2024-09-12 22:42

Sept 12 (Reuters) - Over 250,000 homes and businesses in Louisiana were without power on Thursday after Hurricane Francine barreled onto the state's Gulf Coast, according to data from PowerOutage.us. Francine weakened to a post-tropical cyclone earlier in the day, but not before it had pounded southeast Louisiana, southern Mississippi and Alabama with heavy rains and gusty winds. The utility company with the largest number of customers affected was Entergy (ETR.N) , opens new tab, which had 209,288 clients without power. "We have started restoring service to our customers where it is safe to do so and assessing damage to our system caused by Francine," Entergy said in a statement on Thursday. It was followed by Dixie Electric Membership Corporation, with 19,360 customers cut off in the state. Here are the major outages by utility in Louisiana: Sign up here. https://www.reuters.com/world/us/more-than-350000-customers-without-power-louisiana-due-storm-francine-2024-09-12/

2024-09-12 21:51

Sept 13 (Reuters) - A look at the day ahead in Asian markets. Asian stocks are poised to end the week on a strong footing on Friday, spurred on by another solid rise on Wall Street the day before that puts some key benchmark indexes across the continent on track to register modest weekly gains. The European Central Bank cut interest rates on Thursday and the Fed is set to begin a pretty substantial easing cycle next week. Although the former was no surprise and traders have been expecting the latter for a while, they are conducive to a 'risk on' environment that should boost sentiment in Asia on Friday. The S&P 500 and Nasdaq both rose for a fourth consecutive day on Thursday. The S&P 500 came within 1% of its record high struck on July 15 and the Nasdaq, up 5.3% so far this week, is on track for its biggest weekly rise this year. In other good news, Japan's Nikkei on Thursday snapped a seven-day losing streak in style, jumping 3.4%. Notably, it did so without the help of a weaker yen - the yen made a new high for the year against the dollar and although it recoiled, it still ended Thursday slightly stronger. But if yen strength is to persist, the outlook for Japanese stocks is murky. Indeed, the outlook for global asset prices may also be murky if the yen carry trade unwind has further to run, as SocGen strategists expect. This creates "clear market risks as market leverage in this cycle comes mainly from the Japanese currency," they said on Thursday, adding that they are increasing their yen exposure and reducing their Japanese equities exposure. If markets across Asia are set to end the week on a high, the exception once again could be China. Shanghai stocks , opens new tab on Thursday posted their lowest close since January 2019. Shanghai's blue chip index will likely end the week in the red, its fourth weekly fall in a row and the 14th decline out of the last 17 weeks. It's been a miserable run that has seen the index lose 15%, but surely it has to turn at some point. Right? A batch of top-tier economic data from China over the weekend could be the trigger although that may require some rare upside surprises. Beijing releases house price, investment, industrial production and retail sales figures for August on Saturday, and economists polled by Reuters generally expect the numbers to come in weaker than July's readings. The calendar in Asia on Friday, meanwhile, sees the release of Indian wholesale price inflation, a speech by Bank of Thailand governor Sethaput Suthiwartnarueput and Bank of Japan board member Naoki Tamura. Here are key developments that could provide more direction to Asian markets on Friday: - India WPI inflation (August) - South Korea import & export prices (August) - New Zealand manufacturing PMI (August) Sign up here. https://www.reuters.com/markets/asia/global-markets-view-asia-graphic-pix-2024-09-12/

2024-09-12 21:29

Zelenskiy says grain vessel hit after departing Ukraine Vessel was in Romania's maritime economic zone, Kyiv says U.S., U.N. decry assault on shipping, food security No immediate comment from Russia KYIV, Sept 12 (Reuters) - Ukraine accused Russia on Thursday of using strategic bombers to strike a civilian grain vessel in a missile attack in Black Sea waters near NATO member Romania, escalating tensions between Moscow and the military alliance. President Volodymyr Zelenskiy said the vessel carrying Ukrainian grain to Egypt had been hit overnight by a Russian missile just after it left Ukrainian territorial waters. There were no casualties, he said. The U.S. ambassador to Ukraine "strongly condemned" the attack and said Russia was responsible. A United Nations spokesperson said the incident was a "stark reminder" of the threats still faced in the Black Sea by civilian vessels. There was no immediate comment from Russia. Ukrainian Foreign Minister Andrii Sybiha said the strike was "a brazen attack on freedom of navigation and global food security". Ukraine's navy said Russian Tupolev Tu-22 bombers had fired a number of cruise missiles at 11:02 p.m. local time (2002 GMT) on Wednesday. It was the first time a missile has struck a civilian vessel transporting grains at sea since the start of Moscow's invasion in February 2022. Some vessels have been damaged during Russian attacks on Ukrainian ports where they were moored. The incident comes as Zelenskiy has been trying to court the Global South, including countries such as Egypt - the destination of the grain according to Ukraine - and convince them to join the West in supporting Ukraine in the war. The strike coincided with discussion over whether NATO allies will allow Ukraine to make deeper strikes into Russia, a step Moscow has warned will elicit a response. The West has accused Iran of a major escalation by supplying ballistic missiles to Russia. British maritime security company Ambrey said in a note that a Saint Kitts and Nevis-flagged bulk carrier had been struck by a Russian-launched missile after leaving the Ukrainian port of Chornomorsk in Ukraine's Odesa region. The vessel sustained damage to its port side, including a cargo hold and a crane, it said. The Navy identified the vessel as the Aya bulk carrier. U.S. Ambassador Bridget Brink wrote on X: "We strongly condemn Russia’s attack on a commercial cargo ship in the Black Sea last night. This escalatory attack is a blatant violation of international law that threatens global food security." U.N. spokesperson Stephane Dujarric said attacks on civilian vessels and port infrastructure "are prohibited under international law and must stop. "Ensuring the safety and sustainability of agricultural exports passing through the Black Sea remains critical for supporting global food security and keeping global prices under control." Ship tracking data showed the vessel's last reported position was off the Romanian port of Constanta. The vessel's Athens-based manager, VRS Maritime Services, could not be immediately reached for comment. STRONGER WHEAT PRICES Traders said the incident had contributed to stronger wheat prices by adding to concern over tightening supply in the Black Sea export zone. U.S. futures rose as much as 2% to hit a two-month peak. Zelenskiy posted images showing the twisted metal of a damaged crane and other damage. An industry source told Reuters the strike had taken place not far from the mouth of the Danube river. Dmytro Pletenchuk, spokesman for Ukraine's navy, told Reuters the vessel was in Romania's maritime economic zone. A country's maritime economic zone is an area that extends beyond its territorial waters. Romania's Naval Authority said the vessel had not been in its territorial waters and that its assistance had not been requested in any way. Zelenskiy, writing on X, said: "Wheat and food security should never be targets for missiles." Ukraine is a major global grain exporter that has had to battle Russia in the Black Sea to revive its exports through its sea ports since Russia's invasion imposed a de facto blockade. The exports were revived later that year - albeit with smaller volumes - from the three ports of greater Odesa under a deal mediated by the U.N. and Turkey that broke down last year. In August 2023, Ukraine established its own shipping corridor - without Russia's blessing - after using naval drones and long-range weapons to strike back at Russia's Black Sea Fleet and push its vessels away from the west of the sea. The shipping corridor hugs the western coast of the Black Sea before exiting Ukrainian waters and south past Romania and Bulgaria. Sign up here. https://www.reuters.com/world/europe/russian-missile-hits-civilian-ship-with-ukrainian-grain-black-sea-zelenskiy-says-2024-09-12/

2024-09-12 21:27

Sept 12 (Reuters) - Occidental Petroleum's (OXY.N) , opens new tab carbon capture and sequestration unit 1PointFive said on Thursday that the U.S. Department of Energy's Office of Clean Energy Demonstrations has committed up to $500 million to support the development of its South Texas Direct Air Capture (DAC) Hub. The facility had previously received funding from BlackRock, the world's largest asset manager. Occidental's first large-scale DAC facility represents a pivotal economic trial for a technology that the International Energy Agency says will play a key role for global industrial decarbonization, despite its high costs in initial tests. The total award value from the OCED for the facility could be raised to $650 million for the development of an expanded regional carbon network in South Texas, according to a release from Occidental. The hub's initial carbon dioxide removal capacity of 500,000 metric tons per year could be expanded to over one million metric tons per year, Occidental added. Earlier this year, 1PointFive also said it would sell carbon credits to companies such as AT&T (T.N) , opens new tab and Microsoft (MSFT.O) , opens new tab. These carbon credits are tradable permits that allow the owner to emit specified amounts of greenhouse gases. Sign up here. https://www.reuters.com/sustainability/climate-energy/occidentals-1pointfive-secures-funding-up-500-mln-us-doe-2024-09-12/

2024-09-12 21:10

Sept 12 (Reuters) - Wildfires that have burned dozens of mountain homes near Los Angeles slowed on Thursday with cooler temperatures but authorities warned the blazes still threatened suburbs. Driven by triple-digit heat, gusting winds and tinder-dry vegetation, the three fires burned at speeds firefighters have never witnessed, scorching over 110,000 acres (44,510 hectares) - an area twice the size of Seattle. The Bridge Fire, California's largest current wildfire, swept through communities in the San Gabriel Mountains less than 40 miles (65 km) northeast of central Los Angeles, where people priced out of the city have built homes. The 51,000-acre (20,640-hectare) blaze destroyed over 40 houses and cabins in Mount Baldy and Wrightwood as well as damaging lifts at the Mountain High ski area, authorities said. Fire growth eased as the high , opens new tab for Los Angeles fell to 81F (27C), a cooling trend expected to last through the weekend. "We're really expecting to make some great progress on this fire today due to the coastal marine influence, the lowering of temperatures," said Lisa Cox, a spokesperson for the response team, referring to a process that raises moisture levels. In San Bernardino, 50 miles (80 km) east of Los Angeles, Justin Wayne Halstenberg, a 34-year-old delivery driver, was charged with arson and great bodily injury on Thursday for allegedly starting the Line Fire, which has scorched 37,000 acres (14,970 hectares) of mountains overlooking the city of 220,000. Halstenberg was being held at a local jail and was not immediately available for comment. No attorney was listed for him. The Line Fire destroyed a home in Running Springs and injured a firefighter and two civilians. Some 5,490 homes were evacuated due to the blaze and two men were arrested for suspected intent to loot. Southeast of Los Angeles, the Airport Fire has destroyed homes in the Elsinore Mountains and injured at least 10 people. The 23,000-acre (9,300-hectare) blaze is believed to have been caused by a spark from machinery moving boulders to block access to the wilderness area. "The Airport Fire remains a significant threat to Orange County and Riverside County communities," emergency agencies said in a statement. The blazes have California scrambling for extra firefighting resources as a record-setting U.S. fire season creates a nationwide shortage of personnel and aircraft. Scientists say climate change is stoking larger and more severe wildfires in the U.S. West. California's mountains are primed for fire after grasses and scrub thrived in the past two years' wet winters then dried out in recent high temperatures. "We are seeing fires that are getting larger and burning more acres than we used to see," said Robert Foxworthy, a spokesperson for the California Department of Forestry and Fire Protection or CAL FIRE, with over 20 years experience as a firefighter. Sign up here. https://www.reuters.com/business/environment/los-angeles-wildfires-slow-still-threaten-suburbs-2024-09-12/

2024-09-12 20:59

LIMA, Sept 12 (Reuters) - Canadian miner First Quantum Minerals (FM.TO) , opens new tab expects updated drilling results for its Peru copper project La Granja in the second half of next year, and feasibility studies by 2028, project development manager Steven Lewis said on Thursday. "The drilling is progressing well, it's at 35%, and we expect to have the results in the second half of next year," Lewis said on the sidelines of a mining industry conference. About the feasibility studies slated for completion by 2028, he said: "We're working to meet this deadline." First Quantum last year purchased a 55% stake in the project, which is co-owned with Rio Tinto, and at the time of the acquisition committed to investing up to $546 million for its development. The project overall is estimated to amount to $2.4 billion investment. According to data from Peru's mining ministry, the site has the potential to produce 500,000 metric tons of copper a year, with a useful life of 40 years. In addition to completing drilling and feasibility studies, First Quantum will also face challenges related to local communities, environmental permits and financing, Lewis said. "La Granja has the potential to be a larger project, but the ultimate focus will depend on several challenges," Lewis said in a presentation at the mining event. First Quantum took a major blow last year after the Panama government ordered the shutdown of the Cobre Panama mine, which contributed to 40% of the miner's revenue, due to public protests over environmental issues. Sign up here. https://www.reuters.com/markets/commodities/first-quantum-expects-feasibility-studies-peru-mine-by-2028-manager-says-2024-09-12/