2024-05-28 08:37

May 28 (Reuters) - Minneapolis Federal Reserve Bank President Neel Kashkari said in an interview with CNBC broadcast on Tuesday that the U.S. central bank should wait for significant progress on inflation before cutting interest rates. "Many more months of positive inflation data, I think, to give me confidence that it’s appropriate to dial back," Kashkari told CNBC in an interview when asked about the conditions that are needed for the Federal Reserve to cut rates once or twice this year. Kashkari told CNBC that the central bank could potentially even hike rates if inflation fails to come down further. In April, Kashkari said he had penciled in two interest rate cuts this year at the U.S. central bank's March meeting but if inflation continues to stall, none may be required by year end. U.S. consumer prices increased less than expected in April, suggesting that inflation resumed its downward trend at the start of the second quarter. Sign up here. https://www.reuters.com/markets/us/feds-kashkari-wants-significant-progress-inflation-before-rate-cuts-2024-05-28/

2024-05-28 07:57

BRUSSELS, May 27 (Reuters) - European Union countries approved a law on Monday to impose methane emissions limits on Europe's oil and gas imports from 2030, pressuring international suppliers to cut leaks of the potent greenhouse gas. Methane is the main component of the natural gas countries burn in power plants and to heat homes. It is also the second-biggest cause of climate change after carbon dioxide, and fuels global warming when it escapes into the atmosphere from leaky oil and gas pipelines and infrastructure. Ministers from EU countries gave their governments' final approval to the policy at a meeting in Brussels, meaning it can now enter into force. Only Hungary voted against it. From 2030, the EU will impose "maximum methane intensity values" on fossil fuels placed on the European market. The European Commission will design the exact methane limits by that date. Importers of oil and gas that flout the limit could face financial penalties. "This import standard could potentially reduce global methane emissions from oil and gas by a third," said Alessia Virone, EU affairs director at the non-profit Clean Air Task Force, noting the EU's status as the world's biggest oil and gas importer. The rules are likely to hit major gas suppliers such as the U.S., Algeria and Russia. Moscow slashed deliveries to Europe since its 2022 invasion of Ukraine and has since been replaced as Europe's biggest pipeline gas supplier by Norway, whose supply has among the world's lowest methane intensity. The Biden administration - which alongside the EU has rallied countries to cut methane emissions by 30% by 2030 to limit climate change - has welcomed the EU's methane law. The U.S. last year set out its own rules requiring oil firms to limit their methane emissions. A spokesperson for the International Association of Oil & Gas Producers said it was concerned the EU may not recognise other jurisdictions' existing methane standards as complying with its own - and failure to do this could jeopardise security of energy supplies. The EU will also require European producers to regularly check their operations for leaks of methane, and bans most cases of flaring and venting, when oil and gas companies intentionally burn off or release unwanted methane into the atmosphere. Sign up here. https://www.reuters.com/sustainability/climate-energy/eu-approves-law-hit-gas-imports-with-methane-emissions-limit-2024-05-27/

2024-05-28 07:55

NAPERVILLE, Illinois, May 27 (Reuters) - Speculators earlier this month were heavily dumping short positions in Chicago corn as wet weather held back U.S. planting, but the corn sowing pace returned to near-normal levels last week and funds reverted to selling. However, shrinking Russian wheat crop estimates and troubles with Brazil’s soybean harvest kept speculators chipping away at bearish bets in those crops. In the week ended May 21, money managers expanded their net short position in CBOT corn by about 50,000 contracts to 121,162 futures and options contracts. Nearly 80% of that move came from the reentry of gross shorts, the most for any week in almost a year. Money managers in the same week reduced their net short in CBOT soybean futures and options to 26,426 contracts from 42,665 a week earlier, establishing their least bearish view since early January. They also trimmed their net short in CBOT wheat futures and options to 24,593 contracts, the smallest since October 2022, versus a net short of 28,251 a week earlier. During the week ended May 21, most-active CBOT corn futures slid 2% but soybeans were up 1.8% and wheat jumped 3.7%. Soymeal was down fractionally though soybean oil surged 5.6%. Despite the easing in futures, money managers were net buyers of CBOT soybean meal futures and options for a seventh straight week in the week ended May 21. Their net long rose to 100,944 contracts, the largest since December, from 99,210 in the prior week. Money managers through May 21 slashed their net short in CBOT soybean oil futures and options to a six-week low of 46,521 contracts, down more than 15,000 on the week. Across CBOT corn, wheat, soybeans and products, and including Kansas City and Minneapolis wheat, the combined managed money net short is around 130,000 futures and options contracts, a little smaller than a year ago but relatively similar in context. The biggest difference is in wheat, as money managers’ CBOT net short was about 120,000 contracts a year ago versus around 25,000 now. Their net short in K.C. wheat of about 17,000 contracts compares with the year-ago net long of 17,000. Between Wednesday and Friday, moves in most-active CBOT futures were as follows: corn up 1.5%, soybeans up 1%, wheat unchanged, soymeal up 3.8% and soyoil down 1.9%. Soybeans made near-five-month highs during the period and wheat notched its highest price since July. U.S. markets were closed on Monday for the Memorial Day holiday, but traders will be looking for the U.S. Department of Agriculture’s weekly progress report after Tuesday’s close to ensure corn and soybean planting is still on track after widespread wet weather in western areas last week. Karen Braun is a market analyst for Reuters. Views expressed above are her own. Sign up here. https://www.reuters.com/markets/europe/funds-sell-cbot-corn-amid-catch-up-us-planting-pace-2024-05-28/

2024-05-28 07:07

Debt, equity funding round led by Lowercarbon Capital Firm's software to help accelerate green energy roll-out Helps smaller installers compete with larger rivals LONDON, May 28 (Reuters) - German climate technology startup Cloover has raised $114 million in debt and equity in a seed funding round led by Chris Sacca's Lowercarbon Capital, Cloover's co-chief executive told Reuters. The firm's technology allows smaller companies, which handle the bulk of renewables installations in Europe, to access all other parts of the value chain, allowing them to track customers, offer financing, and sell multiple products at once. A regional installer, for example, could use the Cloover system to offer customers solar panels, energy storage, a heat pump and financing all in one package and illustrate the likely effect on their bills, factoring in any green energy credits. "The mass market customer would like to have a worry-free solution where they just pay less per month than what they paid before and with what we offer now any smaller installer can offer that package," said Jodok Betschart, co-founder and co-CEO of Cloover. After initial success in Germany, Switzerland, Sweden and the Netherlands, the firm aims to expand into markets including Spain, France and Britain, Betschart said. Other investors in the round include 9900 Capital and QED. The money raised would help finance more installations, improve the technology, increase the distribution network, and invest in building out the team, Betschart added. Smaller installers have often not been able to offer finance themselves, meaning their clients have had to rely on loans from traditional banks that may not fully understand the financial benefit of installing renewables, Betschart said. As well as providing finance from multiple capital sources, Cloover offers funding to a larger group of clients than banks would, in part because it takes into account the savings from cheaper bills in a more granular underwriting process, he said. Sign up here. https://www.reuters.com/sustainability/climate-tech-cloover-raises-114-mln-seed-funding-2024-05-28/

2024-05-28 07:04

GUWAHATI, India, May 28 (Reuters) - Torrrential rain brought by cyclone Remal caused a collapse in a stone quarry in India's remote northeastern state of Mizoram, killing at least 10 people, while harsh weather hampers efforts to rescue those trapped, authorities said on Tuesday. Weather authorities said the powerful cyclone had weakened into a depression after devastating regional coastlines the previous day, killing at least 16 and cutting power to millions in parts of eastern India and neighbouring Bangladesh. Bitter weather was holding up rescue efforts in Melthum, the site of the quarry outside the state capital of Aizawl, a state disaster management official said. "There have been incessant rains in the wake of cyclone Remal, which led to the quarry collapse," the official told Reuters, speaking on condition of anonymity. There were no immediate details of the number trapped. The heavy rain in Mizoram, which borders Bangladesh, also unleashed landslides in the region. Authorities in India's eastern state of West Bengal were working to restore electricity lines in the worst-affected areas, after Remal stripped power lines and uprooted trees. It is the first of the frequent storms expected to pound the low-lying coasts of the South Asian neighbours this year as climate change drives up surface temperatures at sea. Sign up here. https://www.reuters.com/world/india/several-feared-trapped-quarry-collapse-cyclone-hit-india-kills-10-2024-05-28/

2024-05-28 07:03

OSLO, May 28 (Reuters) - Norwegian oil and gas investments are expected to hit a record high this year and will remain strong in 2025, driven by a string of new developments as well as cost inflation, a national statistics office (SSB) survey showed on Tuesday. The country's biggest business sector now expects to invest 246.9 billion Norwegian crowns ($23.58 billion) in 2024, up from a 243.6 billion crown estimate made in February and exceeding a previous record of 224 billion in 2014. Preliminary estimates for oil and gas investments in 2025 stood at 215.8 billion crowns, compared to a previous estimate of 205 billion crowns in February. Forecasts will normally rise as companies firm up spending plans in the months leading up to a new year. "The upward adjustment for 2025 is driven by higher estimates within the categories field development and exploration," SSB said in a statement. SSB cautioned that while the early estimate for 2025 could indicate another year of strong investment growth, the final outcome may show a slower trend as cost inflation levels off and the crown currency stabilises. "In addition, there will only be a few new developments in the next year, which will only contribute to relatively modest increases in the estimates for 2025," it said. ($1 = 10.4705 Norwegian crowns) Sign up here. https://www.reuters.com/business/energy/norwegian-oil-companies-further-boost-investments-2024-2025-2024-05-28/