Latest News
-
US pushes Congo and Rwanda to reach peace agreement and billion-dollar minerals deals
According to Donald Trump's senior adviser for Africa, the U.S. wants Congo and Rwanda sign a peace agreement at the White House within two months. This will be accompanied by bilateral deals on minerals that would bring Western investment worth billions of dollars to the region. Massad Boulos, in an interview with Doha, the Qatari capital's media, said: "When we sign peace agreement,... the mineral deal with DRC (Democratic Republic of Congo), will be done on that date, and then another similar package of a smaller size will be done with Rwanda on the same day." The U.S. would support a peace agreement that comes amid the unprecedented advance of M23 rebels, backed by Rwanda, in Congo. This is the latest cycle in a long-running conflict in a rich region with tantalum, gold, and other minerals. Rwanda denies supporting the group. According to the peace process that was agreed upon in Washington, last week, as part of diplomatic efforts aimed at ending violence in eastern Congo. The Congolese Government did not immediately reply to the request for comment. Boulos stated that in mid-May, U.S. Secretary Marco Rubio and the Rwandan & Congolese Foreign Ministers will meet at Washington to try to reach an agreement on a final draft of a peace accord. Boulos stated that before the agreement can be signed, Rwanda and Congo need to finalise bilateral agreements with Washington. These agreements will see U.S. companies and Western firms invest billions in Congolese mining and infrastructure projects in order to support mining both in Rwanda and Congo. The (agreement with the D.R.C. The D.R.C. agreement is on a larger scale because the country has more resources. Rwanda has many resources and capacity in the mining sector, not only upstream but also downstream, including processing, refining, and trading," Boulos added. Boulos claimed that U.S. companies and Western firms have informed Washington they will make multi-billion dollar investments in this region after the bilateral mineral deals are signed. Boulos said that Washington also expects that both countries address security concerns before the White House ceremony can proceed. Rwanda, for example, must withdraw its troops from Congo and stop its support of M23 rebels. Congo must respond to Rwanda's concerns about security by bringing in militias like the Democratic Forces for the Liberation of Rwanda. Boulos stated that on Wednesday, a committee of observers was formed to monitor the progress made by both countries towards the peace agreement. The group includes representatives from the U.S.A., France, Qatar and Togo. Reporting by Andrew Mills Editing and reporting by Robbie Corey Boulet, Peter Graff, and Sandra Maler
-
US LNG exports equal monthly record in April
LSEG data show that the United States equaled the record of the highest volume of liquefied gas exported in April as the capacity increased due to the ramp-up at Venture Global's Plaquemines facility. According to the U.S. Energy Information Administration, the U.S. already has the largest LNG export capacity in the world. It is expected that this will grow by 20% to 115 millions tonnes in 2025 after a record-breaking year in 2024. LSEG data shows that in April the U.S. exported 9.3 MT of LNG, which is the same as the previous monthly record. The startup of Venture Global’s Plaquemines Phase 1 project has boosted exports this year. According to Tudor Pickering Holt & Co., the project is producing at 140% its design capacity. According to LSEG ship tracking, Plaquemines exports 1.1 MT in April, up from 0.82 MT in March. In April, Europe was once again the top destination for U.S. exports of LNG. In April, the U.S. shipped 6.3 MT (or 68% of total monthly exports) of LNG to Europe. This is slightly lower than the 6.47 MT of LNG exported to Europe in march. LSEG data shows that the U.S. exported 2.05 MT of goods to Asia in April. This is more than it sold in march, when traders took advantage higher prices in Asia. In Europe, benchmark prices in April were $11.48 per million Btu, down from $13.21 a month earlier. Prices in Europe have dropped because Chinese buyers are reselling their cargoes to Europe instead of paying tariffs if they import the goods into China. The Japan Korea Marker, Asia's benchmark for gas prices, was down to $12.23 per million British Thermal Units (mmBtu), from $13.50 per mmBtu in March. According to Kpler, commodity analysts, prices were higher in Asia than Europe despite the fact that LNG demand in China was at its lowest level since October 2022 in April. According to LSEG, U.S. LNG exports to Latin America rose slightly in April to 0.68 MT, from 0.55 MT in March. This was due to the reduced production at Atlantic LNG Trinidad. LSEG data shows that Atlantic LNG, owned by Shell and BP, exported two fewer cargoes to Latin America in April compared to the average for 2025. Only one cargo was sold to Egypt, reducing the U.S. exports to Middle East. According to LSEG, there were three additional cargoes totaling 0.21 MT, which left U.S. port without a destination. U.S. exporters of LNG also paid less in April for their feed gas. The U.S. Henry hub benchmark in Louisiana averaged around $3.43 per mmBtu, down from $4.14 a month earlier. Reporting by Curtis Williams, Houston; Editing and proofreading by Andrea Ricci
-
DTE Energy's quarterly profits rise on the strength of its gas and energy trading
DTE Energy announced increased first-quarter profits on Thursday. This was aided in part by its strength in the gas and energy trading segment. It also said it expects tariff impacts to be manageable. DTE's $30 billion capital spending plan is expected to have a limited impact. The power industry has been bracing itself for potential tariff costs as a result of the U.S.-Canada trade war. DTE Energy has partnered with GM, Ford, and BMW in order to increase the use of renewable energy in Michigan. It also said that it has a margin risk between 3% and 4% due to auto tariffs. Detroit-based Gas segment posted a profit in the first quarter of $206 million, up from $160 million for the same period last year. Energy trading's profit increased to $67m during the three-month period ended March 31 from $1m last year. This was due to a 13.4% increase in U.S. Natural Gas prices. The electric segment saw a 28% drop in profit due to high costs. The company is still seeing strong demand for its products from data centers. Data center conversations continue. On a conference phone, a company executive stated that there has been no slowdown. The company's quarterly net income increased to $445m, or $2.14 a share, up from $313m, or $1.51 a share, one year ago. (Reporting and editing by Katha Kaalia in Bengaluru, Leroy Leo, and Vijay Kishore).
-
US: Minerals deal will strengthen Trump's position in negotiations with Russia
Kyiv, Washington and other Ukrainian officials hailed the deal that gives the United States a preferential access to minerals in Ukraine as a major milestone. A top U.S. government official stated that this would give President Donald Trump a better basis to negotiate with Russia. The Kremlin did not comment on the agreement reached Wednesday, but former Russian president Dmitry Medvedev claimed that Trump "broke the Kyiv regime", because Ukraine will have to pay U.S. military assistance with its mineral resources. The agreement, signed in Washington, and heavily promoted Trump, creates a joint fund to invest in Ukraine's reconstruction, as he tries for a settlement of the war between Russia and Ukraine. The agreement gives the U.S. priority access to new Ukrainian mineral projects. The agreement is crucial to Ukraine's efforts in repairing its ties with White House that were strained after Trump assumed office in January. However, the Ukrainian parliament has yet to consider it. In an interview with Fox Business Network, U.S. Treasury Sec. Scott Bessent said that the deal would show "Russian leadership" that there was no daylight between American and Ukrainian goals. He said: "I think that this is an even stronger signal to the Russian leadership and gives President Trump a much better basis to negotiate with Russia." His remarks seemed to send a message to Russia that Washington is still aligned to Kyiv, despite questions about its commitment to the ally after Trump's return brought U.S. diplomatic relations to a halt. Senior Trump administration officials confirmed that three agreements were signed, including a framework agreement and two technical pacts. They said they expect the Ukrainian parliament to approve these within a week. The Ukrainian president Volodymyr Zelenskiy expressed his hope that the approval of parliament would not be delayed, even though some lawmakers expected it to last longer than a single week. Zelenskiy, in a Telegram video, said that the agreement had changed in its preparation process. He praised what he called an "equal agreement" which created investment opportunities in Ukraine as well as modernisations of the industry and legal practices. Both he and Bessent emphasized the importance of the talks Zelenskiy had with Trump in Rome on April 26, during Pope Francis' funeral. Zelenskiy stated that "we have now achieved the first outcome of the Vatican Meeting, which is truly historic." Ukrainian Foreign Minister Andrii Syhiba stated that the deal was "an important landmark" in U.S.Ukrainian relationships aimed at enhancing Ukraine's security and economy. U.S. FRUSTRATIONS Since Russia's invasion of Ukraine in February 2022, Kyiv is highly dependent on U.S. supplies. It also claims that Moscow has increased its attacks against Ukraine after the U.S. intensified efforts to achieve a peaceful settlement. Washington has expressed its frustration at the inability of Moscow and Kyiv, to reach an agreement on terms. Trump has also shown signs of dissatisfaction with Russian President Vladimir Putin because he has not moved faster toward peace. Medvedev, a former senior Russian security official, claimed that Ukraine was forced to sign the agreement. He wrote on Telegram that "Trump has broken Kyiv's regime to the extent where they will be forced to pay U.S. assistance with mineral resources." "Now (Ukrainians), they will have to buy military supplies using the wealth of a country that is disappearing." Ukraine's international credit rose after the signing the mineral deal. Financial analysts claimed that the terms of the deal were better than what they originally expected. Ukraine has a wealth of natural resources, including rare earths metals, which are used in consumer electronics and electric vehicles, as well as military applications. China dominates global rare-earth metal mining, and is currently locked in a tariff war with the U.S. following Trump's steep tariff increases. Ukraine has also large reserves of iron and uranium. The first deputy prime minister Yulia Shvyrydenko stated that Ukraine had no debt obligations towards the U.S. as a result of the agreement. However, the deal did not provide any concrete U.S. guarantees for Ukraine's security, which was one of Kyiv’s initial goals. On Thursday, Prime Minister Denys shmyhal presented the deal to parliamentary factions in a closed-door meeting. Some members of parliament claimed they hadn't seen the agreement text or been properly consult. Yaroslav Zeleznyak said that the parliament may not vote on the agreement until mid-May. Reporting by Doina Schiacu in Washington, Susan Heavey in New York, Anastasiia Mlenko in Kiev, Tom Balmforth in London, Karin Strohecker and Yuliia Dsya in Kyiv. Writing by Timothy Heritage, Editing by Philippa and Gareth Jones.
-
Investors assess mixed corporate earnings as FTSE 100 falls
Investors weighed a mixed bag corporate earnings amid hopes that trade tensions between China and the U.S. will ease. Rolls-Royce, the maker of jet engines, was one of the best performers in the blue-chip FTSE 100 Index. Its share price rose 1.7% as the company said that it could offset tariffs globally to achieve its 2025 profit target. The Aerospace and Defence Index gained 1.1%. Whitbread, the owner of Premier Inn, rose 5.8% thanks to a share-buyback plan and a positive bookings outlook. This boosted the Travel and Leisure Index, which saw a 3.4% increase. Informa's shares rose 4.2% after the group, which publishes academic and events publications, reaffirmed their 2025 outlook. Haleon's gains increased by 3.3% as the consumer healthcare group raised their medium-term profit expectations. Lloyds Banking Group, which has been able to keep its gains under control, dropped 2.7% after reporting a nearly 7% decline in the first-quarter profits. National Grid's stock fell by 1.1% following the announcement that CEO John Pettigrew would be stepping down. The midcap index rose by 1.3%. Ferrexpo, a miner based in Ukraine, soared by 22.2% after Washington and Kyiv signed a mineral deal. A social media account associated with Chinese state-run media reported that the U.S. approached China to seek talks about President Donald Trump's tariffs of 145%, possibly signaling Beijing's willingness to negotiate. In March, British homebuyers increased the amount they borrowed for their mortgages by the highest level in almost four years, as they raced to avoid the expiration of a tax incentive. However, Bank of England data showed that consumers were also showing signs of caution. Investors increased their bets that the BoE will cut interest rates over the rest of this year, and the yields of short-dated government bonds fell sharply before the central bank meeting next week. Separate data revealed that British factory exports fell at the fastest pace in nearly five years, and that cost pressures increased in April. (Reporting by Ragini Mathur and Sanchayaita Roy in Bengaluru. (Editing by Leroy Leo, Mark Potter and Mark Potter.
-
Xbox and PlayStation both raise console prices in response to U.S. tariffs
Microsoft's Xbox has increased the price of its consoles, controllers and first-party games, as well as other accessories. This follows similar actions by competitors, due to U.S. Tariffs impacting supply chains globally. Xbox announced in a blog on Thursday that it would be raising the prices of its products across the United States as well as Europe, Australia, and the United Kingdom. Xbox Series X, the more powerful console, will now be sold for around $600 in America. This is an increase of about $100. This move comes just a few short weeks after Sony, the maker of PlayStation 5, raised prices on its PlayStation 5 console across various markets. It signals that console makers are preparing to face increased manufacturing costs as a result of tariffs. The PlayStation 5 Pro console costs around $700 in America. Nintendo's long-awaited Switch 2 is set to be released in June, and it's expected that gaming consoles will drive the growth of the video game market this year. The Trump administration has imposed hefty tariffs on major manufacturing hubs like Japan, China and Vietnam, which have caused a price increase. Analysts have warned these tariffs may hinder the growth of industry, because a potential recession in the economy and an increase in inflation could cause consumers to cut back on discretionary spending. Nintendo resumed the pre-orders of the Switch 2 in late December after originally delaying them due to tariff uncertainty. Xbox will raise the price of some first-party titles to $80. This follows Nintendo's similar pricing policy for "Mario Kart World," which could set a new standard in an industry where development costs are increasing.
-
The US House of Representatives votes to ban California's 2035 electric vehicle plan
The U.S House of Representatives has voted to block California's historic plan to stop the sale of only gasoline vehicles by 2035, which was adopted by 11 states. The House has backed legislation that will repeal the waiver granted by U.S. Environmental Protection Agency, under the former president Joe Biden, in December. This waiver allowed California to mandate 80% electric cars by 2035. Major automakers urged this action because the rules were not feasible. California claims the rules are necessary to reduce pollution, and that the vote was illegal. California Governor Gavin Newsom stated that the program is crucial to compete with China in EVs. Newsom stated that "big polluters and right-wing propaganda machines have been successful in buying off Republican Party." The Alliance for Automotive Innovation (which represents General Motors Toyota Volkswagen Hyundai, and other major automakers) warned that car companies may be forced to "substantially reduce the number overall of vehicles for sale in order to increase their percentage of electric vehicle sales." John Bozzella, the CEO of the group, called the vote "welcome and targeted" by the House in order to avoid the inevitable job losses and manufacturing problems that would result from these unachievable rules. Another 11 states have adopted the California Air Resources Board regulations, including New York and Massachusetts, which account for approximately 40% of the U.S. automobile market. Separately, the U.S. House voted on Wednesday to revoke the EPA’s approval in 2023 of California’s plans to demand a growing number of zero emission heavy-duty trucks. The waiver granted under former president Biden to California’s “Omnibus” low-NOx regulations for heavy-duty highway vehicles and off-road engines was also revoked. The question is whether Congress can revoke waivers by using the Congressional Review Act. In March, the The Government Accountability Office has said that waivers are not possible. The CRA allows for repeal of this law with only a majority vote in the U.S. Senate. California's rule requires 35% of the light-duty vehicles for 2026 to be zero emission models. Automakers claim that they cannot meet this figure, given the current EV sales in states that have adopted these rules. California has set a target of 68% EV sales in new vehicles by 2030. Separately, the U.S. Transportation Department has taken steps to reverse aggressive fuel efficiency rules that Biden had adopted. (Reporting and editing by David Shepardson)
-
US Ex-Im Bank reverses ban on coal lending abroad, observers say
Three people who attended the meeting said that the board of the U.S. Export-Import Bank voted to reverse a long-standing restriction on lending for coal projects abroad. This reflects President Donald Trump's agenda, which calls for increased domestic coal mining and exports from the United States. The vote came less than one month after President Donald Trump issued an executive directive aimed at revitalizing the U.S. Coal Industry. This included a measure that directed Ex-Im to provide facilities for coal developers. The federal bank that finances overseas projects had tried to take climate change into account in its investment decisions during the Biden administration. It had also not funded a coal project in more than 10 years. Ex-Im’s decision to use U.S. tax payer money to finance overseas coal project is an economic disaster and climate catastrophe. Ex-Im is reverting to its policies of two decades ago, when the company was the world's largest financier of overseas coal projects," Jake Schmidt, senior strategist at Natural Resources Defense Council and an observer of the board meeting, said. Ex-Im has not responded to our request for a comment. (Reporting and editing by Paul Simao; Valerie Volcovici)
Dominion exceeds its quarterly power demand estimates for Virginia and South Carolina
Dominion Energy, a U.S. utility company, reported a first-quarter profit and revenue that exceeded Wall Street's expectations on Thursday. This was due to lower interest rates and strong demand in Virginia and South Carolina.
According to the U.S. Energy Information Administration, the U.S. energy demand is expected to reach record levels in 2025 and in 2026. This will be driven by the demand for artificial intelligence, cryptocurrency, and heat from businesses and homes.
The first-quarter adjusted operating earnings of Dominion's Virginia division rose by 32.3%, to $561 millions. Those from South Carolina rose by 90%, to $152million.
Dominion’s Virginia utility service the world’s largest cluster data centers. This cluster has more capacity than the four next largest global clusters of data centers combined, according the company.
Dominion Energy's interest costs also fell 16.4%, to $480 Million in the first quarter.
Reduced interest rates can reduce the borrowing costs of power companies. These companies need more capital to upgrade and maintain grid infrastructure.
Dominion's gas and electric service areas experienced a quarter-on-quarter increase of 25.6% in heating degree days, a measure for energy consumption in space heating.
LSEG data shows that the quarterly revenue for Q3 was $4.08 Billion, up from $3.63 Billion a year earlier, and beat analysts' estimates of $3.97 Billion.
Analysts have predicted $3.39 per common share. The company has reaffirmed that its adjusted annual operating profit forecast is between $3.28 and $3.52.
LSEG data shows that the utility's adjusted earnings per share were 93 cents for the three-month period ended March 31. This compares to analysts' estimates of 75 cents. (Reporting and editing by Sahal Muhammad in Bengaluru, with Pooja Menon reporting from Bengaluru)
(source: Reuters)