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☆ Ferrovial says Dutch relocation could damage brand in Spain
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +2 min

MADRID, June 15 (Reuters) - Ferrovial's (FER.MC) decision to move its holding company to the Netherlands to try to speed up a U.S. listing could have an adverse impact on its brand in Spain, the company said in a document published on Thursday. The operation "could potentially have a negative impact on its brand in Spain, which, in turn, could have a material adverse effect on the group's competitive position," it said. The reverse merger, under which its Dutch subsidiary Ferrovial International SE (FISE) has absorbed holding company Ferrovial, was fully completed on Thursday. In the website prospectus, Ferrovial said Spanish tax authorities could decide the merger falls outside a special tax regime for holding companies that allows dividends and capital gains from the transfer of shares from subsidiaries to be exempt from taxation. Ferrovial on Thursday had no comment beyond the published document.

Persons: Ferrovial, Rafael del Pino, Nadia Calvino, Corina Pons, Emma Pinedo, Charlie Devereux, Sharon Singleton, Barbara Lewis Organizations: Ferrovial, Thomson Locations: MADRID, Netherlands, U.S, Spain, Amsterdam, Madrid, Ferrovial, Spanish

☆ Stellantis Ventures spends first 100 million euros on green drive
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +2 min

The world's third largest carmaker by sales, last year launched Stellantis Ventures with an initial 300 million euros to invest in start-ups developing technologies that will further its 2030 goals, including those concerning the transition to lower-emission mobility. "We are using the strength of Stellantis Ventures to connect with companies that are developing cutting-edge technology that we believe can transform the in-cabin experience and improve the mobility sector," Stellantis technology chief Ned Curic said in a statement. Stellantis Ventures' global head Adam Bazih said the arm had so far used roughly a third of its funding to support 10 start-up companies and one mobility venture fund. They include lithium-sulfur EV batteries start-up Lyten, which Stellantis separately announced last month. Stellantis did not disclose the name of the U.S.-based mobility venture fund it is helping to fund due to a pending regulatory process, Bazih said.

Persons: Ned Curic, Adam Bazih, Stellantis, Bazih, Giulio Piovaccari, Gilles Guillaume, Jane Merriman, Barbara Lewis Organizations: Stellantis, MILAN, Stellantis Ventures, Products, Thomson Locations: U.S, Europe

☆ London's solar street thrives on people power
▼ + stars: | 2023-06-15 | by ( Natalie Thomas | ) www.reuters.com time to read: +4 min

[1/5] Roofers install solar panels on the roof of renegade artists Dan Edelstyn and Hilary Powell's house in London, Britain, June 6, 2023. Dan Edelstyn and Hilary Powell raise funds to install solar panels on the rooftops of all the houses on their street. After raising 113,000 pounds ($141,000), partly through crowd-funding publicised by sleeping on their roof for three cold, winter weeks, artist couple Dan Edelstyn and Hilary Powell have arranged for solar panels to be installed on dozens of houses on their street. Households powered by solar panel-derived electricity draw less power from the national grid, cutting energy bills, and they can also sell any excess energy back. Industry analysts say community projects tend to be more efficient than individual solar installations as costs fall with scale.

Persons: Dan Edelstyn, Hilary Powell's, Hilary Powell, Anna Gordon LONDON, Powell, Ejaz Hussein, It's, Rebecca Dibb, Ofgem, Edelstyn, Sachin Ravikumar, Barbara Lewis Organizations: Industry, Octopus Energy, Community Energy, Thomson Locations: London, Britain, Waltham Forest

In a response to Reuters questions, South Africa's national treasury said it, along with President Cyril Ramaphosa's office, had appointed a consultant that it did not name to find ways to resolve the issue. It would also allow the decommissioning of three power plants, which the government is considering delaying because of the shortages of generation capacity. Rudi Dicks, the head of project management at the South African presidency, said there was a need to "clarify as a matter of urgency" whether the international loans could be accepted. Of the $8.5 billion pledged to South Africa, $3 billion is from the Climate Investment Funds (CIF), a leading multilateral investor in developing countries. In a statement it said it remained "committed to supporting South Africa's just transition from coal to clean power".

Persons: Cyril Ramaphosa's, Rudi Dicks, Promit Mukherjee, Carien du Plessis, Olivia Kumwenda, Barbara Lewis Organizations: European Union, Reuters Graphics, Reuters, Partners, Investment Funds, Thomson Locations: JOHANNESBURG, Britain, France, Germany, United States, South Africa, Africa

☆ Intel near deal on 9.9 bln euro German government subsidy, Handelsblatt says
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +1 min

June 15 (Reuters) - Intel (INTC.O) and the German government are close to an agreement for the chipmaker to receive 9.9 billion euros ($10.83 billion) in subsidies, up from a previously agreed 6.8 billion, Handelsblatt reported on Thursday, citing government sources. Final negotiations will take place this weekend, the newspaper reported, with Intel Chief Executive Pat Geisinger and government representatives to sign an agreement in Berlin on Monday. Intel and the economy ministry were not immediately available for comment outside working hours. The additional funds are to come from a budget under the responsibility of the economy minister, who campaigned heavily for the extra subsidies in the face of resistance from Finance Minister Christian Lindner, according to Handelsblatt. Intel, which announced last year it had picked the central German city of Magdeburg for a new chip-making complex, had raised its demand for subsidies to around 10 billion euros citing higher energy and construction costs.

Persons: Handelsblatt, Pat Geisinger, Christian Lindner, Victoria Waldersee, Barbara Lewis Organizations: Intel, Finance, Thomson Locations: Berlin, German, Magdeburg

MILAN, June 14 (Reuters) - Merger and acquisition speculation has lifted shares in MFE (MFEB.MI), the late Silvio Berlusconi's TV business, following his death, but a number of obstacles stand in the way of any rapid deal. With a 19.8% MFE stake, Vivendi (VIV.PA) is widely seen as the natural buyer for MFE. This week's rally has lifted the market value of the whole of MFE to 1.8 billion euros. Any accord between Vivendi and Fininvest would require overcoming the deep distrust between the two groups after years of courtroom battles sparked by a failed 2016 TV deal. Like Fininvest, Vivendi faces a loss on any potential sale of its MFE stake given the gap between book and market prices.

Persons: Silvio Berlusconi's, Vincent Bollore, Urbano, Pier Silvio Berlusconi, Fininvest, MFE, Emilio Parodi, Valentina Za, Barbara Lewis Organizations: MILAN, Vivendi, Reuters, della Sera, U.S, Warner Bros ., VIVENDI, FININVEST, Fininvest, MFE, Thomson Locations: MFE, Urbano Cairo, Germany's ProSiebenSat, Italy, Spain, Rome, Netherlands

[1/3] A man with a mobile phone takes a picture of rising waves before the arrival of the cyclonic storm Biparjoy over the Arabian Sea, in Karachi, Pakistan, June 14, 2023. The cyclone is likely to cross Saurashtra, Kutch, and neighboring Pakistan coasts on Thursday noon with winds of 125-135 kmph gusting to 150 kmph. "As of now, our forecast is it will cross as a very severe cyclonic storm. After crossing, its intensity will fall and become a cyclonic storm and depression." In neighbouring Pakistan 62,000 people were evacuated from high risk areas, according to the country's National Disaster Management Authority.

Persons: Akhtar Soomro, gusting, Sherry Rehman, Manorama Mohanty, Mrutyunjay Mohapatra, Mohapatra, Alok Kumar Pandey, Sumit Khanna, Rajendra Jadhav, Gibran Naiyyar Peshimam, Sudipto Ganguly, Raju Gopalakrishnan, Barbara Lewis Organizations: REUTERS, India Meteorological Department, IMD, Gujarat's, Disaster Management Authority, Ships, Rajendra, Thomson Locations: Karachi, Pakistan, Akhtar Soomro AHMEDABAD, MUMBAI, Jakhau Port, Indian, Gujarat, Pakistan's, Saurashtra, Kutch, Mandvi, Jakhau, India, Ahmedabad, Mumbai

NEW YORK, June 13 (Reuters) - The U.S. Environmental Protection Agency is expected to release a final rule on biofuel blending volume mandates for the years 2023-2025 by June 21, after seeking a one-week extension on a deadline for the rule, according to a court document on Tuesday. The EPA was set to issue a final rule by Wednesday under a court-ordered deadline, but has agreed to an extension with industry trade group Growth Energy, the filing showed. The final rule is set to mark a new chapter of the Renewable Fuel Standard (RFS) program, which is more than a decade old. The EPA is expected to abandon that part of the proposal in the final rule, Reuters previously reported, citing sources. It is unclear whether those requirements will change in the final rule.

Persons: Stephanie Kelly, Jarrett Renshaw, Paul Simao, Barbara Lewis Organizations: YORK, Environmental Protection Agency, EPA, Growth Energy, Reuters, U.S, District of Columbia, Renewable, Thomson

☆ Glencore makes offer for Teck's steelmaking coal business
▼ + stars: | 2023-06-12 | by ( Clara Denina | ) www.reuters.com time to read: +2 min

LONDON, June 12 (Reuters) - Glencore (GLEN.L) on Monday offered to buy Teck Resources' (TECKb.TO) steelmaking coal business as a standalone unit, after the Canadian miner twice rebuffed its $22.5 billon offer to combine the two companies. "It would provide Teck with a cleaner exit from coal and allow Glencore to split its own business into CoalCo and MetalsCo." Glencore's CEO Gary Nagle in May said buying Teck's coal business as a standalone unit was a "distant second" for the Swiss mining company, as it still pursues its merger plans. Teck's steelmaking coal mines are among few left in the world, making them attractive to Glencore, as global efforts to phase out coal-fired power generation gather momentum. As part of its original proposal, Glencore offered up to $8.2 billion in cash to Teck shareholders who may not want exposure to thermal coal.

Persons: Teck, Gary Nagle, May, Pierre Lassonde, Glencore, Clara Denina, Eva Mathews, Dhanya Ann, Kirsten Donovan, Barbara Lewis Organizations: Teck Resources, Teck Metals, Deutsche Bank, Nippon Steel Corporation, Thomson Locations: Teck, CoalCo, Swiss

☆ Orsted to invest $68 bln in power capacity by 2030
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Phil Noble/File PhotoOSLO, June 8 (Reuters) - Renewable energy group Orsted (ORSTED.CO) will invest 475 billion Danish crowns ($68.3 billion) to achieve a 2030 goal to install 50 gigawatts (GW) of power capacity, it said ahead of an investors' update later on Thursday. The Danish company said the plans were fully self-funded and it expected to exceed goals set in 2021 for earnings before interest, tax, depreciation and amortisation (EBITDA) as well as for return on capital employed (ROCE). "We're on track to outperform our previous EBITDA and ROCE targets for 2020-2027, confirming the significant value in our portfolio of renewable projects," Chief Executive Mads Nipper said in a statement. 1 offshore wind farm developer by gigawatt capacity, operates 15.5 GW of renewable energy assets. Capacity of 4.9 GW is under construction and projects representing another 10.6 GW have been awarded, it said.

Persons: Orsted, Phil Noble, Mads Nipper, Bernstein, Terje Solsvik, Essi Lehto, David Goodman, Barbara Lewis Organizations: REUTERS, Thomson Locations: Walney, Blackpool, Britain, OSLO, Danish

☆ India monsoon reaches Kerala after longest delay in 7 years
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Sivaram V./File PhotoMUMBAI, June 8 (Reuters) - Monsoon rains reached India's southernmost Kerala coast on Thursday, offering relief to farmers after a delay of more than a week, marking their latest arrival in seven years. The monsoon, the lifeblood of the country's $3 trillion economy, delivers nearly 70% of the rain India needs to water farms and recharge reservoirs and aquifers. "Southwest Monsoon has set in over Kerala today, the 8th June, 2023, against the normal date of 1st June," the state-run India Meteorological Department (IMD) said in a statement. The IMD confirms the monsoon has begun after taking into account rainfall measured at weather stations in the southern state of Kerala and westerly wind speeds. Conditions are favourable for the monsoon to further advance into the central Arabian Sea and some parts of Kerala, Tamil Nadu and Karnataka states, the IMD said.

Persons: Rajendra Jadhav, Mayank Bhardwaj, Tom Hogue, Barbara Lewis Organizations: REUTERS, India Meteorological Department, IMD, Thomson Locations: Indian, Kochi, MUMBAI, Kerala, India, Tamil Nadu, Karnataka

June 8 (Reuters) - Pakistan is likely to post GDP growth of 0.29% in the fiscal year ending June 2023, the country's economic survey released on Thursday said, well below the target of 5% set last year. Finance Minister Ishaq Dar told a news conference on the annual report that 0.29% GDP growth was a "realistic achievement" and anything higher was not achievable. Average year-on-year inflation rate for the period up to May 2023 was recorded at 29.2%, the survey found. In April and May, the country's inflation hit record levels, which were also the highest in Asia. Remittances of money sent from relatives abroad were down 13% for the FY23 until April, to $22.7 billion.

Persons: Ishaq Dar, Ariba Shahid, Asif Shahzad, Gibran Peshimam, Sakshi Dayal, Sudipto Ganguly, Barbara Lewis Organizations: International Monetary Fund . Finance, Thomson Locations: Pakistan, Asia

☆ China property liquidation risk heightened by delisting threat, says S&P
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, June 7 (Reuters) - Some of China's distressed property developers face the risk of being delisted, which would reduce their options for restructuring and make them more vulnerable to liquidation, S&P Global Ratings said on Wednesday. The Shanghai stock exchange delisted Sichuan Languang Development on Tuesday, the first such case for property A shares, and Sinic Holdings was delisted from Hong Kong in April. In mainland China, S&P said the 11 firms at risk of being delisted, including Shanghai Shimao (600823.SS) and Yango Group (000671.SZ), have offshore and onshore bonds outstanding collectively worth $21 billion. Shanghai Shimao and Yango did not immediately respond to request for comment. China Evergrande Group (3333.HK), the world's most indebted developer, and Shimao Group (0813.HK), both listed in Hong Kong, have been suspended from trading for 14 months.

Persons: Yango, Esther Liu, Evergrande, Clare Jim, Barbara Lewis Organizations: HK, Sinic Holdings, Shanghai Shimao, Yango, China Evergrande, Shimao, Hong, Thomson Locations: HONG KONG, Asia, Shanghai, Sichuan, Hong Kong, China, Shenzhen

☆ UK house prices post first annual drop since 2012, says Halifax
▼ + stars: | 2023-06-07 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

LONDON, June 7 (Reuters) - British house prices dropped on an annual basis in May for the first time in 11 years, and pressure on prospective buyers from higher mortgage rates could deepen the downturn, mortgage lender Halifax said on Wednesday. Kim Kinnaird, director of mortgages at Halifax, said demand was weakening and higher interest rates were likely to increase pressure on house prices. Halifax, part of Lloyds Banking Group (LLOY.L), on Tuesday said it would raise interest rates for its fixed home loans from Wednesday. The stronger-than-expected inflation data raised markets' bets interest rates will peak at 5.5% later this year. Nationwide, another lender, last week reported a steeper 0.5% month-on-month drop in house prices in April and a 3.4% annual decline - the biggest drop since 2009.

Persons: Kim Kinnaird, Liz Truss's, Kinnaird, Myron Jobson, Suban Abdulla, Andy Bruce, Paul Sandle, Barbara Lewis Organizations: Halifax, Lloyds Banking Group, Interactive Investor, Capital Economics, Nationwide, Thomson Locations: Halifax

☆ France braces for power demand surge driven by EVs, alternative fuels
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +2 min

To meet that goal, electricity is needed both to power the electric vehicles (EVs) and the battery plants automakers need to produce them. Over the decade to 2035, RTE projects an average of 350 TWh of nuclear power availability per year. Nuclear energy has typically supplied around 70% of France's supply and will remain dominant, but renewable supplies will also increase. New onshore wind and solar power are expected to dominate renewable growth until 2030. Offshore wind power is expected to overtake as the leading source of growth between 2030 and 2035.

Persons: Forrest Crellin, Barbara Lewis Organizations: RTE, European Union, Thomson Locations: France, Europe, Ukraine

☆ UK investors back money market funds in May, ditch ESG funds
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 6 (Reuters) - UK investors backed money market funds in May at the fastest rate since the country's failed 'mini-budget' last year, opting for caution after a volatile period in global banking, funds network Calastone said on Tuesday. The data also showed that environmental, social and corporate governance-focused equity funds suffered their worst month on record, shedding 304 million pounds of capital. Investors added a net 318 million pounds during the month, half the average of the last year, Calastone said. Equity funds suffered net outflows of 302 million pounds, meanwhile, marking a sharp reversal after strong inflows in March and April. UK-focused funds were particularly hard hit, seeing outflows of 583 million pounds.

Persons: Calastone, Liz Truss, Edward Glyn, Iain Withers, Barbara Lewis Organizations: Equity, Thomson Locations: U.S, Calastone

☆ Party backing Ecuador's Lasso will not field candidates in elections
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +2 min

QUITO, June 6 (Reuters) - Ecuadorean President Guillermo Lasso's political movement Creating Opportunities will not field candidates for the country's early presidential or legislative elections, it said on Tuesday. Lasso, a conservative ex-banker, last week said he would not run as a candidate in presidential elections. Elected officials and the new president will only hold office until May 2025, when voting that had always been scheduled will take place. Members of Creating Opportunities can vote for whoever they like in the upcoming elections, but cannot support candidates who "do not respect the constitution and the law," Bernal said, without clarifying further. Reporting by Alexandra Valencia Writing by Oliver Griffin; editing by Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Guillermo Lasso's, Lasso, Ecuadoreans, Esteban Bernal, Bernal, Alexandra Valencia, Oliver Griffin, Barbara Lewis Organizations: Assembly, National Assembly, Thomson Locations: QUITO

In the physical oil market, where any short-term production cut should have the greatest and most immediate impact, the calendar spreads between nearby months strengthened only slightly. The unilateral Saudi cut, described by the country’s oil minister as a “lollipop”, is for a month, but could be extended. Chartbook: Brent prices and spreadsSTEMMING THE SLIDEThere is evident frustration among OPEC⁺ officials about the continued slide in prices despite three rounds of cuts announced since October 2022. U.S. oil production has continued to rise in a delayed response to last year’s very high prices, which has also kept the market well-supplied. But OPEC⁺ cuts have not (yet) been enough to lift prices and spreads rather than arresting their fall.

Persons: Brent, OPEC ⁺, ”, John Kemp, Barbara Lewis Organizations: OPEC, European Union, Global, OPEC ⁺, Thomson, Reuters Locations: Saudi Arabia, China, Saudi, North America, Europe

☆ Analysis: Saudi Arabia's 'icing on the cake' oil cut could feed US producers
▼ + stars: | 2023-06-05 | by ( Dmitry Zhdannikov | ) www.reuters.com time to read: +5 min

With the new Saudi reduction, the group has agreed to take some 4.6 million bpd off the market in July, equivalent to 4.6% of global demand of 100 million bpd. OPEC+ also agreed on Sunday to extend the group's existing supply cuts of 3.66 million bpd into 2024. In response, oil prices rose nearly $2 a barrel early on Monday to $78 per barrel . "This market needs stabilisation," Saudi Energy Minister Prince Abdulaziz bin Salman said on Sunday, calling his surprise decision to deepen Saudi production cuts "the icing on the cake" for the deal. So far this year, a weakening global economy, concern about the U.S. banking crisis, and a slow Chinese recovery from COVID-19 restrictions have capped oil prices.

Persons: Prince Abdulaziz bin Salman, Prince Abdulaziz, Natasha Kaneva, Morgan, Tamas Varga, Jorge Leon, Sunday's, JPM, Kaneva, Alex Lawler, Ahmad Ghaddar, el, Dmitry Zhdannikov, Simon Webb, Barbara Lewis Organizations: Saudi Energy, OPEC, White, International Energy Agency, Rystad Energy, United, Thomson Locations: Saudi, Saudi Arabia, OPEC, U.S, Russia, Ukraine, Riyadh, United States, States, COVID, Angola, Nigeria, United Arab Emirates

☆ India home prices set to stay above inflation: Reuters poll
▼ + stars: | 2023-06-05 | by ( Vivek Mishra | ) www.reuters.com time to read: +2 min

Summary poll dataBENGALURU, June 5 (Reuters) - Home prices in India are set to hold above consumer inflation, even though interest rates are expected to stay higher for longer than previously thought, a Reuters poll of property analysts found. The May 16-June 1 poll of 12 property analysts predicted national home prices would reach a median 6.0% this year, a modest upgrade from the 5.5% expected in a March survey. "The interest rate cycle is near its end," Arvind Nandan, managing director of research at Savills India, said. Rates are set to stay at 6.50% for the rest of 2023 and start falling early next year. All analysts who answered an additional question said they were bullish about the housing market outlook.

Persons: Arvind Nandan, Anuj Puri, Rohan Sharma, Vivek Mishra, Veronica Khongwir, Madhumita Gokhale, Hari Kishan, Ross Finley, Barbara Lewis Organizations: Reserve Bank of, JLL Research, Thomson Locations: BENGALURU, India, Reserve Bank of India

Saudi's energy ministry said the country's output would drop to 9 million barrels per day (bpd) in July from around 10 million bpd in May, the biggest reduction in years. "This is a Saudi lollipop," Saudi Energy Minister Prince Abdulaziz told a news conference. EXTENSION TO END OF 2024OPEC+ has in place cuts of 3.66 million bpd, amounting to 3.6% of global demand, including 2 million bpd agreed last year and voluntary cuts of 1.66 million bpd agreed in April. In addition to extending the existing OPEC+ cuts of 3.66 million bpd, the group also agreed on Sunday to reduce overall production targets from January 2024 by a further 1.4 million bpd versus current targets to a combined of 40.46 million bpd. By contrast, the United Arab Emirates was allowed to raise output targets by around 0.2 million bpd to 3.22 million bpd.

Persons: Prince Abdulaziz, Brent, Amrita Sen, Gary Ross, Giovanni Staunovo, Ahmad Ghaddar, Alex Lawler, Maha El Dahan, Julia Payne, Dmitry Zhdannikov, David Holmes, Barbara Lewis Organizations: Saudi, UAE, Saudi Energy, Organization of, Petroleum, Brent, OPEC, Analysts, Energy, Veteran OPEC, Black Gold, UBS, United Arab, Thomson Locations: Russian, Angolan, VIENNA, Saudi Arabia, OPEC, Saudi, Russia, Ukraine, Nigeria, Angola, United Arab Emirates

☆ France plans major police presence for June 6 day of protest
▼ + stars: | 2023-06-04 | by ( ) www.reuters.com time to read: +1 min

In a tweet, French Interior Minister Gerald Darmanin said the extra policing would "ensure the security of the demonstrations and guarantee the right to demonstrate". Macron's reform to raise the retirement age to 64 from 62, has already sparked weeks of protests and strikes. "We are not asking to bring down the government, but to bring down the retirement reform," said Sophie Binet, leader of France's hard-left CGT union, on BFM TV on Sunday. The months-long battle against Macron's push to raise the retirement age has raised the profile and membership of France's unions, which have drawn interest from younger and private sector workers. Reporting by Kate Entringer and Mimosa Spencer; editing by Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Emmanuel Macron's, Gerald Darmanin, Sophie Binet, Binet, Kate Entringer, Mimosa Spencer, Barbara Lewis Organizations: French, CGT, Thomson Locations: Paris

☆ Stoltenberg says Swedish NATO deal can be reached after more talks
▼ + stars: | 2023-06-04 | by ( Burcu Karakas | ) www.reuters.com time to read: +2 min

ISTANBUL, June 4 (Reuters) - An agreement on Sweden joining NATO could be reached in time for a summit of the alliance next month in Lithuania, NATO Secretary-General Jens Stoltenberg said on Sunday after meeting Turkish President Tayyip Erdogan. He also said officials from Turkey, Sweden and Finland would meet later this month for talks to try to overcome objections from Turkey and Hungary that have delayed Sweden's NATO membership bid. Stoltenberg's talks in Istanbul with Erdogan took place a week after Erdogan extended his two-decade rule in an election. Stoltenberg told Reuters in an interview it was important to use the remaining time before the NATO summit in Vilnius in July to get a deal. In its objections to Swedish membership, Turkey has said Stockholm harbours members of militant groups it considers to be terrorists.

Persons: Jens Stoltenberg, Tayyip Erdogan, Stoltenberg's, Erdogan, Stoltenberg, Huseyin Hayatsever, Andrew Gray, Sabine Siebold, Hugh Lawson, Barbara Lewis Organizations: NATO, Reuters, Atlantic Treaty Organization, Kurdistan Workers ' Party, Thomson Locations: ISTANBUL, Sweden, Lithuania, Turkey, Finland, Hungary, Istanbul, Russia, Ukraine, Vilnius, Stockholm, Ankara, Brussels

Three OPEC+ sources said cuts were being discussed among options for Sunday, when OPEC+ ministers gather at 2 p.m. in Vienna (1200 GMT). The sources said cuts could amount to 1 million bpd on top of existing cuts of 2 million bpd and voluntary cuts of 1.6 million bpd that was announced in a surprise move in April. Earlier, two OPEC+ sources said they did not expect the group to agree further cuts. "We will never hesitate to take any decision to achieve more balance and stability (on) the global oil market," Iraq's Oil Minister Hayan Abdel-Ghani said on arriving in Vienna. The International Energy Agency expects global oil demand to rise further in the second half of 2023, potentially boosting oil prices.

Persons: JP Morgan, Hayan Abdel, Ghani, Prince Abdulaziz, Alexander Novak, Ahmad Ghaddar, Alex Lawler, Maha El Dahan, Julia Payne, Dmitry Zhdannikov, Kirsten Donovan, Barbara Lewis, Marguerita Choy Organizations: OPEC, Reuters, Organization of, Petroleum, Brent, Saudi Arabia's Energy, International Energy Agency, JP, Rapidan Energy Group, Thomson Locations: Saudi, VIENNA, Russia, OPEC, Vienna, Russian

☆ India's Tata Group signs $1.6 bln EV battery plant deal
▼ + stars: | 2023-06-02 | by ( Sumit Khanna | ) www.reuters.com time to read: +1 min

AHMEDABAD, June 2 (Reuters) - India's Tata Group signed an outline deal on Friday on building a lithium-ion cell factory, based on investment of about 130 billion rupees ($1.58 billion), as part of the nation's efforts to create its own electric vehicle supply chain. Compared to the size of its population, India's car market is tiny. Tata Motors dominates its electric vehicle (EV) sales, which made up just 1% of India's total car sales of about 3.8 million last year. "The plant will go a long way in contributing to the development of the EV ecosystem in Gujarat and India," Vijay Nehra, an official in the Gujarat state government told Reuters. ($1 = 82.3373 Indian rupees)Reporting by Sumit Khanna and Tanvi Mehta; editing by Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Vijay Nehra, Sumit Khanna, Tanvi Mehta, Barbara Lewis Organizations: India's Tata Group, Tata Motors, Solutions, Reuters, Thomson Locations: AHMEDABAD, Gujarat, Sanand, India

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