2025-09-29 11:38
LUSAKA, Sept 29 (Reuters) - China, Zambia and Tanzania on Monday signed a $1.4 billion deal to refurbish the Tanzania-Zambia railway, a vital route for shipping copper exports from the region, Zambia's government said. The deal aims to rehabilitate the railway and purchase locomotives, passenger coaches and wagons. Sign up here. Last year China signed an initial agreement to revive the 50-year-old TAZARA railway, as it is widely known, at a time the United States was throwing its financial weight behind a rival transport corridor for minerals called Lobito, after an Angolan port. TAZARA offers a way to bypass logistics bottlenecks in South Africa that have slowed copper and cobalt exports. https://www.reuters.com/world/africa/china-signs-deal-with-zambia-tanzania-14-billion-railway-upgrade-2025-09-29/
2025-09-29 11:33
CAPE TOWN, Sept 29 (Reuters) - Chevron (CVX.N) , opens new tab said on Monday that its Noble Energy subsidiary had agreed terms with Equatorial Guinea on the development of the Aseng gas project, which will help it to reach a final investment decision. The project, found in Block I of the Douala Basin, will help to sustain the supply of liquefied natural gas from the Central African country to global markets. Sign up here. It will involve an initial investment of some $690 million and bolster the country's ambitions to become a regional gas-processing hub, Equatorial Guinea's minister of hydrocarbons and mining development Antonio Oburu Ondo said in a statement. EQUATORIAL GUINEA SET TO LAUNCH LICENSING ROUND As part of those plans, Equatorial Guinea last year agreed with nearby Nigeria to jointly construct the Gulf of Guinea Gas Pipeline. It is also looking to develop the $4.5 billion EG-27 LNG project with the backing of Afreximbank, which is raising capital for its development. Afreximbank says the EG-27 project that focuses on the Ebano field could produce 2.4 million metric tons of LNG a year over a 20-year period. A member of the Organization of the Petroleum Exporting Countries, Equatorial Guinea is expected to launch its latest oil and gas licensing round later on Monday. https://www.reuters.com/business/energy/chevrons-noble-energy-moves-forward-aseng-gas-project-equatorial-guinea-2025-09-29/
2025-09-29 11:31
Sept 29 (Reuters) - Vistra Corp (VST.N) , opens new tab has secured a long-term deal to supply power from its Comanche Peak nuclear plant to an unnamed buyer, it said on Monday. The utility said in a regulatory filing that it has signed a 20-year deal to supply 1,200 megawatt of power from its nuclear power plant in Somervell County, Texas, to an undisclosed investment-grade buyer. Sign up here. Vistra expects power delivery to start in the fourth quarter of 2027, and full capacity by 2032. "This deal catches Vistra up with independent power producer peers in the race to secure megawatts under long term contract," said Scotiabank analyst Andrew Weisel. But Weisel said some investors seemed unsatisfied as the contract covers only 50% of the Comanche Peak plant's capacity and as Vistra not naming the customer suggests it might not be a data center. Shares of the company fell nearly 2% in afternoon trade. Earlier in the day, the shares had risen marginally after the utility said it will build two new natural gas units at the Permian Basin power plant in West Texas. The addition of the two units at the Permian Basin power plant, together totaling 860 megawatts, will take the site's current capacity to 1,185 MW, it said. Vistra had said last year it would add up to 2,000 MW of natural-gas-fueled power capacity in Texas by 2028, which would be enough electricity to power 1 million homes. U.S. power consumption is expected to reach record highs in this year and the next, fueled by demand from data centers dedicated to AI and cryptocurrency, as well as increased electricity use in homes and businesses for heating and transportation. https://www.reuters.com/business/energy/utility-vistra-build-two-new-natural-gas-power-units-permian-basin-2025-09-29/
2025-09-29 11:25
Sept 29 (Reuters) - Shares of pot companies climbed in premarket trading on Monday after U.S. President Donald Trump advocated the potential benefits from the use of cannabidiol in senior healthcare in a social media post , opens new tab. Trump had said last month his administration was looking to reclassify marijuana, which could also result in potentially easing criminal penalties around its use. Sign up here. Hemp-derived cannabidiol (CBD) could "revolutionize senior healthcare" by helping reduce disease progression and was shown as an alternative to prescription drugs, he said in a post on Truth Social on Sunday. U.S.-listed shares of Canopy Growth (WEED.TO) , opens new tab, and Tilray Brands (TLRY.O) , opens new tab both jumped nearly 20% before the bell, while Cronos Group (CRON.TO) , opens new tab added 9.5% and Aurora Cannabis (ACB.TO) , opens new tab, gained 13.7%, respectively. The AdvisorShares Pure U.S. Cannabis exchange-traded fund (MSOS.P) , opens new tab surged 25.2% and is on track for its biggest quarterly gain on record of around 70%. "MSOS, the largest U.S. marijuana-focused ETF, is indicated up 20% at the open and benefiting from President Trump's surprise Sunday support for the potential benefits of CBD, with any support going a long way for this beleaguered listed sector," said Ben Laidler, head of equity strategy at Bradesco BBI. Regulations around the commercial use of hemp and CBD were significantly eased through the enactment of the Agriculture Improvement Act during Trump's first term. However, marijuana remains listed as a Schedule I substance, under the Controlled Substances Act, meaning it has a high potential for abuse and no current accepted medical use. Former Joe Biden had directed the Department of Health and Human Services to review marijuana's status, leading the agency to recommend moving it to Schedule III, a category for drugs with moderate to low potential for dependence. Trump "already hinted that they were planning to reclassify it. This doesn't mean it's legalizing the drug, but it does reduce some of the burden on the companies," said Daniela Hathorn, senior market analyst at Capital.com. "I do think there is further room for these stocks to move higher if it's confirmed that the reclassification is happening." Weed stocks have reflected the ebb and flow of the prolonged process taken by each U.S. administration toward wider legalization of marijuana and are often volatile. Some stocks, such as Canopy Growth have lost half their value this year, while Cronos and SNDL have both gained more than 30%. Reclassification would remove the tax burden under Section 280E, which denies standard business deductions to cannabis companies. If the tax barrier is resolved, it could pave the way for more cannabis companies to list on U.S. stock exchanges and attract interest from institutional investors. Reclassifying marijuana also represents a first step toward narrowing the chasm , opens new tab between state and federal cannabis laws. The drug is legal in some form in nearly 40 states. https://www.reuters.com/business/healthcare-pharmaceuticals/cannabis-stocks-surge-after-trump-endorses-cannabidiol-senior-healthcare-2025-09-29/
2025-09-29 11:11
Sept 29 (Reuters) - Ares Management (ARES.N) , opens new tab said on Monday its infrastructure funds have bought Meade Pipeline for about $1.1 billion, adding a key natural gas asset to its U.S. energy business as demand for power and gas surges. The investment management company is buying it from affiliates of XPLR Infrastructure (XIFR.N) , opens new tab, a leading independent power producer formed by NextEra Energy (NEE.N) , opens new tab. Sign up here. The deal deepens Ares' bet on energy infrastructure as utilities and investors look to secure reliable supplies of lower-cost fuel to backstop intermittent renewables. "Driven by electrification, industrial activity and increasing LNG exports, we are witnessing tremendous growth in power and natural gas demand," said Steve Porto, partner at Ares Infrastructure Opportunities. Meade owns a 40% stake in the Central Penn Line, a 180-mile pipeline that carries gas from the Marcellus and Utica shale basins in Pennsylvania to demand centers in the U.S. Northeast, Mid-Atlantic and Southeast. Williams' (WMB.N) , opens new tab Transcontinental Gas Pipe Line, or Transco, co-owns and operates the system under long-term leases. The Central Penn Line, which began operations in 2018, can move about 2.3 billion cubic feet per day, including capacity from its Leidy South expansion completed in 2022. https://www.reuters.com/business/energy/ares-management-acquire-meade-pipeline-11-billion-2025-09-29/
2025-09-29 10:54
Sept 29 (Reuters) - Sterling was on track for a second straight session of gains against both the dollar and the euro on Monday, as investors paused after two weeks of losses fuelled by concerns over the UK's economic and fiscal outlook. The dollar dropped on Monday amid concerns over a potential government shutdown, as investors await a batch of U.S. economic releases that could offer further clues on the Federal Reserve's policy path. Sign up here. Analysts said a surprise jump in UK public borrowing unveiled this month and signs of slowing momentum in both the manufacturing and services sectors were key factors weighing on sentiment. Sterling rose 0.26% to $1.3434 on Friday, trimming some of the past two weeks' 1.15% losses. Over the same period, the U.S. dollar index , which tracks the greenback against a basket of major currencies, fell around 0.6%. "There will be a lot of focus on the Labour Party conference, which kicks off in Liverpool today,” said Chris Turner, head of forex strategy at ING, saying UK growth and "parlous" public finances were weighing on the British currency. "Any signs that the government will cede ground to the left wing of the party by, say, withdrawing the two-child cap on benefits would be taken poorly by Gilts and sterling,” he added. Yields on 30-year UK government bonds dropped on Monday after hitting 5.583% on Friday, a three-week high. They had reached 5.752% in early September, the highest since the late 1990s. British finance minister Rachel Reeves told the BBC ahead of her speech at the governing Labour Party's conference on Monday that tough choices would be needed to stick to her fiscal rules. MUFG sees scope for the Bank of England to cut interest rates in December as the economy slows and inflation subsides. Markets were pricing in a 25 basis-point BoE rate cut by April 2026 and around a 25% chance of such a move in December. They also indicated 39 bps of easing by the end of next year. BoE interest-rate setter Swati Dhingra said Britain's high inflation rate is likely to ease off, and the central bank should move more quickly to cut borrowing costs. The euro dropped 0.15% to 87.16 pence , its lowest since September 22. Traders expected the European Central Bank to keep rates higher for longer and priced in a depo rate of around 1.95%, flat from current levels, at the end of 2026 from the current 2%. https://www.reuters.com/world/uk/sterling-rebounds-after-recent-selloff-awaits-us-data-2025-09-29/
