Latest News
-
Trump claims that the EU is not offering a fair trade deal and Japan is also 'tough.'
U.S. president Donald Trump said that Treasury Secretary Scott Bessent stayed in Canada for the G7 summit, and suggested Japan is being "tough' in trade negotiations and the European Union has not yet offered him what he considered to be a fair deal. Trump left early from the G7 to deal with the developments in the Middle East. The president told reporters that the EU has been very tough with the United States over the years. Trump said, "We are talking but I do not feel they have offered a fair offer yet." "They will either make a fair deal, or pay what we tell them to pay." Trump said that there is a possibility of a deal between Washington, DC and Japan. "They are tough. The Japanese are tough. But you must understand that we will send you a letter stating 'this is the price you will pay' if you do not want to do business. "But there is a chance," said he. Trump said that pharmaceutical tariffs would be coming soon. We'll be doing pharmaceuticals in a very short time. "That's going bring all the businesses back to America," he said. It's going bring the majority of them, or at least a portion back in. Trump said that Canada would also pay for a part of the "Golden Dome", his missile shield project. (Reporting and editing by Jeff Mason, Kanishka Singh, Alex Richardson).
-
Gold prices steady as markets focus on Middle East conflict and Fed decision
Gold prices were unchanged on Tuesday, as investors assessed the conflict between Israel & Iran and looked forward to this week's U.S. Federal Reserve policy meeting. As of 0851 GMT, spot gold was unchanged at $3,383.01 per ounce. U.S. Gold Futures dropped 0.5% to $3401.30. Israel and Iran traded attacks for the fifth day in a row on Tuesday. Donald Trump, the president of the United States, has called for an evacuation of Iran’s capital Tehran. He also cut short his trip from Canada to Canada's G7 summit. Separately, a report stated that he asked his National Security Council in the Situation Room to be ready. Han Tan, Exinity Group's chief market analyst, said that the markets are waiting to see if hostilities between Israel & Iran will escalate or remain contained. Gold still retains a bias to surge upwards when signs of an escalating Middle East conflict are present, given its status as a preferred safe haven in recent years. Sources claim that Iran has asked Oman and Qatar to encourage Trump to press Israel to agree to a ceasefire. In return, Iran is offering flexibility on nuclear talks. Bullion with zero-yield is seen as a hedge to geopolitical or economic unrest and thrives in low-interest environments. Wednesday is the day for the U.S. Central Bank's rate announcement and Jerome Powell, its chair. The market is currently pricing in two rate cuts before the end of this year. Citi has lowered both its short-term targets and long-term ones for gold. It said that the prices of gold could fall below $3,000 an ounce in late 2025 or even early 2026 due to a declining investment outlook and a better global growth outlook. Palladium dropped 0.4%, to $1,025.44, while platinum remained unchanged at $1246.59. (Reporting by Anushree Mukherjee in Bengaluru; Editing by Joe Bavier)
-
EDPR, a renewable energy company, sticks to its US plans despite tax credits cuts
EDP? EDP? The Republican-controlled U.S. House of Representatives approved a budget reconciliation bill last month, which weakens clean-energy tax credits included in the 2022 Inflation Reduction Act. The Senate can still amend the bill. However, it is currently written in a way that would terminate 60 days after the bill's enactment several credits for projects which have not yet started construction. This makes most of the projects unfeasible. The CEO of the Portuguese company, Miguel Stilwell d'Andrade, told reporters at a late-night conference on Monday that he believes the firm will keep its forecasts for 2025 and 2026 in terms of the results and the installation of new capacities. EDPR has been preparing a business plan that will be revealed on 6 November and go beyond the year 2027. The renewables bet is here to remain in the U.S. He said that in 2024 we would install 2 GW, and this year 1 GW. We will also install up to 750 Megawatts by 2026. He added that the exact amount of investment in 2027 would depend on the final version approved of the reconciliation bill. He said, "Let's wait and see what the Senate produces." Senator John Curtis is one of only a few Senate Republicans to have stated that they would like to keep some tax credits. He said last week, however, that the bill needed to be changed to protect investors from major disruptions and to safeguard jobs. In December 2024, EDPR had installed capacity of 19,3 GW, with 51% in the United States.
-
IEA: World oil demand will continue to grow this decade despite China's peak in 2027
The International Energy Agency announced on Tuesday that global oil demand would continue to grow until the end of the decade, despite a peak in China's top importer in 2027. Cheaper gasoline and a slower adoption of electric vehicles in the United States will support oil consumption. The IEA which advises industrialised nations did not alter its prediction that oil demand would peak in this decade. This is a stark contrast to the view of the producer group, the Organization of the Petroleum Exporting Countries, who say consumption will continue to grow and have not predicted a peak. A table from the IEA annual report in Paris shows that oil demand will reach a peak of 105.6 million barrels a day (bpd), by 2029, and then begin to decline in 2030. Global production capacity will rise by over 5 million barrels per day (bpd) to 114.7 millions bpd in 2030, according to the IEA's annual report. Conflict between Israel and Iran highlighted the risks to Middle East oil supplies, which helped send oil prices up by 5% on Friday to over $74 per barrel. The IEA stated that the latest forecasts indicate ample supplies until 2030 if no major disruptions occur. Fatih Bilo, IEA's Executive Director, said in a press release that the oil market will be adequately supplied in the coming years. Birol stated that recent events have brought to light the geopolitical threats to oil supply. China's oil consumption has slowed down after decades of being the world leader in global demand. It is also facing economic challenges and a major shift to electric vehicles. According to the IEA, oil consumption in the world's second largest economy will peak in 2027 due to a boom in EV sales, high-speed rail, and trucks that run on natural gas. The IEA predicted in February that China's demand may already have peaked for fuels used for air and road transport. The IEA has said that China's total oil demand in 2030 will only be marginally higher than it was in 2024. This is compared to the growth of 1 million bpd predicted in last year's IEA report. The IEA reported that lower gasoline prices in the United States and slower EV adoption have increased the 2030 oil forecast by 1.1 millions bpd compared to the previous prediction. Donald Trump, the U.S. president who returned to office in 2017, has been demanding lower oil prices from OPEC and taking aim at EVs by signing resolutions that were approved by legislators. (Editing by Tomasz Janovowski)
-
Putin's energy point person says that more oil is needed globally
The Russian energy point person for President Vladimir Putin said that the world needed more oil, and OPEC+ was ready to make adjustments if necessary amid the conflict between Israel & Iran and a trade dispute. Crude oil prices have increased in recent days due to fears of a major Middle East war after Israel attacked Iran and U.S. president Donald Trump encouraged people to leave Tehran. Alexander Novak, Russian Deputy Premier Minister, said that the risks of disruptions in supply through the Strait of Hormuz and the global economic recovery as well as the trade wars launched by Washington had created volatility on the oil markets. "Historically, low prices have prompted an increase in demand for oil due to the continued competition between global fuels. In general, the world needs more raw materials," Novak said in an interview with the Vedomosti paper. He said that OPEC+ nations were "in constant communication, monitoring the situation on the market and are prepared to respond flexibly and quickly to any change in market conditions." Novak said, "If necessary in the future, the parameters of the transactions can be adjusted to ensure an optimal ratio between supply and demand." (Reporting and writing by Vladimir Soldatkin, Felix Light; editing by Barbara Lewis/Guy Faulconbridge).
-
Dalian iron ore prices steady as traders evaluate mixed Chinese macro-data
Dalian iron ore prices were little changed Tuesday, as traders assessed mixed macroeconomic indicators and the resilient steel demand of top consumer China. The day-trade price of the most traded September iron ore contract at China's Dalian Commodity Exchange was 699 yuan per metric ton. As of 0704 GMT, the benchmark July iron ore traded on Singapore Exchange had fallen 1.24% to $92 per ton. Analysts at ANZ say that iron ore prices fell after data revealed that China's steel output dropped in May. The National Bureau of Statistics reported on Monday that China's crude-steel output fell 6.9% in May from a similar period a year ago to 86.55 millions tons. Official data released on Monday showed that new home prices in China dropped in May, continuing a two-year stagnation. This highlights the challenges facing this sector, despite several rounds policy support measures. Retail sales, which are a measure of consumption, have picked up, providing temporary relief in the midst of a fragile truce between China and the United States. Galaxy Futures, a broker, stated that while blast furnace production peaks, profits are high and steel mills do not feel the need to reduce production. According to Mysteel, as of June 12th, 60% of China's blast furnace steel mills reported positive margins. Mysteel data revealed that the volume of iron ore arriving at ports fell by 8.62% on a weekly basis to 23,85 million tonnes as of 13 June. Coking coal and coke, which are both steelmaking ingredients, increased by 0.7% and 1.0%, respectively. The benchmark steel prices on the Shanghai Futures Exchange were flat. Hot-rolled coil and rebar both gained 0.13% and 0.17% respectively, while stainless steel and wire rod were down almost 0.5%. (Reporting and editing by Harikrishnan Nair Rashmi aich; Michele Pek)
-
Thames Water's crumbling assets are a sign of the challenges ahead as it fights to survive
The sheer volume of waste entering Thames Water’s Mogden Sewage Works in southwest London, overwhelms the 90-year old concrete tanks. This forces the utility to pump excrement directly into the River Thames 15 times per year. The plant, hidden by trees, is a symbol of the crisis in Thames, which provides water and sewage to 16 million people in southern England. The company, which was privatised in 1989 and is now heavily indebted, struggles to survive let alone deal with the crumbling infrastructure in its care. The U.S. Private Equity firm KKR walked away this month from a plan of injecting 4 billion pounds ($5.4billion) of equity. This leaves Thames' fate in senior creditors who are now negotiating a deal to rescue the water regulator Ofwat. The group, which includes investment-grade banks and hedge funds, has offered to write off 20% of their debt in exchange for a new environmental and investment regime. If there is no deal, the British Government - which already struggles with limited public finances – may be forced to take over a company that polluted waterways and paid dividends and bonuses for its former owners and managers. Investors are unnerved by the prospect of a collapse. This could increase borrowing costs for upgrading UK infrastructure such as electricity grids, transport systems and other UK infrastructure. The rescue plan would have its own financial and political costs. Creditors believe that turning around the company will require some leniency in the fines and penalties of 1.4 billion pounds Thames Water expects to receive from the regulator Ofwat, and the Environment Agency during this five-year period. A senior creditor in the plan said that "time is running out" and added that Ofwat had listened to their proposal now after months without engagement. We're just asking for a small amount of movement, and we are there. The creditor who spoke anonymously because the talks were private is one of over 100 creditors who hold debts totaling more than 17 billion pounds ($17.7billion) and are willing to invest in places like Mogden. Dave Chowings of Mogden Plant Manager, described the magnitude of the challenge during a recent site visit. He pointed to storm tanks that were the size of Olympic-sized swimming pools and said, "All this concrete is 90 years older." It's time to rebuild." DOOM LOOP KKR spent months assessing the amount of money needed to upgrade plants such as Mogden. Martin Young, a water industry consultant, said that Ofwat was at a critical moment when it came to finding a solution. It had been criticised for not being able to prevent the scandal. If they don't change, we run the risk being trapped in this doomsday loop. "That's a doomsday loop for Thames but you can also extend it out to the larger industry," he said. Ofwat announced that it has begun reviewing the submissions of senior creditors, including their turnaround plan, approach to financial stability and proposals for governance. A spokesperson stated that "our focus is to assess whether the plans are real, achievable and will bring substantial benefit for customers and the environmental," The government referred to an earlier statement that said Thames was stable, and it was closely monitoring the situation. POLITICALLY TOXIC The failures at Thames, according to critics, are the result of decades of political and regulatory failures, as successive governments have focused on reducing customer bills rather than driving investments. It would be toxic to the political system if Thames Water were given the special treatment that the creditor group wants in terms of regulation. Ash Smith, from the campaign group Windrush Against Sewage Pollution, said that the terms demanded by creditors proved that nationalisation was only the answer. He said that customers had grown tired of business owners who based their model on the ability to break the law. The senior creditors' 20% "haircut", which threatens to wipe out junior debt holders has angered them as well. Tradeweb data shows that the Thames Water 2040 bond has been bid at 68.99p on the pound. Thames is a big challenge for whoever takes it over. Mogden has struggled with the population growth and weather changes associated with climate-change. Thames spent 100 million pounds on the site over five years, and will spend the exact same amount in the next five. Four of the storm pumps on the Titanic were manufactured in the 1930s, but it's getting harder to locate people who can maintain them. Thames Water's Chief Executive Chris Weston wrote to a legislative committee on May 30, "Historically, the funding for our asset replacement has not been enough to offset our assets deterioration." Customers want clean rivers but don't want to pay for mismanagement. Laura Reineke is a 52-year-old charity worker who works for Thames Water. She said, "I think water has been cheap for far too long, but I am not willing to pay what we have already paid for." ($1 = 0.7362 pounds)
-
Volvo Group and Daimler to form technology joint venture to reduce costs
AB Volvo, a European truckmaker rival, and Daimler Truck, a European truck manufacturer, hope to reduce costs and rely less on suppliers through collaborating on implementing a software defined vehicle program. Like automakers, truck and fleet manufacturers are racing to create vehicles with advanced technology while also battling the need to cut costs. Daimler-Volvo's new venture, Coretura, aims to reduce this dependence by developing a software defined vehicle platform. Daimler Trucks CEO Karin Radstrom said that the companies were looking to create a "standard industry". Radstrom stated that they are looking to see how to move away from the current situation where suppliers drive both costs and timelines. They will instead be looking to see what is the next generation software we should bring to vehicles. The Gothenburg venture will initially employ 50 people, and hopes to deliver its first connectivity platform by 2027. Further deliveries are expected towards the end decade. Johan Lunden is a Volvo veteran who has just been appointed as CEO of Coretura. He said, "Everything about the automotive industry revolves around software. He added that software will be a vital tool in achieving future sustainability, productivity and safety goals. Volvo Group and Daimler, while rivals, have worked together on various projects in the past, including hydrogen fuel cell and charging technology. Reporting by Marie Mannes and Jesus Calero from Gdansk, editing by Matt Scuffham
Australian accused of mushroom killings had no motive to kill, court heard
The lawyer for an Australian woman accused in the murder of three elderly relatives by her estranged spouse using toxic mushrooms in a meal had told the court Tuesday that the victim's motive was not to kill the victims.
Erin Patterson has been charged with the murders and attempted murders of Gail Patterson's mother, Donald Patterson's father, Gail's sister Heather Wilkinson as well as Heather's husband Ian Wilkinson in July 2023.
The prosecution accuses the woman of scouring for poisonous death caps mushrooms, drying them, and then knowingly serving these mushrooms in portions of Beef Wellington, at her home, in Leongatha. This town has a population of 6,000, about 135 kilometers (84 miles), from Melbourne.
Patterson denies all charges that carry a sentence of life imprisonment. Her defence called the deaths "a terrible accident" earlier.
Colin Mandy, Patterson's lawyer, said on Tuesday that the prosecution's evidence that the accused and her estranged spouse Simon Patterson's relationship soured over a disagreement about child support was illogical.
He told the court that "whatever we call these spats, disagreements, and frustrations," it does not provide a motive for murdering someone's parents.
He said that the accused actually had a good working relationship with the Pattersons, and had even loaned hundreds of thousands to Simon Patterson's sisters in order to purchase property.
On Tuesday, Nanette Rogers concluded the closing argument of the prosecution by accusing Patterson a trail of calculated deceptions before and after lunch.
Rogers said that Erin Patterson had told so many lies, it was difficult to keep track of them.
She's told lies after lies because she knew that the truth would expose her.
After the closing statement of the defence, Justice Christopher Beale, the presiding judge will instruct the jury on how to proceed before the jury retires to deliberate a verdict.
The trial that has gripped Australia for eight weeks and is expected to end later this month.
(source: Reuters)