2024-06-09 13:07

ZURICH, June 9 (Reuters) - Swiss voters backed legislation to promote renewable energy in a referendum on Sunday, while rejecting separate proposals intended to contain rising healthcare insurance costs. Seeking to enhance energy independence, the federal law passed in autumn 2023 comprises measures to boost the transport, storage and production of electricity, including facilitating the installation of solar panels on buildings. It also includes provisions to fund these measures. The energy law, which was put to a referendum by opponents who argued it would be too costly and was not fit for purpose, was backed by more than two-thirds of voters, preliminary results and projections published by public broadcaster SRF showed. It is now expected to take effect next year. Switzerland has been at loggerheads over climate change with a top European court, which in April ruled it was not doing enough to combat global warming. Two separate initiatives were defeated that either sought to tie health insurance contributions to income levels or put curbs on increases in the levy, the results showed. Critics of the health plans had argued they risked sparking higher taxes, just as the government grapples with how to fund additional pension payments that are due to come into effect in 2026 and were backed by Swiss voters in March. The proposals to contain health insurance costs had enjoyed majority support earlier in the campaign, polls showed. Sign up here. https://www.reuters.com/business/energy/swiss-voters-back-law-boost-renewable-energy-output-2024-06-09/

2024-06-09 10:35

KUALA LUMPUR, June 9 (Reuters) - Diesel fuel prices in much of Malaysia are set to rise by roughly 50% on Monday as the government begins shifting away from costly blanket subsidies to a targeted approach that mainly helps the needy. Malaysia, which heavily subsidises prices of fuel, cooking oil and rice among other basic items, has seen its subsidy bill rise to record levels in recent years amid surging commodity prices, straining government coffers. Its diesel subsidy bill alone has risen 10-fold from 1.4 billion ringgit in 2019 to 14.3 billion ringgit in 2023. The government said last month its plan to cut diesel subsidies this year is expected to save about 4 billion ringgit ($853.24 million) annually, with the savings expected to be re-directed to low-income groups. The Finance Ministry said in a statement on Sunday it will begin setting diesel fuel prices to align them with market prices. The retail price of diesel fuel will rise to 3.35 ringgit ($0.71) per litre starting at midnight at all petrol stations across Peninsular Malaysia, the ministry said. It will remain at 2.15 ringgit per litre in Malaysian states and territories on Borneo, as well as for eligible logistics vehicles under the government's subsidised diesel control system. Lower diesel prices have also been set for fishermen and land public transport vehicles such as school buses and ambulances, the ministry said. The government will provide cash assistance to eligible Malaysian individuals owning diesel vehicles, as well as small-scale farmers and commodity smallholders to mitigate the potential impact on their incomes, the ministry said. Despite the subsidy cuts, diesel prices in Malaysia will remain among the lowest in Southeast Asia, with the fuel retailing at the equivalent of 8.79 ringgit per litre in Singapore, 4.43 ringgit in Indonesia, and 4.24 ringgit in Thailand, the ministry said. ($1 = 4.6880 ringgit) Sign up here. https://www.reuters.com/markets/commodities/malaysia-begins-diesel-subsidy-reforms-prices-rise-by-about-50-monday-2024-06-09/

2024-06-09 07:49

DUBAI, June 9 (Reuters) - Saudi Aramco's (2222.SE) New Tab, opens new tab shares gained on Sunday, the first trading day after a secondary share offering expected to raise at least $11.2 billion. The shares opened at 27.95 riyals a share, after closing the previous session on Thursday at 28.3 riyals, but climbed to 28.35 riyals by 0730 GMT. The secondary share sale's final price was set at 27.25 riyals, towards the lower end of the given price range. Saudi Arabia placed over half of the Aramco share sale with foreign investors, two people with knowledge of the matter told Reuters on Saturday. One of them said multiple orders came from the United States, Britain, Hong Kong and Japan. The world's top oil exporter has been seeking to lure international investment to pour tens of billions of dollars into projects to diversify away from its reliance on oil. Yet foreign investment has repeatedly missed targets. Saudi de facto ruler Crown Prince Mohammed bin Salman's Vision 2030 is funding endeavours as diverse as electric vehicles to building futuristic cities in the desert, mainly via the Public Investment Fund (PIF). The $925 billion sovereign fund, after scaling back some of its flagship giga-projects, aims to sharpen its focus to drive forward the vision. Proceeds from the share sale are likely to be funnelled to the PIF, sources and analysts have said, though funds could also help plug the kingdom's budget deficit which has risen as the oil price has weakened. Sign up here. https://www.reuters.com/business/energy/saudi-aramco-shares-trade-higher-after-share-offering-2024-06-09/

2024-06-09 03:37

June 8 (Reuters) - Tesla (TSLA.O) New Tab, opens new tab will not launch a refreshed Model Y this year, chief executive Elon Musk said in a post on social media X on Saturday. "No Model Y 'refresh' is coming out this year", Musk said, adding that Tesla continuously improves its cars, "so even a car that is 6 months newer will be a little better." Tesla has been slow to refresh its ageing models as high interest rates have sapped consumer appetite for big-ticket items, while rivals in China, the world's largest auto market, are rolling out cheaper models. The carmaker's global vehicle deliveries fell in the first quarter for the first time in nearly four years. Last year, Reuters reported that Tesla was readying a production revamp of Model Y with a target of starting production in 2024. Sign up here. https://www.reuters.com/business/autos-transportation/tesla-will-not-launch-refreshed-model-y-this-year-musk-says-2024-06-09/

2024-06-09 00:22

SYDNEY, June 9 (Reuters) - New Zealand's government said on Sunday it would introduce legislation to remove a controversial ban on offshore petroleum exploration to attract investment to the country's oil and gas sector. The bill would end the ban, in place since 2018, on exploration outside onshore Taranaki, an energy-rich region on New Zealand's North Island, Resources Minister Shane Jones said in a statement. The bill will be introduced to parliament before the end of 2024, he said. "As well as removing the ban, we are proposing changes to the way petroleum exploration applications are tendered and allocated, aligning the petroleum decommissioning regime with international best practice, and improving regulatory efficiency," Jones said. "Our current settings are a barrier to attracting investment in exploration and production because they are overly costly and onerous on industry." New Zealand's right-of-centre government released in November a number of policy plans including the proposal to scrap the exploration ban by the previous centre-left Labour-led government. The New Zealand Green Party last year launched a petition to keep the ban, which environmental campaign group Greenpeace supports. New Zealand exported around NZ$900 million of oil in 2022, while crown revenue from petroleum totalled NZ$214 million in 2022/23, government data show. Sign up here. https://www.reuters.com/business/energy/new-zealand-introduce-bill-reverse-oil-gas-exploration-ban-2024-06-09/

2024-06-08 23:02

CAIRO, June 9 (Reuters) - Two ships caught on fire after being hit by projectiles off Yemen's Aden, two UK maritime agencies reported on Sunday. The British security firm Ambrey said on Sunday an Antigua- and Barbuda-flagged general cargo ship was struck by a missile 83 nautical miles southeast of Aden and caught fire. The fire was later contained. Earlier, the United Kingdom Maritime Trade Operations (UKMTO) said it had received a report from a captain of a vessel of an incident 80 nautical miles southeast of Aden. "The ship was heading southwest along the Gulf of Aden at a speed of 8.2 knots when the forward station was struck by a missile. A fire started but was neutralised," Ambrey said in an advisory note. "A second missile was sighted but did not hit the ship. Persons on board small boats in the vicinity opened fire on the ship during the incident." Ambrey said the ship changed course to port and increased speed, adding that "no injuries were reported." Separately, Ambrey and UKMTO said they had received a report about another incident 70 nautical miles southwest of Aden. "The master reports that the vessel was hit by an unknown projectile on the aft section, which resulted in a fire. Damage control is underway," UKMTO said in advisory note. They added that no casualties were reported and the vessel was proceeding to its next port of call. The Houthi militia, which controls the most populous parts of Yemen and is aligned with Iran, has attacked ships off its coast for months, saying it is acting in solidarity with Palestinians fighting Israel in Gaza. Houthi fighters have launched drone and missile attacks in the Bab al-Mandab Strait and Gulf of Aden, forcing shippers since November to take longer and more costly journeys around southern Africa. The United States and Britain have carried out strikes against Houthi targets in response to the attacks. Sign up here. https://www.reuters.com/world/ambrey-says-cargo-ship-hit-by-missile-southeast-yemens-aden-2024-06-08/