CNBC Utilities Page Wires

  • CAPE TOWN, Feb 20- South Africa will give power utility Eskom a total of 69 billion rand but will not take on 100 billion rand of debt as requested by the struggling firm, Finance Minister Tito Mboweni said on Wednesday. President Cyril Ramaphosa wants to reform Eskom, which generates 95 percent of South Africa's electricity but is drowning in 420 billion rand of...

  • Feb 20- Garmin Ltd reported quarterly results that beat Wall Street estimates on Wednesday on the back of higher demand for its smartwatches and navigation systems and forecast full-year revenue above expectations. Net income rose to $190.15 million, or $1 per share, in the fourth quarter ended Dec.29, from $142.55 million, or 75 cents per share, a year earlier.

  • Feb 20- Navigation device maker Garmin Ltd on Wednesday reported a rise in quarterly profit that beat Wall Street estimates, driven by higher demand for its fitness and outdoor gadgets. Net income rose to $190.15 million, or $1 per share, in the fourth quarter ended Dec.29, from $142.55 million, or 75 cents per share, a year earlier. Excluding items, it earned $1.02 per...

  • LONDON, Feb 20- The U.S. dollar paused on Wednesday as traders positioned ahead of the release of monetary policy minutes, while China's yuan rose after the United States pressed Beijing to prevent a sharp weakening of its currency as part of any trade deal. The euro, which has struggled this month as worries grew about the state of the euro zone economy, slipped 0.1...

  • NEW DELHI, Feb 20- Saudi Energy Minister Khalid al-Falih said on Wednesday he hoped the oil market would be balanced by April and that there would be no gap in supplies due to U.S. sanctions on OPEC members Iran and Venezuela.

  • CAPE TOWN, Feb 20- South Africa will inject 23 billion rand a year over the next three years into state power utility Eskom but will not take on 100 billion rand of debt as requested by the struggling firm, the national budget showed on Wednesday. The Treasury said the first step in a plan announced by President Cyril Ramaphosa this month to split Eskom into three...

  • LONDON, Feb 20- Three pro-EU lawmakers from Britain's governing Conservatives quit over the government's "disastrous handling of Brexit" on Wednesday, in a blow to Prime Minister Theresa May's attempts to unite her party around plans to leave the European Union. May said she was saddened by the resignations, but signalled she would press on with her attempts to...

  • *Indivior says launches generic version of Suboxone in U.S. market. Feb 20- British drugmaker Indivior Plc said on Wednesday it had launched a copycat version of its blockbuster opioid addiction drug Suboxone in the United States, just one day after a court decision cleared the way for its rivals to market generic versions of it. The U.S. Supreme Court ruling...

  • Feb 20- Palladium briefly surpassed the $1,500 mark for the first time to touch a record high due to tight supplies and gold topped a 10- month peak on hopes of a U.S.- China trade truce, as investors awaited clarity on U.S. monetary policy. "There is a lack of supply in the market and demand is very high," said Afshin Nabavi, senior vice president at MKS SA, citing lack of...

  • *New CEO Ben Smith seeks new savings. Presenting 2018 earnings for the group he joined in September, Chief Executive Ben Smith promised better-coordinated networks and fleets, after overcoming KLM resistance to closer integration with Air France in a new boardroom deal. Air France-KLM has trailed rivals Lufthansa and British Airways on profitability, held...

  • LONDON, Feb 20- A growing number of hedge funds are moving into shipping debt, an asset class few have invested in before, looking to buy up loans and bonds as banks cut their exposure to the troubled sector. In one of the first deals to have been concluded in recent weeks, finance sources said hedge and private equity firm Avenue Capital together with asset manager...

  • LONDON, Feb 20- Britain's competition regulator has dealt a potentially fatal blow to Sainsbury's planned $9.5 billion takeover of Walmart's Asda, saying it was unlikely the companies would be able to address its "extensive" concerns about the deal. "Close to the worst possible outcome," said Bernstein analyst Bruno Monteyne. Sainsbury's, Britain's...

  • Feb 20- Oil refiner HollyFrontier Corp beat analysts' estimates for quarterly profit on Wednesday, as refining margins were boosted by cheaper crude from U.S shale basins and Canada. Refining margins for U.S. oil refiners have been fattening as transportation bottlenecks in Canada and the oil-rich Permian basin have ensured the flow of discounted crude.

  • Feb 20- Southwest Airlines Co on Wednesday cut its forecast for first-quarter revenue per seat mile and said it expects a hit of $60 million to sales from a U.S. government shutdown.

  • PARIS, Feb 20- A French court will rule on Wednesday whether UBS, Switzerland's largest bank, helped wealthy French clients evade taxes between 2004 and 2012 and launder the proceeds. The French trial follows a similar case in the United States, where UBS accepted a $780 million settlement in 2009 and in Germany, where it agreed to a 300 million euro fine in 2014.

  • *Cyprus sells 15- year debt, in longest bond sale. LONDON, Feb 20- Government bond yields in tiny Cyprus tumbled on Wednesday and stood out as the star performer in euro zone debt markets, a day after a 15- year bond sale drew solid demand in a further sign of progress for a country that exited its bailout in 2016.. Cyprus took the spotlight after selling its longest ever...

  • Feb 20- Oil refiner HollyFrontier Corp reported a 73 percent drop in quarterly profit on Wednesday from a year-earlier, which included a $307 million benefit from the U.S. tax reform. Net profit attributable to the company's shareholders fell to $141.9 million, or 81 cents per share, in the fourth quarter ended Dec. 31, from $521.1 million, or $2.92 per share, a year...

  • LONDON/ DUBAI, Feb 20- Saudi Aramcos trading arm plans to open an office in London soon as it expands its international business, sources familiar with the move said. "Last June, a trading office was inaugurated in Singapore, and last December in Fujairah and very soon in London, just like any trading house," one of the sources said. A third source said the London office...

  • BUDAPEST/ WARSAW, Feb 20- The zloty eased on Wednesday as broad concerns about an economic slowdown in Europe kept a lid on Central European currencies, offsetting data showing strong growth in Polish industrial output. Still, the zloty eased to its weakest levels against the euro since October at 4,3432. At 1009 GMT it traded at 4.3396, down 0.15 percent.

  • BRUSSELS, Feb 20- The European Union is ready for the worst possible Brexit scenario under which Britain would crash out of the bloc with no agreement to mitigate disruption and manage the new relationship, the bloc's executive said on Wednesday.