2025-11-12 06:46

FRANKFURT, Nov 12 (Reuters) - Bayer on Wednesday said it expected higher one-off burdens in 2025 from provisions for litigations and for buying out executives in its ongoing restructuring programme. In a statement, the German maker of drugs, seeds and crop chemicals said it now expects special items to drag earnings before interest, tax, depreciation and amortisation (EBITDA) to between 3.5 billion euros ($4.08 billion) and 4 billion euros, worse than a previous forecast range of 2.5 billion-3.5 billion. Sign up here. It also reported that third-quarter adjusted EBITDA rose 20.8%, citing gains at the Crop Science division and reconciliation effects in accounting. Quarterly EBITDA, adjusted for special items, came in at 1.51 billion euros ($1.76 billion), above the 1.28 billion euros expected on average by analysts according to a poll posted on the company's website. ($1 = 0.8575 euros) https://www.reuters.com/business/healthcare-pharmaceuticals/bayers-third-quarter-adjusted-profit-beats-market-view-2025-11-12/

2025-11-12 06:42

OPEC report says oil supply will match demand in 2026 IEA sees oil, natural gas demand growing through 2050 US House expected to vote to end government shutdown HOUSTON, Nov 12 (Reuters) - Oil prices fell more than $2 a barrel on Wednesday, weighed down by an OPEC report saying global oil supply will match demand in 2026, marking a further shift from its earlier projections of a supply deficit. Brent crude futures settled at $62.71 a barrel, down $2.45, or 3.76% after gaining 1.7% on Tuesday. U.S. West Texas Intermediate crude finished at $58.49 a barrel, down $2.55, or 4.18%, after climbing 1.5% in the previous session. Sign up here. The Organization of the Petroleum Exporting Countries noted that world oil supply would match demand next year due to the wider OPEC+ group's production increases. Previously, it had projected a supply deficit in 2026. "The prospect that the market is in balance is definitely what drove down prices," said Phil Flynn, senior analyst with Price Futures Group. "The market wants to believe it's balanced. I think the market took OPEC more seriously than IEA." The International Energy Agency forecast in its annual World Energy Outlook that oil and gas demand could continue to grow until 2050. That was a departure from the IEA's previous expectation that global oil demand would peak this decade, as the international body moved away from a forecasting method based on climate pledges. John Kilduff, partner at Again Capital, said the OPEC outlook comes as some crude sellers cannot find buyers. "There are cargoes going begging," Kilduff said. "The very front of the market is forming a new price curve. There's just a general sense of weakness in the U.S. economy." Analysts have previously highlighted that crude oversupply is curbing price gains. OPEC+ agreed this month to a pause in increasing its output in the first quarter of next year, after having unwound its cuts to production since August this year. US GOVERNMENT REOPENING The reopening of the U.S. government could boost consumer confidence and economic activity, spurring demand for crude oil, IG analyst Tony Sycamore wrote in a note. The U.S. Republican-controlled House of Representatives is set to vote later on Wednesday on a bill, already signed off by the Senate, that would restore funding to government agencies through January 30. The U.S. Energy Information Administration will release its outlook on Thursday. https://www.reuters.com/business/energy/oil-prices-little-changed-markets-eye-us-government-reopening-2025-11-12/

2025-11-12 06:28

Zelenskiy seeks ouster of ministers amid $100 million procurement scheme He calls graft in Russian-hit energy sector 'absolutely unacceptable' Probe by anti-corruption authorities involves former associate KYIV, Nov 12 (Reuters) - President Volodymyr Zelenskiy called for the dismissal of two cabinet ministers on Wednesday amid a probe into an alleged $100 million corruption scheme involving a former associate that has fuelled fresh public anger at Kyiv's wartime government. Anti-corruption authorities said this week they had detained five people and identified two others still at large, suspected of involvement in the alleged plot to control procurement at nuclear agency Energoatom and other state enterprises. Sign up here. Ukraine's biggest wartime graft scandal comes as Kyiv's outmanned and underequipped troops are struggling to fend off grinding Russian advances on the battlefield. Zelenskiy, whose former business associate from his comedy career is among the suspects, said in a video address that corruption in the energy sector - weakened by regular Russian air strikes on infrastructure - was "absolutely unacceptable". Shortly after his remarks, Prime Minister Yulia Svyrydenko submitted a request for parliament to dismiss Energy Minister Svitlana Hrynchuk and Justice Minister German Galushchenko, Hrynchuk's predecessor in the post. Galushchenko has not been identified as one of the seven suspects announced this week, but a former advisor of Galushchenko's has been. He has denied wrongdoing. Galushchenko's voice was among those heard in a recorded conversation with some of the suspects in the case that was released by the National Anti-Corruption Bureau of Ukraine, according to a source familiar with the matter. The minister did not respond to a Reuters request for additional comment. Hrynchuk said earlier said she had submitted her resignation. She has denied any wrongdoing. Svyrydenko, in a post issued later on Telegram, said her government had taken measures to remove other Energoatom officials, including a vice-president, the finance and legal director and a senior procurement official. ENERGY SECTOR ESPECIALLY VULNERABLE The probe by anti-corruption body NABU, details of which have been incrementally released in sleekly produced videos featuring the lead detective, is the latest revelation of alleged graft that has plagued Ukraine's wartime government. Showing progress in fighting corruption is central to Kyiv's bid for membership in the European Union, which officials consider key to escaping Moscow's influence. European Union foreign policy chief Kaja Kallas, speaking at a G7 meeting in Canada, told Reuters the scandal was "extremely unfortunate". She said Ukrainian authorities were "acting very forcefully." Accusations of kickbacks in the energy sector are particularly sensitive among Ukrainians, who are facing daily power outages ahead of winter as a result of massive Russian attacks on infrastructure. It could also dampen enthusiasm among donors who have provided critical assistance to Ukraine's hobbled energy sector. Speaking on local television, lawmaker Serhiy Nahorniak, a member of parliament's energy committee, said he had already been contacted by donors refusing to provide a transformer for Ukraine's battered Sumy region. "Having read the news, they said, 'We think you can afford more than one transformer,'" he told the Kyiv24 channel, without specifying who the donors were. ANTI-CORRUPTION AGENCIES STEP UP PRESSURE Earlier this year, Zelenskiy tried to limit the powers of Ukraine's anti-corruption authorities, but rowed back on those changes after rare street protests and an outcry from European partners. Political opponents accused him of trying to scuttle the activities of corruption-fighting bodies to protect his associates, which Zelenskiy strongly denies. One of the seven suspects identified by prosecutors is Timur Mindich. He is a co-owner of the influential Kvartal 95 television studio, which produced the popular sitcom that brought Zelenskiy to fame as a comedian before he launched his political career by running for president in 2019. Mindich did not immediately respond to a request for comment sent to Kvartal 95. In a statement on Wednesday, the company said it had legal ties to Mindich as a co-owner, but that he did not influence its content and the reported allegations involving him were unrelated to the company's activities. Valeriy Pekar, a prominent public intellectual, wrote on Facebook that "a Pandora's Box" was now open that would likely produce more shocking revelations. "The authorities are still underestimating the scale of the problem and are trying to slow it down," he said. "This is a mistake." https://www.reuters.com/world/ukraines-government-suspends-justice-minister-amid-energy-corruption-2025-11-12/

2025-11-12 06:08

MUMBAI, Nov 12 (Reuters) - The Indian rupee slipped on Wednesday, weighed down by dollar demand from local companies alongside modest declines in regional peers, while expectations of central bank intervention on the path to its all-time low capped losses. The rupee closed at 88.63 against the U.S. dollar, down slightly from 88.5675 in the previous session. Sign up here. Continuous dollar demand from local importers, including oil companies, has exerted pressure on the local currency over the last few weeks, traders said. Months of uncertainty over a U.S.-India trade deal have also distorted India’s FX hedging landscape, as expectations that the rupee may weaken further amplified importer hedging and kept exporters hesitant. In the wider region, Asian currencies mostly fell between 0.1% to 0.5%, while the dollar index nudged higher following a retreat triggered by signs of weakness in U.S. labour market data in the previous session. A U.S. legislature vote to reopen the country's government later in the day is in focus. If approved, that could lead to the release of key data points expected to influence the U.S. Federal Reserve's rate cut trajectory. "The jobs data will be key to whether the Fed can continue to cut and is an important element of our view that the dollar can weaken notably as we approach the end of the year," analysts at MUFG said in a note. An uptick in wagers on a rate cut next month alongside optimism over the reopening of the U.S. government helped boost stocks in Asia, with India's benchmark indexes, the BSE Sensex (.BSESN) , opens new tab and Nifty 50 (.NSEI) , opens new tab each ending xx% higher. Ongoing negotiations between the U.S. and India over a trade pact also remain a focal point for the rupee. Analysts say a breakthrough could help lift the currency substantially and spark foreign portfolio inflows into local stocks. https://www.reuters.com/world/india/rupee-looks-build-modest-momentum-trade-deal-hopes-fed-rate-cut-bets-2025-11-12/

2025-11-12 06:04

LITTLETON, Colorado, Nov 12 (Reuters) - Global power generation capacity is on track to expand by just over 25% once projects that are currently under construction are completed and steer power onto generation systems and electricity grids. Around 1,450 gigawatts (GW) of new power capacity is currently under construction globally, which when complete will lift the world's power capacity footprint from 8,000 GW to nearly 9,500 GW, data from Global Energy Monitor (GEM) shows. Sign up here. Two-thirds of current projects are from clean energy sources such as solar and wind farms, while coal-fired plants make up the majority of the fossil fuel capacity pipeline. Regionally, Asia accounts for a vast majority of nearly all planned capacity additions, while the Americas are the location for the second-largest amount of capacity construction currently underway. Below is a breakdown of the power pipeline currently being built in terms of power source and geography, and how the final power generation mix will be impacted once new projects come online. CLEAN BREAK Of the roughly 950 GW of clean power capacity being built, solar farms account for the largest share, with around 345 GW of new solar capacity currently under construction. Hydropower capacity is the next largest clean power technology being built, with around 267 GW under construction, followed by wind farms with around 251 GW. In addition, around 82 GW of new nuclear, 7.5 GW of new bioenergy and 1.8 GW of new geothermal capacity is also in the construction phase. Currently, clean power sources account for around 46% of total power capacity in operation, but following the completion of the clean-heavy construction pipeline, clean power sources will account for 49% total power capacity, GEM data shows. FOSSIL FUEL MOMENTUM While clean power sources account for 66% of the power capacity under construction, a third of the global power pipeline being built will be powered by fossil fuels. Indeed, coal-fired power is the second-largest generation source globally being built behind solar, with around 275 GW currently under construction. An additional 215 GW of gas-fired power capacity is also being built, which will result in total fossil fuel generation capacity climbing from around 4,326 GW currently to around 4,815 GW when projects are complete. The fossil fuel share of global generation capacity - which is currently around 54% - will decline to 51% after all clean and fossil fuel capacity construction is complete. ASIA-DRIVEN Asian nations are the main builders of new power capacity, with roughly 84% of all new power projects currently under construction located in the region. Asia is home to around 83% of all clean energy projects and 85% of all fossil fuel projects being built, which is a testament to the scale of China's mammoth energy needs and its manufacturing heft in energy components. When it comes to coal-fired power capacity, Asia's share jumps to 99% of the global pipeline, while 68% of all new gas-fired capacity being built is also in Asia. Once projects that are currently under construction are complete, Asia's share of global power capacity will rise from around 53% currently to 58%, GEM data shows. Around 65% of all new power capacity in Asia will be powered by clean energy, and when complete will lift Asia's power capacity mix from around 37% clean, 63% fossil fuels currently to 44% clean, 56% fossil fuels. The Americas, which currently account for 23% of power capacity in operation, will see its share decline to 21% when projects are complete. The Americas power capacity mix, which is currently split fairly evenly between clean and fossil fuel sources, will shift to 51% clean, 49% fossil fuels once current construction work is finished. Europe's share of global power capacity will fall from 19% to 17% once all global construction work is complete, while the continent's clean share of total power capacity will remain largely flat at around 68%. Africa and Oceania will continue to have a roughly 4% share of global power generation capacity after current work is complete. Africa's clean-fossil fuel capacity breakdown will shift from 28% clean, 72% fossil fuels currently to 33% clean, 67% fossil fuels once construction is complete. Oceania's generation mix will move from a fairly even clean-fossil fuel mix currently to 54% clean, 46% fossil fuels mix once current construction projects are wrapped up. The opinions expressed here are those of the author, a columnist for Reuters. Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI can help you keep up. Follow ROI on LinkedIn , opens new tab and X , opens new tab. https://www.reuters.com/markets/commodities/gigawatt-growth-how-global-power-pipeline-is-taking-shape-2025-11-12/

2025-11-12 06:04

FRANKFURT, Nov 12 (Reuters) - E.ON (EONGn.DE) , opens new tab, Europe's largest energy network operator, on Wednesday said it was concerned that new regulations on how much German power grid operators can earn on investments will not adequately reward their financing. E.ON finance chief Nadia Jakobi, speaking to investors after presenting nine-month results, said uncertainty around the regulation, which sets power grid returns for the five years from 2029, was "greater than we had expected by now". Sign up here. Germany's grid regulator is currently in the process of finalising a reform proposal in which caps are set on grid companies' earnings to balance the need to keep down consumer bills against incentives for investors. "The current draft of the framework does not fairly reflect grid operators' financing cost," Jakobi said, adding it was possible that E.ON would assess legal options if the final proposal was too far off the company's expectations. REGULATOR SETS RETURNS E.ON shares fell to their lowest in more than two months and were down 4.5% at 1226 GMT. Grid operators, including E.ON, say they need higher earnings caps to pay for the expansion of power grids that is needed to provide infrastructure for AI-driven data centres. The wording of the regulator's current recommendations on the grid funding reform is not publicly available. Jakobi said the regulator had indicated that the current version of the regulations was "close to final", and added that "proposals as a whole must be sufficiently attractive to promote investments." Bernstein analysts said it was unclear whether E.ON would have sufficient clarity by February 2026 to take a decision to upgrade investments in its German networks. Earlier, E.ON said its investments rose 8% in the first nine months of the year and also confirmed its outlook for 2025. ($1 = 0.8575 euros) https://www.reuters.com/business/energy/eon-raises-investments-keeps-2025-outlook-2025-11-12/