The first-quarter profits of investment giant KKR have risen on the back of fee growth
KKR announced a near 20% increase in its first-quarter profits on Thursday. This was boosted by the higher transaction and management fees that it received from its portfolio. The results show the structural advantage of large alternative asset managers who can generate hundreds and millions in management fees, even when asset sales remain muted.
Gazprom, the Russian energy giant, will return to profit in 2024 with earnings of $14.8 billion
The Russian energy giant Gazprom reported a net profit for the full year 2024 of 1.2 trillion Russian roubles (14.76 billion dollars) compared to its loss in previous years. This was due to a better gas business as well as higher interest incomes from financial investments. Gazprom reported a net loss for 2023 of nearly $7 billion…
RWE's largest shareholder group is against more share buybacks
RWE's largest shareholder group, RWE municipal shareholders, opposes calls for further share buybacks. This includes activist investor Elliott. They say that they will drain cash for renewable investments. The Association of Municipal RWE Shareholders (VkA), who together own around 14% of the utility…
Woodside Energy, Australia signs LNG deal with BP to supply Louisiana project
Woodside Energy, a major Australian oil and natural gas company, announced on Wednesday that it had signed a deal with BP under which the British energy company would supply natural gases to its Louisiana liquefied gas project (LNG). Woodside, in a press release, said that the Louisiana…
Finance Minister: Indonesia's growth in 2025 will be around 5%, despite trade tensions
Indonesia's growth will probably remain around 5% this year despite the trade tensions. The finance minister stated that a government delegation was still negotiating with Washington in order to avoid high tariffs. Minister's forecast is about the same as last year's growth rate of 5.03%.
Malaysia's Petronas has secured extra gas supplies after being hit by the Putra Heights pipeline explosion
Petroliam Nasional, the Malaysian oil-and-gas giant, said it had secured additional supplies of gas to minimize the supply disruptions that were caused by the massive fire that broke out at the Putra Heights Pipeline earlier in the month. PETRONAS Energy & Gas Trading has acquired an additional 155 million cubic feet of gas per day…
Shell and Bulgaria sign a contract for Black Sea oil and gas exploration
Shell signed with the Bulgarian government a contract on Tuesday that gives the oil giant the rights to explore a Black Sea field for oil and natural gas. Shell will be able to explore 4,00 square metres of the Block 1-26 Khan Tervel Field. Bulgaria, a member of the European Union, was totally dependent on Russian Gas until 2022.
ADM to cut jobs in Shanghai after halting its domestic trade in China
Global grain merchant Archer-Daniels-Midland has begun shutting down domestic trading operations in China and laying off staff within its largest business segment as part of a global cost-cutting push, the company said in an emailed statement on Monday. ADM's earnings are declining due to the slumping of crop prices…
BP discovers oil off US Gulf Coast
BP announced on Monday that it had made an oil find at the Far South Field in the U.S. Gulf of Mexico. The energy giant is seeking to increase production as part of a new strategy, which was announced earlier this summer. Green Canyon Block 584 is located about 120 miles (203.12 km) from the coast of Louisiana.
Bloomberg News reports that Abu Dhabi's ADNOC is considering a bid for Aethon US natgas assets.
Bloomberg News, citing sources familiar with the situation, reported Friday that Abu Dhabi's state oil company ADNOC was considering a bid to acquire natural gas assets from investment firm Aethon Energy Management, which could be worth up to $9 billion. ADNOC is acquiring a number of companies in the gas and chemical industries…
BP warns about lower production in the first quarter and weak gas sales
Energy group BP said that it expects the first-quarter production of oil and gas to be lower than in the previous quarter. Lower gas output in Egypt and Trinidad and asset sales will offset gains in oil. The trading update provides an early look at BP's performance in its first quarter…
President of Taiwan says Taiwan will be the first country to discuss tariffs with US
Taiwan will be among the first trading partners to have talks with Washington. President Lai Ching Te said this on Friday. His economy minister also said that the island can import more than $200 billion of U.S. products, mainly energy. Donald Trump, the U.S. president, announced on Wednesday…
Masdar, a UAE renewable energy company, has completed the purchase of Terna Energy in Greece
Masdar, the renewable energy company of the United Arab Emirates, announced on Thursday that it had acquired a 100% stake in Terna Energy Greece, following its purchase of a majority share last year. This is a step further in their international expansion strategy. Masdar has increased its presence on European markets over the past few months…
Sources say Vitol will post a net profit of $8 to $8.5 billion in 2024.
Two industry sources said that Vitol was the world's largest energy trader in 2024. This is a significant drop from its record-breaking profits of 2022 and 203, but it still outperformed rivals by an enormous margin, despite lower volatility. The energy traders made record profits between 2022 and 2023, as the market recovered from the pandemic.
Sources say Vitol will post a net profit of $8.0-8.5 billion in 2024.
Two industry sources said that the world's largest energy trader Vitol, despite lower volatility in 2024, made a profit between $8.0 and $8.5 billion. This was a huge margin over its rivals for the third consecutive year. The energy traders made record profits between 2022-2023, as the…
Chevron will pay $740 Million to restore Louisiana's coastline, reports AP
The Associated Press reported that Chevron had been ordered to pay $740m to repair damages caused by the oil and gas giant to the coastal wetlands of southeast Louisiana. Report: The jury's verdict awarded $575,000,000 for compensation for land losses, $161,000,000 for contamination, and $8,000,000 for abandoned equipment.
British stocks plunge in worst day for 2020 as US-China Trade War intensifies
Investors avoided risky assets on Friday after China's retaliatory duties against the United States raised fears of a global economic recession. The blue-chip FTSE 100 reached a three-month-low, down almost 5% – its biggest daily drop since March 2021, when the world markets plummeted due to COVID-19.
French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. Alstom, a French train manufacturer, announced on Tuesday that it had received 2.4 million euro ($1.08m) in public funding as part of the France 2030 plan to speed up the development of an intelligent train safety platform.
Brazil's Eike Batista eyes new $500 mln Gulf investment in 'supercane' project
Eike Batista was once Brazil's richest businessman. He said that a Gulf investor would soon announce a $500-million investment in his project to use modified sugarcane for the production of sustainable fuels. Batista said that the project had already received $500 million in funding from…
Sources say that the White House is considering an executive order to speed up deep-sea mines.
Two sources who are directly involved in the White House's deliberations say that they are considering an executive order which would expedite permits for deep sea mining in international waters. This would allow mining companies to bypass a United Nations review process. The order, if signed, would be the latest effort by U.S.
