2025-08-18 21:49
RIO DE JANEIRO, Aug 18 (Reuters) - Brazil's Petrobras (PETR3.SA) , opens new tab is leaning toward corn as the raw material for a renewed foray into ethanol, potentially sidelining sugarcane and beleaguered sugar producer Raizen (RAIZ4.SA) , opens new tab, three Petrobras sources familiar with the matter said, citing preliminary evaluations. Energy company Petrobras, majority-owned by Brazil's government, has previously said its potential return to ethanol would involve buying minority stakes in other companies, similar to past investments. Sign up here. While sugarcane ethanol has not been definitively ruled out, corn ethanol is gaining favor in Petrobras, the sources told Reuters over the weekend, citing falling production costs driven by corn crop growth and rapid expansion in the industry. Sugarcane ethanol output, however, has stagnated amid competition for the raw material from the sugar industry. Petrobras is also eyeing increased corn output in Brazil's northern regions, where ethanol supplies are low but corn production is rising, the sources said. "We're closer to corn than cane. The outlook is better. We're talking to several corn producers," one of the sources said, without naming any companies that Petrobras was talking to. Petrobras said in a statement that it has no planned investments in ethanol or distribution of the fuel with Raizen. Two other Petrobras sources said discussions about re-entering the ethanol sector remain in early stages. "The return to ethanol is certain, but there's nothing concrete with anyone," one of those sources said, warning to expect delays to any eventual deal. The company sources spoke on condition of anonymity because they were not authorized to speak to the media. Raizen, a joint venture between Cosan (CSAN3.SA) , opens new tab and Shell (SHEL.L) , opens new tab that produces sugar and sugarcane ethanol, was hit by bad news last week when it reported a swing to a first-quarter loss and mounting net debt. On Monday, Raizen shares rebounded from a 16% drop last week, fueled by reports over the weekend suggesting that Petrobras may be considering a stake in the company. Raizen said it would not comment on the matter when asked about those reports. "They want to sell to us, but talks haven't even started here," one of the Petrobras sources said, referring to Raizen. https://www.reuters.com/business/energy/petrobras-favors-corn-over-cane-ethanol-may-exclude-raizen-sources-say-2025-08-18/
2025-08-18 21:40
Aug 18 (Reuters) - Vulcan Elements, a North Carolina-based rare earth magnet manufacturer, has agreed to buy a supply of the critical minerals from ReElement Technologies that will be sourced outside of China. The companies, both of which are privately held, declined to give precise financial terms but said that the price is "significantly below" the floor of $110 per kilogram that the U.S. Department of Defense guaranteed to MP Materials (MP.N) , opens new tab last month for the two most popular rare earths. Sign up here. The contract was signed in mid-July, Vulcan said. Rare earth oxides are used to make metal that can then be turned into magnets for use in fighter jets, radar and other military applications, as well as consumer electronics. "This pricing will enable Vulcan to be competitive in global markets," Vulcan CEO John Maslin told Reuters. "We wanted to make sure the unit economics made sense." Indiana-based ReElement, which licenses its technology from Purdue University, will supply Vulcan with "thousands of metric tons" of rare earth oxides annually for five years beginning in 2026 from outdated electronics or from mine sites, said CEO Mark Jensen. ReElement says it can supply the rare earths to Vulcan below $110 per kilogram because of its use of a processing technique known as chromatography, which is different than the industry-standard solvent extraction used by many of its peers. "We are laser focused on cost," Jensen told Reuters. "We will see where the market goes, but right now we're focused more on the market price versus that price floor." Reuters was first to report last month that the Trump administration is considering extending that price floor to other firms, news that was relayed in a close-door Washington meeting attended by Vulcan, ReElement and others. https://www.reuters.com/markets/commodities/vulcan-elements-signs-rare-earths-supply-deal-with-reelement-technologies-2025-08-18/
2025-08-18 21:27
Aug 18 (Reuters) - Figure Technology Solutions' revenue surged 22% in the first half of 2025, the blockchain lender disclosed on Monday in its U.S. initial public offering paperwork, the latest crypto-linked firm set to hit the new listings market. The company, co-founded in 2018 by technology entrepreneur Mike Cagney and his wife June Ou, is a blockchain-native capital marketplace that connects origination, funding, and secondary market activity. Sign up here. The New York-based company and some of its existing stockholders plan to sell shares in the offering. With the IPO calendar set for a seasonal slowdown through the end of August, corporate issuers are lining up for a potential roadshow launch after Labor Day when the new listings market kicks back into action. Winklevoss twins' crypto exchange, Gemini, also publicly filed for New York IPO last week. Figure's revenue surged 22.4% to $191 million in the six months ended June 30. The company reported a profit of $29 million, compared with a loss of $13 million in the same period a year earlier. Cagney was also the co-founder of fintech SoFi (SOFI.O) , opens new tab and stepped down as the firm's CEO in 2018. Figure's loan origination system and capital marketplace is used by more than 160 partners. In 2021, Figure raised $200 million in a funding round at a$3.2 billion valuation. Earlier this month, Figure said it had confidentially filed for a New York IPO. Goldman Sachs, Jefferies and BofA Securities are the lead underwriters for the offering. Figure will list on the Nasdaq under the symbol "FIGR". Proceeds from the offering will be used for general purposes. https://www.reuters.com/business/mike-cagneys-figure-technology-reveals-revenue-surge-us-ipo-filing-2025-08-18/
2025-08-18 21:18
Aug 18 (Reuters) - Shares of U.S. solar energy companies rose on Monday after the Trump administration released new subsidy rules for clean energy projects that were not as stringent as many investors had feared. Late on Friday, the Treasury Department narrowed the definition for what it means for a solar or wind project to be considered under construction, a requirement to qualify for federal tax credits worth 30% of a project's cost. Sign up here. The changes include requiring developers of big solar arrays and wind farms to complete physical work rather than simply show that they have invested capital. Solar companies criticized the move on Friday, but analysts, investors and others said the guidelines were better than many expected. The MAC Global Solar Energy index (.SUNIDX) , opens new tab was up 4% in mid-day trade, with top gainers, including residential solar company Sunrun (RUN.O) , opens new tab, up 9%, and panel manufacturer First Solar (FSLR.O) , opens new tab, up 8.6%. "Although it creates some complications, it is manageable," Raymond James analyst Pavel Molchanov said in an email. Some in the industry had feared that project developers would have to incur a large percentage of project costs in order to be eligible for the credits, or that they would have a narrower timeline to claim the subsidies after starting construction. The Treasury Department left the 4-year window unchanged for projects that start construction before the credits expire. The One Big Beautiful Bill Act requires projects to begin construction by July of next year or enter service by the end of 2027 to qualify for a 30% tax credit and bonuses that can push the subsidy even higher. Under previous law, the credits were available through 2032. https://www.reuters.com/sustainability/climate-energy/clean-energy-investors-relieved-by-trump-tax-rule-changes-2025-08-18/
2025-08-18 21:11
Defence minister attributes fires to climate change, heat wave Army deploys 3,000; PM urges national climate change pact ASTORGA, Spain, Aug 18 (Reuters) - Spain's worst wave of wildfires on record spread to the southern slopes of the Picos de Europa mountains on Monday and prompted authorities to close part of the popular Camino de Santiago pilgrimage route. "This is a fire situation we haven't experienced in 20 years," Defence Minister Margarita Robles told Cadena SER radio. Sign up here. "The fires have special characteristics as a result of climate change and this huge heat wave," she said. The heatwave spanning 16 days is the third-longest on record and sent temperatures up to 45 degrees Celsius (113 Fahrenheit) over the weekend, according to state weather agency Aemet. It is expected to start easing on Monday evening or Tuesday. Southern Europe is experiencing one of its worst wildfire seasons in two decades, with Spain and Portugal among the hardest-hit countries. So far this year, an estimated 344,400 hectares (851,000 acres) have burned in Spain - an area equivalent to the size of the island of Mallorca - according to the European Forest Fire Information System (EFFIS). It's the largest area on records that go back to 2006 and more than four times the 2006-2024 average. A firefighter died when his truck crashed near the village of Espinoso de Compludo, raising the death toll to four from the recent wave of fires. In Portugal, wildfires have burned about 216,200 hectares so far this year, according to EFFIS - more than four times the 2006-2024 average for this period - and two people have died. The Spanish army has deployed 3,000 troops and 50 aircraft to help firefighters, emergency services general director Virginia Barcones said. Spain is also receiving or has been offered help from France, Italy, Netherlands, Slovakia, Germany and the Czech Republic through the European Civil Protection mechanism, according to the Interior Ministry. In the past week alone, about 20 wildfires have devastated thousands of hectares in the regions of Galicia and Castile and Leon, forcing authorities to cut rail services in the area, as well as a 50-km (30-mile) stretch of the Camino de Santiago, an ancient pilgrimage path trodden by thousands in the summer. It links France and the city of Santiago de Compostela on the western tip of Spain, where the remains of the apostle St James are said to be buried. 'TERRIBLE THING' Patrice Lepettre, a 75-year-old pilgrim in Astorga, told Reuters the inconvenience for hikers was temporary and could not be compared to the locals' plight. "It's a terrible thing for the population. The pilgrims can go back home and come another year to finish the Camino, but for the people who live here, it's a terrible thing," he said. Leaders of regions run by the main opposition People's Party (PP) have criticised the central government for poor planning and asked for more resources to fight the wildfires. Prime Minister Pedro Sanchez on Sunday urged a "state pact" on climate change with all main political forces, which was dismissed as a "diversion" by PP spokesperson Ester Munoz on Monday. The Interior ministry said 27 people have been arrested and 92 were under investigation for suspected arson since June. In Palacios de Jamuz in the northern region of Castile and Leon, where a wildfire had burned down whole rows of houses, Delia Lobato was inspecting the damage and lamented the deaths of people and trees. "Such young people who had their whole lives ahead and who are gone, that's the hardest thing," she said. "We will plant again, and if I don't see it grow well my children will." https://www.reuters.com/sustainability/climate-energy/record-spanish-wildfires-close-part-camino-de-santiago-route-2025-08-18/
2025-08-18 21:00
Trump says U.S. would help Europe provide security for Ukraine Zelenskiy welcomes 'strong signal' from Trump European leaders push for ceasefire ahead of any peace deal WASHINGTON, Aug 18 (Reuters) - U.S. President Donald Trump told President Volodymyr Zelenskiy on Monday that the United States would help guarantee Ukraine's security in any deal to end Russia's war there, though the extent of any assistance was not immediately clear. Trump made the pledge during an extraordinary summit at the White House, where he hosted Zelenskiy and a group of European allies days after Trump met with Russian President Vladimir Putin in Alaska and months after a disastrous Oval Office meeting that saw Trump and Vice President JD Vance publicly criticize the Ukrainian leader. Sign up here. A peace deal appeared far from imminent, however. Just before the talks began, Russia's Foreign Ministry ruled out the deployment of troops from NATO countries to help secure a peace deal, adding complications to Trump's offer. Both Trump and Zelenskiy said they hoped Monday's gathering would eventually lead to three-way talks with Putin. The Kremlin has not yet publicly accepted such a meeting, and it remains to be seen whether Putin, whose forces have been slowly grinding forward in eastern Ukraine, is prepared to sit down with Zelenskiy or make meaningful concessions. In a social media post late on Monday, Trump said he had called Putin and begun arranging a meeting between Putin and Zelenskiy, to be followed by a trilateral summit among the three presidents. A source from the European delegation said Trump had told European leaders that Putin suggested he meet with Zelenskiy directly first. The last direct talks between Russia and Ukraine took place in Turkey in June. Putin declined Zelenskiy's public invitation to meet him face-to-face there and sent a low-level delegation instead. Kremlin aide Yuri Ushakov said in audio remarks on Telegram on Monday that Trump and Putin had discussed "the possibility of raising the level of representatives from the Ukrainian and Russian sides — that is, those representatives participating in the mentioned direct negotiations." Meanwhile, European leaders - who rushed to Washington in support of Ukraine - urged Trump to insist that Putin agree to a ceasefire in the 3-1/2-year-old war before any talks can advance. Trump previously backed that proposal but reversed course after meeting with Putin on Friday, instead adopting Moscow's position that any peace agreement be comprehensive. Trump told reporters in the Oval Office that he liked the concept of a ceasefire but the two sides could work on a peace deal while the fighting continued. "I wish they could stop, I'd like them to stop," he said. "But strategically that could be a disadvantage for one side or the other." Later in the day, German Chancellor Friedrich Merz and French President Emmanuel Macron both voiced support for a ceasefire as a prerequisite to any direct talks with Russia. "I can't imagine that the next meeting would take place without a ceasefire," said Merz, seated with Trump and other leaders. "So let's work on that and let's try to put pressure on Russia." Macron also said European leaders would eventually need to be included in any peace talks. "When we speak about security guarantees, we speak about the whole security of the European continent," he told Trump. Trump and Zelenskiy spoke in private before joining the rest of the European leaders for more than two hours of multilateral talks. FRIENDLY TONE AFTER FEBRUARY DISASTER Trump and Zelenskiy's meeting was starkly different in tone from their Oval Office encounter in February, which ended abruptly when Trump and Vance publicly upbraided Zelenskiy as not being grateful enough. This time, the meeting appeared far more convivial, despite the U.S. president's movement toward Russia in recent days. Zelenskiy struck a deferential tone, giving thanks at least eight times during his opening remarks to the media. Zelenskiy was also backed by the leaders of Britain, Germany, France, Italy, Finland, the European Union and NATO, who traveled to Washington to demonstrate solidarity with Ukraine and push for strong security guarantees for the country in any post-war settlement. Trump greeted Zelenskiy warmly upon his arrival outside the White House, expressing admiration for Zelenskiy's black suit, a departure from his typical military clothes. When a reporter asked Trump what his message was to the people of Ukraine, he said, "We love them." Zelenskiy thanked him, and Trump put his hand on Zelenskiy's back in a show of affection before the two men went inside to the Oval Office. Zelenskiy described his direct talks with Trump as "very good" and said they had spoken about Ukraine's need for U.S. security guarantees. "This is very important, that the United States gives such a strong signal and is ready for security guarantees," Zelenskiy said. Trump said European countries would be "a first line of defence because they're there, but we'll help them out." TRUMP UPS PRESSURE Trump has pressed for a quick end to Europe's deadliest war in 80 years, and Kyiv and its allies worry he could seek to force an agreement on Russia's terms after the president on Friday rolled out the red carpet - literally - for Putin, who faces war crimes charges from the International Criminal Court. Officials in Ukraine said Russian attacks overnight on Ukrainian cities killed at least 10 people, including a toddler, in what Zelenskiy called a "cynical" effort to undermine talks. Trump has rejected claims that the Alaska summit was a win for Putin, who has faced diplomatic isolation since Russia's invasion of Ukraine in 2022. "I know exactly what I'm doing, and I don't need the advice of people who have been working on all of these conflicts for years, and were never able to do a thing to stop them," Trump wrote on social media. Trump's team has said both sides must compromise. But the president has put the burden on Zelenskiy, saying Ukraine should give up hopes of regaining Crimea, annexed by Russia in 2014, or of joining the NATO military alliance. Zelenskiy has already all but rejected the outline of Putin's proposals from the Alaska meeting. Those include handing over the remaining quarter of its eastern Donetsk region, which is largely controlled by Russia. Any concession of Ukrainian territory would have to be approved by a referendum. The war has killed or wounded more than a million people from both sides, including thousands of mostly Ukrainian civilians, according to analysts, and destroyed wide swaths of the country. https://www.reuters.com/business/aerospace-defense/trump-tells-zelenskiy-us-would-help-with-ukraines-security-peace-deal-2025-08-18/
