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Exclusive: Mitsui & Co to sell all stakes in coal-fired power plants by 2030

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© Reuters. FILE PHOTO: People walk past the logo of Japanese trading company Mitsui & Co in Tokyo

By Yuka Obayashi and Noriyuki Hirata

TOKYO (Reuters) – Japanese trading house Mitsui & Co Ltd plans to sell its remaining stakes in coal-fired power stations by the end of the decade as it shifts to gas from coal to help achieve its 2050 net zero emission target, its chief executive told Reuters.

“We still own stakes in coal-fired plants in Indonesia, China, Malaysia and Morocco, but our goal is to make it zero by 2030,” Mitsui CEO Tatsuo Yasunaga said in an interview on Friday.

The comment – Mitsui’s first on selling out of coal-fired power generation – comes as firms worldwide move away from coal to cut harmful carbon dioxide emissions and slow climate change.

Mitsui, which generates about two-thirds of profit from energy and metals, is also shifting away from oil.

“With the COVID-19 crisis, we have postponed investment in a few upstream oil deals, but our liquefied (LNG) projects are on track,” he said.

Through equity holdings, Mitsui’s energy assets comprise 78,000 barrels per day (bpd) of and 181,000 bpd in gas measured in oil-equivalent terms.

Its crude ratio will decline by 2030 due to the scheduled launch in about four years of LNG projects in Mozambique and arctic Russia, Yasunaga said.

“Renewable energy can’t replace all other power sources in one fell swoop. Gas goes well with volatile renewable energy as gas-fired power generation is easy to switch on and off,” he said, adding Mitsui is also keen on cleaner energy such as offshore wind farms and hydrogen projects.

Outside of energy and resources, Mitsui is betting on healthcare, especially through Malaysian hospital operator IHH Healthcare Bhd of which it owns 32.9%.

“The pandemic has helped spread virtual diagnosis and other services in Singapore and Malaysia, helping our plans to use data to provide new services, including nutrition and disease prevention,” he said.

Mitsui is one of five trading houses that Warren Buffett’s Berkshire Hathaway (NYSE:) Inc bought 5% stakes in August with the possibility of increasing its holdings to 9.9%.

Mitsui has been in mail contact with the U.S. investor and has received no specific requests, Yasunaga said.

“We are committed to implementing our growth plans as promised and seeking new opportunities that bring mutual benefit,” he said, citing as an example its alliance with U.S. dialysis provider DaVita (NYSE:) Inc whose biggest shareholder is Berkshire.

Growing DaVita in Asia will bring mutual benefit and Mitsui is eager to pursue similar collaborations, he said.

“We have to show an outcome that could prompt Berkshire to boost its stake to 9.9%,” Yasunaga said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Union Pacific profit falls on lower volume By Reuters

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© Reuters. A Union Pacific rail car is parked at a Burlington National Santa Fe (BNSF) train yard in Seattle

LOS ANGELES (Reuters) – Union Pacific Corp (N:) on Thursday reported a fall in quarterly profit after it transported fewer carloads of goods by rail.

The Omaha, Nebraska-based railroad operator’s third-quarter net income was $1.4 billion, or $2.01 per share, down from $1.6 billion, or $2.22 per share, a year earlier.

Total operating revenue fell 11% to $4.9 billion.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Kimberly-Clark Earnings Miss, Revenue Beats In Q3 By Investing.com

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© Reuters. Kimberly-Clark Earnings Miss, Revenue Beats In Q3

Investing.com – Kimberly-Clark (NYSE:) reported on Thursday third quarter that missed analysts’ forecasts and revenue that topped expectations.

Kimberly-Clark announced earnings per share of $1.72 on revenue of $4.68B. Analysts polled by Investing.com anticipated EPS of $1.75 on revenue of $4.59B.

Kimberly-Clark shares are up 7% from the beginning of the year, still down 7.33% from its 52 week high of $160.11 set on August 12. They are outperforming the which is up 6.34% from the start of the year.

Kimberly-Clark shares lost 2.95% in pre-market trade following the report.

Kimberly-Clark follows other major Consumer/Non-Cyclical sector earnings this month

Kimberly-Clark’s report follows an earnings beat by Procter&Gamble on Tuesday, who reported EPS of $1.63 on revenue of $19.32B, compared to forecasts EPS of $1.41 on revenue of $18.33B.

Coca-Cola had beat expectations on Thursday with third quarter EPS of $0.55 on revenue of $8.65B, compared to forecast for EPS of $0.46 on revenue of $8.36B.

Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com’s earnings calendar

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Northrop Grumman Earnings, Revenue Beat in Q3 By Investing.com

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© Reuters. Northrop Grumman Earnings, Revenue Beat in Q3

Investing.com – Northrop Grumman (NYSE:) reported on Thursday third quarter that beat analysts’ forecasts and revenue that topped expectations.

Northrop Grumman announced earnings per share of $5.89 on revenue of $9.08B. Analysts polled by Investing.com anticipated EPS of $5.62 on revenue of $8.87B.

Northrop Grumman shares are down 10% from the beginning of the year, still down 19.90% from its 52 week high of $385.00 set on January 30. They are under-performing the which is up 6.34% from the start of the year.

Northrop Grumman follows other major Technology sector earnings this month

Northrop Grumman’s report follows an earnings matched by Taiwan Semiconductor on October 14, who reported EPS of $0.92 on revenue of $12.4B, compared to forecasts EPS of $0.92 on revenue of $12.4B.

Danaher had beat expectations on Thursday with third quarter EPS of $1.72 on revenue of $5.88B, compared to forecast for EPS of $1.36 on revenue of $5.51B.

Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com’s earnings calendar

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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