2025-09-18 19:16
Microsoft's second data center at site previously eyed for Foxconn's factory First data center on track to open next year Data campus aims to house the world's most powerful AI supercomputer Microsoft plans solar power to offset data center energy use New fossil fuel power generation planned near data centers SAN FRANCISCO, Sept 18 (Reuters) - Microsoft (MSFT.O) , opens new tab on Thursday said it plans to build a second massive artificial intelligence data center in Wisconsin, bringing its spending in the state to more than $7 billion. The new $4 billion project will join a $3.3 billion data center in Mount Pleasant in the southeastern corner of the state, announced last year. Sign up here. Microsoft said the initial data center remains on track to open next year and will employ about 500 people at its peak, expanding to about 800 once the second data center is complete. It said with the addition of the second large-scale data center, the site would eventually house the world's most powerful AI supercomputer, connecting together hundreds of thousands of powerful chips from Nvidia (NVDA.O) , opens new tab. The area in Racine County, which sits nestled between Milwaukee and Chicago, has drawn the attention of U.S. presidents of both political parties in recent years. It was initially the site of a proposed $10 billion factory by electronics manufacturing giant Foxconn, which builds phones for Apple and others, during the first term of President Donald Trump, but those plans were drastically scaled back. At Microsoft's unveiling of the first data center last year, U.S. President Joe Biden, then running against Trump for a second time, highlighted Foxconn's pullback at the site. Microsoft said on Thursday that it plans to pre-pay for electrical infrastructure to avoid raising electricity rates in the region and that a state-of-the-art cooling system will tap into Wisconsin's cool climate and reduce the data center's yearly water use to that of an average restaurant. The company plans to build solar power in a different part of Wisconsin to offset its energy use at the data centers, but Microsoft President Brad Smith said the project will entail new fossil fuel power generation near the facilities. The driving factor was "what can be built in a particular area," Smith said in an interview. "This is (liquefied natural gas) territory." He said that the 800 permanent jobs the data centers create will be fewer than the thousands of jobs required to construct them but that there will still be jobs for skilled pipefitters and electricians. "All the things that we build need to be operated," Smith told Reuters. "It needs to be maintained. These are good jobs." https://www.reuters.com/business/microsoft-boosts-wisconsin-data-center-spending-7-billion-2025-09-18/
2025-09-18 19:07
CIUDAD DE PANAMÁ, 18 sep (Reuters) - El Canal de Panamá ha iniciado un proceso competitivo para seleccionar a la empresa que construirá y operará un ducto de gas licuado de petróleo bajo una concesión clave, informó su autoridad en el jueves, tras mantener reuniones con las empresas interesadas. El proyecto, que se prevé requiera una inversión de entre 4,000 y 8,000 millones de dólares, forma parte de la iniciativa de la vía acuática para satisfacer la creciente demanda de servicios, incluido el transbordo, y generar ingresos adicionales, tras una sentencia el año pasado del Tribunal Supremo sobre su ampliación. Sign up here. Solo el gasoducto de 2 millones de barriles por día (bpd) aportará entre 1,000 y 1,200 millones de dólares a los ingresos anuales de la vía acuática, dijo Ricaurte Vásquez, jefe del Canal, en una entrevista con Reuters tras las reuniones. Se espera que el ganador del proceso competitivo sea seleccionado en el último trimestre del próximo año, mientras que un proyecto paralelo para construir y operar dos nuevos puertos en la zona del Canal se lanzaría entre finales de este año y principios del próximo, explicó. Entre las compañías que se reunieron con autoridades del Canal están las energéticas: Exxon Mobil (XOM.N) , opens new tab, Energy Transfer (ET.N) , opens new tab, Phillips 66 (PSX.N) , opens new tab, Puma Energy, Shell (SHEL.L) , opens new tab, Sk Energy (SKENGG.UL) y Vitol (VITOLV.UL), así como las japonesas Itochu Corporation (8001.T) , opens new tab, Mitsubishi (8058.T) , opens new tab, y Sumitomo Corporation (8053.T) , opens new tab, informó el canal en un comunicado. "Teníamos el cuarto lleno de personas interesadas en este tema", dijo Vásquez sobre la reunión y añadió que el siguiente paso será un proceso de preselección. El canal prevé unos beneficios de 3,500 millones de dólares en el año fiscal que finaliza en septiembre, en línea con los resultados del año anterior, según Vásquez. Se espera que la consolidación del tonelaje de carga mediante la recepción de buques más grandes compense la reducción del tráfico hacia finales de año. "Ha habido una estacionalidad diferente, mucha de la carga que está llegando ahora mismo a Estados Unidos es la carga que nosotros esperábamos en el primer trimestre del próximo año", dijo. https://www.reuters.com/markets/commodities/canal-de-panam-inicia-proceso-seleccin-para-construccin-de-gasoducto-comunicado-2025-09-18/
2025-09-18 19:03
Sept 18 (Reuters) - U.S. officials consistently failed to comply with federal regulations when reviewing applications for wind and solar projects on public lands, according to a report by an independent government watchdog published on Thursday. An audit by the Interior Department's Office of Inspector General found that the Bureau of Land Management did not assess most applicants' technical and financial ability to develop renewable energy projects, maintained incomplete files and failed to screen applications in a timely manner. Sign up here. President Donald Trump has sought to stymie development of wind and solar projects on federal lands, including by reviewing wind permitting and leasing practices and requiring additional scrutiny of renewable projects on federal lands. The IG's office said its report had been initiated prior to those actions, but that its work may be useful to Interior's efforts to assess agency practices and develop new processes. The BLM, which is part of the Interior Department, manages 245 million acres of public lands, mostly in Western states. The Interior watchdog blamed a lack of internal controls and training for the weaknesses and said they put the agency at risk of awarding permits to unqualified entities and prevented it from collecting rents and fees. The report analyzed 258 right-of-way applications for wind and solar projects on federal lands between 2017 and 2023. A right of way is a permit to use public lands for a specific purpose. An inspector general is an independent position that conducts audits and investigations into allegations of government waste, fraud and abuse of power. Trump fired the Interior Department's inspector general of five years right after taking office earlier this year. Caryl Brzymialkiewicz, who had been deputy inspector general, is now the acting IG. The report included 10 recommendations to improve BLM's internal controls. The BLM agreed with nine of them. https://www.reuters.com/legal/litigation/audit-found-weaknesses-review-wind-solar-projects-us-public-lands-2025-09-18/
2025-09-18 18:28
Sept 18 (Reuters) - U.S. Treasury Secretary Scott Bessent said he views China's yuan valuation as a bigger problem for Europe than the United States, as the currency has risen against the dollar but has declined against the euro. Bessent said in an interview with Reuters and Bloomberg in Madrid, following U.S.-China talks on trade and TikTok there this week, that U.S. tariffs on Chinese imports were bringing down U.S. trade deficits, adding that Chinese trade with the U.S. was down 14% this year but up 6.9% with Europe. Sign up here. Asked whether he spoke to Chinese Vice Premier He Lifeng about opportunistic devaluation of the yuan, Bessent said on Monday, "Well, they haven't done it to the U.S. The RMB is actually stronger this year versus the dollar. Now it's at an all-time low versus the euro, which is a problem for the Europeans." The yuan, also known as the renminbi or RMB, has hit record lows of more than 8.4 to the euro in recent months compared to 7.5 at the start of 2025. Trade and currency experts say this is aiding a flood of Chinese exports to Europe that is fueling the European Union's trade deficit with China and agitating trade tensions between Brussels and Beijing. At the same time, the yuan has risen slightly against the dollar this year, from 7.3 to the dollar in January to 7.1. Asked whether the yuan's decline was due to manipulation, Bessent said: "It's a closed currency. So they manage the level." https://www.reuters.com/world/china/bessent-says-chinas-yuan-rate-is-bigger-problem-europe-than-us-2025-09-18/
2025-09-18 18:04
Central bank sells $379 million, largest daily sale since April Parallel peso hits record low of 1,510 per USD Legislative defeats raise doubts about Milei agenda Country risk surges past 1,400 points, highest in a year BUENOS AIRES, Sept 18 (Reuters) - Argentina's peso and sovereign bonds tumbled on Thursday after the central bank executed its largest daily dollar sale in five months, as fresh legislative defeats for President Javier Milei stoked investor fears that his fiscal austerity program is in jeopardy. Pressure mounted on the peso as institutional investors rushed to dollarize their holdings, forcing the central bank to sell $379 million to meet demand. It was the bank's biggest single-day intervention since April 11, just before currency controls were eased. Sign up here. The sale followed a $53 million intervention on Wednesday, bringing the two-day total to over $430 million. The intense pressure hammered Argentina's risk assets, with the S&P Merval stock index (.MERV) , opens new tab closing down 4.93% and sovereign bonds falling an average of 3.8%. "Black Thursday, in every sense for the bonds. A crazy and difficult day to face such losses," said a trader. The market turmoil sent the country's risk index , a measure of investor confidence, surging past 1,400 basis points intraday, its highest level in a year. The central bank's heavy intervention held the official interbank exchange rate steady at 1,474.5 per dollar. On Thursday, the monetary authority began publishing the limits of its daily trading band, setting them at 1,474.83 for sales and 948.76 for purchases. Since April, when Argentina inked a $20 billion deal with the International Monetary Fund, the exchange rate has operated within a daily floating band, and the central bank must step in when the currency hits the upper or lower limits. However, soaring demand for the safe-haven dollar spilled into the informal "blue" market, where the peso weakened 1.32% to a historic low of 1,510 per greenback, according to traders. According to brokerage firm Cohen, the market is "testing the ceiling" of the band ahead of midterm elections scheduled for October 26. The central bank's own projections show the top end of the band reaching 1,494.04 pesos per dollar by October 27, the day after the elections, and further devaluing to 1,526.6 by year-end. Futures contracts are pricing it far weaker, at 1,630 per dollar. INTERNATIONAL RESERVES ARE STRAINED Milei's spokesman Manuel Adorni on Thursday sought to downplay the central bank intervention. "The economic program, which includes fiscal, monetary and exchange-rate policies, is consistent, and the fundamentals are correct," Adorni stated at a press conference. "The system is designed to avoid any problems when operating within the established currency band." Analysts, however, warned that continued intervention by the central bank would deplete the country's international reserves, currently at a provisional $39.4 billion. This renews concerns about Argentina's ability to meet its upcoming debt obligations. Financial firm Rava Bursatil noted, citing consultancy 1816, that external debt payments through 2027 total $34 billion, and that Argentina needs an additional $27 billion in reserves to meet those payments without its net reserves turning negative. MARKETS HAVE ELECTION ANXIETY Argentines in just over a month will vote to replace chunks of both chambers of Congress, which is currently controlled by Milei's opposition. The upcoming election has created anxiety in markets, as a recent defeat for the ruling party in a local election in the influential province of Buenos Aires triggered a rush to buy dollars, a collapse in asset prices, and a spike in the country risk. Recent legislative defeats for Milei's administration in Congress have also raised doubts about the government's ability to maintain its planned fiscal surplus. As thousands of Argentines filled the streets of downtown Buenos Aires on Wednesday to demand increased funding for universities and pediatric care, Congress approved two bills to increase budgets for health and education - sectors subject to Milei's sharp spending cuts. https://www.reuters.com/world/americas/argentinas-peso-under-strain-mileis-agenda-faces-hurdles-2025-09-18/
2025-09-18 18:01
Judge Failla rules PDVSA's 2020 bonds valid under Venezuelan law Citgo's assets at risk due to PDVSA's default Delaware Judge Stark moves to support Amber Energy's bid for Citgo parent NEW YORK/HOUSTON, Sept 18 (Reuters) - A U.S. judge upheld the validity of Venezuelan state oil company PDVSA's 2020 bonds on Thursday, prompting a judge in another court to move towards the completion of an auction of shares in the parent of Venezuela-owned U.S. refiner Citgo Petroleum. The bonds are secured by a majority stake in Citgo, which is ultimately owned by Caracas-headquartered PDVSA. The state oil company defaulted on the bonds in 2019, putting the Houston-based refiner at risk of seizure by creditors. Sign up here. For years, bondholders and companies expropriated in Venezuela have clashed in U.S. courts in pursuit of the country's overseas assets, especially its crown jewel Citgo, after winning arbitration cases. After Washington sanctioned PDVSA in 2019 as part of its push to oust Venezuelan President Nicolas Maduro, Citgo severed ties with PDVSA and the refiner's control was taken over by Venezuela's political opposition through supervising boards. The opposition has been trying to protect Citgo and other assets from creditors seeking redress for defaulted debt or expropriated assets. The opposition had argued that the 2020 bonds were not properly issued under Venezuelan law. On Thursday, U.S. District Judge Katherine Polk Failla in Manhattan ruled that the bonds were indeed properly issued. She had declared the bonds valid in 2020, but an appeals court later ordered further review. "Today's decision is as bad as the previous one, and we will appeal it. We have plenty of grounds for that," said Horacio Medina, head of a board supervising Citgo. After Failla's ruling, the final hearing of a separate auction of shares in Citgo's parent before U.S. District Judge Leonard Stark in Delaware was temporarily suspended to allow the court to review the impact of the New York judge's decision. The auction, in which 15 companies and noteholders are pursuing Citgo's assets, is expected to determine the future of the seventh-largest U.S. refiner. Frontrunners include a unit of miner Gold Reserve (GRZ.V) , opens new tab and Amber Energy, an affiliate of hedge fund Elliott Investment Management. A decision on the winner is pending. Failla's decision is expected to help untangle the auction, which has seen three bidding rounds since last year, lawyers and experts said. After the hearing resumed , opens new tab hours later, Judge Stark denied Gold Reserve's motion to disqualify Amber's bid and instructed a court officer overseeing the auction to terminate a stock purchase agreement with the miner and sign a new one with Amber to move the process forward, Gold Reserve said in a release. The move had been requested this week by court officer Robert Pincus and some creditors in favor of Amber's bid, which includes a $2.1 billion pact to pay the bondholders. Other parties had proposed that Judge Stark keep both offers on the table. Gold Reserve said it was expecting a written opinion and order from the court shortly. Amber did not reply to a request for comment. Representatives of the 2020 bondholders declined to comment. The Delaware sale hearing finished on Thursday after more than 30 hours of testimony and questioning. https://www.reuters.com/world/us-judge-declares-venezuelan-oil-company-pdvsas-2020-bonds-valid-2025-09-18/
