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☆ Natural gas prices fall to 25-month low as key Texas LNG facility looks to restart exports
▼ + stars: | 2023-02-13 | by ( Brian Evans | ) www.businessinsider.com time to read: +2 min

Natural gas prices declined to a 25-month low on Monday, falling as much as 5%. The fall came despite news that a key LNG export hub in Texas looks to restart operations. The Freeport liquefied natural gas plant first went offline in June of last year due to a fire. Meanwhile, forecasts for mild winter weather continued to weigh on natural gas prices as demand for the heating fuel lags. For now, natural gas is flowing to the Freeport plant even as exports have yet to resume.

☆ U.S. energy regulators questioned on oversight of Freeport, Texas, LNG plant
▼ + stars: | 2023-02-11 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

Companies Freeport LNG Development LP FollowFREEPORT, Texas, Feb 11 (Reuters) - U.S. energy regulators on Saturday assured Texas residents they are monitoring repairs and the eventual restart of the fire-idled Freeport LNG plant as a vessel this week began taking the first fuel out of its storage tanks in eight months. When fully operational, Freeport LNG processes about 2 billion cubic feet per day of natural gas and exports up to 15 million tonnes of LNG per year. Methane is the main component of natural gas and a potent greenhouse gas. Freeport LNG was invited to send a representative to Saturday's meeting, PHMSA said. Reporting by Arathy Somsekhar in Freeport, Texas Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ China tightens requirements on classifying banks' asset risks
▼ + stars: | 2023-02-11 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Feb 11 (Reuters) - China on Saturday tightened risk management requirements on banks, requiring them to classify financial-asset risks in a timely and prudent manner, in a bid to better assess lenders' credit risks. The rules will help "commercial banks evaluate credit risks more accurately and reflect the true quality of their financial assets," said the People’s Bank of China and the China Banking and Insurance Regulatory Commission (CBIRC). The new rules, it said, will help prevent credit risks more effectively, the regulator said. Saturday's rules urge banks to scrutinise the underlying assets when they classify risks for asset management or securitisation products. Lenders will also be required to strictly abide by the rules when assessing credit risks in debt restructurings.

The company sold 10 million American depository receipts (ADRs) at $19 apiece, according to its regulatory filings, and shares closed at $21.05. The deal is the biggest from a Chinese company selling shares in New York since LianBio (LIAN.O) raised $334 million in October 2021, according to Refinitiv data. Chinese company listings in the United States ground to a halt in 2021 after the debut of ride hailing giant Didi Global Inc (92Sy.MU) in June of that year. As a result, Chinese listings in the United States dwindled and mainland regulators also moved to draw up new guidelines governing companies selling shares overseas. Chinese companies raised nearly $230 million in U.S. listings in 2022, according to Refinitiv data, representing a massive drop from $12.85 billion a year earlier.

☆ LNG developer NextDecade blasts inaction by U.S. energy regulator
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

HOUSTON, Feb 6 (Reuters) - U.S. liquefied natural gas developer NextDecade Corp (NEXT.O) on Monday criticized regulator the Federal Energy Regulatory Commission for what it called "inexcusable" delays in reviewing information that would allow it to move ahead with a $15.7 billion export project. The court asked FERC to revisit its environmental review but did not invalidate the original approval. He called on FERC Chairman Willie Phillips to put the project on the commission's meeting agenda this month. The inaction "far exceeds the length of time FERC has taken to respond to other federal appellate court remands," wrote Schatzman. Reporting by Gary McWilliams in Houston Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Skyrocketing natural gas prices should be investigated for market manipulation, California Governor Gavin Newsom says
▼ + stars: | 2023-02-07 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

California residents are paying nearly a 600% premium on natural gas prices, according to recent estimates. "It is clear that the root causes of these extraordinary prices warrant further examination," Governor Gavin Newsom said in a letter. While overall US gas prices have plunged to $2.80 per million British thermal units, down over 70% from their highs in August of last year, California's gas prices averaged $19.40 per million BTUs in early January, according to the Wall Street Journal. He added that natural gas prices affect the state's industrial, agricultural, and water utilities, and urged regulators to look into the market's price pressures in the west. I therefore ask that FERC immediately focus its investigatory resources on assessing whether market manipulation, anticompetitive behavior, or other anomalous activities are driving these ongoing elevated prices in Western gas markets," Newsom said.

There are "continued calls for violence directed at U.S. critical infrastructure," the agency warned last February, "as a means to create chaos and advance ideological goals." Law enforcement and utility companies, though, say they're working to resolve the open cases and prevent future attacks. Members of accelerationist groups have been charged with several plots in recent years to attack critical infrastructure. "The critical infrastructure element has become one of the core components of neo-fascist accelerationist movements in the US. "They don't really care who is doing the violence, who's doing the critical infrastructure attacks, Lewis said.

☆ A 'huge pivot' in China is fueling the emerging markets boom, says Jan van Eck
▼ + stars: | 2023-02-06 | by ( Jesse Pound | ) www.cnbc.com time to read: +3 min

They're emphasizing growth right now," van Eck said at the Exchange ETF conference in Miami. The iShares MSCI China ETF (MCHI) had a total return of more than 10% this year, through Feb. 3. MCHI YTD mountain This popular China ETF is outperforming in 2023. Van Eck pointed to the outsized growth of major U.S. tech firms as a key reason for that outperformance, but said that era appears to be over. "We've got a decade where you're really taking a risk if you're under invested overseas," van Eck said.

☆ China's latest IPO reform unlikely to flood markets with new issuance, bankers say
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +4 min

Under the new system, China's stock exchanges will themselves vet IPOs with a focus on information disclosure. The reform was hailed by state media and analysts as a key milestone that would make China's IPO market more inclusive, transparent and efficient. "Paternalism and politics continue to play a big role" in the new IPO system, he said. STAR SYSTEMThe registration-based IPO system was first adopted by Shanghai's STAR Market when the tech-focused board was launched in 2019. The new IPO system was later rolled out to the start-up board ChiNext, and the Beijing Stock Exchange.

☆ China set to launch long-awaited IPO reforms to reset the economy
▼ + stars: | 2023-02-02 | by ( Laura He | ) edition.cnn.com time to read: +3 min

A surveillance camera outside the China Securities Regulatory Commission (CSRC) building in Beijing on July 9, 2021. Tingshu Wang/ReutersUnder the new system, regulators will stop vetting planned share sales by companies. Currently, listings on the main boards of the Shanghai and Shenzhen stock exchanges must be reviewed and approved by regulators before they can be launched. Financial stress has surged, even as the economy has started to recover after three years of strict pandemic controls. Following a chaotic exit from its zero-Covid policy, Beijing is trying to reset the economy and rebuild the trust of investors and businesses.

☆ China expands IPO reform to help companies raise capital
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +3 min

SHANGHAI, Feb 1 (Reuters) - China published draft rules on Wednesday to broaden the registration-based initial public offering (IPO) system, marking a big step towards reforming the world's second-biggest stock market. Expanding the U.S.-style IPO mechanism to all corners of China's stock market will speed up listings and corporate fundraising, as Beijing seeks to revive a COVID-ravaged economy. The fresh reform will also benefit investment banks and private equity funds, though some fear a flood of listings could drain market liquidity. The registration-based IPO system, first adopted by the tech-focused STAR Market, was later rolled out to start-up board ChiNext and the Beijing Stock Exchange. The CSRC will consolidate IPO rules for Shanghai, Shenzhen and Beijing bourses.

Jan 31 (Reuters) - Solar panels and home batteries have soared in popularity because they allow consumers to generate and store their own carbon-free power and save on their electricity bills. When used this way, they are called virtual power plants, or VPPs. "Virtual power plants are at the center of that." U.S. solar companies including Sunrun Inc (RUN.O) and SunPower Corp (SPWR.O) have pooled some of their customers' systems into virtual power plants in California, Hawaii and New England. Sunrun last year, for example, operated a virtual power plant with thousands of homes in New England that provided 1.8 gigawatt-hours to the grid during June through August.

☆ U.S. approves design for NuScale small modular nuclear reactor
▼ + stars: | 2023-01-20 | by ( Timothy Gardner | ) www.reuters.com time to read: +2 min

Companies Nuscale Power Corp FollowWASHINGTON, Jan 20 (Reuters) - The U.S. nuclear power regulator has certified the design for the NuScale Power Corp's (SMR.N) small modular reactor, the first such approval in the country for the next generation technology. The Nuclear Regulatory Commission's approval, published in the Federal Register late on Thursday, clears a hurdle for NuScale. The company plans to build a demonstration small modular reactor (SMR) power plant at the Idaho National Laboratory. The U.S. Department of Energy has provided more than $600 million since 2014 to support the design, licensing and siting of NuScale's power plant and other small modular reactors. "SMRs are no longer an abstract concept," said Kathryn Huff, assistant secretary for nuclear energy at the Energy Department.

☆ JPMorgan, Standard Chartered win approval to expand in China
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Jan 19 (Reuters) - JPMorgan (JPM.N) and Standard Chartered won Chinese regulatory approval on Thursday to expand operations in China, as Beijing encourages expansion by foreign companies after lifting its restrictive COVID policies. British bank Standard Chartered (STAN.L) won an approval to set up a new securities brokerage unit in China also on Thursday, the regulator said. Canada's Manulife Financial Corp (MFC.TO) in November received regulatory approval to take full control of its Chinese mutual fund venture. U.S. asset manager Neuberger Berman in the same month won approval to set up a new fund unit in China. "China is certainly going to be bit of a long slog," Alexander said, referring to China's lengthy approval process for foreign companies.

☆ Schroders gets nod to set up China fund unit as Beijing speeds up approvals
▼ + stars: | 2023-01-14 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Jan 14 (Reuters) - Schroders has obtained Chinese regulatory approval to set up a wholly-owned mutual fund unit in China, as Beijing accelerates opening up its giant financial sector to foreigners. Last month, U.S. asset manager Neuberger Berman celebrated the opening of its China retail fund business, while Fidelity International was granted a mutual fund licence in the country. Authorities have also recently allowed Canada's Manulife Financial Corp (MFC.TO) to take full control of its Chinese mutual fund venture. Setting up a wholly-owned retail fund business in China is testament to Schroder's long-term commitment to the country - a key component of the group's global strategy, the company said in a statement. China scrapped foreign ownership caps in its $3.7 trillion mutual fund industry in 2019, and BlackRock become the first foreign asset manager to open a fully-owned retail fund business in the country.

☆ Beijing Signals Two-Year Internet Crackdown May Be Coming to an End
▼ + stars: | 2023-01-09 | by ( Weilun Soon | ) www.wsj.com time to read: 1 min

SINGAPORE—A top Chinese official said authorities have wrapped up investigations into the financial businesses of several internet companies, another strong signal that a two-year regulatory crackdown on China’s homegrown technology giants may be winding down. Guo Shuqing , chairman of the China Banking and Insurance Regulatory Commission, told state media that the government had concluded a campaign to “rectify the financial businesses of 14 platform companies,” with only minor problems left to be resolved. Mr. Guo, also the party secretary of the People’s Bank of China, added in the interview published Saturday that officials would look to provide more support to tech companies and work toward making supervision of the tech sector more predictable going forward.

☆ China tightens listing guidelines to funnel funding to strategic sectors - FT
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: 1 min

Jan 9 (Reuters) - China's stock regulator is set to stop local companies in certain sectors from listing on the country's main stock exchanges, the Financial Times reported on Monday, citing two capital markets bankers familiar with the matter. The China Securities Regulatory Commission (CSRC) has informed bankers it has given some industries, including food and beverage and COVID-19 testing companies, a "red light" that stops them from equity financing on Shanghai and Shenzhen main exchanges, the report said. The regulator has also recognized a number of "yellow light" sectors, which include apparel and furniture companies, where listing requests would come under scrutiny if their growth relies heavily on debt for expansion, the report said. Reporting by Akriti Sharma in Bengaluru; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

☆ Ant-linked firms' shares rise after news of Jack Ma ceding control; Alibaba jumps
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +4 min

Jan 9 (Reuters) - Shares of listed Chinese companies that count Ant Group as a major shareholder rose on Monday after announcements that Ant founder Jack Ma is giving up control of the fintech giant following an overhaul. Ant indirectly owns stakes ranging from more than 20% to slightly more than 5% in those companies. Ant said over the weekend that founder Jack Ma will give up control of the company. China's domestic A-share market requires companies to wait three years after a change in control to list. read moreLi Nan, professor of Finance at Shanghai Jiaotong University, however said Ant's inherent problems remain after its change of control.

☆ China's crackdown on Ant and other tech giants is 'basically' over, top official says
▼ + stars: | 2023-01-09 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —China’s heavy-handed crackdown on tech giants is coming to an end and the country’s economic growth is expected to be back on track soon, according to a top central bank official. “Next, we’ll promote healthy development of internet platforms,” said Guo, who is also chairman of China’s Banking and Insurance Regulatory Commission. Mark Schiefelbein/APChina’s crackdown on its biggest tech companies began in 2020 with new regulations on fintech, which forced Ma’s Ant Group to suspend its $37 billion IPO days before its launch. Regulators then targeted the online financial service units of 13 other tech giants, including Tencent, Baidu, JD.com, Bytedance, Meituan, and Didi. Ant Group’s restructuringMajor tech companies in China have struggled under a sweeping regulatory crackdown for months now.

☆ China c.bank to support private firms, ease tech crackdown - CCTV
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +2 min

Monetary policy in 2023 will focus on expanding demand, especially personal consumption, Guo told state-owned CCTV on Sunday, reaffirming earlier official remarks. Chinese leaders have pledged to increase support for the world's second-largest economy, which was hit hard by COVID-19 lockdowns last year as well as slowing global demand. "Prudent monetary policy will be precise and forceful. China will also promote sound development of online platform companies, Guo said , adding rectification of financial businesses of 14 platform companies have been "basically completed" while a few remaining issues need to be resolved. Authorities will adopt "normalized regulation" afterwards and encourage platform companies to operate in a compliant manner, CCTV said.

☆ Alibaba shares hit 6-month high after Jack Ma cedes control of Ant Group, amid a broad rally in Asian shares
▼ + stars: | 2023-01-09 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

The gains also come on the back of a broader market rally in Asian shares, thanks to China's reopening. A top Chinese central banker suggested over the weekend Beijing's tech crackdown is coming to a close. The Hang Seng Tech Index — an index that tracks the 30 largest tech companies listed in Hong Kong — closed 3.2% higher. Shares of Hong Kong-listed Chinese tech giants Tencent and NetEase closed 3.6% and 2.6% higher respectively. Hong Kong's Hang Seng Index closed 1.9% higher, the Shanghai Composite Index gained 0.6%, and the Shenzhen Composite Index rose 0.7%.

☆ Premarket stocks: Bonds are back, but for how long?
▼ + stars: | 2023-01-09 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN —Stocks soared on Friday to their best day in more than a month. But the big turnaround story during the short first week of the year isn’t just about equities, it’s also about bonds. Bonds are particularly sensitive to those increases — as rates are hiked, the price of existing bonds falls as investors prefer the new debt that will soon be issued with those higher interest payouts. This time around, investors are scooping up bonds as they anticipate the pace of Fed interest rate hikes will soon ease. Core bonds, or US investment grade debt, tend to perform well during Fed rate hike pauses.

CNN —Chinese billionaire Jack Ma will no longer control Ant Group after the fintech giant’s shareholders agreed to reshape its shareholding structure, according to a statement released by the company on Saturday. After the adjustment, Ma’s voting rights will fall to 6.2%, according to the statement and CNN calculations. Before the restructure, Ma held 50.52% of voting rights at Ant via Hangzhou Yunbo and two other entities, according to its IPO prospectus filed with stock exchanges in 2020. As part of the company’s restructuring, Ant applied for an expansion of its registered capital from $1.2 billion to $2.7 billion. Ant Group is a fintech affiliate of Alibaba, both of which were founded by Ma.

☆ Jack Ma's Alibaba, China tech giants are making a comeback post zero Covid
▼ + stars: | 2023-01-05 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Chinese tech giants are witnessing a dream start to the year. US-listed shares of Chinese e-commerce firms Alibaba (BABA), JD.com (JD) and Pinduoduo (PDD) added $53 billion to their combined market value on Wednesday. The surge comes as investors are feeling optimistic that Chinese regulators will go easy on tech firms this year and also introduce measures to boost growth in the industry. The change in sentiment comes after Jack Ma’s Ant Group won a key approval for capital expansion. Chinese tech companies have faced a sweeping regulatory crackdown since late 2020, which drove investors away.

☆ Biden names Phillips acting head of energy regulator
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +1 min

Companies Federal Energy Regulatory Commission FollowWASHINGTON, Jan 3 (Reuters) - President Joe Biden has named Willie Phillips, a Democrat, acting chairman of the Federal Energy Regulatory Commission, FERC said on Tuesday. Phillips joined the commission in December, 2021 after being appointed by Biden and approved by Congress. After Phillips joined FERC, that began to change as Democrats had a 3-2 majority and the Biden administration pursued policies to transition to low-carbon energy. But now Phillips is acting chairman, FERC will be locked at a 2-2 because the former head, Richard Glick, left FERC after Senator Joe Manchin, a conservative Democrat, did not hold a confirmation hearing to consider Biden's re-nomination of Glick. Phillips will serve as temporary chief of the commission as the Biden administration considers nominating a permanent chair.

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