Latest News
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US grants almost $2 bln to harden power grid versus extreme weather condition
The U.S. on Friday revealed nearly $2 billion in grants to protect its aging power grid versus the growing hazard of severe weather sustained by environment change. BY THE NUMBERS This round of financing for the Grid Durability and Innovation Partnerships program is for 32 tasks across 42 U.S. states. About 950 miles (1,530 km) of transmission lines are expected to be bolstered. The enhancements will include burying some lines underground, lifting substations above flood plains, and increasing the capability of some existing lines. Moneyed by the 2021 bipartisan facilities law, the GRIP program pledged $10.5 billion for communities across the country. The first round of GRIP financing, announced in October 2023, consisted of $3.5 billion for 58 jobs in 44 states. WHY IT is very important The U.S. power transmission grid, which in many cases is more than 100 years old, is struggling as climate change fuels stronger storms. Power demand is increasing for the first time in two decades amidst demand from artificial intelligence, electrical lorries and crypto currency. In addition, new wind and solar farms need transmission to get power to cities. CRUCIAL QUOTE The financing couldn't come at a more crucial time, since energy demand, as we know, is increasing nationwide and it is straining our out-of-date grid infrastructure, Energy Secretary Jennifer Granholm informed reporters in a call. Current Hurricanes Helene and Milton have actually damaged power infrastructure and the funds would assist secure the grid from strong storms, Granholm said. Six of the projects across the U.S Southeast include utilities hit by Helene and Milton, the department stated.
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Taiwan's MFIG purchases around 65,000 T corn with Brazil as expected origin
European traders reported that the MFIG group of Taiwan bought 65,000 metric tonnes of animal feed corn from Brazil at an international auction on Friday. They said that the yellow corn was bought at a premium of approximately 198.60 U.S. dollars per bushel, cost and freight included (c&f), over the Chicago Board of Trade corn contract for May 2025. The trading house Columbia Grain International is believed to be the seller. The reports reflect the opinions of traders, and it is still possible to estimate prices and volume later. Traders said that the tender only sought corn from Argentina, Brazil, or South Africa. The United States wasn't listed as an origin requested. Traders said that only Brazilian corn was available in the tender. Six other trading companies also offered 65,000 tonnes from Brazil, with premiums ranging between 203.30 and 217.58 U.S. Cents per bushel over the Chicago corn contract for May. The corn must be sourced in Brazil or Argentina. The shipment should be sourced from South Africa and delivered between January 10 and January 29, 2025. (Reporting and editing by David Evans, with Michael Hogan)
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South African click-and-collect company Pargo considers venture into rest of Africa
South African clickandcollect business Pargo is exploring an expansion into the rest of Africa, its CEO said in an interview, betting on ecommerce development on the continent. Africa is anticipated to surpass half a billion e-commerce users by 2025, having actually shown a stable 17% compound annual growth rate of online consumers in the market, according to the International Trade Administration, a U.S. government company. This development is driven by increasing internet penetration, mobile phone adoption and the growing use of digital monetary services, particularly mobile cash. We're looking at a growth strategy to move into multiple markets. We're already operational in Egypt as a 2nd country, however we are quite seriously taking a look at, in the future, constructing a network across Africa, Pargo CEO and co-founder Lars Veul informed Reuters. He said the options would cover the main economies in Africa. We do not understand precisely yet. So, it's more about the nations where e-commerce is expanding or expected to boom. The growth will also be driven by following its existing clients into nations where they operate beyond South Africa, Veul included. Veul, a Dutch resident who relocated to Cape Town in 2012 from Amsterdam to help set up online market Groupon in South Africa, said he co-founded the business in 2015 after understanding last-mile shipment was a serious challenge for e-commerce services on the continent. The company has more than 4,000 pick-up points situated at stores across South Africa, consisting of town spaza. stores, which are casual shops that dot area corners. Pargo has actually partnered with major listed telecoms, banks and. merchants including U.S. e-commerce giant Amazon, which. launched in South Africa in May this year. Amazon's clients. order online and then collect their parcels at Pargo's pick-up. points. Click-and-collect allows consumers to prevent delivery costs. and the agony of waiting on the delivery. It likewise reduces costs. for last-mile delivery companies, who grapple with fuel. expenses, product returns and trouble in providing to. areas and backwoods.
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Wall Street Journal - Oct 18
The following are the top stories in the Wall Street Journal. Reuters has not validated these stories and does not attest their accuracy. - Pittsburgh based paint and coatings maker PPG stated on Thursday that it consented to offer its architectural-coatings service in the U.S. and Canada to private-equity firm American Industrial Partners for $550. million. - U.S. railway firm CSX stated on Thursday that it. received a subpoena from the Securities and Exchange Commission. over an accounting restatement disclosed in the railroad. company's second-quarter revenues report. - Boston based consultancy firm, Bain & & Co, said on Thursday. that OpenAI and Bain are expanding their partnership to. sell OpenAI's tools, including ChatGPT, to clients of the. speaking with firm. - Canadian Sea-Doo and Ski-Doo maker BRP stated on. Thursday that it intends to sell most of its marine. businesses consisting of Alumacraft fishing boats, Manitou pontoon. boats and Australian boatmaker Telwater which have actually been weighed. down by softer customer demand.
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Egypt raises gasoline, diesel costs for 3rd time this year
Egypt raised prices on a large range of fuel products early on Friday, the petroleum ministry said, marking the third such increase this year. Prices for diesel fuel, one of the most commonly used fuels in the nation, were raised by 17% to 13.50 Egyptian pounds ($ 0.2779) per litre from 11.50 pounds. Gas costs increased from 11% to 13% depending upon the grade, with 80 octane gas rising to 13.75 Egyptian pounds, 92 octane to 15.25 pounds, and 95 octane to 17 pounds. Prime Minister Mostafa Madbouly stated in July that costs of petroleum items will slowly increase up until completion of 2025, including that the government might no longer bear the problem of paying the aids on fuels amidst increasing intake. However the government's fuel prices committee, which typically convenes each quarter, stated on Friday its next meeting will be kept in 6 months.
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Indian central bank's restrictions on monetary companies amidst increased examination
The Reserve Bank of India's. ( RBI) increased scrutiny of banks and other financial companies has. led to a wave of supervisory constraints, most just recently. on 4 nonbanking financing companies due to issues connected to. loan rates practices. On Thursday, the RBI said Asirvad Micro Finance, Arohan. Financial Services, DMI Financing and Navi Finserv are limited. from sanctioning and paying out loans post Oct. 21. The pricing policies of these non-banking monetary. companies (NBFC) and the interest spread they charged over their. expense of funds were found to be extreme and not in adherence to. guidelines, the RBI said. Because 2020, the RBI has actually put company restrictions on many. gamers. The following are a few of its crucial actions: HDFC BANK In December 2020, the RBI bought HDFC Bank to stop all. launches of brand-new digital items and issuance of brand-new credit. cards following multiple blackouts on the bank's digital banking. channels. The limitations lasted up until March 2022, which impeded the. bank's business growth, contributing to underperformance of its. stock compared to its peers. BANK OF BARODA In October 2023, the reserve bank disallowed state-run Bank of. Baroda from adding consumers to its mobile app, India's. retail inflation accelerated to a nine-month high of 5.49% in. September. Al Jazeera reported that Bank of Baroda had connected mobile. varieties of complete strangers to boost registrations on the application,. jeopardizing security. The constraint was lifted in May after the bank corrected. the shortages. BAJAJ FINANCING In November 2023, the RBI purchased India's biggest NBFC,. Bajaj Finance, to stop providing loans under two of its lending. items. The limitations were levied due to non-adherence with the. reserve bank's digital lending standards and were reversed in. May. PAYTM PAYMENTS BANK At the end of January 2024, the RBI asked Paytm Payments. Bank to wind down its operations by March 15 due to relentless. compliance issues and supervisory issues. Reuters reported that the RBI's concerns stemmed mostly. from infractions of guidelines on customer due diligence, usage of funds. and innovation facilities. IIFL FINANCING In early March 2024, the RBI barred IIFL Finance, an NBFC,. from using gold loans, citing concerns about the lending institution's. assessment of the gold security and infractions of the optimum. permitted loan-to-value ratio, among other issues. The limitations were raised in September. JM FINANCIAL Likewise in March 2024, NBFC JM Financial was disallowed from offering. out loans against shares and debentures due to regulative. offenses and governance issues. The reserve bank said it discovered severe deficiencies in. respect of loans sanctioned by the business for IPO funding. The non-bank loan provider continues to be barred from running in the. sector. KOTAK MAHINDRA BANK: In April, the RBI asked personal lender Kotak Mahindra Bank. to stop including clients digitally and providing credit cards pointing out. to gaps in its IT infrastructure. The constraints are still in. effect. EDELWEISS PROPERTY RESTORATION, ECL FINANCE: In May, the RBI had actually barred Edelweiss Asset Reconstruction Co. Ltd (EARCL) and non-banking firm ECL Financing (ECL) from. acquiring financial properties or undertaking structured. transactions, stating that the 2 entities taken part in. evergreening distressed loans. The limitations continue to be in impact.
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Financial Times - Oct 18
The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headings - EY slims labor force for very first time in 14 years - Sanofi joins competitors buying nuclear cancer treatment - EU thinks about consisting of Elon Musk's service empire to determine potential X fine - UK prepares to place 'buy now, pay later' lending institutions under FCA guidelines - UK checks out plans for new rail line as option to axed HS2 northern leg Summary - Accounting company Ernst & & Young (EY) trimmed its international labor force in the past year as a downturn in need for its consulting services led the Big Four company to post its weakest profits development because 2010. - French drugmaker Sanofi has actually struck a handle the hotly competitive radiopharmaceuticals sector, purchasing a $300. million stake in OranoMed, a subsidiary of French nuclear fuel. business Orano, that is establishing a brand-new cancer treatment. - Elon Musk might face a large fine as the European. Commission take a look at including profits from the billionaire's. company empire to calculate a potential fine against social. media platform X. - The UK government has actually launched a highly expected. assessment to bring buy now, pay later on lenders under the. analysis of the Financial Conduct Authority and the Consumer. Credit Act. - The UK government is exploring proposals for a Birmingham. to Manchester railway line as an option to the axed. northern leg of HS2 high-speed rail network.
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Energy Transfer indications KBR, Technip Energies to develop Louisiana LNG plant
Pipeline operator Energy Transfer has signed an initial contract with a. consortium to construct its proposed Lake Charles melted natural. gas (LNG) plant, a filing with federal regulators on Thursday. shows. The Technip Energies and KBR offer is subject to a final. investment decision (FID) for the Lake Charles LNG job in. Louisiana, Energy Transfer said in a filing to the Federal. Energy Regulatory Commission. Terms were not divulged. Energy Transfer has actually been trying to develop the job in. Lake Charles, Louisiana, given that 2015 but has not signed enough. consumers for the proposed 16.5 million metric tonnes per annum. ( MTPA) facility to move it ahead. It has two missed its targets. for reaching FID. The project also needs a U.S. permit to export the. superchilled gas to nations that do not have an open market. agreement with the United States, so called non-FTA nations. In 2023, the U.S Department of Energy rejected Energy. Transfer's ask for a second extension to export to non-FTA countries and the business consequently. submitted an ask for a new authorization.
Hyundai Motor India's record $3.3 bln IPO fully subscribed on final day of bidding
A $3.3 billion initial public offering by Hyundai Motor India was totally subscribed on the final day of bidding on Thursday, with domestic banks and mutual funds purchasing into the nation's first car manufacturer to go public in twenty years.
As companies rush to go public after a sharp run-up in the Indian equities market this year, Hyundai Motor's. first listing outside South Korea ranks as India's greatest ever. and the world's second-largest IPO in 2024.
Membership on the last day was driven by certified. institutional buyers, including foreign investors, domestic. banks and mutual funds, who bid for 3.13 times the 28.3 million. shares reserved for them.
The exercise began on Tuesday however was led up until Thursday by. staff members, who bid for 1.56 times the 7,78,400 shares allotted. to them.
Retail financiers, however, had actually bid for just 44% of the. shares allocated for them.
Hyundai India is targeting a market appraisal of $19. billion, at the upper end of the IPO cost band of 1,960 rupees. ($ 23.32). That values the business at about 40% of its Korean. moms and dad.
Its shares are anticipated to make their trading debut on Oct. 22.
(source: Reuters)