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New Zealand Shortlists Two Providers for Port Taranaki LNG Import Terminal

The New Zealand government has shortlisted two companies to build a liquefied natural gas import facility at Port Taranaki, aiming for a 2028 operational launch to deal with domestic gas shortages as demand for electricity grows.Speaking at the Auckland Business Chamber, Energy Minister Simeon Brown confirmed on Tuesday that both proposals would make use of Port Taranaki.Since the LNG import strategy was first unveiled in February 2026, wholesale electricity prices for 2028 and 2029 contracts have retreated by roughly $20/MWh, generating an estimated $800 million in annual systemic savings, it stated.The state expects to select its preferred developer later this year, targeting an operational launch by 2028 to mitigate acute "dry-year" reductions in hydropower output.Given the rapid decline of New Zealand's domestic natural gas reserves, policymakers warned that entering a low-rainfall season without import infrastructure would trigger severe wholesale price spikes, industrial factory closures, and rolling blackouts, as per the statement.

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Singapore Shares Recover to Surge as Trump Hints at Deal with Iran; Mun Sion Engineering Plunges 9%

Singapore shares surged more than 1% on Tuesday, tracking regional gains, as markets reacted positively to news that the US president, Donald Trump, could be set to conclude a peace deal with Iran.The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,964.66 and 5,026.76 throughout the day. It ended the session at 5,023.25, up 59.58 points or 1.2% compared to Monday's close.On the corporate front, shares of Mun Siong Engineering (SGX:MF6) slid over 9% at the close as it named Kirk Keng Chong as its group chief financial officer, effective June 8.Mooreast (SGX:1V3) was down over 9% as it raised around SG$6 million through the private placement of around 44.5 million shares at SG$0.135 apiece.Meanwhile, shares of Ley Choon Group (SGX:Q0X) were up over 2% as it secured underground utilities service contracts worth SG$24.5 million.

Japan45d ago

WTI, Brent Crude Oil Drop Pre-Bell as Trump Declares Peace Negotiations on Track After Iran-Israel Strikes Stop

Ormat Technologies Testing 'Revolutionary' High Output Geothermal Power Generator

US geothermal energy company Ormat Technologies (ORA) has designed what it says is a "revolutionary" power generation unit that makes use of geothermal heat, it said on Monday.Its Ormega100 design delivers higher energy output than other binary systems on the market and offers the company "an accelerated opportunity" to commercialize and scale its enhanced geothermal developments, it said.The company said the technology's development would enable it to do more in a power market that is seeing rapid growth in demand, creating "an opportunity unlike any we have seen before," CEO Doron Blachar was quoted as saying in the statement.In an interview with Reuters, Blachar said the design would make it the largest geothermal power production system of its kind, producing twice as much as the company's current largest system and that the design was now at the testing stage, with interest among data center developers.The company entered into a deal in the last year for long-term supply of geothermal energy to Google, the Reuters article said.It explained that the Ormega100 would inject water 1.5 miles into the ground to capture heat, much deeper than conventional geothermal systems.

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Japan45d ago

WTI Crude Oil Futures Drop 2.5% to $88.98, Brent Crude Futures Decline 2.1% to $92.24 Early Tuesday

Equities45d ago

Market Chatter: BP Investors Raising Strategy Concerns After Chairman Manifold's Removal

Certain BP (BP) shareholders are raising concerns over the company's future strategy following the removal of Chairman Albert Manifold, the Financial Times reported Tuesday, citing the investors.Manifold led the company' restructuring plan and cost-cutting drive and his departure left investors worried that BP would lose its momentum, the report said. BP told investors that it would continue Manifold's strategy of simplifying the company, FT reported.Shareholders were also looking for more clarity over Manifold's removal, claiming limited details were disclosed over the circumstances that led to his departure, according to the report.BP did not immediately respond to' request for a comment.(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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Sakata INX's Material Supply Steady and Implements Price Revisions to Cushion Costs Increases

Printing ink manufacturer Sakata INX (TYO:4633) said there is no major disruption to ink material procurement, including solvents, and continues steady shipments globally, according to a Tokyo bourse filing on Tuesday.Drawing on its global network to secure raw materials and lessons from the Ukraine crisis, the company is working to reduce the time lag between cost increases and price adjustments.Despite rising material prices, expected to cost 15 billion yen this year, it is making price adjustments to pass on the increase.The company is also promoting environmentally friendly inks, such as toluene-free and plant-based Botanical Ink series, to reduce dependence on naphtha.

TYO:4633

China Dongxiang Warns of Swing to Full-Year Loss

China Dongxiang (Group) (HKG:3818) expects an attributable loss of up to 180 million yuan for the year ended March 31, compared with an attributable profit of 207 million yuan a year prior, according to a Tuesday Hong Kong bourse filing.The sport-related apparel and footwear company attributed the forecast to a lower gain from the fair value change of financial assets, foreign exchange losses, and an impairment allowance for loans to existing and former members of the management.

HKG:3818

India's Fuel Consumption Falls Year-on-Year in May but up From April

India's domestic fuel consumption stood at 19.93 million metric tons in May, down from 21.31 million metric tonnes for the same month last year, according to data shared by the oil ministry's Petroleum Planning and Analysis Cell on Saturday.This was higher than the figures in April, when consumption stood at 19.47 million metric tons.Consumption of liquefied petroleum gas declined to 2.13 million tons last month, compared with 2.68 million tons in the year-ago period and 2.21 million tons in April.India's petrol consumption for May stood at 3.91 million tons, up from 3.78 million tons last year and from 3.68 million tons in April.Diesel consumption for the month was 8.73 million tons, higher than 8.59 million tons recorded for the same month last year and above April's 8.33 million tons.

Crown Estate to Retender 1.5-GW Morgan Offshore Wind Project in Irish Sea

The UK's Crown Estate, which holds lands and holdings of the British Monarchy, said on Monday that it plans to begin a competitive tender process to bring the Morgan offshore wind site back to market, with plans to award it to a developer by late 2026.The site located in the Irish Sea, for the potentially 1.5 gigawatt offshore wind project, was first brought up in 2021, before development was discontinued in January 2026.The Morgan project has already secured a Development Consent Order for its wind farm component and retains a grid connection agreement with the National Energy System Operator, potentially shortening development timelines.According to Gus Jaspert, a managing director at the Crown Estate, offshore wind is a key industrial sector for the UK, and the Morgan project "can play an important role in advancing this national success story."

Fitch Assigns A Ratings to Tencent Holdings' Proposed US Dollar, Yuan Notes

Fitch on Monday gave A ratings to Tencent Holdings' (HKG:0700) proposed US dollar and yuan senior unsecured notes.The Chinese technology and entertainment conglomerate will issue the notes under its $30 billion medium-term note program.The proposed notes' rating is equivalent to the company's A senior unsecured rating, ranking equally at all times with current and future senior unsecured debt. Other key rating drivers include AI-driven advertising growth and the company's strong business profile and games portfolio.

HKG:0700

Stifel Initiates Enliven Therapeutics at Buy With $60 Price Target

Enliven Therapeutics (ELVN) has an average rating of buy and mean price target of $58.80, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

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Equities45d ago

Blue Concept Faces Final Deadline on Deltic Energy Takeover Offer

The UK's Takeover Panel ruled that Norwegian company Blue Concept has until June 17 to either make a firm offer for natural resources investor Deltic Energy (DELT.L) or walk away, according to a Tuesday filing.In April, three companies, Capricorn Energy (CNE.L), Mohammed Al Barwani LLC unit Petrogas International E&P Coöperatief, and Blue Concept, separately approached Deltic Energy regarding possible cash takeover offers.However, Deltic Energy agreed to be acquired by UK-based upstream oil and gas business NEO NEXT+ Energy. Capricorn Energy and Petrogas have already withdrawn their plans.

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Tokai Tokyo Upgrades Hoshizaki to Outperform from Neutral; Price Target is 6,040 Yen

Hoshizaki (TYO:6465) has an average rating of buy and mean price target of 6,611.25 yen, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

TYO:6465

Market Chatter: ACKO Technology Plans $300 Million IPO Filing by September, Targets $2 Billion Valuation

Digital insurance firm ACKO Technology & Services seeks to file draft papers for its planned initial public offering of about $300 million by September, targeting around $2 billion valuation, Mint reported Tuesday, citing two people familiar with the matter.The draft red herring prospectus is likely to be filed with the Securities and Exchange Board of India between August and September, with a potential listing by the end of the financial year if market conditions remain supportive, the report noted.The company has appointed ICICI Securities, Kotak Mahindra Capital and Morgan Stanley's India unit as book-running lead managers for the proposed share sale, Mint said it had reported in April.(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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SMBC Nikko Downgrades Oji Holdings to Neutral from Outperform; Price Target is 800 Yen

Oji Holdings (TYO:3861) has an average rating of hold and mean price target of 906.67 yen, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

TYO:3861

Citi Downgrades FangDa Carbon New Material to Sell from Buy; Price Target is 4.80 Yuan

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Oil & Energy45d ago

EMEA Natural Gas Update: Futures Edge Higher Despite Trump's Renewed Optimism on Iran Peace Deal

European natural gas futures edged little higher on Tuesday, despite Israel and Iran's decision to halt mutual attacks, and US President Donald Trump once again expressing optimism regarding a potential peace deal with Tehran.The Dutch TTF front-month contract was up 0.23% to 49.94 euros ($57.67) per megawatt-hour, while the UK NBP front-month contract gained 0.05% at 120.59 British pence ($1.61) per therm.Speaking with reporters in New York on Monday, Trump said that the two countries were very close to a "good, strong, powerful deal," which he said was set to conclude over the next "two or three days," following which the Strait of Hormuz was going to reopen right away.Trump also said that both Iran and Israel had agreed to "leave each other alone for another week," as all sides make progress towards a peace deal.Meanwhile, the strategically crucial Strait of Hormuz, which accounted for one-fifth of global LNG flows, remained effectively closed for the 15th week running, with just 10 vessels transiting over the past 24 hours, according to the Hormuz Strait Monitor.Daniel Hynes, a senior commodity strategist at ANZ highlighted other supply-side issues, such as the strike in Inpex's Ichthys LNG plant in Australia, where workers were planning to "increase strike action" after talks between the Union and management stalled.This comes at a time when European gas inventories remain depleted, at just 42.48% of capacity, compared to 50.97%, during the corresponding period a year ago, according to Gas Infrastructure Europe.Inventories were also significantly below the five-year average for this period, at 56.7%, according to data from the Swiss Federal Office of Energy.