consideration it deserves," an Exxon spokesperson said. "This matter is too important to rush through - all relevant facts and circumstances must be taken into consideration, and this will take time." Hess did not immediately reply to a request for comment. HESS, CHEVRON SHARES FALL The lengthy delay puts new strains on Chevron and Hess investors. In April, Hess had said it wanted the case to be heard by the third quarter and the arbitration completed by year-end. Hess shares were down 2.5% in after-hours trading after closing at $153.42 during the regular session. Chevron shares were down less than 1% in after-hours trading after closing at $160.47. Exxon has argued a right of first refusal clause in its Guyana joint operating agreement with partners Hess and CNOOC was triggered by the Chevron bid. Chevron and Hess dispute that claim. Sign up here. https://www.reuters.com/business/energy/chevrons-proposed-deal-hess-faces-new-delay-over-arbitration-schedule-2024-07-31/

2024-07-31 21:28

LA PAZ, July 31 (Reuters) - Transport unions in Bolivia started a national strike on Wednesday to protest fuel shortages, as diesel supplies shipped from Russia fail to arrive and pressure builds on President Luis Arce's government to address the strain on imports. The protests include "road blockades at specific points throughout the country, in addition to border closures," Hector Mercado, president of the Bolivian Chamber of Transport industry group, told reporters late on Tuesday. Buses, trucks and other medium-sized vehicles started to block main roads on Wednesday morning in the capital La Paz as well as a central highway that connects Cochabamba to Santa Cruz, according to local reports. Departures from major bus terminals early on Wednesday also were suspended. Arce said on social media on Wednesday that he has formed an "Interministerial Committee to address the current situation." The strike was originally scheduled for Aug. 1, but leaders of the heavy transport industry moved the date up and gave the government a period of 72 hours to provide "immediate solutions" to the fuel supply issues. Mercado said that the planned strike was indefinite. Bolivia imports half of the gasoline needed to meet domestic demand, costing some $800 million annually, and as much as 80% of diesel supplies, mainly from other South American countries. President Arce faced down a coup attempt in June and has struggled to manage a U.S. dollar shortage that has strained the gas-producing economy and limited fuel imports. Arce said he would address shortages through supplies from Russia that were yet to arrive in landlocked Bolivia due to adverse weather conditions in the Chilean port of Arica that receives Bolivian cargo. A government spokesman said on Tuesday that the Russian supplies were on route, following widespread reports of customers enduring long waits for petrol and diesel. Sign up here. https://www.reuters.com/world/americas/bolivians-strike-block-roads-over-fuel-shortages-2024-07-31/