2024-07-10 21:19

July 10 (Reuters) - Google parent Alphabet (GOOGL.O) New Tab, opens new tab decided not to pursue a takeover of online marketing software company HubSpot (HUBS.N) New Tab, opens new tab weeks ago, a person familiar with the matter said on Wednesday. The talks between Alphabet and HubSpot never progressed to due diligence and fell apart shortly after the companies held initial discussions on a potential deal, the source said, on condition of anonymity to discuss confidential matters. HubSpot's shares closed 12% lower on Wednesday, while Alphabet's shares were up 1.2%. Reuters had reported in April that Alphabet was in talks with advisers about the possibility of making an offer for HubSpot. A deal for HubSpot, now valued at $25 billion, would have ranked as Alphabet's biggest ever and risked scrutiny from antitrust regulators. U.S. regulators have indicated growing aversion to large technology companies getting bigger through acquisitions. HubSpot, which builds marketing software for small and medium-sized businesses, has specialized in so-called inbound marketing, where consumers start engagement with a brand. HubSpot customers apply its software to make advertising content that consumers can click on. CEO Yamini Rangan said in May on HubSpot's financial results call that customer demand had weakened, as small businesses worried about the economic impact of high interest rates. Bloomberg reported earlier that Google is no longer in talks to acquire HubSpot. Sign up here. https://www.reuters.com/technology/google-parent-alphabet-shelves-interest-hubspot-bloomberg-news-reports-2024-07-10/

2024-07-10 21:10

HOUSTON, July 10 (Reuters) - Occidental Petroleum's average realized oil price for the second quarter was $79.89 per barrel, the company said in a filing on Wednesday. Sign up here. https://www.reuters.com/business/energy/occidental-reports-q2-average-realized-oil-price-7989-per-barrel-2024-07-10/

2024-07-10 21:09

TSX up 1.4% Materials drive gains, up 2.4% July 10 (Reuters) - Canada's main stock index rose on Wednesday, boosted by gold shares, ahead of U.S. economic reports which could provide further clues on the Federal Reserve's monetary policy path. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) New Tab, opens new tab closed up 307.73 points, or 1.4%, at 22,350.23. Materials (.GSPTTMT) New Tab, opens new tab led sectoral gains, rising 2.2%. They tracked spot gold prices which rose on a stronger case for U.S. interest rate cuts sooner. South of the border, the S&P 500 (.SPX) New Tab, opens new tab crossed 5,600 for the first time as Fed Chair Jerome Powell's comments this week boosted expectations for a rate cut in September. Powell said in his second day of congressional testimony that he was not ready to conclude that inflation was moving sustainably down to 2%, although he expressed "some confidence of that." "It's a good balancing act ... and that has given some support to the commodities and also to gold, which continues to do well, even in the face of stronger US dollar," said Greg Taylor, chief investment officer of Purpose Investments. Taylor said TSX could be set up for a better second half of the year as tech names drive the US market higher, leaving room for Canadian stocks to catch up. Heavyweight energy shares (.SPTTEN) New Tab, opens new tab rose 1.2%, while the financial (.SPTTFS) New Tab, opens new tab and consumer discretionary (.GSPTTCD) New Tab, opens new tab sectors rose 0.9% and 1.2% respectively. To evaluate the trajectory of interest rates, markets will closely watch the U.S. consumer price index due on Thursday and producer price index data scheduled for Friday. Separately, hopes of another rate cut from the Bank of Canada at its July 24 meeting are high, after the last jobs dataset showed Canadian unemployment at a 29-month high. "(A) quick rise in unemployment could lead to a negative impact on the economy and a significant drop off in consumer spending," said Graham Priest, investment advisor at BlueShore Financial. Among individual stocks, Orla Mining (OLA.TO) New Tab, opens new tab gained 2% after the miner reported second-quarter operational results. An 18-day strike at business jet maker Bombardier's (BBDb.TO) New Tab, opens new tab manufacturing facilities in Mississauga and Waterloo ended after members ratified a new contract. Its shares were up 7.5%. Sign up here. https://www.reuters.com/markets/tsx-futures-climb-after-powells-testimony-boosts-rate-cut-bets-2024-07-10/

2024-07-10 20:24

WASHINGTON, July 10 (Reuters) - The U.S. Energy Department said on Wednesday it is offering to buy up to 4.5 million barrels of oil to help replenish the Strategic Petroleum Reserve (SPR), though oil prices are now higher than the target price it wants to make such purchases. It was the department's latest offer to buy oil to replenish the SPR after President Joe Biden directed a sale of 180 million barrels, the most ever from the emergency reserve, in 2022 after Russia, one of the world's major oil producers, invaded Ukraine. The solicitation is to replenish the SPR's Bayou Choctaw site in Louisiana. The oil is for delivery from October through December and bids from oil companies are due on July 18. The DOE continues to aim to buy the oil back at $79 per barrel, below the average price of $95 the 180 million barrels sold for, it said in a release. But $79 is far lower than the $82.10 a barrel price that the West Texas Intermediate benchmark settled at on Wednesday. The price has risen during the peak U.S. summer driving season and after a jump in U.S. refining activity last week. The DOE said it not have more to say when asked for comment about it would raise the target price. So far the DOE has bought back about 38.6 million barrels after 2022's historic sale, and worked with Congress to cancel sales from the reserve that had been approved by both Republican and Democratic lawmakers. Sign up here. https://www.reuters.com/business/energy/us-seeks-up-45-million-barrels-oil-strategic-petroleum-reserve-2024-07-10/

2024-07-10 20:15

BRUSSELS, July 10 (Reuters) - Azerbaijan, host of this year's U.N. COP29 climate summit, has scrapped plans to propose a levy on fossil-fuel producers to raise climate-change funding, and instead aims to launch a new fund at the summit for green investments in poorer countries, a senior COP29 source said. Speaking on condition of anonymity, the source said Azerbaijan had initially conceived the idea of a levy on fossil-fuel production to raise funds for tackling climate change, but that this had faced resistance from some countries. "We had several rounds of engagements with the parties concerned - with the other potential contributors - and we needed to adjust the fund idea to make it also attractive for potential contributors," the source said. "Azerbaijan will be one of the main contributors of this fund," they said, adding that the fund would also seek voluntary contributions from other fossil fuel-producing countries. Other sources familiar with the discussions told Reuters oil and gas-producing Gulf countries had opposed the initial idea of a levy. The revised proposal would aim to establish the fund during the COP29 summit in November, and use public-private partnerships to de-risk investments to help developing countries cut emissions and cope with worsening climate change, the COP29 source said. Poorer nations are struggling to attract investments in clean energy because of issues including high interest rates and domestic debt burdens. Africa has received just 2% of global investments in renewable energy over the last two decades, according to the International Renewable Energy Agency. The issue of finance is set to dominate the COP29 climate talks in Baku in November, where countries will try to agree a new global target for climate finance that rich nations will transfer to poorer countries each year from 2025. Sign up here. https://www.reuters.com/sustainability/climate-energy/azerbaijan-plans-climate-fund-after-pushback-fossil-fuel-levy-source-says-2024-07-10/

2024-07-10 20:12

MEXICO CITY, July 10 (Reuters) - Mining investment in Mexico should remain largely stable in 2024 compared to last year at around $5 billion but new regulation could hamper the development of new mining projects, the country's Camimex mining chamber said on Wednesday. The 2023 investment level fell 5.8% from the previous year to $4.96 billion, Camimex said, amid uncertainty after regulations were tightened for new projects. The reform, promoted by the government of President Andres Manuel Lopez Obrador, shortens concessions in the mining sector to 30 years from 50 and tightens extraction permits for water, as the country faces extended shortages and hotter climate. Camimex President Jaime Gutierrez said in a presentation that investments this year would largely go toward expansions and modifications of existing mines, due to the "great limitation in terms of new projects." Higher international prices for raw materials this year should bring in higher income for local producers, he added, after a "challenging" 2023 due to unfavorable global trends and the effect of the new regulation. Mexico's metals production was worth some 261.1 billion Mexican pesos ($14.7 billion) last year according to Camimex, down 18% from 2022, while the sector's tax contributions fell 32% year-on-year. Gutierrez said industry representatives had reached out to officials of Mexican President-elect Claudia Sheinbaum, set to take office in October, with their concerns regarding the sector. "I believe she (Sheinbaum) has a clear awareness of the need to increase economic possibilities in the country and that this will only be possible if she supports mining," Gutierrez said. Camimex brings together the country's largest industry players, such as Grupo Mexico (GMEXICOB.MX) New Tab, opens new tab, one of the world's top copper producers, and Industrias Peñoles (PEOLES.MX) New Tab, opens new tab, one of the biggest producers of refined silver. Mexico's government has clashed with several miners this year, such as Vulcan Materials, whose limestone mine located near popular Caribbean tourist resorts the government said was causing environmental damage, which the firm denied. Mexico is the world's top silver producer and a major supplier of gold and copper. Its mining industry fuels some 2.5% of gross domestic product. ($1 = 17.8084 Mexican pesos) Sign up here. https://www.reuters.com/markets/commodities/mexico-mining-investment-seen-stable-5-billion-2024-says-industry-group-2024-07-10/