2025-09-19 18:54
PARIS, Sept 19 (Reuters) - Stellantis unveiled an electric vehicle prototype on Friday featuring a faster-charging, lighter and more affordable battery that eliminates the need for a separate inverter and charger. The IBIS (Intelligent Battery Integrated System) was developed in partnership with TotalEnergies (TTEF.PA) , opens new tab subsidiary Saft. It is one of the first of its kind and provides weight and space savings and is easier to service, Stellantis said. Sign up here. The new system is 10% more efficient than an EV with the same-sized battery and reduces charging time by an hour. A lack of affordable models and slow charging times have been a barrier to broader public acceptance of EVs. German manufacturer Porsche (P911_p.DE) , opens new tab is also working on the concept of a "modular multi-level inverter" integrating numerous separate electrical components into a single unit. The new IBIS battery is now undergoing road tests in a Peugeot e-3008. "This milestone marks a major step forward in the electrification of mobile and stationary energy applications," Stellantis said in a press release. According to the Franco-Italian-American automaker, this technology could be integrated into its production vehicles by the end of the decade. Contemporary EVs use an inverter to convert the battery's direct current into alternating current to power the electric motor. In charging mode, alternating current from the grid is converted into direct current for the battery. Stellantis said in the IBIS these functions are integrated directly into the battery using electronic control via 200 transistors, reducing vehicle weight by 40 kg (88 lb), freeing up space and reducing charging time by 15%. https://www.reuters.com/business/autos-transportation/stellantis-unveils-lighter-faster-charging-ev-battery-2025-09-19/
2025-09-19 18:06
Rig count rises to 542, highest since July Total rig count still 8% below last year EIA projects increase in crude and gas output for 2025 Sept 19 (Reuters) - U.S. energy firms this week added oil and natural gas rigs for a third week in a row for the first time since February, energy services firm Baker Hughes (BKR.O) , opens new tab said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by three to 542 in the week to September 19, its highest since July. , , Sign up here. Despite this week's rig increase, Baker Hughes said the total count was still down 46 rigs, or 8% below this time last year. Baker Hughes said oil rigs rose by two to 418 this week, their highest since July, while gas rigs held steady at 118. In the Denver-Julesburg (DJ)-Niobrara shale in Colorado, Wyoming, Nebraska and Kansas, drillers added two rigs this week, boosting the count to 11, the highest since April 2024. In Colorado, meanwhile, drillers added two rigs this week, boosting the count to 14, the most since August 2024. The oil and gas rig count declined by about 5% in 2024 and 20% in 2023 as lower U.S. oil and gas prices over the past couple of years prompted energy firms to focus more on boosting shareholder returns and paying down debt rather than increasing output. The independent exploration and production (E&P) companies tracked by U.S. financial services firm TD Cowen said they planned to cut capital expenditures by around 4% in 2025 from levels seen in 2024. That compares with roughly flat year-over-year spending in 2024, increases of 27% in 2023, 40% in 2022, and 4% in 2021. Even though analysts forecast U.S. spot crude prices would decline for a third year in a row in 2025, the U.S. Energy Information Administration (EIA) projected crude output would rise from a record 13.2 million barrels per day (bpd) in 2024 to around 13.4 million bpd in 2025. On the gas side, the EIA projected a 61% increase in spot gas prices in 2025 would prompt producers to boost drilling activity this year after a 14% price drop in 2024 caused several energy firms to cut output for the first time since the COVID-19 pandemic reduced demand for the fuel in 2020. The EIA projected gas output would rise to 106.6 billion cubic feet per day (bcfd) in 2025, up from 103.2 bcfd in 2024 and a record 103.6 bcfd in 2023. https://www.reuters.com/business/energy/us-drillers-add-oil-gas-rigs-third-week-row-baker-hughes-says-2025-09-19/
2025-09-19 18:02
Sept 19 (Reuters) - Type One Energy CEO Christofer Mowry said on Friday U.S. government-owned utility Tennessee Valley Authority plans to use its technology at the retired coal-fired Bull Run plant, which will be the site of a commercial fusion plant. Nuclear power has been making a comeback in the U.S. after decades of stagnation, driven by record electricity demand from AI data centers as well as the electrification of industries such as transportation and manufacturing. Sign up here. Type One Energy said it will provide stellarator technology, which is a more advanced version of the tokamak reactor and is the only fusion technology shown to operate in a stable and steady state manner, making it appropriate for use in a power generation application. Existing nuclear plants rely on nuclear fission, where larger atoms are split into smaller ones, whereas nuclear fusion joins two or more small atoms into a larger one, offering greater energy production without generating large amounts of radioactive waste. Fusion is still at an experimental stage as developers have yet to achieve net energy gain in a commercially viable way, but investment has been boosted by a flurry of interest from Big Tech groups that have entered the sector alongside investors such as energy giants such as Chevron (CVX.N) , opens new tab, Shell (SHEL.L) , opens new tab and Siemens (SIEGn.DE) , opens new tab. "What's really exciting about fusion energy is it has a very light regulatory structure to it...so the timeline and the cost of permitting and licensing is a small fraction of what you traditionally see in a nuclear project," Mowry said in an interview with Reuters. Type One expects the construction of the power plant to begin as early as 2028, but did not disclose the exact value of the contracts signed with TVA. Axios had reported earlier today TVA would use Type One technology at the plant. https://www.reuters.com/business/energy/tennessee-valley-authority-develop-commercial-fusion-plant-retired-coal-site-2025-09-19/
2025-09-19 17:32
SAO PAULO, Sept 19 (Reuters) - Brazilian fuel distributor Ipiranga has seen its sales volumes rise after police and tax authorities carried out raids to dismantle an organized crime ring in the sector, the company's chief executive said on Friday. Multinational energy companies have struggled for years to root out organized crime from their distribution networks in Brazil, and experts had projected the crackdown to result in gains for major fuel distributors. Sign up here. Ipiranga's sales in Sao Paulo state, Brazil's richest and most populous, are up after the raids, CEO Leonardo Linden said, though he said it was too soon to measure the full impact of the raids on the company's margins. "I expect gains in (market share) in August and especially in September," he said. Last month, authorities in Latin America's largest economy launched a series of raids aimed at dismantling multibillion-dollar money laundering and fraud schemes linked to organized crime in the fuel sector. Firms targeted in the raids had a 7% market share of the country's fuel distribution market, while holding a 33% share of Sao Paulo's ethanol market, according to Ipiranga, which is controlled by conglomerate Ultra (UGPA3.SA) , opens new tab. Brazil's Instituto Combustivel Legal - an industry group created to combat fuel fraud - had said it expected sales volume for major distributors, including Ipiranga, to rise as a result of the raids. "I've never seen such a significant police operation. ... But it can't stop here," Linden said. "We need to build a more balanced environment that better encourages companies that do things right in the sector." https://www.reuters.com/business/energy/ipiranga-sales-jump-after-raids-targeting-organized-crime-brazil-fuel-sector-2025-09-19/
2025-09-19 17:30
Inequality, debt woes fuel debate on taxing the rich Wealth taxes rarely generate much revenue, say experts Higher taxes on capital, inheritance seen as better options FRANKFURT, Sept 19 (Reuters) - Cash-strapped European governments looking to tax the rich harder to plug holes in public finances and redress rising inequality may find that direct wealth levies are not the most effective solution. History shows outright wealth taxes rarely generate much revenue and often miss their main targets, tax experts and economists say. They point to a menu of options that work better, including greater scrutiny of capital gains, inheritance taxes and exit fees for those trying to switch to a tax haven. Sign up here. "Concerns about wealth inequality do not imply that governments should use net wealth taxes," the IMF said in a recent guide to governments. "Improving capital income taxes tends to be both more equitable and more efficient." MODEST REVENUES In Europe, Switzerland, Spain and Norway have varying forms of a wealth tax on holders of assets above a certain level, and France and Britain are debating the idea to reduce their budget deficits. The average top income tax rate across the 38 countries in the Organisation for Economic Co-operation and Development fell from 66% in 1980 to 43% currently. And at the very pinnacle of society, the top 0.0001% of earners can pay hardly any taxes at all in countries such as France and the Netherlands because they can park their assets in holding companies, according to research by Paris School of Economics professor Gabriel Zucman. He was behind a proposal for a 2% wealth tax on France's richest 0.01% in the 2026 budget, now being debated by politicians. "We need to ensure that billionaires pay at least as much as other social groups," Zucman told Reuters. "It is a basic question of justice and respect for the fundamental principles of tax fairness." But taxing a person's stock of assets isn't the only or perhaps even the best way to get there. These taxes typically generate modest revenues of just a few decimal points of gross domestic product. This is because taxpayers, particularly the ultra-rich, can easily shield their assets by placing them in businesses or trusts, in exempted or hard-to-value items such as antiques, or even siphon them off to tax havens. CAPITAL GETS BETTER DEAL In addition, a wealth tax is generally levied on all types of wealth at the same rate - effectively penalising those who own lower-yielding assets. By contrast, a tax on the income derived from capital - such as dividends and capital gains, which are profits made when an asset is sold - is levied on actual returns. As these are generally subject to lower tax than labour income, proponents of taxes on the wealthy see room for change. "The favourable tax treatment of gains is a significant driver of low effective tax rates among high-net-worth individuals," the OECD said in a report published earlier this year. Income from capital gains and dividends is taxed at a low, flat rate in countries including France, Germany, Italy, South Korea and Japan. Some economists argue low taxes on capital encourage savings, investment and entrepreneurship, although OECD research shows those aims could be achieved in other ways, such as targeted relief. Fixes include removing exemptions for capital gains, such as on some real estate, and making sure these are taxed, at the latest, when assets are inherited or a taxpayer leaves the country, especially for a tax haven, according to OECD and IMF research. DEATH TAX MAY GIVE ECONOMY NEW LIFE Inheritance tax, sometimes disparagingly called a "death tax", is both fair and efficient, according to the OECD. Its researchers argue it has advantages over a wealth tax, such as not discouraging people from saving for their old age or, if the right exemptions are in place, from making a nest for their children. Detractors say inherited assets have already been taxed when income was earned. They point to the fact that the top 1% of earners are already the biggest contributor to the state's coffers in most major countries. While most developed economies do tax inherited wealth, not all make full use of that tool. Most do not tax unrealised capital gains, and provide generous allowances for business assets. In Italy, Poland and, up to a threshold, South Korea, heirs don't pay any levy on a business they inherit. In Ireland, Spain and Germany there are very high exemptions. In a competitive global environment, policymakers need to strike a balance in raising tax revenue without sending the wealthy to other jurisdictions, tax experts say. Yet tax activist group the Tax Justice Network argues everyone would benefit from a narrower wealth gap. "One of the things that undermines social outcomes for everybody, including the wealthiest, is inequality... High inequalities undermine economic growth. They undermine life expectancy across the board," said the Tax Justice Network's Chief Executive Alex Cobham. https://www.reuters.com/business/finance/europe-has-menu-options-make-wealthy-pay-more-taxes-2025-09-19/
2025-09-19 16:13
BUENOS AIRES, Sept 19 (Reuters) - Mexico's central bank is set to again lower its benchmark interest rate by a quarter of a percentage point on September 25, taking it to 7.50%, a Reuters poll showed. That would be the eleventh moderate cut since the bank, known as Banxico, began a steady easing cycle to deal with weak economic conditions at the start of 2024. Sign up here. Policymakers are expected to remain slightly more concerned by a slow domestic economy than by consumer price trends, in line with their outlook following last month's 25 basis-point move. All 24 economists polled from September 15-18 forecast Banxico's five-member governing board would cut the key rate by a quarter percentage point to 7.50% from 7.75% at its September 25 meeting. "Mexico’s economy has decelerated, with growth stalling in Q2. Meanwhile, inflation has moderated, aligning with Banxico’s 3 plus/minus 1% target," said Luciano Campos, senior economist at Numera Analytics. "Despite notable rate reductions over the past year, elevated interest rates persist, making a 25 basis-point cut from 7.75% to 7.50% the probable outcome at next week’s meeting," he added. Recent data showing lower than expected economic growth in the second quarter and relatively contained inflation in August were consistent with a continued gradual easing stance spelt out in the bank's minutes. The U.S. Federal Reserve's rate cut earlier this week was seen as another factor supporting a new reduction in Mexico's cost of borrowing. "Banxico is likely to continue cutting rates well below market expectations as long as the Fed cuts and the U.S. dollar remains weak," BofAML analysts wrote in a report after the Fed's last move. Of a total 19 responses to an extra question on when the bank's next adjustment would be after September's move, a majority of 16 said they saw another 25 basis-point decrease in November. Banxico does not meet in October. The remaining three mentioned other months. Of 19 estimates for the size of the possible cut, 18 were for a quarter percentage point, with just one looking at a 50 basis-point move. Quarterly medians in the survey showed Mexico's rate falling to 7.00% by the close of this year, then dropping 25 basis points in the first quarter of 2026, and by another quarter percentage point in April-June of next year. In August, consensus views pointed at a higher end-2025 rate of 7.50%, with the cost of borrowing decreasing to 7.00% in the first half of 2026. (Other stories from the Reuters global economic poll) https://www.reuters.com/world/americas/mexicos-central-bank-cut-benchmark-rate-by-25-basis-points-750-september-25-2025-09-19/
