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Investors warn EU against data reductions in green rule review
The political drive to reduce EU sustainability regulations should not result in investors losing valuable information about material risks, or forcing them to rely on third party data providers more often. This was the message from Europe's leading asset management trade association on Friday. The European Commission is reviewing the planned rules for corporate disclosures, amid concerns that they are preventing European companies from competing against other regions. This is especially true in light of a tariff war driven by the United States. The Commission has proposed changes in February that will exempt thousands of smaller European companies from the rules and reduce the obligations on larger firms to monitor their supply chains and check for environmental and human rights problems. The European Fund Managers' Association, EFAMA said that it supported the Commission in its efforts to reduce regulatory burden, but warned against removing key information about sustainability risks, which could harm the EU's broader climate objectives. Ilia Békou, policy adviser at EFAMA said that simplifying disclosure requirements can help EU competitiveness, by promoting innovation and growth in key technological areas across the EU's economy. EFAMA's proposal stated that it was preparing a list of data points which companies could report. It estimated this would reduce the reporting requirements by 80%. This could be supplemented with additional voluntary disclosures. The report also cautioned against reducing too much the number of green companies that are covered by the regulation, as this could make it more difficult for European investors and businesses to invest in smaller green enterprises. Another suggestion is to ensure that the changes are in line with an upcoming review of sustainability reporting for asset managers. (Reporting and editing by Simon Jessop, Susan Fenton and Virginia Furness)
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China's Tsingshan has not given up on Chile's lithium plans, despite the plant's retreat
Tsingshan, a Chinese metals company, said it was still interested in investing in Chile's lithium downstream sector on Friday. This follows reports that the group had abandoned plans to build a lithium cathode factory in Chile. This week, it was reported that Tsingshan (a Chinese automaker) and BYD (a Chinese automaker) had withdrawn from plans to build large lithium cathode factories in Chile. The report cited the Chilean economic development agency as well as Tsingshan. The two Chinese giants' retreat was a blow for Chile in its efforts to increase domestic processing of lithium - a metal that is essential to electric vehicle batteries. Chile is the No. The world's No. 2 lithium producer is Chile. Tsingshan's Friday statement referred to the plans it had for a Chile cathode factory in the past, but did not say that they were scrapped. The company said that it valued Chile's investment climate and was not going to miss the chance to explore ways to add value to Chile's lithium. China's Embassy said in a post on social media Thursday that Tsingshan & BYD had never stated they would stop investing in Chile and they will "continue the dialogue" with Chilean officials. The report also mentioned a "close friendship" between the two nations. Tsingshan had previously stated that it had withdrawn plans for a cathode-plant. BYD didn't immediately respond to an inquiry for comment. Corfo, Chile's investment agency, said on Wednesday in a press release that Tsingshan had withdrawn their plans through its subsidiary Yongqing and that BYD had rejected in January an offer of land it had selected previously for the project. (Reporting and editing by Daina-Beth Solomon and Kylie Madry, Anthony Esposito, Richard Chang and Aida Pelaez Fernandez)
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Congo gold miner suspends operations over tax dispute with M23 rebel administration
Twangiza Mining is a gold mining company operating in the rebel controlled South Kivu Province of eastern Democratic Republic of Congo. According to a letter sent to the entire company, the rebel administration has ordered the suspension of operations. In a letter dated 8 May, the company, managed by Hong Kong registered Shomka Resources informed its employees that they would be forced to stop work immediately. Twangiza Mining has been ordered to suspend operations by the South Kivu Province administration, according to a letter signed by Chao Xianfeng, the General Director. The letter also stated that all equipment and vehicles had been placed in standby mode. The decision highlights tensions regarding resource control in Congo’s mineral-rich east regions where M23 rebels have advanced and placed strategic mining assets into a new administration. This has created uncertainty for international operators as well as commodity markets. Rwanda-backed rebels have taken control of Congo's mineral-rich eastern provinces in the first half of this year and are now consolidating their control. Manu Birato who recently became the M23 Governor of South Kivu Province said Twangiza Mining has to adapt to new rules and pay taxes that they had not been paying. Birato said, "We're in discussions with them to show them that they have to start paying taxes now." The country received no taxes at all from this company. He said that the money was transferred to private accounts. The administration did not order the closure of the operations. "We told them they would have to pay taxes." Birato explained that the people are struggling to adjust to this new requirement because they have been used to not paying taxes. Birato's claims were not addressed by a spokesperson from Twangiza. Twangiza Mining, a joint venture, is owned by Congolese Shomka Capital, with 65.5% of the shares, and Baiyin International Investments Ltd., with 34.5%. (Reporting and writing by Yassin Kobi; Editing by Bill Berkrot).
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UK steel industry wants clarity on timeline for US 0% tariffs
The British steel industry demanded clarity on Friday regarding the date when U.S. Tariffs will be removed under a historic first agreement to remove President Donald Trump’s levies against the sector. Britain announced a deal on Thursday with the United States that would lower steel tariffs from 25% to 0%, allowing British producers to continue exporting to the United States. Details released late Thursday revealed that both sides still have to formalise security requirements and quotas for the steel industry, which leaves sector representatives unsure of when levies are going to be implemented. Chrysa glystra, Director of Trade and Economic Policy for industry body UK Steel, said: "It is not just a formality. There are still many things that haven't yet been determined and defined." Glystra said that companies did not know what conditions they had to meet in their supply chains to be eligible for the tariffs. We don't know when it will go into effect or what the timeline will be. The steel industry in Britain contributed £1.7 billion, or 0.1%, to the UK's economy in 2024. Its future has been a little uncertain. Last month, the UK government intervened in order to maintain the blast furnaces at the UK's final producer of virgin steel by seizing control from the Chinese owners. The British government released details of the U.S. agreement. It showed that the access to zero tariffs was conditional on Britain's commitment to "work quickly to meet U.S. demands on the security supply chains of steel products and aluminium intended for export into the United States, and on the ownership of relevant production plants." The General Terms of the Agreement stated that "understanding the United Kingdom would meet these requirements, United States will quickly construct a quote." The Office of the United States Trade Representative stated that the U.S., UK and Canada "will negotiate a different arrangement" regarding the steel tariff. The British trade ministry refused to provide a timeline for the formalisation of the steel deal. Glystra, from UK Steel, said that the ongoing engagement between UK Steel and the British government has been constructive. She said, "The fact we have now a better foundation than before is positive." It's not as good as if you told us that there are no tariffs on steel as of today. That would be better." (Reporting and editing by Toby Chopra; Alistair Smout)
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Brazil's Lula criticizes Trump tariffs during a meeting with Putin
Brazilian President Luiz Inacio Lula da Silva, who met with Russian counterpart Vladimir Putin on Friday in Moscow, criticized the U.S. president Donald Trump's policies regarding trade and tariffs. He said that they were harmful to multilateralism. Lula is visiting Russia to celebrate the 80th anniversary since the Soviet Union defeated Nazi Germany during World War Two. Russia celebrated this milestone on Friday. Major Military Parade Also in attendance was Chinese President Xi Jinping. "The recent decisions of the U.S. President to unilaterally impose tariffs on all trade with countries around the world undermines the great idea? "Free trade and strengthening multilateralism" was Lula's message during a bilateral discussion with Putin. Leftist leader says he wants to boost Brazil's strategic relationship with Russia. He cites "political and commercial interests, as well as cultural, scientific, and technological ones" in order to increase trade. Lula also mentioned that he would be interested in working with Russia to build small nuclear power plants. Brazil and Russia were both founding members of BRICS, a group of emerging economies that includes India, China and South Africa, as well as the newest additions, Egypt, Saudi Arabia and the United Arab Emirates. Ethiopia, Indonesia, and Iran are also part of this group. (Reporting and writing by Isabel Teles, with additional reporting by Lisandra paraguassu. Editing by Mark Heinrich.
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Venture Global's CP2 project is recommended for approval by US regulators
According to a document filed by the government on Friday, U.S. federal regulatory agencies recommended that Venture Global's proposed CP2 liquefied gas export project be approved. If built, CP2 would be the largest LNG export facility to ever exist in the United States and will help the U.S. remain the largest LNG exporter in the world. Venture Global had already received approval for the construction of the 28 million tonnes/annum plant. However, a recent court ruling forced them to perform an additional air quality review. Documents from the Federal Energy Regulatory Commission show that the study concluded the project could continue. This additional review was prompted by a decision of the U.S. Court of Appeals, District of Columbia Circuit in August 2024 that quashed FERC's approval of NextDecade LNG exporter NextDecade at the Port of Brownsville. The court ordered FERC also to re-examine the ramifications associated with the CP2 Project. CP2 is at the heart of a battle between the energy industry and environmentalists who want to limit future LNG project on the U.S. Gulf Coast.
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Thermax, an Indian industrial machine manufacturer, misses its profit forecasts due to weak demand
Thermax, an Indian industrial machine manufacturer, reported a fourth-quarter profit that was below expectations Friday. This was due to a weaker demand for its machines and increased raw material costs. In recent quarters, capital goods companies that rely heavily on government orders have seen their inflows slow down. Analysts report that government capex was subdued in most segments during the quarter under review. Thermax’s order book dropped by 8%, to 21,19 billion rupees. A spike in raw material costs increased the company’s expenses by 11%. The net profit of the industrial machine manufacturer rose by 8%, to 2,066 billion rupees (US$24 million), in the quarter ending March 31. It was 1.9 billion rupees last year. LSEG data shows that analysts had predicted a profit of 2,08 billion rupees. Thermax revenue for the quarter ended March grew by about 12%, to 30,85 billion rupees. This was below analyst expectations of 31,22 billion rupees. Thermax’s industrial products division saw a revenue increase of 18.5% while the division that installs bio-CNG power plants and other energy sources grew by 4%. In a press release, the company said that 660 million rupees of costs related to its bio-CNG project had affected the quarterly results. Peer ABB India announced higher profits for the first quarter on Friday, citing steady demand for its products. Reporting by Aleef Jhan in Bengaluru, editing by Sahal Muhammad.
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Spain's LNG imports to the US are on the rise, representing 35% of total gas supply
Data released on Friday showed that imports of US LNG accounted for 35% of Spain’s total gas imports during the first four month of this year, up from just under 20% one year earlier. Meanwhile, imports of Russian Liquefied Natural Gas (LNG) declined. Since the Russian invasion of Ukraine, Europe has imported more superchilled gas from the U.S. According to Enagas, the Spanish gas grid operator, in the first four month of this year, Spain imported 45,932 GWh of gas equivalent from the U.S. This compares with 24,885GWh one year ago. The U.S. is now the primary gas supplier for Spain. This replaces Algeria, which primarily supplies liquefied natural gas to Spain and pumps it directly through pipelines. Enagas reported that the overall Spanish gas demand fell by 3%. The U.S. gas liquefied also replaced the gas liquefied sent from Russia. In the first four month of this year, the share of Russian gas in Spain's total gas imports fell from 22.4% to 13.3%. (Reporting and editing by Inti landauro, Louise Heavens and Joao Manuel Mauicio from Gdansk)
Inuit pride fuels Greenland independence spirit after Trump interest
In a small workshop in Nuuk, the capital of Greenland, goldsmith Nadja Kreutzmann polishes stones and metals mined on this vast island rich in minerals. Her jewellery is decorated with Inuit symbols for life and survival. Indigenous identity in Greenland is resurging ahead of the March 11 general elections called by U.S. president Donald Trump after he said he wanted Greenland to be his.
Trump's interest in Greenland has shaken up the status quo. This, coupled with growing Inuit pride has led to some locals viewing the vote as an historic opportunity to free Greenland of Danish influence.
Greenland is an autonomous territory in the Kingdom of Denmark. It has only 57,000 inhabitants spread over an area three times larger than Texas. A referendum can be held to decide whether Greenland will become independent.
Greenland is dependent on Denmark for more than half of its budget. The main parties all support independence, but differ in how and when this could be achieved. Over the last month, new accusations of historical wrongdoings regarding the exploitation and exploitation of Greenland's mineral wealth have galvanized factions seeking a quicker track.
In the 1950s the Danish authorities began a program of forced relocation of Inuit into larger towns. This resulted in the marginalization of indigenous practices and languages, which accounted for almost 90% of population.
In recent years, the Inuit cultural revival in Greenland has exploded as awareness of colonial repression grows. A new embrace of traditional body and face tattoos is a visible demonstration.
"For many, many years it was an embarrassment for people to be Greenlandic. They would suppress their Greenlandic culture, and try to become more Danish, both in appearance and way of life," said Kreutzmann. Her European surname, Inuit lines tattooed on her arms, reflect her own mixed heritage.
"We were told we had to act more Danish and speak Danish if we wanted something," she said at Nuuk. There, wooden houses painted in primary colors contrast with the snow that covers the town, as well as the white-blue, icebergs floating in the bay.
Speaking Greenlandic and looking Greenlandic are now being celebrated, as is Greenland's rich cultural heritage. Kreutzmann has created earrings that look like the scales of capelin fish, which is a vital but small part of the Arctic eco-system and Inuit diet.
Greenland's own Prime minister and other institutions have been in place since 1979. However, strategic decisions like foreign affairs, monetary policies and defence are still under Danish control. The four-year term of the current parliament ends in April.
Political analysts say it's not clear if voters will support the left-wing coalition again. Election polls are few and far between. Greenland, on the other hand, is concerned about foreign interference. In response to Trump’s remarks, the government banned overseas donations in the campaign.
In order to write this article, I spoke with more than a dozen Greenlanders. All of them said that they were in favour of independence from Denmark and America.
Many wanted Greenland's foreign affairs to be decided by it, but warned against taking rash actions in light of Trump’s remarks. They feared that Greenland would become worse off if it sought independence too soon from Copenhagen. Independence for Greenland would allow for greater U.S. influence on the island, which is seen as crucial for U.S. national security. This comes at a time where the Arctic region, dominated by Russia and China, has become a geopolitical hotspot.
Trump cites China's and Russia's Arctic presence as reasons for his interest Greenland. The United States had previously offered to purchase Greenland from Denmark for $100 million in 1946 after World War Two. Recent polls showed that nearly half of Greenlanders viewed Trump's interest in Greenland as a threat.
Kim Kleist Eriksen is an artist that carves walrus bones and tusks into intricate sculptures based on traditional Greenlandic stories and symbols. He said Trump's proposal had attracted positive attention, but he was still offended by it.
"At first I thought it was just a joke. But he was serious. Eriksen's 40-year-old work is sold both locally and internationally. "I was disgusted."
Eriksen wants to preserve a Greenlandic tradition, when hunters would use walrus tusks or bones to create hunting tools, amulets or toys.
Eriksen said, "I can create art from the stories I heard as a kid and turn them into carvings." It helps me to understand myself and my culture better.
MISSIONARY KING
Qupanuk Olsen is one person who hopes to capitalize on Trump's interests. He's a mining engineer and social media influencer turned candidate for Naleraq. Naleraq is the main pro-independence party in Greenland, and the largest opposition force currently in the Inatsisartut Parliament.
Olsen said that after Trump's remarks, she found her calling in politics.
She said, "Every Greenlander needs to now have an opinion." "We have to decide if we want to remain under Denmark or become independent.
Olsen spoke with Greenlanders by Nuuk’s colonial harbour. The scene included a wooden church painted red and a statue of Hans Egede. Hans Egede was a missionary who had been sent by the Danish King in the 18th Century. He is a symbol of colonialism and the loss of Inuit values for many Greenlanders.
"I believe that the statue will disappear in the near future, and be replaced by either a Greenlander or Inuit myth representing our culture or identity," said Olsen. He gave up Christianity for Inuit religious practices.
Her party is of the opinion that U.S. interests strengthen Greenland's negotiating position with Denmark in regards to secession. The party wants to put a deal reached with Copenhagen up for a vote in the four-year period before the next elections. Three candidates said they wanted an agreement on defence with the United States.
Liv Aurora Jensen was a more cautious candidate. She is a member of the Inuit Ataqatigiit, a party that governs on the left.
"We must choose wisely because we want to remain a part Denmark and work towards our independence. Jensen added that we must also work with our neighbours Canada and the United States.
United Airlines will begin direct flights to Nuuk from New York in June.
Trump mentioned Greenland again on Tuesday. He promised mutual prosperity, and struck a more conciliatory note than his previous comments which refused to rule out a military action in order to acquire the island. "We support your right of choice and if that is what you want, we will welcome you to the United States of America," he told the U.S. Congress during a speech.
HISTORICAL MISCONDUCT The relationship between Greenland, Denmark and Greenland has been strained in the last decade due to revelations about historical misconduct committed by Danish authorities. This includes removal of Inuit girls and women from their families as well as forced contraception.
In a documentary that was released in February, it was alleged the Danish government and companies made money from a large mine of cryolite in Greenland in the period 1853 to 1987 without any benefit for locals. The mine produced the rare mineral cryolite, which is used to produce aluminium.
In response to an email question, the Danish Finance Ministry stated that Denmark would examine the profit claims made in the movie as part of a historical investigation into relations with Greenland. The ministry stated that it did not revise the numbers in the film.
Greenland's Prime Minister Mute Ede said at the premiere of the film that it challenged the idea that Denmark was a "good colonizer" or that Greenland deserved to be grateful for money received from Copenhagen.
He said, "The Danes must look themselves straight in the face."
Local media and social media have been dominated by discussions about Denmark since the screening.
It definitely helps us towards independence, because Greenlanders now are more frustrated. The film has made them realize we're worth more than they thought.
The goldsmith Kreutzmann has used cryolite pieces in her work. They were collected by a friend on the abandoned mining site by the Danes.
"For those of us who live up here, nature has always represented a common resource, a shared asset. Kreutzmann explained that they were able "to go out, take what we need but not too much".
RARE EARTH
Greenland is a country that has a lot of deposits of rare earths, uranium and lithium. This is why global powers are interested in the island. It is largely covered by a huge ice sheet and has very few roads. The ruling party Inuit Ataqatigiit was re-elected in 2021 after promising to stop a mine project linked to China, which is one of the largest rare-earth deposits on the planet. This was due to concerns over uranium contamination of marine life, which is key to fishing - the mainstay of the country's economy and culture.
Kvanefjeld is still opposed by the party that supports mining and tourism in order to reduce Denmark's dependence and fishing. The project could be revived if the government changes at the next election.
A White House official was asked for comment and said that Greenland has "ample" rare earth minerals which will power the U.S.'s next generation economy.
Thomas Emanuel Dans was a U.S. Arctic Commissioner during Trump's initial presidency. He said that Greenland is at the heart of a geopolitical Arctic Game between China, Russia, and the United States because its raw materials are there and it's located in the Arctic.
We're beyond the point of oblique discussions and conversations about what needs to be done. "This is the time to act," Dans said.
"If they wish to achieve independence, this must be achieved within the framework of reality," stated Dans. It's about finding a new agreement. (Reporting from Jacob GronholtPedersen, Nuuk; Additional Reporting by Trevor Hunnicutt in Washington; Editing and rewriting by Frank Jack Daniel).
(source: Reuters)