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Senator Joe Manchin, a maverick who has often bucked party leadership in the past two years, said on Thursday that he will not seek re-election, hurting Democrats' chance of defending their thin Senate majority in the 2024 election. The move by the 76-year-old lawmaker will make it very difficult for Democrats to defend his West Virginia seat. "We like our odds in West Virginia," Senator Steve Daines, the head of Republican senators' campaign arm, said in a statement. David Bergstein, a spokesperson for the Senate Democrats' campaign arm, said the party was confident in its chances of strengthening its majority. Manchin has insisted that his only motivation is the coal-producing state of West Virginia and an eye on fiscal responsibility.
Persons: Joe Manchin, Manchin, Republican Donald Trump, Democrat Joe Biden, Steve Daines, Biden, Trump, David Bergstein, Matt Bennett, he's, Bennett, Julia Nikhinson, Jim Justice, Justice, Biden's, Kyrsten Sinema, Roe, Wade, Mitt Romney, Moira Warburton, Jasper Ward, Makini Brice, Richard Cowan, Jason Lange, David Morgan, Scott Malone, Alistair Bell, Daniel Wallis Organizations: Democratic U.S, United States Senate, Republican, Democrat, Democratic Party, White, Reuters, Biden, Democrats, Trump, Senate Democrats, U.S, Congress, REUTERS, SEAT West Virginia's Republican, Democratic, Charleston Gazette, Thomson Locations: West Virginia, Montana and Ohio, Pennsylvania, Arizona, Democratic, Washington , U.S, Washington, America, Jasper
PARIS (AP) — French President Emmanuel Macron said on Friday that melting glaciers are an “unprecedented challenge for humanity” and urged world leaders to work together on halting the devastating effects of climate change. The world, Macron said, is witnessing “the collapse of the cryosphere under the impact of climate change,” referring to parts of the Earth where water is in solid form, including glaciers. “The most immediate and visible effect is the melting of the ice caps ... it represents an unprecedented challenge for humanity,” Macron said. The Artic is rapidly losing sea ice as global warming causes the ice to weaken and disappear. The frozen Antarctic has also seen dramatic ice sheet melt, disappearing glaciers and unusually high temperatures as the world heats up.
Persons: Emmanuel Macron, , Macron, ” Macron, It’s Organizations: PARIS, , Paris Peace Locations: Ukraine, Israel, Paris, China, Russia
Over a decade ago, a Wall Street banker bought a coal mine to sell coal. Turns out, the mine contains rare earth elements that could be worth tens of billions of dollars. AdvertisementAdvertisementIn 2011, Randall Atkins, a former Wall Street banker, bought a mine outside of Sheridan, Wyoming, sight unseen, The Wall Street Journal reported. In May, Ramaco announced that Atkins' Brook Mine contains one of the largest unconventional deposits of rare earth elements in the US. Early this year, the White House announced it plans to invest $32 million in domestic rare earth and other mineral projects.
Persons: , Randall Atkins, Atkins, Ramaco, REE, REEs, David Becker, Patty Webber, They're, haven't, Shannon Anderson Organizations: Wall Street, Service, Street Journal, Casper Star, Tribune, DOE's National Energy Technology Laboratory, International, Inc, Resources, Reuters, Geological Survey, Wyoming Public, Defense Department, White House, Sheridan Press Locations: Sheridan , Wyoming, Atkins, Wyoming, China
'Cop28 UAE' logo is displayed on the screen during the opening ceremony of Abu Dhabi Sustainability Week (ADSW) under the theme of 'United on Climate Action Toward COP28', in Abu Dhabi, UAE, January 16, 2023. REUTERS/Rula Rouhana/File Photo Acquire Licensing RightsWASHINGTON/BRUSSELS, Nov 9 (Reuters) - More than 60 countries have said they back a deal spearheaded by the European Union, United States and United Arab Emirates to triple renewable energy this decade and shift away from coal, two officials familiar with the matter told Reuters on Thursday. Some major emerging economies like Nigeria, South Africa and Vietnam, developed countries like Australia, Japan and Canada, and others including Peru, Chile, Zambia and Barbados have said they will join the pledge, the officials told Reuters. One of the officials told Reuters negotiations with China and India to join the pledge are "quite advanced," although neither has yet agreed to join. Reporting by Valerie Volcovici and Kate Abnett; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.
Persons: Rula, Valerie Volcovici, Kate Abnett, Tom Hogue Organizations: Abu Dhabi Sustainability, REUTERS, European Union, United, United Arab Emirates, Reuters, EU, Thomson Locations: UAE, Abu Dhabi, WASHINGTON, BRUSSELS, United States, United Arab, Dubai, Nigeria, South Africa, Vietnam, Australia, Japan, Canada, Peru, Chile, Zambia, Barbados, China, India
John Kerry, U.S. Special Presidential Envoy for Climate speaks during an earlier interview with Reuters, in Abu Dhabi, United Arab Emirates, on October 31, 2023. REUTERS/Abdel Hadi Ramahi/File Photo Acquire Licensing RightsSINGAPORE, Nov 10 (Reuters) - The United States and China have reached "understandings and agreements" on climate issues that will help ensure progress is made at the COP28 talks starting late this month in Dubai, U.S. climate envoy John Kerry said on Friday. China envoy Xie told diplomats in September that phasing out fossil fuels was "unrealistic" while key technologies like energy storage remained immature. China now has 360 gigawatts of coal-fired power capacity in its project construction pipeline, he said, but "they're trying very hard to move away." Right now, "it is irresponsible to be funding a coal-fired power plant anywhere in the world," he said.
Persons: John Kerry, Abdel Hadi Ramahi, Kerry, Xie Zhenhua, Xie, David Stanway, Tom Hogue Organizations: Reuters, United, REUTERS, Rights, Bloomberg, Economy, Thomson Locations: Abu Dhabi, United Arab Emirates, Rights SINGAPORE, United States, China, Dubai , U.S, Sunnylands , California, Singapore, COP28
Twelve years ago, former Wall Street banker Randall Atkins bought an old coal mine outside Sheridan, Wyo., sight unseen, for about $2 million. He thought the mine might eke out a profit. Instead, Atkins recently learned it could bring a windfall.
Persons: Randall Atkins, Atkins Organizations: Wall Street Locations: Sheridan
The famed investor's company reported lower revenues and profits in several divisions last quarter. Here's a roundup of Berkshire's weak spots last quarter:BNSF Railway - operating revenues fell by 12% and earnings by 15%. Manufacturing: consumer products - revenues fell by 2% in the third quarter and 13% in the nine months to September. AdvertisementAdvertisementBuffett foreshadowed the challenges, warning in May that most of Berkshire's businesses would report profit declines this year. While the US has escaped recession so far, Berkshire's earnings suggest there are some cracks in the economy.
Persons: Warren, Berkshire Hathaway, Here's, , Clayton, Buffett Organizations: Service, BNSF Railway, Manufacturing, Clayton Homes, Federal Reserve Locations: Berkshire, Forest
Biden’s economic scorecard touts fragile advantage
  + stars: | 2023-11-09 | by ( Ben Winck | ) www.reuters.com   time to read: +11 min
And if the political strategist James Carville was right that “it’s the economy, stupid,” the next several months could make or break Joe Biden’s economic record. As things stand, the current ruler of the free world touts a fragile advantage. Households’ disposable income after adjusting for inflation hit a record $20 trillion in the month that Biden’s measure was approved, according to the Bureau of Economic Analysis. STUDENT LOANSForgiving swaths of student debt was another of Biden’s campaign promises, but his efforts have so far failed. And with higher interest rates making debt service more expensive, Biden’s spending could come back to bite him on election day.
Persons: Joe Biden, Ken Cedeno, James Carville, Joe Biden’s, , aren’t, Breakingviews, it’s, Biden, Donald Trump, Mitch McConnell, , Realtor.com, Congressional Republicans haven’t, haven’t, WALL, Lauren Silva Laughlin, Sharon Lam, Aditya Sriwatsav Organizations: Edmond's Catholic, REUTERS, Rights, Reuters, House, Republican, AMERICAN, ACT, Brookings Institution, Analysis, Walmart, Nordstrom, Deere, Caterpillar, Republicans, Commerce Department, Micron, Bank of America, Gallup, Federal Reserve, United Auto Workers, RSM, Congressional Republicans, Biden, Reuters Graphics Reuters, Conservative, Thomson Locations: St, Rehoboth Beach , Delaware, U.S, New York, Arizona, West Virginia
A temperature display reading 99 degrees Fahrenheit (37.2 degrees Celsius) in Houston, Texas, on June 21, 2023. “October 2023 has seen exceptional temperature anomalies, following on from four months of global temperature records being obliterated,” Samantha Burgess, deputy director of Copernicus, said in a statement. Every month since June has smashed monthly heat records and every month since July has been at least 1.5 degrees Celsius above pre-industrial levels. The year to-date is averaging 1.43 degrees Celsius above pre-industrial levels, according to Copernicus — perilously close to the internationally agreed ambition to limit global warming to 1.5 degrees Celsius. China saw more than 12 monthly temperature records broken on Monday, with temperatures reaching 34 degrees Celsius (93 Fahrenheit) in some places.
Persons: ” David Reay, Niño, ” Andrew Pershing, , Chen Chen, Samantha Burgess, Copernicus, ” Hannah Cloke, Hurricane Otis, ” Reay, it’s what’s, Friederike Otto, , “ El Niño, ” Pershing, ” CNN’s Robert Shackelford, Sara Tonks, Brandon Miller Organizations: CNN, University of Edinburgh, Climate, University of Reading, Hurricane, Southern, Grantham Institute, Imperial College London, UN Locations: Edinburgh, India, United States, South, Southwest, Houston, Iceland, Lesotho, Houston , Texas, Xinhua, Southern Mexico, China, Texas, Dubai, Paris
For the first time, Indonesia accounted for more than 50% of global thermal coal exports during the January to October window, data from Kpler shows, indicating its success in wresting share from rival exporters. Indonesia coal exports by destinationIndia was the second largest buyer of Indonesian coal, grabbing a roughly 20% share of the total (82 million tons). Indonesia vs Australia thermal coal pricesThat compares to an average $184 per ton for the roughly 6,200 kcal/kg coal shipped from Newcastle in Australia. Indonesia coal export price vs Indonesia coal exports to ChinaThe price to ship a ton of coal from Indonesia to China is currently around $8-$10, compared to $14-$15 a ton for the Australia to China voyage, according to Shanghai Shipping Exchange data. And that means Indonesia's full-year coal exports will smash previous records for 2023 as a whole.
Persons: Gavin Maguire, Tom Hogue Organizations: Russia, TOP, China, Australia, Indonesia, Shanghai Shipping Exchange, Reuters, Thomson Locations: Cilegon, West Java, Indonesia, LITTLETON , Colorado, South Africa, Colombia, United States, Hong Kong, India, Philippines, Japan, South Korea, Taiwan, China, Australia, LSEG, Newcastle, Mozambique, Russia, Indonesian, Asia
Insurers can underwrite dirty energy with impunity
  + stars: | 2023-11-09 | by ( ) www.reuters.com   time to read: +2 min
LONDON, Nov 9 (Reuters Breakingviews) - Insurers used to get heat for underwriting fossil fuels. Membership of bodies like the Net-Zero Insurance Alliance (NZIA) was supposed to mean financial groups would cease supporting oil, gas and coal, speeding the pace of decarbonisation. Similarly, five of the Lloyd’s insurance market’s managing agents – RiverStone, Chaucer, RenaissanceRe, Ascot and Aegis – have not implemented any restrictions on fossil fuels. Insurers have even fewer qualms about supporting oil and gas. Governments have made energy security a key priority since Russia’s invasion of Ukraine, and can reasonably argue that abrupt halts to backing fossil fuels will just mean higher energy prices.
Persons: Warren, Berkshire Hathaway, Starr don’t, – RiverStone, Chaucer, Insuramore, Pamela Barbaglia, George Hay, Oliver Taslic Organizations: Reuters, Zero Insurance, Axa, Everest, Aegis, Reuters Graphics, X, Bayer, SEC, Paramount, Thomson Locations: Zurich, PICC, RenaissanceRe, Ascot, Ukraine
WASHINGTON (AP) — A project to build a first-of-a-kind small modular nuclear reactor power plant was terminated Wednesday, another blow to the Biden administration's clean energy agenda following cancellations last week of two major offshore wind projects. Oregon-based NuScale Power has the only small modular nuclear reactor design certified for use in the United States. “We absolutely need advanced nuclear energy technology to meet (the Biden administration’s) ambitious clean energy goals,'' spokeswoman Charisma Troiano said. In 2020, the Trump administration approved up to $1.4 billion for the project, known as the Carbon Free Power Project. Most prospective subscribers were unwilling to take on the risks associated with developing a first-of-a-kind nuclear project, the Utah group said.
Persons: Joe Biden's, Biden, Charisma Troiano, , Timothy Fox, Fox, Trump, Obama, John Hopkins, NuScale, Ken Cook, ” Cook, ___ McDermott Organizations: WASHINGTON, Biden, Idaho National Laboratory, Energy Department, DOE, ClearView Energy Partners, The Energy Department, Energy Department's, Energy Department's Idaho National Laboratory, Carbon, Power, Congress, Utah Associated Municipal Power Systems, Nuclear Energy Institute, Environmental, U.S . Nuclear Regulatory Commission, AP Locations: Oregon, United States, Utah, Idaho, New Jersey, U.S, Washington, Idaho Falls , Idaho, Energy Department's Idaho, California, Providence , Rhode Island
CHARLESTON, W.Va. (AP) — Democratic Sen. Joe Manchin of West Virginia announced Thursday that he won’t seek reelection in 2024, giving Republicans a prime opportunity to pick up a seat in the heavily GOP state. “I believe in my heart of hearts that I have accomplished what I set out to do for West Virginia," he said. Political Cartoons View All 1237 ImagesAlready, 2024 was shaping up to be a tough election cycle for Senate Democrats. He won reelection in both 2012 and 2018, with the latter campaign his toughest in his three-plus decades in West Virginia politics. During Manchin’s first two terms in the Senate, West Virginia lost thousands of coal jobs as companies and utilities explored using other energy sources such as natural gas, solar and wind.
Persons: — Democratic Sen, Joe Manchin, won’t, , , Manchin, clamoring, Alex Mooney, Donald Trump, Joe Biden’s, Kamala Harris ’, Sen, Kyrsten, midterms, Biden, — zapping, Sinema, Robert C, Byrd, Morrisey, Manchin’s, Bernie Sanders, White, Mitch McConnell of, Brett Kavanaugh, Neil Gorsuch, Barack Obama Organizations: — Democratic, West Virginia, United States Senate, Democratic, Republican, GOP, Senate Democrats, Democrat, Republicans, Trump, Senate, Biden Locations: CHARLESTON, W.Va, West, West Virginia, Arizona, Pennsylvania, Mitch McConnell of Kentucky
It’s no secret that fossil fuels are still going strong, as we discussed last month. But a new United Nations-backed report paints an alarming picture of how dramatically coal, oil and gas production is expected to grow in the coming years. If current projections hold, the United States will drill for more oil and gas in 2030 than at any point in its history, our colleague Hiroko Tabuchi reports. In fact, almost all of the top 20 fossil fuel-producing countries plan to produce more oil, gas and coal in 2030 than they do today. “We cannot address climate catastrophe without tackling its root cause: fossil fuel dependence.”
Persons: Hiroko Tabuchi, António Guterres Organizations: United Nations Locations: United States, Russia, Saudi Arabia
We’re Producing Too Much Coal, Oil and Gas, Report Says
  + stars: | 2023-11-08 | by ( Eric Niiler | ) www.wsj.com   time to read: 1 min
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Persons: Dow Jones
WELLINGTON, New Zealand (AP) — A group of South Pacific leaders was due to travel to the stunning island of Aitutaki on Thursday to discuss climate change and other regional concerns. The forum culminates in a leaders' retreat Friday on Aitutaki, a beautiful island renowned for its picturesque lagoon. Albanese told reporters that Australia had gotten a positive reception in a region where climate change looms as an existential threat for many low-lying islands. Political Cartoons View All 1237 ImagesAlbanese's predecessor Scott Morrison was criticized for dragging his feet on climate change while championing Australia's lucrative coal and gas exports. “I am proud of the hard work and items before you today covering climate change, gender, fisheries, nuclear issues, and trade, among others,” Puna told forum attendees.
Persons: Anthony Albanese, Albanese, Scott Morrison, Henry Puna, Organizations: South Pacific, Forum, Australia Locations: WELLINGTON, New Zealand, Aitutaki, Cook, Henry, ” Puna, ” New Zealand
And over the past decade, governments and businesses have made progress in weaning themselves from fossil fuels by ramping up wind and solar power, for example, and investing in electric vehicle infrastructure. Yet the report issued on Wednesday, led by researchers at the Stockholm Environment Institute, found that nations of the world plan to keep increasing coal production until 2030, and oil and gas production decades beyond that. The world was also set to overshoot, by 69 percent, the amount of fossil fuels consistent with limiting warming to 2 degrees Celsius. Beyond those thresholds, the world faces the danger of irreversible and catastrophic damage from climate change, scientists say. The authors partly credited nations’ nascent efforts to rein in their emissions under the 2015 Paris Agreement, and the rapid growth in clean energy.
Organizations: Stockholm Environment Institute Locations: Stockholm, Paris
A rapid transition to green energy sources would prevent a lot of disability and early death, researchers say. In the year 2050 alone, the transition's impact amounts to 181 million future years of healthy human life, a new report found. Add to that list 181 million years of healthy human life — annually. Mohammad Ponir Hossain/ReutersDisability-adjusted life years, or DALYs, capture years of life affected by disability and years lost to premature death. If the world rapidly transitions to renewables, they found, the energy system will still hurt human health enough in 2050 to lead to early death and disability that affects 30 million years of human life.
Persons: Martin Meissner, it's, Stephanie Roe, WWF's, Mohammad Ponir Hossain, Nick Oxford, Dylan Martinez, Jonathan Buonocore, Buonocore, Lyu, Roe Organizations: Service, Wildlife Fund, Boston Consulting, Reuters, American Lung Association . Mines, Harvard, Boston University School of Public Health, WWF, China News Service, Getty, International Energy Agency, Stanford Locations: Haltern, Germany, Dhaka, Bangladesh, Texas, Fujian Province, China
CNN —Global fossil fuel production in 2030 is set to be more than double the levels that are deemed consistent with meeting climate goals set under the 2015 Paris climate agreement, the United Nations and researchers said on Wednesday. The United Nations Environment Programme’s (UNEP) report, assessing the gap in fossil fuel production cuts and what’s needed to meet climate goals, comes ahead of the global COP 28 climate meeting, which starts on November 30 in the oil-rich United Arab Emirates. “We need countries to commit to a phase out of all fossil fuels to keep the 1.5C goal alive,” she said. It said 17 of the countries have pledged to reach net zero emissions but most continue to promote, subsidise, support and plan the expansion of fossil fuel production. The 20 countries analysed account for 82% of global fossil fuel production and 73% of consumption, the report said and include Australia, China, Norway, Qatar, Britain, the UAE and the United States.
Persons: Achakulwisut, Organizations: CNN, Global, United Nations, United Nations Environment Programme’s, United, United Arab Emirates, Stockholm Environment Institute, SEI, UNEP, International Institute for Sustainable Development Locations: Paris, United Arab, Stockholm, Australia, China, Norway, Qatar, Britain, UAE, United States
The administration approved five U.S. LNG export licenses to serve the European market following Russia's invasion, having approved none beforehand. U.S. special climate envoy John Kerry told Reuters last year that greenhouse gas emissions were an inevitable "downside" to increasing LNG exports to European allies. CO2 emissions from the energy-intensive process of liquefying gas for export mark only one stage in the industry's overall climate impact. Critics argue that it is unclear whether the U.S. gas export boom to Europe is displacing coal or delaying a transition to renewables like solar and wind. NextDecade Corp has said its proposed terminal near Brownsville, Texas, could remove more than 90% of its expected 6.4 million tons per year of carbon emissions.
Persons: Arathy, Biden, John Kerry, Robert Fee, Critics, Alexandra Shaykevich, Sempra, Susan Richardson, Tim McLaughlin, Richard Valdmanis, Suzanne Goldenberg Organizations: Reuters, Cheniere Energy, United, U.S . Environmental Protection Agency, Federal Energy Regulatory, Biden White, LNG, The Energy Department, FERC, U.S, Energy Information Administration, Reuters Graphics, Washington, Venture Global, CCS, SEC, Talos Energy, NextDecade, Thomson Locations: Freeport, U.S, Freeport , Texas, United States, Russia, Ukraine, Europe, Texas, Cameron, Louisiana, Brownsville , Texas
Nov 8 (Reuters) - NuScale Power (SMR.N) said on Wednesday it has agreed with a power group in Utah to terminate the company's small modular reactor project, dealing a blow to U.S. ambitions for a wave of nuclear energy to fight climate change and sending NuScale's shares down 20%. In 2020, the Department of Energy approved $1.35 billion over 10 years for the plant, known as the Carbon Free Power Project, subject to congressional appropriations. NuScale's Utah plant was expected to be the first SMR to win a license from the U.S. Nuclear Regulatory Commission for construction. An Energy Department spokesperson said it was unfortunate news, but added, "We believe the work accomplished to date on CFPP will be valuable for future nuclear energy projects. So far, only NuScale's SMR design has been approved by the NRC.
Persons: NuScale, John Hopkins, Critics, Biden, Manas Mishra, Timothy Gardner, Shounak Dasgupta, Krishna Chandra Eluri, Leslie Adler Organizations: Department of Energy, Carbon, Power, Utah Associated Municipal Power Systems, SMR, U.S . Nuclear Regulatory Commission, Energy Department, DOE, NRC, Thomson Locations: Utah, Romania, Kazakhstan, Poland, Ukraine, NuScale's Utah, U.S, Bengaluru, Washington
UNITED NATIONS (AP) — Nuclear energy must be part of the equation to tackle climate change, the U.N. nuclear chief said Wednesday. Over a quarter of the electricity from nuclear power is low-carbon electricity and global carbon dioxide emissions would be considerably higher without nuclear power, Grossi said. More than 400 nuclear reactors in over 30 countries are supplying global electricity, and Grossi said more than 50 are under construction and many countries are extending their existing nuclear programs. Political Cartoons View All 1237 ImagesBut “nuclear power’s share of global electricity production decreased by about half" in the past two decades, he said. Grossi said the growing worldwide interest in nuclear energy has led the IAEA to increase its high nuclear energy projection to 873 gigawatts in 2050.
Persons: Rafael Grossi, Grossi, ” Grossi, Organizations: UNITED NATIONS, International Atomic Energy Agency, General, IAEA, International Energy Agency Locations: Africa, Latin America
It is not the first time that Mainers' push for a publicly owned energy grid has failed. In 1973, voters struck down the creation of a Maine Power Authority, which would have put the power supply in the state's hands. Janet Mills vetoed a bill from the state legislature to establish Pine Tree Power. In New York, the Long Island Power Authority has run the power grid of Long Island since 1986. Despite having a roughly 70-year-old public power grid, Nebraska still relies heavily on coal.
Persons: Janet Mills, Willy Ritch, Judy Long, Lucy Hochschartner Organizations: Carver, Voters, Maine Power Authority, Democratic Gov, Central Maine Power, Public, Maine Affordable Energy, Versant, CNBC, Pine, Power Authority, Cooperative, Hawaiian, Publicly, London Economic, Maine's Public Utilities Commission Locations: South Shore, Plymouth, Avangrid, Maine, . Nebraska, Los Angeles, Seattle, Kauai, New York, Long, Nebraska, Pine
REUTERS/Toru Hanai/File Photo Acquire Licensing RightsNov 6 (Reuters) - Japanese trading house Itochu (8001.T) posted a 14.5% drop in six-month net profit on Monday but raised its full-fiscal year profit forecast on stronger expectations for its machinery business and the weaker yen. Itochu increased its net profit forecast for the year ending in March 2024 by 20 billion yen to 800 billion yen ($5.4 billion) after weaker coal and iron ore prices resulted in its half-year net profit falling to 412.90 billion yen. "We have raised our full-year profit forecast for the machinery segment, backed by strong performance of automobile, construction machinery and North America's power business," President and Chief Operating Officer Keita Ishii told a news conference. The full-year profit forecast for Itochu's machinery business -- its second-biggest profit contributor after the metals and minerals segment and which makes ship and car parts and industrial machinery -- was increased by 10 billion yen to 115 billion yen. The company also said it will buy back up to 1.2% of its shares, worth 75 billion yen.
Persons: Toru Hanai, Keita Ishii, Ishii, Katya Golubkova, Yuka Obayashi, Kim Coghill, Savio D'Souza Organizations: Itochu, REUTERS, Mitsui, Mitsubishi, Sumitomo, Thomson Locations: Tokyo, Japan, China
Japan's Itochu H1 net profit down 14.5% y/y, sets buy back
  + stars: | 2023-11-06 | by ( ) www.reuters.com   time to read: 1 min
The logo of Itochu Corp is seen outside the company's headquarters in Tokyo, Japan, November 7, 2016. REUTERS/Toru Hanai/File Photo Acquire Licensing RightsNov 6 (Reuters) - Japanese trading house Itochu (8001.T) on Monday posted a 14.5% drop in six-month net profit but raised its full-fiscal year profit forecast on stronger non-resource business development expectations and weaker yen. Itochu's net profit to Sept. 30 was 412.90 billion yen ($2.8 billion), down from the same period last year on weaker coal and iron ore prices. It raised its net profit forecast for the year ending in March 2024 by 20 billion yen to 800 billion yen. The company will buy back up to 1.2% of its shares worth 75 billion yen, it added on Monday.
Persons: Toru Hanai, Katya Golubkova, Kim Coghill Organizations: Itochu, REUTERS, Thomson Locations: Tokyo, Japan
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