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S&P reduces outlook for three Adani units following US indictment
S&P Global Ratings downgraded its outlook for three Adani Group companies to 'negative,' from'stable,' on Friday. The company cited risks in funding access after the U.S. charged Gautam Adani with bribery. Adani, along with seven others, including his nephew Sagar were indicted by U.S. authorities on Thursday. They are accused of participating in a $265-million scheme to bribe Indian government officials in order to obtain power supply deals. Adani Group said that the allegations made by U.S. federal prosecutors and the Securities and Exchange Commission of the United States in a civil case are "baseless and denounced" and it will pursue "all legal remedies." S&P stated in a report that the U.S. indictment may affect investor confidence as the founder is on the board of other Adani Group companies, which could impact their access to financing and increase funding costs. The group's large growth plans will require regular access to equity and debt markets, as well as its regular refinancing. S&P stated that domestic banks, as well some international bond market investors and banks, view Adani as a whole and may set group exposure limits. S&P changed the outlook of a unit within Adani Green Energy, the entity that is linked to these allegations, from'stable to 'negative. S&P also said that Adani Electricity, Adani Ports, and Adani Ports had been downgraded to "negative". Ratings for the three entities may be further lowered if the allegations are confirmed. S&P said that the cash flows of group entities will be affected by a lack of funding. After the indictment, bonds and stocks of the Adani Group fell for a second day. (Reporting by Manvi Pant in Bengaluru; Editing by Abinaya Vijayaraghavan)
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Testing agency: Cashew nutshell biofuel can cause problems on some ships
Fuel testing agency CTI Marinetec issued an advisory on Friday stating that several ships in Singapore and Rotterdam have reported problems with their operations in the last few months after using marine diesel blended with liquid cashew nutshell biofuel. CTI-Maritec, a Singaporean company, said that it had tested samples taken from the ships in question and discovered that the marine fuel contained cashew liquid from unreported sources or production processes. The agency reported that the ships had experienced operational problems such as fuel sludging and injector failure. They also encountered filter clogging, system deposit, and corrosion on turbocharger nozzle rings. CTI-Maritec has not named the ships or shipping lines that were involved. It is not clear at this time how many vessels were affected. The Maritime and Port Authority of Singapore and Port of Rotterdam didn't immediately respond to a comment request. CTI-Maritec warned shipowners against using 100% cashew liquid in marine fuels or as a blend component or non-established bio-products for marine diesel engines. The International Maritime Organisation (IMO) has issued guidelines on fuel oil supply to ships. Cashew liquid is an alternative biofuel that is not FAME (fatty acids methyl esters). It is a byproduct from the cashew industry. It has been marketed as a renewable alternative fuel but it is also corrosive and has high acidity. In order to reduce emissions, ship owners are exploring marine biofuel blends to replace dirtier bunker fuels. The ISO 8217 specification for marine fuels, the latest version, specifies that biofuels such as FAME-based biofuels or hydrotreated vegetable oils are acceptable. CTI-Maritec stated that there is no marine fuel standard available for cashew liquid.
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S&P reduces outlook on three Adani systems after US indictment of creator
S&P Global Rankings decreased its outlook on 3 Adani Group entities to negative from steady on Friday, pointing out dangers to moneying gain access to following a U.S. indictment of the corporation's billionaire creator, Gautam Adani, on bribery charges. Adani and 7 other people, including his nephew Sagar, were prosecuted on Thursday for fraud by U.S. district attorneys for their alleged roles in a $265 million scheme to bribe Indian officials to secure power-supply offers. Adani Group has said the accusations levelled by U.S. federal district attorneys, as well as those by the U.S. Securities and Exchange Commission in a parallel civil case, are baseless and denied which it will look for all possible legal option. The U.S. indictment might impact investor self-confidence in other Adani Group entities, as the founder rests on the boards of other companies within the group, potentially hindering their access to financing and increasing their financing expenses, S&P said in a note. The group will require regular access to both equity and debt markets given its big growth plans, in addition to its regular refinancing. We believe domestic, along with some worldwide banks and bond market financiers, look at Adani entities as a. group, and might set group limitations on their direct exposure, S&P stated. Bonds and the majority of stocks of the Adani Group dropped for a. 2nd session on Friday after the indictment.
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Adani Group stocks, bonds succumb to a 2nd day after creator's United States indictment
Stocks and bonds of India's Adani Group dropped for a second session on Friday after a U.S. arrest warrant was released for its billionaire founder Gautam Adani over an alleged $265 million bribery scheme. Adani Green Energy, the business at the centre of the case, led losses, tumbling 8.6% while Adani Energy fell 5.6% U.S. district attorneys have actually charged Adani and seven other individuals with consenting to pay allurements to Indian federal government officials to obtain agreements that might yield $2 billion of revenue over 20 years along with to establish India's largest solar energy plant project. Adani Group said the allegations levelled by U.S. federal district attorneys as well as by the U.S. Securities and Exchange Commission in a parallel civil case are baseless and rejected and that it will seek all possible legal recourse. Adani Ports and Unique Economic zone debt developing in 2027 traded at 91.5 c on the dollar, down more than a cent on the day and more than 4c below Wednesday costs. Longer-dated maturities have fallen around 5c in 2 days and trade near 80c. The corporation's stocks lost about $27 billion in integrated market price on Thursday. 2 significant Adani offers have actually also been struck. Kenya has actually cancelled a procurement process worth almost $2. billion that had been extensively expected to award control of the. country's main airport to the Adani Group. It likewise nixed a separate 30-year, $736-million. public-private partnership deal that an Adani Group company signed. with the energy ministry last month to build power. transmission lines. India's renewable resource sector, a critical pillar for. worldwide environment goals, may face reduced international investment. as an outcome of this debate, said Nimish Maheshwari, an. independent analyst who releases on Smartkarma. Investors might demand greater transparency and due. diligence, decreasing the pace of project financing. Adani Green likewise cancelled an arranged $600 million U.S. bond sale. U.S. district attorneys say Adani, his nephew Sagar Adani and. others bribed Indian authorities to gain service benefits in. renewable resource jobs in India that benefitted Adani Green. and a company called Azure Power, which was noted on the New. York Stock market until late 2023. They are likewise accused of making misleading statements to the. public including U.S. investors in spite of being warned of the. U.S. examination in 2023. CreditSights said that there were negative credit. ramifications for all bonds provided by the Adani Group with those. for Adani Green having the most drawback potential. The Adani Group is a major business presence in its home. market. That stated, Citigroup experts estimated Indian banks'. direct exposure to the group was less than 1% of total loans for many. lending institutions.
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British Organization - Nov 22
The following are the top stories on the business pages of British newspapers. Reuters has not validated these stories and does not attest their accuracy. The Times - UK's Royal Mail has actually cautioned that its loss-making organization will be struck by a further 120 million pounds ($ 150.96 million) of expenses from the budget increase in company nationwide insurance contributions. - The Telegraph's New york city suitor Dovid Efune has lost a. 3rd financial backer with just one week to precede the. prepared cut-off date for unique offer talks for a takeover. The Guardian - Britain's Serious Fraud Workplace (SFO) stated it was. investigating thought bribery and corruption at Thales. , Europe's largest defence innovation company. - Three British mining executives from Resolute Mining. who had actually been apprehended by the government of Mali have. been launched and are safe and well, days after consenting to. pay $160m to settle a tax disagreement. The Telegraph - Britain's Guardian Media Group bosses have been implicated of. inappropriate attempts to root out strikers after asking. reporters to declare whether they will participate in industrial. action next month in an attempt to avoid a temporary halt in its. print operations. - The UK's military equipment is just unsatisfactory, the. UK's Defence Secretary John Healey confessed, a day after after. announcing that the armed force will be hit by 500 million pounds. worth of cuts. Sky News - 9 water companies, consisting of crisis-hit Thames Water,. will not use money from customers' expenses to money bonus offers for. executives after new rules entered force, regulator Ofwat. stated. - Britain's previous Labour deputy prime minister John. Prescott has died aged 86, following a fight with Alzheimer's,. his family has actually announced.
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US Northwest avoids 'bomb cyclone' however deluged by 'atmospheric river'
The northwestern U.S. avoided getting hit by a 2nd bomb. cycle on Thursday when the storm's fury came up short of. forecasts, however a continuous climatic river deluged northern. California with wind and rain. The very first bomb cyclone, in which quickly dropping. pressure produces hurricane-force winds and rainfall,. pounded the region on Monday and Tuesday, eliminating 2 individuals and. knocking out power to hundreds of thousands of people from. Washington state to northern California. Pictures of cars and homes crushed by fallen trees in. Washington filled social networks. A 2nd bomb cyclone had been anticipated to strike Thursday,. however the storm's pressure stopped working to drop quick enough over a. 24-hour period to make the provocative classification, said Joe. Wegman, a meteorologist with the National Weather Service's. Weather Condition Forecast Center. However, the low-pressure system produced more wind and. rain. Northern California continued to be soaked by an. atmospheric river on Thursday, creating dangers on roadways and. flood and wind alerts. Wind gusts of 65 mph (105 kph) were expected on Thursday. night, and dangers of lethal flooding, and mud and. rock slides remained throughout the area, the weather condition service. cautioned. About 272,000 homes and organizations stayed without power in. Washington and Northern California on Thursday night, down from. 600,000 on Wednesday. The windstorm and heavy rain likewise harmed the power system. in Canada's Pacific coast province of British Columbia and cut. power to some 225,000 consumers on Tuesday night, according to. provincial electricity service provider BC Hydro. That was down to about. 20,000 by Thursday evening. The storm did bring much-needed rain as much of northern. California has been experiencing unusually dry conditions,. according to the U.S. Drought Display. It's never ever perfect to have a lot rain in such a short. time period, but it certainly helps to fill the tanks. and dampen the soil, Wegman said. About 11 inches (280 mm) of rain had actually fallen on Wednesday and. overnight into Thursday in northern California, bringing numerous. feet of snow in greater elevations, said Rich Otto, a forecaster. with the Weather Forecast Center. The storm was most likely to bring another 5 to 10 inches of rain.
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Indian magnate Adani's US indictment spooks financiers; bonds fall again
India's Adani Group bonds were under pressure for a second session Friday following billionaire founder Gautam Adani's indictment for scams by U.S. prosecutors and arrest warrants issued for him over an alleged $265 million bribery scheme. The group tried to guarantee financiers it was a obedient. company and stated the allegations were baseless and. denied. That did not stop its business losing about $27. billion in market value on Thursday. In early Asian trade on Friday, Adani business' U.S. dollar. bonds were kept under pressure, nursing heavy loss from a day. earlier. Adani Ports and Special Economic Zone debt. maturing in 2027 traded at 92 cents on the. dollar and longer-dated maturities. around 80 cents. The group's India-listed shares are due to begin trading on. Friday at 0345 GMT. U.S. prosecutors have actually charged eight individuals with consenting to. pay about $265 million in bribes to Indian federal government officials. to obtain agreements that could yield $2 billion of earnings over. 20 years in addition to establish India's biggest solar power plant. task. Gautam Adani, his nephew Sagar Adani and previous Adani Green. Energy CEO Vneet Jaain likewise raised more than $3. billion in loans and bonds by concealing corruption from lenders and. investors, district attorneys said. Adani Group said on Thursday the accusations made by the. U.S. Department of Justice and U.S. Securities and Exchange. Commission in a parallel civil case were baseless and denied. and that it would seek all possible legal recourse. The Adani Group has always supported and is steadfastly. devoted to keeping the highest standards of governance,. openness and regulatory compliance across all jurisdictions. of its operations. We ensure our stakeholders, partners and workers that we. are an obedient organisation, completely compliant with all laws. Kenya on Thursday cancelled a procurement procedure worth. nearly $2 billion that had actually been widely expected to award control. of the nation's primary airport to Adani Group. Adani Group is a major business existence in its home. market. Still, Citigroup experts estimated Indian banks'. direct exposure to the group was less than 1% of overall loans for most. lenders.
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FAA prepares to evaluate 737 MAX engine problem after bird strike incidents
The Federal Air travel Administration prepares to assemble an evaluation board in the coming weeks to think about safety concerns about engines on Boeing 737 MAX airplanes after 2 bird strike events on Southwest Airline companies aircrafts in 2023. The FAA stated it is addressing an issue with the CFM LEAP1B engine and is working together with Boeing, CFM and the European Union Aviation Safety Agency. The 2 events led to smoke in the cockpit. The Seattle Times, which reported the planned review earlier, stated the FAA could release guidelines to pilots for changes throughout procedures throughout departure until Boeing develops a. permanent fix that might extend delays to accreditation of the. MAX 7 and MAX 10 models. An individual briefed on the matter said the FAA has to take. into account whether a change in procedures makes good sense to. deal with an incredibly unusual incident of smoke in the cockpit, when. pilots have a treatment to deal with the problem. We are dealing with the authorities that are. examining these events. We continue to follow regulatory. procedures to appropriately attend to possible problems and make sure the. continued safety of the worldwide fleet, a Boeing representative. said. Southwest Airlines stated on Thursday it alerted. flight crews about the effects of particular bird strikes following. two occasions that took place in 2023 and repeated the importance. of following established security treatments that become part of the. business's persistent pilot training. Southwest said it is working with the producers and. safety regulators to determine an irreversible option. Boeing in February released a bulletin to notify flight. teams of potential flight deck and cabin impacts associated with. serious engine damage. CFM, the world's largest engine maker by systems offered, is. co-owned by GE Aerospace and Safran. GE. Aerospace stated on Thursday the LEAP engine fulfills FAA and EASA. bird consumption certification requirements and kept in mind the birds in. the two occurrences significantly surpassed the size and weight of. regulative bird consumption accreditation standards but the. engines still carried out as created. Boeing's 737 MAX 7 and 10 are delayed as the planemaker works to resolve an engine anti-ice system that might lead. to it getting too hot and possibly causing an engine failure. before the airplanes can be certified.
Latin America prepares for tidy hydrogen boom however the road is not smooth
L atin America's wealth of hydroelectricity and other sustainable energy resources might make the region a significant producer of tidy hydrogen as the world seeks alternatives to nonrenewable fuel sources to combat the environment crisis, however some huge hurdles lie in the method.
Government leaders anticipate a significant advantage for the region from tidy hydrogen, also called green hydrogen, produced utilizing electrical power from renewable sources that do not produce carbon.
For example Colombia's federal government, led by leftist President Gustavo Petro, has actually made weaning the nation off oil and coal in favor of renewable energy a major policy objective. And billions of dollars in funding are on offer from multilateral lenders.
Yet market groups and experts stated still more financial investment is required. Other major obstacles they mentioned included a lack of consumers as regional organizations avoid signing deals that manufacturers require to secure funding. This has intensified a. dearth of local production.
Supporters promote tidy hydrogen as fuel for everything from. trucks to steel blast furnaces and as input for green. fertilizers. Yet critics say its production still needs. extreme energy inputs.
Latin American countries are poised to benefit as European. and Asian nations require to suck it up and start signing. agreements for significant amounts of hydrogen, Monica. Gasca, executive director of the Colombian Hydrogen Association,. told Reuters. Yet she and other market specialists said production. will most likely not ramp up much without handle place.
We are quite in a chicken and egg circumstance when it. pertains to green hydrogen, said Fernando Schaich, head of green. hydrogen at Uruguay-based energy service business SEG Ingenieria.
Latin American industries themselves might be important. hydrogen customers, Schaich said. All projects will really begin. when the shipping, airline company and heavy industries indication offers and. make dedications.
Rates the fuel financially enough to bring in clients. depends on low-cost, numerous and reliable products of sustainable. energy.
But in Colombia, dozens of onshore wind tasks prepared for. the La Guajira peninsula have been canceled or long-delayed. due to the fact that Indigenous groups have not approved construction.
If Colombia doesn't really make an effort to help with the. discussions between the communities and the designers, primarily in. La Guajira, then Colombia will be at least 33% less competitive. than the rest of Latin America, stated Inter-American Advancement. Bank (IDB) lead energy expert, Christiaan Gischler.
Tidy hydrogen is currently far more costly - north of. $ 10 per kilogram in some places - than more contaminating. hydrogen, stated Luisa Palacios, a senior research scholar at. Columbia University's Center on Global Energy Policy.
Gray hydrogen created from fossil fuels currently. expenses as little as $1 to $3 per kilogram, Palacios added.
But Gischler said re-purposing existing assets such as. pipelines or structure shared infrastructure might press clean. hydrogen expenses in Latin America down to $1.50 to $2.50 per. kg.
BUYERS AND REGULATORS
A World Economic Online forum report published in August tape-recorded. some $6.1 billion as allocated for renewable financial investments -. consisting of tidy hydrogen - throughout the area by multilateral. lending institutions and funds, along with foreign and local federal governments,. in addition to an expediency study for a $4 billion clean. hydrogen plant in Uruguay.
That is a tiny fraction of the $100 billion to $300. billion financial investment the IDB's Maria Florencia Attademo-Hirt told. a roundtable discussion that the market would need in the. region by 2030.
There are about 65 tidy hydrogen jobs in Latin America,. mainly in the early development stages, according to the Wilson. Center think tank that hosted the roundtable.
Since completion of 2023 Colombia had some 28 projects,. according to Gasca, consisting of an industrial-scale job at. state-run energy business Ecopetrol's refinery in the city of. Cartagena, set to come online in 2026.
Brazil's Petrobras is also eyeing tidy hydrogen to change. gray hydrogen in its own operations, according to the company's. energy shift chief, Mauricio Tolmasquim.
State-controlled Petrobras plans to develop 2 green hydrogen. plants, and is holding talks with potential customers,. Tolmasquim has actually stated, adding it is still establishing costs.
Chile has determined 12 guidelines appropriate to green. hydrogen development that should be updated, said Marcos Kulka,. chief executive of H2 Chile, the South American country's. eponymous hydrogen association. Five other guidelines must be created. for development to advance.
Like Colombia's La Guajira, Chile's Strait of Magellan could. end up being a significant clean hydrogen production center thanks to strong. winds, Gischler said.
Producers need to be bolder in discovering consumers, stated Diego. Arboleda, president of Colombian developer Hevolucion.
The customer is not going to come through the door and say,. ' who wishes to offer me 100 tonnes of hydrogen today?' said. Arboleda.
Hevolucion's plant, located near Colombia's second-city. Medellin, will begin producing one tonne of tidy hydrogen daily. in November, and the company prepares a pilot job to export. green ammonia - produced by integrating clean hydrogen with. nitrogen - to the Port of Rotterdam for use as energy storage.
Colombia's federal government need to offer incentives. locally, Arboleda said, consisting of rules about cars. mixing diesel with hydrogen to reduce emissions.
Clara Bowman, chief operating officer of HIF International, whose. Haru Oni plant in southern Chile produces tidy hydrogen to make. methanol for use in e-fuels, stated requireds on mixing tidy. hydrogen-based fuels with existing gas would help.
Possible clients need the regulative assistance to make. sure that they are not going to be uncompetitive in their. market as a result of making those sorts of decisions, Bowman. stated.
(source: Reuters)