2024-07-24 23:06

SYDNEY, July 25 (Reuters) - The world's largest platypus conservation centre has welcomed its first residents as part of a project to protect the semi-aquatic mammal found only in Australia amid threats to its habitat from extreme weather and humans. The four platypuses - two females and two males - were released over the last two weeks into a custom-built research facility at Taronga Western Plains Zoo in Dubbo, about 400 km (250 miles), northwest of Sydney. Featuring multi-tiered streams, waterfalls, pools and earth banks for burrowing, the facility will help researchers understand more about the species, Taronga Conservation Society Australia official Phoebe Meagher told Reuters. "This facility will allow us to not only save the species from the immediate threats of climate change, but also in the long term, be able to repopulate those populations," she said. "We would love to see some puggles or baby platypus in the facility and understand what led to that reproductive success." The facility was formed as a partnership between the Taronga Conservation Society Australia, San Diego Zoo Wildlife Alliance, the University of New South Wales, the New South Wales state government and wildlife rescue organisation WIRES. Boasting the bill of a duck, webbed feet and a beaver-like tail, platypus are unique to Australia. The nocturnal mammals lay eggs and live mostly across the eastern seaboard, from the far north of Queensland to the island state of Tasmania, close to rivers and streams whose beds and banks they forage for food. Platypus numbers may have more than halved over several decades, research models show, but figures are hard to pinpoint. Environment groups estimate the total population between 30,000 and 300,000. "Sadly, we're not leaving many places left in the wild for platypus," Meagher said. "So these platypus that we have here ... will really fill those knowledge gaps and allow us to help save this species." Sign up here. https://www.reuters.com/business/environment/australia-platypus-conservation-centre-worlds-largest-welcomes-first-residents-2024-07-24/

2024-07-24 22:25

July 24 (Reuters) - A manufacturing flaw led to a turbine blade failure at the Vineyard Wind offshore project off the coast of Massachusetts this month, the part's producer, GE Vernova (GEV.N) , opens new tab, said on Wednesday. The turbine blade broke on July 13 and left potentially dangerous debris on beaches on the island of Nantucket. U.S. authorities later ordered a shutdown of the project, which is still under construction. GE Vernova said a preliminary analysis had determined that insufficient bonding led to the breakage, adding its quality assurance program should have identified the issue. The company said it would re-inspect all its offshore wind blades to check for potential defects. The company has made about 150 blades at its Gaspe, Canada facility. "We have work to do, but we are confident in our ability to implement corrective actions and move forward," a GE Vernova spokesperson said in an emailed statement. GE Vernova shares fell $7.59, or 4.5%, to close at $162.90 on the New York Stock Exchange on Wednesday. The incident is a blow to Vineyard Wind, the first major U.S. offshore wind farm, and the nation's budding offshore wind industry. The sector is regarded as critical to meeting U.S. President Joe Biden's climate change goals, but has been struggling with soaring costs and delays. Of the four other U.S. offshore wind projects currently under construction, none are planning to use GE Vernova turbines, according to documents the projects' owners filed with federal regulators. It was not clear how the revelation of the manufacturing misstep would impact Vineyard Wind's construction timeline. In a regulatory filing, GE Vernova said it had installed 24 of the project's expected 62 turbines. Additional turbine parts are awaiting installation at a port staging area in New Bedford, Massachusetts. "As GE Vernova continues the investigation into the root cause of the damage to its blade, Vineyard Wind 1 remains focused on coordinating with the Bureau of Safety and Environmental Enforcement, assisting in the recovery of debris, and prioritizing the safety of personnel, local communities, and the environment," a Vineyard Wind spokesperson said in an email. The manufacturing problem with the Vineyard Wind turbine blade is different from another turbine blade break this year at the Dogger Bank project in Britain, GE Vernova said, which was the result of an installation failure. The Bureau of Safety and Environmental Enforcement, which ordered Vineyard Wind to stop power production and construction following the incident, did not respond to a request for comment on the GE Vernova analysis. In a filing with the U.S. Securities and Exchange Commission, GE Vernova warned that it could receive claims for damages related to the blade incident. GE Vernova, which became an independent company in April following a three-way split of General Electric (GE.N) , opens new tab, on Wednesday also reported a 1% rise in second-quarter revenue to $8.2 billion, compared with a year earlier. Analysts on average had expected revenue of $8.26 billion, according to LSEG data. Electric utilities across the world are looking to increase their power generating capacity and lifting the usage of renewable energy to meet emission goals, driving demand for equipment suppliers such as GE Vernova. The company booked a 27% rise in orders in its power segment, driven by higher orders for its gas power technology while its electrification revenue rose 19%. It also expects its full-year revenue to trend towards the higher end of its prior forecast range of $34 billion to $35 billion. However, its wind orders declined by 44%, primarily due to a large offshore wind equipment order it booked last year that was canceled during the fourth quarter. The company also reported two fatalities during the quarter. Sign up here. https://www.reuters.com/business/energy/ge-vernova-says-manufacturing-issue-led-vineyard-turbine-blade-failure-2024-07-24/

2024-07-24 22:15

July 24 (Reuters) - Hundreds of uncontrolled wildfires burned across western Canada on Wednesday, putting more communities under evacuation alert and raising concerns about the blazes impacting Canadian crude production. There are 433 active wildfires in British Columbia and 176 active wildfires in Alberta, including more than a dozen in the Fort McMurray region, Canada's key oil sands hub. This week British Columbia was hit by more than 58,000 lightning strikes, according to the provincial wildfire agency, sparking scores of new blazes in forests that are tinder-dry after a three-week heat wave. Around 25,000 people, including residents and visitors, were forced to evacuate the popular tourist town of Jasper, Alberta, and its surroundings early Tuesday as wildfires neared. The Canadian government-owned Trans Mountain pipeline, which can carry 890,000 barrels per day (bpd) of oil from Edmonton to Vancouver and runs through Jasper National Park, said on Wednesday it was still operating safely and using sprinklers to protect its infrastructure. Flames are within 5 km of Jasper, Parks Canada officials said on Wednesday afternoon, and gusty winds are expected to fan the wildfires before rain arrives overnight. "While rain will help reduce fire growth and allow crews to make progress, it will not control the wildfire," Parks Canada said on social media. There have been no impacts to the town of Jasper so far although some structures have been lost to the south and east, officials added. Alberta officials said 17,500 residents had been forced to leave their homes because of wildfires, while British Columbia has issued 19 evacuation orders and 29 evacuation alerts. Many communities in western Canada are blanketed by thick smoke, including Alberta's largest city Calgary where residents were advised to limit time outdoors. OIL SANDS IMPACT Imperial Oil (IMO.TO) , opens new tab said it has reduced non-essential staff at its 275,000-bpd Kearl oil sands site, approximately 70 km north of Fort McMurray, in northern Alberta as a precaution. Imperial said there was no direct impact on operations at the moment and it continues to monitor the situation closely. Earlier this month Suncor (SU.TO) , opens new tab, Canada's second-largest oil company, temporarily curtailed some production and evacuated non-essential workers from its 215,000-bpd Firebag site because of a nearby fire. About two-thirds of Canada's five million barrels per day of production comes from the oil sands region and the worsening wildfire situation is fuelling concerns among some analysts that production could be cut significantly. "While wildfires have already forced some producers to curtail production, these fires still threaten a large amount of supply," ING Group analysts said in a research note. The small curtailments so far have been offset by a drop in demand after storms in Illinois forced Exxon Mobil's (XOM.N) , opens new tab Joliet refinery, a major consumer of Canadian heavy crude, offline for a week, one Calgary-based trader said. The wildfire danger level is designated as "extreme" across the Fort McMurray forest area and a fire ban is in effect for the entire area, the Alberta government said on Tuesday, adding that one major blaze is less than 7 km away from industrial facilities, but containment lines were mostly holding. Sign up here. https://www.reuters.com/markets/commodities/canadas-imperial-oil-reduces-non-essential-staff-kearl-wildfires-spread-2024-07-24/

2024-07-24 21:50

July 24 (Reuters) - Chipotle Mexican Grill (CMG.N) , opens new tab surpassed Wall Street estimates for quarterly sales and profit on Wednesday as demand for its rice bowls and burritos held up even as prices increased. Shares of the company pared early after-hour gains but were still 2% higher after executives said Chipotle expects margins to be under pressure for the next couple of quarters. The company's restaurant-level operating margin rose to 28.9% from 27.5% a year ago. It said it expects margins to be around 25% in the third quarter. Chipotle also said on Wednesday it would buy back $400 million worth stock. The California-based chain has been able to buck a larger slowdown in customer traffic within the U.S. restaurant industry, partly because Chipotle's loyal customers kept returning to its outlets despite inflation straining household budgets. "The second quarter was outstanding as successful brand marketing, including the return of Chicken al Pastor, drove strong demand to our restaurants," CEO Brian Niccol said, referring to one of the chain's burrito bowl options. The company recorded foot traffic growth of about 17% during the quarter, outperforming the wider fast-food and quick service restaurant category's traffic increase of only 0.63%, according to Placer.ai. Chipotle's comparable sales rose 11.1% in the second quarter, compared with analysts' average estimate for a 9% increase, according to LSEG data. Adjusted profit of 34 cents per share beat analysts' expectations by 2 cents. The company has benefited from incremental menu price hikes intended to offset the high costs associated with raw materials and labor. In April, it undertook a 6% to 7% menu price increase in California after a law boosted the minimum wage for fast-food workers to $20 an hour. "While many restaurants are struggling, Chipotle continues to beat expectations because consumers see it as a good value," Emarketer analyst Zak Stambor said. The upbeat results come just weeks after Chipotle's shares began trading on the New York Stock Exchange following a 50-for-1 split of its common stock that the restaurant chain's shareholders approved on June 6. It continues to expect comparable restaurant sales growth in the mid-to-high single-digit percentage for 2024. Sign up here. https://www.reuters.com/business/retail-consumer/chipotle-beats-quarterly-sales-estimates-strong-burrito-demand-2024-07-24/

2024-07-24 21:48

July 25 (Reuters) - A look at the day ahead in Asian markets by Alden Bentley in New York Brace for fallout from a megacap-led wipe out. A rethink of the earnings picture for hyped up AI and Magnificent seven stocks turned a run on Alphabet and Tesla into a Wall Street rout. Combine that with concerns about Chinese and global growth that heaped pressure on commodity linked currencies and you have the makings for the risk-off mood in China's markets, and Japan's, to continue. However the November U.S. election plays out there are risks for Chinese companies. Vice President Kamala Harris has emerged as the Democratic presidential candidate after President Joe Biden, 81, ended his re-election bid on Sunday. It is not clear how what kind of China policy she will favor but she and rival Republican Donald Trump are expected to take tough stands on tariffs and Taiwan, as Biden has. The Democratic National Committee's rules committee agreed on Wednesday on a plan to formally nominate Harris as soon as Aug. 1 -- before the party's Aug. 19-22 convention in Chicago -- with Harris picking a running mate by Aug. 7 The S&P 500 and Nasdaq skidded to multi-week lows on Wednesday after Tesla (TSLA.O) , opens new tab and Alphabet (GOOGL.O) , opens new tab disappointed with lackluster earnings and their shares tumbling 12% and 5%, respectively. The tech-heavy Nasdaq (.IXIC) , opens new tab ended 3.6% lower and the S&P 500 (.SPX) , opens new tab fell 2.3%. Other megacaps, Apple (AAPL.O), Microsoft (MSFT.O), Amazon.com (AMZN.O), Meta Platforms (META.O) and Nvidia (NVDA.O), took it on the chin, as did small caps (.RUT) , opens new tab, which enjoyed a brief moment in the sun in recent weeks. The dollar fell to its lowest in more than two months against the yen as short-yen carry trades were unwound ahead of next week's Bank of Japan meeting. That coincides with the July 30-31 FOMC meeting. While the Fed is unlikely to pull the trigger on easing this month, a scenario in which yield differentials soon narrow from both sides is being built in. Until then, the main macro headlines to trade on come on Thursday, when the first estimate of second quarter U.S. GDP comes out, and Friday with the release of the Personal Consumption Expenditure Price Index which the Fed relies on to gauge inflation. The Australian and New Zealand dollars were noted losers because of the economic tie to raw materials. Oil prices, while up on Wednesday, are near their lowest in a month and a half and industrial metals like iron ore and copper hit 3-1/2-month lows on a gloomy outlook for Chinese demand. Here are key developments that could provide more direction to markets on Thursday: - South Korea GDP (Q2 advance) - Japan service PPI (June) - U.S. GDP (Q2, advance) Sign up here. https://www.reuters.com/markets/asia/global-markets-view-asia-graphic-2024-07-24/

2024-07-24 21:02

MEXICO CITY, July 24 (Reuters) - Walmart's Mexico and Central America unit (WALMEX.MX) , opens new tab posted a 9.3% year-on-year climb in its second-quarter net profit on Wednesday, as its sales and in-store traffic grew. Net profit reached 12.51 billion pesos ($684.12 million), slightly below an average forecast of 12.872 billion pesos seen by analysts polled by LSEG, while revenues were up 6.4% to 225.75 billion pesos, also just below estimates. Same-store sales in the quarter were up 5.5% in Mexico and 2.6% in Central America, the firm, known as Walmex, said. It added that its earnings were driven by growth in its various store formats and a strong performance by new stores opened in the quarter. Spending was up in both Mexico and Central America, the firm said, as it opens new stores, hires more employees and invests in e-commerce. The quarter's results are the first since the company's board of directors appointed Ignacio Caride as Walmex's new CEO at the end of April. "Our business strategy continues to focus on our omnichannel abilities to better serve our clients, at the same time that we are putting greater emphasis on strengthening automation, digitalization and simplification," Caride, the company's former e-commerce head, said in the company's statement. Walmex's e-commerce division made up around 8% of the firm's gross merchandise value - the total value of goods sold - in Mexico in the quarter, it said. Walmex's cellphone service bait hit 13.7 million active users in the second quarter, more than doubling the year-ago figure and up 400,000 users from the first quarter. The firm has outlined plans to invest heavily in its Central American operations, announcing plans in May to invest some $700 million in Guatemala and around $600 million in Costa Rica over the next five years. ($1 = 18.2862 Mexican pesos at end-June) Sign up here. https://www.reuters.com/business/retail-consumer/walmart-mexico-posts-9-rise-q2-net-profit-2024-07-24/