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Email claims that the US has dismissed all authors of National Climate Assessment
According to an email sent on Monday, the administration of President Donald Trump has fired all contributors to a study that provides federal and local governments with information on how to prepare themselves for climate change. After the dismissal of almost 400 contributors for the six National Climate Assessment mandated by Congress in 2018, the future of this report is in question, as the peer-reviewed, multi-year analysis is due to be published in 2028. The email read: "At the moment, the scope of NCA6 is evaluated according to the Global Change Research Act of 1989," referring the legislation which kicked off the assessments and was signed by Republican president George H.W. Bush. Bush. Global Change Research Program was responsible for the climate assessment. Trump dismissed earlier in the month The input of 14 federal agencies as well as hundreds of outside scientists was coordinated. The findings are intended to help federal agencies, lawmakers and other stakeholders make informed decisions about climate policy and funding priorities. In 2023, the last assessment said that climate change would increase costs for Americans as insurance prices and certain foods rise, and medical care will become more expensive due to threats such as extreme heat. The White House didn't immediately respond to an email request for a comment. Trump's administration is cutting government jobs in several areas, including the National Institutes of Health and Environmental Protection Agency, to curb what it considers wasteful spending. Project 2025 was the policy blueprint of the right-wing Heritage Foundation that helped to shape many of Trump's policies. The chapter of Project 2025 on scientific agencies suggested that the National Climate Assessment be reformed to better scrutinize contributors. (Reporting from Valerie Volcovici)
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Rollins, the Ag secretary of the United States, said that US and Mexico reached agreement on screwworm.
U.S. agriculture secretary Brooke Rollins announced on Monday that the United States and Mexico had reached an agreement regarding the management of a destructive pest known as New World screwworm. She had threatened to limit the importation of cattle from south of border. Screwworms can infest animals, wildlife, and, in rare cases even people. Maggots of screwworm flies burrow deep into the skin, often causing severe and fatal damage. Rollins wrote to the Mexican Agriculture Minister Julio Berdegue, on Saturday. He warned that the United States will restrict livestock imports into the United States on April 30, if the Mexican Government does not take any further action. Rollins stated that during a visit to an Ohio egg plant, she had spoken with Berdegue about the issue and they had come to an agreement. In the next few minutes, we will have more information on this. She said that the resolution was good. Claudia Sheinbaum, the President of Mexico, said that Mexico is intensifying its efforts to combat screwworm. Mexico is a major source of cattle for the U.S. The blockade of imports will further reduce U.S. beef supplies, which have fallen to their lowest level in decades. This will drive up the price of beef. U.S. ranchers are increasingly sending cattle to slaughter instead of keeping them for reproduction, due to the drought that has dried out pasture lands in recent years. Washington banned Mexican cattle from late December to February following the discovery of screwworms in Mexico. The U.S. Department of Agriculture eliminated the pest in the United States from 1966 and wants to prevent it from returning. The National Cattlemen's Beef Association met recently with officials from the Embassy of Mexico, Washington, after hearing reports that Mexico was hindering U.S. efforts in fighting screwworm south of border. Buck Wehrbein is the association's president and a Nebraska rancher. He said, "Screwworm can be very destructive. It could cost American cattlemen millions of dollars per year if it gets to us." Reporting by P.J. (Reporting by P.J.
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Nucor, a US steelmaker, exceeds its quarterly forecast on the basis of higher spot prices
Nucor Corp, a U.S.-based steelmaker, beat analyst's estimates for revenue and profit in the first quarter on Monday. This was due to its mills segment operating at a high level. Segment, which produces structural steel, steel plates, steel bars, and steel sheets, has reported an increase of 10% in total shipments. Steelmakers have benefited from an increase in the spot price of hot-rolled steel coils (HRC), which is the most active form of finished steel. This was due to a surge in demand in the domestic market after President Donald Trump increased tariffs on steel and aluminum imports. Nucor's raw materials business saw lower margins and lower prices, which offset the lower sales in Nucor’s products segment. Nucor stated that they expect the earnings to be higher in the second quarter 2025 compared to first quarter 2025. Steel mills, the company's largest segment, is expected to see the most growth due to the higher average selling price at its sheet and plates mills. According to LSEG, the Charlotte-based company posted a quarterly adjusted profit per share of 77 cents, exceeding analysts' expectations of 64 cents. The total revenue exceeded the estimates of $7.23billion. Reporting by Aatreyee dasgupta in Bengaluru and Abhinav parmar; editing by Sriraj Kalluvila
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Eletrobras filed a filing showing that it has the necessary shareholder votes to approve the deal with Brazil.
A filing on Monday with votes cast remotely revealed that the Brazilian power company Eletrobras had enough votes to accept a proposed agreement to end a dispute with the government over voting rights in the company. The approval is not final until the shareholders' meeting on Tuesday. Voters who voted remotely can change their votes before that date. Eletrobras and the government reached an agreement last month that allows the government to nominate up to three board members of Eletrobras, from the current zero. Eletrobras shareholders will elect a new board of directors on Tuesday. Eletrobras is freed from its planned investment in the controversial Angra 3 Nuclear Plant as a result of the agreement with the government. In 2023, the government of President Luiz inacio Lula da Silveira pushed to gain influence at Eletrobras to better reflect their 46% share of common shares. A mediation process lasted over an year. Eletrobras, the Brazilian energy company, was privatized by Jair Bolsonaro in 2022. Under its bylaws, no shareholder can hold more than 10% stake to vote on company decisions. Leticia Fucuchima reported from Sao Paulo. Additional reporting and writing was done by Andre Romani. Editing was done by Aida Pelaez Fernandez and Brendan O'Boyle.
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Cemex shares in Mexico are up as Dominican assets sale boosts profits
The shares of Mexican cement maker Cemex rose on Monday, as the sale in Dominican Republic nearly tripled its net profit in the first quarter of 2025. This was despite the fact that the company's core earnings fell year-over-year. Cemex shares rose 4.5% on the morning market, becoming the largest gainer in Mexico's main index. The company reported a profit of $734 million for the first quarter, up 189%, thanks to the Dominican Republic deal. Cemex reported that 618 million dollars of its net profits in the quarter were from discontinued operations. It also reported a 18% drop in earnings before interest taxes, depreciation, and amortization, at 601 million dollars, which is in line with LSEG estimates. This was due to a lower peso, and a decline in volume at home. Cemex reported that the peso had caused an EBITDA hit of $65 million, and volumes in Mexico dropped due to the rush to complete government infrastructure projects last year before a presidential elections. Jaime Muguiro, the incoming CEO, said that he expects his EBITDA for 2025 to remain flat, with a value of upwards of $3 billion. Muguiro said during the phone call that he was conducting an extensive review of our organization and costs as part of his transition. This could lead to further savings. Muguiro replaced Fernando Gonzalez, the retiring CEO of Cemex USA at the start of April. Cemex's biggest market in the first quarter was the United States, followed by Europe and the Middle East. Mexico came third. In recent years, the firm has shifted their focus to the U.S. and sold off non-core business, including in Guatemala. The Philippines, Dominican Republic, and the Philippines. Bloomberg News reported in February that Cemex had been gauging interest to sell its Colombian unit. Cemex stated on Monday that it is still interested in small to mid-sized acquisitions within the United States. Analysts viewed the results as mixed. They praised the positive net income but noted the lower-than-expected core earning. (Reporting and editing by Lincoln Feast, Kevin Liffey and Aida Pelaez Fernandez)
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India's Adani says an independent review of the US indictment revealed no irregularities
India's Adani Green said on Monday that it had not found any irregularities or non-compliance in its independent review of U.S. charges against founder Gautam Adani, and other top Adani Green executives who were accused by the U.S. of paying $265,000,000 in bribes to secure power contracts. The U.S. authorities charged Gautam Adani in November along with his nephew, Executive Director Sagar Adani, and Managing Director Vneet S. Jaain. They alleged that the trio paid bribes for Indian power supply contracts, and misled U.S. investor during fund raisings. Adani Group denies the allegations, calling them "baseless." In January, the company hired independent law firms to review the U.S. charges. Adani Green, in a filing on the exchange, said that, after this review, management of the holding firm concluded that, together with its subsidiaries it complied to applicable laws and regulations. The company said it did not expect that the U.S. proceedings would have any material impact on the group. In February, the U.S. Securities and Exchange Commission requested assistance from Indian authorities in its investigation. The company has reappointed Vneet JAIN as its managing director, with effect from July 10, for another five-year term. Adani Green released a statement saying that Jaain "has spearheaded the group's energy and infrastructure strategy and has been instrumental to growing various businesses, from conception to operation." Sethuraman N.R. in Bengaluru, and Tasim Z. Zahid edited the report.
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Trump Administration allows temporary sale of higher-ethanol summertime fuel
The Trump administration issued an emergency waiver on Monday to allow a higher-ethanol blend of gasoline to be sold nationwide this summer. They said it would increase fuel supply and lower costs during the U.S. peak driving season. This move will likely benefit corn farmers and biofuel producers, as the market is expected to grow for their products. Both industries are pushing for year-round nationwide sales of E15 blends, which contain 15% ethanol. U.S. Agriculture Secretary Brooke Rollins stated that the decision to allow summer sales of E15 would provide immediate relief for consumers. It will also provide more choice at the pump and increase demand for corn produced, processed and used in the United States. The government restricts the sale of E15 gas during summer months because it is concerned about smog. However, biofuels say that these concerns are unfounded. The emergency waiver is set to take effect on 1 May. The Environmental Protection Agency (EPA), which issued the waiver said that it expected to extend it until it no longer considered it necessary. In recent years, the EPA issued similar waivers during summer. Geoff Cooper is the president of Renewable Fuels Association. The EPA announced earlier this year that it would support a date of April 28, 2008 for the implementation of a request by governors from Midwestern states to permit year-round E15 sales. The EPA announced Monday that it had waived provisions which would have made E10 gas sold in Illinois, Iowa Minnesota, Missouri Nebraska South Dakota and Wisconsin conform to a stricter standard than conventional fuel in other parts of the country. (Reporting and editing by Alistair Bell; Stephanie Kelly)
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Analysis-Russian expulsion of Ukrainian troops from Kursk removes obstacle to peace
The ejection by Russia of Ukrainian troops in the Kursk area ends the largest incursion on Russian soil since World War Two. It also removes an obstacle to a peaceful settlement that Moscow had been reluctant to reach with so many hostile troops on its territory. Vladimir Putin, the President of Russia, declared a unilateral ceasefire of three days the day after Moscow announced that the Kursk operation was complete. This was to commemorate the 80th anniversary since the Soviet Union's victory in World War Two. On condition of anonymity, two Russian sources said that the Kremlin would not accept a settlement to the war as long as Ukrainian troops are in Kursk. Ukraine launched its most daring attack on August 6, just over two years after Russia invaded the Kursk area in 2022. Supported by drones and heavy Western weapons, the country rammed through the Russian border. The attack was costly to Kyiv, as the Ukrainian forces claimed almost 1,400 square kilometers of Kursk at its peak. According to Ukrainian open-source maps, Russia now controls an area of Ukraine that is roughly equal in size to the U.S. State of Pennsylvania. Analysts say that the diverting of Kyiv forces to Kursk helped Russia accelerate its advance in eastern Ukraine. "Essentially, Ukraine exchanged territory that it valued the most, its own, for territory it did not value and could not hold forever," said Christopher McCallion. McCallion is a fellow with Defense Priorities in Washington DC, an organization advocating a strong U.S. army with a conservative foreign policy. Ukraine, who has been retreating from Kursk for weeks, but claims to still have some active troops there, believes that the incursion distracted Russia, forcing it to deploy troops elsewhere. Kyiv said that its objectives included securing its border with Sumy and gaining territory for future peace negotiations. Washington's shuttle diplomacy has now pushed these talks forward, but without Ukraine's bargaining chip. There are still major differences that could undermine the peace efforts of President Donald Trump. One source said that if the talks fail, Russian forces would continue to fight. Requests for comment from the Kremlin or Ukraine's general staff were not immediately responded to. Local officials claim that Russia has intensified its attacks on Sumy in recent weeks. This is across the border from Kursk. A Russian missile attack in the capital of Sumy killed 35 people on April 14. Russia claimed it targeted a group of Ukrainian soldiers. Volodymyr Zelenskiy, the president of Ukraine, acknowledged that Kyiv forces are now active in Russia’s Belgorod Region, also near the border. He described it as a move to protect Ukrainian towns. Russia has a few slivers across the border in Kharkiv from Belgorod. According to U.S. proposals for a peace agreement, Ukraine would regain control of all of its territory at Kharkiv while Russia would keep control of just over a fifth. THE BATTLE FOR KURSK The Kremlin was embarrassed by the invasion of Kursk in 1943. This was the scene of the biggest tank battle ever fought in history, between Soviet and Nazi forces. The announcement of victory against Ukrainian troops coincides with the 80th anniversary celebration of the Soviet Union’s victory over Nazism on May 9. This gives Putin a victory to show off in front of dignitaries such as Luiz Inacio Lula Da Silva from Brazil and China's Xi Jinping. According to Russian sources, despite warnings of an imminent attack, the Russian forces were caught off guard by the Ukrainian assault. Russian officials spoke at the time of chaos, as Russians fled to the east and the Russian border guards and army attempted to combat small, highly mobile Ukrainian unit speeding along country roads in Kursk with Western weapons and vehicles. A minimum of 120,000 people had to be evacuated. Putin, visibly incensed, was seen publicly scolding Alexei Smirnov who, at the time, was the governor of Kursk. He was arrested on April charges of embezzling money intended for border defense. He denies these charges. The size of the Russian military operations was impressive when I visited Kursk, Russia, in March: tanks, missiles systems, and thousands of soldiers on the move, while civilians warned of the danger of drones and missile attacks amid the air attack sirens. North Korean troops and shells helped Russia to fight back against the Russians in Kursk. Putin expressed his gratitude personally to Kim Jong Un, the leader of North Korea. According to the Russian defence ministry, Ukrainian forces lost over 412 tanks and several thousand military vehicles in Kursk. Ukraine says that Russia has suffered over 62,000 deaths and injuries during the operation. Both sides have not released their own numbers of casualties. Both sides dispute these numbers, which are not independent. OFFENSIVE In August, as Ukrainian forces raced to expand their territory at Kursk in Russia, the country sent units into the area to slow down the advance and stop Ukrainian forces from reaching Kurchatov Nuclear Power Station which provides a large portion of the electricity for southern Russia. In less than a month the front was stabilised, and Russia could counterattack. David J. Betz is a professor at King's College London who specializes in war and the modern world. He said that there were likely some Russian generals who were embarrassed by the Ukrainian incursion. He said that Russia has a long history of successfully defending its borders. However, unlike other countries who are able defend themselves using geography, Russia is forced to use human bodies and distance to do so. Russian and Western sources reported that Russian forces gradually began to grind down the Ukrainian defences while Moscow deployed thousands of fibre-optic, or "fibre-optic" drones. These drones are harder to jam than any other drones. According to Ukrainian maps, within three months Russia had reduced the area controlled by Ukraine by more than half. By February 6, this area had been reduced to just 428 square kilometers. Putin, who had been in military fatigues during the Russian invasion of Ukraine on the third anniversary, made a surprise trip to Kursk to order the top brass to continue their advance. He also suggested that Russia create a buffer along the Ukrainian border. In March, Ukraine lost over 300 square kilometers of territory that it held in Kursk. Valery Gerasimov is the top Russian general in charge of the war. He told Putin that Russia cleared Kursk after the last Ukrainian troops were forced out of Gornal, a village near the border. He claimed that Ukraine had deployed 60,000 troops to Kursk during the height of the operations, which undermined its other forces. He also praised the North Korean troops who fought "shoulder-to-shoulder" with their Russian counterparts. Gerasimov said that Russian forces "continued" to carve a buffer zone in accordance with Putin's orders, and had taken over 90 square kilometers of Ukraine's Sumy Region. Ukrainian officials had previously claimed that Russian assault groups were in Sumy. (Reporting and editing by Guy Faulconbridge)
Dollar rebounds greatly, futures rise as Trump 2.0 shocks markets
The dollar rebounded greatly on Tuesday after plunging hours earlier as Donald Trump's very first day back in the U.S. presidency brought mixed messaging on tariffs and highlighted investors' level of sensitivity to headlines about trade policy.
U.S. stock futures rose after bouncing around on Monday as traders absorbed Trump's declarations on economic policy and trade levies, while European equities eked out little gains.
The Mexican peso and Canadian dollar toppled on Monday night - reversing sharp gains from earlier in the day - after Trump stated he was mulling enforcing 25% tariffs on the neighbouring countries as quickly as Feb. 1.
That sent the Mexican peso sliding 1.3% versus the U.S. dollar while the Canadian dollar toppled to a five-year low of $ 0.689.
Around 11 hours earlier the U.S. dollar had actually plunged versus its peers after a governmental memo, first reported by the Wall Street Journal, said the administration would probe trade problems however stop short of day-one tariffs.
The dollar index, which determines the currency against 6 peers, was last up 0.64% at 108.69 on Tuesday, although failed to make back the 1.2% it lost on Monday in its biggest day-to-day fall since November 2023.
The first couple of hours of the Trump administration have underscored that the policy environment will be dynamic as soon as once again and markets need to brace for volatility, stated Charu Chanana, Saxo's primary financial investment strategist.
Plainly, the markets commemorated prematurely with tariff threats missing out on at the beginning in Trump's inaugural speech.
The euro was last down 0.62% at $1.2248, after rallying 1.4% on Monday in the middle of the relief about a delay in tariffs. Sterling was 0.67% lower after jumping 1.3%. the previous day.
Trump likewise stated he wanted to reverse the U.S. trade deficit. with the European Union, either with tariffs or more energy. exports.
Europe's continent-wide STOXX 600 index was 0.16%. greater but Germany's DAX was down 0.1%.
U.S. stock futures rallied after having a hard time in early. trading, leaving Nasdaq futures 0.56% higher and S&P 500. futures up 0.49%.
European carmakers slipped around 0.4% on Tuesday. after Trump withdrawed a 2021 executive order signed by his. predecessor that looked for to ensure half of all brand-new cars offered. in the United States by 2030 were electric.
TRUMP TEMPEST
The dollar has risen around 5% since Trump won the Nov. 5. election, partially since the U.S. economy has actually remained strong. and partially as investors have actually braced for extensive tariffs. that would likely injure America's trading partners.
Numerous financiers had expected early action on tariffs, hence. the big relocations sparked by the memo indicating no immediate. action.
U.S. Treasury yields were down 4 basis points on. Tuesday at 4.57%, after reopening for trading after a public. holiday.
The yields, which set the tone for borrowing expenses around. the world, are nevertheless up nearly a percentage point since. the Federal Reserve slashed rates by 50 bps in September,. showing an economy that has actually continued to grow highly.
Chinese stocks were unstable but ended greater as Trump. mostly avoided conclusive threats against the. nation's exports, with the CSI 300 index up 0.1%.
Trump warned he might impose tariffs on China if Beijing. stopped working to authorize a U.S. deal to be a half-owner of short-video. app TikTok.
At some time, we are rather specific that Trump will start. to move on the tariff steps, Khoon Goh, head of Asia. research study at ANZ, stated of tariffs more broadly.
The reality that he hasn't addressed this on the first day does not. suggest that it is off the program. It is definitely strongly on the. agenda, it's just that we have to wait and see what shape or. kind he takes.
Somewhere else, Trump's brand-new crypto token quit a few of its. strong gains on Tuesday to fall 20% to $35.27, after having. soared to more than $10 billion in market price at the start of. the week.
(source: Reuters)