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Attenborough's film on ocean resilience attracts King Charles II to premiere
In his new film, which was premiered Tuesday night with King Charles present, British naturalist David Attenborough said that there is still hope for the oceans of our planet despite their massive damage. Attenborough's latest work, "Ocean", charts the challenges that the seas have faced over the course of his career, from industrial fishing practices and coral bleaching to destructive industrial fishing. In a trailer for the film, he says, "After nearly 100 years on Earth, I now know that the most important place is not on Earth, but at sea." The release of the film in its entirety coincides with Attenborough’s 99th Birthday. "When David Attenborough began, there were only two TV channels. Everyone knew him as the voice for nature. In an interview, Enric Sala, a National Geographic Pristine Seas co-founder and executive producer for the film, stated that there are now hundreds of channels. The evening premiere, attended by John Kerry, former U.S. climate ambassador, and Cara Delevingne as well, took place in London on Tuesday, following a screening of the film for teachers and students that was also seen by Prince William. In 2020, the heir to the throne will launch his Earthshot Prize worth millions of dollars, which will help inspire innovative environmental solutions. Attenborough also has a close relationship with the Royal Family. He is a big supporter of Earthshot and in 2018, he filmed "The Queen's Green Planet" with the late Queen Elizabeth. Sala said that it is important to show Attenborough's films to younger audiences. Sala stated that she hoped that the young generations who attend the screening will be so inspired by the film that they would want to become the David Attenboroughs of the future. The discovery of restored seabeds while filming offers hope despite depicting a bleak state of ocean health. Attenborough, in the film, says that "the ocean can recover quicker than we imagined. It can bounce back to its life." "If we can save the ocean, we will save our planet." "After a lifetime spent filming our planet, I'm certain that nothing is more vital." The release of the film comes before the United Nations Ocean Conference in June, where it is hoped that more countries will ratify an agreement for 2023 to protect ocean biodiversity. This agreement currently lacks enough signatories to become effective. (Reporting by Susanna Twidale, Editing by Hugh Lawson & Tomaszjanowski)
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Argentina's soy harvest stalls after rains, meteorologist says
A meteorologist reported on Tuesday that Argentina's soy harvest, already delayed, has been further slowed down by heavy rains and humidity in Argentina's major agricultural regions. Rains in early April and March had caused Argentina's harvest to be behind schedule. The country is the world's biggest exporter of soy oil and meal. In an interview, German Heinzenknecht said, "The harvest is over." Heinzenknecht is a consultant at Applied Climatology Consulting. Experts and the data of the national weather service report that Argentina's grain belt has received between 30 millimeters and 50 millimeters (1.1 inches to 1.18 inches) of rain in the last few days. This is the end of a string of sunny days that had allowed farmers to use their combine harvesters for the first time of the season. High moisture levels can cause fungus to grow, causing the delay. Heinzenknecht stated that the harvest may restart on Saturday. Latest data from the Ministry of Agriculture showed that the harvest pace is nine percentage points slower than last year's, with 25 percent of the harvested area. SALES REBOUND Rains and the uncertainty in the industry following the lifting capital controls that affected the exchange rate caused the sales of the crop to fall in April at their lowest pace in over 11 years. The government reported on Tuesday that they had recovered by the end the month and reached their highest weekly sales pace of the year with 1,21 million metric tonnes of the crop. Farmers needing funds to plant wheat, sales are usually high at this time of the year. This is good news for President Javier Milei's libertarian government, which has been pushing farmers to export their crops. Argentina charges high prices for soy and its products sold abroad. The country relies on the foreign exchange they generate to support the economy. Even so, the sales are still behind schedule. Just over 26 percent of estimated 49 million tonnes have been sold. Maximilian Heath, Brendan O'Boyle, and Nia William edited the report.
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Pharma imports into the US increased in March, as drugmakers sought to avoid tariffs
Imports of pharmaceuticals into the U.S. soared in March, as drugmakers stockpiled ahead of possible U.S. tariffs. Their products have been historically exempted from such fees. The U.S. Commerce Department reported on Tuesday that total imports of pharmaceuticals products in August exceeded $50 billion. This is the equivalent of 20 percent of all pharmaceutical imports by 2024. Ireland, which is the largest drug exporter in the U.S., saw a significant increase in imports. In March, the country's trade surplus with the U.S. was greater than China for the first. Drugs accounted for the majority of the increase in imports from Ireland, which rose to $15.5 billion between February and March. Matthew Martin, senior U.S. economic analyst at Oxford Economics wrote that the report revealed pharmaceutical products to be $20 billion more expensive. "Almost all of these were imported from Ireland", he added. As part of his trade policy, President Donald Trump is threatening to increase tariffs on medicines. The Trump administration began a probe last month into the imports of pharmaceuticals in anticipation of possible tariffs based on the argument that a heavy reliance on foreign medicine production is a threat to national security. Trump announced on Monday that he will make an announcement about the tariffs within the next two week. Trump also issued an Executive Order aimed at lessening the regulatory burden for drug production in the U.S. Drugmakers have taken unusual steps to prepare for tariffs, including increasing their efforts to stock up on medicines. On a conference call, Pfizer CEO Albert Bourla stated, "You can imagine that we've done everything we could to mitigate the risk, which includes inventory and many other things." He said that the company increased its inventory every month to ensure "we are well-positioned." Merck's main exposure comes from the blockbuster cancer medicine Keytruda. It is the world's most popular prescription drug, and is manufactured in Ireland. Last month, the company announced that it had shipped enough inventory to America to cover it until year's end. Oxford's Martin says that in addition to Ireland and the other European Union nations, Singapore and Switzerland are also at high risk of the proposed drug import levies.
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EIA: Oil price volatility is due to higher OPEC+ production and tariff uncertainty.
The U.S. Energy Information Administration reported on Tuesday that perceptions of an oversupply by oil market participants due to increased OPEC+ production and uncertainty regarding the economic impact of tariffs has led to a rise in short-term volatility of oil prices. Oil prices fell to a record low of four years on Monday, after the Organization of the Petroleum Exporting Countries (OPEC+) and its allies agreed to increase oil production for June. Later, it was reported that the group plans to continue speeding up its output increases. The EIA still expects OPEC+ production to remain below the current target path. The EIA forecast that the supply of oil from the group would increase by 200,000 barrels a day to 42.9 millions bpd this year, compared to the previous forecast. The unpredictable and often erratic policies of U.S. president Donald Trump have been a major drag in recent months on oil prices, with economists warning that they could slow down global trade and lead to a recession. The EIA's short-term energy forecast report stated that "the effect of new or additional tariffs on global economic activity, and the associated oil demand, is highly uncertain. This could have a significant impact on oil prices in the future." The fall in oil prices has prompted U.S. producers to reduce spending and warn that oil production may have peaked with current commodity prices. EIA expects U.S. crude oil production to reach a lower record of 13,42 million barrels per day this year, down from the previous forecast of 13,51 million barrels per day. The EIA predicted that output will increase to 13.49 millions bpd next year, down from the previous forecast of 13.56million bpd. The EIA forecast that the average price of U.S. West Texas Intermediate Crude Oil will be $61.81 per barrel in this year. This is a reduction of more than $2 a barrel from its previous estimate. The agency reduced its forecast for 2025 Brent crude prices to $65.85 per barrel from $67.87 per barrel. Shariq Khan, New York; Nia Williams, editing.
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EIA: US natgas production and demand will reach record highs by 2025
The U.S. Energy Information Administration's (EIA) Short-Term Energy Outlook, published on Tuesday, predicted that both the U.S. Natural Gas output and demand would reach record levels in 2025. EIA projects that dry gas production will increase from 103.2 billion cubic feet per day (bcfd), in 2024, to 104.9 bcfd, in 2025, and to 106.4 bcfd by 2026. This compares to a record-breaking 103.6 bcfd for 2023. The agency also predicted that domestic gas consumption will rise from 90.5 bcfd, a record in 2024, to 91.3 bcfd by 2025 and then ease back to 90.7% bcfd by 2026. The EIA's May 2025 projections were lower than its 105.3 bcfd forecast for supply in April but higher than 91.2 bcfd forecast by the agency in April. The agency predicted that average U.S. LNG exports will reach 14.6 billion cubic feet per day (bcfd) in 2025, and 16.0 billion cubic feet per day in 2026. This is up from 11.9 billion cubic feet per day in 2024. The agency predicted that coal production in the United States would decline from 512.1 million short tonnes in 2024 - the lowest level since 1964 - to 506.4 millions tons in 2020, which is still the lowest level since 1964, then 474.9 million in 2026 – the lowest ever since 1962. EIA predicted that carbon dioxide (CO2) emission from fossil fuels will rise from a low of 4,775 billion metric tonnes in 2024, to 4.827 million metric tones in 2025, as oil, gas and coal use increase, before decreasing to 4.742 million metric tones in 2026, as oil and coal use decreases. (Reporting and editing by David Gregorio, Nick Zieminski).
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Russia expects a shortfall in scrappage fees as the car market struggles
The Finance Minister Anton Siluanov said to reporters Tuesday that Russia expects revenues from the scrapping of cars to be well below budgeted levels in this year. This could lead to some projects being abandoned. Moscow planned to raise taxes this year on imported cars by doubling the scrappage fee for all manufacturers and increasing support from the state for locally made vehicles. In Russia, both domestic manufacturers and importers of cars are required to pay an scrappage fee to cover future costs incurred by the state for managing the process of scrapping. The decline in car sales has shattered expectations. In 2025, Russia planned to double its revenue from recycling cars to 2.01 trillion Russian roubles (24.77 billion dollars). Siluanov, a reporter, said that the scrappage receipts this year are significantly different from the budget, but did not specify the magnitude of the difference. He said that if scrappage fees do not generate the required revenues, projects could be cancelled. According to the data of Russia's Industry and Trade Ministry, sales of new vehicles in January-April decreased by 27% compared to last year, to 404 016 units.
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The price of the aerospace material tantalite has risen to its highest level in two years due to unrest in Congo
Last week, Tantalite prices in Europe reached two-year highs, due to supply disruptions caused by tensions in the Democratic Republic of Congo (DRC), the world's largest producer of this mineral, which supplies the electronics industry and the aerospace industry. Tantalite The spot price of oats in Europe is currently trading between $100 and 105 cents per lb, which is its highest level since April 2023. This represents a 25% rise since the unrest began in January. Tantalite is a mixture of tantalum and other metals used in capacitors, medical equipment, and nuclear reactor components. A minor metals dealer said that the conflict in Eastern DRC makes it difficult to find tantalite with a legitimate tag. You may order material for a province not affected by conflict only to have the rebels take over that area two weeks after signing the deal. Since the M23 rebels, backed by Rwanda, launched a major offensive in the DRC, violence has increased. Sian Morris said that many Western smelters do not source tantalum from DRC or Rwanda. She is Argus' senior analyst of critical minerals. They are sourcing their materials from Burundi instead, Mozambique and Ethiopia. The supply of these countries is smaller and therefore they pay higher prices. According to the United States Geological Survey (USGS), Congo and Rwanda will account for more than 58% of global production of tantalum in 2024. This is equivalent to 1,230 tons. Burundi combined with Ethiopia and Mozambique accounted for only 4.6% of global supplies. Piyush Gheel, CRU Group Consultant, said that there are no swing producers who can bring tantalite production on quickly. This is except for artisanal mines, which have both ESG and traceability issues. The rich mineral resources of Congo have caught the attention of President Donald Trump and the U.S. His senior advisor for Africa stated on Monday that Congo and Rwanda had submitted a draft of a peace proposal. This is part of the process to end fighting and attract Western investment worth billions of dollars in eastern Congo.
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Duke Energy's electricity rates beat quarterly estimates
Duke Energy beat Wall Street's expectations on Tuesday for revenue and profit in the first quarter, thanks to higher electricity prices, increased retail sales, and a colder Winter. U.S. utilities are arguing for higher electricity bills, as the power consumption surges due to the growth of AI data centers and increased manufacturing in the United States. According to the U.S. Energy Information Administration (EIA), the U.S. power demand is expected to reach record levels in 2025 and in 2026. This will be largely due to the expansion of Big Tech's data centers. After years of stagnation, the U.S. Nuclear industry has also become popular as businesses look for clean energy sources to power data centers. Duke said that it had signed letters of agreement on projects totaling 1 gigawatts for data centers last month. Duke Energy is focusing on upgrading its existing infrastructure and building new power plants to meet the growing demand. Brian Savoy, Duke's Chief Financial Officer (CFO), said that these investments were very cost-effective. Duke Energy will create 1 gigawatt in capacity over the next few years through upgrades and the extension of the lives of nuclear power stations. The U.S. Nuclear Regulatory Commission renewed Duke Energy's Oconee Nuclear Station operating licenses by 20 years in late March. Duke Energy's nuclear plants will provide more than half of their electricity to customers in the Carolinas by 2024. These plants represented over 96% the company's clean power production. A colder-than-expected-winter also helped the utility as customers needed more electricity and natural gas to heat their homes. The adjusted earnings for its electric utilities segment in the first quarter were $1.28 billion compared to $1.02 billion at the same time last year. Gas utilities posted a profit adjusted of $349 millions in the first quarter compared to $284 million one year ago. LSEG data shows that the quarter's revenue came in at $8.25billion, exceeding analysts' estimates of $8.06billion. Charlotte, North Carolina based company reported an adjusted profit per share of $1.76 for the three-month period ended March 31 compared to analysts' average estimates of $1.60. Reporting by Pooja menon in Bengaluru, and Laila kearney in New York. Editing by Sahal muhammed and Nick Zieminski.
Stocks mostly increase; financiers on yen intervention watch
International stock indexes mainly rose on Monday with a key U.S. inflation reading due later on today, while the dollar alleviated slightly against the yen from levels that put financiers on alert for Japanese intervention.
The dollar previously neared the 160-yen barrier. Japan's top currency official Masato Kanda stated authorities will take appropriate steps if there is excessive foreign exchange movement, which the addition of Japan to the U.S. Treasury's. monitoring list would not limit their actions.
Versus the Japanese yen, the dollar compromised 0.16%. at 159.54. The dollar index, which determines the greenback. against a basket of currencies, fell 0.39% at 105.47, with the. euro up 0.4% at $1.0734.
The U.S. personal consumption expenses (PCE) rate index. is due on Friday. Annual development in the core index is expected to. sluggish in May. The biggest worry for the marketplace is any whiff of. stagflation. In other words, a cooling economy with inflation. climbing higher, stated Quincy Krosby, primary global strategist,. LPL Financial in Charlotte, North Carolina.
Market participants are still expecting about two rate cuts. this year, pricing in an over 60% opportunity of a 25-basis-point cut. in September, according to LSEG's FedWatch.
The Dow Jones Industrial Average increased 363.50 points,. or 0.93%, to 39,513.83, the S&P 500 got 15.37 points,. or 0.29%, to 5,480.51 and the Nasdaq Composite lost. 41.96 points, or 0.23%, to 17,647.87.
Shares of chip maker Nvidia were down, extending. recent losses.
Whenever we've seen considerable profit taking, we've seen. dip purchasers coming in and just pressing it back up greater, Krosby. said.
MSCI's gauge of stocks across the globe increased. 3.22 points, or 0.40%, to 804.47, and the STOXX 600. index acquired 0.77%. Japan's Nikkei closed up 0.5%.
Investors will also be looking for the first U.S. presidential dispute on Thursday and the first round of voting in. the French election at the weekend.
U.S. President Joe Biden heads into the debate with rival. Donald Trump armed with brand-new immigration and border policies that. his backers hope will improve his standing among sceptical voters.
France's far-right National Rally (REGISTERED NURSE) celebration and its allies. were seen leading the preliminary of the nation's elections. with 35.5% of the vote, according to a survey released on Sunday.
In Treasuries, the yield on benchmark U.S. 10-year notes. increased 0.8 basis points to 4.265%, from 4.257% late on. Friday.
U.S. crude got 0.81% to $81.38 a barrel and Brent. rose to $85.8 per barrel, up 0.66% on the day.
(source: Reuters)