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Equities
Eni Q1 Net Profit Decreases, Sales Increase
Eni (E) reported Q1 net profit Friday of 0.34 euros ($0.40) per diluted share, down from 0.36 euros a year earlier.Analysts polled by FactSet expected 0.50 euros.Sales from operations for the quarter ended March 31 were 22.96 billion euros, up from 22.57 billion euros a year earlier.Analysts surveyed by FactSet expected 22.84 billion euros.
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Asia
Market Chatter: Gotion Says Iran War Shifts Focus to New Energy
Gotion High-tech (SHE:002074) said the world is shifting its focus on green energy as the war in Iran made disruptions on the global oil supply, Bloomberg News reported Thursday, citing its founder and chairman.Chairman Li Zhen told Bloomberg Television in an interview that the world is "placing more emphasis" on new energy, such as solar and wind, with cost improvements in batteries enabling governments to become more self-sufficient and not reliant on fossil fuel "from a few countries", the media outlet said.Li predicted that the demand for energy storage systems will jump five times higher than electric vehicles as artificial intelligence becomes more rampant in the long run, giving more opportunities for the battery maker's expansion, Bloomberg said.Data from the China Passenger Car Association showed a doubling of China's electric and hybrid vehicle exports, showing industries and consumers looking for energy supply alternatives, according to the report.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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Equities
TotalEnergies Takes Final Investment Decision on $1.2 Billion Mirny Project in Kazakhstan
TotalEnergies (TTE.PA, TTE.L) said Friday it took a final investment decision and secured financing for its Mirny onshore wind and battery energy storage system project in Kazakhstan.The French energy group noted that the $1.2 billion project, to be financed 75% externally, will combine 1 gigawatt of wind capacity with a 600 megawatt-hour battery energy storage system.The project, expected to reach its full capacity by 2029, will sell electricity to the government of Kazakhstan under a 25-year power purchase agreement.
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