2025-01-08 21:13
LONDON, Jan 8 (Reuters) - Lloyd's of London (SOLYD.UL) CEO John Neal will leave in 2025 to join insurance broker Aon (AON.N) , opens new tab, the commercial insurance market said on Wednesday, as it faces pressure to speed up automation and improve conduct. Neal will become global CEO of Aon's reinsurance business and global chairman of climate solutions, Lloyd's said in a statement. Neal has headed Lloyd's for more than six years, and was previously group CEO of insurer QBE (QBE.AX) , opens new tab. His departure follows that of chairman Bruce Carnegie-Brown, who announced his resignation last year. Carnegie-Brown will be replaced by Charles Roxburgh in May 2025. "During 2025, John will continue to support both the planned succession of a new chair of the Council of Lloyd’s and the executive leadership transition,” Carnegie-Brown said in a statement. Neal has navigated Lloyd's through losses from a global pandemic, wars, and natural catastrophes such as hurricanes and wildfires. The market, made up of more than 50 commercial insurance companies, reported a 26% jump in first-half profit. However, Lloyd's has also faced criticism for lack of diversity and daytime drinking, while critics say the pace of technological change has been slow. Business traditionally takes place face-to-face in the market's City of London tower. Sheila Cameron, CEO of the Lloyd's Market Association, said the trade body would "look forward to working with both the outgoing and incoming chairman on the selection process for the next CEO of Lloyd’s, who is so critical to shaping Lloyd’s international reputation". Cameron said the LMA would also continue to pursue its agenda to boost underwriting expertise, digitalisation and cultural reform in the market. Patrick Tiernan, currently chief of markets at Lloyd's, could be a possible successor to Neal, two insurance industry sources said. A Lloyd's of London spokesperson declined to comment. In a separate statement, Aon said Neal would report to Andy Marcell, chief executive of risk capital, and serve as a member of the firm's risk capital leadership team. Marcell said Neal would be "instrumental in supporting the team to address the challenges organisations face across the megatrends of trade, technology, weather and workforce". Sign up here. https://www.reuters.com/business/finance/lloyds-london-ceo-neal-leave-2025-2025-01-08/
2025-01-08 20:59
Jan 8 (Reuters) - Movement Labs is raising fresh capital in a round that could fetch $100 million and value the blockchain developer at $3 billion, according to a source familiar with the matter said on Wednesday. The Series B round is being led by crypto-focused investor CoinFund, with participation from the digital asset arm of London-based investment firm Brevan Howard, the source said. CoinFund and Brevan Howard declined comment. Startups in the crypto space are regaining favor among investors as regulatory pressures ease and the market rebounds from its post-FTX crisis lows. Venture firms are also growing more comfortable with signing big checks as a recovery in dealmaking and initial public offerings, spurred by interest rate cuts, provides them with greater opportunities to exit their investments. Global venture capital dealmaking activity rose more than 5% to $368.5 billion last year, according to a report by PitchBook. Movement Labs' latest capital raise comes a year after it raised $38 million in its previous funding round , opens new tab. Funds from the current round will be used to improve its product, expand its footprint in the Asia Pacific region and hire an additional team. The talks were also reported by Fortune earlier. Founded in 2022 by Vanderbilt University dropouts Cooper Scanlon and Rushi Manche, the company aims to make a more accessible, fast and convenient blockchain. It also released its native token last month. Sign up here. https://www.reuters.com/technology/blockchain-firm-movement-labs-targets-3-billion-valuation-funding-round-source-2025-01-08/
2025-01-08 20:53
LONDON, Jan 8 (Reuters) - Shell (SHEL.L) , opens new tab will write down around $400 million over an oil discovery offshore Namibia that it deemed commercially unviable in a blow to the southern African country's efforts to become a crude producer. Shell told Reuters that discovered oil and gas resources in offshore block PEL39 in Namibia "cannot currently be confirmed for commercial development." Shell and its partners QatarEnergy and Namibia's national oil company first discovered hydrocarbon in block PEL39 in 2022, which together with another discovery TotalEnergies (TTEF.PA) , opens new tab made in a nearby block sparked huge global interest in the southern African country which has no oil and gas production. Shell drilled nine wells in the licence over the past three years, making several other discoveries. More recently, Portuguese oil company Galp also made a major discovery in a different offshore licence. But the British company encountered technical and geological difficulties for the development of the resources. CEO Wael Sawan told analysts on Oct. 31 that Namibia's acreage was "very challenging," and that the lower permeability of the rock made extracting oil and gas harder. Sources told Reuters that the offshore discoveries also had a high natural gas content, further complicating their development. The company said in a trading update ahead of fourth quarter results on Jan. 30 that it expects to take an exploration write off of around $400 million, without providing details. It will take another $300 million write off related mainly to exploration licences in Colombia, the company said. Sign up here. https://www.reuters.com/business/energy/shell-writes-down-namibia-oil-discovery-2025-01-08/
2025-01-08 20:45
SANTIAGO, Jan 8 (Reuters) - Copper production from Chile's Codelco, the world's largest producer of the red metal, reached 1.328 million metric tons last year, according to an internal document seen by Reuters on Wednesday. The closely watched final number had not previously been reported but Chairman Maximo Pacheco said earlier this week that 2024 output was "slightly higher" than the 1.325 million tons produced in 2023. Faced with declining ore grades, accidents and mistakes at major construction projects, Codelco has been struggling to boost production from 25-year lows and revved up production at the end of the year to hit its 2024 target. Sign up here. https://www.reuters.com/markets/commodities/copper-output-chiles-codelco-rose-1328-mln-tons-2024-document-shows-2025-01-08/
2025-01-08 20:41
NEW YORK, Jan 8 (Reuters) - Chocolate maker Hershey Co (HSY.N) , opens new tab has requested permission from the Commodity Futures Trading Commission (CFTC) to buy an amount of cocoa from the stocks of ICE exchange that is much larger than the maximum allowed, a report said on Wednesday. According to a report from Bloomberg News, Hershey wants to receive as much as 90,000 metric tons of cocoa from ICE certified stocks using futures contracts, which would equal 9,000 contracts. The current position limit set by CFTC is 4,900 contracts. Hershey did not confirm or deny having made the request. The company said that it is "well covered" for its cocoa needs for 2025 in response to a Reuters request for comment. Hershey shares were falling 2.6% on late trading on Wednesday. The CFTC, which is the top U.S. regulator for futures trading, declined to comment. The Bloomberg report said lawyer Joshua Sterling from law firm Milbank LLP was working for Hershey regarding the request to the CFTC. Sterling, a former CFTC official, declined to comment. A U.S. cocoa broker said that a potential clearance by the CFTC for that amount of buying would empty ICE certified cocoa stocks, considering both the volumes in ICE New York and the amount stored in London. ICE New York stocks are currently at around 61,000 tons, while London stocks are close to 21,000 tons. "It would take certs to zero and more than likely further dry out liquidity (in the futures market)," said the broker, adding that the potential move would be negative for other market participants. A second broker, working for a New York firm, does not expect the trade to go ahead. "I don't think the CFTC will grant them - or anyone - a 9,000 lots exemption," he said. Sign up here. https://www.reuters.com/markets/commodities/hershey-seeking-cftc-approval-buy-more-ice-cocoa-than-allowed-says-report-2025-01-08/
2025-01-08 20:24
US fuel stocks rose more than expected last week, EIA says Dollar rose for a second straight session OPEC production falls in December, Reuters survey shows NEW YORK, Jan 8 (Reuters) - Oil prices fell more than 1% on Wednesday as a stronger dollar and large builds in U.S. fuel inventories last week pressured prices, reversing earlier gains driven by tightening supplies from Russia and other OPEC members. Brent crude settled down 89 cents, or 1.16%, to $76.23 a barrel. U.S. West Texas Intermediate crude fell 93 cents, or 1.25%, to $73.32. Both benchmarks had risen more than 1% earlier in the session. "The oil market is being weighed down by the significant increases in gasoline and diesel inventories that we've seen over the last couple of weeks," said Andrew Lipow, president of Lipow Oil Associates. Fuel inventories swelled as refiners continued ramping up production, he added. Gasoline stocks rose by 6.3 million barrels last week to 237.7 million barrels, compared with analysts' expectations in a Reuters poll for a 1.5 million-barrel build, according to data released on Wednesday from the U.S. Energy Information Administration. Distillate stockpiles rose by 6.1 million barrels in the week to 128.9 million barrels, versus expectations for a 600,000-barrel rise. "I would be concerned if we saw more substantial products builds over the next few weeks. And in the meantime, the cold snap could constrain crude oil supply and increase heating oil demand," said Josh Young, chief investment officer at Bison Interests. Crude inventories fell by 959,000 barrels to 414.6 million barrels in the week, compared with analysts' expectations for a 184,000-barrel draw. A stronger dollar also pressured prices by making oil more expensive for holders of other currencies. Limiting the losses, oil output from the Organization of the Petroleum Exporting Countries fell in December after two months of increases as field maintenance in the United Arab Emirates offset a Nigerian output hike and gains elsewhere in the group. In Russia, oil output averaged 8.971 million barrels a day in December, below the country's target, Bloomberg reported, citing the energy ministry. Analysts expect oil prices to be down on average this year from 2024 due in part to production increases from non-OPEC countries. "We are holding to our forecast for Brent crude to average $76/bbl in 2025, down from an average of $80/bbl in 2024," BMI, a division of Fitch Group, said in a client note. Sign up here. https://www.reuters.com/business/energy/oil-trims-gains-dollar-strength-tight-supplies-provide-support-2025-01-08/
