Latest News
-
DiDi Global's $740m IPO settlement is likely to be ready by next month, according to plaintiffs' attorney
A Manhattan federal judge is expected to approve the $740 million settlement DiDi Global reached with a lawsuit alleging it defrauded its investors in connection with their initial public offering in mid-October. The class action lawsuit accused DiDi, of hiding and disobeying a Chinese Government order to delay its June 2021 IPO. This raised more than $4 billion and valued DiDi around $67.5 billion. In July 2021, shares of DiDi fell as China's Cyberspace Administration of China banned the company from accepting new customers. They also ordered the removal of DiDi Travel from app stores for smartphones. In July, the regulator fined DiDi a total of $1.2 billion. The plaintiffs' attorney wrote to U.S. district judge Lewis Kaplan, in Manhattan, that all parties were negotiating terms for a settlement and asked all deadlines be halted. Disclosure of settlement Last month, the company set aside $740m, or 5.3bn yuan for the agreement, resulting in a loss of $2.3bn. Outside of normal business hours, lawyers for the plaintiffs have not responded to similar requests. DiDi's lawyers and DiDi did not respond immediately to similar requests. In re DiDi Global Inc Securities Litigation is a case before the U.S. District Court for the Southern District of New York. 21-05807. (Reporting and editing by Chris Reese, Stephen Coates, and Jonathan Stempel from New York)
-
US ends electric vehicle carpool program
California officials announced on Wednesday that the federal government will prohibit states from allowing carpool lanes to be used by electric cars and other clean vehicles without having met vehicle occupancy requirements as of October 1. California Governor Gavin Newsom announced that single drivers who have the Clean Air Vehicle decal from the state will no longer be allowed to use carpool lanes in certain areas or to receive reduced tolls. California and other states used this perk to encourage the sale of electric vehicles. Donald Trump has targeted EVs in a variety of ways, including by signing a law to ban California's mandated electric vehicle sales. California has issued over 1 million decals in the past year. The program is now open to owners of EVs and plug-in hybrids under a Federal Highway Administration program. By removing this program, Californian drivers will be forced to pay the price. We urge the federal government not to remove this program. It is a loss-lose situation. "This is a fantastic program for Californians who are climate-conscious," said California Department of Motor Vehicles Director Steve Gordon. According to a spokesperson for the Transportation Department, Congress did not extend the deadline in 2021 when then-President Joe Biden was president. The department stated that "USDOT works with industry stakeholders to create policy priorities which best address the needs of the working class Americans." Trump signed legislation that ended the $7,500 tax credit for purchasing or leasing new electric cars on September 30. He also eliminated a $4,000 credit for used EVs, which had helped boost green vehicle sales over recent years. Congress is also considering imposing a new fee on EVs in order to fund road repairs, since they don't pay federal fuel tax. According to a law that Trump signed in July, the Trump Administration informed automakers that they would not be fined for failing to meet fuel-efficiency rules going back to 2022. The administration has made other changes which will save automakers millions of dollars by purchasing credits from Tesla or others to meet previous regulatory requirements. (Reporting and editing by Mark Porter, Marguerita Choy and David Shepardson)
-
Vena, CEO of Union Pacific, says merger with Norfolk Southern will be approved
Union Pacific CEO Jim Vena stated on Wednesday that he is confident the railroad operator will receive approval for a merger from the U.S. government over its deal to acquire Norfolk Southern. Union Pacific announced in July that it would acquire the smaller competitor for $85 billion, including cash and stock. If approved, this acquisition would make the United States' first coast-tocoast freight rail operator. Vena, speaking at the Morgan Stanley Conference in New York, said that he had met with high-ranking officials of the government who called the deal "a win for the country". Do I think that we will get the approval? Vena said, "The answer is yes". Surface Transportation Board will be closely monitoring the merger. The Surface Transportation Board received an intent notice from both companies on July 30th, 2025. The companies intend to submit a formal application before January 29, and they are aiming for a close in early 2027. The White House terminated STB member Robert Primus last month as part of an broader dismissal of independent agencies and commissions by President Donald Trump. In a regulatory submission on Wednesday, the railroad that operates primarily on the West Coast said it expected $50 million in merger expenses and had paused its share repurchases as it waited for approval. (Reporting from AnshumanTripathy and ApratimSarkar in Bengaluru).
-
Exports for September revised upwards, but the differential between uranium and urals oil remains unchanged
Sources said that the differential between Urals and Brent crudes in Russia remained unchanged, but that exports of this grade were revised upwards for September due to lower domestic refining. Two industry sources and calculations show that Russia revised its September crude export plans from western ports up to 2.1 millions barrels per day, an 11% increase over the initial schedule. This is due to drone attacks on domestic refining plants reducing local demand for crude. PLATTS WINDOW On Wednesday, there were no bids or offers made on Urals, Azeri BTC Blend or CPC blend in the Platts Window. The Energy Information Administration reported on Wednesday that U.S. crude oil and fuel inventories increased last week, despite a drop in demand and exports. Ursula von der Leyen, the head of the European Commission, said that the European Union was considering a quicker phase-out of Russian fuels in order to impose new sanctions on Moscow. This comes after U.S. demands for Europe to stop purchasing Russian oil. (Reporting and Editing by Kirsten Doovan)
-
JERA signs LNG contract with Alaskan $44 billion LNG export project
Energy developer Glenfarne has agreed to supply Japan's largest power generator JERA with 1 million metric tons LNG per year for 20 years. This is a significant advance for the $44 Billion Alaska LNG Project, which had been criticized for its high cost. Glenfarne aims to make a final investment decisions (FIDs) on the Alaska LNG pipeline by the end of 2025, and for the LNG export components in 2026. Glenfarne, which acquired a 75% stake in the Alaska LNG Project in March and assumed the role of lead developer, has already signed preliminary agreements that cover more than half the third-party capacity available for the project. These include deals with Taiwan’s CPC, and Thailand’s PTT. The agreement signed today highlights Japan's increasing desire to secure flexible and stable LNG supplies in order to boost energy security and meet the soaring demand for electricity, fueled in part by an explosion in data centres. Japan is the second largest LNG importer in the world, and a major supporter of global energy infrastructure. It is also positioning itself to be a trading center that could channel U.S. Gas into emerging markets throughout Southeast Asia. The letter of intention marks a modest, but significant step forward for an export project that has been floated under various forms over the past decades, but has not been able to secure any binding contracts or investment commitments. Donald Trump, the U.S. president, has promised to continue the project since he returned to office. The project aims to transport the stranded natural gas from Alaska’s remote north through the state, before it is liquefied for export abroad. Despite Trump’s optimism, Japanese officials and energy executives are concerned that the projected costs of the project could make its gas more expensive than other sources. Reports earlier indicated that Tokyo was considering a deeper involvement in this project. Wood Mackenzie, a consultancy firm, had been hired by Japan to review the proposed 800-mile Alaska gas pipeline as well as the LNG plant.
-
Brazil connects the last state not connected to its national electricity grid
Brazil has connected Roraima, the state in the north, to its national grid. President Luiz-Inacio Lula said this on Wednesday as he called South America for greater integration of energy. Roraima was the last state to be unconnected in Brazil. The government announced that the connection will reduce carbon emissions and save 600 million reais (111 million dollars) annually in fuel costs. Lula, at a recent event, said that Brazil's interconnected system was a "model for the world". He added that, if other South American nations connected their systems with Brazil's, then "no country will be without energy in the future." When the system is fully implemented, Roraima will have more energy security as it used to rely on neighboring Venezuela for power. Roraima has waited a long time to be connected with the rest of Brazil. The transmission line project began more than 14 years ago, and construction was delayed due to environmental concerns as it crossed Indigenous lands. Lula stated, "We don't want anyone to be left behind." ($1 = 5,4020 reais). (Reporting and writing by Leticia Paraguassu, Fabio Teixeira, Bill Berkrot.)
-
Sources say BlackRock-led group is in negotiations to raise $10.3 billion for Aramco.
Two sources who have direct knowledge of this matter said that a group of investors, led by BlackRock’s Global Infrastructure Partners, is in discussions with lenders in order to secure financing of up to $10 billion for Aramco’s Jafurah deal. Two sources confirmed that JPMorgan, Japan's Sumitomo Mitsui Banking Corporation, and other banks are in discussions to take part in the transaction. This will allow Aramco the opportunity to receive cash up front in exchange for regular payments. They declined to name the individuals because it was not public information. Aramco BlackRock JPM and SMBC all declined to comment. Aramco will lease the development and usage rights of gas processing facilities located around the Jafurah Gas Development to a newly-formed subsidiary, Jafurah Midstream Gas Company. Aramco will hold a majority (51%) of JMGC. The remaining 49% will be held by an investor group. Sources said that the company could raise between $3 and $4 billion through a sale Islamic bonds. This follows a $5 billion bond issue in May. The company received more than $16.5billion in orders for the sukuk on Wednesday, which are expected to be priced later that day. This deal also reflects Saudi Arabia’s broader energy policy. The deal also reflects Saudi Arabia's broader energy strategy. Two sources confirmed that the GIP consortium will inject about $1.8 billion in their own funds to the transaction. One source said that roughly three quarters of debt financing would have a tenor of seven years - which could be refinanced through bonds - while the remainder will be due after 19 years. Source: Chinese banks are interested in financing the short-term, said the source. Goldman Sachs and Citi have shown interest in taking part in the financing. A third source confirmed this. Citi and MUFG refused to comment. The other two banks didn't respond immediately to emailed comments. This structure is similar to the deals made by Aramco for its oil and natural gas pipeline network in 2021 and 2020. The Jafurah gas field is estimated to contain a total of 229 trillion standard cubic feet of gas. It is the largest nonassociated gas development in Saudi Arabia. This project forms a key part of Aramco’s plan to increase gas production by 60% from its current levels by 2030. The investment in infrastructure is expected to help build more than 1,500 km pipelines and facilities. Reporting by Hadeel al Sayegh and Federico Maccioni; Editing and production by Jane Merriman, Jan Harvey
-
EU aims to reduce prices and improve security by tackling 8 bottlenecks in the power grid
According to the Commission president, eight bottlenecks in the power grid will be addressed as a priority by the European Union, in order to reduce the uncompetitive prices of energy and improve energy security. "I present today a new project called Energy Highways. Eight critical bottlenecks have been identified in our energy infrastructure. "From the Oresund Strait and the Sicilian Canal", said European Commission President Ursula von der Leyen in her State of the Union Address in Strasbourg. We will work to eliminate these bottlenecks, one at a time. The 27-member states of the EU have a wide range of prices and connections, but the electrification ambitions are still largely unfulfilled. In the first half of this year, Spain, Portugal, and southeastern Europe (especially Greece) experienced blackouts across their entire countries. Dan Jorgensen, EU Energy Commissioner told reporters at a press conference in Strasbourg: "If we don't improve our energy system connectivity, we won't be able to reduce the prices (of energy) as much as we need." The project will focus on increasing electricity interconnections from the Iberian Peninsula to France. In May, Spain and Portugal requested the Commission's intervention. Jorgensen stated, "We can't say for sure why the blackout happened but experts agree that the more connected and better connected you are the lower the chance of blackouts." "It is our main priority to see that it happens." I am confident that France too will see its value. The following is a list of priority bottlenecks. 1. Improve the integration of Iberia by power interconnectors crossing the Pyrenees Mountains to France 2. Connect Cyprus to continental Europe and end its electrical isolation 3. Strengthening power links between the Baltic States 4. Energy supply in the Balkans and neighbouring eastern states 5. Make the North Sea an offshore interconnector hub 6. South hydrogen corridor linking the North Sea and the Mediterranean 7. Southwest hydrogen corridor between Portugal and Germany 8. Reporting by Julia Payne, Editing by Ros Russel.
JERA Japan to explore LNG exports from Alaska's $44 Billion export project
JERA will investigate the possibility of liquefied gas from the Alaska LNG Project, JERA and Glenfarne announced, while talks continue to sign binding contracts for the $44 billion project.
Glenfarne, which assumed the role of lead developer in the Alaska LNG Project in March, has already signed preliminary agreements with Taiwan's CPC, and Thailand's PTT. However, firm deals are yet to be finalized.
Glenfarne announced in a press release that it had signed a letter-of-intent with JERA to sell 1 million tons of LNG per year from the project for a period of 20 years on a "free-on-board" basis.
In a separate announcement on Thursday, JERA, a joint-venture of Tokyo Electric Power & Chubu Electric Power in Japan, stated that the letter of intent would facilitate information sharing and collaboration between Glenfarne and JERA as it assesses project timeliness and economics.
In a statement, Ryosuke tsugaru said, "This LOI is a platform to continue dialogue with Glenfarne and we look forward, as more details are revealed, to deepening understanding of the project."
Glenfarne has stated that it will make a final investment (FID) on the Alaska LNG pipeline by the end of 2025, and the LNG export components in 2026.
Donald Trump, the U.S. president, has promised to continue the project since he returned to office. The project aims to transport the stranded natural gas from Alaska’s remote north through the state, and then liquefy it to export.
Despite Trump’s optimism, Japanese officials and energy executives are concerned that the expected costs of the project could make its gas more expensive than other sources.
Reports indicate that Japan has hired Wood Mackenzie as a consultant to review the proposed 800-mile (1,287-km) Alaska gas pipeline, and LNG plant. This indicates that Tokyo may be considering a deeper involvement in this project. Reporting by Rishav chatterjee from Bengaluru; Katya Golubkova from Tokyo; Emily Chow from Milan. Editing and production by David Good and Sonali Paul.
(source: Reuters)