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Operation to recover 11 people believed dead after chemical vat explosion in Washington state
Authorities said that the search for nine people who went missing in Washington State after a chemical storage tank ruptured and imploded has now moved from being a rescue effort to one of recovery. This will likely bring the death toll up to eleven. Two deaths had been confirmed by officials. Eight other people, including some who were critically injured, were also injured. Washington Governor Bob Ferguson told a press conference on Wednesday with local authorities that "we're bracing for the worst industrial disaster in modern Washington State history." Authorities have said that they do not yet know the cause of a 900000 gallon vat imploding at Nippon Dynawave Packaging's facility early Tuesday morning. The container contained "white liquor", a chemical mixture of sodium hydroxide (salt) and sodium sulfide (sulfur), used to make paper pulp. It can cause severe skin burns. Matt Amos, the Longview Fire Department's Battalion Chief, said during the press conference that recovery efforts would be slow in an "extremely dangerous" environment. Cowlitz 2 Fire chief Scott Goldstein stated that it was not clear where the nine missing persons were located in the facility. He added that they had searched all the areas that could be searched. He said, "As from this morning, this incident is transitioning from rescue to recovery." At a press conference, officials confirmed that tests had shown contamination in the Columbia River. Testing of water samples confirmed contamination entering the Columbia River yesterday. Goldstein stated that additional evaluations were underway to better determine the extent and scope of this environmental impact. At this time, there are no known negative health effects on... the air quality in the area or the drinking water system of the city Longview. Goldstein stated that it is fair to estimate approximately 550,000-570,000 gallon left the tank. Some material remains in tank and continues to slowly leak. Officials warned people to avoid certain areas and reported that about a dozen carps had died. Nippon Paper Industries 3863.T is Japan's second largest paper manufacturer by sales. It acquired the Longview Plant from Seattle-based Weyerhaeuser WY.N timber company for $225 millions and created the wholly owned subsidiary Nippon Dynamics Packaging in 2016. Authorities in southern California who were monitoring a tank that was overheating and contained?highly explosive methyl methacrylate announced late Tuesday that GKN Aerospace's facility in Garden Grove, California no longer posed an explosion risk. On 'Thursday, thousands of residents were ordered to evacuate after it was discovered that the chemical inside the tank had overheated. TJ McGovern said, "After an intensive operation, we're pleased to report that residents have begun to return home", TJ McGovern interim chief of Orange County Fire Authority.
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Trump dismisses the midterm elections pressure and says he will outwait Iran
Donald Trump, the U.S. president, said that he is not concerned about the political fallout from an extended conflict with Iran. He also stated that the Iranian leaders miscalculated when they thought the November midterm elections would compel him to a 'deal. Trump, speaking of Iran's leaders at a cabinet meeting in the White House, said: "They thought that they would outwait me." You know, "We'll be able to outwait him. He has the midterms. "I don't really care about the midterms." Trump made these comments while he was discussing how to end conflict. Many of Trump's Republican allies had already been uneasy about his dismissive remarks earlier regarding the "economic impact" of the war for Americans. The President initially stated that the war would last between four and six weeks. It is now approaching its fourth months. He has said that the war could be over in a matter of days, only to say later that it could last for some time. The growing discontent of voters, particularly about gasoline prices, has increased political pressures on Trump's Republican Party. It is expected that the party will struggle to maintain control of the House of Representatives, and perhaps the Senate. This disquiet was heightened by Trump's endorsement of Ken Paxton over John Cornyn, the incumbent Republican senator from Texas. Paxton, whose wife is divorcing him on biblical grounds after being indicted by the FBI for felony fraud, easily defeated Cornyn at a Tuesday party primary, despite having received the endorsement of President Obama. Democrats see the 'Senate seat, in a largely Republican state, as a competitive race in November. Trump said: "Look what happened last evening," referring to Paxton’s victory. "That was?a prelude for the midterms." Trump also mentioned his construction projects that he has been working on in Washington, D.C. Republicans have said that these projects are a distraction from other economic concerns. A? A? Reporting by Trevor Hunnictt, Gram Slattery and Ross Colvin. Editing by David Gregorio and Ross Colvin.
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Moody's changes outlook for Republic of Congo to "positive" on the ease of default risks
Moody's changed its outlook on the Republic of Congo from "stable" to "positive" on Wednesday. The company said that the country's increased access to the international capital markets, as well as a potential IMF program had reduced the near-term risk of default. The 'positive outlook' reflects RoC’s potential reversal of its credit trend following defaults in the regional market between 2024 and 2025, according to a statement from?global rating agency. The Congo finance ministry announced earlier this month that it had requested to speak with the IMF about a new financing program. A technical mission will be arriving in central Africa. In an April assessment, the IMF said that Congo's economy and outlook remained fragile. Moody's says that higher oil prices, and the planned increase in oil and gas production will likely boost the growth of a?African nation's fiscal revenues and its ability to service debt. The'sovereign rating' was rated in the junk category at "Caa2" due to its high debt load, persistent arrears with official creditors and domestic arrears with?services and goods providers.?Alongside this, it has a history of poor fiscal governance. (Reporting and editing by Shilpi Mahumdar in Bengaluru)
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CME LIVESTOCK cattle futures rise on expectations of US beef demand
Analysts said that the Chicago Mercantile Exchange futures for live cattle and feeder calves? climbed on Wednesday, as fears about high prices? affecting demand for U.S. Beef eased. Prices rose a week after falling by more than 3% and reaching their lowest levels since March. Last month, the live cattle futures contract reached a new high. Consumer demand for beef has been strong and the U.S. herd is at its lowest level in 75 years. The high price of beef, gasoline, and other goods has recently caused consumers to worry that they may reduce their spending. On Wednesday, oil prices fell by 4% after Iranian state TV reported that it had seen an unofficial draft of a framework for an agreement between Iran & the United States to end their conflict and reopen the Strait of Hormuz. Dan Norcini is an independent livestock trader. He said that if it looks like energy prices are going down, combined with the record high stock market levels, this will take away some of the worries about consumer demand for?beef falling. The August futures for live cattle rose 3.35 cents, to 242.500 cents/pound. August feeder cattle futures also soared 5.17 cents, to 354.625 cents/pound. The U.S. Department of Agriculture has reported that the value of boxed beef's choice cuts increased on Tuesday by $2.63 per hundredweight to $392.90, and select cuts by $5.30, to $390.30. The high cost of scarce cattle supplies continues to put pressure on meatpackers, even though beef prices are sky-high. According to HedgersEdge.com, on Wednesday, packers?lost about $299 for each head of cattle that they slaughtered. Pork processors earned about $4.40 per hog. CME's lean-hog futures rose 2 cents to 102.125cents per pound. On Friday, the contract reached a new low for December. Norcini stated, "Hogs seem to be trying to 'forge a bottom. The key to them continuing to push higher is the additional strength in pork cutout. According to USDA, the wholesale price of pork carcass cutouts on Tuesday increased $2.59 per cwt to $98.85.
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Gold falls to a two-month low amid inflation-fueled rate hikes
Gold prices fell to their lowest level in two months on Wednesday. This was due to expectations of a tighter monetary policy, which would help to curb inflation. The U.S.-backed conflict with Iran is not expected to end any time soon. As of 2:08 pm EDT (1808 GMT), spot gold was down by 1.3% to $4,447.71 an ounce. It had fallen earlier in the day to its lowest price since March 27. U.S. Gold futures for delivery in June settled at $4,448.40, a?1.2% decrease. The Middle East continues to have the biggest impact. Peter Grant, senior metals analyst at Zaner Metals, said that there was a lingering optimism but that it is fading as the conflict continues. He added that inflation fears are increasing due to this ongoing conflict. Since the beginning of the U.S. - Israel war with 'Iran, the price of gold has been on the rise. Brent crude prices have risen due to the effective closure of Strait of Hormuz, causing inflation worries and raising expectations of rate increases. 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. The deal also included the withdrawal by the U.S. military from the vicinity of Iran. The gold price briefly recovered some of its losses following this report. 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, despite being a hedge against inflation, is not yielding in high-rate environments. Neel Kazhkari, the Minneapolis Fed president, said that it is "far too early" to predict whether or not it will change its current policy rate. Investors are awaiting the release of U.S. Data on Personal Consumption Spending (PCS) can provide clues about the direction of monetary policy. Spot silver dropped 3.2% to $74.46 an ounce. Bank of America said in a Tuesday note that while a gold rally could boost silver to $100/oz again in the next few months, it is unlikely to be sustained due to an easing of fundamental demand. Platinum fell 2.1% to $1.916.90, while palladium rose 0.1% to $1.386.47.
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Trump: US still not satisfied with Iran deal
Donald Trump, the U.S. president, said on Wednesday that he is 'not yet satisfied with a deal reached with Iran.' He also added that the U.S. The United States is not 'discussing' easing sanctions against Iran. Trump told reporters that Iran is open to a deal at a White House cabinet meeting. "Iran has a very strong desire to reach a deal. They haven't reached a deal yet... but we won't be. Trump said that we?will either be that or finish the job. He said that under the potential framework agreement?with Tehran that the Strait?of?Hormuz will open immediately, but it won't be controlled by anyone. "We will watch it, but no one is going to control it." This is part of our negotiation. They want to control it. No one is going to be able to control it. Trump said that it was international waters, and Oman would behave like "everyone else" or we'd have to blow up the'ships'. The White House didn't immediately respond to an inquiry for a comment about Trump's "comment" on Oman. The embassy of Oman in Washington did not respond immediately to a comment request. Trump said that he is not comfortable with Russia or China taking Iran's highly enriched uranium stockpile.
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Minas Gerais, Brazil, is forced to re-examine the sale of Copasa utility shares
Sources told us that the state of Minas Gerais in Brazil's southeast will need to review its privatization process for water and sewage utility Copasa after bids by potential anchor investors were below the government's asking price. The source, who asked to remain anonymous because the process was private, said that "it didn't achieve the price and there will be a rebid." Copasa has confirmed that the Minas Gerais government, which is the selling shareholder, will amend its secondary share offering registered last week. The parties did not disclose the nature of the changes. Originally, the announcement of a possible anchor investor was scheduled for Wednesday. Copasa shares fell 5% early in the afternoon, leading losses on Brazil's Bovespa index. The bidders were a consortium Itausa and Singapore's sovereign fund,?GIC. Also, the investment platform Equipav specialized in concessions, submitted an offer through a vehicle named Livorno. According to the original plan Minas Gerais would retain a 5% stake and sell a 30% stake to an anchor for approximately 6 billion reais. It would also offer 15% of its Copasa shares to other investors for an additional 3 billion reais. (Reporting and editing by Paul Simao; Alberto Alerigi Jr., Luciana magalhaes)
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Carney's government shrinks after former Canadian minister Carney resigns over environmental concerns
Steven Guilbeault, former Canadian cabinet minister, announced on Wednesday that he will'step down' from his seat in the?parliament. He cited his desire to fight for?environmental?protections following his objections to the decisions of Prime Minister Mark Carney’s government. Guilbeault’s departure will reduce Liberal Party’s slim majority in the parliamentary to one seat. Guilbeault announced on X that he would resign from his position representing downtown Montreal in the summer of this year, but would continue to be a Liberal member until then. He said, "It's time to change the way I fight for climate protection and environmental protection." "I want to continue this fight for generations that will inherit our unique and precious blue planet." Carney had thanked Guilbeault earlier on Wednesday for his contribution, saying that they worked together while Carney was the United Nations Special Representative for Climate. Carney stated that it was up to him to decide his own career. "I wish him all the best, and I am sure that we will have a chance to continue working together in some shape or form on issues of interest." Quit Cabinet Over Climate Rule Rollback In November, Guilbeault resigned from Carney's Cabinet over his opposition to an agreement Ottawa had made with Alberta, a province that produces oil, to rollback certain climate regulations to encourage investment in energy production. Guilbeault was an activist for Greenpeace before he ran for office. He served as the environment minister to former Prime Minister Justin Trudeau. Carney's Government secured a Majority in April after the Liberal Party won 174 seats at three special elections held in Ontario and Quebec. Carney said that a majority would allow him to deal with the trade conflict started by U.S. President Donald Trump more effectively, and also save him from having to run for another election in years. It would also make it easier for legislation. For a simple majority, the Liberals only need 172 votes. Laura Stephenson, professor of political sciences at the University of Western Ontario said Guilbeault?s resignation showed that some Liberal Party members are not in agreement with Carney?s economic-focused policies. She claimed that several other Liberal legislators have?suggested that they may also resign, potentially leaving?Carney in another 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."
Europe's solar energy rise hits costs, exposing storage requirements
Europe has actually clocked a. record number of hours of negative power rates this year due to. a mismatch between need and supply as solar energy generation. soars, potentially helping to move investment to much needed. storage options.
Wholesale power markets in most of Europe's key economies. turned out no or negative prices for a record variety of hours. in the first 5 months of this year at times of low demand. That means producers more frequently need to pay to unload. power, or stop their plants.
One could definitely state that, at this moment, success is. consuming its own offspring, Markus Hagel, energy policy professional. at German energy Trianel, told .
Strong hydro and nuclear power generation has actually played some. part in the oversupply, however Europe has also seen a massive. expansion of solar power.
Set up solar capacity in the European Union more than. doubled to 263 GW between 2019 and 2023, according to SolarPower. Europe information. In 2023 alone, that is comparable to an additional. 306,000 photovoltaic panels being set up every day, the group stated.
In the day-ahead market, this has seen more European markets. experience cost drops at the lowest need point in the middle. of the day.
Trianel informed the company has purchased 800. megawatt (MW) of photovoltaic capacity and has a job. pipeline of 2,000 MW but the lower rates are forcing it to. reevaluate how it sells the power.
Solar has actually flourished in part because it no longer required. aids as developers concurred power purchase arrangements (PPAs). with purchasers at fixed terms pegged to wholesale power market. prices.
This permitted a much faster and bigger build-out than previous. capped volume auctions for government-backed payments.
However as rates fall, designers are significantly reversing. to aid plans once again, Hagel stated.
Negative rates are absolutely nothing new for Germany, which hosts. Europe's most significant capability of unstable solar and wind power. generation, however 2024 is the first year Spain is seeing them,. after a number of years of strong solar energy growth.
It is not something that worries us at the moment. What. does stress us is that it will be repeated or can be repeated. gradually, José María González Moya, director general of. eco-friendly lobby APPA Renovables, said, including that brand-new contracts. for PPAs are currently declining.
And yes, in a manner, financial investment is slowing down. Not. stopping, however slowing down, Moya said.
Germany and Spain are still leading the PPA market, Jens. Hollstein, head of advisory at PPA prices platform Pexapark,. stated. However, solar producers were being forced to offer their. power at increasing discount rates to round-the-clock generators.
The margin is getting thinner, Hollstein stated.
He expected a downturn in investments if the advancement. continued.
On the flip-side, the power market is now seeing a bigger. gap between low and high-priced hours, increasing the reward. to purchase storage, he added.
INCREASING BATTERY STORAGE IS KEY
The International Energy Agency (IEA) highlighted the immediate. require for energy storage in an annual report.
Designers who select not to co-locate their wind and solar. PV power parks along with battery storage or other sources of. flexibility might see a drop in prospective revenues during peak. generation-- hindering earnings and dissuading investment, the. IEA wrote.
The EU estimated that energy storage in the bloc will need. to rise more than three-fold from 2022 to 2030, to match. forecasts of a 69% share of renewable resource in its. electricity system by then.
Norwegian renewable energy manufacturer Statkraft, which. runs throughout Europe, has said it could divest some wind and. solar tasks, but would likely keep its battery possessions.
For batteries it will be favorable to have greater. volatility and also unfavorable prices, CEO Birgitte Ringstad. Vartdal stated, as batteries can be charged when costs are low. while output can be offered when prices are high.
That is one of the reasons that versatile jobs will be. attractive, Ringstad Vartdal added.
Besides saving energy in batteries to deal with periods of. excess supply, other alternatives like AI-powered clever grids and. meters might also help consumers optimise their electrical power use.
Domestic end users, afflicted by the rise in energy costs in. the wake of the Ukraine war, have yet to enjoy lower expenses. because typically they are locked into long term agreements.
Just those consumers that have invested in a heatpump, a. charger for their electrical car, or a storage system, have the ability to. take advantage of negative rates, representative for Germany's. association of regional utilities VKU stated.
Those on repaired priced contracts will only feel a favorable. effect from negative power rates once they have pulled down. average market prices over the long term.
(source: Reuters)