2025-09-10 07:24

BRUSSELS, Sept 10 (Reuters) - Austria lost a legal challenge against European Union rules that class nuclear energy and natural gas as climate-friendly investments on Wednesday, as Europe's second-highest court sided with the EU over the rules. In the case before the Court of Justice of the European Union's General Court, Austria's government had challenged the European Commission's decision to include gas and nuclear in the EU's "taxonomy" of investments that can be labelled and marketed as sustainable in Europe. Sign up here. The court sided with Brussels, in a ruling which said that the EU Commission "was entitled to take the view that certain economic activities in the nuclear energy and fossil gas sectors can, under certain conditions, contribute substantially to climate change mitigation and climate change adaptation." The EU's inclusion in 2022 of gas and nuclear in the taxonomy had exposed deep rifts between countries over which energy sources to use to meet climate change goals. Countries including Spain and Denmark had argued it was not credible to label gas, a CO2-emitting fossil fuel, as climate friendly. Poland and Bulgaria were among those who sought rules supporting investments in gas, to help them quit more-polluting coal. Austria's legal action, submitted to the EU's general court, had argued Brussels should annul the rules on grounds including that nuclear energy cannot meet a requirement to "do no significant harm" to the environment because of concerns about radioactive waste. Austrians widely oppose nuclear power and the country has never had an atomic plant. https://www.reuters.com/sustainability/climate-energy/austria-loses-legal-challenge-eus-green-gas-nuclear-rules-2025-09-10/

2025-09-10 07:19

Sept 10 (Reuters) - TotalEnergies (TTEF.PA) , opens new tab will take a 10% stake in a joint venture with liquefied natural gas producer NextDecade (NEXT.O) , opens new tab for a fourth liquefaction plant, known as a train, of the Rio Grande LNG project in Texas, it said on Wednesday. LNG developers are benefiting from a more favourable regulatory environment thanks to US President Donald Trump's decision to lift a moratorium on new export permits. Sign up here. On Tuesday, NextDecade reached a positive final investment decision on train 4, which is set to go live in 2030 and has an expected LNG production capacity of nearly 6 million tonnes per annum. The Rio Grande export facility is expected to hit total capacity of about 24 mtpa. "This project from which we will offtake 1.5 mtpa strengthens our LNG export capacity from the United States," said Stephane Michel, President of Gas, Renewables & Power at TotalEnergies. Additionally, TotalEnergies will also indirectly hold nearly 7% in Train 4 as a 17.1% shareholder of NextDecade, the company said in a statement. Train 4 will be financed with around 40% equity and 60% debt, according to TotalEnergies. https://www.reuters.com/business/energy/totalenergies-hold-10-interest-rio-grande-lng-train-4-project-2025-09-10/

2025-09-10 07:17

Anglo agrees $53 bln tie-up with Teck after spurning BHP Investors see BHP focused on building out own copper growth Bankers say much could change before deal closes MELBOURNE, Sept 10 (Reuters) - Top global miner BHP's focus on expanding its own copper assets while it undergoes leadership change means it is unlikely to gatecrash the planned $53 billion tie-up of Anglo American and Teck Resources, investors and bankers said on Wednesday. London-listed Anglo American (AAL.L) , opens new tab and Canada's Teck Resources (TECKb.TO) , opens new tab announced a merger on Tuesday, marking the sector's second-biggest tie-up ever, to forge a new global copper-focused heavyweight. Sign up here. The deal came just over a year after BHP scrapped a $49 billion bid for Anglo that in one mega acquisition would have beefed up the Australian miner's holding in the metal seen as essential to the energy transition. After being rebuffed by Anglo three times, BHP opted instead to double down on a series of smaller projects where it sees better value, a strategy that investors said has been consistent and suggests it is unlikely to make a move on Anglo or Teck. "Given BHP's message, 'We have moved on,' any move by BHP for either of the companies would come as a surprise," said Andy Forster, a portfolio manager at Argo Investments in Sydney, which holds BHP shares. In the past year, BHP instead spent $2 billion for a stake with Canada's Lundin (LUN.TO) , opens new tab in two Argentinian copper projects, including the Josemaria mine whose life was last month extended by six years. It has also pushed hard to eke out production gains at top copper mine Escondida in Chile. BHP declined to comment on whether it might spoil the Anglo-Teck deal but pointed Reuters to recent comments by its chief executive saying that M&A was just one lever of many for growth. "Frankly in current markets, it's hard to see the right combination of the commodities that we like, the asset quality that we like, at a price where we can still unlock attractive value for BHP shareholders,” CEO Mike Henry said on a results call in August. Despite its recent failure to offload its Australian coal assets, Anglo has worked hard to improve its share price from a year ago, one M&A banker said. "Both miners are in play now. Anglo's share price is up, they could probably put in a good defence like they did last time," he said. Shares in Anglo have jumped 20% since before BHP's bid in late April while BHP shares have dropped 8%. The deal was smart in that several factors were favourable to Canada in a way that would be difficult to replicate for other majors who might want to buy Teck, such as relocating the new company's headquarters to Canada, two people said. Among the conditions for approving BHP's merger with South Africa's Billiton in 2001, the Australian government mandated that the holding company be headquartered in Australia. Succession may be another stumbling block. BHP Chair Ross McEwan replaced Ken MacKenzie in March, after the latter's decade at the wheel, while CEO Henry is more than five years into a typical six-year term, meaning that BHP may be focused for now on replacing him rather than on big ticket M&A. But bankers aren't ruling out the possibility of BHP swooping in down the track, especially if the deal doesn't go to plan. "You'd have to have a serious think about it - the two most obvious targets in a nil premium deal," said an M&A banker not directly involved in the deal, which the parties expect to take 12 to 18 months to complete. "They have got time ... A deal doesn't have to be done tomorrow." https://www.reuters.com/world/americas/bhp-seen-unlikely-pounce-anglo-or-teck-it-eyes-organic-growth-2025-09-10/

2025-09-10 07:11

SINGAPORE, Sept 10 (Reuters) - An executive with Thai energy firm Bangchak Corp (BCP.BK) , opens new tab said on Wednesday there is no sign yet of details on the country's mandate for usage of sustainable aviation fuel. The company began production of sustainable aviation fuel (SAF) earlier this year, with capacity to produce 1 million litres per day. Sign up here. "We are in a limbo," Gloyta Nathalang, Bangchak senior executive vice president, said at the APPEC conference. "We have some markets, some agreements," but no details on a mandate, she said. https://www.reuters.com/sustainability/bangchak-still-awaiting-details-thai-sustainable-aviation-fuel-mandate-exec-says-2025-09-10/

2025-09-10 07:03

Gold hit record high of $3,673.95/oz on Tuesday US PPI data due at 1230 GMT Sept 10 (Reuters) - Gold prices rose on Wednesday, holding above the critical $3,600-per-ounce level, buoyed by expectations of a U.S. interest rate cut this month, while key inflation reports due this week were also on investors' radar. Spot gold was up 0.5% at $3,644.54 per ounce, as of 0652 GMT, after hitting a record high of $3,673.95 on Tuesday. Sign up here. U.S. gold futures for December delivery were flat at $3,683. "Sentiment is really bullish. There are several major factors driving gold prices right now. The primary is U.S. rate cut expectations," Capital.com financial market analyst Kyle Rodda said. "The near-term outlook depends a lot on this inflation data. If it comes out a bit spicy, then rate cuts could come out of the curve marginally and spark a pullback in what's a technically overbought market." The U.S. producer price inflation data, due at 1230 GMT, and the consumer price inflation reading on Thursday will be closely watched for more cues on the Federal Reserve's interest rate trajectory. The U.S. economy likely created 911,000 fewer jobs in the 12 months through March than previously estimated, the government said on Tuesday, suggesting that job growth was already stalling before President Donald Trump's aggressive tariffs on imports. U.S. nonfarm payroll data released last week also pointed to weakening labor market conditions, and sealed the case for a rate cut at the Fed's September policy meeting. Markets are fully pricing in a 25-basis-point rate cut, while the likelihood of a larger 50-basis-point cut stands at around 6%, according to CME Group's FedWatch Tool. Gold prices have gained 38% so far this year, following a 27% jump in 2024, bolstered by soft dollar, strong central bank accumulation, dovish monetary settings and heightened global uncertainty. Non-yielding gold typically performs well in a low-interest-rate environment. Elsewhere, spot silver rose 0.6% to $41.14 per ounce. Platinum gained 1.1% to $1,383.90 and palladium was flat at $1,147.98. https://www.reuters.com/world/india/gold-firms-rate-cut-bets-us-inflation-data-focus-2025-09-10/

2025-09-10 06:42

LONDON, Sept 10 (Reuters) - Associated British Foods (ABF.L) , opens new tab said underlying sales at its Primark clothing business are expected to be down around 2% in its second half, with an improved performance in the UK and Ireland offset by a subdued consumer environment in Europe. "Looking ahead, we currently expect the consumer environment to remain uncertain," the group said. Sign up here. It said like-for-like sales for the last six months in the UK and Ireland were expected to be close to flat, helped by favourable weather, and improving from the 6.0% fall recorded in the first half of its financial year. In Europe, while sales rose in Spain, Portugal and in Central and Eastern Europe, they fell in France, Italy and Germany. Primark saw strong sales growth in the United States. The group said in its food businesses, which include grocery brands such as Twinings tea, Jordans cereals and Ovaltine drinks, overall trading in the second half was in line with its expectations. Last month, AB Foods bought the Hovis bread brand. It also said it was closing its Vivergo bioethanol plant after the UK government refused financial support. https://www.reuters.com/business/retail-consumer/primarks-underlying-sales-fall-second-half-weaker-europe-2025-09-10/