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Agnico Eagle calls on Canadian Arctic Strategy amid US Threats
Canada's North has significant mineral resources, including gold and critical minerals Agnico Eagle has no interest in purchasing Barrick's Canadian mining operations By Divya Rajagopal TORONTO, MAY 2 - Agnico, Canada's largest gold miner, has asked the new government to create a formal Arctic Strategy in response to U.S. president Donald Trump's threat to make Canada the 51st State, said the company's chairman Sean Boyd. Agnico has surpassed Barrick Mining in terms of market capitalization, becoming the second largest gold miner in the world, only below Newmont Corp., which is the biggest bullion producer by both production and market capitalization. Agnico has expanded its Hope Bay Gold Project in Nunavut. This is the northernmost Canadian province that borders Greenland, the Arctic Ocean, and the Arctic Ocean. Agnico wants the new Canadian government to encourage investment in infrastructure for the Arctic. Boyd said in an interview that "it's just noise" (Trump's threat), but we as a nation have to take it seriously. We have called for a more structured, formalized Arctic strategy. He said that the company will be "way stronger" in advocating for the Arctic Strategy with Ottawa because it sees opportunities for growth in North America. Boyd stated that "it's pretty obvious, based on U.S. interests in Greenland, and the U.S. Administration's comments about Canada and critical metals that Canada should focus more on the opportunities that exist in Canada's Far North, and in communities and people who live there," Boyd added. Hope Bay Mine is expected to return to production in early 2019 after 2023, when the company placed the mine on care and maintenance to concentrate on drilling resources. Agnico is one of only a few gold mining companies in Canada that has assets. It bets big on Canada even though some of its peers are looking to sell their assets. The company's strategy is paying off for investors. Its share price has increased by 45% in the past year, making it among the top performing mining companies, according to Refinitiv. Bloomberg reported earlier this month that Barrick Gold was also a Canadian miner looking to sell its only mine in Canada. Boyd, however, has said that Agnico will not be buying the asset because it is too small. We have a strong pipeline of larger projects. "Our strategy is not to improve smaller projects," he said. Canada's North is home to some of the largest mineral resources on the planet, including gold, and has a poorer infrastructure than the rest of Canada. Nunuvut Premier P.J. Akeeagok told the media last month that because of the dangers posed by the south of Canada, it was time for the new government in Nunuvut to build basic infrastructure. Akeeagok: "I believe there is an incredible opportunity to bring different corridors into the north." (Divyarajagopal, Toronto; Editing done by Veronica Brown and Susan Fenton).
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Canada's Imperial Oil reports a rise in profit for the quarter on higher refining margins
Imperial Oil, a Canadian oil company, posted an increase in its first-quarter profits on Friday. This was primarily due to higher margins in the refining and sales of fuels business. The shares, which are listed in the United States, rose nearly 6% prior to the bell. The completion of the Trans Mountain expansion project has benefited Canadian producers, increasing its capacity to 890,000. barrels per day. The pipeline is the only way for producers to export their products internationally without having to go through the United States. Brad Corson, CEO of Corson Energy Inc. said that the upstream business continues to benefit from the improved egress as well as the narrowing of heavy oil differentials. Our downstream profitability reflects the structural advantages offered by the Canadian market. Imperial's results are part of a wider rebound in North American refinery margins as the product demand is resilient and supply is tight due to global disruptions. Canada exports 90% of its crude oil to the United States. Most of it is shipped via pipelines, mainly from Alberta in western Canada to refineries located on landlocked land in the U.S. Midwest. This interdependence is in turmoil since U.S. president Donald Trump announced tariffs against the neighboring country in the north. He briefly kept his promise in February, but then rowed back the majority of the levies in a matter of days. Imperial Oil, which is majority owned by Exxon Mobil in the United States, reported a petroleum product sale of 455,000 barrels a day during the first three months. This compares to 450,000 bpd one year earlier. Calgary-based company, Alberta Synthetic Crude Oil, said the average realization of synthetic crude oil rose to C$98.79 a barrel from C$93.51 a barrel compared to 96.51 c$ per barrel one year ago. However, it reported a decline in its upstream output, total throughput volume and refinery usage rate. Imperial's net profit rose from C$1.2 billion (933.23 millions) or C$2.23 a share a year ago to C$1.29billion ($933.23million), or C$2.52 - per share - during the quarter that ended on March 31. ($1 = 1.3823 Canadian dollars) (Reporting by Pooja Menon in Bengaluru; Editing by Shilpi Majumdar)
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UK loses its appeal against tougher police powers to curb street protests
The London Court of Appeal rejected Britain's bid to grant police greater powers to impose restrictions on protests on the streets on Friday. Civil rights group Liberty called it a "huge victory for democracy". Liberty has successfully challenged the changes made to public order laws by the former Conservative government. The High Court ruled last year that government exceeded its power by lowering police thresholds to impose conditions. After a brief delay, the Home Office, Britain's interior ministry, appealed the ruling. They argued that ministers could lower the threshold even without new legislation. Akiko Hart, Liberty's director, said that the government should now remove these new powers. She said that the next step is for the government to accept this decision and agree to do away with this illegal legislation. Home Office spokesperson stated that the "central powers used by police to manage protests, and ensure they remain peaceful, are not affected by this judgement". The spokesperson said: "The right to peacefully protest is an important cornerstone of democracy, but it remains clear that the law does not apply to intimidation with intent or to serious disruptions to the lives of communities." Liberty's case centered on the Public Order Act. Under this act, police can impose restrictions on protests that may cause "serious disturbances to the lives of the community". After a wave of direct action protests by environmentalists and other activists, the law was amended so that police could impose conditions when a protest might cause "more minor" disruption. Liberty, on the other hand, claimed that it had given police virtually unlimited powers to stop protests. It cited the arrest of Swedish climate campaigner Greta Thunberg who was subsequently acquitted. In May 2024, the High Court found that the new powers are illegal. However, the Court of Appeal put on hold the decision to quashing the new powers pending an appeal. Liberty reported that the Court of Appeal will "decide in the next few weeks whether the legislation should be quashed". (Reporting and editing by Sam Tobin)
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Palm oil records weekly loss due to firmer Ringgit and weak demand
Malaysian palm futures have reversed their gains from earlier in the week, due to a stronger ringgit, and weak demand on key markets. Prices also fell for the entire week. The benchmark contract for palm oil delivery in July on Bursa Derivatives Malaysia Exchange dropped 0.79% at the close to 3,880 Ringgit ($911.23) per metric ton. The contract dropped 4.36% in the last week. Anilkumar bagani, head of commodity research at Mumbai-based Sunvin Group, explained that a stronger ringgit, and a lack of enthusiasm in the face of expectations of an increased inventory of palm oil in Malaysia for April, limited gains. Chicago Board of Trade soyoil was down by 0.72%. Dalian Commodity Exchange will be closed for Labour Day from May 1 to 5. As palm oil competes to gain a share in the global vegetable oils industry, it tracks the price changes of competing edible oils. Oil prices dropped as traders rearranged their positions in advance of an OPEC+ gathering and amid some scepticism regarding a possible de-escalation of trade disputes between China and the United States. Palm oil is less appealing as a biodiesel feedstock due to the weaker crude oil futures. As of 1055 GMT on Friday, the ringgit, the palm industry's trade currency, increased by 1.25% versus the U.S. Dollar, increasing the price of the commodity for foreign buyers. ($1 = 4,2580 ringgit). (Reporting and editing by Ashley Tang, Sumana Nandy, and Varun H K).
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Itochu announces record-breaking annual profits, helped by textiles and FamilyMart
Itochu, a Japanese trading company, reported a record net profit for the year of 880.3 billion Japanese yen, or $6 billion. The unit's textile, food and FamilyMart convenience stores contributed to this. The profit rose by 10% compared to the previous year. However, it was below the LSEG poll forecast of a net profit of 887 billion yen for the fiscal year ending in March. The company forecasts a profit of 900 billion yen for the fiscal year that ends in March next year. This includes an 88 billion-yen gain from the sale its shares of C.P. Pokphand is a division of Thailand's Charoen Pokphand Foods. Tsuyoshi hachimura, Itochu’s Chief Financial officer, said that since forming the strategic alliance with the Charoen Pokphand Group in 2014, the two companies have created synergies via trade and joint investment, resulting in a profit total of 120 billion yen for the Japanese company. He said, "The deal was a great success." Hachimura, when asked about the impact U.S. Tariffs on global economic growth, expressed concern they could dampen the global sentiment and economy, rather than have a significant affect on the company's exports and imports. Itochu has also maintained an overall shareholder payout ratio (or a percentage) of 50% for the current year. Berkshire Hathaway of Warren Buffett, a major minority shareholder in Itochu and other Japanese trading companies including Marubeni Corp. and Sumitomo Corp., is expanding its stakes in both the company, as well as those in Marubeni Corp.
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Chevron exceeds Wall Street profit expectations as refinery recovers from the previous quarter
Chevron reported earnings for the first quarter that were in line with Wall Street expectations, after seeing a turnaround of its refining division from a loss at the end of last year. Eimear Bonner, the company's chief finance officer, stated that Chevron could repurchase shares this year between $11.5 billion and 13 billion dollars, which is within its guidance range of $10 billion to 20 billion. According to LSEG, the second largest U.S. oil company posted earnings adjusted of $3.8 billion for the three-month period ended March 31. This is $2.18 per common share and matches analyst expectations. The shares reversed their course after the results, and were last down almost 1% before market as profits from refining, oil and gas production were down compared to a year earlier. The refining profit was an improvement over the previous quarter when Chevron reported its first loss in the downstream business for four years. Chevron, along with other oil producers, has been dealing with the fall in crude prices ever since U.S. president Donald Trump announced tariffs on April 2 that were expected to slow down global economic growth. Lower crude oil prices have led to questions over whether producers can meet their dividend and share repurchase goals - an important part of Big Oil’s strategy to attract investors - without cutting capital expenditure budgets. Chevron reported that it paid out $3 billion in dividends during the third quarter and purchased $3.9 billion worth of shares. The company expects to buy back between $2 billion and $3 billion of shares in the second quarter. Bonner, in an interview, said that if Chevron were to continue this trend, it could end up with between $11.5 and $13 billion of repurchases by 2025. She said, "We are still repurchasing a significant portion of our shares each year. On top of that, our dividend is growing faster than any of our competitors." Chevron's total global oil production was 3.35 million barrels equivalent per day. This is the same as last year. In January, the company completed an expansion of the Tengiz Oilfield in Kazakhstan and increased production in the Permian Basin, the largest U.S. oilfield by 12%. These gains were offset with a loss in production due to asset sales. In April, Chevron began production at its Ballymore project located in the U.S. Gulf of Mexico. Tengiz operations have been a focus of attention as Kazakhstan has consistently exceeded OPEC+ oil output quotas. Bonner stated that the company operates unrestricted. Chevron's second quarter shipments to Venezuela will be affected by an order from the Trump administration that ended operations in Venezuela during the first quarter. The earnings from oil and natural gas production fell to $3.76 billion from $5.24 in the previous quarter. Chevron's refinery business made $325 million in the first quarter of 2018, down from $783 millions a year earlier. This is a significant turnaround from its previous quarter, when it had reported a first-time loss since 2020 as the post-pandemic surge of fuel demand faded. Sheila Dang reported from Houston, and Nia Williams edited the story.
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FTSE 100 increases with Shell at the helm amid easing China/US tensions
The blue-chip index in Britain advanced on Friday led by Shell as a potential ease in China-U.S. tensions and positive earnings reports generally boosted the market sentiment. By 0955 GMT the FTSE 100 had gained 0.8% and was on course to record its 15th consecutive session of winning - the longest ever recorded. It is also poised to achieve its third consecutive week of gains. Despite recent market turmoil due to U.S. tariffs on imports, the blue chip index is only 3.6% lower than its closing record high reached on March 3, 2025. Shell's share price rose 3.4% despite lower oil prices and a reduction in refining margins compared to last year. The company also maintained its share-buyback program despite beating analyst expectations. Shell's performance boosted the energy index by 2%. NatWest's share price rose by 1.2% following the lender's announcement of a 36% increase in its first-quarter profits, which exceeded expectations. This was due to higher margins for deposits and loan balances. Standard Chartered announced a 10% increase in profit, but it also agreed with HSBC that increased tariffs will impact credit quality. The bank's share price was down by 0.5%. China's Commerce Ministry stated that Beijing is open to discussions on tariffs, and was "evaluating" Washington's offer of holding talks about President Donald Trump's tariffs of 145%. China, however, said that Washington should show "sincerity in negotiations" and be ready to cancel its unilateral duties. The domestically-focused FTSE 250 index was almost flat on the day but was headed towards its fourth consecutive week of gains. SSP Group rose 6% to be among the best performers in the midcap index, after Financial Times reported that activist investor Irenic Capital Management had built up a 2% stake. Stock reached its highest level in about a two-month period. Ferrexpo, a miner based in Ukraine, saw its shares surge for a second day running, up 10% on the back of the U.S.Ukraine mineral deal. (Reporting by Ragini Mathur in Bengaluru; Editing by Vijay Kishore)
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Azerbaijan's president will present a climate plan that was delayed by September
Azerbaijan will present its long-overdue climate action plans by September, COP29 president Mukhtar Babaev said on Thursday. He added that the oil producing country is advancing its green transition. Azerbaijan said that it would use the presidency of the annual U.N. meetings to set an example and convince countries to submit their national climate plans in line with the U.N. target to limit global warming to 1.5 degrees Celsius (2,7 degrees Fahrenheit). All countries are required to submit Nationally Determined contributions, or climate action Plans, which describe policies and decisions to reduce emissions. They must also be updated every few years. Azerbaijan, for example, was one of the few countries that failed to submit their plans by the February deadline. The U.N. extended the deadline until September. Babayev noted that it was easy to declare things, and that some countries had delayed submitting their NDCs because they needed to prepare their programmes more. He said Azerbaijan is developing a comprehensive program on the transition to a low-carbon economy, and will submit its plan by September. The campaigners worry that global efforts to combat climate change will lose momentum now that the United States has pulled out of the United Nations efforts under Donald Trump and the big business has abandoned sustainability. Babayev stated that Azerbaijan is working towards the goal of generating 30% of its electricity through renewable sources by 2030. The country also plans to increase its solar power and export offshore wind energy from the Caspian Sea. He said, "For us it is important to show how a country with a long history of oil and gas has now turned its economy in the direction of green energy." Climate Watch reports that only 19 countries have made new Nationally Determined contributions. Azerbaijan will hand over the U.N. presidency to Brazil this year, as Brazil will be hosting COP30 (the 30th Conference of Parties) in November. Virginia Furness, Rachna uppal and Barbara Lewis (Reporting)
Firefighters getting control over destructive wildfire near Los Angeles
Firemens began getting control on Friday over a stubborn wildfire near Los Angeles that destroyed at least 132 buildings and harmed 88 others, as lots of of the more than 10,000 individuals forced to evacuate were able to return home.
Some 2,400 firefighters were assisted by more favorable winds originating from the Pacific Ocean after formerly hot and dry winds originating from the desert fanned the so-called Mountain Fire, which broke out on Wednesday about 50 miles (80 km) northwest of Los Angeles.
The fire had consumed 20,630 acres (8,350 hectares) by Friday, essentially the same from 24 hr previously, and was 14%. contained, up from 7%, Cal Fire officials informed a press. conference.
We had no external or lateral motion today. That is. fantastic, Ventura County Fire Chief Dustin Gardner told a news. rundown.
Citizens of 3,500 homes had the ability to return home but. another 2,000 homes remained under evacuation orders, Ventura. County Constable Jim Fryhoff stated.
Sustained by dry brush and high, rugged terrain, the fire. remained a hazard to crucial facilities and islands would. continue to burn within its footprint.
Amongst those who lost a home was Dennis Gottlieb of Ventura. County. He counted himself lucky to be alive as he waited early. on Friday morning at a shelter at Padre Serra Parish Catholic. Church in Camarillo, California. He stated he lost all his. possessions except his truck.
It was windy, genuine windy, however that's all, so I just began. my regular day until I saw the smoke and after that the fire, he. said. Gottlieb stated he got some garden tubes and believed he. could keep the blaze far from your house.
Unexpectedly the smoke got real heavy and cinders were falling. all around, he said. It was hot, genuine hot, like 150 degrees. ( 65 C). So I got the keys to my truck, he said. He and his. wife, Linda Fellerman, hardly made it out. One road was blocked. by a fallen tree up until a neighbor with a chainsaw cut it away.
He went back on Thursday to see if he could restore any. mementos however stated, Everything is gone. All gone. Burned up.
A red flag caution for the area was lifted as winds were. anticipated to calm to less than 15 miles per hour (24 kph) and. humidity was due to climb, the National Weather condition Service stated.
The dry Santa Ana winds that fanned the flames in the beginning with. gusts of 80 miles per hour to 100 mph previously this week are expected to. stay calm over the weekend, topping out at 20-to-25 miles per hour, stated. Ariel Cohen, a meteorologist with the NWS office in Oxnard,. California.
The rain opportunities are low to none, he said. But while the. winds are calmer now, they're going to get again by. Tuesday.
Authorities braced people for a hard recovery.
The only thing left standing of our house is the two. chimneys, Darren Kettle informed the Los Angeles Times. My heart. dropped to my stomach. It's simply shocking, traumatic.
Environment researchers state warming temperature levels have created wet. winters that enabled California's coastal chaparral - areas. dominated by small trees, shrubs and bushes - to grow. Record-high temperatures this summer dried hillsides,. priming them for wildfire.
The United States is experiencing a strong wildfire year. with 8.1 million acres (3.3 million hectares) burned to date,. compared with a yearly, full-year average of around 7 million. acres over the last decade, according to National Interagency. Fire Center information.
So far this year, California wildfires have burned more than. three times as much land as in 2015 at this time, according to. Cal Fire data.
(source: Reuters)