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6:41 a.m.: Morgan Stanley raises Carvana price target Morgan Stanley likes what it sees from Carvana after its "operational turnaround." The bank reiterated an underweight rating on the used car retailer but raised its price target to $75 per share from $45. "Throughout 2023, CVNA transitioned from a distressed equity into an operational turnaround with a restructured interest burden," Morgan Stanley analyst Adam Jonas said. The firm downgraded the HVAC stock to neutral from buy and lowered its price target to $68 per share from $74. MU YTD mountain MU year to date — Brian Evans 5:45 a.m.: Morgan Stanley upgrades U.S. Steel There's a big buying opportunity in U.S. Steel after a recent pullback this year, according to Morgan Stanley.
Persons: Morgan Stanley, Baird, Morgan Stanley's, CVNA, Adam Jonas, — Brian Evans, Wells, Mike Mayo, Mayo, Brian Evans, Johnson, Damian Karas, " Karas, Tristan Gerra, Gerra, Carlos De Alba, Alba, De Alba, Fred Imbert Organizations: CNBC, U.S, Steel, Micron Technology, Wells Fargo, Citi, UBS, Johnson, JCI, Micron, MU, Nippon Steel, U.S . Steel, . Steel Locations: Carvana, Wells Fargo, Friday's, U.S
Tyson Foods : Shares fell nearly 7% after the meat supplier issued a weak third-quarter outlook. I think the last story has not been written yet on Tyson," Jim Cramer said. Johnson Controls : Shares were basically flat Monday after UBS downgraded the stock to a hold-equivalent rating. Robinhood : The Securities and Exchange Commission informed Robinhood over the weekend that it could pursue enforcement actions tied to the brokerage's cryptocurrency operations. Robinhood shares were initially up more than 1% Monday, though they've given back some of the gains.
Persons: Jim Cramer's, Tyson, Jim Cramer, Baird, Cramer, Morgan Stanley, David Gitlin, Robinhood, they've Organizations: CNBC, Club, Tyson, Micron Technologies, Nvidia, Micron, . Steel, Japan's Nippon Steel, U.S . Steel, Johnson, UBS, Johnson Controls, Securities, Exchange Commission
The Biden administration is correct that China has not played fair. But he said the nations that could rival China in shipbuilding are Asian competitors. Shipbuilding subsequently dropped to around five ships per year, which is approximately the current rate of U.S. shipbuilding. President Joe Biden speaks to members of the United Steel Workers Union at the United Steel Workers Headquarters on April 17, 2024 in Pittsburgh, Pennsylvania. Biden announced new actions to protect American steel and shipbuilding industries including hiking tariffs on Chinese steel.
Persons: Biden, Ben Nolan, Nolan, Reagan, Joe Biden, Jeff Swensen, , Darron, Wadey, Lloyd, Matson, George Washington, Ronald O'Rourke, O'Rourke Organizations: Mitsui Shipbuilding Co, Taicang Port Economic, Technological, Future Publishing, Getty, CNBC, Shipbuilding, Global, United States, Trade, U.S . Trade, U.S, China's Ministry of Commerce, United Steel Workers, Japan's Nippon Steel, United Steel Workers Union, United Steel Workers Headquarters, Analysts, Matson Shipping, Jones Act, Philly Shipyard, CMA CGM, Matson, United, Maritime Administration, U.S ., Huntington Ingalls Industries, News Shipbuilding, U.S . Navy, U.S Navy, Newport News Shipbuilding, Virginian Pilot, Tribune, Service, Force, warfighting, Navy, Biden, Congressional Research Service Locations: Taicang Port, Suzhou, Jiangsu province, China, U.S, Japan, South Korea, United States, Pennsylvania, Pittsburgh , Pennsylvania, American, Bangladesh, U.S . Virgin Islands, Great, Mississippi, Ohio
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOpposition to Nippon Steel buyout of U.S. Steel '100% because of the election': Research firmTimna Tanners, managing director at Wolfe Research, discusses U.S. lawmakers' opposition to the proposed $14.9 billion acquisition of U.S. Steel by Japan's Nippon Steel, saying "in a normal year, I think this would've been approved, it would've gone through, we wouldn't be talking about this." U.S. Steel shareholders have voted in favor of the takeover bid.
Persons: Timna Tanners Organizations: Opposition, Nippon Steel, U.S . Steel, Research, Wolfe Research, U.S, Steel, Japan's Nippon Steel Locations: U.S
Barclays downgrades American Express to equal weight from overweight Barclays sees "limited upside" on valuation for the stock. Compass Point downgrades Wells Fargo to neutral from buy Compass sees a more balanced risk/reward for shares of Wells Fargo. Bank of America reiterates Apple as buy Bank of America says its survey checks show App Store growth increasing. Bank of America upgrades Ally Financial to buy from neutral Bank of America said the bank holding company has "credit leverage." Bank of America initiates Frontier a buy Bank of America said the wirelines and cable telecom company has "meaningful potential to outperform."
Persons: Morgan Stanley, Raymond James, Goldman Sachs, Tesla, Goldman, Wells, Wells Fargo, Jefferies, MNDY, Rosenblatt, TeraWulf, TD Cowen, William Blair, Cowen, it's, Wolfe, KBW, DA Davidson, Davidson Organizations: Cisco, Colgate Energy, Resource, Bank of America, Infosys, of America, Barclays downgrades, Express, Barclays, BMO, Realty Trust, Compass, LPL, Nasdaq, Jefferies, RBC, Molson Coors, TAP, Distributors, Google, GE Aerospace, GE, General Electric Company, Apple, Netflix, Frontier Communications, JPMorgan, Eagle Outfitters, Technologies, Steel, Japan's Nippon Steel, Nippon Steel, GOP, Trump, Nvidia Locations: Midland , Texas, Wells Fargo, Freeport, Pittsburgh
Shohei Ohtani answers questions and Ippei Mizuhara translates during the Shohei Ohtani Los Angeles Dodgers Press Conference at Dodger Stadium on Thursday, December 14, 2023 in Los Angeles, California. Los Angeles Dodgers superstar Shohei Ohtani spoke to the media on Monday for the first time since his former interpreter became wrapped up in an alleged sports gambling scandal. "Ippei has been stealing money from my account and has told lies," Ohtani said in Japanese with the help of a different interpreter. Mizuhara met Ohtani when he went to Japan to work as an interpreter for the Hokkaidō Nippon-Ham Fighters of Japan's Nippon Professional Baseball league, Nippon.com reported. The scandal was first reported Wednesday by The Los Angeles Times and ESPN.
Persons: Shohei, Shohei Ohtani, Ippei Mizuhara, Mizuhara, Ohtani, Ippei, Nippon.com, Matthew Bowyer of, Diane Bass, Bowyer's, Bowyer, Bass, Boyer, Shohei Otani, Matthew Bowyer's Organizations: Los Angeles Dodgers Press, Dodger, Los Angeles , California . Los Angeles Dodgers, Major League Baseball, Dodgers, Hokkaidō, Ham Fighters, Japan's Nippon Professional Baseball, Los Angeles Angels, Los Angeles Times, ESPN, NBC News, Internal Revenue Service, Homeland Security, FBI, NBC Locations: Los Angeles , California, Ohtani, Japan, Southern California, Matthew Bowyer of Orange County , California, South Korea
A cat snuck into a factory in Fukuyama, Japan, and fell into a toxic vat before escaping. AdvertisementOfficials in Fukuyama, Japan, put the city on alert after a cat snuck into a metal plating factory and fell into a toxic vat before then escaping. The factory, Nomura Plating, now plans to ramp up security measures to prevent animals from causing problems in the future. AdvertisementA spokesperson told AFP that it immediately alerted police, city officials, and neighboring buildings. In turn, the city's environmental division warned residents of the potential health risks, urging them to keep their distance if they spotted the toxic cat.
Persons: Organizations: Service, Nomura, Asahi Shimbun, UK Health Security Agency, Agence France, Press, Business, AFP, Agency, Toxic Substances, Japan's Nippon TV Locations: Fukuyama, Japan
Picking great stocks and avoiding disastrous investments enabled the Ranmore Global Equity Fund to beat the S & P 500 over the past two years, according to its fund manager. The fund, run by portfolio manager Sean Peche, returned 31% in 2023 compared to 24% for the S & P 500 . The Ranmore fund also outperformed its benchmark with 1.8% total returns in 2022 when the S & P 500 and broader indexes nearly fell into a bear market. The fund manager says they take a probability-based approach with many small positions rather than a few big bets. However, according to the fund manager, the market appears to be undervaluing its cash and securities.
Persons: Sean Peche, Peche, Andrew, there's, Where's, Ranmore, it's Organizations: Ranmore Global Equity Fund, Microsoft, Meta, Petrobras, Japan's Nippon TV, GSK, eBay, of, Bank of America, UBS, Carrefour, ABN AMRO, Nippon Locations: Wall, of London, Europe, Ukraine, U.S, Japan, Holland, Netherlands
Japan's Message for Donald Trump: Don't Cut a Deal With China
  + stars: | 2024-02-01 | by ( Feb. | At P.M. | ) www.usnews.com   time to read: +8 min
Trump, who reached a trade agreement with Beijing in 2019 that later expired, has not mentioned any potential deal with China during his campaign for the 2024 nomination. Two Japanese foreign ministry officials said they fear that Trump may be prepared to weaken U.S. support for nearby Taiwan in pursuit of a deal with China. A Trump aide told Reuters that no recent meetings have taken place between Trump and Japanese officials. "If he is going to cut a deal with China, Japan needs to try and get ahead of the curve and understand its potential role to support its interests in both the U.S. and in China," said Machida. Robert O'Brien, Trump's former national security adviser, also has connections with Japanese officials, two of the sources said.
Persons: John Geddie, Tim Kelly, Yoshifumi, America's, Donald Trump, Fumio Kishida, Joe Biden's, Trump, Xi, Kim Jong Un, they're, Ado Machida, Machida, Shinzo Abe, Aso, Japan's, Shigeo Yamada, Mike Pence, Jim Mattis, Mike Pompeo, Michael Green, Bill Hagerty, Yamada, Hagerty, Robert O'Brien, Trump's, O'Brien, Shigeru Kitamura, Biden, Tsuneo Watanabe, John Bolton, Watanabe, Yukiko Toyoda, Kaori Kaneko, Sakura Murakami, David Brunnstrom, Tim Reid, Ben Blanchard, Laurie Chen, Liz Lee, David Crawshaw Organizations: Trump, Republican, Group, North, Reuters, Fox News, U.S, Steel, Japan's Nippon Steel, U.S ., Liberal Democratic Party, . Studies, University of Sydney, Japan's U.S, Taiwan, Peace Foundation Locations: TOKYO, Japan, Asia, China, Beijing, Tokyo, Iowa, New Hampshire, U.S, Taiwan, Washington, Trump, Taipei
WASHINGTON (AP) — President Joe Biden will host Japan's Prime Minister Fumio Kishida for a state visit on April 10, with the goal of strengthening a critical alliance as the United States has sought to counter China's influence in the Indo-Pacific region. John Kirby, the White House national security spokesman, told reporters aboard Air Force One that the visit will include a formal state dinner. As president, Biden has visited Japan twice, most recently going to the city of Hiroshima last May for the Group of 7 summit among major industrialized nations. Kirby declined to say whether the government's review of that potential merger would be a subject at the state visit. He said that Biden and Kishida will likely discuss a range of issues in Asia, including how to improve cooperation with South Korea.
Persons: Joe Biden, Fumio Kishida, John Kirby, Biden, Kirby, Kishida Organizations: WASHINGTON, Japan's, White House, Air Force, Group, Japan's Nippon Steel, U.S . Steel Locations: United States, Japan, Hiroshima, Pittsburgh, Asia, South Korea
A Houthi fighter holds up a pistol in the cargo area of the Galaxy Leader cargo ship in the Red Sea in this photo released November 20, 2023. Kirby's comment was significant because one of the Biden administration's first acts after taking office in January 2021 was revoking terrorist designations of the Houthis over fears the sanctions they carried could worsen Yemen's humanitarian crisis. Kirby called the Houthis' seizure of the vessel a "flagrant violation of international law" in which "Iran is complicit." "In light of this, we have begun a review of potential terrorist designations and we will be considering other options as well with our allies and partners as well," Kirby said at a White House press briefing. U.S. Secretary of State Antony Blinken on Feb. 12, 2021, revoked the designations in "recognition of the dire humanitarian situation in Yemen."
Persons: John Kirby, Biden, Houthis, Kirby, Trump, Antony Blinken, Jonathan Landay, Steve Holland, Grant McCool Organizations: Galaxy Leader, Houthi Military, REUTERS, Rights, White House, Japan's Nippon, Car Carriers, Ray Shipping, United Nations, Thomson Locations: Red, United States, Iran, Israel, Bahamas, Isle of, Tel Aviv, Yemen, Hodeidah, Islam, Saudi, Saudi Arabia, U.S
Seized Galaxy Leader ship in Yemen's Hodeidah port area -owner
  + stars: | 2023-11-20 | by ( ) www.reuters.com   time to read: +2 min
[1/5] The Galaxy Leader cargo ship is escorted by Houthi boats in the Red Sea in this photo released November 20, 2023. Houthi Military Media/Handout via REUTERS Acquire Licensing RightsLONDON, Nov 20 (Reuters) - The Galaxy Leader commercial ship was "illegally boarded by military personnel via a helicopter" on Nov. 19 and is now in the Hodeidah port area in Yemen, the vessel’s owner said on Monday. "All communications were subsequently lost with the vessel," Isle of Man registered Galaxy Maritime Ltd, owner of the pure car carrier Galaxy Leader, said in a statement. "The Houthi seizure of the motor vessel Galaxy Leader in the Red Sea is a flagrant violation of international law," U.S. State Department spokeman Matthew Miller told a briefing. The Bahamas-flagged Galaxy Leader's crew is made up of nationals from Bulgaria, Ukraine, the Philippines, Mexico and Romania, Galaxy Maritime said.
Persons: Houthis, Matthew Miller, Jonathan Saul, Jonathan Landay, Daphne Psaledakis, Christina Fincher, David Gregorio Our Organizations: Galaxy Leader, Houthi Military, REUTERS Acquire, Galaxy Maritime Ltd, Galaxy, U.S . State Department, Galaxy Maritime, Japan's Nippon, Maritime, Thomson Locations: Red, Yemen, Iran, States, U.S, Bahamas, Bulgaria, Ukraine, Philippines, Mexico, Romania, Washington
Glencore will pay $6.9 billion for a 77% stake in Teck's coal unit, while Japan's Nippon Steel (5401.T) will pay $1.7 billion and swap its interest in one of Teck's coal operations for 20% of the coal business, the report said, citing sources. The Wall Street Journal first reported that Glencore and Teck were in advanced talks on a deal that would value Teck's coal assets at close to $10 billion. Glencore and Nippon Steel declined to comment. The Vancouver-based company has twice rejected an unsolicited $22.5 billion bid for the entire company from Glencore. The company in July said it had received offers from "various" interested parties for its coal business.
Persons: Lyle Stafford, Glencore, Korea's, Teck, Posco, Shubhendu Deshmukh, Shubham, Sonia Cheema Organizations: REUTERS, Teck Resources, Glencore Plc, Asian, Nippon Steel, Globe & Mail, Japan's Nippon Steel, Street Journal, Reuters, Thomson Locations: Teck, Vancouver , British Columbia, Canada, KS, Glencore, The Vancouver, Bengaluru
Sensor is seen on a vehicle at Aeva Inc, a Mountain View, California-based startup that makes lidar sensors to help self-driving vehicles see the road in an undated handout photo provided September 4, 2020. Courtesy of Aeva Inc/Handout via REUTERS/ File Photo Acquire Licensing RightsNov 8 (Reuters) - Aeva Technologies (AEVA.N) on Wednesday said it has inked a deal to supply May Mobility with a key sensor for its self-driving shuttles. Silicon Valley-based Aeva has developed what is known as a lidar sensor that helps self-driving vehicles gain a detailed, long-range view of the road. Under the deal, Aeva will supply multiple sensors for "thousands" of May Mobility vehicles through 2028, Aeva Chief Executive Officer Soroush Salehian told Reuters in an interview. He said May Mobility will need to rewrite some of its software to use the Aeva sensors but that they will eventually improve the long-range sensing of its shuttles, which are based on Toyota Sienna minivans.
Persons: Cruise, Soroush Salehian, Edwin Olson, Olson, Stephen Nellis, Mark Potter Organizations: Aeva Inc, REUTERS, Aeva Technologies, Mobility, Motors, Japan's Nippon, Telephone, NTT, Toyota, Aeva, Reuters, May Mobility, Toyota Sienna, San, Thomson Locations: , California, Silicon, Michigan, San Francisco
A Toyota logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/David 'Dee' Delgado/File Photo Acquire Licensing RightsTOKYO, Nov 6 (Reuters) - Japan's Nippon Telegraph and Telephone (NTT) (9432.T) plans to test driverless vehicle technology with Toyota Motor (7203.T) and invest in a U.S. startup developing self-driving systems, a spokesperson for the telecommunications firm said on Monday. The Nikkei newspaper first reported on Monday that NTT will invest in May Mobility, adding that both NTT and Toyota would jointly develop vehicles. Both the NTT spokesperson and a Toyota spokesperson said they had no plans for joint development. Cruise late that month suspended all driverless vehicle operations in the United States following an accident that led California regulators to order the company to remove its driverless cars from state roads.
Persons: David, Dee, Delgado, Cruise, Daniel Leussink, Maki Shiraki, Satoshi Sugiyama, Louise Heavens, Christina Fincher Organizations: New York, REUTERS, Rights, Japan's Nippon, Telephone, NTT, Toyota Motor, Nikkei, Toyota, Mobility, Tokio, Honda, General Motors, Cruise, Thomson Locations: Manhattan , New York City, U.S, Japan, Michigan, United States, California
It was unclear what stake JFE was seeking or what price it was offering. Japan's Nippon Steel (5401.T) has previously said it was looking to buy a 10% stake in Teck's coal business for C$1.15 billion, valuing the overall business at about C$11.5 billion, with an option of increasing its stake to 17.5%. Glencore has said it will consider buying the coal business for about $8.5 billion. JFE Steel holds 15% equity in India's JSW Steel (JSTL.NS), which was also exploring an investment in Teck's coal business. Price said the company had two options -- a 100% sale of the coal business for cash or a partial sale of the coal business, with proceeds going to growing the copper business.
Persons: Chris Helgren, Glencore, Major steelmakers, Teck, JFE, Jonathan Price, Price, Divya Rajagopal, Neha Arora, Denny Thomas, Nick Zieminski, Rod Nickel Organizations: Teck Resources, Developers Association of Canada, REUTERS, Rights, JFE Steel Corp, Canada's Teck Resources, Reuters, Japan's Nippon Steel, JFE Steel, JSW, Thomson Locations: Teck, Toronto , Ontario, Canada, Canada's Teck, Russia, JFE, Tokyo, Australia, Swiss, Toronto, India
The source said discussions between JSW Steel - India's largest steelmaker by capacity - and Teck over the stake sale had slowed down, although work on the paperwork continued. JSW Steel declined to comment. "We do not comment on market rumours or speculation," Teck Resources said in an emailed response to Reuters queries. JSW steel is one of the largest customers of Teck's coal business. For India, Canada is the fourth-largest exporter of coking coal used in the steel business, according to Indian government data.
Persons: Chris Helgren, Teck, JSW Steel, JSW, Glencore, Neha Arora, Divya Rajagopal, Clara Denina, Emelia Sithole, Mark Porter Organizations: Teck Resources, Developers Association of Canada, REUTERS, JSW Steel, Ottawa, British Columbia, JSW, Reuters, Investment, Standard Chartered, Deutsche Bank, Japan's Nippon Steel, Thomson Locations: Teck, Toronto , Ontario, Canada, DELHI, India, New Delhi, Canadian, British, Vancouver, Australia, Russia, United States, Toronto, London
The source said discussions between JSW Steel - India's largest steelmaker by capacity - and Teck over the stake sale had slowed down, although work on the paperwork continued. JSW Steel declined to comment. "We do not comment on market rumours or speculation," Teck Resources said in an emailed response to Reuters queries. JSW steel is one of the largest customers of Teck's coal business. For India, Canada is the fourth-largest exporter of coking coal used in the steel business, according to Indian government data.
Persons: Chris Helgren, Teck, JSW Steel, JSW, Glencore, Neha Arora, Divya Rajagopal, Clara Denina, Emelia Sithole, Mark Porter Organizations: Teck Resources, Developers Association of Canada, REUTERS, JSW Steel, Ottawa, British Columbia, JSW, Reuters, Investment, Standard Chartered, Deutsche Bank, Japan's Nippon Steel, Thomson Locations: Teck, Toronto , Ontario, Canada, DELHI, India, New Delhi, Canadian, British, Vancouver, Australia, Russia, United States, Toronto, London
Tokyo CNN —The iconic Japanese animation company Studio Ghibli, which created internationally beloved films including “My Neighbor Totoro” and “Spirited Away,” has been sold to Nippon TV after failing to find a successor for its legendary co-founder and director Hayao Miyazaki. “With director Hayao Miyazaki now 82 years old and producer Toshio Suzuki also 75, Studio Ghibli has long been struggling with the issue of their successors,” the statement said. Nippon TV and Studio Ghibli have long worked together, with the former broadcasting Ghibli films on air, investing in Ghibli movie productions, and even helping fund the Ghibli Museum, the statement said. Under the new arrangement, Nippon TV will become the largest Ghibli shareholder with 42.3% of the voting rights. Since its founding in 1985, Studio Ghibli has been known for its hand-drawn animation, sticking to old-school, painstaking frame-by-frame methods.
Persons: , Hayao Miyazaki, Toshio Suzuki, , , Ghibli, Miyazaki, Suzuki, Mononoke ” Organizations: Tokyo CNN, Ghibli, Nippon TV, Nippon, Kyodo, Suzuki, Ghibli Museum Locations: Tokyo
May 5 (Reuters) - Japanese Prime Minister Fumio Kishida will be visiting South Korean President Yoon Suk Yeol on Sunday in the latest effort to improve bilateral ties. - Relations between the two North Asian U.S. allies have been strained over disputes dating to Japan's 1910-1945 occupation of Korea. - Relations deteriorated in 2019 when Japan restricted exports of high-tech materials for making chips and display panels to South Korea. - In late March, Japan's trade ministry lifted export curbs to South Korea on the high-tech materials, while South Korea withdrew its complaint filed at the World Trade Organization on Japan's export controls. Under Yoon, South Korea has resumed trilateral military drills and agreed to more intelligence sharing on issues like tracking ballistic missile launches from North Korea.
Spring training roundup: Mets win Kodai Senga’s debut start
  + stars: | 2023-03-06 | by ( ) www.reuters.com   time to read: +6 min
Cardinals catcher Tres Barrera was responsible for the only hit and run Senga allowed, a solo shot to left in the second. Francisco Lindor and Pete Alonso hit solo home runs and Tim Locastro hit a pair of RBI doubles and scored on a throwing error for New York. The Rays got their two runs from solo homers by Jose Siri and Randy Arozarena. Jake Rogers hit his third home run of spring training for the Tigers. The Athletics, who have flirted with a move to Las Vegas, played a two-game spring training series this weekend at Las Vegas Ballpark.
REUTERS/Kim Hong-JiSEOUL, March 6 (Reuters) - South Korea on Monday proposed establishing a public foundation to compensate victims of wartime forced labour by Japan, to help resolve strained ties between the two countries. Efforts to overcome historical disputes between South Korea and Japan were renewed under South Korean President Yoon Suk Yeol, who took office in May, with both countries vowing to improve ties. Japan says the matter of any compensation for forced labour was settled under a 1965 treaty normalizing diplomatic ties and providing South Korea with economic assistance. - Relations deteriorated in 2019 when Japan restricted exports of high-tech material to South Korea. Under Yoon, South Korea has resumed trilateral military drills and agreed to more intelligence sharing on things like tracking ballistic missile launches from North Korea.
Japan's Nippon Steel to pay record FY dividend on rising profit
  + stars: | 2023-02-09 | by ( ) www.reuters.com   time to read: +1 min
Feb 9 (Reuters) - Japan's top steelmaker Nippon Steel Corp (5401.T) on Thursday posted a 2% increase in April-December net profit to 517 billion yen ($4 billion) and said it would pay a record-high full-year dividend of 180 yen per share. Nippon Steel, which kept its full-year net profit forecast unchanged at 670 billion yen, paid an annual dividend of 160 yen per share last year. The company raised its full-year underlying business profit forecast by 60 billion yen to 690 billion yen, as it expects its non-consolidated steel output to be 200,000 tonnes higher than estimated in its previous forecast released in November. As Nippon Steel expands in lower-emission business including carbon capture and storage, it plans to issue a green bond on the Japanese market to co-finance production of electrical steel sheets used in eco-friendly car motors, it said. The size and maturity of the bond are yet to be announced and the issue itself may come in March or later, Nippon Steel added.
India's Essar Group is debt-free after repaying $25 bln
  + stars: | 2022-11-21 | by ( ) www.reuters.com   time to read: +2 min
NEW DELHI, Nov 21 (Reuters) - India's Essar Group has become debt-free, having settled the remainder of its $25 billion debt after the sale of two ports and a power plant to ArcelorMittal Nippon Steel Ltd (AM/NS), the group said on Monday. Essar, built by brothers Shashi and Ravi Ruia, has sold some of its assets in sectors such as telecom, oil refining and steel over the years to settle its $25 billion debt. "Essar has concluded its asset monetisation programme and completed the debt repayment of $25 billion effectively making the group debt-free from Indian banks and financial institutions," Prashant Ruia, director, Essar Capital, said in a statement. AM/NS, which agreed to buy some infrastructure assets from Essar group for $2.4 billion, in a statement said that the ports and the power plant are captive to its India's operations and are expected to generate operation synergies for the company. Acquisition of these assets will help move raw materials and finished goods between the company's manufacturing facilities in western, eastern and southern India.
A liquefied natural gas (LNG) tanker is tugged towards a thermal power station in Futtsu, east of Tokyo, Japan November 13, 2017. The global LNG market has more than doubled in size since 2011, ushering in dozens of new entrants and the expansion of smaller players in Asia. The capital needed to trade the market soared after benchmark LNG prices rose from record lows below $2 per million British thermal units (mmBtu) in 2020 to highs of $57 in August. LNG spot prices price stood at $40.50/mmBtu then. 'DIFFICULT TO COMPETE'High LNG cargo prices are also widening energy poverty globally as some cargoes, initially destined for poorer nations, end up being diverted to European buyers.
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