Latest News
-
Oil prices rise 1% following lower-than expected OPEC+ production increase
Early Monday, oil prices were up about 1% after OPEC+ reported a modester monthly production increase than expected. This helped to calm some fears about the addition of supply. Brent crude futures were up 63 cents or 1% to $65.16 per barrel at 2310 GMT. U.S. West Texas intermediate crude was $61.46 a barrel, an increase of 58 cents or 1%. The price increase is primarily due to OPEC+’s decision to raise production less than expected next month, as the group aimed at cushioning the recent slump on oil markets," said Tina Teng, an independent analyst. She added, "However the crude prices are likely to remain low due to a gloomy economic outlook around the world." The Organization of Petroleum Exporting Countries, Russia, and some smaller producers announced on Sunday that they would increase production by 137,000 barrels a day (bpd) from November, the same modest increase monthly as in October. This is despite persistent concerns about a looming glut of supply. Sources said that Russia wanted to increase output by 137,000 bpd in order to avoid price pressure, but Saudi Arabia preferred to double, triple, or even quadruple this figure to gain market share faster. ANZ analysts wrote in a Monday note that "OPEC+’s decision to raise production by another 137,000 bpd could be manageable given the rising disruptions in supply due to the tightening of sanctions by Europe and America against Russia." Analysts added that "Ukraine continued to intensify their attacks on Russian energy installations, targeting the Kirishi Refinery, one the largest Russian refineries with a processing capacity of over 20 million tonnes per year." Last week, the Group of Seven nations finance ministers announced that they would increase pressure on Russia to stop Moscow from generating revenue due to its invasion of Ukraine. They said this by targeting those countries who continue to purchase Russian oil or facilitate circumvention of sanctions. (Reporting and editing by Richard Chang, Jamie Freed, and Emily Chow)
-
Sabesp, a Brazilian company, announces the acquisition of EMAE by Sabesp for $212 Million
Sabesp, a Brazilian water utility, announced on Sunday that it had agreed to purchase a 70.1% share in Empresa Metropolitana de Agua e Energia EMAE across multiple classes of shares for 1.13 billion reais (212 million dollars). EMAE is a Brazilian company that owns and operates a hydro-electric power generation system. This system is located in Sao Paulo, the Baixada Santista coast area, and the MedioTiete region. The acquisition of Sabesp, which combines water security and energy generation, strengthens synergies between the company's businesses, and creates a more robust platform to tackle climate challenges and the rising demand for services essential, according to a filing with the Securities and Exchange Commission. Two separate agreements will be used to acquire a controlling stake. The first agreement, with Vortx representing the bondholders of Phoenix Agua e Energia S.A. involves the purchase by EMAE of 74.9% its common shares. Sabesp will acquire 66.8% EMAE preferred shares, held by the power company Eletrobras, in a second transaction that is conditional upon the first. Sabesp stated in its filing that the transactions were separately negotiated and subject to regulatory and antitrust approval. ($1 = 5.3348 reais) (Reporting by Lisandra Paraguassu; writing by Marcela Ayres; Editing by Cynthia Osterman)
-
Heavy rains in Nepal kill 47 people and block roads
Officials said that heavy rains in Nepal have caused landslides, flash floods, and washed away bridges, killing 47 people. Kalidas Dhauboji is a spokesperson of the Armed Police Force. He said that 35 people died in landslides separate in the Ilam District in the eastern bordering India. He added that nine people are missing, having been washed out by floods. Three others have died in lightning strikes in other parts of Nepal. Shanti Mahat is a spokesperson for Nepal's National Disaster Risk Reduction and Management Authority. She said that rescue efforts are ongoing to find missing people. Local media reported that landslides caused by heavy rains in Darjeeling, a hill region in eastern India, killed at least seven people. "Seven bodies have been recovered already from the debris." Two more people are known to us. We are working to recover the bodies of these two people as well," Abhishek, a Darjeeling District Police official, said in a Sunday post on social media platform X by Indian news agency ANI. Authorities reported that several highways were blocked by landslides or washed out by floods. This left hundreds of passengers stranded. Rinji Sherpa is a spokesperson at Kathmandu Airport, Nepal's largest international gateway. "Domestic flight are mostly disrupted, but international flights operate normally," he said. A district official reported that the Koshi River in southeastern Nepal was flowing at a level above danger. The river, which is responsible for deadly floods almost every year in eastern Indian state Bihar, flows over the danger threshold. Dharmendra Kumar Mihsra, district Governor of Sunsari District, said that all 56 sluice gate of the Koshi Barrage were opened to drain water, compared to about 10-12 during a normal condition. He added that the authorities had prohibited vehicular traffic on this bridge. Kathmandu's hilly terrain has seen several rivers flood roads and many homes, separating the temple-studded city from the rest the country. Every year, hundreds of people are killed in Nepal's mostly mountainous areas by landslides or flash floods. These events occur during the monsoon period which starts around mid-June. Officials said that rains would likely continue to fall on the Himalayan nation through Monday. Authorities said they are taking "all precautions and care" to assist those affected by the tragedy. (Reporting from Gopal Sharma, Kathmandu. Additional reporting by Jayshree Upadhyay, Mumbai. Editing by Lincoln Feast & Jamie Freed).
-
Heavy rains in Nepal kill 22 people, cause road blockages
Officials said that heavy rains in Nepal caused landslides, flash floods, and bridges to be washed away. At least 22 people died in the past 36 hours. Binod Ghimire, the police spokesperson, said that 18 people died in separate landslides on the border of India in the Ilam District. He said that three people died from lightning strikes in southern Nepal and another person was killed by floods in Udayapur District, which is in eastern Nepal. Authorities reported that 11 people have been missing and washed out by floods since Saturday. Shanti Mahat is a spokesperson for the National Disaster Risk Reduction and Management Authority. Authorities reported that several highways were blocked by landslides, and washed out by floods. This left hundreds of passengers stranded. Rinji Sherpa is a spokesperson at Kathmandu Airport. He said that domestic flights were largely affected, but international flights continued to operate normally. A district official reported that the Koshi River in southeastern Nepal was flowing at a level above danger. The river, which is responsible for deadly floods almost every year in eastern Indian state Bihar, flows over the danger threshold. Dharmendra Mishra said that water flow in the Koshi River was more than twice normal. Mishra stated that all 56 sluice gate of the Koshi Barrage were opened to drain water, compared to about 10 to 12. During a normal situation. He added that authorities "are preparing to ban heavy vehicle from its bridge." Kathmandu's hilly terrain has seen several rivers flood roads and many homes, cutting off the capital from the rest the country. Every year, hundreds of people are killed in Nepal's mostly mountainous areas by landslides or flash floods. These events occur during the monsoon period which starts normally in mid-June. Officials from the weather service say that rains will likely lash the Himalayan country until Monday. Authorities say they're taking "maximum precautions and care" to assist those affected by this disaster. (Reporting and editing by Lincoln Feast; Gopal Sharma).
-
PMI: Saudi Arabia's private non-oil sector has grown the most in six months.
A survey revealed that the non-oil sector of Saudi Arabia expanded at its fastest rate in six months during September. This was due to a surge in orders and an increase in output. The Riyad Bank Saudi Arabia Purchasing Managers' Index climbed from 56.4 to 57.8 (seasonally adjusted) in September, the highest improvement in operating conditions seen since March. Firms saw an increase in new orders, as they benefited from a strong market, new customers, and competitive pricing. For the second month in a row, new orders from overseas clients increased. The new order subindex jumped to 63.3 from 60.1 in August due to a robust domestic and international demand. The output growth rate has increased at the fastest pace since February. Naif Al Ghaith is the chief economist at Riyad Bank. He said, "Overall, the September survey shows a resilient, private sector which is navigating through cost pressures and benefiting from a firm demand, as well as steady hiring." According to a statement released before the budget, Saudi Arabia's government forecasts a real GDP growth rate of 4.4% by 2025. The non-oil sectors are expected to grow at 5%. This growth is supported by an increase in domestic demand and better employment rates. The employment growth in September was driven by a higher demand, and the need to efficiently manage workloads. The hiring rate was steady, but the subindex for this measure showed a slight decline from the previous month. Input price inflation has dropped to its lowest level in six months, mainly due to higher wages and costs of suppliers. The optimism for the future improved as firms became more confident in increased demand and large-scale infrastructure project. (Reporting and Editing by Hugh Lawson).
-
As protesters confront immigration officials, Border Patrol agents in Chicago shoot a woman as she is protesting.
The Department of Homeland Security reported that U.S. Border Patrol agents shot an armed Chicago woman on Saturday as protesters and federal immigration agents clashed on the southwest side of the city. A spokesperson for the Department of Homeland Security said that no law enforcement officers were injured seriously in the incident where a group, including the woman, rammed vehicles into those used by U.S. Immigration and Customs Enforcement. According to the statement, the woman, an unidentified U.S. national, drove herself to hospital. The woman's condition was not immediately known. ICE agents used rubber bullets and pepper spray to disperse protesters during a heated exchange on Saturday. Kristi Noem, U.S. Homeland Security Secretary, said in a posting on X she would be sending more "special operations" in order to control the situation in Chicago's Brighton Park neighbourhood. Illinois Governor JB Pratt, a Democrat from Illinois, stated on Saturday that he received an ultimatum from Republican President Donald Trump requiring him to deploy his state's National Guard. Pritzker stated in a press release that it was "absolutely outrageous and unAmerican" to ask a governor to send military forces within our borders, against our will. ? Chicagoans have protested against the increased federal presence. Police clashed with hundreds protesters on Friday outside an ICE facility located in Broadview, a Chicago suburb. ICE agents have used rubber bullets and chemical munitions to repel demonstrators who were attempting on several occasions to block ICE vehicles that carried detainees in the facility. Protesters have condemned what they describe as similar heavy-handed police tactics in other Democratic cities including New York City, Los Angeles Washington D.C. and Portland, Oregon.
-
Ecuador revokes environmental license for Canada's DPM to develop gold project
The government of Ecuador has revoked an environmental license that was granted to Canadian company DPM Metals in order to develop Loma Larga - a gold mine project located in a sensitive environment. Residents and authorities from the Azuay Province, where the Loma Larga Project is located, have been strongly opposed to the project. They claim that the development of this project would have a negative impact on Quimsacocha, which poses significant health risks for local communities. The Environment and Energy Ministry of Ecuador said that the decision was based on technical reports provided by local authorities from Cuenca and Azuay, which are responsible for the local drinking water and irrigation system. The statement said that the national government "reaffirms" its commitment to nature rights, water protection, and the protection of health and wellbeing of people in Cuenca and Azuay, under the precautionary principles. DPM, who acquired the project in 2020, did not respond immediately to a comment request. DPM estimated that the Loma Larga gold project would receive an investment of $419m for an annual average production of 200,000 ounces during its first five operating years. The Ecuadorean government suspended all activities related to this project in August until the company submitted an environmental management plan. This was despite the fact that it had granted the company a construction license one month earlier. Ecuador has significant gold and cobalt deposits but recent rulings by the courts and opposition from locals have often stopped mining projects. Only two mining companies are currently operating in the country. The Quimsacocha Reserve covers more than 3200 hectares, and includes the Andean Paramo ecosystem. The country's springs are one of its main sources of water. The company pledged to implement responsible and efficient environmental management in the region. (Reporting and writing by Alexandra Valencia, Sarah Morland and Gabriel Araujo, Editing and proofreading by Alistair Bell and Aurora Ellis).
-
Document shows that German coalition partner wants protection for European steel
A document viewed by us on Saturday revealed that the Social Democrats in Germany, junior partners of Chancellor Friedrich Merz’s coalition, would push for a protectionist approach to Europe’s steel industry and urge the EU adopt a “buy European” strategy. Next week, the SPD under Finance Minister Lars Klingbeil is expected to adopt these proposals. The SPD calls on the European Commission adopt a "robust" trade protection strategy to protect against foreign competitors who are subsidised. The SPD stated that "at its core, a tariff-quota system is required to limit excessive import volumes and keep the market open while controlling it." These proposals will likely feed into the steel summit that the conservative chancellor has called for this month, where steel producers, German States and Trade Unions can discuss proposals to support the industry. It is unclear how far the SPD's proposal will be implemented. Most German parties were against protectionism in the past, as Germany has been a major beneficiary of low trade barriers for the last 20 years. German regulators and manufacturers are increasingly concerned about the impact of U.S. and Chinese tariffs and competition. The SPD stated in a document that "we cannot allow the domestic value creation to disappear just because international rules no longer work." It said: "This isn't about protectionism, but about enforcing rules of fair competition and European strategic interest." The SPD has also called for stricter controls to be placed on imports of Russian steel and measures to stop it from entering the European market through Turkey. De-industrialization has eroded the vote share of the SPD, especially in its former industrial heartlands. (Written by Thomas Escritt, edited by Susan Fenton).
U.S. renters are afraid of higher rents and eviction because of energy-efficient homes
Focus of policymakers on emissions from buildings and homes
Renters are concerned that home renovations could lead to displacement
Pennsylvania protects tenants with green push
By Carey L Biron
As homes and buildings contribute more than one-third of the U.S. greenhouse gases, policymakers are now pushing landlords for weatherization, energy efficiency improvements and replacing old fossil fuel appliances.
There is growing concern, however, that these incentives may also encourage landlords to increase rents or evict tenants under the pretext of eco-friendly upgrades.
Rent regulations and other protections are needed to keep tenants in their homes.
Federal funding of tens of billions for decarbonization of buildings is expected to be available. Local mandates in New York, California, and elsewhere are also being implemented.
Connecticut tenants are on edge because investors from New York, which is nearby, have flooded into the state.
Luke Melonakos Harrison, vice president for the Connecticut Tenants Union said that "lots" of evictions had occurred as owners are required to repay loans based on rent increases.
"We've seen landlords raise rents for no reason at all.
He and others want to expand the "just cause" protections, which limit reasons for evictions. They also want it to cover green renovations and other types of improvements.
The Connecticut Apartment Association and other landlords have warned that the bill will slow down the construction of new housing, and worsen the shortage.
Krystal Garca, a property manager, told lawmakers that the narrative that landlords are using lapses in time to renovate and raise rents was overblown. Nobody wants to remove a good tenant.
Tenants say that they are concerned. Connecticut Tenants Union head Sarah Giovanniello told the Connecticut Tenants Union that a new owner purchased her 70-unit two-story apartment building in New Haven, Connecticut in 2021. The landlord made minor improvements before attempting to double rents.
The landlord installed four chargers for electric vehicles in February, even though only one resident had an EV. This situation, Giovanniello explained, made the residents nervous.
She said that the landlord would give us any money he spent on him.
The property owners' upgrades could actually harm tenants more than they help.
Local Protections
A March report examined the possible impacts of the decarbonization effort in Los Angeles and New York.
Chelsea Kirk, a Director with Strategic Actions for a Just Economy in Los Angeles, an economic justice non-profit that published the report with her, stated for years, she has seen California renters stuck with higher or even worse rents following construction.
How much is the tenant responsible for if a landlord makes a $15,000 retrofit? She said that the answer was 100%. I've seen some landlords start construction just to evict a tenant.
Kirk predicts that a similar pattern will emerge if "fundamental tenant protections" are not implemented in communities all across the nation to accompany the push towards building decarbonization.
It has been difficult to raise awareness of such needs because environmental and housing advocacy have traditionally operated separate.
Amneh Minkara has worked to close this gap. She published a policy briefing with Climate and Community Institute in October.
The article examines the "good-cause" eviction efforts in Connecticut, the rent stabilization program in St. Paul and tenants' rights to organize in Kansas City, as well as habitability standards and other issues in Los Angeles.
Ruthy Gourevitch is the housing policy director at the Institute of Housing Policy. She said that renter protections are a local issue.
Gourevitch explained that most of the tenant protections he works on are done at a state or local level and can be achieved through direct negotiation between tenants and landlords.
PENNSYLVANIA MOTORS
The Pennsylvania Whole-Home Repairs Law, sponsored by state senator Nikil Sval, funds home improvements, but there is a condition: landlords are not allowed to raise the rents above base rents for more than three percent per year during a specified period.
In an interview, Saval stated that he did not want the costs of maintenance to be passed onto tenants. This would make these apartments unaffordable.
This law has inspired similar efforts in many other states. John Fetterman, a Pennsylvania senator, is also co-sponsoring a federal bill.
Rachel Mulbry is a director at the Philadelphia Housing Development Corporation. She said that Philadelphia, the largest city in the state, offers forgivable loan repayments for landlord repairs, as long as the rent is affordable for 10 years.
Joseph Achenbach has no complaints about the trade-off. He owns a dozen properties around Philadelphia.
He used the program recently to install a high-efficiency system in a three-bedroom row home that is eligible for rental subsidies. The old boiler and water heating were also replaced.
(source: Reuters)