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US announces it has reached an understanding with China to accelerate rare earth exports
A White House official announced on Thursday that the United States and China have reached an agreement on how to expedite the shipment of rare earths to the United States. This comes amid efforts to resolve a trade dispute between the two world's largest economies. China agreed to remove non-tariff measures imposed on the United States from April 2 during talks in Geneva in May, although it is unclear how certain of these countermeasures would be removed. China has added rare earths as part of its response to the U.S. tariffs announced recently by President Donald Trump. A White House official announced on Thursday that "the administration and China have agreed to an additional agreement for a framework in order to implement the Geneva Agreement". Officials said that the understanding was "about how to expedite rare earth shipments into the U.S. once again". Bloomberg quoted U.S. Commerce Sec. Howard Lutnick as saying: "They will deliver rare earths" and "we will take down our countermeasures" once they have done that. The Chinese embassy in Washington has not responded to a comment request immediately. Reporting by Nandita BOSE and Steve Holland, writing by Costas PITAS; editing by Chris Reese
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DNOW acquires MRC Global for $1.5 billion in all-stock deal
DNOW, a supplier of industrial and energy products, announced on Thursday that it will buy MRC Global for $1.5 billion in stock plus debt. The combined company will have over 350 service and distributor locations in 20 countries. It will serve customers from the gas utility sector, upstream, middlestream and downstream. The acquisition is part of the ongoing consolidation within the oilfield service and industrial supply sectors, where companies are combining to increase geographic reach, expand product offerings, and improve operational efficiency. MRC Global distributes pipe, fittings and automation products primarily to the energy, utility, industrial and industrial markets. According to calculations, MRC Global shares will be exchanged for 0.9489 DNOW shares, resulting in a deal value per share of $13.85 - a 6.8% premium. DNOW shares also rose 1.9% in extended trading. The deal will close in the fourth-quarter of 2025. DNOW shareholders are expected to own 56.5%, and MRC shareholders 43.5%, of the new entity. The deal is expected to save the companies $70 million annually in three years due to supply chain efficiency, system integration, and cost savings for public companies. The deal will also be expected to increase adjusted earnings per share within the first year of closing. DNOW CEO David Cherechinsky is the new leader of the combined company. It will continue to be operated under the DNOW brand and will remain headquartered in Houston. The DNOW board will be expanded to 10 members by the addition of two MRC Global directors. (Reporting by Arunima Kumar in Bengaluru; Editing by Mohammed Safi Shamsi)
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UN Climate Budget to be Increased by 10%
The U.N. Climate Body's budget will be increased by 10% over the next two-year period. This is a positive step for the organization, as it shows a willingness to collaborate on the issue of climate change. China's contribution has also been raised. Nearly 200 countries, from Japan to Saudi Arabia to small island countries like Fiji, reached a deal at the U.N. Climate Negotiations in Bonn. This agreement came despite significant funding cuts in other U.N. organizations, which were triggered by U.S. cutting its contributions and political pushback against ambitious climate policies by European countries. The countries agreed on a budget core of 81.5 millions euros for the United Nations Framework Convention on Climate Change over 2026-2027. This is an increase of 10% from 2024-2025. The core budget is funded through government contributions. China's contribution has been increased to reflect the economic growth of the country. China, which is the second largest economy in the world, will cover 20% of the budget. This is up from 15%. Only the United States as the largest economy in the world received a higher share of 22%. Donald Trump, however, resigned from the U.N. Paris Climate Agreement and stopped international climate funding. Bloomberg Philanthropies pledged to cover U.S. contributions to UNFCCC budget. The U.S. didn't attend the U.N. Climate talks in Bonn this week, Germany, where the budget has been approved. UN climate chief Simon Stiell welcomed this increase as a "clear signal that governments still see U.N. convened climate collaboration as essential, even during difficult times." UNFCCC facilitates annual climate negotiations between countries, and assists in implementing agreements made. This includes the 2015 Paris Agreement which committed nearly all nations towards limiting global warming. In recent years the organization has suffered a severe financial shortfall due to major donors such as China and the U.S. not paying on time. This led the organization to reduce costs, including canceling some events. UNFCC running costs and staffing are lower than other U.N. agencies facing funding cuts. For example, the U.N. Trade and Development Agency's 400 staff. According to a memo, the U.N. Secretariat is planning to cut its budget of $3.7 billion by 20%. (Reporting and editing by Toby Chopra; Reporting by Kate Abnett)
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Netanyahu expects to expand peace talks after Iran war
Benjamin Netanyahu, Prime Minister of Israel, said that Israel's war against Iran was a chance for peace and his country shouldn't waste it. In a press release, Netanyahu stated: "This victory offers an opportunity to dramatically expand peace agreements." This is something we are working with great enthusiasm on. "Along with the release of hostages and defeating Hamas, a window of chance must not be missed." We can't waste a single moment." Israel Hayom, citing an anonymous source, reported earlier in the day that Netanyahu and U.S. president Donald Trump had agreed, in a telephone call this week, to end the Gaza war quickly, possibly within two weeks. Israel Hayom stated that the agreement could include an expansion of the Abraham Accords between Israel and its Arab neighbours, including Saudi Arabia and Syria. The Prime Minister's Office declined to comment on Israel Hayom. The U.S. brokered Israel-Iran truce announced by Trump has raised hopes among Palestinians that the 20-month-long war in Gaza, which has ravaged the area and forced most of its residents to flee their homes with widespread malnutrition, will soon come to an end. Netanyahu stated on Sunday that he expects more countries to sign the Abraham Accords with a weaker Iran. Netanyahu said to reporters at the time, "We have broken up the axis." This is a big change, and Israel is becoming more prominent not only in the Middle East, but around the globe. This is a major shift. "We will have a new, bright future of security, prosperity, hope, and peace." Reporting by Howard Goller and Maayan Libell; editing by Andrew Cawthorne
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Brazil's power regulator warns that budget cuts could lead to a shutdown.
Sandoval Feitosa said that Aneel, Brazil's regulator of power, is in a serious budget crisis. He urged the government to release money to keep the agency's vital operations running. Why it's important Aneel's potential closure would coincide with government efforts to reduce spending in order to meet fiscal targets and could compromise the regulatory oversight of Latin America's biggest power sector. Aneel is primarily responsible for regulating Brazil’s electricity generation, transmission, and distribution. It also oversees concessions and implements government policies, and establishes tariffs. By the Numbers According to Feitosa, Aneel has had its budget cut to 117 millions reais (about $21,28 million), from an initial 155 million. This is because the government implemented spending containment measures. The agency initially requested 240 millions reais for its operational requirements. KEY QUOTE Feitosa, a reporter in Rio de Janeiro, told reporters that the agency would only be able function every day until 2 pm because of these cuts. Due to financial constraints, he noted that Aneel has already cut staff, suspended call center operations, and prevented inspections. Feitosa stated that this is the biggest budget cut Aneel had ever seen in its history. What's Next? Feitosa has assured that Aneel’s analysis of the renewals of distribution concessions as well as auctions for power will not be affected by the current budget crisis. The agency is waiting for a government decision on its funding request.
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Nour News reports that the damaged unit of Iran's South Pars Refinery is now back in operation.
Nour News, the Iranian state news agency, reported that a damaged unit of South Pars refinery Phase 14 has been returned to service. Israel had struck the refinery in its first attack on Iran's oil sector. South Pars is the largest gas field in the world. It is located off the coast of Iran's Bushehr Province, which is the southernmost province. This gas field is responsible for a large part of the gas produced by the country. Iran is the third largest gas producer in the world after the United States of America and Russia. The agency said that gas production did not stop and the unit damaged was repaired within 10 days. The Israeli strike on June 14 caused an fire in one of four Phase 14 units. It has since been put out. Israel began an airstrike against Iran, killing scientists and commanders on June 13, and bombing nuclear facilities. It claimed it was trying to stop Tehran from building atomic weapons. Donald Trump, the U.S. president, announced a ceasefire on Monday between Israel and Iran after a 12-day aerial war. Reporting by Dubai Newsroom. Yomna ehab is the author. (Editing by Andrew Cawthorne, Mark Potter and Mark Potter).
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Dollar hits 3-year low and stocks hit new record amid Fed concerns
The dollar fell to its lowest level in more than three years, even though global stocks hit their third all-time high on Thursday. Markets are also growing increasingly concerned about the independence of the Federal Reserve. The U.S. Dollar Index was down by nearly 0.5% for the session, and over 10% on an annual basis. If the trend continues in the coming days, it will be the biggest drop in the first six months since the beginning of the free-floating currency era in the early 1970s. Wall Street's major indexes are trading higher. The benchmark S&P 500, and Nasdaq are nearing records. The Dow Jones Industrial Average increased by 0.74%, the S&P 500 by 0.66% and the Nasdaq Composite by 0.73%. European shares ended up 0.09%. MSCI's global stock index rose 75%, to 908.96. This was a record high for a third consecutive session. According to a Wall Street Journal article, President Donald Trump is considering replacing Chair Jerome Powell in the coming months. His term ends next May. Powell just finished two days of testimony before the U.S. Congress. He said that he would be cautious in considering any further rate reductions, as he expects Trump’s tariffs to cause prices to increase this summer. Wasif Latif is the chief investment officer of Sarmaya Partners, a New Jersey-based firm. He said that a Trump appointment to a shadow Fed chairman will likely undermine investor confidence in its independence and contribute to the weakness of the dollar. Latif explained that the market is aware that Powell will leave the stage sooner or later and that the next appointment would likely be someone who's a bit more dovish, or politically motivated. "And the markets are saying that the next chair is likely to be more receptive to large cuts than Powell was and I think this is part of the reason why the dollar is weakening and gold is reflecting it." Overnight, the Nikkei in Tokyo rose 1.65%, reaching its highest level since last January. MSCI's Asia-Pacific share index outside Japan also finished higher. The euro has reached its highest level against the US dollar since 2021. Trade tariff talks with Washington are expected to begin next week ahead of Trump's July 9 global deadline. The dollar fell to its lowest level in a decade against the Swiss Franc, at 0.79855. The dollar was also down by 0.73% at 144.195 yen against. After its decline this year, the dollar index, which compares the U.S. dollar to six other currencies, is now at its lowest point since March 2022. Michael Metcalfe, State Street's chief economist, said: "The dollar has struggled to appreciate in virtually any market regime." He added that the US dollar was now at its lowest level since the COVID Pandemic. The CME FedWatch tool shows that traders now price in nearly 25% of the chance that the Fed will cut rates at its meeting on the last day of July, up from 12.5% the previous week. The yield on the benchmark U.S. 10 year notes dropped 1.6 basis points, to 4.277%. The yield on the two-year U.S. Treasury, which moves typically in line with expectations of interest rates, fell 2.9 basis points to 3.75%. This was its lowest level since seven weeks. Germany's benchmark, which is used in Europe for comparisons, has risen by 0.4 basis points. The oil prices are on course for a second consecutive day of gains following their sharp drop after the Trump-brokered truce between longtime Middle East enemies Israel and Iran early this week. Trump also announced that he would hold talks with Iran to ask for a commitment to curtail its nuclear ambitions. Brent crude futures climbed 1.2% to 68.49 a barrel, while U.S. West Texas Intermediate (WTI), gained 1.43% at $65.85. Gold fell 0.2% to $3325.54 per ounce.
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Gresham House CEO says US clients are looking for green investments in Europe
Tony Dalwood said that U.S. investors and Asian investors were looking at Europe as a result of the U.S. government's decision to withdraw support for projects in the United States related to the transition to low-carbon economies. Since assuming office, U.S. president Donald Trump has taken steps to reduce various environmental initiatives and regulations, as well as standards, that were championed by the predecessor. This includes ending tax credits for projects involving green energy years earlier than originally planned. Other countries are also feeling the pressure to slow down their transition to zero emissions, but many governments still remain committed to investing in projects like hydrogen and solar energy. Dalwood, speaking at a NEXT Newsmaker conference during London Climate Action Week, said that "we're seeing (U.S.)... investors wanting to come over to Europe to talk about it a little bit more" in terms of infrastructure, energy transformation investments, and natural capital. "And this is also true elsewhere in the world; Asia thinks they should invest more in Europe than they did before, when they would normally have invested in North America. It's clear, after talking with (investors) worldwide in the past six months. Dalwood said that the British government's commitment to green energy, as outlined in its Industrial Strategy published this week, was a significant signal. The government's plan aims to boost investment in clean energy by more than 30 billion pounds (41.23 billion dollars) per year, but in response to political pressures about the cost of the transition it has said that it will reduce green levies on business. Dalwood stated that the UK's green energy support was crucial for Gresham House. The company, which manages assets worth around $12 billion and is Britain's largest commercial forestry manager with around 12 billion pounds in assets, has a large market for "natural capital". Investors see sustainable development as a way to achieve their goals. This includes investing in sustainable agriculture and forestry, biodiversity, carbon sequestration, and water management. Dalwood added that he expects the number to increase "to a larger number". Reporting by Simon Jessop. Jane Merriman edited the article.
Climate talks urged to find $1 trillion a year for poorer nations
Pay now to help poorer nations deal with environment modification or pay more later, negotiators were alerted on Thursday as specialists stated bad states require a minimum of $1 trillion per year by the end of the years to transfer to greener energy and safeguard against extreme weather.
Cash is a main focus of the COP29 environment talks being kept in Azerbaijan and the success of the summit is likely to be evaluated on whether countries can concur a brand-new target for just how much richer countries, development lending institutions and the private sector must supply each year to developing countries to fund climate action.
A previous goal of $100 billion annually, which ends in 2025, was met two years late in 2022, the OECD stated previously this year, although much of it was in the type of loans instead of grants, something recipient nations state requirements to alter.
Setting the tone at the start of the day, a report from the Independent High-Level Expert Group on Environment Finance said the target yearly figure would need to increase to $1.3 trillion a year by 2035, or potentially more if countries drag their feet now.
Any deficiency in financial investment before 2030 will place added pressure on the years that follow, producing a steeper and potentially more costly path to environment stability, the report stated.
The less the world accomplishes now, the more we will need to invest later.
Behind the scenes, mediators are dealing with draft texts of a deal, however so far early-stage documents released by the United Nations environment body just show the huge series of various views around the table, with little sense of where the talks will wind up.
Any offer is likely to be difficult battled offered a reluctance among many Western governments - on the hook to contribute since the Paris Contract in 2015 - to give more unless nations including China accept join them.
The most likely withdrawal of the United States from any future moneying deal by incoming President Donald Trump has likewise overshadowed talks, raising pressure on delegates to discover other methods to protect the needed funds.
Among them are the world's multilateral development banks such as the World Bank, bankrolled by the richer countries and which are in the process of being reformed so they can lend more.
A group of 10 of the largest have currently flagged a plan to increase their environment financing by roughly 60% to $120 billion a. year by 2030, with a minimum of an extra $65 billion from the. economic sector.
A push to raise fresh cash by taxing polluting sectors such. as air travel, fossil fuels and shipping, or monetary. deals, got a boost as more nations said they would. consider it, however any contract is not likely this time around.
AU REVOIR
Three days in, the conference has actually currently included a handful. of diplomatic spats.
French climate minister Agnès Pannier-Runacher on Wednesday. cancelled her journey to COP29, after Azerbaijan's President Ilham. Aliyev accused France of criminal activities in its abroad territories in. the Caribbean.
The voices of these neighborhoods are typically brutally. reduced by the programs in their city, Aliyev told the. conference.
France and Azerbaijan have long had tense relations because. of Paris' support of Azerbaijan's competing Armenia. Hostilities. aggravated this year, as Paris implicated Baku of meddling and. abetting violent discontent in New Caledonia.
No matter any bilateral disagreements, the police should. be a location where all celebrations feel at liberty to come and. work out on environment action, European Union climate. commissioner Wopke Hoekstra stated in response, in a post on X.
The COP Presidency has a particular obligation to. allow and improve that, he said.
That followed Aliyev utilized his opening speech at the. conference on Monday to implicate the United States and EU of. hypocrisy for lecturing nations on climate change while. staying significant customers and producers of fossil fuels.
On the other hand, Argentina's government has actually withdrawn its. negotiators from the COP29 talks, 2 diplomats at the occasion. informed Reuters, although neither knew the factor for the. choice.
Argentina's embassy in Baku declined to comment.
Argentina's President, Javier Milei, has actually previously called. global warming a hoax.
(source: Reuters)