Caribbean

Three sources familiar with the preparations told reporters on Tuesday that Chevron Energy and Valero Energy were working to resume the supply of Venezuelan crude oil to Valero’s U.S. refining facilities under an agreement which was paused. This follows a newly granted license to the U.S. energy major. Washington issued a new limited authorization to Chevron in late July, allowing it to trade oil with Venezuela and export crude. This was a shift in policy following the prisoner exchange. Last week, the U.S. oil producer said that it expects to resume oil deliveries this month. While Chevron awaits the Venezuelan...

The major Gulf stock markets rose early on Tuesday, ahead of U.S. data on inflation due later that day. This indicates investors' positive outlook for talks between Washington and major trading partner countries. After threatening to impose 30% tariffs on imports from Mexico and the European Union from August 1, U.S. president Donald Trump indicated he would be open to discussion on tariffs. The Yomiuri reported that the Japanese Prime Minister Shigeru Shiba is planning to meet with U.S. Treasury Sec. Scott Bessent this Friday. Investors will also be watching for U.S. consumer prices for June due Tuesday. They are...

EnergyX, a lithium-technology startup backed up by General Motors has purchased 35,000 acres from Pantera Lithium in the Smackover Formation. This is the latest deal to gain access to the brine formation of the United States, which is teeming full of supplies for the battery metal. EnergyX, a privately-held company, now owns roughly 47,500 acres of the Smackover formation, a geological formation that stretches from Florida to Texas and is filled with brine rich in lithium. The deal also shows the increasing interest in increasing U.S. metal production despite the low market price. Chevron has purchased Smackover land in recent...

According to shipping documents and data, Venezuela exported 844,000 barrels of crude oil and fuel per day in June. This is an 8% rise from the previous months, as more cargoes were sent to China to offset the loss of U.S. markets and European ones. Washington terminated in late May a grouping of licenses which had authorized partners, such as Chevron and Repsol of the oil company PDVSA to transport Venezuelan crude for U.S. or European refineries. Since then, the state-owned firm has increased its exports to Asia. It sells its crude oil and fuels through little-known middlemen who make...

The Swiss Attorney General's Office handed a former wealth management at Pictet Bank an eight-month prison term with a suspended sentence, and fined the bank for money laundering during a Petrobras investigation. Pictet has been ordered to pay $2,5 million for failing to take reasonable and necessary steps to prevent transfers made from a Brazilian official's account to conceal their criminal origin. The Swiss government announced this in a press release. Since years, Swiss prosecutors are working to identify assets in a massive international corruption case involving the Brazilian state-run Petrobras and bringing forward prosecutions. Pictet issued a statement saying,...

In a Tuesday message, Venezuelan Information Minister Freddy Nazareth Nanez confirmed that a U.S. national who was detained in Venezuela had been handed over to Richard Grenell - an envoy for U.S. president Donald Trump - on the Caribbean Island of Antigua. Nanez provided the information when asked whether a post made by far-right U.S. activists Laura Loomer, in which they named the detained American Air Force veteran Joe St. Clair as well as stating that he was on his way to the United States along with Grenell, was true. "Correct," Nanez responded. The U.S. State Department and the White...

Cobalt Holdings announced on Monday that it intends to raise $230,000,000 through a global offering and possibly list its shares at the London Stock Exchange. The company wants to give investors pure-play exposure in cobalt prices. The company has a contract to purchase cobalt worth $200 million from Glencore, the world's largest miner. It plans to use proceeds from its equity raising to complete the purchase of this metal, which is a key component of electric vehicle batteries. Glencore and Anchorage Structured Commodities Advisor, an investment firm, have agreed to invest approximately 20.5% in the shares being offered. A six-year...

Due to the frequent blackouts caused by the island's failing electricity grid, Maria Elena Veiga is a 60-year old Cuban woman who lives on the outskirts Havana. She uses charcoal as a fuel when cooking. "We chose to cook on charcoal because that is all we could do. Otherwise, we would have to work a lot to be able eat," said Veiga who lives in San Nicolas de Bari about 60 km northwest of the capital. Many Cubans are now experiencing power outages every day. Some areas, mostly in the countryside, go without electricity more than 20 hours per day....

Hurricane Rafael was rapidly getting steam on Tuesday afternoon as it downed toward the Cayman Islands in the Caribbean, and will likely become a. cyclone in the next few hours, according to the U.S.based. National Typhoon Center. Rafael was blowing optimal sustained winds of 70 miles per hour (113. kph) after skirting past western Jamaica around mid-day, the NHC. said in a weather report. Residents in Jamaica hunched down, with 4 emergency situation. shelters triggered, according to authorities. No deaths or. injuries were reported as bursts of heavy rain disposed on the. island. As Rafael chugged toward the Cayman Islands,...

The government of Suriname stated on Tuesday it would wait up until after next year's May basic election to choose whether to look for another program with the International Monetary Fund, as it weighs how to best use its new oil earnings. The small South American nation is hoping that an upcoming $ 10.5 billion oil and gas project run by France's. TotalEnergies and U.S. APA Corp will assist. improve an economy still recuperating from a heavy financial obligation problem. Financing Minister Stanley Raghoebarsing urged caution, stating. the federal government would not request another IMF program. instantly after the present...

The following are the top stories in the Financial Times. Reuters has not confirmed these stories and does not attest their accuracy. Headings Keir Starmer to fulfill Donald Trump in New York City Thames Water credit score slashed as utility races to prevent nationalisation Anglo manager states possible suitors need to pay 'right number' for group UK accounting watchdog tells audit companies to report methods from personal equity Chevron will leave John Hess off its board to win merger approval Overview UK Prime Minister Keir Starmer stated he will meet Donald Trump, but not U.S. Vice President Kamala Harris, during...

Oil major BP and U.S. shale producer EOG Resources are in conversations to jointly develop a natural gas field off the coast of Trinidad and Tobago, the British company stated. The field holds simply under 1 trillion cubic feet (tcf) of natural gas, but will eventually be tied back to another BP discovery, bringing the location to be developed closer to 1.5 tcf of gas, two individuals with knowledge of the task informed . Very first gas is anticipated in late 2026 and is prepared to feed Trinidad's flagship liquefied gas (LNG) job, Atlantic LNG, in which BP and Shell...

Barbados issued a bond to help pay off its IMF loan, and free up some money. It also gives it two years fiscal breathing room if the country is hit by severe hurricanes, floods, or even an epidemic of COVID proportions. If it is well received, this could set a precedent for normalising the so-called climate resilient clauses in debt that have been lukewarmly accepted since they were introduced in recent years due to a perception that they might increase borrowing costs. Barbados' $500 million bond replaced an existing one. It is the first international bond of a "benchmark" size...

Environment irregularity and extreme weather occasions stalk at least 20 Latin American countries and increase the risk of appetite and poor nutrition in the region, according to a multiagency United Nations study published on Monday. WHY IT is necessary The economies of Latin America and the Caribbean are greatly dependent on farming, ranching, forestry and fishing, farming sectors directly linked to food security that are particularly vulnerable to dry spells, floods and storms. Scientists have actually cautioned that severe weather will intensify due to climate change. As the world's second-most exposed area, after Asia, Latin America could struggle to feed...

A group of environment susceptible countries is using a U.N. conference this week to push for a credit rankings overhaul, arguing rankings ought to show environment resilience steps, a consultant to the group informed Reuters. The U.N. meeting in New york city is the second of four to set objectives for a major finance conference in Spain next year, where presidents will aim to step up efforts to meet the world's. environment and sustainability targets. At the forefront of the talks are 39 so-called Small Island. Establishing States (SIDS) - consisting of Cuba, Haiti, Fiji and the. Maldives - that...

A group of climate vulnerable countries is utilizing a U.N. conference this week to push for a credit rankings overhaul, arguing rankings should reflect climate strength steps, an advisor to the group told Reuters. The U.N. meeting in New york city is the second of four to set goals for a significant finance conference in Spain next year, where heads of state will want to step up efforts to meet the world's. climate and sustainability targets. At the leading edge of the talks are 39 so-called Little Island. Developing States (SIDS) - consisting of Cuba, Haiti, Fiji and the. Maldives...

Barbados has actually completed the world's first 'debtforclimate' swap targeted at raising money to help the Caribbean island build strength in its water supply to the destructive impacts of climate modification. While climate-vulnerable countries need billions of dollars to adjust to the effects of environment change, getting cash flowing to projects from water sanitation to drought-resistant crops is challenging with lots of projects pricey to carry out and low in returns. Barbados' new offer is first debt-swap to raise money straight for environment adaptation and will free up around $125. million to go towards sewage treatment plant upgrades that. must...

The International Monetary Fund should offer 4% of its gold to assist provide financial obligation relief to low earnings nations devastated by climaterelated disasters, a. study stated as environment financing dominates early talks at the. COP29 summit. From the Caribbean to Africa, low earnings countries have. turned to the IMF in recent years for assistance in the face of. shocks like the COVID-19 pandemic, driving up payments to the. lending institution of last hope in subsequent years. Although the IMF has actually a center referred to as Catastrophe. Containment Relief Trust (CCRT), this just covers 30 poor. nations and has...

The International Court of Justice stated on Friday it would hold public hearings starting Dec. 2 in an advisory viewpoint case that may end up being a reference point in specifying nations' legal commitments to eliminate climate change. The ICJ, referred to as the World Court, is the United Nations' highest court for dealing with worldwide conflicts. In 2023, the U.N. General Assembly asked it for an official viewpoint on questions consisting of whether large states that add to greenhouse-gas emissions might be liable for damages caused to small island nations. While the ICJ's advisory viewpoints are not binding under...

Canada's The Metals Business plans to obtain a licence to extract minerals from the ocean floor before the end of this year, its chief executive informed , as nations collect in Jamaica to whip out new rules to reduce environmental dangers. The United Nations' Worldwide Seabed Authority (ISA) is currently meeting in Kingston, Jamaica to negotiate a draft mining code that will manage the collection of polymetallic. nodules and other deep sea deposits. Mediators have actually been racing to guarantee that official rules are. in location before mining activities start. Those rules are now. expected to be finished next year....

Charity Oxfam urged rich nations to improve costs on ending hunger ahead of a Group of Seven ( G7) annual summit set to start in Italy on Thursday, stating that simply 3% of G7 military costs could assist fix the global food and financial obligation crisis. The G7 - making up the United States, Japan, Canada, Germany, France, Italy and Britain - is set to meet in Italy this week where leaders will go over problems such as climate change, migration and heavy financial obligation loads in establishing nations. Determining that getting rid of global appetite would require $ 31.7...

The world's small island states plan to join forces to push for debt relief and more climate financial investment ahead of this year's COP29 climate summit, part of a 10year strategy to help save a few of them from extinction, a draft file seen revealed. The Small Island Establishing States (SIDS), a grouping of 39 states and 18 associate members, are recognised by the United Nations as particularly vulnerable to increasing water levels and more extreme weather as the world warms up, yet numerous bring a. heavy debt problem that hinders their ability to respond. Now, after years of tension...

The president of this decade's top for Small Island Developing States on Monday blasted empty and grossly insufficient climate pledges, stating wealthy nations have failed to satisfy responsibilities to restrict damages from carbon emissions. Small island states throughout the Pacific, Atlantic and Caribbean, with minimal emissions, are particularly vulnerable to recessions and rising temperature levels due to their exposure to natural catastrophes, high financial obligation and dependence on imports and tourism. The Atlantic hurricane season, starting in June is expected to be more active than usual due to near-record warm Atlantic Ocean temperature levels and cooler surface area water in...

The World Meteorological Company on Friday stated it expected an extremely active typhoon season and worried that early warnings were needed to save lives. High ocean heat content and the expected advancement of La Nina event are anticipated to fuel a really, very, really active cyclone season this year, Clare Nullis, WMO representative, told an instruction in Geneva. It only takes one landfalling typhoon to hold up years and years of socio-economic advancement. The U.S. National Oceanic and Atmosphere Administration ( NOAA) has actually forecast a variety of 17 to 25 named storms. The average is 14. Of those storms,...