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Sources: US pushing for more expansive mineral deal with Ukraine
According to three sources familiar with the negotiations, and according to a summary obtained of a draft proposal, the Trump administration has proposed an expanded minerals deal with Ukraine. Sources said that the U.S. revised its original proposal and now offers no security guarantees for Ukraine in the future, but it does require it to contribute all the income generated by the state-owned and private enterprises on Ukrainian territory to a joint fund. The terms of the agreement put forward by Washington are far more comprehensive than the one discussed during the weeks leading up to the controversial Oval Office meeting between U.S. president Donald Trump and Ukrainian president Volodymyr Zelenskiy last month. One source said that Treasury Secretary Scott Bessent was leading the negotiations for the United States. Bessent didn't immediately respond to our request for comment. According to the summary, the proposal does not mention the U.S. assuming ownership of Ukraine's nucleonic power plants - something Trump has talked about. Trump said that a mineral deal would help to secure a peace accord by giving the United States financial stakes in Ukraine's destiny. Trump also views it as a way for America to recoup some of the financial and military assistance it has provided Ukraine since Russia's invasion three years ago. James Hewitt, spokesperson for the National Security Council, declined to confirm terms of the latest offer. However he said that the deal would strengthen relations between the U.S. Hewitt said that the mineral deal gives Ukraine an opportunity to build a lasting economic relationship with the United States, which is the foundation for peace and security on a long-term basis. The Ukrainian Ministry of Foreign Affairs did not respond immediately to a comment request. In an earlier version, the agreement proposed a joint fund to which Ukraine would contribute half of future profits from the extraction of state-owned resources. The deal also stipulated that the U.S. would work with Ukraine to jointly develop Ukraine's natural resources. Zelenskiy said to reporters on Tuesday the U.S. has proposed a new "major deal" and that Ukrainian officials are still reviewing its terms. Zelenskiy stated on Thursday that the U.S. "constantly changes" the proposed terms of the minerals deal. He added, however, that he didn't want Washington to believe Kyiv is against the deal. Bessent told Fox News in an interview earlier this week that the U.S. "passed on a completed document" for the Economic Partnership and Washington hopes to go to "full discussions and maybe even get signatures by next week." According to the summary, the new proposal stipulates the U.S. has first rights to buy resources extracted under this agreement. It also requires that the U.S. recoups all money it gave Ukraine since 2022 and a 4% interest rate annually before Ukraine can access the fund's profit. Financial Times was the first to report on the updated proposal. According to the summary, if the agreement is reached, the joint fund will have a five-person board, with three members appointed by the U.S., and two by Ukraine. The funds would then be converted into foreign currencies and transferred overseas. The U.S. International Development Finance Corporation would manage the fund. Separate sources with knowledge of negotiations confirmed that there were discussions regarding the DFC managing the fund. Reporting by Erin Banco and Andrea Shalal; Additional reporting in London by Tom Balmforth; Editing and Don Durfee by Daniel Wallee.
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The Metals Company will apply for a deep sea exploration license in accordance with US legislation
The Metals Company, a Canadian mining company, announced on Thursday that it had initiated a formal process with the U.S. Department of Commerce for the application of exploration licenses and permit to extract minerals from ocean floors. The company intends to apply for a permit under the Deep Seabed Hard Mineral Resources Act of 1981 (DSHMRA), rather than the International Seabed Authority, stating that the latter has not yet adopted regulations regarding deep seabed exploitation. It added that it had requested a consultation prior to the application with National Oceanic and Atmospheric Administration. TMC's attempt to be the first company approved to mine deep sea minerals was controversial. Environmental groups have called for a ban on all activities, warning that industrial operations could lead to irreversible biodiversity losses. The move is made at a time that 36 delegations are meeting in Kingston, Jamaica to discuss the issue of whether mining companies can extract metals like copper and cobalt off the ocean bottom. The latest round of discussions on 28 March will likely not produce a final mining code text. Delegates plan to discuss possible actions in the event that a mining request is submitted prior to the completion of regulations. We believe we are equipped with enough knowledge to start and demonstrate that we can manage the environmental risks. We need a regulator who has a robust regulatory system and is willing to hear our application," said Gerard Barron CEO of The Metals Company. Greenpeace, an advocacy group, called the move "desperate" and accused the company of "encouraging the breach of customary International Law", by trying to mine the seabed of the international waters under U.S. law. (Reporting from Seher Dareen, Bengaluru; Ernest Scheyder, Houston; Editing and production by Vijay Kishore).
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Sources claim that Brazil has nominated former energy ministers to the board of Eletrobras
Sources familiar with the matter confirmed that the Brazilian government had nominated the former Mines and Energy Ministers Silas Rondeau and Nelson Hubner as well as Mauricio tolmasquim as candidates for the board of Eletrobras. According to one source, former Finance Minister Guido Mantega has been nominated as a member of Eletrobras' fiscal council. Eletrobras didn't immediately respond to an inquiry for comment. Eletrobras announced Wednesday that it and Brazil's Government had reached an agreement on a legal dispute regarding government voting power In the firm. The government will nominate three board members of Eletrobras under the new agreement. However, this deal still needs shareholder approval. Brazil currently does not have a seat on the board. The company was privatized in 2020. Hubner and Rondeau were Mines and Energy Ministers in the previous government of President Luiz-Inacio Lula da Sa Silva. Tolmasquim has also held positions within the ministry and is currently a director with oil company Petrobras. Reporting by Leticia fucuchima from Sao Paulo, and Rodrigo Viga Gaier from Rio de Janeiro. Writing by Andre Romani. Editing by Aida Pelaez-Fernandez.
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The Metals Company will apply for a deep sea exploration license in accordance with US legislation
The Metals Company, a Canadian mining company, announced on Thursday that it had initiated a formal process with the U.S. Department of Commerce for the application of exploration licenses and permit to extract minerals from ocean floors. The company intends to apply for a permit under the Deep Seabed Hard Mineral Resources Act of 1981 (DSHMRA), rather than the International Seabed Authority, stating that the latter has not yet adopted regulations regarding deep seabed exploitation. It added that it had requested a consultation prior to the application with National Oceanic and Atmospheric Administration. TMC's attempt to be the first company approved to mine deep sea minerals was controversial. Environmental groups have called for a ban on all activities, warning that industrial operations could lead to irreversible biodiversity losses. The move is made at a time that 36 delegations are meeting in Kingston, Jamaica to discuss the issue of whether mining companies can extract metals like copper and cobalt off the ocean bottom. The latest round of discussions on 28 March will likely not produce a final mining code text. Delegates plan to discuss possible actions in the event that a mining request is submitted prior to the completion of regulations. We believe we are equipped with enough knowledge to start and demonstrate that we can manage the environmental risks. We need a regulator who has a robust regulatory system and is willing to hear our application," said Gerard Barron CEO of The Metals Company. (Reporting from Seher Dareen, Bengaluru. Editing by Vijay Kishore.)
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The US SEC has voted to no longer defend climate disclosure regulations
Wall Street's leading regulator announced on Thursday that it had decided to stop legal actions to defend regulations requiring companies to disclose their climate-related risks, emissions and spending. This regulation had been fiercely contested by industry lobby groups. Mark Uyeda, the acting chairman of the U.S. Securities and Exchange Commission (SEC), a Republican-dominated agency, made public remarks about its decision last month. Since taking office, Donald Trump has taken steps to reverse virtually all the efforts of the previous administration to combat climate change. Uyeda stated in a press release that the goal of today's Commission actions and notification to court was to stop the Commission from being involved in the defense against the expensive and unnecessary climate disclosure rules. The rule was adopted by the Commission last year to inform investors about the accumulation of climate risks and costs within the financial system. As a result, Republican state attorneys general and lobby groups immediately filed suit, claiming that the SEC regulations exceeded its legal authority and burdened businesses. The SEC was facing a Friday deadline that it had set for itself to inform the U.S. Court of Appeals of the Eighth Circuit of the plan of action. The SEC had asked the court to postpone oral arguments until it decided what to do. Steven Rothstein is a senior official with the environmental advocacy group Ceres. He called the SEC decision "truly regrettable," and pointed out investor demand for climate-related data. He said: "This is clearly an effort to help investors and other people get the information they require." Reporting by Douglas Gillison, Washington; additional reporting by Ross Kerber, Boston; editing by Rod Nickel
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Suncor discovers source of spillage at Sarnia refinery
Canada's Suncor Energy said on Thursday it had identified and isolated the source of a hydrocarbon spill observed during regular monitoring at its 85,000-barrel-per-day refinery in Sarnia, Ontario. Suncor also stated that there were no reported injuries. Suncor did not specify if the spilled crude oil or fuel. The company had earlier said that it was responding in response to an incident near the St. Clair River, noting community members might notice an odor. St. Clair Township, in another community alert reported an oil spill that was being contained by Suncor and Shell booms. The water distribution system of St. Clair Township is safe to drink. St. Clair Township stated that the spill was in the St. Clair River, and had no effect on drinking water. Shell Canada announced earlier that workers from the Sarnia Manufacturing Center of Shell Canada in Corunna in St. Clair are offering mutual aid. Shell will provide emergency response personnel and equipment to help. Suncor did not respond to requests for comment. Reporting by Noel John in Bengaluru and Brijesh Patel; editing by Leslie Adler and Richard Chang.
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After Trump's latest tariffs, stocks are down and gold is at a record high.
Gold reached a new record high and global stocks dropped for the second consecutive session on Thursday, following the latest tariffs imposed by the Trump administration in the United States that extended the trade war to automobiles. Trump announced on Wednesday 25% tariffs on imported vehicles and auto parts. The Nikkei 225 and KOSPI, the South Korean stock index, were both affected. Many countries around the world threatened to impose retaliatory taxes. U.S. stock prices fluctuated between gains, losses and a decline in automakers. However, electric vehicle manufacturers Tesla and Rivian rose as their production is based within the U.S. Ford and General Motors both suffered losses of 3.88% and 7.36% respectively, mainly due to concerns over the impact on supply chains. Stellantis' shares listed in the United States fell by 1.25%. Investors are very cautious about Trump and his policies. Jed Ellerbroek is a portfolio manager with Argent Capital, in St. Louis. It makes people nervous about making long-term investments, whether it's about companies or investors. The Dow Jones Industrial Average dropped 155.09, or 0.37 percent, to 42299.70. The S&P 500 declined 18.89, or 0.33 percent, to 5,693.31, and the Nasdaq Composite lost 94.98, or 0.55 percentage, to 17,804.03. The major U.S. indices are set to experience their first consecutive monthly declines since a two-month period ending in October 2023. European stocks ended lower on Friday, as shares of Europe's largest carmakers fell. Volkswagen fell 1.26%; BMW dropped 2.55%, and Mercedes-Benz fell 2.69%. The MSCI index of global stocks fell by 2.77 points or 0.33% to 843.19. The pan-European STOXX 600 fell by 0.44%, to 546.31, which is a new two-week low. In recent weeks, the effects of tariffs on global economic growth and their potential to delay Federal Reserve interest rate cuts have been a drag on stock prices, even though they have recently shown signs that they are stabilizing. Spot gold, reflecting investors' caution was higher by 1.26% at $3,057.35 per ounce after reaching a record high of $3,059.30. Goldman Sachs raised its gold price forecast on Wednesday to $3,300, citing stronger-than-expected exchange-traded fund inflows and sustained central bank demand. The dollar index (which measures the greenback in relation to a basket currency) fell 0.33% at 104.29. Meanwhile, the euro rose 0.4%, reaching $1.0795. The Mexican peso fell 0.86% against the dollar to 20.295, while the Canadian Dollar slid 0.29% to C$1.43, as both countries will be severely affected by the auto tariffs. Trump announced that he plans to impose reciprocal duties on all countries starting April 2. Mark Carney, the Canadian prime minister, said that if Trump were to impose new auto tariffs he would take unspecified measures. The U.S. labor market is still on solid ground, despite the Trump tariff policy and aggressive cuts of federal employees by Elon Musk’s Department of Government Efficiency. Other data revealed that the economy grew slightly faster than originally estimated in the fourth quarter. The yield on the benchmark 10-year Treasury bill in the United States increased 2.7 basis points, to 4.365%. The yield on the seven year note rose after a soft sale of $44 billion worth of paper. Brent crude closed at $74.03 a barrel, an increase of 0.33% for the day. Investors assessed the implications of the latest escalation of the trade war.
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Trump EPA invites companies by email to request exemptions from air regulations
The Trump administration has invited companies to send an email to the Environmental Protection Agency by March 31 to request presidential exemptions to nine clean-air rules, including limits on mercury for power plants and limits to hazardous air pollutants produced in plastics. This is the latest example of a rarely used measure to ease burdens for businesses. The EPA stated that the exemption offer is aimed at achieving President Donald Trump's aim of reducing red tape in energy production. This comes only days after the agency announced it would rollback more than twenty bedrock regulations and water rules as well as Biden era climate regulations. On his first day of office, the president declared an energy emergency in the United States and instructed federal agency heads to use all emergency powers available to speed up energy production and development. The EPA has set up an email account - [email protected] – for companies to submit their requests for exemptions. They must state which emission standards they wish to avoid, how long the exemption should last, and a reason for the request. The agency stated that the request can be extended for two years. It is rare to see presidential exemptions granted. They were previously done through a process that was open to the public. The Trump administration took several steps that were highly visible to roll back regulations from the previous administration and to use extraordinary measures, such as moving quickly to speed up major energy infrastructure projects that require federal wetlands permits. Trump also used emergency powers last week to boost the production of vital minerals that are used throughout the economy, as part of an overall effort to counter China's control over the sector. EPA regulations that are eligible for exemptions include emission standards for rubber tire manufacturing, smelters, and integrated steel and Iron Manufacturing Facilities. Vickie Patton is the general counsel of Environmental Defense Fund. She said that this was an inappropriate measure. She said, "This is a Trump EPA led effort to evade established pollution limits that protect millions of Americans." (Reporting and editing by Alistair Bell; Valerie Volcovici)
Russia alerts Kazakhstan oil transit to Germany at danger over service payments, sources say
Russia has actually cautioned Kazakhstan its oil transit to Germany could drop in June due to a payment deadlock in a plain tip of the landlocked nation's dependence on Russia for its exports, sources stated.
The caution from state-controlled pipeline operator Transneft is a suggestion of Kazakhstan's exports fragility with the majority of its circulation of 1.5 million barrels per day or 1.5% of worldwide supply going by means of various Russian pipelines.
Transneft operates the Druzhba oil pipeline, among the world's largest, capable of bring 2 million barrels each day.
Flows through the Druzhba have dropped greatly because Russia's invasion of Ukraine as the European Union refused to buy Russian oil.
The northern leg of the Druzhba system, connecting Germany through Poland and Belarus, is currently used for Kazakhstan's oil exports for the Schwedt refinery, which provides the majority of Berlin's fuel.
In recent weeks, Transneft has told Kazakh suppliers that Poland's state-owned pipeline operator PERN has until June to spend for metering services at its Adamowo base the Polish-Belarussian border, according to 3 trading sources.
The existing service contract expires June 5, according to one source. The sources did not specify the regards to the new contract and just how much cash Russia wished to be paid.
PERN has not paid up until now due to concerns it could breach Western sanctions versus Russia, one Polish source familiar with the situation said.
The business is dealing with counterparties on services, that might include using an option, certified metering system at Adamowo, adding that the security of its facilities is critical, PERN stated in an emailed action to Retuers concerns.
PERN has the technical abilities and preparedness to supply petroleum transportation to the refinery in Schwedt, supplied that suppliers and receivers are interested, and the operators of the other systems are ready to work together, spokesperson Katarzyna Krasinska stated.
Kazakhstan prepares to deliver 1.2 million tonnes of oil through Druzhba to Germany this year, with strategies to increase exports to 2 million in the future.
Kazakhstan pipeline operator Kaztransoil stated the strategy stayed the same and it was dealing with all pertinent celebrations. It did not elaborate.
Kaztransoil and KazMunayGas are rather anxious, one source familiar with the matter stated.
Transneft did not right away react to an ask for comment.
Lots of Western business such as Chevron, ExxonMobil, Italy's. Eni and France's Total hold big stakes in oil and gas tasks. in Kazakhstan.
Schwedt was created to fine-tune mostly Russian oil coming by means of. Druzhba however it likewise depends on shipments by sea by means of the port of. Rostock in Germany or Poland's Gdansk.
Germany's economy ministry decreased to comment on business. matters. A majority stake in the refinery has actually been under German. federal government trusteeship considering that September 2022.
(source: Reuters)