2025-09-09 22:11
BRUSSELS, Sept 10 (Reuters) - Hybrid cars release far more carbon dioxide than their official ratings indicate and should not qualify as low-emission vehicles to meet European Union targets, a report by transport research and campaign group T&E said on Wednesday. European auto executives are expected to air their complaints about EU CO2 emissions targets at a meeting with European Commission President Ursula von der Leyen on Friday to discuss the EU sector's future. Sign up here. In a letter two weeks ago, the two main EU automobile associations said plug-in electric vehicles would play a vital role and urged Brussels not to tighten rules on them. T&E said data from the European Environmental Agency showed real-world emissions were more than 130 grams of CO2 per kilometre for PHEV models, equivalent to a mid-size petrol car and nearly five times the official values of less than 30. "Plug-in hybrids are being marketed as low-emission vehicles, but actually if you compare them to petrol cars in real-world performance, they're very, very similar," said T&E executive director William Todts. T&E said a main cause for the discrepancy between real-world and official ratings was an overly optimistic assessment of the share of vehicle operations powered only by electricity - known as the utility factor. The Commission plans to revise this in 2025/2026 and 2027/28, when T&E said the gap would narrow, although real-world emissions would still be 18% above official figures. T&E said the changes should persuade automakers to increase the range of batteries in hybrids to make them more electric. In 2024, while EU new electric vehicle sales dropped to a 13.6% market share, plug-in and other hybrids made up 38%, according to EU automaker association ACEA. https://www.reuters.com/sustainability/climate-energy/hybrid-cars-are-not-low-emission-fix-meet-eu-co2-targets-says-campaign-group-2025-09-09/
2025-09-09 21:59
Sept 9 (Reuters) - Winklevoss twins-backed Gemini raised the proposed price range for its U.S. initial public offering on Tuesday and is now targeting a valuation of up to $3.08 billion in its listing, reflecting investor interest in crypto ventures. The cryptocurrency exchange aims to raise $433.3 million by selling 16.67 million shares priced between $24 and $26 each. This compares with its prior proposed range of $17 to $19 per share. Sign up here. The company has already lined up Nasdaq to buy $50 million in shares in a private placement at the time of its IPO, Reuters reported earlier on Tuesday, citing people familiar with the matter. U.S. IPOs have resumed a long-awaited recovery as Fall kicks off, with jubilant equity markets and potentially lower interest rates helping cloud the residual tariffs uncertainty and sticky inflation. "Lower rates reduce funding costs and support equity valuations, which is positive for the IPO sentiment," said Kat Liu, vice president at IPO research firm IPOX. Crypto firms have stood out among new issuers as regulatory tailwinds, higher ETF flows and institutional adoption help bridge the gap between traditional finance and digital assets. Blockchain lender Figure Technologies also lifted its IPO price range, along with increasing the offering size, earlier on Tuesday, confirming a Reuters report. Gemini, which is expected to price its IPO on Thursday, will become the third publicly traded crypto exchange after Coinbase (COIN.O) , opens new tab — the first crypto exchange to join the S&P 500 — and Bullish , whose shares more than doubled in its NYSE debut last month. The company was founded by Cameron and Tyler Winklevoss, who gained fame after settling a 2008 legal dispute with Meta's (META.O) , opens new tab Facebook and CEO Mark Zuckerberg. Gemini expects to list on the Nasdaq under the "GEMI" ticker symbol. Goldman Sachs and Citigroup are the lead bookrunners on the deal. https://www.reuters.com/business/gemini-lifts-ipo-price-range-targets-3-billion-valuation-amid-crypto-boom-2025-09-09/
2025-09-09 21:35
Nebius soars on $17.4 billion deal with Microsoft UnitedHealth sees in-line top-rated Medicare plan memberships Albemarle slides on lithium supply easing concerns S&P 500 +0.27%, Nasdaq +0.37%, Dow +0.43% Sept 9 (Reuters) - Wall Street's three main indexes scored record high closes on Tuesday, while UnitedHealth rallied, and a downward payrolls revision supported expectations the Federal Reserve will soon cut interest rates to shore up economic growth. The S&P 500, Nasdaq, and Dow Jones Industrial Average each ended with fresh all-time highs, extending a rally this year fueled by excitement about artificial intelligence and expectations of lower borrowing costs. Sign up here. The U.S. economy likely created 911,000 fewer jobs in the 12 months through March than previously estimated, the government said, suggesting that job growth was already stalling before President Donald Trump launched his global tariffs. Financial markets have priced in a 25 basis point cut at the Fed's policy meeting next week, and futures trading suggests a nearly 10% chance of a 50 basis point cut, according to CME's FedWatch tool. Recent nonfarm payroll data for July and August also pointed to weakening labor market conditions. "This does nothing to dissuade the Fed from moving 25 basis points," said Paul Nolte, a market strategist at Murphy & Sylvest in Chicago, about the payrolls revision. "We don't know month by month and won't for a few more months yet, but it points out that labor is weak." UnitedHealth (UNH.N) , opens new tab jumped after it said it expects enrollment in top-rated Medicare insurance plans to be in line with its expectations, which could mean bigger payments from the government to the health insurer. JPMorgan Chase (JPM.N) , opens new tab rose 1.7% after a senior executive said investment banking revenue will grow in the low double digits for the third quarter and that markets revenue would grow in the high teens percentage for the third quarter. "That's all good news, signs of a good, thriving economy. M&A is coming back after Trump's Liberation Day put a screeching halt to that," said Jed Ellerbroek, a portfolio manager at Argent Capital, referring to U.S. tariffs announced in April. The S&P 500 climbed 0.27% to end the session at 6,512.61 points, surpassing its record last Thursday. The Nasdaq gained 0.37% to 21,879.49 points, its second consecutive record high close. The Dow Jones Industrial Average rose 0.43% to 45,711.34 points, exceeding its previous record close on August 28. Eight of the 11 S&P 500 sector indexes rose, led by communication services (.SPLRCL) , opens new tab, up 1.64%, followed by a 0.71% gain in utilities (.SPLRCU) , opens new tab. Year to date, the S&P 500 has gained about 11%, while the Nasdaq is up 13%. Shares of Apple (AAPL.O) , opens new tab fell 1.5% after the company unveiled new iPhones that failed to excite investors. Broadcom (AVGO.O) , opens new tab dipped 2.6% after the world's second most valuable chipmaker gained in the five previous sessions. Investors will focus on a producer inflation report on Wednesday and consumer prices data on Thursday to gauge the impact of Trump's tariff policies, and whether a case could be made for more aggressive interest rate cuts. Nebius (NBIS.O) , opens new tab soared almost 50% after the AI infrastructure firm signed a $17.4 billion deal with Microsoft (MSFT.O) , opens new tab. Rival CoreWeave (CRWV.O) , opens new tab jumped 7%. Class B shares of Fox Corp fell 6.7% and News Corp dipped 4.5%. Rupert Murdoch and his children reached an agreement that will give the eldest son, Lachlan Murdoch, control over the media empire. Albemarle (ALB.N) , opens new tab plunged 11.5% due to easing supply concerns as Chinese battery company CATL is expected to resume production at a lithium mine. In extended trade, Oracle (ORCL.N) , opens new tab surged 12% following its quarterly report. Declining stocks outnumbered rising ones within the S&P 500 (.AD.SPX) , opens new tab by a 1.4-to-one ratio. The S&P 500 posted 19 new highs and no new lows; the Nasdaq recorded 100 new highs and 64 new lows. Volume on U.S. exchanges was relatively light, with 15.6 billion shares traded, compared to an average of 16.1 billion shares over the previous 20 sessions. https://www.reuters.com/business/wall-street-indexes-notch-record-high-closes-investors-bet-rate-cut-2025-09-09/
2025-09-09 21:30
BUENOS AIRES, Sept 9 (Reuters) - Chevron (CVX.N) , opens new tab plans to increase oil production in Argentina's Vaca Muerta shale formation to 30,000 barrels per day by the end of the year, the company's Argentina country manager Ana Moneto said on Tuesday. Speaking at the Argentina Oil and Gas conference in Buenos Aires, Moneto highlighted the quality of Vaca Muerta, one of the world’s largest unconventional oil reserves. Sign up here. However, she said Argentina must attract new investment to fully develop its potential. "The regulatory environment must be more stable and predictable, allowing for capital movements, which will be critical in the long term, respecting existing investments, keeping costs competitive and maintaining free market policies," she said. https://www.reuters.com/business/energy/chevron-boost-vaca-muerta-output-30000-bpd-by-year-end-2025-09-09/
2025-09-09 21:25
WASHINGTON, Sept 9 (Reuters) - The Environmental Protection Agency on Tuesday proposed new measures aimed at speeding construction of infrastructure needed for the rapid buildup of data centers for artificial intelligence that would enable companies to start building before obtaining air permits. The proposal comes six months after the EPA announced an initiative called Powering the Great American Comeback that prioritized the agency's focus on rapidly building power generation to meet soaring demand from data centers. Sign up here. “For years, Clean Air Act permitting has been an obstacle to innovation and growth,” EPA Administrator Lee Zeldin said. “We are continuing to fix this broken system." The EPA proposal will redefine the pre-construction requirements for power plants, manufacturing facilities and other infrastructure to enable companies to start some construction that is not related to air emissions prior to obtaining Clean Air Act construction permits. The Trump administration has been focused on winning the race to rapidly develop and scale-up the use of AI across the country and has already launched a package of executive actions aimed at boosting energy supply to power its expansion. Top economic rivals the United States and China are locked in a technological arms race to secure an economic and military edge. The huge amount of data processing behind AI requires a rapid increase in power supplies that are straining utilities and grids in many states. The Clean Air Act's New Source Review program will not allow construction of major facilities before they obtain air permits. Under the Trump administration, the EPA has launched what it calls the largest deregulatory actions in the agency's decades-long history, including a move to repeal the scientific and legal underpinning for regulating greenhouse gas emissions that most scientists and environmentalists agree is driving climate change. https://www.reuters.com/legal/litigation/trump-epa-seeks-speed-up-permitting-ai-infrastructure-2025-09-09/
2025-09-09 21:25
Sept 9 (Reuters) - GameStop's (GME.N) , opens new tab second-quarter revenue jumped on Tuesday, driven by strong sales in its hardware and collectibles segment as the videogame retailer embraces digital storefronts to battle competition from larger retailers and e-commerce platforms. Shares of the company, which was at the center of the 2021 meme stock rally, were up about 4% in extended trading. Sign up here. Once a dominant force in physical retail, GameStop has seen its market share steadily erode as e-commerce giants such as Amazon became the preferred destination for gaming and general merchandise. In response, the company has pivoted toward digital sales to adapt to the evolving videogame landscape. GameStop has struck partnerships with videogame publishers to sell exclusive versions of games, collectibles and merchandise to lure consumers to its digital and physical stores. A collectors edition of Take-Two Interactive's (TTWO.O) , opens new tab upcoming "Borderlands 4" is exclusively available at GameStop, alongside accessories such as hats, t-shirts and headphones. Sales of the company's collectibles business surged 63% during the second quarter. The company has also benefited from surging popularity for Nintendo's Switch 2 and a strong gaming release slate for this year and the next, which have prompted gamers to lap up aging consoles such as the PlayStation 5 and Xbox Series X and S. GameStop posted a 31% rise in hardware and accessories sales to $592.1 million during the quarter. Total revenue increased to $972.2 million, compared with $798.3 million a year ago. The company has also shut down hundreds of stores to boost profitability, while pivoting to owning and making money on bitcoin positions held on its balance sheets. It reported net income of $168.6 million during the three months ended August 2, compared with $14.8 million a year ago. https://www.reuters.com/business/gamestop-revenue-climbs-strong-hardware-collectible-sales-2025-09-09/
