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Royal Caribbean's president claims that the company has scrapped its Mexico water park due to environmental concerns.
The Mexican authorities rejected the project that Royal Caribbean had planned for a large waterpark on Mexico's Caribbean Coast, said?President Claudia Sheinbaum on Wednesday. The "Perfect Day" project was rejected last Tuesday after a strong backlash from the public against its environmental impact. Mahahual is a pristine part of Mexico's coastline, about 70 km (44miles) south of Belize. Royal Caribbean has not responded to the request for comment. However, it said that after the rejection of the park, they were optimistic about investing in Mexico and would discuss other proposals with stakeholders. Sheinbaum said to journalists at her daily morning news conference that the project would not be carried out in this location. Sheinbaum said that talks are being held with the company in order to determine if the project could be carried out at a different location, one without?these negative environmental impacts. Sheinbaum stated that Royal Caribbean withdrawn its proposal because SEMARNAT, Mexico's environmental watchdog, deemed the project too intrusive for the area. The project is located near a protected mangrove forest and a large coral reef. The park, which was scheduled to open in 2027 and featured beach clubs, swimming pools, bars, and more than 30 water slides, was advertised as "the biggest, baddest, most bold destination" with its many amenities. Sheinbaum stated that three permits related to the park were denied, including one involving a dock. Salvemos Mahaual is a local environmental group that said at the weekend it would continue to oppose Royal Caribbean's plans to develop in the area while promoting sustainable tourism. The cruise operator's three separate projects were cited as evidence that the company avoided a formal rejection by withdrawing. Royal Caribbean also plans to open an additional beach club on Cozumel in this year. (Reporting and editing by Raul Cortes. Aida Pelaez Fernandez, Sarah Morland)
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Data shows that Trump's waiver on domestic shipping hasn't reduced gasoline prices much.
A study found that President Donald Trump’s waivers to allow foreign-flagged vessels to transport?oil or fuel between U.S. port have little effect on the high gasoline prices in the United States due to higher shipping rates and relatively small volumes of fuel transported so far. Trump issued a waiver in March to the Jones Act. This is a 100-year-old law which requires shippers to?use vessels that are built, owned, and crewed entirely by Americans for transporting commodities between U.S. port. This policy, which was designed to support the maritime industry in the United States and ensure national security, also led to higher shipping rates within the U.S. Trump waived the Jones Act to ease fuel transportation around the U.S. coast, especially from Gulf Coast refiners up to the East and West Coasts. These regions rely heavily on imported fuel due to a lack of local refineries and pipelines that can meet the demand. This is the most extensive suspension of the Jones Act ever and a test to see if easing restrictions will reduce fuel transportation costs. The waiver is just one of many measures Trump has taken in order to curb fuel prices that are contributing to inflation. The pain at the gas pump could harm Republicans' campaign to keep control of Congress during November's midterm election. According to AAA, national gasoline prices on Tuesday averaged $4.49 a gallon, down from under $3 per gallon before the war. California average prices were $6.11 a gallon. Jennifer Carpenter, President of the pro Jones Act group American Maritime Partnership, said that the waiver does not deliver on what Trump was promised: lower prices at gas pumps and increase the flow across the country. White House data collected since the first Jones Act waiver shows that a significant?more supply has been able to reach U.S. port faster. Two sources say that administration officials are happy with the results of the waiver and are willing to extend it in the future if the conditions so require. Federal data shows that during the first two-month period of the waiver, refiners such as Valero, Phillips 66, and others used the exemption 50 times. They moved 2.6 million barrels crude oil and 7.5 millions barrels each of gasoline, jet fuel and diesel. The volumes represented only a small fraction of the daily U.S. oil consumption. Rates for foreign-flagged tanks were also high, as many vessels were stuck in the Strait of Hormuz. Ryan Kellogg is an energy policy professor from the University of Chicago. He said that freight rates were much higher than usual. "International vessels are just hard to come by." Jones Act critics claim that the law is inefficient and that the use international ships under waiver signals a demand for more tanks. The fact that waivers were used 50 times for energy movement suggests that this was the most cost-effective option. If this option didn't exist, an even more expensive and costly option would have to be used." said Colin Grabow, at the conservative think tank Cato Institute. California, which is the top importer of oil and fuel in the United States, received more than 60% of the gasoline and blendstock cargoes that were moved under waivers. This amounts to about 3 million barrels or 2.1 millions gallons per day. This is just 6% the 36 million gallons Californians drink daily. Data showed that foreign vessels also transported gasoline to Alaska and Florida. The combined shipments totaled around 84,000 barrels a day, which is a fraction the 8.75 millions barrels of gasoline consumed each day nationwide. According to the price reporting company Argus, shipping on an international vessel between the U.S. Gulf Coast and the West Coast could have saved 6.6 cents per gallon or 1% compared to a Jones Act Tanker. The East Coast was cheaper because of the high demand for foreign vessels to Asia. Experts in the industry said that as international tanker rates drop, companies will likely use waivers more frequently in the coming weeks. The waiver also appeared to change shipping patterns and raise concerns about the tight U.S.?tanker markets. In April, at least one U.S. oil tanker transported Alaskan crude from Alaska to South Korea. This was its first international voyage recorded since 2014. Valero has recently requested a Jones Act Tanker to transport fuel to Mexico. According to industry sources, this could be an unintended result of the waiver. If foreign vessels undercut routes domestically, more U.S. ship could pursue international business and strain domestic tanker availability. A shipping source reported that tax uncertainty regarding waiver voyages deterred companies to charter foreign tankers on U.S. routes. (Reporting from Arathy S. Somasekhar, Jarrett Renshaw and Shariq Khan, with additional reporting by David Gregorio in New York)
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Exxon gets shareholder approval for Texas legal move
Exxon Mobil's shareholders approved its plan to relocate to Texas on Wednesday, marking a victory for the U.S. top oil producer. Two leading proxy advisory firms had advised investors to reject the proposal. Oil producer is incorporated under New Jersey law, but company headquarters are in Texas. The company said that moving its legal residence to the state made sense and was more logical for the business. Other companies have also recently moved their operations to Texas, including SpaceX and Tesla. Texas law passed last year improved legal protections in many ways. One of them was allowing businesses to set stock ownership levels for lawsuits. Exxon, when it announced its plans to move its state of incorporation from New Jersey - to Texas - in March, said that it would not be raising its ownership thresholds to allow for shareholder lawsuits. It argued Texas officials had a "better understanding" of its business. The company stated in its proxy statement that "the Board believes Texas legislators and judges who may make decisions impacting?Exxon Mobil? are generally more knowledgeable about our business?and operations." Exxon shareholders rejected on Wednesday a proposal to include more 'automatic voting options' to Exxon’s?retail investors voting program. Exxon's Board opposed the proposal. Reporting by Sheila Dang and Arunima in Bengaluru, editing by Joyjeet Das.
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Syrian accused of Austrian knife attack declares he will kill again
Austrian media reported that a Kurdish-Syrian refugee, 24, who was on trial for a deadly knife attack on Wednesday in Villach, Austria told the court that he would kill another person if he had the chance. The defendant was arrested after killing a boy aged 14 and injuring five others with a jackknife at Villach in southern Austria in February of last year. He admits to carrying out the attack, and swearing allegiance with Islamic State. Media at the trial reported that the prosecution said the court in Klagenfurt that he had undergone "lightning-radicalisation" on TikTok and even surprised his brother. The defendant, who was questioned by the presiding Judge through an interpreter, whether he would repeat the crime if given the chance, nodded. Media including the national broadcaster ORF, and news agency APA, reported this. If convicted, he could face life imprisonment. He is charged with murder, attempted killing and terrorism related offences. On the first day of his trial where he was placed behind a screen, he said very little. The court prohibited reporters from bringing in electronic equipment to the courtroom. This was the'second deadly jihadist attack in Austria, after a gunman shot and killed?four people? and injured 22 more in Vienna in November of 2020. Villach's trial is due to last until Thursday and coincides with the trial of a 21 year old accused of planning a terrorist attack against a Taylor Swift concert held in Vienna, 2024, which was foiled at the eleventh hour. Beran A., the defendant in this?trial has pleaded guilty to some charges related to this planned attack, but not others relating to a separate alleged conspiracy. On Thursday, a ruling is expected in this case. Francois Murphy is the reporter; Gus Trompiz is the editor.
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Gold drops to a two-month low due to inflation driven by war fueling rate hike bets
Gold prices fell to a 2-month low on Tuesday, "pressured" by expectations of tighter monetary policies to combat rising inflation and the fact that there is no end to the Iran war. As of 10:30 am EDT (1430 GMT), spot gold was down by 1.4% to $4,444.64 an ounce. It had fallen earlier in the day to its lowest price since March 27. U.S. Gold futures for June delivery dropped 1.2% to $4445.20. The Middle East continues to have the biggest impact. "There was a lingering optimism, but that optimism is fading as the conflict continues," said Peter Grant. He added that inflation fears are being heightened by the ongoing conflict. Since the beginning of the U.S. and Israeli?war against Iran, the price of gold has been on the rise. Brent crude prices have risen dramatically since the Strait of Hormuz was closed, which has led to inflation worries and rate hike expectations. Iranian state TV reported Wednesday that Tehran would restore shipping in the Strait to its pre-war level within a month as part of a framework agreement with the U.S. This deal also included the withdrawal of U.S. troops from Iran's proximity. After this report, gold prices briefly recovered some of their losses. The market is still predicting energy-driven inflation, which will lead the U.S. Federal Reserve will increase its overnight benchmark interest rate by 25 basis point by the end this year. Gold is not a good inflation hedge in high-rate environments. Neel Kazhkari, Minneapolis Fed President, said that the U.S. central bank must concentrate on containing inflationary risk which appears to be increasing. However it is "far too early" to predict when they could change their current policy rate. Investors await U.S. Investors await the Personal Consumption Spending data due Thursday for clues on the direction of monetary policy. Silver spot fell by 2.8%, to $74.82 an ounce. Bank of America said in a Tuesday note that a gold rally could push'silver back above $100/oz. However, we do not expect silver to outpace 'on a sustainable basis because of a softer fundamental demand. Palladium rose 0.4% to $1,384.86 and platinum fell 2%.
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Gold drops to a two-month low due to inflation driven by war fueling rate hike bets
Gold prices dropped to a 'nearly two-month low' on Wednesday. This was due to expectations that monetary policy would be tightened to combat rising inflation. The war in Iran is still far from over. As of 9 am EDT (1300 GMT), spot gold was down by 1.6% to $4,433.85 an ounce. It had fallen earlier in the day to its lowest price since March 30. U.S. Gold Futures for June Delivery fell 1.6% to $4431.60. The Middle East continues to have the biggest influence. Peter Grant, senior metals analyst at Zaner Metals and vice president, said that there was some optimism but that it is fading as the conflict continues. He added that inflation fears are increasing due to this ongoing conflict. Since the U.S. - Israel war against Iran began in late February, the price of gold has been on the rise. Brent crude oil has increased by 31% since the Strait of Hormuz was effectively closed, which is a crucial passage for one fifth of the world's oil. This has caused inflation to rise and central banks around world to raise interest rates. Iran's State TV reported that the country had obtained an unofficial draft of a preliminary framework for a Memorandum of Understanding with the U.S. Under the agreement, Tehran would restore the commercial shipping through Strait of Hormuz back to its pre-war level within one month, while the U.S. will withdraw military forces from the area and lift the naval blockade. After this report, gold prices briefly recovered some of their losses. The'market' still expects energy-driven price inflation to cause the U.S. Federal Reserve, by the end this year, to raise its benchmark "overnight" interest rate by 25 basis points. Gold is not yielding, despite being a hedge against inflation. Neel Kashkari, the Minneapolis Fed's?President, said that while it is "far too early" to say when the central bank will change its policy rate, it must be focused on containing inflationary risks. Investors are focusing on U.S. data due later this week, such as the U.S. Investors are looking at the Personal Consumption Expenditures price index for April to get clues about the direction of monetary policy. Silver spot fell by 3.2%, to $74.46 an ounce. Platinum dropped 2.1%, to $1,916.60. Palladium rose 0.6%, to $1,387.54. (Reporting by Anjana Anil in Bengaluru; Editing by Paul Simao)
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Copper reaches highest level since May
On Wednesday, copper prices reached their highest level since mid-May, as lower oil prices eased inflation worries for the metal that is vital to growth. Aluminium prices remained 'near 4-year highs' amid concerns about reduced supply in the gulf region. The price of three-month copper at the London Metal Exchange dropped 0.2% in open-outcry official trading to $13,597 per metric ton after reaching $13,746, which was its highest level since May 15. Aluminium fell 0.3% to $3.663, after reaching its four-year peak of $3.707.50, on Tuesday. The Iran War has hampered deliveries in the Middle East. September alumina contracts in China have reached a month-high due to concerns about Guinea's feedstock. Base metals in China, the world's largest metals consumer, were supported by data that showed industrial profits grew at their fastest rate since November 2023. A stronger yuan currency also made dollar-priced goods more appealing to Chinese buyers. Ole Hansen is the head of commodity strategy for Saxo Bank. He said: "With the current global equity rally led by AI and semiconductor stocks the prospects of a strong and sustained demand, especially copper and aluminum, remain firmly intact." The current price action appears to be more of a pause in an established trend. Hansen stated that the technical support for copper and aluminum is around $13,400 each and $3,600 respectively. The short-term resistance level for aluminium is $3,700 where attempts to "break higher" have so far been met with profit-taking. Copper stocks in LME registered warehouses are depleted COMEX copper stock levels continue to rise, with an additional 2,500 tons cancelled in Taiwan. Further inflows were seen. The LME's on-warrant stocks of copper are now at 271,575 tonnes, the lowest since mid-March. LME stocks of aluminium are also available Data?showed that the number of tonnes fell to 259,625 after Malaysian authorities?cancelled 4,275 tons. Nickel fell 0.1% from $18,950 to $18,950 after hitting $19,170 - the highest price since May 14. (Reporting and editing by Eileen Soreng, Janane Venkatraman, and Polina Devlin)
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Newcleo, a nuclear firm, will list on Nasdaq with a valuation of $2.4 billion.
The?nuclear energy?company Newcleo entered into an agreement with NewHold Investment Corp III to?list?on the Nasdaq stock exchange through a merger. Newcleo develops advanced modular lead-cooled reactors, and nuclear fuel from reprocessed material. It will collaborate with its partner Oklo Inc. to launch a program by the U.S. Department of Energy is looking at using the nation's Cold War plutonium as fuel for nuclear reactors. The company stated that "Oklo will lead the utilisation of excess plutonium while Newcleo brings relevant fuel-cycle expertise." Nuclear energy is considered a promising option in the United States to meet the increasing demand for power from data centres and artificial intelligent. Newcleo announced that the merger with NewHold will be valued at $2.4 billion. The transaction is expected to close in the second half of 2026. Since its founding in 2021, the company has raised about $780m from private investors including the Agnelli Family's Exor Seeds Venture Capital Fund.
Carney thanks former Canadian Environment Minister ahead of expected resignation
Mark Carney, Canadian Prime Minister, thanked Steven 'Guilbeault for his service as a cabinet minister on Wednesday. He was preparing to resign from the Liberal caucus that same day due to his dissatisfaction over government climate policies. The Globe and Mail?and Toronto Star first reported Guilbeault’s resignation. This will reduce Carney’s Liberals' already thin majority in Parliament by one seat.
Carney thanked Guilbeault, stating that they had worked together as the prime minister's special representative to the United Nations for climate change.
Carney stated that it was up to him to decide his future. "I wish him the best and I'm certain that we will have an opportunity in some shape or form to continue working together on issues of mutual interest." Guilbeault, the then identity and cultural minister, left Carney's Cabinet in November over his opposition to an agreement Ottawa had made with Alberta, a province that produces oil, to rollback?certain climate regulations to spur investment in energy production.
Guilbeault was previously the environment minister for former Prime Minister Justin Trudeau. Carney's Government secured a Majority in April after his Liberal Party won 174 seats out of 343 in the House of Commons.
Carney said that a majority could help him to deal more effectively with the U.S. president Donald Trump's trade war, as well as allowing him to avoid another election in years and make it easier to pass laws. Liberals require 172 seats to achieve a bare majority. Laura Stephenson, professor of political sciences at the University of Western Ontario said Guilbeault’s resignation was a sign that some Liberals'might not have been on board' with Carney’s policies prioritizing 'the economy'. She added that several other Liberal legislators have indicated they may also resign, potentially leaving Carney with a minority government.
"It's ?tricky to balance concerns from the ?West that deal with energy while ?also supporting those who like the party's more leftist-environmental bent," she said. "Carney has a clear vision but it's not clear whether his party will always unite behind him."
(source: Reuters)