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Oil Producer, Refiner Nigeria Becomes IEA Associate Member

Nigeria has been admitted as an association country to the International Energy Agency, the entity said on Thursday, further raising its profile within the global energy sector after gaining more prominence as a supplier of refined products during the Iran war.Its admission was unanimously approved by the IEA governing board, according to a statement on Thursday.Beyond a long-established oil sector, Africa's most populous country is one of the world's fastest-growing markets for decentralized solar as it strives to expand availability of power to millions who still lack it and go without clean solutions for cooking."Nigeria becoming part of the world's energy authority marks a milestone for global energy governance," said IEA Executive Director Fatih Birol."As Nigeria works to strengthen energy security, support economic growth and expand energy access, deeper cooperation with the IEA will bring important benefits for both sides."The IEA's association program, founded in 2015, now has 14 members as a result of Nigeria's entry.The countries work with the IEA on providing secure, affordable and sustainable energy systems, the IEA said. The agency said its fully-fledged and associate member countries now account for 80% of global energy demand.

Research34d ago

DAM Capital Downgrades Aavas Financiers to Neutral from Buy; Price Target is INR1,650

Aavas Financiers (NSE:AAVAS, BOM:541988) has an average rating of overweight and mean price target of 1,641.55 Indian rupees, 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)

BOM:541988NSE:AAVAS

Commodities34d ago

SGE Proposes Development of 4.2 GW SMR Fleet in UK

Poland-based small modular reactor development platform SGE has filed an application under the UK's advanced nuclear framework for the development of a 4.2 gigawatt SMR fleet in Great Britain, it said on Thursday.The proposed fleet's generation would meet 11% of UK power demand, equivalent to about eight million homes, for at least 60 years, the company said in a statement."SGE is presenting a privately financed, commercially-led investment, supported by strong delivery partners. SGE plans to deploy under a Contract for Difference framework with National Wealth Fund engagement, meaning there will be no charges to consumers prior to operations," the statement said.As part of its plans, the company intends to build 14 GE Vernova Hitachi BWRX-300 SMRs at three different multi-unit sites in the UK, with the first site expected to host six BWRX-300 units and the other two sites expected to follow in quick succession.The company projects the entry of the project in the advanced nuclear pipeline in November this year and expects to complete site selection and government support scheme negotiations in H1 2027.Within a year of that, it expects to begin work on major investment, site preparation and licensing. SGE is targeting commercial operation of the first unit for 2034.The BWRX-300 reactor has been developed by GE Vernova Hitachi Nuclear Energy, a nuclear technology joint venture between GE Vernova (GEV) and Japan's Hitachi.The BWRX-300, which derives from technology used in 67 reactors, is under licensed construction in Canada and on track to become the first SMR to operate in the OECD.It also completed the second step of the UK's Generic Design Assessment in December last year.SGE has set up SGE SMR UK as its UK-based project company to support the programme.

$GEV

Mining & Metals34d ago

Orvana Minerals Provides Drilling Update for Taguas Project

Orvana Minerals (ORV.TO) provided an update on its drilling campaign at the Taguas project in Argentina, along with next steps.Completion lab results returned intercepts including 1.25 meters grading 9.19 grams per tonne gold and 5.55% copper. The intercept indicates vertical continuity of the hydrothermal system, the company said Thursday.Laboratory analyses and supporting studies for the project are ongoing. Next steps include the completion of petrographic studies and integration of drilling data from the 2026 program with historical datasets, helping with planning for the next exploration campaign.

$ORV.TO

Asia34d ago

Mitsubishi Materials Appoints Naoyuki Toyama as President of Successor Company for Copper Business Integration

Mitsubishi Materials (TYO:5711) has named Naoyuki Toyama President of PPC Material, the new firm taking over its copper concentrates and related product sales.The company, wholly owned by Pan Pacific Copper, was set up on July 1, headquartered in Tokyo, according to a Tokyo bourse filing on Friday.

TYO:5711

Asia34d ago

Mega Union Technology to Inject NT$500 Million in Pingtung Science Park Facility

Mega Union Technology (TPE:6944) board has approved investing up to NT$500 million to establish a branch office and build a new facility on leased land in the Pingtung Science Park.The company will disclose details of the construction contract and project timeline once finalized, according to a Friday Taiwan Exchange filing.Mega Union Technology said the investment will support its future operational expansion.

TPE:6944

Asia34d ago

Malaysian Shares Extend Gains Tracking Regional Rally; TFP Solutions' Shares Rise 7%

Malaysian shares extended gains to end the week in green zone, mirroring regional gains. The investor sentiment was positive on hopes of continued peace talks between the US and Iran.The FTSE Bursa Malaysia KLCI, the main gauge of Malaysian stocks, gained 17.22 points to end 1% higher at 1,679.05.In corporate news, shares of TFP Solutions (KLSE:TFP) gained over 7% on Friday's close after its unit, Softfac Technology signed an agreement with Pluotos Entertainment to become the exclusive ticketing management systems provider for the latter's future concerts, festivals and other ticketed entertainment events.Proton's (KLSE:PROTON) first-half vehicle sales surged 39.1% from a year earlier to 100,346 units. This marks the carmaker's strongest January-June performance in 15 years and places it halfway toward its 2026 sales target of 200,000 vehicles.Meanwhile, Favelle Favco (KLSE:FAVCO) unit, Favelle Favco Cranes (M) secured purchase orders and a letter of intent worth about 504 million ringgit to supply offshore and tower cranes. Shares gained marginally on Friday's close.Moreover, Ekonusa is gearing up for an initial public offering on the ACE Market of Bursa Malaysia, seeking a listing through a public issue of 121 million new shares and an offer for sale of 24 million existing shares.

FTSE Bursa Malaysia KLCIKLSE:FAVCOKLSE:PROTONKLSE:TFP

Mining & Metals34d ago

Nexus Industrial REIT Names New Board of Trustees Member

Nexus Industrial REIT (NXR-UN.TO) has appointed Curt Millar to its board of trustees, effective Thursday.Millar succeeds Bradley Cutsey, who has resigned. Millar has also been added to the REIT's audit committee. Millar previously served as chief financial officer at InterRent REIT and is currently the CFO and executive vice president of Quebec-based real estate developer Brigil.

$NXR-UN.TO

International34d ago

Ifo: German Automotive Industry Sentiment Slips in June

Sentiment in the German automotive industry deteriorated in June, as companies evaluated their current business conditions as "considerably worse."The business climate indicator declined to -21.4 points from 20.7 points in May, the ifo Institute said Friday.Conversely, the sector is "significantly less pessimistic" regarding the upcoming months. ifo industry expert Anita Wölfl noted that the industry is supported by Germany and other European countries, with electromobility still viewed as a growth driver in the continent's largest economy.

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Asia34d ago

Zydus Lifesciences Signs MoU With Apollo Hospitals for Multi-Cancer Detection Test; Shares Up 3%

Zydus Lifesciences (NSE:ZYDUSLIFE, BOM:532321) has signed a memorandum of understanding (MoU) with Apollo Hospitals to offer the Shield Multi-Cancer Detection test in India.The MoU follows Zydus Lifesciences' exclusive arrangement with Guardant Health to introduce the blood-based cancer screening test in the country, according to a stock exchange filing on Friday.Shield MCD is a methylation-based blood test designed to screen for multiple cancers, including breast, lung, colorectal, and prostate cancers, using a single blood sample.Shares of the company rose over 3% in recent trade.

BOM:532321NSE:ZYDUSLIFE

Asia34d ago

Singapore Shares End Week Higher, Track Regional Gains; CNMC Goldmine Surges 10%

Singapore shares surged at the close on Friday, tracking regional gains, after a lukewarm US jobs report that could have the bearing on an imminent interest rate hike from the US Federal Reserve.The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 5,197.02 and 5,244.29 throughout the day. It ended the session at 5,244.29, up 27.14 points or 0.5% compared to Thursday's close.On the corporate front, shares of CNMC Goldmine (SGX:5TP) surged over 10% at the close as it secured an in-principle approval from the SGX-ST for a transfer to the Mainboard of the Singapore Exchange Securities Trading.Elite UK REIT (SGX:MXNU) closed nearly 2% higher as it disposed of four properties in Wales, UK, for 6 million pounds sterling.Meanwhile, Medi Lifestyle's (SGX:Z4D) rights issue at SG$0.02 per share closed on June 29, more than twice oversubscribed, with the health services company raising over SG$3.6 million.

^STISGX:5TPSGX:MXNUSGX:Z4D

International34d ago

UK's International Reserves Climb in June

The UK government's gross reserve assets rose to $225.75 billion in June from $225.61 billion in May, according to Bank of England data published Friday.The amount consists of $126.51 billion in foreign currency reserves, $7.41 billion in International Monetary Fund reserve position, $38.85 billion in special drawing rights, $40.32 billion in gold, and $12.67 billion in other reserve assets.

FTSE 100

Asia34d ago

Tokyo Century's ACG Unit Signs $1.48 Billion Term Loan with Financial Covenants

Tokyo Century (TYO:8439) has arranged a $1.48 billion term loan facility through its Irish SPC, ACG Aircraft Financing Ireland DAC, with DBS Bank leading a syndicate of 33 lenders.The five-year unsecured facility will fund general corporate purposes, including aircraft acquisitions and debt refinancing, according to a Tokyo bourse filing on Friday.The loan carries financial covenants applied to ACG's consolidated figures, requiring an interest coverage ratio above 1.50 times, net assets of at least $1.5 billion, and unencumbered assets at 125% or more of unsecured liabilities.The agreement was executed on July 2 and matures five years from that date.

TYO:8439

Mining & Metals34d ago

Imperial Metals to Receive C$500 Million from Canadian Government for Red Chris Project

Imperial Metals (III.TO) is set to receive C$500 million from the federal government of Canada to support the Red Chris Block Cave copper-gold project, the company said Thursday.The commitment is in connection with the Canada-British Columbia Co-operative Prosperity Agreement and is expected to advance the project toward a final investment decision.Imperial Metals' joint venture partner Newmont is working on a definitive feasibility study for the project. The project is expected to extend the life of the Red Chris mine in British Columbia by about 14 years.

$III.TO

Commodities34d ago

Market Chatter: Fuel-Starved Russia Imports Indian Gasoline

Traders have successfully routed at least 60,000 metric tons of gasoline produced by Indian refiner Nayara Energy to Russia, as Moscow scrambles to cover domestic fuel deficits caused by severe Ukrainian attacks on its infrastructure, Reuters reported Thursday, citing sources.While Indian Oil Minister Hardeep Singh Puri clarified that state and domestic firms are not directly exporting fuel to Russia, he acknowledged that buyers could be securing Indian-origin refined products through international intermediaries, as per the report.The transaction underscores Nayara's structural dependence on shadow-market trading networks to move its products since European Union sanctions complicated its international payment mechanisms, the report added.The company did not respond immediately to' request for comments.(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.)

Asia34d ago

Towa Pharmaceutical to Acquire Tanabe Pharma Factory and Transfer 35 Drug Approvals

Towa Pharmaceutical (TYO:4553) has agreed to acquire all shares of Tanabe Pharma Factory from Tanabe Pharma Corp., making it a wholly owned subsidiary, while securing approvals for 17 ingredients and 35 products.The acquisition, for an undisclosed price, bolsters Towa's domestic supply and generics portfolio with Tanabe's advanced manufacturing quality and drug technologies, according to a Tokyo bourse filing on Friday.The company expects a negative goodwill following the transaction, which is scheduled for November 2026, with approval transfers planned from April 2027 onward, both subject to antitrust clearance.Looking ahead, Towa targets a combined production capacity of 24 billion tablets by fiscal 2030 and 30 billion or more tablets by fiscal 2036, up from Tanabe Pharma Factory's current output.

TYO:4553

Commodities34d ago

Canada PM Seeks Major Project Status for Alberta West Coast Pipeline Project

Canadian Prime Minister Mark Carney has referred a proposal for a one million barrel-per-day west coast pipeline to the Major Projects Office to seek a national interest designation, to streamline its permitting, his office said on Thursday.Canada sees an opportunity to become "a leading supplier of clean and conventional energy" at a time when widespread energy insecurity drives up living costs and threatens the climate and national sovereignty, the prime minister's office said.Without referencing exactly what the sum covered, Carney was quoted in the statement noting that the project's referral was "unlocking" $200 billion in new investment across the country.The project would follow an existing Trans Mountain corridor has been proposed by the Government of Alberta province. The province and central government would be equal partners in the project with a stake reserved for Indigenous Peoples.There would be private investment and expertise from Pembina Pipeline Corporation in a private sector investor capacity, led by Trans Mountain Corporation."This moment is a once-in-a-lifetime opportunity - and Canada is moving quickly to seize it," the statement said, adding that environmental standards and respect for Indigenous Peoples' rights would be rigorous despite hoped-for shortened approvals.With a view to exporting "some of the lowest-carbon intensity oil in the world" the Canadian government, Alberta government and the Oil Sands Alliance have agreed to proceed with the so-called Pathways Project.It will be one of the world's largest capture and storage projects, avoiding 16 million tonnes of emissions a year, the office said.The two projects would create about 175,000 new jobs in Alberta and elsewhere in Canada and generate economic opportunity for Indigenous Peoples.

Commodities34d ago

Arizona Public Service Plans 380 MW Natural Gas Conversion at Cholla Power Plant

Arizona Public Service, a leading electric utility, said on Thursday that it had plans to convert two retired units at its Cholla Power Plant to natural gas with a generation capacity of 380 megawatts, to meet rising demand.Construction at the plant in northeastern Arizona would to begin in 2028 and the turbines would enter service by 2029.The company said the conversion would enable it to leverage existing transmission lines and other infrastructure.The repurposed facility is expected to generate enough electricity to power over 61,000 homes and complement the state's renewable energy capacity given that gas turbines can respond quickly to sharp changes in demand.Johnny Penrod, the Vice President of Generation at APS, said that repurposing the plant allows the company to support "reliable, affordable energy for our customers while continuing to invest in the communities who have long supported this plant."

Asia34d ago

World's Sales Fall 1% in June

World's (TYO:3612) domestic sales in June fell 1% year on year, according to a Friday filing on the Tokyo Stock Exchange.The apparel company's store sales increased 0.3%.At month-end, the company operated 1,993 stores, up from 1,986 in May.

TYO:3612

Asia34d ago

Jins' All-Store Sales Jump 7.6% in June

Jins' (TYO:3046) all-store sales jumped 7.6% year on year in June, according to a Tokyo Stock Exchange filing on Friday.Existing-store sales of the eyeglass retailer slipped 0.1% during the month.Jins opened two stores and closed one during the month, expanding its network to 582.

TYO:3046

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