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☆ Petrobras awaits government OK to drill at mouth of Amazon River
▼ + stars: | 2023-04-29 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, April 29 (Reuters) - Brazilian state-run oil firm Petrobras (PETR4.SA) said on Saturday that it is awaiting the government's stance on its request to drill a well at the mouth of the Amazon River Basin, following a technical recommendation by the country's environmental agency to reject the proposal. "We're technically ready, waiting for the official position on our drilling campaign in the region," he added. But a technical report from Brazil's environmental agency Ibama has advised against the request, citing discrepancies in environmental studies, inadequate measures for communicating with indigenous communities, and insufficiencies in Petrobras' plan to safeguard the region's wildlife. The technical report will serve as the basis for the environmental agency's ultimate determination on whether or not to authorize activities in the area. Reporting by Marta Nogueira, Writing by Marcela Ayres; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil agency recommends barring Petrobras from drilling in Amazon's mouth
▼ + stars: | 2023-04-29 | by ( Marta Nogueira | ) www.reuters.com time to read: +2 min

Signed last week by several environmental analysts from Ibama, the report also recommended the agency stop processing environmental licenses for the block. The oil block, FZA-M-59, was auctioned off by oil regulator ANP to Petrobras in 2013. According to Ibama's report, Petrobras' environmental studies still have "inconsistencies" even after a series of reviews. Petrobras and Ibama did not immediately respond to requests for comment. Another document seen by Reuters showed Werneck Sanchez Basseres, Ibama's environmental licensing coordinator for offshore oil and gas exploration, said he agreed with the report's assessment.

☆ Oil AGMs presage awkward investor decoupling
▼ + stars: | 2023-04-28 | by ( Yawen Chen | ) www.reuters.com time to read: +3 min

Chair Helge Lund defended a sudden reversal in February to now cut less oil and gas production by 2030. Big Oil had more than doubled its profits in 2022 as energy prices spiked after Western sanctions on Russian energy. Pension investors like the Universities Superannuation Scheme, for example, are strengthening their climate investment policies and targeting board members to drive change. The traditional oil investor base may soon start to question why companies aren’t doing much more in oil and gas, if that’s what drives profitability and market performance. The oil world’s own awkward decoupling is happening fast.

☆ Schroders' assets under management fall on year; small uptick from prior quarter
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +2 min

At the end of the first quarter, Schroders' assets under management rose 1.2% to 746.3 billion, although still 0.8% lower than the corresponding period a year ago, when the Russia-Ukraine conflict had just begun. Peer St. James's Place (SJP.L) said assets under management rose 3.5% by the end of March quarter, adding that it expected a more supportive environment for new business in 2023. Still, SJP's net inflows were down nearly 9% at 2 billion pounds during the first quarter, missing company-compiled analysts' expectations of 2.2 billion. Separately, Schroders named PricewaterhouseCoopers' current global market leader, Richard Oldfield, as its new CFO. Schroders shares were down 1.4%at 474.5 pence by 0750 GMT, compared to a largely flat benchmark index (.FTSE).

SummarySummary Companies Britain's house prices show weak rise in AprilBunelm gains on Stifel upgradeMedica Group surges on buyout dealFTSE 100 down 0.2%, FTSE 250 adds 0.2%April 24 (Reuters) - London's FTSE 100 fell on Monday as energy stocks and base metal miners lost ground on weak demand outlook, while caution set in ahead of a busy week of earnings. Oil giants BP (BP.L) and Shell (SHEL.L) lost 0.9% and 1.2%, respectively, as crude prices fell more than 1% on concerns about rising interest rates, global economic slowdown and fuel demand outlook. The FTSE 100 (.FTSE) fell 0.2%, while the mid-cap FTSE 250 (.FTMC) was up 0.2%, as of 0821 GMT. Growth companies, including Microsoft Corp (MSFT.O), Google parent Alphabet Inc (GOOGL.O) and Amazon.com Inc (AMZN.O), are scheduled to report their earnings this week. The FTSE 100 logged its fifth consecutive weekly rise on Friday, marking its longest streak of weekly gains in more than a year, buoyed by commodity stocks, even as weak global economic growth outlook keeps investor sentiment subdued.

The justices turned away five appeals by the oil companies of lower court decisions that determined that the lawsuits belonged in state court, a venue often seen as more favorable to plaintiffs than federal court. A separate appeal filed by the oil companies challenging lower court decisions in cases out of New Jersey and Delaware is still pending before the Supreme Court. Theodore Boutrous, an attorney for Chevron, expressed confidence that the cases will be dismissed in state court. That decision prompted other federal appeals courts to reconsider whether they should send similar lawsuits by state and local governments back to state courts. Four other appeals courts reached similar conclusions in the lawsuits by Rhode Island and jurisdictions in California, Colorado, Hawaii and Maryland.

[1/2] Hywind Tampen floating wind farm structures are being assembled at the Wergeland Base in Gulen, Norway, June 7, 2022. But by 2035, the LCOE for floating wind is expected to fall to about 60 euros/MWh. It plans to set a specific target for floating wind this year. Britain aims to have 5 GW of floating wind installed by 2030 but a report by the UK Floating Wind Offshore Wind Taskforce, said 34 GW could be installed by 2040 if ports were upgraded. "South Korea will be commercial the quickest," said Cole at Corio Generation, which has 1.5 GW of floating wind under development there.

Companies Bp Plc FollowOSLO, April 22 (Reuters) - Norway's $1.4 trillion sovereign wealth fund, one of the world's largest investors, said on Saturday it will vote against a resolution calling on British oil major BP (BP.L) to adopt tougher greenhouse gas targets. The Norwegian fund, itself built on oil and gas revenue, owned 2.73% of BP's shares worth some $2.8 billion at the end of 2022. BP's board has recommended that shareholders vote against the resolution saying it was "unclear" what it wanted the company to do. Investor advisers ISS and Glass Lewis also recommended BP shareholders oppose the resolution, while Britain's Local Authority Pension Fund Forum (LAPFF) asked investors to back it. In February BP rowed back on plans to slash its 2019 oil and gas output levels by 40% by 2030, and now it envisages a 25% cut, angering climate activists.

HOUSTON/NEW DELHI, April 21 (Reuters) - South America's fastest growing oil producer has turned down the Indian government's request for discounted crude oil purchases during trade discussions, Guyana Vice President Bharrat Jagdeo said on Thursday. Guyana's oil production in total has tripled from a year ago to about 380,000 barrels of oil per day. "Any sale of our crude will have to be on commercial terms, not a discounted terms," Jagdeo said at a briefing. Indian buyers have sought a discount to compensate for high freight costs to send its oil to the Asian country, Jagdeo said. "Guyana crude is costly for us because of high freight.

LONDON, April 20 (Reuters) - British transport company FirstGroup (FGP.L) and infrastructure fund I Squared are weighing competing bids for parts of Deutsche Bahn's international transport business Arriva, according to a number of people familiar with the matter. The British transport company may also consider partnering with another bidder for the UK operations, the two added. Arriva, Deutsche Bahn, FirstGroup and I Squared declined to comment. A Bloomberg report in January suggested Arriva may now fetch as much as 2 billion euros. Binding offers for Arriva are expected in the next couple of months, two of the sources said.

[1/2] A man charges an electric vehicle (EV) at the charging hub of Indian ride-hailing BluSmart Electric Mobility in Gurugram, India, December 9, 2022. SCALING UPIndia's ride-hailing market is currently worth $13.4 billion - a tenth of China's - and penetration is just 7%, according to Statista, making the country of 1.4 billion a lucrative opportunity. BluSmart, which operates in just two cities with 5,000 vehicles, says it commands 9% market share of Delhi's ride-hailing market. In February, Uber's India chief Singh dismissed concerns about BluSmart, saying Uber still offered more diverse ride options, including scooters and autorickshaws. "In a way it (BluSmart) has forced Uber to reimagine how it wants to play in India," WEF's Khurana said.

☆ Allianz picks acceptable time to quit N26
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 19 (Reuters Breakingviews) - Allianz (ALVG.DE) is striking a blow for forlorn investors of privately held startups. While that would be a 68% discount to N26’s $9 billion valuation as of October 2021, Allianz’s exit route looks agreeably straightforward. N26 has enough cash to finance its operations until the end of 2024, when it is expected to reach profitability. The fight between banks for consumer deposits will force N26 to offer better interest rates for its customers, limiting its profit margin going foward. More to the point, Allianz doesn’t have to inform N26 of an intention to sell.

☆ Britain eyes development roles in Japan offshore wind -official
▼ + stars: | 2023-04-16 | by ( Katya Golubkova | ) www.reuters.com time to read: +2 min

The UK is one of the world's largest offshore wind markets, with more than 10 GW of installed capacity. Japan has launched a second major round of public auctions to select operators for four new areas capable of generating 1.8 GW of offshore wind power. It wants to install up to 10 GW of offshore wind capacity by 2030 and up to 45 GW by 2040. Shapps did not specifically mention the offshore wind power auctions but said there were "very broad areas of cooperation between UK and Japan" in offshore wind development. He also noted the targets set by G7 on solar and offshore wind generation were "overall" for the group.

☆ Italy’s green star has new, uncertain trajectory
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 13 (Reuters Breakingviews) - In 2021, Enel (ENEI.MI) had the world at its feet. The group remains the world’s largest private operator of renewable energy, and its goal for 75 gigawatts of green power capacity by 2025 leaves the targets of parvenus like BP (BP.L) in the dust. Given Scaroni’s background, it may even seem like a good idea to combine Enel with $53 billion Eni and create an inward-focused national champion rather than a global net zero star. That may make Enel less appealing to international investors than once seemed likely. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

The blue-chip FTSE 100 (.FTSE) rose 0.5%, while the mid-cap FTSE 250 (.FTMC) lost 0.1% as of 0807 GMT. Oil and gas (.FTNMX601010) added 0.8% as crude prices gained against the dollar, lifting oil giants BP Plc (BP.L) and Shell Plc (SHEL.L) 0.6% and 1.0%, respectively. "The FTSE 100 is falling in line with the positive sentiment we saw at the start of the week, overlooking the China-Taiwan tensions," said Giles Coghlan, chief market analyst at HYCM. While concerns over a potential recession in the U.S. amid persistent inflation have weighed on sentiment recently, the FTSE 100 has been on a positive streak, helped by commodity stocks and defensives including pharmaceuticals. Shares of West Africa-focused oil producer Tullow Oil (TLW.L) slid 2.9% on Jefferies' downgrade to "underperform" from "hold."

NEW YORK, April 11 (Reuters) - Private equity firm KKR & Co Inc (KKR.N) has agreed to buy a significant stake in FGS Global in a deal that values the financial communications group at about $1.4 billion. As part of the deal, KKR will buy up a 30% stake from senior employees at FGS Global and its largest investors, including London-based advertising giant WPP Plc (WPP.L). WPP, which was founded by Martin Sorrell, will retain a majority stake in FGS Global. Existing investor Golden Gate Capital is selling its entire stake to KKR, which is investing in FGS Global through its $8-billion European Fund VI. FGS Global currently employs more than 1,200 people across 27 offices globally.

LONDON, April 6 (Reuters) - A group of investors with $1.1 trillion in assets under management has joined climate activist group Follow This in asking TotalEnergies (TTEF.PA) shareholders to push for more ambitious targets on emissions cuts. "These climate resolutions at Big Oil will show which investors are serious about resolving the climate crisis and which prefer to just talk about it." TotalEnergies has said its emissions will not register a big reduction by 2030 in absolute terms. In 2020, the last time TotalEnergies shareholders voted on a Follow This resolution, the activist received 17% of the votes. TotalEnergies' climate strategy was approved by about 90% of shareholder votes in 2021 and 2022.

☆ KKR set to buy stake in communications group FGS Global - FT
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +1 min

April 6 (Reuters) - Private-equity group KKR (KKR.N) is nearing a deal to buy a large stake in FGS Global that will value the financial communications company at about $1.4 billion, the Financial Times reported on Thursday. The deal could be announced as soon as next week, the FT report said, marking the latest significant investment by buyout groups into the niche sector of communications. FGS Global is backed by British advertising group WPP (WPP.L). KKR is expected to acquire more than 30% of FGS from a combination of senior employees at FGS and WPP, the report said, adding that the British group is expected to retain a majority in the business. FGS and WPP did not immediately respond to a Reuters request for comment, while KKR declined to comment.

☆ Morning Bid: Markets brush off OPEC as factories stall
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +5 min

A look at the day ahead in U.S. and global markets from Mike DolanRelatively calm world markets have brushed off OPEC's latest twist and focussed more squarely on stalled global manufacturing and edgy U.S.-China relations. Crude oil prices held much of Monday's pop higher on the surprise weekend production cut by the Organization of Petroleum Exporting Countries. But Brent crude remains below levels seen just before the Silicon Valley Bank bust last month and is still tracking year-on-year declines of 20%. Strikingly, both short and long-term inflation expectations embedded in the Treasury markets , have barely budged since the OPEC news. McCarthy, the third-most-senior U.S. leader after the president and vice president, is due to host a meeting in California on Wednesday with Tsai.

LONDON, April 3 (Reuters) - BP (BP.L) shareholders should vote against its annual report and remuneration policy and support the "Follow This" climate activist resolution at BP's shareholders' meeting, Britain's Local Authority Pension Fund Forum (LAPFF) has recommended in a report seen by Reuters. In February BP rowed back on plans to slash oil and gas output and emissions and will not offer shareholders a vote on its climate strategy as it did last year when they backed it. LAPFF in a report to its members said it was "disappointed with the slackening of 2030 aims for emissions reduction". "LAPFF is further disappointed that there is not a company resolution on transition planning this year, especially given the material changes since the last one." They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ FTSE 100 up as oil stocks rise; Cineworld slumps
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies FTSE 100 up 0.5%, FTSE 250 flatApril 3 (Reuters) - UK's FTSE 100 hit a three-week high on Monday, lifted by oil giants as crude prices rallied following a surprise output cut by OPEC+, while theatre chain Cineworld neared record lows as it failed to find a buyer for its U.S., UK and Ireland businesses. Energy heavyweights Shell Plc (SHEL.L) and BP Plc (BP.L) advanced over 4% each as crude oil prices jumped more than 5% following an unexpected output cut over the weekend by the Organization of the Petroleum Exporting Countries(OPEC) and its allies. The broader energy sector (.FTNMX601010) was up 4.3%, on course for its biggest daily gain in more than four months. The export-oriented FTSE 100 (.FTSE) rose 0.5%, kicking off the new quarter with gains, as the pound slipped. Reporting by Johann M Cherian in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

☆ Morning Bid: Swinging between bank fears and rate risks
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +5 min

A look at the day ahead in U.S. and global markets from Mike DolanMarkets seem caught between the devil and the deep blue sea. Easing concerns about bank stability this week have merely re-introduced interest rate risk, reining in any suggestion of a runaway relief rally as the first quarter closes on Friday. While nerves persist over March bank failures and contagion fears, central banks are still faced with punchy growth and inflation and will likely switch attention back to cooling that down once they're assured banks can take the strain. But interest rate markets are already correcting as signs of stability in the banking arena emerge. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ BP, ADNOC’s Mediterranean debut ticks three boxes
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 28 (Reuters Breakingviews) - BP (BP.L) and the Abu Dhabi National Oil Company (ADNOC) are tying the knot. The duo plan to set up a joint venture to buy gas assets in the eastern Mediterranean. On the other hand, the $4 billion NewMed net asset value implied by BP and ADNOC’s bid is some way ahead of the $2.6 billion estimated by hedge fund Palliser during NewMed’s autumn dalliance with Capricorn Energy (CNE.L). And after rethinking the speed with which it’s cutting its oil and gas production, BP wants to show investors that it can identify suitable fossil fuel projects. NewMed shares only jumped 38% to around 10 shekels on Tuesday, implying doubt about whether the deal will happen.

LONDON, March 28 (Reuters) - BP (BP.L) and Abu Dhabi's state oil giant on Tuesday offered to acquire 50% of Israeli offshore natural gas producer NewMed Energy (NWMDp.TA) for around $2 billion, making their entry into Israel's growing energy sector. The offer would involve acquiring NewMed's free floating shares and taking the company private. BP shares gained 2% by 0810 GMT while NewMed shares were up around 30%. For BP, the deal highlights the British company's focus on growing natural gas production after Chief Executive Bernard Looney last month slowed down its shift away from fossil fuels. After the deal closes NewMed will become a private corporation equally held by the BP-ADNOC JV and Delek Group (DLEKG.TA), which holds the remaining 50%.

☆ Lenders, energy stocks help London stocks extend gains
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies FTSE 100 up 0.6%, FTSE 250 adds 0.2%March 28 (Reuters) - UK shares extended gains on Tuesday, supported by an upbeat performance in energy heavyweight BP, while lenders gained following reassuring comments by Bank of England Governor Andrew Bailey on the stability of the banking sector. The pound strengthened 0.3% as traders weighed the prospects of higher interest rates. The blue-chip FTSE 100 (.FTSE) rose 0.6%, while FTSE 250 (.FTMC) climbed 0.2% by 0718 GMT. Energy stocks (.FTNMX601010) rose 1.6%. Reporting by Johann M Cherian in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

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