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Pharma imports into the US increased in March, as drugmakers sought to avoid tariffs
Imports of pharmaceuticals into the U.S. soared in March, as drugmakers stockpiled ahead of possible U.S. tariffs. Their products have been historically exempted from such fees. The U.S. Commerce Department reported on Tuesday that total imports of pharmaceuticals products in August exceeded $50 billion. This is the equivalent of 20 percent of all pharmaceutical imports by 2024. Ireland, which is the largest drug exporter in the U.S., saw a significant increase in imports. In March, the country's trade surplus with the U.S. was greater than China for the first. Drugs accounted for the majority of the increase in imports from Ireland, which rose to $15.5 billion between February and March. Matthew Martin, senior U.S. economic analyst at Oxford Economics wrote that the report revealed pharmaceutical products to be $20 billion more expensive. "Almost all of these were imported from Ireland", he added. As part of his trade policy, President Donald Trump is threatening to increase tariffs on medicines. The Trump administration began a probe last month into the imports of pharmaceuticals in anticipation of possible tariffs based on the argument that a heavy reliance on foreign medicine production is a threat to national security. Trump announced on Monday that he will make an announcement about the tariffs within the next two week. Trump also issued an Executive Order aimed at lessening the regulatory burden for drug production in the U.S. Drugmakers have taken unusual steps to prepare for tariffs, including increasing their efforts to stock up on medicines. On a conference call, Pfizer CEO Albert Bourla stated, "You can imagine that we've done everything we could to mitigate the risk, which includes inventory and many other things." He said that the company increased its inventory every month to ensure "we are well-positioned." Merck's main exposure comes from the blockbuster cancer medicine Keytruda. It is the world's most popular prescription drug, and is manufactured in Ireland. Last month, the company announced that it had shipped enough inventory to America to cover it until year's end. Oxford's Martin says that in addition to Ireland and the other European Union nations, Singapore and Switzerland are also at high risk of the proposed drug import levies.
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EIA: Oil price volatility is due to higher OPEC+ production and tariff uncertainty.
The U.S. Energy Information Administration reported on Tuesday that perceptions of an oversupply by oil market participants due to increased OPEC+ production and uncertainty regarding the economic impact of tariffs has led to a rise in short-term volatility of oil prices. Oil prices fell to a record low of four years on Monday, after the Organization of the Petroleum Exporting Countries (OPEC+) and its allies agreed to increase oil production for June. Later, it was reported that the group plans to continue speeding up its output increases. The EIA still expects OPEC+ production to remain below the current target path. The EIA forecast that the supply of oil from the group would increase by 200,000 barrels a day to 42.9 millions bpd this year, compared to the previous forecast. The unpredictable and often erratic policies of U.S. president Donald Trump have been a major drag in recent months on oil prices, with economists warning that they could slow down global trade and lead to a recession. The EIA's short-term energy forecast report stated that "the effect of new or additional tariffs on global economic activity, and the associated oil demand, is highly uncertain. This could have a significant impact on oil prices in the future." The fall in oil prices has prompted U.S. producers to reduce spending and warn that oil production may have peaked with current commodity prices. EIA expects U.S. crude oil production to reach a lower record of 13,42 million barrels per day this year, down from the previous forecast of 13,51 million barrels per day. The EIA predicted that output will increase to 13.49 millions bpd next year, down from the previous forecast of 13.56million bpd. The EIA forecast that the average price of U.S. West Texas Intermediate Crude Oil will be $61.81 per barrel in this year. This is a reduction of more than $2 a barrel from its previous estimate. The agency reduced its forecast for 2025 Brent crude prices to $65.85 per barrel from $67.87 per barrel. Shariq Khan, New York; Nia Williams, editing.
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EIA: US natgas production and demand will reach record highs by 2025
The U.S. Energy Information Administration's (EIA) Short-Term Energy Outlook, published on Tuesday, predicted that both the U.S. Natural Gas output and demand would reach record levels in 2025. EIA projects that dry gas production will increase from 103.2 billion cubic feet per day (bcfd), in 2024, to 104.9 bcfd, in 2025, and to 106.4 bcfd by 2026. This compares to a record-breaking 103.6 bcfd for 2023. The agency also predicted that domestic gas consumption will rise from 90.5 bcfd, a record in 2024, to 91.3 bcfd by 2025 and then ease back to 90.7% bcfd by 2026. The EIA's May 2025 projections were lower than its 105.3 bcfd forecast for supply in April but higher than 91.2 bcfd forecast by the agency in April. The agency predicted that average U.S. LNG exports will reach 14.6 billion cubic feet per day (bcfd) in 2025, and 16.0 billion cubic feet per day in 2026. This is up from 11.9 billion cubic feet per day in 2024. The agency predicted that coal production in the United States would decline from 512.1 million short tonnes in 2024 - the lowest level since 1964 - to 506.4 millions tons in 2020, which is still the lowest level since 1964, then 474.9 million in 2026 – the lowest ever since 1962. EIA predicted that carbon dioxide (CO2) emission from fossil fuels will rise from a low of 4,775 billion metric tonnes in 2024, to 4.827 million metric tones in 2025, as oil, gas and coal use increase, before decreasing to 4.742 million metric tones in 2026, as oil and coal use decreases. (Reporting and editing by David Gregorio, Nick Zieminski).
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Russia expects a shortfall in scrappage fees as the car market struggles
The Finance Minister Anton Siluanov said to reporters Tuesday that Russia expects revenues from the scrapping of cars to be well below budgeted levels in this year. This could lead to some projects being abandoned. Moscow planned to raise taxes this year on imported cars by doubling the scrappage fee for all manufacturers and increasing support from the state for locally made vehicles. In Russia, both domestic manufacturers and importers of cars are required to pay an scrappage fee to cover future costs incurred by the state for managing the process of scrapping. The decline in car sales has shattered expectations. In 2025, Russia planned to double its revenue from recycling cars to 2.01 trillion Russian roubles (24.77 billion dollars). Siluanov, a reporter, said that the scrappage receipts this year are significantly different from the budget, but did not specify the magnitude of the difference. He said that if scrappage fees do not generate the required revenues, projects could be cancelled. According to the data of Russia's Industry and Trade Ministry, sales of new vehicles in January-April decreased by 27% compared to last year, to 404 016 units.
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The price of the aerospace material tantalite has risen to its highest level in two years due to unrest in Congo
Last week, Tantalite prices in Europe reached two-year highs, due to supply disruptions caused by tensions in the Democratic Republic of Congo (DRC), the world's largest producer of this mineral, which supplies the electronics industry and the aerospace industry. Tantalite The spot price of oats in Europe is currently trading between $100 and 105 cents per lb, which is its highest level since April 2023. This represents a 25% rise since the unrest began in January. Tantalite is a mixture of tantalum and other metals used in capacitors, medical equipment, and nuclear reactor components. A minor metals dealer said that the conflict in Eastern DRC makes it difficult to find tantalite with a legitimate tag. You may order material for a province not affected by conflict only to have the rebels take over that area two weeks after signing the deal. Since the M23 rebels, backed by Rwanda, launched a major offensive in the DRC, violence has increased. Sian Morris said that many Western smelters do not source tantalum from DRC or Rwanda. She is Argus' senior analyst of critical minerals. They are sourcing their materials from Burundi instead, Mozambique and Ethiopia. The supply of these countries is smaller and therefore they pay higher prices. According to the United States Geological Survey (USGS), Congo and Rwanda will account for more than 58% of global production of tantalum in 2024. This is equivalent to 1,230 tons. Burundi combined with Ethiopia and Mozambique accounted for only 4.6% of global supplies. Piyush Gheel, CRU Group Consultant, said that there are no swing producers who can bring tantalite production on quickly. This is except for artisanal mines, which have both ESG and traceability issues. The rich mineral resources of Congo have caught the attention of President Donald Trump and the U.S. His senior advisor for Africa stated on Monday that Congo and Rwanda had submitted a draft of a peace proposal. This is part of the process to end fighting and attract Western investment worth billions of dollars in eastern Congo.
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Duke Energy's electricity rates beat quarterly estimates
Duke Energy beat Wall Street's expectations on Tuesday for revenue and profit in the first quarter, thanks to higher electricity prices, increased retail sales, and a colder Winter. U.S. utilities are arguing for higher electricity bills, as the power consumption surges due to the growth of AI data centers and increased manufacturing in the United States. According to the U.S. Energy Information Administration (EIA), the U.S. power demand is expected to reach record levels in 2025 and in 2026. This will be largely due to the expansion of Big Tech's data centers. After years of stagnation, the U.S. Nuclear industry has also become popular as businesses look for clean energy sources to power data centers. Duke said that it had signed letters of agreement on projects totaling 1 gigawatts for data centers last month. Duke Energy is focusing on upgrading its existing infrastructure and building new power plants to meet the growing demand. Brian Savoy, Duke's Chief Financial Officer (CFO), said that these investments were very cost-effective. Duke Energy will create 1 gigawatt in capacity over the next few years through upgrades and the extension of the lives of nuclear power stations. The U.S. Nuclear Regulatory Commission renewed Duke Energy's Oconee Nuclear Station operating licenses by 20 years in late March. Duke Energy's nuclear plants will provide more than half of their electricity to customers in the Carolinas by 2024. These plants represented over 96% the company's clean power production. A colder-than-expected-winter also helped the utility as customers needed more electricity and natural gas to heat their homes. The adjusted earnings for its electric utilities segment in the first quarter were $1.28 billion compared to $1.02 billion at the same time last year. Gas utilities posted a profit adjusted of $349 millions in the first quarter compared to $284 million one year ago. LSEG data shows that the quarter's revenue came in at $8.25billion, exceeding analysts' estimates of $8.06billion. Charlotte, North Carolina based company reported an adjusted profit per share of $1.76 for the three-month period ended March 31 compared to analysts' average estimates of $1.60. Reporting by Pooja menon in Bengaluru, and Laila kearney in New York. Editing by Sahal muhammed and Nick Zieminski.
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Saudi Arabia, US to discuss deal in mining, mineral resources, cabinet says
Saudi Arabia will discuss with the United States a possible agreement on cooperation in the areas of mining and minerals, according to a Saudi cabinet statement released by the state news agency. The Saudi cabinet did not give any details about the "memorandum" which would be negotiated between the Saudi Ministry of Industry and Mineral Resources and United States Department of Energy, according to the statement. The statement is made ahead of the visit to Saudi Arabia by U.S. president Donald Trump next week. Saudi Arabia is rapidly expanding its mining industry as part of Vision 2030, its economic diversification plan, which aims at weaning the economy away from oil. Gold, phosphate and bauxite are its primary resources. Saudi officials also doubled the estimate of the kingdom's mineral reserves last year, mostly due to rare earths. Reports in April indicated that Saudi Arabia's largest mining company Ma'aden was considering forming a rare-earths processing partnership with at least one foreign firm, including a U.S. firm. Ma'aden has been weighing a possible partnership with the U.S. based MP Materials or China's Shenghe Resources. Australia's Lynas rare earths and Canada's Neo Performance Materials are also being considered, according to sources. Saudi Arabia also increased its international mining presence by launching Manara Minerals, a joint venture with Ma'aden. The joint venture will invest in mining assets overseas. Manara's major international venture was to become a shareholder of Vale Base Metals, a $26 billion copper-nickel spinoff company.
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Conab raises its forecast for Brazil's crop of coffee, seeing an 'off-year record'
Conab, the national food agency, said that Brazil's total coffee production in 2025 is expected to reach 55.7 million 60-kilogram bag. Citing a recovery in robusta production, Conab increased its forecast by 7.5% over its January estimate. Conab stated that the new forecast was also 2.7% more than the 2024 crop. This represents an all-time record for the total output of coffee during an "off year" in the bi-annual arabica cycle which alternates years with higher and lower production. Conab stated that the higher forecast was mainly due a recovery of conilon crops - a robusta coffee variety. The statement stated that the good estimate of the total harvest was influenced mainly by the 28,3% recovery in average yields for Conilon crops. It added that robusta production is expected to rise 27,9% on an annual basis to a record 18,7 million bags. Conab stated that "this result is due to the consistent climate during the most crucial phases of the crops which has benefited positive blooming and a large quantity of fruits per cluster." In 2023, when Arabica was in its previous low year, total production should be 1.1% greater than it is today. Conab anticipates that yields will be higher by 4.1% this year than they were in 2024, at 30 bags/hectare. This is also higher than the 28 bags/hectare Conab projected in January. The area of production, however, is expected to grow 0.8%, to 2,25 million hectares (8.687 square miles). The agency reported that the production of Arabica coffee is expected to be 37 million bags. This represents a 6.6% decline from the previous crop, but it's still well above the initial estimate for this year (34.7 million). Reporting by Leticia Ficuchima and Isabel Teles, Additional reporting by Oliver Griffin and Editing by Gabriel Araujo Mark Porter and Margueritachoy
UN biodiversity top chief: Make peace with nature or run the risk of more war
The world must make peace with nature or threat fueling more global conflicts like the war in Gaza, the president of the upcoming United Nations COP16 biodiversity summit stated on Friday.
The October summit in Colombia is charged with negotiating next steps to carry out the landmark 2022 Kunming-Montreal accord - likened to the Paris Agreement on climate modification, however for nature - in order to deal with the drastic decline in biodiversity globally.
Environment modification, deforestation, contamination and habitat damage have actually resulted in a 69% decrease in worldwide wildlife populations given that 1970, according to not-for-profit WWF.
Colombia's Environment Minister, Susana Muhamad, laid out her priorities as COP16 president, along with a warning if the world stops working to reform global governance to resolve problems like the environment crisis.
The scenario currently in Palestine, where humankind is observing how an individuals of the world is being squashed militarily. And there's not even the capacity of the U.N. to offer the humanitarian relief, Muhamad said during a five-minute speech at the Atlantic Council think tank in Washington.
That scenario is what we might anticipate in an absence of governance and in a chaotic world due to the fact that of the climate crisis.
Muhamad stated the self-destructive war versus nature is causing conflict to increase but did not elaborate on the connection.
Multilateral institutions are not geared up to handle extraordinary obstacles like climate modification and should be overhauled or risk the world slipping into rule by the strong through violence, Muhamad stated.
Colombia's leading priorities for COP16 include an extreme. conversation on how to reform the global financial system that. will enable establishing nations to make strong ecological. commitments without taking on more debt, she stated.
Nations should submit biodiversity targets before the. summit. Colombia will focus on working with U.N. authorities to. measure how those commitments line up with 2030 objectives in the. Kunming-Montreal agreement, she stated.
Colombia will likewise seek to enhance the participation of. Native people and standard neighborhoods in the process, by. organizing three pre-summit occasions giving them an opportunity to. lobby governments.
(source: Reuters)