2025-09-02 11:47
Russia agrees to supply 44 bcm via existing pipeline Memorandum signed on Power of Siberia 2 through Mongolia Price for gas via Power of Siberia 2 lower than Europe Price for Power of Siberia still to be agreed - Miller MOSCOW, Sept 2 (Reuters) - Russia agreed to supply more natural gas to China and signed a memorandum on building the vast Power of Siberia 2 pipeline, but has yet to agree on pricing for one of the world's most expensive gas projects, Gazprom said on Tuesday. The "no limits" partnership between China, the world's biggest consumer of energy, and Russia, the world's biggest producer of natural resources, has strengthened since the West imposed sanctions to punish Russia for the war in Ukraine. Sign up here. By deepening ties with his "old friend" Russian President Vladimir Putin, Chinese President Xi Jinping is showing he can resist U.S. pressure to turn its back on Moscow. However, the lack of progress on pricing for Power of Siberia 2 indicates that he is also demanding steep discounts from Russia. Since losing a lucrative chunk of the European gas market, Russia has pivoted towards China. Gazprom has been seeking an agreement for years on the Power of Siberia 2 pipeline, capable of delivering 50 billion cubic metres (bcm) per year to China through Mongolia from the Arctic gas fields of Yamal. Alexei Miller, the CEO of Gazprom (GAZP.MM) , opens new tab, told Russian news agencies that an agreement had been reached to increase supplies via the existing Power of Siberia pipeline, which runs from Eastern Siberia to China, to 44 billion cubic metres (bcm) a year from 38 bcm. "Today, a legally binding memorandum was signed on the construction of the Power of Siberia 2 gas pipeline and the Soyuz Vostok transit gas pipeline through Mongolia," Miller said. Soyuz Vostok is designed to be the portion of the Power of Siberia 2 pipeline, traversing Mongolia. GAS PRICE LOWER THAN EUROPE But the price of gas supplied via the pipeline - one of the key factors for understanding the cost of building the pipeline and how those costs will be shared amongst the parties involved - will be agreed separately, Miller was quoted by the TASS state news agency as saying. The price, Miller said, would be lower than the price charged by Gazprom to European buyers due to the vast distances and terrain over which pipelines had to be built. It was also not clear who will build the pipeline. After Putin met Xi and Mongolian President Ukhnaagiin Khurelsukh in Beijing, the Kremlin said that 22 agreements had been signed during Chinese talks, including a deal on strategic cooperation between Gazprom and China National Petroleum Corporation, but it gave no details. Building a gas pipeline from the vast Bovanenkovo and Kharasavey gas fields of northern Russia across the wilderness of Siberia to Mongolia and then to China would be the world's biggest and most capital-intensive gas project, Miller said. Reuters reported last month that China was seeking to buy more Russian gas through an existing pipeline as talks between the two countries had failed to make significant progress on building a new link. NEW ERA Putin and Xi, who have both pushed back against the perceived humiliations of the 1991 collapse of the Soviet Union and centuries of European colonial dominance of China, say the world is entering a new era with the West in decline. Kirill Babaev, head of the China and Contemporary Asia Institute in Moscow, a think-tank that advises the Russian government on China, said the Beijing meetings had shown that the West had failed to isolate Russia. He said despite the unknowns over the pipeline, the project now had the political blessing of the leaders of Russia, China and Mongolia. China is Russia's biggest trading partner, the biggest purchaser of Russian crude and Russian gas, the second-biggest purchaser of Russian coal and the third-biggest purchaser of Russian LNG, according to the Kremlin. Gazprom supplies natural gas to China through a 3,000 km (1,865 mile) pipeline called Power of Siberia under a 30-year, $400 billion deal launched at the end of 2019 and supplies are expected to reach the planned capacity of 38 bcm this year. Miller said there had also been an agreement to increase the gas China buys through a pipeline from Sakhalin Island in Russia's Far East to 12 bcm annually from a prior agreement for 10 bcm. But Russia's gas exports to China are still a small fraction of the record 177 bcm it delivered to Europe in 2018-19 annually. https://www.reuters.com/business/energy/russia-signs-up-vast-new-china-pipeline-price-unclear-2025-09-02/
2025-09-02 11:47
Aims to raise as much as $317 million Positive move for broader market, analyst says Follows on the heels of strong Bullish IPO Sept 2 (Reuters) - Gemini is seeking a valuation of up to $2.22 billion in its U.S. initial public offering, the cryptocurrency exchange said on Tuesday, as digital asset platforms capitalize on renewed investor appetite for public market debuts. The New York-based company, founded by twins Cameron and Tyler Winklevoss in 2014, plans to sell 16.67 million shares at $17 to $19 each, with a target to raise as much as $317 million at the top of the range. Sign up here. The IPO filing comes as U.S. public offering activity experiences a strong resurgence, fueled by robust market conditions and impressive first-day trading performances that have whetted investor appetite and encouraged more private companies to go public. Recent debutants, including digital bank Chime Financial (CHYM.O) , opens new tab and a space technology firm Firefly Aerospace (FLY.O) , opens new tab, drew robust investor demand on their first day of trading. Gemini's listing would make it the third publicly traded digital asset exchange, after Bullish (BLSH.N) , opens new tab - which had a blockbuster debut earlier this year - and Coinbase (COIN.O) , opens new tab, the largest listed U.S. crypto exchange. "After Circle and Bullish's successful IPOs, alongside a strong overall market and higher crypto prices, it does feel like an opportune time for crypto-related companies to consider going public," said Bo Pei, analyst at US Tiger Securities. Digital assets have made steady inroads into mainstream finance, with U.S. regulators approving spot bitcoin ETFs last year and Coinbase joining the benchmark S&P 500 (.SPX) , opens new tab earlier in 2025. The Winklevoss brothers rose to prominence after settling a 2008 legal dispute with Facebook (META.O) , opens new tab and CEO Mark Zuckerberg. The pair earned the nickname "bitcoin twins" after investing part of their Facebook settlement in bitcoin, making them among the world's first cryptocurrency billionaires. Gemini expects to list on the Nasdaq under the ticker "GEMI." Goldman Sachs and Citigroup are lead bookrunners on the deal. https://www.reuters.com/business/winklevoss-twins-backed-gemini-targets-22-billion-valuation-us-ipo-2025-09-02/
2025-09-02 11:46
Sept 2 (Reuters) - Black Rock Coffee Bar is targeting a valuation of up to $860.7 million in its New York initial public offering, the cafe chain said on Tuesday, setting the stage for a rare consumer sector listing amid an IPO market buoyed by tech-heavy debuts. The Scottsdale, Arizona-based company is seeking up to $265 million by offering 14.7 million shares priced between $16 and $18 apiece. Sign up here. While the new listings market has made a comeback after a brief pause in April, consumer-related IPOs have been a key miss, with much of the activity coming from sectors with low-tariff exposure. Black Rock Coffee's flotation will be a crucial test of investor appetite for consumer IPOs, with its peer Dutch Bros (BROS.N) , opens new tab having gone public back in 2021. Founded in 2008, Black Rock Coffee is a founder-owned operator of drive-thru coffee bars, selling hot and iced coffees as well as energy drinks, including Nitro Cold Brew and Caramel Blondie. While it began as a single coffee stand in Oregon, it has since bulked up with over 150 locations spanning seven states from the Pacific Northwest to Texas. BEANS AND TARIFFS The company sources most of its coffee beans from Brazil, Ethiopia, Colombia and Mexico, among other countries. Inflated costs or lower availability of arabica coffee beans, dairy and other commodities could have an adverse impact on its business, according to its prospectus. Coffee prices have hit a record high this year, driven by droughts in top producers Brazil and Vietnam and a U.S. move to impose 50% duties on beans imported from Brazil. Moving forward, the company expects much of the tariff exposure stemming from refrigeration units, espresso machines and coffee beans. Black Rock Coffee will list on the Nasdaq under the symbol "BRCB". J.P. Morgan, Jefferies, Morgan Stanley and Baird are the lead underwriters for the offering. https://www.reuters.com/business/retail-consumer/cafe-chain-black-rock-coffee-bar-targets-861-million-valuation-rare-us-consumer-2025-09-02/
2025-09-02 11:45
Sept 2 (Reuters) - Enbridge (ENB.TO) , opens new tab said on Tuesday it has reached a final investment decision to go ahead with Algonquin gas transmission (AGT) pipeline expansion to capitalize on the growing natural gas demand in the United States. Even as oil production starts to plateau, gas production in the U.S. is predicted to increase to meet increased electricity use and a surge in liquefied natural gas exports. Sign up here. U.S. pipeline firms, including Kinder Morgan (KMI.N) , opens new tab, Williams (WMB.N) , opens new tab and Energy Transfer (ET.N) , opens new tab, are spending billions to build hundreds of miles of new pipelines, including in the Northeast, to meet the increasing demand. Once completed, the expanded pipeline will deliver about 75 million cubic feet per day of incremental natural gas under long-term contracts in the U.S. Northeast. Natural gas is a key component of the energy mix in the region. Enbridge expects to invest $300 million in system upgrades and fully complete AGT enhancement in 2029. Companies typically reach an FID on projects once they have secured enough supply deals to obtain the necessary financing for construction. Last month, Enbridge, through its Matterhorn joint venture, reached FID for the construction , opens new tab of the Eiger Express Pipeline . https://www.reuters.com/business/energy/enbridge-go-ahead-with-algonquin-gas-transmission-pipeline-expansion-project-2025-09-02/
2025-09-02 11:39
Gold hits record high of $3,508.50 US non-farm payrolls data due on Friday Silver holds near 14-year highs hit on Monday Reuters poll indicates gold to average $3,220 in 2025 Sept 2 (Reuters) - Gold prices scaled the $3,500 per ounce level to hit a record high on Tuesday, as mounting expectations for a U.S. Federal Reserve interest rate cut this month lifted demand for the precious metal. Spot gold was up 0.1% at $3,480.57 per ounce as of 1125 GMT, after hitting a record high of $3,508.50 earlier in the session. Bullion has gained 32% so far this year. Sign up here. U.S. gold futures for December delivery gained 0.9% to $3,549. "Gold's rally is set to be heavily influenced by how much the Fed's rate-cutting path adheres to market projections," said Han Tan, chief market analyst at Nemo.money. "It still enjoys enough fundamental tailwinds, from central bank purchases to safe-haven demand - especially if trade tariffs take a meaningful toll on global economic growth - going into next year," he added. Traders are currently pricing in a 90% chance of a 25-basis-point Fed rate cut on September 17, according to the CME FedWatch tool. Non-yielding gold typically performs well in a low-interest-rate environment. Long regarded as a dependable hedge against geopolitical and economic turmoil, gold has rallied to multiple record highs in 2025, drawing support from ongoing central bank buying amid a move away from the U.S. dollar, strong safe-haven demand in light of geopolitical and trade uncertainty, plus broad dollar weakness, analysts say. Spot gold prices rose 27% in 2024, and broke the $3,000 per ounce level for the first time in March this year as uncertainty around U.S. President Donald Trump's trade policies sent investors flocking to the safe-haven asset. Meanwhile, Trump has criticised the Fed and its chair, Jerome Powell, for months for not lowering interest rates. Investors are now looking forward to the U.S. nonfarm payrolls data due on Friday to determine the size of an expected Fed rate cut later this month. "All the indicators - fundamental and technical - point toward a sustained rally. As always, we might not go up in a straight line, but we are in 'buy the dip' mode... plus, gold remains an uncorrelated asset to stocks, real estate, and credit," said Hugo Pascal, a precious metals trader at InProved. SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings rose 1.01% to 977.68 tons on Friday - its highest level since August 2022. In a quarterly Reuters poll conducted in July, analysts forecast gold would average $3,220 in 2025, up from January's estimate of $2,756/oz. Spot silver was down 0.4% at $40.50 per ounce, after hitting its highest since September 2011 in the previous session. Platinum lost 0.8% to $1,388.22 and palladium fell 1.3% to $1,123.14. https://www.reuters.com/world/india/gold-races-all-time-high-above-3500-us-rate-cut-prospects-2025-09-02/
2025-09-02 11:23
PARIS, Sept 2 (Reuters) - Workers began a three-day strike over pay at Belgian gas terminal operator Fluxys' (FLUX.BR) , opens new tab Dunkirk liquefied natural gas terminal late on Monday evening, part of a broader action in the power and gas sector focused on pensions and wages. The Dunkirk LNG terminal is the second largest in continental Europe and the only terminal directly connected to two separate markets - Belgium and France - accounting for about 20% of both countries' annual gas consumption. Sign up here. The flow rate of the terminal has been affected, a representative of the CGT union, who did not wish to be named, said on Tuesday. He did not have precise figures for the impact. Fluxys denied that the flow rate has been impacted at the site. "There is some minor impact on some small preventive maintenance jobs but this is without any impact on operational activities," a Fluxys spokesperson said. The strike is currently having no impact on the regasification and ship unloading operations, or the truck loading activities of the terminal, the spokesperson added. The strike is initially planned to last three days as workers demand higher pay and a decrease to the national energy tax, the representative for the hardline CGT union said. After the three days, the unions will hold a workers' council to determine whether to end or prolong the strike. Unions in the French power sector are also striking at electric utility EDF's facilities, and have reduced hydroelectric power supply by 1.4 GW, but nuclear power supply remains unaffected. https://www.reuters.com/business/energy/workers-begin-strike-belgiums-fluxys-dunkirk-lng-terminal-2025-09-02/
