Latest news with #ChrisWeston
Free Malaysia Today
5 days ago
- Business
- Free Malaysia Today
Asian shares, US dollar climb on rosy data, tech optimism
Confidence grew that Nvidia could beat consensus estimates, with strong sales and margins expected to trigger a sustained tech rally. (EPA Images pic) TOKYO : Asian shares continued a rally from Wall Street and the dollar held gains on Wednesday on promising economic signs in the US and speculation of strong tech earnings. Markets welcomed what appeared to be easing trade frictions between the US and Europe while global bond markets settled down after a scary surge in long-term yields. US consumer confidence surprised on the upside ahead of closely watched jobs figures on Thursday. Nvidia jumped more than 4% yesterday and will be the last of the Magnificent 7 tech giants to report earnings after markets close in the US. 'There is renewed confidence that Nvidia can beat the consensus estimates,' said Chris Weston, head of research at Pepperstone. If Nvidia comes through with better-than-expected sales and profit margins 'the rally is on,' he added. The chipmaker is expected to report that first-quarter revenue surged 66.2% to US$43.28 billion, according to data compiled by LSEG. In signs of a thaw between the US and Europe, European Union officials have asked companies for details of their US investment plans, according to two sources familiar with the matter. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3% in morning trading while Japan's Nikkei advanced 0.6%, climbing a fourth straight session. The dollar index, which tracks the greenback against a basket of currencies, rose 0.1%, adding to Tuesday's 0.6% rally. The greenback advanced 0.1% to US$1.132 against the euro. Australian shares were up 0.17%, but the nation's currency slid 0.2% after April consumer price data came in above expectations. The kiwi dollar slid 0.3% after the Reserve Bank of New Zealand cut rates as expected. Japanese bonds slid, trimming a surge yesterday, ahead of a 40-year auction and on speculation the ministry of finance will reduce the issuance of long-dated securities. Oil prices ticked up in early trading as the US barred Chevron from exporting crude from Venezuela under a new authorisation on its assets there, raising the prospect of tighter supply. Brent crude futures rose 0.4% to US$64.37 a barrel, while US Spot gold rallied 0.1% after dropping more than 1% on Tuesday.
Yahoo
6 days ago
- Business
- Yahoo
Thames Water hit with record £123m fine for sewage failings
Thames Water has been hit with a record £122.7m fine by regulator Ofwat. The penalty has been handed down after the watchdog discovered widespread sewage failures at the struggling utility giant, which was subject to the sector's 'biggest and most complex investigation'. The company has also been punished for breaking dividend rules, as Ofwat found that Thames handed its investors more than £130m in 'undeserved' payments in 2023 and 2024. Of the total fine, £104.5m is related to wastewater failings, while £18.2m is tied to the dividend breach. David Black, Ofwat's chief executive, said: 'This is a clear-cut case where Thames Water has let down its customers and failed to protect the environment. 'Our investigation has uncovered a series of failures by the company to build, maintain and operate adequate infrastructure to meet its obligations. 'This decision provides certainty for the company for both its past failures and what we expect from the company to comply with its obligations in future.' The fine will pile more pressure on Thames as it battles for survival. Chris Weston, Thames Water's chief, last month urged Ofwat not to fine the business, as he told MPs that any form of financial penalty would hinder its turnaround efforts. However, Steve Reed, the Environment Secretary, hailed Ofwat's decision. He said: 'The Government has launched the toughest crackdown on water companies in history. 'The era of profiting from failure is over. The Government is cleaning up our rivers, lakes and seas for good.' A Thames Water spokesman said: 'We take our responsibility towards the environment very seriously and note that Ofwat acknowledges we have already made progress to address issues raised in the investigation relating to storm overflows. 'The dividends were declared following a consideration of the company's legal and regulatory obligations. Our lenders continue to support our liquidity position and our equity raise process continues.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
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Business Standard
6 days ago
- Business
- Business Standard
Asian shares extend rally as strong US data, tech hopes lift sentiment
Markets welcomed what appeared to be easing trade frictions between the US and Europe while global bond markets settled down after a scary surge in long-term yields Reuters TOKYO Asian shares continued a rally from Wall Street and the dollar held gains on Wednesday on promising economic signs in the United States and speculation of strong tech earnings. Markets welcomed what appeared to be easing trade frictions between the US and Europe while global bond markets settled down after a scary surge in long-term yields. US consumer confidence surprised on the upside ahead of closely watched jobs figures on Thursday. Nvidia jumped more than 4 per cent yesterday and will be the last of the Magnificent 7 tech giants to report earnings after markets close in the US. "There is renewed confidence that Nvidia can beat the consensus estimates," said Chris Weston, head of research at Pepperstone. If Nvidia comes through with better-than-expected sales and profit margins "the rally is on," he added. The chipmaker is expected to report that first-quarter revenue surged 66.2 per cent to $43.28 billion, according to data compiled by LSEG. In signs of a thaw between the US and Europe, European Union officials have asked companies for details of their US investment plans, according to two sources familiar with the matter. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3 per cent in morning trading while Japan's Nikkei advanced 0.6 per cent, climbing a fourth straight session. The dollar index, which tracks the greenback against a basket of currencies, rose 0.1 per cent, adding to Tuesday's 0.6 per cent rally. The greenback advanced 0.1 per cent to $1.132 against the euro. Australian shares were up 0.17 per cent, but the nation's currency slid 0.2 per cent after April consumer price data came in above expectations. The kiwi dollar slid 0.3 per cent after the Reserve Bank of New Zealand cut rates as expected. Japanese bonds slid, trimming a surge yesterday, ahead of a 40-year auction and on speculation the Ministry of Finance will reduce the issuance of long-dated securities. Oil prices ticked up in early trading as the US barred Chevron CVX.N from exporting crude from Venezuela under a new authorization on its assets there, raising the prospect of tighter supply. Brent crude futures rose 0.4 per cent to $64.37 a barrel, while US Spot gold rallied 0.1 per cent after dropping more than 1 per cent on Tuesday.
Yahoo
6 days ago
- Business
- Yahoo
Thames Water hit with largest-ever fine issued by regulator Ofwat
Thames Water, the UK's biggest water provider, has been hit by a record fine by regulator Ofwat. The company has been fined £122.7m following Ofwat's "biggest and most complex" investigation. It follows two investigations related to its wastewater operations and dividend payouts. Of the total fine, £104.5m - 9% of Thames Water's turnover - has been levied for breaches of wastewater rules. It's just below the maximum 10% of turnover Ofwat could have applied. Another £18.2m penalty will be paid for breaches of dividend payment rules. The fine will be paid by the company and its shareholders, Ofwat said, rather than customers. Bad news for Thames Water finances It's bad news for Thames Water, which serves 16 million customers across London and the South East, and has just about fended off effective nationalisation, having secured an emergency £3bn loan. Its debts now top £19bn. These fines were not factored into Thames Water's financial planning for the next five years. The company's chief executive, Chris Weston, told a recent sitting of the Environment, Food and Rural Affairs select committee that Thames Water's future was dependent on Ofwat being lenient with fines. This breaking news story is being updated and more details will be published shortly. Please refresh the page for the fullest version. You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow us on WhatsApp and subscribe to our YouTube channel to keep up with the latest news.
Yahoo
6 days ago
- Business
- Yahoo
Thames Water hit with record £123m fine for sewage failings
Struggling utility giant Thames Water has been hit with a record £122.7m fine by regulator Ofwat. The penalty has been handed down after the watchdog discovered widespread sewage failures at Thames Water, which was subject to the sector's 'biggest and most complex investigation'. The company has also been punished for breaking dividend rules, as Ofwat found that Thames handed its investors more than £130m in 'undeserved' payments in 2023 and 2024. Of the total fine, £104.5m is related to wastewater failings, while £18.2m is tied to the dividend breach. David Black, Ofwat's chief executive, said: 'This is a clear-cut case where Thames Water has let down its customers and failed to protect the environment. 'Our investigation has uncovered a series of failures by the company to build, maintain and operate adequate infrastructure to meet its obligations. 'This decision provides certainty for the company for both its past failures and what we expect from the company to comply with its obligations in future.' The fine will pile more pressure on Thames as it battles for survival. Chris Weston, Thames Water's chief, last month urged Ofwat not to fine the business, as he told MPs that any form of financial penalty would hinder its turnaround efforts. However, Steve Reed, the Environment Secretary, on Wednesday hailed Ofwat's decision. He said: 'The Government has launched the toughest crackdown on water companies in history. 'The era of profiting from failure is over. The Government is cleaning up our rivers, lakes and seas for good.' A Thames Water spokesman said: 'We take our responsibility towards the environment very seriously and note that Ofwat acknowledges we have already made progress to address issues raised in the investigation relating to storm overflows. 'The dividends were declared following a consideration of the Company's legal and regulatory obligations. Our lenders continue to support our liquidity position and our equity raise process continues.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
