DIRS.INFO The most relevant business & tech news

[1/2] A Shell logo is pictured during the European Business Aviation Convention & Exhibition (EBACE) in Geneva, Switzerland, May 23, 2022. His more cautious approach to the energy transition marks a change in tack from his predecessor Ben van Beurden who introduced the carbon reduction targets and the energy transition strategy. It is also exiting its European power retail businesses, which were seen only a few years ago as key to its energy transition. At the same time, Shell reported record profits of $40 billion last year on the back of strong oil and gas prices. Sawan previously flagged that the 2021 target to cut oil output by 20% the end of the decade was under review.

Persons: Denis Balibouse, Sawan, Wael Sawan's, Ben van Beurden, Shell, Bernard Looney, Lucas Herrmann, Herrmann, Ron Bousso, Elaine Hardcastle Organizations: European Business Aviation Convention, REUTERS, Shell, LONDON, BP, Reuters Graphics Reuters, U.S, Exxon Mobil, Chevron, Investors, Thomson Locations: Geneva, Switzerland, New York, Shell, Lebanese, Namibia, London

☆ Here are Thursday's biggest analyst calls: Amazon, Apple, GameStop, T-Mobile, Skechers, Lowe's & more
▼ + stars: | 2023-06-08 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Jefferies downgrades Las Vegas Sands and Wynn to hold from buy Jefferies downgraded several casino stocks, mainly on valuation. Jefferies reiterates Apple as buy Jefferies said it stands by its buy rating on the Mac maker but that it's concerned about the lack of social experience with Apple's VR technology. Jefferies reiterates GameStop as hold Jefferies said the revolving door of GameStop executives is "more of the same" for the company. Skechers is the world's 3rd largest footwear brand and an underappreciated growth stock, in our view." Bank of America reiterates Lowe's as a buy Bank of America said investors should buy the stock "when the market is fearful."

Persons: Wells, Jefferies, Wynn, WYNN, LVS, Oppenheimer, Apple, Wolfe, Goldman Sachs, Salesforce, Goldman, Morgan Stanley, Skechers, Lowe's, Bernstein Organizations: Vegas Sands, Citi, Apple, VR, GameStop, Mobile, Smart, Rio Tinto, UBS, Amazon, Carrier, Bank of America, of America, NextEra Energy, Xcel Energy, American Electric Power, Barclays, FedEx Locations: Vegas, Rio, China, 2023E

☆ Boring no more. Goldman says buy these utility stocks that are enabling a clean energy future
▼ + stars: | 2023-06-08 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Utility stocks are poised to capitalize on a clean energy future, according to Goldman Sachs. The shift to clean energy will require a "significant" amount of capital investment, which will contribute to attractive earnings and rate base growth, Davenport said. Among the names Goldman rated a buy are American Electric Power, NextEra Energy, Sempra and Southern Co. American Electric Power and NextEra Energy both hit several of Goldman's themes. NextEra Energy offers more than 21% upside to Goldman's price target, plus a 2.5% dividend yield. Meanwhile, Sempra is also an attractive growth opportunity, Davenport said.

Persons: Goldman Sachs, enablers, Carly Davenport, Davenport, Goldman, Sempra, CNBC's Michael Bloom Organizations: Utilities, Fund, Industry, American Electric Power, NextEra Energy, Sempra, Southern Co . American Electric Power, NextEra, Florida, Electric, LNG, Infrastructure, Southern Co Locations: United States, Southern, FPL, Texas

Solar investment could reach a turning point in 2023, and some stocks are well-positioned to benefit from the boom. In the U.S., the Inflation Reduction Act is expected to lead to $600 billion in new investment in solar technology, according to the Solar Energy Industries Association. More than 62% of analysts are bullish on the home solar energy company. ReNew Energy's average price target suggests shares rallying 47% in the coming months. The residential solar energy provider could see shares surge almost 90%, according to its average price target.

Persons: Michael Grubb, Grubb, Morgan Stanley Organizations: International Energy Agency, University College London, Bank, Development, Solar Energy Industries Association, CNBC Pro, Nasdaq, York Stock Exchange, Energy, Energy Global, Sunnova Energy Locations: U.S, India

☆ An electric cruise ship with gigantic solar sails is set to launch in 2030
▼ + stars: | 2023-06-07 | by ( Nell Lewis | ) edition.cnn.com time to read: +5 min

CNN —Adventure cruise company Hurtigruten Norway today revealed plans for a zero-emissions electric cruise ship with retractable sails covered in solar panels, which is due to set sail in 2030. The zero-emissions ship's sails will retract so that the ship can pass under bridges, as shown here in a rendering. This has led to a new wave of designs for eco-friendly sailing vessels, from the transatlantic car carrier Oceanbird and various cargo ships with retractable sails, to Oceanco’s Black Pearl superyacht and Chantiers de Atlanique’s cruise ship with folding solid sails. Hurtigruten Norway has long touted sustainable shipping. In 2019, it launched the world’s first hybrid, battery-supported cruise ship and is currently in the process of converting the rest of its expedition fleet to hybrid battery power.

Persons: Hedda Felin, ”, Gerry Larsson, Fedde, Larsson, Pearl superyacht Organizations: CNN, Hurtigruten, International Maritime Organization, UN Locations: Norway, Norwegian, Oslo, Hurtigruten Norway, “

☆ Climate crisis: Russia's war in Ukraine is undermining global efforts to tackle emissions, new report finds
▼ + stars: | 2023-06-07 | by ( Laura Paddison | ) edition.cnn.com time to read: +7 min

The report, titled Climate Damage Caused by Russia’s War in Ukraine, follows on from a first interim assessment presented at the UN COP27 climate conference in November 2022. Nearly 22 million metric tons of planet-heating pollution came from warfare, almost 20% of the total emissions attributable to the conflict, the report found. “We probably will only be able to really get a more accurate estimate once the war is over,” de Klerk said. “The biggest chunk of the emissions are still in the future reconstruction of Ukraine,” de Klerk said. The report authors even calculated the extra planet-warming pollution created by airlines rerouting flights to avoid Russian and Ukrainian airspace.

Persons: “, ” Lennard, Klerk, It’s, ” de Klerk, Leah Millis, de Klerk, James Appathurai, ”, Rachel Kyte Organizations: CNN, UN, Firefighters, Reuters, Aris Mssinis, Getty, Global, Fletcher School, Tufts University, “ Locations: Ukraine, Belgium, Russia, Nemyshlianski, Kharkiv region, Russian, Avdiivka, Donetsk, AFP, Europe, Ukrainian

OECD senior tax official John Peterson declined to comment about the outcome of the meeting, citing confidentiality rules. However, he said if one country compensates a multinational with "targeted benefits, for example in the form of grants or tax credits" it would no longer be able to raise revenues from a top-up tax. In that case, the company "will simply be subject to additional top-up tax, equal to the same amount, in another jurisdiction." Decisions on compensation would be taken case by case and no direct link would be established between handouts and the top-up tax, the source added. Asked whether the planned rules could be considered a direct subsidy to offset multinationals' higher taxes, the OECD declined to comment as Vietnam's plans had not been finalised.

Persons: John Peterson, Nguyen Thanh Lam, Francesco Guarascio, Phuong Nguyen Organizations: OECD, Economic Cooperation, Development, Vietnam, Reuters, Samsung Electronics, Intel, Samsung, Thomson Locations: Vietnam, HANOI, China, Hanoi, Korea, handouts

☆ World's first vaccine against deadly swine fever nears approval in Vietnam
▼ + stars: | 2023-06-07 | by ( Francesco Guarascio | Thomson Reuters | Francesco Leads A Team Of Reporters In Vietnam That Covers Top Financial | ) www.reuters.com time to read: +4 min

African swine fever has for years disrupted the $250 billion global pork market. The next step will be nationwide authorisation, the first ever for an African swine fever vaccine, and possible sales overseas. "There will be a specific interest obviously," Vilsack said in an interview with Reuters in April, speaking about possible purchases of the Vietnamese vaccines. Use of unlicensed live-virus vaccines in China in past years raised concerns they caused the emergence of new strains of swine fever. Only limited data are available from China's trials on a live-virus vaccine against swine fever.

Persons: Gregorio Torres, Torres, Thomas Vilsack, Vilsack, WOAH, Francesco Guarascio, Phuong Nguyen, Khanh, Dominique Patton, Sonali Paul Organizations: Organisation for Animal Health, Reuters, Rabobank, United States Department of Agriculture, Thomson Locations: Vietnam, Hanoi, world's, HANOI, China, U.S, United States, Khanh Vu, Beijing

SummarySummary Companies Harbour seeks to diversify following UK windfall taxTalos shares rise 4% after Reuters reportLONDON, June 6 (Reuters) - Britain's largest North Sea oil and gas producer, Harbour Energy (HBR.L), is in talks to merge with Gulf of Mexico peer Talos Energy (TALO.N), four people familiar with the matter said on Tuesday. Listing in New York could offer Harbour access to oil and gas-focused investors and banks, the sources said. Harbour Energy expects to produce up to 200,000 boed in 2022, largely from Britain's North Sea. Talos holds a stake in the Zama oil development offshore Mexico, where Harbour also holds a 12.4% interest. Cook said in March that the EPL "disproportionately impacted the UK-focused independent oil and gas companies...

Persons: Linda Cook, Cook, Ron Bousso, David French, Greg Roumeliotis, David Gregorio, Lisa Shumaker Organizations: Reuters, LONDON, Harbour Energy, Talos Energy, ARM, European Union, Brexit, Oil, EnVen Energy, EIG Global, Thomson Locations: Gulf, Mexico, New York, Britain, Houston, Gulf of Mexico, —

LONDON, June 6 (Reuters) - Shell (SHEL.L) said on Tuesday that it had decided to exit its home retail energy businesses in Britain, Germany and the Netherlands due to their poor returns. Shell launched a strategic review of its European retail businesses in January, citing "tough market conditions", shortly after CEO Wael Sawan took office. "That review has now concluded and as a consequence, we intend to exit those businesses. A sales process is already underway, with the intent to reach an agreement with a potential buyer in the coming months," Shell said in a statement. Reuters reported last month that three of Britain's largest power providers had expressed interest in acquiring Shell's UK retail business.

Persons: Shell, Wael Sawan, Ron Bousso, Louise Heavens, Jason Neely Organizations: Reuters, Shell's, Thomson Locations: Britain, Germany, Netherlands

☆ NZ's Infratil to buy stake in One New Zealand for $1.1 bln
▼ + stars: | 2023-06-06 | by ( Navya Mittal | ) www.reuters.com time to read: +1 min

June 7 (Reuters) - New Zealand's infrastructure investor Infratil (IFT.NZ) said on Wednesday it will acquire Canada's Brookfield Asset Management's (BAM.TO) stake in One New Zealand for NZ$1.8 billion ($1.1 billion) to strengthen its digital and renewable portfolio. Infratil will have full control over the country's second biggest mobile market operator by market share after buying the 49.95% stake. One New Zealand, previously known as Vodafone NZ, has 2.7 million connections of its mobile and broadband networks. "Since acquiring One New Zealand with Brookfield in 2019, we have invested meaningful capital to support network expansion, including the roll-out of 5G, and are pleased to now assume full ownership of the business," said William Smales, chief investment officer at Morrison & Co, which manages Infratil. ($1 = 1.6466 New Zealand dollars)Reporting by Navya Mittal in Bengaluru; Editing by Chris Reese, Lisa Shumaker and Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Persons: Jason Boyes, William Smales, Navya Mittal, Chris Reese, Lisa Shumaker, Sherry Jacob, Phillips Organizations: NZ, Vodafone NZ, Morrison & Co, Zealand, Thomson Locations: New Zealand, Zealand, Brookfield, Bengaluru

☆ Goldman Sachs and others expect copper prices to soar. Here are some related stocks that analysts love
▼ + stars: | 2023-06-05 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

Copper prices are at their lowest levels in almost a year, but it could provide investors with a buying opportunity. In another May report, Goldman Sachs gave copper prices 25% upside over the next 12 months, rising to $11,000 per ton. Copper prices suffered a nearly 6% decline in May — on pace for the worst month in almost a year since June 2022, according to CNBC analysis. But the market is currently in a "significant deficit" phase, said Goldman analysts. Filo Mining , another Canadian miner, had the highest buy rating at 91%.

Persons: Goldman Sachs, Goldman, It's, — CNBC's Michael Bloom Organizations: Wall Street, Citi, CNBC, CNBC Pro, Copper Miners, NGEx Minerals, Teck Resources, Filo Mining, United States Copper, Bloomberg Locations: China, U.S, Teck

☆ JPMorgan downgrades this electric utility stock on rising regulatory risks
▼ + stars: | 2023-06-02 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

JPMorgan thinks a new slate of regulation will weigh on Xcel Energy despite the utility's exposure to a transition toward clean energy. The bank downgraded Xcel Energy to neutral from overweight Friday, with a new $68 per share price target reduced from $79. XEL YTD mountain Xcel Energy stock has pulled back about 9.4% so far in 2023. The commission's increase amounts to 9.25% return on equity, the note said, which is below the firm's expectation of roughly 9.6%. "Overall, XEL remains an attractive regulated story with exposure to energy transition themes across generation and transmission, which underpins an extended growth runway into the next decade," Tonet said.

Persons: Jeremy Tonet, Tonet, — CNBC's Michael Bloom Organizations: JPMorgan, Xcel Energy, Energy, Xcel Locations: Minnesota

☆ The Debt Limit Deal and Climate Action
▼ + stars: | 2023-06-02 | by ( Manuela Andreoni | Brad Plumer | ) www.nytimes.com time to read: +1 min

The debt ceiling deal would surely speed up one thing. It’s a big win for the established oil and gas producers and their champion in the Senate, Joe Manchin III, a West Virginia Democrat. But opponents say a new gas pipeline, which would operate for decades, defies the scientific consensus that the world needs to move quickly away from fossil fuels in order to slow down climate change. In theory, that could speed up oil and gas projects as well as renewables. The sheer volume of wind and solar projects that have been built recently “has overwhelmed the nation’s antiquated systems to connect new sources of electricity to homes and businesses.”

Persons: Joe Manchin III, aren’t, “ Organizations: Senate, West, West Virginia Democrat Locations: West Virginia

London generated $2 billion in venture capital funding in the first quarter of 2023, compared to Berlin's $800 million, a DEEP Ecosystems analysis of Dealroom data showed. Reuters Graphics Reuters GraphicsTOUGHER TIMESIn 2022, 501 startups were founded in Berlin, a fifth of Germany's total. About a fifth of openings at startups were vacant and more than half were struggling to fill posts, German Startups Association said. In Germany, it has been accompanied by the sharpest contraction in venture capital funding in Europe in the past 12 months, down 42%. The funding crunch is hitting Germany's push to encourage the growth of new renewables businesses, given manufacturing startups are particularly capital intensive.

Persons: Avitosh Sawhney, Christian, headwinds, Katharina Beck, Lindner, Maximilian Tayenthal, Christoph Stresing, Tobias Lechtenfeld, Chancellor Olaf Scholz's, Maria Martinez, Riham Alkousaa, Matthias Williams, Mark John, Edmund Blair Organizations: Wall, Greens, Reuters, Startup Heatmap, Reuters Graphics Reuters, Manpower, Association, European Central Bank, Tech, Zero Alliance, Free Democratic Party, Thomson Locations: Berlin, London, BERLIN, Paris, Germany, Europe

☆ Opinion | Congress Is Turning Climate Gaslighting Into Law
▼ + stars: | 2023-06-01 | by ( Jonathan Mingle | ) www.nytimes.com time to read: +2 min

If completed, the Mountain Valley Pipeline will be a very large and long-lived methane delivery device. At the end of the line, the methane will be burned in power plants and furnaces, producing carbon dioxide. But now that wind, solar and battery storage are indeed quite ready and, in many places, cheaper than gas, the jig is up. Though the assertions that the pipeline is necessary and good for the climate defy logic, the political calculus is clear enough. Mr. Manchin was also a supporter of another large gas pipeline that would have originated in his state: the Atlantic Coast Pipeline, which I have been reporting on since 2019.

Persons: Biden, Manchin Organizations: U.S . Energy, Administration, Congressional, Atlantic Coast Pipeline, Federal Energy Regulatory Commission

☆ Perovskite Solar Cells Push Bounds of Efficiency. Tapping Their Potential Will Be Challenging.
▼ + stars: | 2023-05-31 | by ( Dieter Holger | ) www.wsj.com time to read: +6 min

Higher efficiency, measured by how many of the Sun’s photons are turned into watts, lowers the cost of generating solar energy. The factory is small, with a 100-megawatt yearly capacity, but can be expanded and Oxford PV has ambitions to increase production in 2024. Perovskite solar panels may reach commercialization this decade thanks to an expansion of solar investment spurred by government aid from the U.S. and Europe, solar analysts say. China dominates more than 80% of the world’s manufacturing of solar panels, according to the International Energy Agency. “The conversation about degradation is an old one, dating to the early days of perovskite solar technology,” Case said.

Persons: hasn’t, Chris Case, ”, Martin Green, Green, Oxford PV’s Case, ” Case, Diego Diaz, ” Diaz, Dieter Holger Organizations: U.S, Oxford, Oxford University, Saule Technologies, Sustainable Business, International Energy Agency, Oxford PV’s, University of New, Fraunhofer Institute for Solar Energy Systems ISE, dieter.holger Locations: Oxford, Brandenburg, Germany, U.S, Europe, China, Oxford PV’s Brandenburg, University of New South Wales, company’s Brandenburg

☆ Why Texas Republicans Are Targeting Renewable Energy - The New York Times
▼ + stars: | 2023-05-30 | by ( Paul Krugman | ) www.nytimes.com time to read: +2 min

The prices producers receive, and hence their profits, are determined more by global events like Russia’s invasion of Ukraine than by where Texas gets its electricity (although this obviously matters for the owners of power plants). So I don’t think Texas’s rejection of its own energy success is entirely, or even mainly, about greed. Right-wingers like Elon Musk and Ron DeSantis have become fond of citing the alleged power of the “woke mind virus” to explain why major corporations are tolerant of and even cater to social liberalism. They need to invoke this mysterious contagion to avoid accepting the obvious explanation: Most Americans have become relatively liberal on social matters — look at the transformation of attitudes on same-sex marriage — and corporations have been adjusting to their customer base. But while talk of the woke mind virus manages to be both sinister and silly, I’d argue that there really is what we might call an anti-woke mind virus — a contagion that spreads not across people but across issues.

Persons: Ron DeSantis’s, Elon Musk, Ron DeSantis, there’s Organizations: Texas, Disney, Republican Party Locations: Ukraine

☆ Aussie billionaires’ solar spat enters new phase
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, May 29 (Reuters Breakingviews) - The battle between two of Australia’s richest men for control of bankrupt renewables startup Sun Cable has ended in a whimper. Surprisingly absent from the final bout was Squadron Energy, one of Fortescue Metals (FMG.AX) founder Andrew Forrest’s investment companies. Both were early investors in Sun Cable; their spat over its strategy plunged the firm into administration in January. Cannon-Brookes wants to stick to the original plan of sending most of the energy it produces to Singapore via an undersea cable. Now the race is on to see which of the two men is first to flick the on switch.

☆ Indonesia seeks $700 million to install 200 MW of solar power
▼ + stars: | 2023-05-28 | by ( ) www.reuters.com time to read: +1 min

Companies Perusahaan Listrik Negara (Persero) PT FollowJAKARTA, May 28 (Reuters) - Indonesian state utility Perusahaan Listrik Negara [RIC:RIC:PLNEG.UL] seeks a $700-million investment to install a 200-megawatt (MW) solar panel that will replace diesel power generators in a bid to reduce carbon emission, the company said late on Saturday. PLN has planned to have 4.68 gigawatt (GW) of solar panels installed between 2021 and 2030. The company's director Evy Haryadi said the 200 MW solar panel is the first phase of a longer term plan to replace 1 GW of diesel power plants with solar power. A coalition of countries has pledged $20 billion of public and private financing to help Indonesia transition to cleaner energy under the Just Energy Transition Partnership (JETP). Indonesia aims to finalise a detailed plan for JETP fund allocation by August, according to the head of Indonesia's JETP Secretariat Edo Mahendra, adding that PLN's plan to shift from diesel power to renewables will be a pilot program in JETP.

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/texas-clean-energy-renewables-opposition-a654a2d5

PREVIEWBirol pointed to a “powerful alignment of major factors,” driving clean-energy spending higher, while spending on oil and other fossil fuels remains subdued. The Covid-19 pandemic appears to have marked a turning point for global energy spending, the IEA’s data shows. While clean-energy spending has boomed, spending on fossil fuels has been tepid. Investments in clean energy and fossil fuels were largely neck-and-neck in the years leading up to the pandemic, but have diverged sharply since. “If there is not enough investment globally to reduce the oil demand growth and there is no investment at the same time [in] upstream oil we may see further volatility in global oil prices,” Birol said.

☆ Solar investment set to overtake oil production and attract over $1 billion a day in 2023, IEA says
▼ + stars: | 2023-05-25 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +2 min

According to the IEA's Executive Director, Fatih Birol, investment in solar is "set to overtake the amount of investment going into oil production for the first time." In a sign of how the energy transition is progressing, the IEA's World Energy Investment report said solar investments were expected to attract over $1 billion a day in 2023. In a statement, Fatih Birol, the IEA's executive director, said investment in solar was "set to overtake the amount of investment going into oil production for the first time." Speaking to CNBC's Arabile Gumede Thursday morning, Birol said there was a "growing gap between the investment in fossil energy and investment [in] clean energy." Firstly, the cost of clean energy such as solar and wind was "getting cheaper and cheaper," he said.

☆ A portfolio manager who runs 3 of the 10 best large-cap funds in the past year shares his surprisingly simple investing strategy — and the 4 places he's putting his money now
▼ + stars: | 2023-05-24 | by ( James Faris | ) www.businessinsider.com time to read: +7 min

Leading fund manager Matt Fruhan found success this year by continuing to prioritize valuations. Two of those standout funds, the Fidelity Mega Cap Stock Fund (FGRTX) and the Fidelity Advisor Mega Cap Stock Fund (FGTAX), are virtually identical, except for their class and ticker. The fund manager told Insider that he applies the same investing process and principles across all of his funds. "Some investors are kind of reactive to the market and let the market tell them what to think," Fruhan said. And that's how you get separation from the stock market over time."

☆ Outperforming fund manager shares tips on investing sustainably — and generating big returns
▼ + stars: | 2023-05-23 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

Philip Ripman manages the $1 billion Storebrand Global Solutions fund, with a focus on sustainability. As well as green energy stocks, Ripman also invests in chipmakers, cybersecurity stocks, pharmaceuticals and more. Ripman shared three tips for investing sustainably on CNBC Pro Talks , including how to play the renewables theme. Renewables are 'cheaper' right now Ripman said that renewable energy stocks look relatively cheap and offer "a lot of opportunity" right now. Consider what's needed in the future The four themes in Ripman's fund — smart cities, circular economy, equal opportunities, and renewable energy — are what he believes will be "essential in years to come."

Search resuls for: "Renewables"

25 mentions found