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Hyundai India's record $3.3 bln IPO subscribed 18% on first day of bidding
Hyundai Motor India's $3.3. billion IPO was 18% subscribed on the first day of bidding on. Tuesday, led by staff members who put orders for fourfifths of. the shares booked for them in the country's biggest share sale. yet. The three-day share sale, the very first by a car manufacturer in India. in two decades, ends on Thursday. Prior to the open bidding. process, institutional financiers consisting of BlackRock and. Fidelity on Monday snapped up shares worth $989.4 million as. part of the offering. The going public (IPO) marks Hyundai Motor's. first such listing outside South Korea and comes at. a time when companies are rushing to go public in an Indian. equities market that has risen to tape highs. Over 260 business in India have raised more than $9 billion. through IPOs so far this year, according to LSEG information. That's. already higher than the $7.42 billion raised during the exact same. duration last year. The share sale is the world's second-largest IPO this year. following Family tree Inc's $5.1 billion U.S. flotation in. July. Staff Members of Hyundai India bid for 80% of the 778,400 shares. reserved for them, exchange data revealed. The business had actually offered a discount rate of 186 rupees per share. to eligible employees in the IPO, which was priced at. 1,865-1,960 rupees per share, months after numerous workers. at the business's primary Indian plant at Sriperumbudur near Chennai. protested to demand a share allocation. Qualified institutional buyers including foreign investors,. banks and shared funds subscribed to 5% of the shares allotted. for them, while retail investors bid for 26% of their designated. shares. Hyundai India is targeting a $19 billion market appraisal at. the upper-end of the IPO rate band. That values the business at. about 40% of its Korean moms and dad. Its shares are anticipated to begin trading on Oct. 22. Hyundai is India's No. 2 carmaker by sales with about a 15%. share of the nation's passenger car market and trails just. Maruti Suzuki. However, a quickly changing competitive landscape has seen. domestic competitors Tata Motors and Mahindra & & Mahindra. consume into the South Korean business's market show. brand-new SUVs that are gaining appeal. Greater production capability would assist Hyundai bridge the gap. with Maruti Suzuki and extend its narrow lead over Tata and. Mahindra. ($ 1 = 84.0600 Indian rupees)
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Africa's road map to a larger, greener power system: Maguire
Africa may be set to change itself from a relative cleanenergy laggard into a powersector leader. African power firms have plans to dramatically broaden the continent's energy generation base and make it far cleaner. This might help sustain Africa's expected economic velocity over the coming years and provide tasks for its population of approximately 1.5 billion. But the secret will be execution. The continent's power business are looking for to dramatically improve clean-power generation, cut dependence on fossil fuels and nearly double overall power output by the time jobs near or under building and construction are finished. The projected 278% jump in Africa's tidy power capacity - between now and the completion of all the scheduled projects - overshadows the 109% increase slated for projects at comparable stages globally, according to Global Energy Display (GEM). However recognizing these strategies will require conquering significant challenges, consisting of an absence of energy policy coordination among countries, outdated existing energy infrastructure and restricted experience operating regional power pools. CLEAN LEADERS All told, there are around 32,700 megawatts (MW) of clean-. power capability under building throughout Africa, and around. 60,000 MW of clean-power capacity currently in operation. African power companies are, in aggregate, presently building. 250 megawatts (MW) of geothermal plants, nearly 5,000 MW of wind. jobs, 8,100 MW of solar parks, 15,600 MW of hydro dams,. 3,600 MW of nuclear capability, and around 120 MW of bioenergy. capability. An additional 134,000 MW of tidy capacity remains in the so-called. pre-construction stage, which describes permitted tasks that. have yet to break ground. The places of the present and scheduled jobs differ. commonly, however on the whole Northern Africa has a larger volume of. prepared solar and wind jobs than Sub-Saharan Africa. Numerous countries stand apart in regards to scale. Egypt is currently building 2,400 MW of hydro, 1,400 MW. of solar, 2,500 MW of wind, and 1,200 MW of nuclear. Kenya and Ethiopia are both exploiting their fairly simple. access to geothermal sources and are building the lion's. share of geothermal capacity. And around 15,000 MW of hydro is being planned throughout. Ethiopia, Egypt, Angola, Nigeria and Tanzania, while Nigeria. also has a 4,800 MW nuclear plant in pre-construction. Meanwhile, around 22,000 MW of fossil fuel-fired power. capability is presently under building throughout the continent,. with an extra 25,000 MW in pre-construction. This will be. on top of Africa's existing fossil fuel-powered operating. capacity of around 177,000 MW, or roughly 74% of its total. existing power-generating capability. CHALLENGES Africa's current power advancement plan bodes well for. clean-power advocates, with 50% more tidy capability than. fossil-fuel capacity currently being built and five times more. tidy capacity than fossil capacity in the pre-construction. phase. Nevertheless, bringing all of these plans to fulfillment will. require sustained monetary, governmental and societal assistance. for clean-power advancement along with a veritable army of. efficient job managers. Power companies may struggle to secure sufficient certified. labour for particular projects. They may deal with difficulties sourcing. certain in-demand parts and products that stay based on. supply-chain snarls and producing backlogs. Power service providers must then also make sure that the energy. generated from their new properties is channelled to customers who. are prepared to pay up for that power. This will require substantial cross-border transmission. networks, which mostly do not yet exist. However construction of transmission lines is currently under way. across numerous rapidly establishing countries, consisting of Tanzania,. Togo, Kenya and somewhere else. A 1,700 kilometre line spanning. Senegal, the Gambia, Guinea and Guinea-Bissau was finished last. year, while a 500-km Kenya-Tanzania Interconnector is due to. begun line later on this year. This is a good start, however many more long-distance lines will. be needed if African nations are to get amount out of the. clean-power capability being developed and if power manufacturers are to. secure paying clients to help cover their building expenses. RIGHT LOCATION, CORRECT TIME While meeting these challenges will not be easy, African. power companies might be well-positioned to do so. Initially, international energy companies are looking for to broaden market. share just as several African countries are committing to significant. energy-system upgrades. African firms might also be able to bypass a few of the. conventional energy advancement opportunities by embracing brand-new. technologies that can be released in locations without existing. grids and be customized to fulfill the continent's progressing requirements. For example, firms today can make use of real-time power. management systems to ensure optimum volumes of tidy energy are. dispatched around the clock and that nonrenewable fuel source plants. supplement these sources only when clean-generation volumes fall. short of system needs. The continent's power suppliers need to also have access to. enhanced battery systems that can store surplus clean power. during high output durations and after that release it onto grids. during peak demand periods to enhance grids and guarantee power. flows stay as clean as possible. This minute represents a remarkable chance for the. continent. A well-managed and coordinated build-out of the. planned power supply pipeline could help offer the abundant. and cheap energy that is urgently required to stimulate commercial. growth and enable the area to fulfil its financial and. group potential. The opinions revealed here are those of the author, a. writer .
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Oil materials from Russia to China via Arctic route increase 25% in 2024, data shows
Oil deliveries from Russian ports to China through the Arctic Northern Sea Route (NSR) have risen by a quarter to a record 12.5 million barrels (about 1.7 million metric lots) during its accessible duration this year, initial data from energy consultancy Kpler and LSEG showed. The NSR connects Russian ports with China during the summer months, saving vessels 7-10 days at sea compared to travelling by means of the Suez Canal. About 10 million barrels were shipped on the path last year. Moscow has actually pushed for the advancement of the path due to the fact that it gives direct access to the ports of trade partner China, while enabling ships to avoid cruising near to the borders of European Union member states, which have imposed sanctions on Russia's oil trade. However, the development in oil shipments to China through the NSR is less than anticipated by market individuals given the security danger to vessels transiting the Red Sea and the conditioning of Russian-Chinese trade. As Chinese buying plunged to the lowest this year in the summertime, it's a little miracle that NSR transit volumes didn't decrease along the way, stated Victor Katona, head of unrefined analysis at Kpler. The launch of exports from Rosneft's Vostok Oil task was expected to add 30 million metric lots of oil annually to NSR deliveries, but some experts are sceptical that the task was on schedule. Rosneft did not right away respond to a discuss the project's status. Traders likewise stated that the high cost of transiting the NSR, with carriers needing to use ice-class vessels and ice breakers, and the need to acquire permits from Russia's Rosatom were other elements limiting export development on the route. Numerous tankers that crossed the NSR this year stayed off the coast of Russia's Far East, providing oil from the port of Kozmino to China. In total, 15 oil tankers - Aframax (80,000-120,000 loads),. Suezmax (120,000-160,000 tons) and smaller sized Panamax. ( 60,000-80,000 tons) and Handymax (30,000-60,000 loads) - have. sailed the northern path considering that it opened towards the end of. July. The path will close this week. At least three of the tankers have cruised the route two times,. according to LSEG and Kpler information. The tankers have provided Urals, ARCO, Varandey and Novy. Port oil, mainly from Murmansk and Primorsk to the Chinese ports. of Zhoushan, Huizhou, Tianjin and Qingdao, according to LSEG and. Kpler data.
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Indian minister lands in Pakistan in uncommon go to, for Shanghai Cooperation online forum
Indian Foreign Minister Subrahmanyam Jaishankar showed up in Pakistan on Tuesday in the initially such check out in nearly a years for a conference of federal governments of the Shanghai Cooperation Organisation, with the capital city under tight lockdown. Jaishankar was among nearly a lots leaders taking part in the event in Islamabad, which was culminating with the main occasion on Wednesday. It has actually been almost a years considering that a foreign minister from Pakistan's arch-rival India went to as relations stay wintry between the two nuclear powers. Both sides have actually stated no bilateral meeting is planned. The conference of the SCO, a Eurasian security and political group formed in 2001 by Russia and China, is the highest-profile occasion hosted by the struggling South Asian country in years. Chinese Premier Li Qiang is currently in Pakistan, while 7 more prime ministers of other member and observer states, including Russia's Mikhail Mishustin, were also due to take part in individual. The SCO also consists of Iran, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. The Kyrgyz, Tajik and Kazakh prime ministers, Akylbek Zhaparov, Qohir Rasulzoda and Olzhas Bektenov, all arrived on Tuesday. The prime ministers of Belarus and Mongolia were also expected. While the primary SCO meeting will take place on Wednesday, Pakistani Prime Minister Shehbaz Sharif was anticipated to host a. welcome supper on Tuesday. Pakistan's Foreign Workplace said Sharif. would likewise hold bilateral meetings on the sidelines. The SCO conference will talk about cooperation in the fields of. economy and trade, it stated. Observers think the bloc looks for to. counter Western impact in the area. Pakistan's government announced a three-day public holiday. in Islamabad, with schools and companies shut and big. contingents of cops and paramilitary forces released. The army was accountable for the security of the capital's. Red Zone, the location of parliament and a diplomatic enclave. and where most of the SCO conferences will happen, according to. the interior ministry. The threat alert has actually been high ahead of the top, specifically. after the killing of 2 Chinese engineers on Oct. 6, in an. attack declared by the separatist Baloch Liberation Army and the. deaths of 21 miners in an attack on Oct. 11, for which no group. claimed duty.
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Germany examines fires brought on by incendiary gadgets in parcels
Germany is investigating numerous fires brought on by incendiary devices hidden inside parcels at a storage facility in Leipzig previously this year, the nation's. district attorney general said on Tuesday. German authorities cautioned businesses in August that. unsafe parcels might be in blood circulation after several. events in which freight sent by personal individuals in a. variety of European countries caught fire while in transit. On Monday, Thomas Haldenwang, the head of Germany's domestic. intelligence agency, informed a parliamentary committee that Germany. had only narrowly got away a plane crash when an air freight. parcel caught fire. In the same parliamentary hearing, Haldenwang pointed to a. substantial boost in Russian espionage and sabotage. activities in Germany. The prosecutor general's office decreased to discuss a. possible link to Russia, stating that no additional details. might be provided due to the continuous nature of the investigation. into attempted intensified arson. Shipping company DHL, which runs the Leipzig warehouse, did. not react to a request for comment from Reuters. The business. stated in August its Express parcel delivery network had been. impacted and it had taken procedures to secure its personnel and. centers. The plans that caught fire consisted of electronic consumer. devices and containers with liquids that were most likely prepared. with the intent to harm logistics facilities, according. to a letter German authorities sent to services in August.
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Boeing files registration statement for securities, stock sale of up to $25 bln
Boeing filed a registration declaration with the U.S. markets regulator on Tuesday that will allow the planemaker to raise as much as $25 billion through an offering of various debt securities and classes of stock. It was not clear when and just how much Boeing will raise by means of the offering, however analysts and investors expect the company to raise cash before the year end amidst looming financial obligation maturities. Previously on Tuesday, Boeing also went into a credit arrangement worth $10 billion with a consortium of banks. The company had cash and cash equivalents of $10.89 billion since June 30. Last month, Chief Financial Officer Brian West stated at a. Morgan Stanley conference that the business was continuously. evaluating our capital structure and liquidity levels to guarantee. that we could satisfy our financial obligation maturities over the next 18. months while keeping self-confidence in our credit rating as. investment grade. Boeing has $11.5 billion of debt developing through Feb. 1,. 2026, and has actually committed to releasing $4.7 billion of its shares to. obtain Spirit AeroSystems and presume its financial obligation. Reuters reported previously this month Boeing was taking a look at. alternatives to raise billions of dollars through a sale of stock and. equity-like securities. Boeing delivered 33 jets in September, down from 40 in. August.
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Boeing goes into $10 bln credit contract with banks amid crippling strike
Boeing said on Tuesday it has went into a credit contract worth $10 billion with a consortium of banks, as the U.S. planemaker readies financing sources amidst a debilitating strike and upcoming debt maturities. The business's shares increased 2% before the bell. The latest development signals the planemaker is diversifying its funding options as it has $11.5 billion of financial obligation maturing through Feb. 1, 2026. Earlier this year, Boeing devoted to issuing $4.7 billion of its shares to get Spirit AeroSystems and presume its debt. Boeing's money woes have aggravated since approximately 33,000 of its employees represented by the Machinists union strolled off their jobs in September, stopping production of its very popular 737 MAX airplane. The strike is costing the business more than $1 billion per month, according to one quote that was launched before Boeing announced it will cut 17,000 jobs or 10% of its global workforce. The planemaker was already reeling due to a. regulator-imposed cap on production of its MAX jets after a. mid-air cabin-panel blowout in January. Boeing has actually posted operating cash flow losses of more than $7. billion for the very first half of 2024 and had about $60 billion in. financial obligation, including the $10 billion it raised earlier this year. The advancements come at a time when Boeing is also looking. to preserve its investment-grade credit ranking amidst the looming. threat of a downgrade into junk territory, which will be the. first for the planemaker.
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Airlines suspend flights as Middle East stress rise
Concerns over a larger dispute in the Middle East have prompted international airlines to suspend flights to the region or to avoid affected air area. Below are a few of the airlines that have changed services to and from the area: AEGEAN AIRLINES The Greek airline company cancelled flights to and from Beirut up until Nov. 6 and to and from Tel Aviv till Nov. 5. AIRBALTIC. Latvia's airBaltic cancelled flights to and from Tel Aviv up until. Oct. 31. AIR ALGERIE. The Algerian airline company suspended flights to and from Lebanon till. further discover. AIR EUROPA. The Spanish airline company cancelled flights to Tel Aviv until Oct. 20. AIR FRANCE-KLM. Air France extended its suspension of Paris-Tel Aviv flights. till Oct. 22 and Paris-Beirut flights until Oct. 26. KLM extended the suspension of flights to Tel Aviv until the end. of this year a minimum of. The Franco-Dutch group's low-cost unit Transavia cancelled. flights to and from Tel Aviv, Amman and Beirut up until end-March. AIR INDIA. The Indian flag carrier suspended flights to and from Tel Aviv. up until more notice. BULGARIA AIR. The Bulgarian provider cancelled flights to and from Israel up until. Oct. 31. CATHAY PACIFIC. Hong Kong-based Cathay Pacific cancelled flights to Tel Aviv. until Oct. 25, 2025. DELTA AIR LINES. The U.S. provider paused flights between New york city and Tel Aviv. through Dec. 31. EASYJET. The UK spending plan airline stopped flying to and from Tel Aviv in. April and will resume flights on March 30. EGYPTAIR. The Egyptian carrier on Sept. 24 suspended flights to Beirut. up until the circumstance stabilises. EMIRATES. UAE's state-owned airline company cancelled flights to Beirut through. Oct. 31 and flights to Baghdad and Tehran till Oct. 23. Basra. flights are set to resume from Oct. 17. ETHIOPIAN AIRLINES. The Ethiopian carrier suspended flights to Beirut until even more. notice, it stated in a Facebook post on Oct. 4. FLYDUBAI. The Emirati airline suspended Dubai-Beirut flights up until Oct. 31, a flydubai spokesperson stated. IAG. IAG-owned British Airways cancelled flights to and from Tel Aviv. through Oct. 26. IAG's inexpensive airline Iberia Express cancelled flights to. Tel Aviv up until Oct. 31, while Vueling cancelled operations to. Tel Aviv until Jan. 12 and to Amman until additional notice. IRAN AIR. The Iranian airline cancelled Beirut flights till additional. notice. IRAQI AIRWAYS. The Iraqi national provider suspended flights to Beirut until. further notice. ITA AIRWAYS. Italy's ITA Airways extended the suspension of Tel Aviv flights. through Oct. 31. LOT. The Polish flag carrier cancelled flights to Tel Aviv till Oct. 26, while its first arranged flight to Beirut is planned for. April 1. LUFTHANSA GROUP. The German airline company group suspended flights to Tel Aviv until. Oct. 31, to Tehran until Oct. 26 and to Beirut until Nov. 30. It will not use Iranian and Iraqi airspace up until further. notice, aside from a corridor utilized for flights to and from Erbil. in Iraqi Kurdistan. Israeli airspace will not be utilized up until Oct. 31. SunExpress, a joint venture between Lufthansa and Turkish. Airline companies, suspended flights to Beirut through Dec. 17. PEGASUS. The Turkish airline company cancelled flights to Beirut till Oct. 28. QATAR AIRWAYS. The Qatari airline momentarily suspended flights to and from. Iraq, Iran and Lebanon, while flights to Amman will run. during daylight hours just. RYANAIR. Europe's biggest spending plan airline company cancelled flights to and from. Tel Aviv until the end of December. Group CEO Michael O'Leary on. Oct. 3 stated the suspension was likely to be extended up until. end-March. SUNDAIR. The German airline company cancelled flights from Berlin, Bremen and. Muenster/Osnabrueck to Beirut until Dec. 8. UNITED AIRLINES. The Chicago-based airline suspended flights to Tel Aviv for the. foreseeable future. TAROM. Romania's flag provider extended the suspension of Beirut flights. till Oct. 22. VIRGIN ATLANTIC. The UK carrier extended suspension of Tel Aviv flights up until. end-March. WIZZ AIR. The Hungary-based airline suspended Tel Aviv flights through. Oct. 23 and flights in between Amman and Italy, Hungary, Austria. and Britain till Oct. 16.
Analyst: Strong demand from abroad pushes Ukraine's sunseed prices up to a record high
Analyst APK-Inform reported on Tuesday that the strong foreign demand for Ukrainian sunflower oil has driven local sunflower seed prices to levels not seen for almost three years.
Ukraine is the world's largest sunseed producer and exporter of sunoil, but its sunseed production is expected to decline by 9% in 2024 to 13.8 millions metric tons from 15.1million tons in 2023.
In a report, the consultancy stated that the volume of seeds processed could drop by 11% this season to 13,4 million tons.
The consultancy stated that the rise in the price of sunflower oil on the export market is supporting the growth of raw material prices.
Last week, the demand for sunflower oil at Ukrainian ports grew by $20 to $30 per ton, reaching $1,020 to $1,025 CPT per ton, the highest since January 2023.
APK-Inform reported that sunflower prices in Ukraine rose significantly over the last week, reaching their highest level since May 2021. The total price ranged from 22,500 to 24,500 hryvnias (546.29 to $594.85) per ton CPT.
In March 2021, the highest price for sunflower was 25,500-27400 hryvnias.
The consultancy reported: "The companies reported a slight increase in the supply of oilseeds, but it was still not enough."
APK-Inform reported that the sunoil production in Ukraine for 2024/25 could drop to 5,9 million tons, down from 6.6 millions a year earlier. Exports could also drop to 5.55 from 6.25 millions. (1 dollar = 41.1870 Hryvnias). (Reporting and Editing by Louise Heavens, Pavel Polityuk)
(source: Reuters)