Latest news with #BarbaraLewis
Time of India
06-05-2025
- Business
- Time of India
Russian Urals oil prices stay below the Western price cap, data shows, ET EnergyWorld
Advt Join the community of 2M+ industry professionals Subscribe to our newsletter to get latest insights & analysis. Download ETEnergyworld App Get Realtime updates Save your favourite articles Scan to download App Moscow: Urals oil loaded in the Russian Baltic and the Black Sea's Novorossiisk ports has traded below the price cap set by Western countries since April 3, Reuters calculations based on LSEG data price cap introduced by the Group of Seven (G7) countries does not allow Western companies to provide insurance and transportation services for Russian oil cargoes sold at more than $60 per most of last year, Urals traded above the price cap, but as international oil benchmark prices have fallen this year, Urals estimates dropped below $60 per Brent was trading around $61 a barrel on Tuesday, far from a peak above $80 a barrel hit early this year, as concerns about global economic weakness and increased output from OPEC+ have driven a estimated price of Urals on a FOB Primorsk and Ust-Luga basis fell to an average of $53 per barrel in April from an average of $60.5 per barrel in January-March, the data showed. The cost of the grade on a FOB Novorossiisk basis fell to $53.5 on average in April from $61.5 on average in the first quarter of this to Reuters calculations, on Tuesday, Urals oil shipped from Russian Baltic ports on a FOB basis was valued at $49.6 per barrel. At the same time, cargoes loading from the Black Sea Novorossiisk were estimated at $49.8 per stabilisation of Urals below the price cap, has led some Greek shipowners to return to the market. (Reporting by Reuters; editing by Barbara Lewis)
Zawya
29-04-2025
- Business
- Zawya
Kazakhstan's April oil output exceeds OPEC+ quota despite 3% fall
MOSCOW: Kazakhstan oil production was again above its OPEC+ quota this month, although it fell 3% from the March average, according to an industry source familiar with the statistics, and Reuters calculations. Kazakhstan, a top-10 oil producer, has persistently exceeded quotas set by OPEC+, an alliance between the Organization of the Petroleum Exporting Countries and other producers led by Russia, leading to complaints from other members of the group. Between April 1 and 28, its oil production, excluding gas condensate, was 1.814 million barrels per day, down 3% from the March average. Its OPEC+ quota for April is 1.473 million bpd. Kazakhstan's energy ministry did not reply to a request for comment. Last week, Kazakhstan's Energy Minister Erlan Akkenzhenov told Reuters the country would prioritise national interests over those of the OPEC+ group when deciding on oil production levels. Kazakhstan has, however, said it would compensate for overproduction by reducing its cumulative output by 1.3 million bpd by April 2026. Kazakhstan increased oil exports by 7% year on year to 19.515 million metric tons (1.63 million barrels per day) in January-March following a supply boost via the Caspian pipeline, Reuters calculations based on official data and sources showed. The country's oil production has risen as a result of an expansion at the Chevron-led Tengiz oil field, Kazakhstan's largest. According to the source, oil output at Tengiz declined over April 1-28 to 882,000 bpd from 950,000 bpd in March on average. Western oil majors, including Shell, ExxonMobil , TotalEnergies and Eni, as well as Chevron, are active in Kazakhstan. (Reporting by Reuters; editing by Barbara Lewis) Reuters
Zawya
25-04-2025
- Business
- Zawya
India considers allowing 49% foreign stakes in nuclear power plants
NEW DELHI - India could allow foreign companies to take a stake of up to 49% in its nuclear power plants, three government sources said, as New Delhi draws up plans to open up its most guarded sector to help achieve goals to cut carbon emissions. The government has considered changing its nuclear foreign investment framework since 2023. The need to increase nuclear capacity, however, has become pressing as India seeks to replace carbon-intensive coal with cleaner sources of energy. Investment in the sector has the potential to spur tariff negotiations with the Unites States, although the officials could not say whether the issue would be linked to any trade deal. In 2008, a civil nuclear agreement with the United States provided for deals worth many billions of dollars with U.S. companies. The companies, however, have been deterred by the risk of unlimited exposure in the event of any accident and no foreign investment has been allowed in India's nuclear plants. If the latest proposals go through, together with plans to ease nuclear liability laws and allow domestic private players into the sector, they could remove the impediments to government aims to expand nuclear power capacity by 12 times to 100 gigawatts by 2047. The sources said any foreign nuclear investments would still require prior government approval rather than be allowed automatically. India's finance ministry, department of atomic energy and the prime minister's office did not respond to Reuters' queries. All three sources asked not to be named because the proposals are still under consideration. They said the necessary legal changes were likely to be placed before the federal cabinet soon and that the government aims to get the amendments to the Civil Liability for Nuclear Damage Act of 2010 and the Atomic Energy Act of 1960 passed in the monsoon session of Parliament in July. Amendments to the Atomic Energy Act would allow the government to issue licences to private companies to build, own and operate a plant and mine and manufacture atomic fuel, the three sources said. GOVERNMENT MONOPOLY Under the government's control, total Indian nuclear generation is just over 8 GW, 2% of the country's installed electricity capacity. As the country seeks to shift away from coal, it is seeking to supplement wind and solar with atomic energy to meet high night-time energy demand. The atomic energy department has said foreign companies including Westinghouse Electric, GE-Hitachi, Electricite de France and Rosatom were interested in participating in the country's nuclear power projects as technology partners, suppliers, contractors and service providers. Indian conglomerates, including Reliance Industries , Tata Power, Adani Power, and Vedanta Ltd, have also held discussions with the government to invest about $26 billion in the nuclear power sector. (Reporting by Sarita Chaganti Singh; editing by Barbara Lewis)
Yahoo
15-03-2025
- Business
- Yahoo
West End beats Broadway in theatre revival. What's the secret?
By Barbara Lewis and Muvija M LONDON (Reuters) - London's West End theatres are enjoying record ticket sales and drawing millions of pounds of investment as a pandemic-era tax break that will become permanent next month persuades some producers to choose Britain over Broadway. A record 17.1 million people attended West End shows in 2023, and a similar number in 2024, according to the Society of London Theatre (SOLT). That compares to 15.3 million in 2019, before COVID-19 shut entertainment venues globally. Audiences in New York are meanwhile down by nearly a fifth from pre-pandemic levels, figures from the Broadway League show. Producers cite lower costs in London than on Broadway, which has a comparable but less generous tax scheme, as well as the attraction of one of the world's richest theatre traditions. "I will absolutely say, and I say this both with knowledge and with love, the UK is the best place in the world to make and to see theatre," SOLT board member Patrick Gracey said. Gracey, who has produced West End and Broadway shows, led efforts to persuade Britain's Labour government to maintain the scheme introduced by its Conservative predecessor, which offers tax relief for touring shows of up to 45% of production costs. Finance minister Rachel Reeves confirmed in October the tax break would stay rather than progressively decrease from April. "The costs themselves are lower (in London), but the tax incentive makes it a no-brainer," said New York-based accountant and theatre specialist Scott Bartolf, who works with producers in both cities. GREATER VARIETY AND BIGGER PRODUCTIONS Theatre industry bodies elsewhere are calling for similar initiatives, including in Gracey's native Australia. "(The tax scheme) has been widely recognised as a game-changer for the UK theatre industry," Live Performance Australia said in an emailed statement. "It has made the UK a much more compelling proposition for investors in theatre." Henny Finch, joint CEO of London's Donmar Warehouse, said the tax break was a lifeline without which the theatre would have to reduce the size and number of new productions. And because it applies to touring productions, theatres outside the British capital, many of which have seen their funding dwindle with public spending cuts, also get a boost. Steve Mannix of the Mercury Theatre in Colchester, southeast England, said the tax break helped provide "an essential source of income for regional theatres". New York's tax incentives, in place since 2021, allow Broadway theatre companies to claim tax credits for up to 25% of production expenses, capped at $3 million per production. The scheme, worth a total $300 million, is due to expire in September, but under New York budget proposals could be extended for two years with a top-up of $100 million. Even so, producing a musical on Broadway costs 3-5 times as much as in the West End, according to an analysis by Gordon Cox, contributing theatre editor for Variety. The Broadway League has more than 700 members, including producers, theatre owners and operators. It estimates 12.3 million admissions in the 2023-2024 season, which ended in May last year, 16.8% less than the record hit in 2018-2019. That partly reflects the slower return of audiences from the outskirts of New York, said the League's president Jason Laks. Ticket prices are also far higher than in London. Laks also saw Britain's tax scheme as a lure. "Our Broadway theatres can't move, but the productions can, and I get that, and so a producer may choose to produce or open a show in the UK because of the favourable economic tax credits that they have over there," he said. ECONOMIC RATIONALE Britain's creative industries are among those identified by Reeves as potential motors for economic growth, and the 126-billion-pound sector has shown a faster recovery from the pandemic compared to the wider economy. Research by SOLT has found that for every pound spent on a theatre ticket, 1.40 pounds is spent in the local area, including in bars and restaurants. Harder to measure is the West End's contribution to Britain's soft power: it attracts tens of thousands of visitors each day to its 39 theatres in the heart of London. Broadway has 41 theatres. Arts minister Chris Bryant told Reuters via email the tax relief would help to ensure "top quality productions" across the country and especially in London. "London is the world's premier destination for theatre-goers, drawing in hundreds of thousands of people every year, and making a significant contribution to the capital's economy," he said. LOCAL VERSUS NATIONAL Data obtained by Reuters via a freedom of information request show London productions received 42 million pounds of 66 million paid in theatre tax relief in the financial year 2021-22. The rest of the southeast received 6 million pounds, and other regions between 1 million and 2 million pounds apiece. But provincial theatres have also benefited. Producer Jamie Wilson said the tax scheme had influenced his decision to trial musical "The Devil Wears Prada" on audiences in Plymouth, southwest England, before its London opening. Leeds Playhouse, whose "In Dreams" premiered in the northern English city then moved to Toronto, said the tax break "has enabled us to continue to co-produce shows ... which otherwise would have been threatened by the current economic pressures". Regional theatres nevertheless "desperately need more money to support the infrastructure", Wilson said. A SOLT report published in July 2024 found 40% of 65 theatre venues surveyed across the UK would become too unsafe to use within five years without a capital injection. With producers saying there are not enough West End venues to meet demand, those theatres could get a boost if more Broadway productions head to Britain. "They won't be able to find a West End theatre, so they will be looking for a regional theatre to open those musicals, which is great ... for the regions," Wilson said. ($1 = 0.7788 pounds)
