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Shell Secures Drilling Permit off South Africa's West Coast
Shell has been granted environmental authorisation to drill up to five deep-water wells off South Africa's west coast, the company said on Friday.The oil major applied for authorisation last year and plans to drill exploration or appraisal wells in the Northern Cape Ultra Deep Block in the Orange Basin, at water depths ranging between 2,500 metres (8,200 ft) and 3,200 metres (10,500 ft).Oil companies, including TotalEnergies, are aiming to drill off South Africa's west coast, where the prolific Orange Basin extends southwards into the country's waters, with hopes of replicating significant discoveries made in neighbouring Namibia."Should viable resources be found offshore, this could significantly contribute to South Africa’s energy security and the government’s economic development programmes," Shell said in a statement without providing any timelines.Shell's previous exploration programme along South Africa's east coast has been disrupted by court litigation over concerns about lack of public consultation and that seismic surveys may harm the marine environment.The long-running case is expected to be heard in South Africa's highest court later this year and could either help usher in a new exploration boom or dampen expectations.Mounting environmental pressures, including a bevy of court actions to halt drilling, and cumbersome bureaucracy have stifled South Africa's ambitions to develop its oil and gas potential.Africa's most industrialised economy has lost around half of its refinery capacity over the last few years and depends even more now on imports of refined petroleum products to meet rising demand.(Reuters - Reporting by Wendell Roelf. Editing by Sfundo Parakozov and Mark Potter)
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After cannabis raid, one California worker is killed and hundreds are arrested
According to a farmworker advocate group, a California farmworker was killed on Friday after suffering injuries a day before when U.S. Immigration agents raided and arrested hundreds workers at a cannabis plantation. On Thursday, dozens of migrant rights activists clashed with federal agents on the rural Southern California coast. This was the latest in President Donald Trump's mass deportation campaign of illegal immigrants living in the U.S. According to estimates, the Trump administration has given contradictory statements on whether it will target farm workers, of whom about half are not authorized to work in the U.S. In a press release, the U.S. Department of Homeland Security stated that 200 people who were in the country illegally had been arrested during the raid. The raid targeted two locations of Glass House Farms. The statement also stated that agents found ten migrant children at the farm. Customs and Border Protection commissioner Rodney Scott said in a X post that the facility was under investigation for violations of child labor. The company didn't immediately respond to our request for a comment. According to pictures and videos, the scene on the farm was chaotic on Thursday, as federal agents in helmets and masks used tear gas and smoke cannisters against angry protesters. Elizabeth Strater said that several farmworkers suffered injuries and one of them died after falling 30 feet from a building in the raid. Strater stated that U.S. citizens had been detained and some were still missing. UFW President Teresa Romero said that some citizen workers detained in custody were only released after they deleted photos and videos from their phones. Romero stated that "These violent, cruel, and criminal federal actions terrorize American Communities, disrupt the American Food Supply Chain, threaten lives, and separate families." The DHS didn't immediately respond to an inquiry for comment about the group’s statements. Farm groups have warned against the mass deportation farmworkers, saying that it would cripple Canada's food supply. Brooke Rollins, the Agriculture secretary, said in her latest comments that there will be "no amnesty" Farmworkers are protected from deportation. Trump has, however, said that migrant workers Should be allowed Stay on the farm. Reporting by Leah Douglas, Washington; editing by David Gregorio
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As Trump announces tariffs against imports from Canada, stocks and the Canadian dollar fall
The major stock indexes fell slightly on Friday, as U.S. president Donald Trump's announcement that tariffs would be imposed on Canadian imports sparked concerns about trade tensions. Meanwhile, the Canadian dollar was down against the US dollar. Investors also awaited an announcement by Trump regarding tariffs against the European Union. This move will likely trigger a tit for tat response from Europe and create new market uncertainty. Trump announced late Thursday that the U.S. will impose a tariff of 35% on Canadian imports in one month. He also said he planned to impose tariffs blankets of 15% or 20 % on most other trading partner. The reaction to tariff news has been more muted than it was in April when Trump started his trade war. Jake Dollarhide of Longbow Asset Management, Tulsa in Oklahoma, stated that this may change if there is no progress on tariffs. "I don’t think the market is able to take Trump's tariffs forever and on repeat." He said that the market's resilience in the face the tariffs, all the changes to the rules and rates, the delays, the extensions, the surprises and pauses was remarkable. If we don't see more results, the market could have another tariff meltdown similar to April. He said that the second-quarter results could still benefit stocks. Dollarhide stated that "that could be a salvation for the markets, if they started paying attention to earnings once again." JPMorgan Chase will release its results on Tuesday. This marks the beginning of the reporting period. The Dow Jones Industrial Average dropped 279.13 points or 0.63% to 44,371.51, while the S&P 500 fell 20.71 points or 0.33% to 6,259.75, and the Nasdaq Composite lost 45.14 points or 0.22% to 20,585.53. The three major U.S. indexes of stocks were all down this week. Nvidia shares rose by 0.5%, reaching a new high. The stock market value of Nvidia now stands at $4.02 trillion. AeroVironment, a drone manufacturer, rose by 11% following an order from U.S. Secretary of Defense Pete Hegseth to increase drone production and deployment. The MSCI index of global stocks fell by 3.85 points or 0.42% to 922.37. The pan-European STOXX 600 ended the day down by 1.01%. "Today you are seeing a slight pullback due to the tariffs announced overnight." Three consecutive days have passed since the announcement of tariffs. They seem to come at random, so it's hard to predict what's going to happen," said Wasif latif, chief executive officer of Sarmaya Partners. The Canadian dollar fell 0.25% against the greenback, to C$1.37. The dollar index (which measures the greenback in relation to a basket currency) rose by 0.33%, reaching 97.91. The euro fell 0.15% to $1.1682. Bitcoin reached another record high and was last up by 3.84%, to $117,946.74. Crypto investors believe that the expected policy changes for the industry next week could attract new investment into the asset class. Trump had earlier in the week pushed back to August 1, his deadline for tariffs for many trading partners, to give more time for negotiation. But he also expanded his trade war by setting new tariffs for several countries, including Japan and South Korea. He also imposed a 50% copper tariff. The London Metal Exchange reported a 0.4% decline in the price of three-month copper, which is $9,664 per ton. Gold spot rose 1%, to $3,355.89 per ounce as investors sought safe-haven assets in the face of trade tensions. Investors focused on the consumer price index report due next week, which may show that prices increased in June. As it awaits the impact of tariffs, the Federal Reserve will likely keep interest rates at current levels. The yield of the benchmark 10-year U.S. notes rose 7.7 basis points to 4.423%. The yield on interest rate-sensitive 2-year notes climbed 4.4 basis to 3.912%. The International Energy Agency said that the market is tighter than it appears. Brent crude futures gained $1.72 or 2.5% to settle at $70.36 per barrel. U.S. West Texas Intermediate Crude gained $1.88 or 2.8% to settle at $68,45.
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After cannabis raid, one California worker is killed and hundreds are arrested
According to a farmworker advocate group, a California farmworker was killed on Friday after suffering injuries sustained the day before when U.S. Immigration agents raided and arrested hundreds workers at a cannabis plantation. On Thursday, dozens of migrant rights activists fought with federal agents on the rural Southern California coast. This was the latest in President Donald Trump's campaign of deporting all illegal immigrants living in the U.S. In a press release, the U.S. Department of Homeland Security stated that 200 people who were in the country illegally had been arrested during the raid. The raid targeted two locations of Glass House Farms. The statement also stated that agents found ten migrant children at the farm. Customs and Border Protection commissioner Rodney Scott said in a post to X that the facility was under investigation for violations of child labor. The company didn't immediately respond to our request for comment. Elizabeth Strater said that several farmworkers suffered injuries and one of them died after falling 30 feet from a building in the raid. Strater stated that U.S. citizens had been detained and some were still missing. UFW President Teresa Romero said that some citizen workers detained in custody were only released after they deleted photos and videos from their phones. The DHS didn't immediately respond to an inquiry for comment about the group’s statements. (Reporting and editing by David Gregorio in Washington, Leah Douglas reported from Washington)
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The European Commission has proposed a cap on Russian oil prices at 15% less than global prices
EU diplomats reported that the European Commission on Friday proposed a price cap for Russian crude oil at 15% less than the average price on the market in the three previous months. Since the beginning of the year, the European Union and Britain has been pressing the Group of Seven to lower its cap. This is because the oil futures market fell so much that the $60 per barrel price became largely insignificant. Brent crude prices have since recovered and Friday settled at $70.36 a barrel. The G7 price ceiling, which was intended to curb Russia's capacity to finance the Ukraine war, was initially agreed in December 2022. One diplomat added that the new floating cap will be adjusted according to the average monthly price. Although the EU diplomats who spoke to the media were not authorized, they said that technical details about the proposal needed to be clarified, the idea appeared to calm the fears of Malta, Greece, and Cyprus, the EU's maritime state. The U.S. government has refused to lower the cap despite repeated requests from European leaders. This led the Europeans, who have been pushing for this reduction, to act on their own. On Friday, the price of Urals oil in Russia remained 2 dollars per barrel under the limit of $60 per barrel. The cap prohibits the trade of Russian crude oil transported on tankers at a price above $60 per barrel. It also prevents shipping, reinsurance and insurance companies from handling cargoes containing Russian crude throughout the world, unless they are sold below the cap. In June, the Commission proposed to lower this cap from $60 per barrel to $45 per barrel as part its 18th package sanctions against Russia. The Kremlin stated on Friday that it has a lot of experience in dealing with challenges, such as the introduction by the European Union of a Russian oil price cap which is based on float. EU sanctions can only be adopted if all member states agree.
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As Trump announces tariffs against Canadian imports, stocks and the Canadian dollar fall.
The major stock indexes fell slightly on Friday, as U.S. president Donald Trump's announcement that tariffs would be imposed on Canadian imports sparked concerns about trade tensions. Meanwhile, the Canadian dollar was down against the US dollar. Investors also prepare for a Trump announcement of tariffs against the European Union. This move will likely trigger a titt-for-tat reaction from the EU and create new market uncertainty. Trump announced late Thursday that the U.S. will impose a tariff of 35% on Canadian imports in a month's time and plans to impose tariffs blankets of 15% or 20 % on most other trading partner. The reactions to tariff news, aside from the currency markets have been more muted than they were in April when Trump started his trade war. Jake Dollarhide of Longbow Asset Management, Tulsa in Oklahoma, says that this may change if there isn't more progress on the tariff front. "I don’t think the markets can handle the Trump tariffs forever and ever again." He said that the market's resilience in the face the tariffs and the changes to rules and rates as well as the delays, delays and surprise surprises has been amazing. If we don't see more results, the market could have another tariff meltdown similar to April. He said that stocks may benefit from the second-quarter results reports which start next week. The Dow Jones Industrial Average dropped 281.88 points or 0.63% to 44,368.76. The S&P 500 declined 15.03 points or 0.24% to 6,265.43 while the Nasdaq Composite increased 7.47 points or 0.04% to 20,638.13. Nvidia shares climbed more than 1%, reaching a new record high. The stock market value of the AI chipmaker now stands at $4.05 trillion. AeroVironment, Kratos Defense & Security Solutions and other drone makers jumped by about 11% following an order from U.S. Defense Sec. Pete Hegseth to increase drone production and deployment. MSCI's global stock index fell by 3.03 points or 0.33% to 923.19. The pan-European STOXX 600 ended the day down by 1.01%. "Today you are seeing a slight pullback due to the tariffs announced overnight. Three consecutive days have passed with after-market announcements of tariffs. They seem to come at random, so it's hard to predict what's going to happen. Wasif Latif is the chief investment officer of Sarmaya Partners, a New Jersey-based firm. The Canadian dollar fell 0.14% against the greenback, to C$1.37. The dollar index (which measures the greenback in relation to a basket of currencies, including the yen, the euro and others) rose by 0.26%, reaching 97.84. The euro fell 0.09% to $1.1689. Bitcoin reached a new record high of $117,652.50 with a gain of 3.58%. Crypto investors bet that the expected policy changes for the sector, which are due next week, will encourage new investment. Trump had earlier in the week pushed back to August 1, his deadline for tariffs for many trading partners, to give more time for negotiation. But he also expanded his trade war by setting new tariffs for several countries, including Japan and South Korea. He also imposed a 50% copper tariff. The London Metal Exchange reported a 0.4% decline in the price of three-month copper, which is $9,664 per ton. Gold spot rose 1%, to $3,355.89 per ounce as investors sought safe haven assets amid trade tensions. Investors focused on the consumer price report due next week, which may show that prices grew faster in June. The Federal Reserve is expected to hold interest rates as it awaits the impact of tariffs. The yield on the benchmark U.S. 10 year notes increased 7.3 basis points from late Thursday to 4,419%.
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Bloomberg News reports that JPMorgan will charge fintechs to access customer data.
Bloomberg News, citing sources familiar with the issue, reported Friday that JPMorgan Chase plans to charge fintech companies a fee for access to customer account data. According to a report, the largest U.S. bank has sent pricing sheets outlining new charges to data aggregators, intermediaries who link banks to fintech platforms, outlining new costs that could vary depending on use cases, with payment focused firms facing higher fees. JPMorgan Chase's spokesperson stated that "We have invested significant resources in creating a valuable, secure system to protect customer data." "We have had productive discussions and are working with everyone in the ecosystem to ensure that we all make the necessary investments in infrastructure that keeps our customer safe." This could have a negative impact on the business models of payment apps that rely on having free access to financial data from customers to complete transactions. PayPal shares fell 6.3%. Block shares dropped 5.6%. Visa and Mastercard both lost 2.9% and 2.82%, respectively. Bloomberg News reported that the new fees will be implemented later this year, but they are still subject to negotiation. U.S. banks are pushing for a lighter regulatory regime under the Trump administration, versus regulations from the Biden era that were more strict on capital requirements. (Reporting and editing by Pooja Deai in Bengaluru, Prakhar Srivastava)
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Peru Central Bank sees an economy growth of nearly 3% in the second quarter
According to the central bank's chief economist Adrian Armas, the economy of Peru is expected to grow by just over 3% during the second quarter 2025. This was in line with their forecasts for a 3.1% increase at the end of this year. In a telephone call, Armas stated that the Peruvian gross domestic product (GDP), likely increased by 2.4% to 2.6% between May and June. However, July's GDP is estimated to be down 0.2% due to protests from informal miners who blocked a copper corridor. The central bank anticipates that GDP growth will ease to 2.9% by 2026. The informal miners protested to extend the duration of the formalization program. However, the recent government decision to remove more than half the registered miners (over 50,000) from the scheme prompted organizers to increase the number of road blockades. This measure is designed to clamp down on illegal mining operations. Sources have told us On Friday, it was announced that the two week protest could begin to affect production at major mining companies. Peru is the third largest copper exporter in the world and also a major metals and agricultural commodity exporter to the United States. When asked about the impact of U.S. president Donald Trump's announcement that a Imports of copper are subject to a 50% tariff Armas stated that the tax would be imposed on August 1 if the U.S. didn't have the capacity to replace its copper imports. This could lead to higher prices for Americans. Chile and Mexico, two other major copper exporters have stated that they are looking to ship their production to new markets
India's coal sector sees big leaps in output and need: Russell
India's coal sector is unified about one thing. It does not matter if you are a miner, trader, energy or steelmaker, you are bullish, extremely bullish.
The overarching theme at today annual Coaltrans India conference in the western state of Goa is that coal production, imports and need are all going to rise in coming years, and by substantial volumes.
India might have dedicated to eventually beginning to stage down usage of the contaminating fuel on its roadway to net-zero emissions by a targeted 2070, however for the coming years the coal market sees a ramp up.
Even the most mindful of forecasts at the conference saw need for all grades of coal reaching 1.5 billion metric loads by 2030, with some reaching as high as 1.9 billion
To put that in context, India's coal need was 1.23 billion. tons, made up of domestic production of 964 million loads and imports of around 266 million.
Put another way, even the more pessimistic of forecasts anticipates an increase of almost 300 million lots of coal need in India in the next 6 years, an increase of 25%.
To put the scale of the boost in context, 300 million loads is more than the total annual need of Germany, the fourth-biggest coal-consuming country after China, India and the United States.
The optimism over coal's future in India's energy mix is largely constructed on a shift in the thinking about the government of Prime Minister Narendra Modi to prioritise energy security and domestic resources over minimizing carbon emissions to alleviate climate modification.
The thinking is that India has massive reserves of coal, which it can mine reasonably inexpensively, and if it continues to purchase infrastructure, it can move the coal from where it is produced to where it will be burnt in power plants and factories.
The more the world's most-populous country can utilize domestic energy, the less it needs to spend for expensive imports in the form of crude oil and melted natural gas.
Although crude oil and its refined items do not contend with coal in power generation, they may increasingly in the future as the shift to electrical lorries gathers speed.
India's commercial users of coal, such as cement and ceramics, are also being motivated to take a look at utilizing gas produced from coal to power their plants, instead of imported coking coal, met coke and LNG.
INSUFFICIENT RENEWABLES
Another factor worth noting about the bullish view of India's coal sector is that they believe in the strong growth scenario despite the fact that the South Asian country is increase the deployment of renewable resources such as wind, solar, battery storage and pumped hydropower.
India is most likely to surpass its target for 500 gigawatts ( GW) of renewable energy capacity by 2030, however the demand for electricity is most likely to surpass the capability additions.
This implies India will continue to increase its fossil fuel generation, and lion's share of this will be coal, with 85 GW of new plants currently under building and construction and likely to come online by 2030, which would increase coal-fired capability by just over one-third from the current 237 GW.
Steelmakers are likewise poised to increase demand for coal, the key raw material used to turn iron ore into crude steel.
India produced about 140 million lots of steel in 2023, and the government is targeting that to increase to 300 million by 2030.
That figure is most likely optimistic, but it's possible that the nation can produce more than 200 million heaps in that time frame, according to a number of steel makers present at the Coaltrans event.
India's steel and sponge iron sectors imported about 93 million lots of coal in 2023, and consultants iEnergy Natural Resources approximate this will rise to 135 million by 2030.
If there was any disagreement on the outlook for India's. coal sector at the conference, it was the likely future mix of. domestic production and imports.
India doesn't produce significant volumes of coking coal, so. any boost in steel production is most likely to increase in greater. imports of coking coal and satisfied coke, a beneficiated product made. generally from coking coal, however can contain some lower quality. grades.
The primary dispute is whether a mix of state-controlled. leviathan Coal India and newly-operating private coal. mines will have the ability to raise output enough to displace imported. thermal coal for the power sector.
India is investing greatly in enhancing the rail system to. transportation coal, but it's still likely that seaside power plants. in the south and west of the sub-continent will rely on imported. fuel for years to come.
The opinions expressed here are those of the author, a columnist. .
(source: Reuters)