Latest News
-
Documents show that India's unfinished renewable energy projects have doubled to more than 50 GW.
India's stranded solar power capacity, which is the amount of renewable energy that has been awarded but not yet installed, has more than doubled in nine months due to delays with transmission lines and other legal and regulatory issues. South Asia aims to double its non-fossil energy capacity to 500 gigawatts by 2030. However, the rapid acceleration of projects has led to a lack of firm agreements for power supply. The number of renewable projects in India that have won power generation tenders but still need to sign power purchase contracts with buyers has risen to more than 50 gigawatts, India's Sustainable Projects Developers Association said on June 27, in a note to the Ministry of New and Renewable Energy. Another letter sent on 4 October by the SPDA showed that stranded project of more than 20 GW was compared to another. Both letters were examined by. Two industry officials who are familiar with the situation said that projects worth billions of dollar awarded to JSW, NTPC, Adani Green and ACME Solar as well as Renew, Sembcorp, Renew, Renew, Renew, Renew, Sembcorp, have been left stranded. In a letter sent to the Ministry of Renewable Energy on June 27, the SPDA stated that "Energy Transition is not only about building solar and winds capacity. It is also about making sure clean power is delivered at the lowest possible cost in the shortest time frame." The SPDA reported that India has stranded over 50 GW of solar and wind power without buyers. This is roughly a quarter of the current renewable energy capacity installed in India, which is 184.6 GW. Requests for comment from the companies were not answered. The SPDA stated in a letter dated June that delays in critical transmission infrastructure, especially in sun-drenched States such as Rajasthan and Gujarat, have caused many solar plants not to meet their commissioning deadlines. The federal power ministry has announced that construction of interstate transmission lines to connect renewable energy projects with the grid is being accelerated. Compensation for landowners who allow power cables to be installed on their property will also increase. India is planning to connect 230GW of renewable projects to the grid via interstate transmission lines. Of these, 20% are completed, 70% under construction, and the remaining portion is being offered for bids, according to the ministry. The SPDA reported that renewable projects have also been stalled due to long-running legal disputes regarding land and environmental permits. Several developers had halted their operations because of unresolved cases. (Reporting and editing by Frances Kerry, Louise Heavens and Sudarshan Varadhan)
-
Berkshire takes $3.8 billion Kraft Heinz writedown, operating profit falls
Berkshire Hathaway, owned by Warren Buffett, wrote down $3.76 billion on its Kraft Heinz stake on Saturday, an admission that the investment, which dates back a decade, hasn't paid off. The company also reported a lower operating profit for the quarter as insurance premiums fell. Berkshire reported a 59% drop in its quarterly net income due to the writedown and lower investment gains on its common stock. Operating income for the second quarter fell by 4% to $11.16 billion or $7,760 each Class A share from $11.6 billion in the year prior. Net income dropped to $12.37 from $30.35. Cash reached a near record $344.1 billion. Berkshire has sold more shares than it purchased for the 11th consecutive quarter. It has also not conducted any stock buybacks and had done so since May 2024. After Kraft Heinz announced in May that it was considering strategic alternatives including a breakup, Berkshire wrote down $3.76 billion for its 27.4% shareholding. This is equal to $5 billion prior to taxes. Buffett's company had been carrying Kraft Heinz on its books at above-market value but said economic and other uncertainties, as well as its longer-term plans to remain an investor, made the gap "other-than-temporary," necessitating a writedown. This is Berkshire’s second writedown for Kraft Heinz after a $3 billion one in 2019. Buffett admitted at the time Berkshire had overpaid for the merger that created the food company in 2015. Since Buffett announced that he would be stepping down as CEO at the end the year on May 3, Vice Chairman Greg Abel will replace him.
-
Azerbaijan exports 1.2 billion cubic meters of gas per year to Syria via Turkey
Azerbaijan plans to export 1.2 billion cubic meters (bcm), or 1.2 billion cubic feet, of gas per year through Turkey from the BP operated Shah Deniz field in the Azeri-Caspian Sea. A senior official with the Azeri energy company SOCAR said this on Saturday. Turkey has been a key ally of the Syrian government since the end of the civil war in December, which ended after 13 years of fighting in Syria. Ankara has now positioned itself as a major player on the international stage. Syria's reconstruction Elshad Nasirov, SOCAR vice president, spoke at a ceremony held in the southern Turkish town of Kilis near the Syrian border as Turkey and Azerbaijan began natural gas exports into Syria. Mikayil Jabbarov, Azerbaijan’s Economy Minister, said that the project was a result of agreements made in April and July by Azerbaijan’s President Ilham Aliyev with Syria’s new President Ahmad al-Sharaa. Jabbarov stated that gas will be transported to Syria through Turkish territory under a coordinated agreement. He said that by launching the gas exports to Syria Azerbaijan had demonstrated its ability to export gas to not only the West but also the East and South. Alparslan Bayraktar, the Turkish Energy Minister, said that deliveries would reach 6 million cubic meters (mcms) per day. Bayraktar stated that the current delivery plan envisages exports of up to 1.2 billion cubic metres (bcm) annually. However, he said there is potential to deliver up to 2 billion cubic metres per year in the initial phase. Bayraktar stated that the gas would be used to restart electricity plants in Syria, with a total capacity of 1,200 Megawatts. Mohammad al-Bashir, the Syrian Minister of Energy, said that gas supplies will support basic energy requirements in conflict-affected areas. He said that the gas would increase production by around 750MW, allowing for four additional hours of electricity each day in these areas. Al-Bashir said the agreement envisages daily deliveries of six mcm but the initial volume will be approximately 3.4 mcm. (Reporting and writing by Nailia Bagirova; Editing by Louise Heavens; Susan Fenton, Joe Bavier and Alexander Marrow)
-
SOCAR: Azerbaijan exports 1.2 billion bcm gas per year to Syria via Turkey
Azerbaijan plans to export 1.2 billion cubic meters of gas per year from the BP operated Shah Deniz field in the Azeri-Caspian Sea. This was revealed by a senior official with the Azeri energy company SOCAR on Saturday. Elshad Nasirov, SOCAR vice president, was speaking near the Syrian border in southern Turkey as Turkey and Azerbaijan began natural gas exports into Syria. Azerbaijani, Turkish, Syrian and Qatari ministers and officials attended a ceremony to mark the launch in Kilis. Azerbaijani Economy Minister Mikayil Jabbarov stated that the project was a result of agreements made in April and July by Azerbaijani President Ilham Aliyev with Syria's interim president Ahmad Al-Sharaa. Jabbarov stated that gas would be transported to Syria through Turkish territory under a coordinated agreement. He said that by launching the gas exports to Syria Azerbaijan had demonstrated its ability to export gas to not only the West but also the East and South. Alparslan Bayraktar, the Turkish Energy Minister, said that deliveries would reach 6 million bcm a day. The first phase could see up to 2 billion Bcm a year. Bayraktar stated that the gas would be used for restarting power plants in Syria, with a total capacity of 1,200 Megawatts. The Turkish government, which has been a key ally of the new Syrian Government since the end of the civil war in Syria in December, when Bashar al Assad was ousted, is now positioned to become a major player for the reconstruction of Syria. Mohammad Al-Bashir, the Syrian Energy Minister, said that gas supplies will support basic energy requirements in areas affected by conflicts. (Reporting and writing by Nailia bagirova, Alexander Marrow; editing by Louise Heavens & Susan Fenton).
-
FAA plans to change helicopter routes after fatal accident
After the mid-air collision between an American Airlines regional plane and an Army helicopter on January 29, which killed 67 people, the Federal Aviation Administration announced Friday that it plans to change helicopter routes near Ronald Reagan Washington National Airport. Nick Fuller, FAA official, said during a National Transportation Safety Board investigation hearing that a work group of the agency is planning to make changes on a major helicopter route near Reagan. This comes after the agency imposed permanent restrictions in March on non-essential operations and further restricted their operating areas in June. NTSB officials expressed concern about the "disconnect" that existed between the front-line controllers of air traffic and the agency leaders. They also raised questions about the actions taken by the FAA before the fatal accident, such as why reports about close calls incidents were not followed up with safety improvements. The board members also expressed concern about the FAA's failure to provide documents on a timely basis during the investigation into the collision in January. A board report stated that the NTSB was able to obtain details about the staffing levels in place at the time the crash occurred on January 29, "after much confusion and after a series corrections and updates by the FAA." The hearing lasted more than 30 hours and spanned three days. It raised many troubling questions including the failure of the primary control on duty to alert the American regional plane and the actions taken by an assistant controller, who was supposed assist the primary control. "That didn't happen and we are trying to understand why." No one knows what the person was doing at that time, said Jennifer Homendy, Chair of NTSB. Homendy claimed earlier this week that the FAA ignored warnings of serious safety issues. Homendy stated that the tower had told her of any safety risks. "You moved people out rather than taking responsibility for the fact that everyone in FAA's tower said there was a... Fix it. "Do better" FAA officials pledged to work with more collaboration and address concerns at the hearing. Senator Tim Kaine cited on Friday the concerns expressed by a FAA manager regarding the number of flights at Reagan Airport before the accident and the decision made by Congress to add five more daily flights last year. Kaine stated that "Congress should act to reduce dangerous traffic by removing all flights in and out of Reagan National".
-
Tesla ordered to pay $329 Million by Florida jury in fatal Autopilot crash
A Florida jury found Tesla responsible for the fatal 2019 crash of a Model S equipped with Autopilot and ordered Elon Musk’s automaker, to pay $329 Million to the family and survivor of the deceased woman. The jury in Miami ordered Tesla to pay Naibel Benavides León and her ex-boyfriend Dillon Angulo $129 million as compensatory damages, and $200 million as punitive damages. The lawyers for the plaintiffs claimed that this was the first trial involving wrongful death resulting from Autopilot. Plaintiffs sought $345million. Tesla has been involved in many lawsuits involving its self-driving vehicles, but most have been settled or dismissed before trial. Tesla's attempt to dismiss the case was rejected by a judge Early in the summer Experts said that this could encourage other plaintiffs to sue the EV manufacturer. Musk, the richest man in the world, could be hindered by Friday's decision. Investors: How to persuade them Tesla is a leader when it comes to so-called "autonomous driving" for private cars and robotaxis, which the company plans to produce next year. The shares fell by 1.8% on the Friday. According to reports, Tesla intends to appeal. Tesla, based in Austin, Texas, and its attorneys did not immediately reply to multiple requests for comment. The trial was based on an incident that occurred on April 25, 2019. George McGee drove a 2019 Model S, at 62 mph or 100 kph (100 km/h), through an intersection and into the victims parked Chevrolet Tahoe while they were standing next to it. McGee reached down to grab a phone he dropped in his car and received no alerts, according to reports. He then ran through a stoplight and a stopsign before crashing into the SUV of the victims. Philip Koopman is a professor of engineering at Carnegie Mellon University and an expert on autonomous technology. The jury's only option to rule against Tesla would have been to find a software defect in Autopilot. It's a huge deal." Angulo was said to have suffered serious injuries while Benavides Leon reportedly died after being thrown 75 feet. Brett Schreiber said that Tesla designed Autopilot for highways with controlled access, but did not restrict its use elsewhere. Elon Musk also claimed in his statement that Autopilot was better than human drivers. He added that "today's verdict represents Justice for Naibel and Dillon's tragic deaths, as well as their lifelong injuries." Tesla's quarterly sales dropped by more than 10 percent last month and its profit missed Wall Street expectations. (Reporting and editing by Sandra Maler; Additional reporting and reporting by Tom Hals)
-
Tesla ordered to pay $329 Million by Florida jury in Autopilot crash
A Florida jury found Tesla responsible for the fatal 2019 crash of a Model S equipped with Autopilot. Elon Musk ordered his automaker to pay the $329 million in damages to the families of the deceased woman and the injured survivor. The settlement includes $129 Million in compensatory damages as well as $200 Million in punitive damages. Tesla was sued in court by Naibel Benavides León's estate and her ex-boyfriend Dillon Angulo. The lawsuit relates to an incident that occurred on April 25, 2019, when George McGee drove a 2019 Model S, at 62 mph (10 kph), through an intersection and into parked Chevrolet Tahoes while the victims were standing next to them. Brett Schreiber said that Tesla designed Autopilot for highways with controlled access, but deliberately did not restrict drivers' use of it anywhere else. The verdict today is justice for Naibel and Dillon. Tesla did not respond immediately to comments. Reporting by Jonathan Stempel, New York; Editing Sandra Maler
-
Chevron CEO: Exports of Venezuelan crude oil to resume in this month
Chevron's CEO stated on Friday that the company expects to resume its Venezuelan crude exports to the United States this month. This follows a limited license issued by the Treasury Department this week to operate within the sanctioned nation and to do oil swaps. In a conference call to announce the company's quarter-end results, Chevron CEO Mike Wirth said that exports would begin with "a limited amount" and that he did not expect that flows will have a significant impact on the third-quarter results. Chevron has suspended its exports of Venezuelan crude oil since April when the state-owned PDVSA cancelled cargoes that it had planned for its joint venture partner due to payment issues related to U.S. sanctioned against Venezuela. In March, the U.S. administration of President Donald Trump revoked Chevron's license that was granted under former president Joe Biden. Trump's administration gave Chevron, along with a few PDVSA partners, until late May to complete transactions. Washington reinstated Chevron’s license last month after a successful prisoner exchange with Venezuela. Members of Congress in the United States also urged granting oil authorizations to stop Venezuelan barrels going to China. According to sources within the company, PDVSA has not yet authorized its European partners to resume operations or export oil into their refineries in Venezuela. According to vessel movement data, Chevron had exported around 250,000 barrels of Venezuelan crude per day in the first three months before the licenses were cancelled. This was 29% of Venezuela's total exports. According to U.S. officials and sources, the new authorization is similar in nature to that of Biden's license but prohibits payment to Venezuelan President Nicolas Maduro’s administration using any currency. Chevron and the cash-strapped PDVSA have been in negotiations since Washington approved the license. Sources said that the agreement is likely to include payment of mandatory royalties to Venezuela, either in kind or by way of oil swaps. Chevron could provide Venezuela with diluents. Shipping sources say that Chevron Venezuela also ordered a new inspection of PDVSA loading terminals before any vessel chartering contract. U.S. Gulf Coast Refineries Snapped Up higher volumes Ship tracking data revealed that in July, the United States imported Middle Eastern and South American crudes to compensate for the Venezuelan barrels lost. Matt Smith, lead oil analyst at Kpler, said: "Although deliveries will return to the U.S. within a short time, comments by CEO Mike Wirth suggest that we shouldn't be expecting a quick rebound to volumes seen earlier this year."
Berkshire takes $3.8 billion Kraft Heinz write-down, operating profit falls
Warren Buffett’s Berkshire Hathaway announced on Saturday that it had written down its Kraft Heinz stake by $3.76 billion during the second quarter. This is an admission that the investment, which dates back a decade, has not worked out.
Berkshire reported a 4 percent decline in operating profit for the quarter as premiums on insurance underwriting fell. Overall net income dropped by 59% due to the write-downs and lower gains on common stocks. Buffett's company signaled that it is still cautious about the market valuations amid uncertainty over tariffs and economic growth.
For the 11th consecutive quarter, it reported a cash holding of a record $344.1 billion and sold more shares than it purchased. Berkshire had not repurchased its own stock as of mid-July.
Buffett has been the leader of Omaha, Nebraska based Berkshire, since 1965. He plans to retire at the end of this year.
Analyst Kyle Sanders at Edward Jones said that investors are becoming agitated and seeking activity. But nothing is happening. "Buffett will wait and see what happens. He believes the market is overvalued."
The uncertainty about trade policies and tariffs has led to a decline in revenue for most Berkshire consumer businesses.
Jazwares, the company that makes popular Squishmallows toys, saw its revenue drop 38.5% during the first half of the year.
Analysts found the overall results disappointing.
CFRA Research analyst Cathy Seifert said that "Berkshire, and the economy, are at an inflection-point." "I do not think that the market will accept the combination of Berkshire's recent underperformance, the lack of stock-buybacks and the mediocre results."
Seifert and Sanders give Berkshire a "hold" rating.
KRAFT HEINZ
Operating income for the second quarter fell from $11.6 billion to $11.16 Billion, or $7,760 per class A share. This is a drop of $1 billion. The results included $877 millions of currency losses due to the weakening U.S. Dollar.
Net income including gains and losses from stocks like Apple and American Express fell to $12.37 Billion, down from $30.35 Billion. Revenue dropped 1% to $92.52 Billion.
Buffett believes that unrealized gains and losses on investments, such as stocks Berkshire does not plan to sell, are often irrelevant to his understanding of the company. Berkshire wrote down its Kraft Heinz 27.4% stake for $3.76 billion, or $5 billion, after taxes. This was in response to the announcement by Kraft Heinz that it would be considering strategic alternatives including a breakup.
Berkshire had carried Kraft Heinz on its books at above-market value but said economic and other uncertainties, and its longer-term plans to remain an investor, made the gap "other-than-temporary." Berkshire has written down Kraft Heinz twice, the second time in 2019. The first was a $3 billion writedown. Buffett admitted at the time Berkshire had overpaid for the merger between Kraft Foods in 2015 and H.J. Heinz was one of Buffett's biggest investments mistakes.
Kraft Heinz is suffering as consumers prefer healthier private label alternatives. Its 200 brands include Oscar Mayer and Kool-Aid.
Berkshire has another large investment: its 28,1% stake in Occidental Petroleum, valued at $5.3 billion over fair value. However, the company reported that it did not need to write down this amount.
Lagging the Market
Since Buffett announced his resignation as CEO at the end of the year on May 3, Berkshire shares have dropped more than 12% and are about 22 percentage points behind Standard & Poor’s 500. Buffett, who will remain as chairman, will be succeeded by Vice Chairman Greg Abel (63). Analysts say the premium in Berkshire stock due to the presence of Buffett - arguably the most famous investor in the world - has diminished, and growth in the insurance industry, which is a major Berkshire profit centre, may slow.
Lack of new investment has also been a drag. Analysts think Berkshire's BNSF could purchase CSX in order to create a second transcontinental railroad after Union Pacific bought Norfolk Southern on July 29.
Buffett transformed Berkshire in six decades from an ailing textile company that had closed down into a conglomerate worth $1,02 trillion.
Berkshire is the owner of several insurance companies and reinsurers as well as electric utilities and renewable energy companies. It also owns several chemical and industrial businesses and consumer brands like Dairy Queen Fruit of the Loom, See's Candies and Dairy Queen.
BIG BEAUTIFUL BANK
Berkshire stated that the 12% decline in quarterly insurance underwriting profits was primarily due to reinsurance and smaller insurance businesses. Geico, the company's best-known insurer, saw its pre-tax profit increase 2% as a rise in premiums of 5% offset a rise in accident losses that was smaller.
State Farm and Progressive have gained market share from Geico, which has focused on underwriting technology and quality while cutting jobs. Analysts believe that higher tariffs may be a negative for Geico, if auto parts costs rise. This could increase the number of accident claims.
BNSF also cuts expenses. Fuel costs were lower, which helped to boost the quarterly profit by 19%. Revenue and cargo volumes barely changed.
Berkshire Hathaway Energy's energy division posted a profit increase of 7%. Berkshire Hathaway Energy is evaluating how the One Big Beautiful Bill Act signed by U.S. president Donald Trump last month will impact the "economics" and "viability" of their renewable energy, storage, and technology-neutral project.
(source: Reuters)