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Trump's visit to Britain will see the signing of a nuclear power agreement between the US and Britain
The British government announced that during Donald Trump's visit to the United States this week, Britain and the United States would sign an agreement to boost nuclear power together, which will help secure funding for new plants. The British government has been pushing to expand the use of nuclear energy in recent months. It has pledged to invest 19 billion dollars in a new Sizewell C plant and is advancing plans to have a Rolls-Royce division build Britain's first small-modular reactors. Trump will arrive in Britain on Tuesday for a 2-day visit, where he and Keir starmer, the Prime Minister of Britain, will announce their nuclear power partnership. The collaboration aims at accelerating new projects and investment, including plans that are expected to be announced from U.S. Nuclear reactor company X-Energy (and Britain's Centrica) to build up 12 advanced modular nuclear reactors in Northeast England. The statement also said that a 15 billion-pound project, powered by SMRs, to build advanced data centres in central England, at the former Cottam Coal-fired Power Station, was set to be announced soon by the U.S. firm Holtec International and France's EDF, along with real estate partner Tritax. Starmer stated on Monday that "these major commitments put us on a course for a golden age in nuclear power, which will reduce household bills over the long term." When Trump and Starmer met in Scotland at the U.S. President's golf club in July, they discussed working together more closely on SMRs. In a statement, U.S. Energy Sec. Chris Wright stated that "Today's deals will create a framework for commercial access both in the U.S.A. and UK". The new tie-up covers nuclear regulation. If a reactor passes safety tests in one country then the other can use those findings to support their own checks. This will reduce the licensing time from three to four to two years. Chris O'Shea, Group CEO of Centrica, commented on the new partnership with X-Energy. He said that it would create a low-carbon, resilient energy system. J. Clay Sell, CEO of X-Energy said Hartlepool is the best place to scale up its technology in Britain, given its skilled workforce and local service. Simone Rossi CEO of EDF UK said that the plan will benefit energy security. Holtec CEO Kris Singh stated that the plan will create thousands of jobs in Michigan by leveraging the lessons learned from the Palisades Project in Michigan. Rolls-Royce announced that it has entered the U.S. regulation process for its SMR. This could lead to new jobs and investments in the U.S. Urenco, a UK-based company, is expected to announce a deal to supply uranium of varying levels of enrichment to the U.S. ($1 = 0.7377 pound) (Reporting and editing by Helen Popper; Sarah Young)
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Australia faces cascading climate risks, government report says
A government climate report released on Monday said that Australia would experience extreme climate events more often - and sometimes simultaneously. This will put severe strain on the health and emergency services as well as critical infrastructure, primary industries and other sectors. The National Climate Risk Assessment Report warned that no Australian community would be immune to climate risks, which will cascade, compound and occur simultaneously. In a recent statement, Energy Minister Chris Bowen stated that "while we cannot avoid climate impacts any longer, every action taken today to achieve net zero by the year 2050 will help us avoid the worst effects on Australian businesses and communities." Bowen noted that the report is the first comprehensive assessment on the risks of climate change in Australia. It shows that the northern part of the country, remote areas and the outer suburbs of large cities are particularly vulnerable. Bowen stated that "Australians already live with the effects of climate change but it is clear that every degree of warming prevented now will help future generation avoid the worst impact in years to come." Bowen also announced a national adaptation plan, which would guide Australia's responses to the findings of the report. Bowen said that the plan would provide a framework to help federal, state, and local governments better coordinate their actions. Bowen stated that the government will announce the next step of its plans soon to reduce carbon emissions, and set an "ambitious and achievable target" for 2035. Since its election in 2022 the center-left Labor Government has invested A$3.6 billion (2.39 billion dollars) into climate-adaptation programs. It aims to reduce carbon emissions by 43 percent by 2030, and achieve net-zero emission levels by 2050. Clean energy advocates considered the previous conservative government to be a global laggard in its emission policies. Reporting by Peter Hobson and Renju José in Canberra; editing by Jamie Freed.
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Iraq signs joint operating agreement with France TotalEnergies and QatarEnergy LNG
The Iraqi Prime Minister's Office announced on Sunday that the Iraqi oil ministry had signed a joint operating agreement with France TotalEnergies and QatarEnergy LNG, as well as Iraq's Basra Oil Company. This deal relates to the operation of Artawi Oilfield as part of Gas Growth Integrated Project. The GGIP is an initiative by QatarEnergy and TotalEnergies in collaboration with Basra Oil Company. It aims to improve Iraq’s electricity supply. The GGIP also includes renewable energy project. QatarEnergy released a statement shortly afterwards, stating that the CEO of the company and State Minister for Energy Saad al-Kaabi had met with Iraqi Prime Minster Mohammed Shia al-Sudani on Sunday and TotalEnergies' CEO Patrick Pouyanne to announce the beginning of construction of phase two of the Artawi Oil Field Development Project and the Common Seawater Supply Project. According to a Qatari press release, the CSSP will process and transport up to 5 million barrels per day of seawater to the main oilfields in southern Iraq. TotalEnergies and ENKA Construction, a Turkish company, signed a separate deal to build a central oil-and-gas processing facility in Iraq. The facility will have a daily capacity of 210,000 barrels and 163 millions standard cubic feet. TotalEnergies signed a deal with China's Petroleum Engineering & Construction Corp to build a plant for gas processing in southern Iraq. The plant will have a capacity of 600,000,000 standard cubic feet/day. The French company has also signed a contract with Hyundai Engineering and Construction of South Korea to build a seawater-treatment plant in southern Iraq, with a capacity of 7.5 millions barrels per day. Sudani made a statement at the event to welcome the increase in foreign investment.
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Ukraine is considering limiting mobile services to counter Russian drones
Andriy Hanotov, the chief of the general staff of Ukraine, was quoted on Sunday as saying that Ukraine could intentionally reduce the quality mobile communications when Russian drones attack to prevent the networks from being used to coordinate attacks. In the last few months, Russia, three and a half year into the conflict, has intensified drone attacks against Ukraine, improving its technology and increasing drone deployments to maximize damage to strategic targets. Hnatov said to Ukrainian online video channel Novyny Live that the issue is not one of a disruption in mobile communications but a limitation on communication quality, such as a ban on 4G or 5G. He added: "So the modems that they use on their unmanned aircraft vehicles can't access the internet provided by our communication operators." Local media reports suggest that it makes sense to shut down mobile high-speed internet in order to combat drones with cameras which transmit images, and need a 4G connection for operation. During the war, Russia ordered frequent mobile internet shutdowns in order to stop Ukrainian drone attacks. (Reporting and editing by Helen Popper; Pavel Polityuk)
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U.N. condemns reported Haitian massacre that killed more than 40 people
The Secretary-General of the United Nations condemned Saturday an attack in which armed gangs killed at least forty people in a village of fishermen north of Haiti's Capital. Local media in Haiti reported widely that the attack occurred on Thursday night in Labodrie. This is another sign that gang violence has escalated outside of the capital. The United Nations released a statement saying that the Secretary-General was alarmed at the level of violence in Haiti. He urged the Haitian authorities "to ensure perpetrators of all human rights violations and abuses are brought to trial." A spokesperson from the National Police refused to comment on these alleged murders. Local media reported in Haiti that gangs had set Labodrie ablaze after the death of a local leader by the name Vladimir. He was a part of a gang coalition known as Viv Ansanm, which the U.S. designated a terrorist group in May. The U.S. State Department stated that the Viv Ansanm Alliance is one of the main causes of violence and instability in Haiti. The alliance's members have taken over large areas of Port-au-Prince, and the surrounding area. (Reporting and editing by David Gregorio; Emily Green, Harold Isaac)
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Governor of Bashkortostan, Russia says oil company will continue production after drone attack
Radiy Khabirov, the regional governor of Bashkortostan in Russia, said that a company producing oil will continue to produce despite an attack by drone on Saturday. Ukraine intensified its attacks on Russian energy infrastructure to weaken Moscow's military capability, while peace negotiations are still stuck. The attack caused a fire to break out at an oil refinery operated by Bashneft. Rosneft is Russia's biggest oil producer. Bashneft operates four major oil and petrochemical refineries in the area. Khabirov didn't specify the facility that was targeted. Both drones that were downed fell onto the property of the company. In the first instance, a small flame broke out and was quickly put out. In the second instance, the supply was cut off of technical water," Khabirov stated on Telegram. He said that the plant will continue to function normally and there will be no production reductions or operational stops. In his statement, he did not mention Ukraine. Unverified footage circulated on local Telegram channels, showing an object flying in the facility followed by a fireball. Ufa is approximately 1,400 km (870 miles), or roughly, from the Ukrainian border. Reporting by Lucy Papachristou Editing and Peter Graff
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US Energy Council Chief: Future Offshore Wind Projects Unlikely
U.S. Interior Secretary and Energy Council Chief Doug Burgum has said that it is not likely that there will be future offshore wind projects built in the country under the current Trump administration.During the Gastech conference in Milan, Burgum said the renewable power from offshore wind is ‘just too expensive and not reliable enough’.“We are taking a deep look. There are five projects that are under construction and we’re taking a look at each of those,” Burgum said.When it comes to the solar power, and future projects, Burgum noted that for such projects, solar panels will have be produced by the U.S. itself,He also said during the Gastech conference in Milan that if there was to be a future for solar power in the United States, panels have to be made by the U.S. itself or its allies, and not China, due to reported ‘kill switches’ installed in the equipment supplied by the country.
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US appellate court pauses on climate rule challenges
Court documents show that a federal appeals court said on Friday it would suspend its consideration of the legal challenges against U.S. Securities and Exchange Commission climate regulations until Wall Street regulators decide whether they will change them or defend them in court. The SEC, under former president Joe Biden adopted rules that required publicly traded companies, led by Republican states, to inform investors about climate risks, emissions, and spending. Republican-led state and an industry group immediately challenged this in court. In March, under Republican President Donald Trump the SEC decided to stop defending this rule. The U.S. Court of Appeals, Eighth Circuit, issued an order Friday saying that the legal challenges would be put on hold to encourage judicial economy because the SEC refused to defend its rule in court, or to say if it intended to modify the rule or scrap it entirely. The order stated that it was the responsibility of the SEC to decide whether the Final Rules would be rescinded or repealed. It also noted that the SEC already had stayed the regulations’ effective date while the legal challenge was ongoing, so a delayed court ruling would not harm. The SEC didn't immediately respond to requests for comment, but in July the agency informed the court that it had no intention of reconsidering the rule and asked the court to continue the case anyway. Reporting by Douglas Gillison, Washington; Editing and proofreading by David Gregorio
Equities sell dramatically, Treasury yields drop with financial data in focus
MSCI's gauge of global equities fell greatly on Tuesday, with Wall Street stocks taking their biggest hit considering that early August while U.S. Treasury yields fell after producing information stimulated fret about the economy.
Financiers were also waiting anxiously for the month-to-month U.S. tasks report due later on in the week, as it is anticipated to shed more light on the health of the American economy and influence how promptly the Federal Reserve cuts rates.
Oil sold dramatically and prices settled at their lowest level because Dec. 12 on expectations of an imminent deal to deal with a dispute that has halted Libyan production and exports following a U.N.-brokered conference in between rival factions.
In other places in products, copper costs slumped to their least expensive in more than two weeks, on issues that a weak Chinese economy is suppressing need.
Wall Street indexes extended previously losses after U.S. manufacturing information indicated suppressed factory activity while it edged up last month from an eight-month low in July with some improvement in work.
Investors got up this morning to see a combined financial report. They saw financially delicate products like oil and copper falling. Also, there's still a hangover from the tech weak point recently, said Gene Goldman, chief financial investment officer at Cetera Investment Management, El Segundo, California.
Take all this together and it results in an opportunity for profit taking, specifically with stocks near record highs, stated Goldman, also citing jitters that September is usually the weakest month of the year with issues worsened by the looming U.S. governmental election in early November.
Investors are likewise waiting anxiously for Friday's August U.S. jobs report, which is anticipated to help determine whether the Fed cuts rates by 25 basis points or 50 on Sept. 18.
Investors are wondering are we heading into an economic crisis quicker than was believed or does the Fed have this under control with rate cuts moving forward, stated Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut, including that the manufacturing data certainly didn't help.
Adding to volatility was the truth that numerous investors were back from summertime getaways and a long weekend as U.S. markets were closed for the Labor Day holiday on Monday.
On Wall Street all 3 major indexes suffered their most significant everyday decreases because Aug. 5.
The Dow Jones Industrial Average fell 626.15 points, or 1.51%, to 40,936.93; the S&P 500 lost 119.47 points, or 2.12%, to 5,528.93; and the Nasdaq Composite lost 577.33 points, or 3.26%, to 17,136.30.
MSCI's gauge of stocks around the world fell 13.60 points, or 1.63%, to 819.44, likewise revealing its greatest one-day drop considering that Aug. 5.
Earlier Europe's STOXX 600 index had actually closed down close to 1%.
In currencies, the dollar hovered near a two-week high versus the euro as traders braced for a data-heavy week, consisting of Friday's U.S. payrolls report.
The dollar index, which measures the greenback versus a basket of currencies consisting of the yen and the euro, gotten 0.13% to 101.79.
The euro was down 0.28% at $1.104.
Against the Japanese yen, the dollar damaged 0.82%. to 145.69 after media reports that mentioned the Bank of Japan. guv reiterating in a file sent to a federal government. panel on Tuesday that the bank would keep raising interest rates. if the economy and inflation carried out as presently anticipated.
U.S. Treasury yields were primarily lower, with the benchmark. 10-year note on track to snap a five-session streak of gains,. after the soft production sector information.
The yield on benchmark U.S. 10-year notes fell. 6.5 basis indicate 3.846%, from 3.911% late on Friday while the. 30-year bond yield fell 5.9 basis points to 4.1373%.
The 2-year note yield, which generally moves in. step with interest rate expectations, fell 4.7 basis points to. 3.8796%, from 3.927% late on Friday.
In energy markets, U.S. crude settled down 4.4% at. $ 70.34 a barrel and Brent ended at $73.75 per barrel,. down 4.9% on the day.
Copper lost 2.12% to $8,988.00 a tonne. Three-month. aluminum on the London Metal Exchange fell 0.35% to. $ 2,415.50 a tonne.
Gold prices alleviated to their lowest in more than a week. pressed by a firm dollar, while financiers awaited financial. data that could figure out the size of U.S. rate cuts.
Spot gold lost 0.31% to $2,491.39 an ounce. U.S. gold. futures fell 0.27% to $2,487.10 an ounce.
(source: Reuters)