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Enefit Green, Sumitomo Partner Up to Develop Offshore Wind Farm in Estonia
Enefit Green and Sumitomo Corporation have signed an agreement which outlines the start of strategic partnership for developing the first offshore wind farm in the Gulf of Riga in the Baltic Sea.Under the agreement, Enefit Green will sell 50% stake of Liivi Offshore OÜ a project company set up to develop Liivi Bay offshore wind project, to Sumimoto.The agreement is conditional to the approval from the Estonian Consumer Protection and Technical Regulatory Authority is a precondition for closing of the transaction.The start of this strategic partnership demonstrates a clear commitment to building the first offshore wind farm in the Gulf of Riga in the Baltic Sea, marking a significant step in advancing offshore wind energy development in the Baltic countries.The project expects to participate in the upcoming auction to be held by the Estonian government, which will be the backbone for the project to invite international lenders and suppliers, with expected completion of the construction of the wind farm in 2032.The Liivi Bay offshore wind farm is planned to consist of up to 84 turbines with a maximum total capacity of 1000 MW, with an annual electricity production of up to four terawatt-hours.“Estonia is one of the attractive emerging offshore wind markets, and the Liivi Bay offshore wind farm, developed by Enefit Green, is one of the most attractive projects in the market.“Sumimoto is delighted to enter a partnership with Enefit Green and contribute to Estonia’s green transition through the development of the Liivi Bay offshore wind farm, by making the most of our experience gained through active participation in multiple offshore wind projects in Europe and Asia,” said Hiroyuki FUJIOKA, Head of Overseas Energy Solution Unit No.2.
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DOF’s Skandi Implementer Vessel Returns to GoM for Two Subsea Projects
Norwegian offshore supply vessel operator DOF Group has secured contracts for two subsea construction projects which will be executed with its Skandi Implementer subsea vessel.Skandi Implementer, which recently departed Mexico following contract termination after payment default from a client, has been scheduled for work with two international oil companies, whose name has not been disclosed.Designed for subsea construction, IRM & ROV services up to 3000 m depth, the vessel was built in 2008. Featuring Marin Teknikk 6027 design, the vessel can accommodate 129 people.According to DOF, Skandi Implementer will complete the integration of survey services and two of DOF’s ROVs in late February before starting the project mobilization.“We are pleased to be able to quickly secure work for Skandi Implementer following the recent contract termination.“Beyond contributing with asset utilization and backlog, these contract awards represent advancing another of our I-class vessels into our subsea project business in line with our plan to add subsea service scopes to our most recent additions to the fleet through the DOF Denmark transaction,” said Mons Aase, CEO DOF Group.
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US EPA sends Congress a Biden-approved California EV Plan
The U.S. Environmental Protection Agency announced on Wednesday that it had submitted to Congress, for review and possible repeal, the Biden Administration's approval of California’s landmark plan to stop the sale of gasoline only vehicles by 2035. The new Trump administration's decision gives the Republican-led Congress a shot at repealing the Biden decision that granted California a Clean Air Act waiver for its program in accordance with the Congressional Review Act. Donald Trump, as a presidential candidate, promised to revoke approvals given by the EPA for California to require more EVs. He also pledged to tighten vehicle emission standards. These rules were adopted by 11 other states, including New York Massachusetts and Oregon. EPA Administrator Lee Zeldin was nominated to the position by Trump. He said that "Americans are struggling to get by while having to deal with rules which take away their choice of a safe, affordable vehicle for their family." California's rule requires 35% of cars in 2026 to be zero-emission models. Automakers claim this figure is impossible to achieve given current sales. This number will rise to 68% by 2030. California says that the rule is essential to reaching greenhouse gas reduction targets and reducing smog-forming pollution. Under former president Joe Biden, the EPA took the position the waiver wasn't a regulation. Therefore, Congress couldn't review it. The question remains open as to whether Congress can legally vote on this issue. California announced its first plan in 2020, requiring that by 2035, at least 80% new cars sold are electric models and up to 20% hybrid plug-ins. In December, the EPA granted a waiver of California's "Omnibus", low-NOx regulations for heavy-duty highway vehicles and off-road engines. In March 2022, the EPA reinstated a waiver that allowed California to set their own tailpipe emission limits and zero-emission car rules until 2025. This reversed a decision made in 2019 under Trump's initial administration. The Trump EPA submitted to Congress the Omnibus waiver as well as 2022 waiver on Wednesday for possible repeal. Separately, the U.S. Transportation Department has taken steps to reverse aggressive fuel efficiency rules that Biden had adopted. The Alliance for Automotive Innovation represents General Motors and Volkswagen. Toyota Motor, and other automakers. They argue that California's vehicle regulations "will depress the economy, increase costs, and limit vehicle choices" and require automakers sell fewer cars in 12 states to comply. (Reporting and editing by Leslie Adler, Marguerita Choy, and David Shepardson)
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Senators Demand Answers on US Attorney Resignation Over Green Fund Probe
Four Democratic Senators have requested that the Inspector General of the Justice Department investigate the resignation by a Washington-based senior federal prosecutor who was under pressure to open a criminal investigation into a contract awarded during the tenure of former President Joe Biden’s Environmental Protection Agency. Edward Markey and Sheldon Whitehouse of the Democratic Party, Chris Van Hollen, Bernie Sanders, and Sheldon Whitehouse of the Republican Party, all objected against Denise Cheung's resignation after she left the U.S. attorney's office due to pressure from Trump administration officials. Senators say the officials have "demonstrated a gross abuse in prosecutorial authority" by pressuring Denise Cheung into launching a criminal investigation despite the lack of evidence. Her resignation is just the latest in a series of career Justice Department prosecutors who have protested what they perceive as inappropriate political interference on criminal investigations by the Trump Administration. The senators stated that the Department "must not become a tool of political revenge or partisan maneuvering". Cheung didn't name the agency in a resignation letter. The senators cited reports in the media that she was referring to a request for an investigation of money appropriated by Congress to fund multi-billion dollar green banking programs created Biden EPA, to help low-income communities and minorities invest in clean energy while leveraging private sector assistance. In a letter addressed to Inspector General Michael Horowitz, the senators stated that the reports "raise grave questions about the politicization" of the Justice Department by President Donald Trump. "We urge that you investigate this matter immediately." The EPA refused to comment on the matter and referred it to the Justice Department. Inspector General's Office of the Justice Department also declined to make a comment. The U.S. Attorney's office did not immediately respond to a request for comment. The Attorneys Office could not be reached immediately for comment. Citibank, the bank that holds the National Clean Investment Fund accounts and the Clean Communities Investment Accelerator program, declined to make any comments. In a video that was posted on X (formerly Twitter), EPA Administrator Lee Zeldin announced his intention to seize green bank funding. The post called out the funding as fraudulent, but did not provide any evidence. Cheung said that when she declined to open a grand jury inquiry citing lack of evidence, it was instead ordered to pursue a seizure of assets to prevent the contract recipient from withdrawing government funds. (Reporting and editing by David Gregorio; Valerie Volcovici)
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EU Trade Chief ready to discuss lower tariffs and trade deals with Trump
Top EU trade officials stated on Wednesday that the bloc is interested in making trade deals with President Donald Trump of the United States. They are also ready to discuss potential reductions or eliminations of tariffs on motor cars and other goods. Maros Sefcovic told an American Enterprise Institute in Washington event that he will tell Trump administration officials about his desire to avoid unilateral U.S. trade tariffs and European reprisals. "I will make this point when I meet my American counterparts later today. Sefcovic stated that the EU was interested in making agreements. These deals should foster fairness, responsibility sharing and mutual benefit. Sefcovic will meet with newly-confirmed U.S. commerce secretary Howard Lutnick and top White House adviser Kevin Hassett later on Wednesday. The EU27 could be particularly hard hit by Trump's "reciprocal tariff" plan, announced last week. This plan would raise U.S. tariff rates on imports to match other countries. The EU imposes a tariff of 10% on passenger cars. This is four times higher than the 2.5% U.S. tariff. U.S. officials also complain about European taxes that are at least 17.5%. Trump has stated erroneously on numerous occasions that the EU already agreed to reduce its car tariffs to 2.5%. Sefcovic confirmed that the EU has not taken such actions, but is willing to discuss. He said: "So, if we're going to talk about lower tariffs or even eliminating tariffs for industrial products, we will be ready to discuss this." "We're ready to do it." He said that this includes discussing the lowering of vehicle tariffs for both sides. He added that he also wanted to examine the 25% U.S. pickup truck tariff. This duty stems from a U.S. - European trade dispute in the 1960s and keeps non-North American vehicles out of one the most lucrative segments of U.S. automobile market. He said that he wanted to know the U.S. counterparts' priority trade issues so that they could start to find common ground and create a "solid package" of discussions. Sefcovic repeated his previous statements that unilateral U.S. Tariffs were not justified and that "the EU will respond firmly and quickly, but we hope to avoid such a scenario." (Reporting and editing by Franklin Paul, Daniel Wallis, and Franklin Paul; Additional reporting from Philip Blenkinsop)
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Barrick Gold signss agreement with Mali for mining dispute to be resolved
Four people with knowledge of the development said on Wednesday that the Canadian miner Barrick Gold signed a new deal with the Malian Government to end a dispute dating back almost two years over its mining assets. Sources say that Barrick has already signed the contract and now it's up to Mali to approve the deal. Official announcements could be made as soon as Thursday. A second source stated that despite a deal being close, it could still be derailed by last-minute hurdles. Since 2023, the Toronto-based miner has been in dispute with Mali over the new mining code of the West African nation that grants Mali's Government a larger share in the mine. Barrick will pay the Mali Government 275 billion CFA, or $438 Million, as part of this new agreement. This is in exchange for the release and return of employees detained, the gold seized, and the restart of operations at the Loulo-Gounkoto Mine. Barrick didn't immediately reply to an email from. A spokesperson from Mali's Mines Ministry declined to comment. At 2:38 pm, the company's stock was up by 3.37% at the Toronto Stock Exchange. Five sources claim that a delegation consisting of over 15 representatives from the Malian Ministries and Iventus Mining, a private consulting firm, completed a three day inspection of Barrick’s mining complex Wednesday. Four sources claim that Mali gave Barrick an ultimatum late last week to restart its operations within a week. Barrick's operations would benefit from a new agreement with Mali at a time where gold prices are at an all-time peak, but investors haven't seen the same return on their shares. Mark Bristow of Barrick, the CEO, said in an interview earlier this month that the mine closure was a loss for both the company as well as Mali, and Mali lost its revenue share with each week the mine was closed. Barrick, he said, paid the Mali government $460 million last year. If operations hadn't been suspended this year, Barrick would have contributed $550 million. Barrick has lowered its forecast for gold production this year due to a temporary stop at the Mali Mine. Barrick's output of gold was 3.9 millions ounces in 2018 and 4.1million ounces by 2023. Legal disputes, arrests and nationalisations as well as threats are being used by the military governments of Mali, Niger, and Burkina Faso to gain greater control over gold and uranium. The Mali junta has pledged to continue its work after assuming power in 2020. Examine its mining sector The state would gain more if gold prices were at their highest levels. B2Gold in Canada is one of the Western mining companies. Reaching an agreement quickly . Other, such as Australia's Resolute Whose CEO has been detained? While in Mali, it took longer to hold talks. Barrick also filed a case for arbitration against Mali. It is not clear if the company will withdraw its case in light of this new agreement. Barrick's revenues from Mali in 2024 will be $1.07 billion, an increase of 1% over the previous year. Mali's industrial production of gold plunged 23% Year-over-year growth in 2024. (Editing by Silvia Alaisi, Veronica Brown, and Deepa Babington).
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High-octane gas is the first basic product in Cuba to be sold exclusively in dollars
The government of Cuba announced Wednesday that high-octane gasoline will only be sold in dollars. This is the latest step in the dollarization trend in the communist country. Irenaldo Pérez, deputy director of the state oil monopoly said that U.S. sanctions made this move necessary. Perez told official media that it was "very hard to get access to high-octane fuel on the international markets". Perez announced that state vehicles will now be using regular gasoline instead of premium high-octane gas. Food, fuel, and other items, such as clothing, are imported and sold to the public at subsidised peso prices. Since years, the Caribbean island has operated grocery stores in hard currency with high-quality products aimed at tourists as well as a small minority of residents that could afford them. But this is first time an item basic has only been available in dollars. Nidialys Acosta who owns a small company and was in Havana waiting for gas said that the latest move may impact doctors and professionals with a modern vehicle but a salary denominated in pesos in Cuba. There is no working official exchange market in Cuba and the dollar trades at a high price on the informal marketplace. She said, "If you don't have the money to buy dollars, you must leave your car at home." Cuba's government has seen its foreign revenue plummet since 2019. This has led to severe shortages in basic goods. Cuba blames a Cold War trade embargo with the United States and the COVID-19 virus for crippling its tourism and industry and preventing it from importing basic goods. Top officials also acknowledge that the state-run model's inefficiency and bureaucracy are contributing to the crisis. Last year, the country launched a chain offering fuels in dollars to tourists and locals that wanted to avoid waiting long periods to fill their tanks. Cubans who have dollars in their possession - usually from remittances -- can reserve a car or a fancy hotel.
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Cubans cook with charcoal in the face of a worsening energy crisis
Due to the frequent blackouts caused by the island's failing electricity grid, Maria Elena Veiga is a 60-year old Cuban woman who lives on the outskirts Havana. She uses charcoal as a fuel when cooking. "We chose to cook on charcoal because that is all we could do. Otherwise, we would have to work a lot to be able eat," said Veiga who lives in San Nicolas de Bari about 60 km northwest of the capital. Many Cubans are now experiencing power outages every day. Some areas, mostly in the countryside, go without electricity more than 20 hours per day. Veiga stated, "It's a bad day." There's no gas and there is no electricity. Cuba's electricity supply is vulnerable due to a shortage of fuel, and aging thermoelectric power plants. The majority of oil-fired power plants are not in operation, and fuel shortages mean that diesel generators can't support the national grid. At the end last year, a number of network failures left the entire country of 10 million people in darkness. "The electricity is terrible." "Sometimes we go the entire day without power," said Mirella Martnez, 72 as she stirred and cooked a pot on a small charcoal cooker. Unreliable electricity is a problem for many Cubans, as are the inability to use appliances at home. The government has taken drastic measures to combat the crisis, including closing schools for two days and encouraging non-essential employees to stay at home in order to reduce consumption. Cuba blames its power grid problems on the U.S. embargo, citing difficulty in acquiring spare parts and fuel for outdated plants.
European shares reach record highs amid hopes for peace in Ukraine
European shares reached record highs on Monday, with defence stocks leading the way, as regional leaders demanded an urgent summit to discuss the Ukraine conflict amid increasing U.S. demands to increase military spending to ensure security.
The pan-European STOXX 600 Index was up last 0.4% as a gauge for defence and aerospace stocks soared almost 4% in value to lifetime highs, after having more than doubled since Russia invaded Ukraine 3 years ago.
Analysts have called this "supercycle" in the sector. It is expected that earnings will continue to grow in the defence industry due to the significant increase in budgets for new security requirements.
Bruno Schneller is the managing director of Erlen Capital Management. He said that a resolution to the conflict could bring positive growth for Europe. This includes improved consumer confidence, reduced energy prices and easier financial conditions.
The demand for banks was also high, with a 1.2% increase and a jump to the highest level in 17 years, thanks to soaring bond yields.
French President Emmanuel Macron hosted an emergency summit about Ukraine on Monday after U.S. officials said that Europe would not have a role in any talks in Saudi Arabia this week aimed at ending conflict.
The British government said that it would be ready to send troops to support any agreement, and Russian and U.S. officials were preparing to hold their own talks in Saudi Arabia on Tuesday. Volodymyr Zelenskiy, Ukraine's president, said that his country will not recognize any decisions taken in discussions where it was not present.
DELETED THREATS
The threat of reciprocal U.S. Tariffs has receded, but there was still a concern that these levies could include taxes based on the value added tax in other countries.
"Trade policy is still a wildcard with the possibility of incremental tariffs, and their impact upon inflation and growth. Although the tariffs announced have not yet changed the economic landscape materially, further escalation may introduce new uncertainty," Schneller said.
The Financial Times reported Sunday that, in order to protect its farmers and to follow the reciprocal trade policy of U.S. president Donald Trump, the European Commission will explore strict import limits for certain foods manufactured to different standards.
The U.S. market is closed on Monday due to Presidents Day, which means that trading volume will be lower than usual. However, the S&P500 futures and Nasdaq Futures both rose by 0.2%.
The S&P 500 gained 1.5% for the week while the Nasdaq rose 2.6%.
In Europe, the markets are also watching German elections at this weekend.
The dollar dropped almost 0.6%, to 151.46 Japanese yen, as the euro fell by 0.2%.
Investors waited for the employment and inflation figures to be released later this week. The pound remained at $1.2593 - just below its high of two months.
Both the Australian and New Zealand central banks are expected to reduce interest rates during their policy meetings this coming week.
Gold fell from Friday's record-highs to $2,899 per ounce after seven weeks of gains.
Bloomberg News, citing delegates, reported Monday that OPEC+, the oil producer group, is considering delaying a series monthly increases in supply due to start in April, despite Trump's calls for lower prices.
Brent crude oil rose by 9 cents, to $74.82 per barrel. U.S. crude oil gained 13 cents, to $70.87 a barrel. (Reporting and editing by Ed Osmond, Angus MacSwan.)
(source: Reuters)