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Carney's government shrinks after former Canadian minister Carney resigns over environmental concerns
Steven Guilbeault, former Canadian cabinet minister, announced on Wednesday that he will'step down' from his seat in the?parliament. He cited his desire to fight for?environmental?protections following his objections to the decisions of Prime Minister Mark Carney’s government. Guilbeault’s departure will reduce Liberal Party’s slim majority in the parliamentary to one seat. Guilbeault announced on X that he would resign from his position representing downtown Montreal in the summer of this year, but would continue to be a Liberal member until then. He said, "It's time to change the way I fight for climate protection and environmental protection." "I want to continue this fight for generations that will inherit our unique and precious blue planet." Carney had thanked Guilbeault earlier on Wednesday for his contribution, saying that they worked together while Carney was the United Nations Special Representative for Climate. Carney stated that it was up to him to decide his own career. "I wish him all the best, and I am sure that we will have a chance to continue working together in some shape or form on issues of interest." Quit Cabinet Over Climate Rule Rollback In November, Guilbeault resigned from Carney's Cabinet over his opposition to an agreement Ottawa had made with Alberta, a province that produces oil, to rollback certain climate regulations to encourage investment in energy production. Guilbeault was an activist for Greenpeace before he ran for office. He served as the environment minister to former Prime Minister Justin Trudeau. Carney's Government secured a Majority in April after the Liberal Party won 174 seats at three special elections held in Ontario and Quebec. Carney said that a majority would allow him to deal with the trade conflict started by U.S. President Donald Trump more effectively, and also save him from having to run for another election in years. It would also make it easier for legislation. For a simple majority, the Liberals only need 172 votes. Laura Stephenson, professor of political sciences at the University of Western Ontario said Guilbeault?s resignation showed that some Liberal Party members are not in agreement with Carney?s economic-focused policies. She claimed that several other Liberal legislators have?suggested that they may also resign, potentially leaving?Carney in another minority government. "It's tricky to balance ?concerns from the West that deal with energy while also supporting those who like the party's more leftist-environmental bent," she said. "Carney has a clear vision but it's not clear whether his party will always unite behind him."
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Rosatom to play a role in the second Kazakhstan nuclear power plant as Balkhash agreement nears
Rosatom's Alexei Likhachev, the head of Rosatom, said that it could hold discussions about a possible?participation in a project to build a second?nuclear plant in Kazakhstan. Kazakhstan has approved the construction of the plant. The state-run China National Nuclear Corporation is the main contractor. We have not been officially informed about the Kazakh decision regarding the second plant in terms of location or configuration. Likhachev said that as soon as the Kazakh side gives us official information - perhaps in a few days' time - we can begin?practical talks. Likhachev said that Russia and Kazakhstan will sign an intergovernmental contract and a preliminarily contract covering the timelines and prices for the first nuclear power station in Kazakhstan, Balkhash NPP. This is scheduled to take place during Russian President Vladimir Putin's trip to Kazakhstan, which begins on Wednesday. Likhachev stated that Kazakhstan had held discussions with companies in South Korea, China, and France about possible participation. He added that Rosatom has no objections. Rosatom will be responsible for the technical design, specifications, and supply of heavy engineering equipment at the plant, he added. Likhachev stated that Rosatom plans to start active construction at the site by?2027, and expects it to be completed in the mid-2030s. (Reporting by Anastasia Lyrchikova. Maxim Rodionov wrote the article. Kirsten Donovan, Mark Potter and Kirsten Donovan edited the text.
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Royal Caribbean's president claims that the company has scrapped its Mexico water park due to environmental concerns.
The Mexican authorities rejected the project that Royal Caribbean had planned for a large waterpark on Mexico's Caribbean Coast, said?President Claudia Sheinbaum on Wednesday. The "Perfect Day" project was rejected last Tuesday after a strong backlash from the public against its environmental impact. Mahahual is a pristine part of Mexico's coastline, about 70 km (44miles) south of Belize. Royal Caribbean has not responded to the request for comment. However, it said that after the rejection of the park, they were optimistic about investing in Mexico and would discuss other proposals with stakeholders. Sheinbaum said to journalists at her daily morning news conference that the project would not be carried out in this location. Sheinbaum said that talks are being held with the company in order to determine if the project could be carried out at a different location, one without?these negative environmental impacts. Sheinbaum stated that Royal Caribbean withdrawn its proposal because SEMARNAT, Mexico's environmental watchdog, deemed the project too intrusive for the area. The project is located near a protected mangrove forest and a large coral reef. The park, which was scheduled to open in 2027 and featured beach clubs, swimming pools, bars, and more than 30 water slides, was advertised as "the biggest, baddest, most bold destination" with its many amenities. Sheinbaum stated that three permits related to the park were denied, including one involving a dock. Salvemos Mahaual is a local environmental group that said at the weekend it would continue to oppose Royal Caribbean's plans to develop in the area while promoting sustainable tourism. The cruise operator's three separate projects were cited as evidence that the company avoided a formal rejection by withdrawing. Royal Caribbean also plans to open an additional beach club on Cozumel in this year. (Reporting and editing by Raul Cortes. Aida Pelaez Fernandez, Sarah Morland)
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Data shows that Trump's waiver on domestic shipping hasn't reduced gasoline prices much.
A study found that President Donald Trump’s waivers to allow foreign-flagged vessels to transport?oil or fuel between U.S. port have little effect on the high gasoline prices in the United States due to higher shipping rates and relatively small volumes of fuel transported so far. Trump issued a waiver in March to the Jones Act. This is a 100-year-old law which requires shippers to?use vessels that are built, owned, and crewed entirely by Americans for transporting commodities between U.S. port. This policy, which was designed to support the maritime industry in the United States and ensure national security, also led to higher shipping rates within the U.S. Trump waived the Jones Act to ease fuel transportation around the U.S. coast, especially from Gulf Coast refiners up to the East and West Coasts. These regions rely heavily on imported fuel due to a lack of local refineries and pipelines that can meet the demand. This is the most extensive suspension of the Jones Act ever and a test to see if easing restrictions will reduce fuel transportation costs. The waiver is just one of many measures Trump has taken in order to curb fuel prices that are contributing to inflation. The pain at the gas pump could harm Republicans' campaign to keep control of Congress during November's midterm election. According to AAA, national gasoline prices on Tuesday averaged $4.49 a gallon, down from under $3 per gallon before the war. California average prices were $6.11 a gallon. Jennifer Carpenter, President of the pro Jones Act group American Maritime Partnership, said that the waiver does not deliver on what Trump was promised: lower prices at gas pumps and increase the flow across the country. White House data collected since the first Jones Act waiver shows that a significant?more supply has been able to reach U.S. port faster. Two sources say that administration officials are happy with the results of the waiver and are willing to extend it in the future if the conditions so require. Federal data shows that during the first two-month period of the waiver, refiners such as Valero, Phillips 66, and others used the exemption 50 times. They moved 2.6 million barrels crude oil and 7.5 millions barrels each of gasoline, jet fuel and diesel. The volumes represented only a small fraction of the daily U.S. oil consumption. Rates for foreign-flagged tanks were also high, as many vessels were stuck in the Strait of Hormuz. Ryan Kellogg is an energy policy professor from the University of Chicago. He said that freight rates were much higher than usual. "International vessels are just hard to come by." Jones Act critics claim that the law is inefficient and that the use international ships under waiver signals a demand for more tanks. The fact that waivers were used 50 times for energy movement suggests that this was the most cost-effective option. If this option didn't exist, an even more expensive and costly option would have to be used." said Colin Grabow, at the conservative think tank Cato Institute. California, which is the top importer of oil and fuel in the United States, received more than 60% of the gasoline and blendstock cargoes that were moved under waivers. This amounts to about 3 million barrels or 2.1 millions gallons per day. This is just 6% the 36 million gallons Californians drink daily. Data showed that foreign vessels also transported gasoline to Alaska and Florida. The combined shipments totaled around 84,000 barrels a day, which is a fraction the 8.75 millions barrels of gasoline consumed each day nationwide. According to the price reporting company Argus, shipping on an international vessel between the U.S. Gulf Coast and the West Coast could have saved 6.6 cents per gallon or 1% compared to a Jones Act Tanker. The East Coast was cheaper because of the high demand for foreign vessels to Asia. Experts in the industry said that as international tanker rates drop, companies will likely use waivers more frequently in the coming weeks. The waiver also appeared to change shipping patterns and raise concerns about the tight U.S.?tanker markets. In April, at least one U.S. oil tanker transported Alaskan crude from Alaska to South Korea. This was its first international voyage recorded since 2014. Valero has recently requested a Jones Act Tanker to transport fuel to Mexico. According to industry sources, this could be an unintended result of the waiver. If foreign vessels undercut routes domestically, more U.S. ship could pursue international business and strain domestic tanker availability. A shipping source reported that tax uncertainty regarding waiver voyages deterred companies to charter foreign tankers on U.S. routes. (Reporting from Arathy S. Somasekhar, Jarrett Renshaw and Shariq Khan, with additional reporting by David Gregorio in New York)
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Exxon gets shareholder approval for Texas legal move
Exxon Mobil's shareholders approved its plan to relocate to Texas on Wednesday, marking a victory for the U.S. top oil producer. Two leading proxy advisory firms had advised investors to reject the proposal. Oil producer is incorporated under New Jersey law, but company headquarters are in Texas. The company said that moving its legal residence to the state made sense and was more logical for the business. Other companies have also recently moved their operations to Texas, including SpaceX and Tesla. Texas law passed last year improved legal protections in many ways. One of them was allowing businesses to set stock ownership levels for lawsuits. Exxon, when it announced its plans to move its state of incorporation from New Jersey - to Texas - in March, said that it would not be raising its ownership thresholds to allow for shareholder lawsuits. It argued Texas officials had a "better understanding" of its business. The company stated in its proxy statement that "the Board believes Texas legislators and judges who may make decisions impacting?Exxon Mobil? are generally more knowledgeable about our business?and operations." Exxon shareholders rejected on Wednesday a proposal to include more 'automatic voting options' to Exxon’s?retail investors voting program. Exxon's Board opposed the proposal. Reporting by Sheila Dang and Arunima in Bengaluru, editing by Joyjeet Das.
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Carney thanks former Canadian Environment Minister ahead of expected resignation
Mark Carney, Canadian Prime Minister, thanked Steven 'Guilbeault for his service as a cabinet minister on Wednesday. He was preparing to resign from the Liberal caucus that same day due to his dissatisfaction over government climate policies. The Globe and Mail?and Toronto Star first reported Guilbeault’s resignation. This will reduce Carney’s Liberals' already thin majority in Parliament by one seat. Carney thanked Guilbeault, stating that they had worked together as the prime minister's special representative to the United Nations for climate change. Carney stated that it was up to him to decide his future. "I wish him the best and I'm certain that we will have an opportunity in some shape or form to continue working together on issues of mutual interest." Guilbeault, the then identity and cultural minister, left Carney's Cabinet in November over his opposition to an agreement Ottawa had made with Alberta, a province that produces oil, to rollback?certain climate regulations to spur investment in energy production. Guilbeault was previously the environment minister for former Prime Minister Justin Trudeau. Carney's Government secured a Majority in April after his Liberal Party won 174 seats out of 343 in the House of Commons. Carney said that a majority could help him to deal more effectively with the U.S. president Donald Trump's trade war, as well as allowing him to avoid another election in years and make it easier to pass laws. Liberals require 172 seats to achieve a bare majority. Laura Stephenson, professor of political sciences at the University of Western Ontario said Guilbeault’s resignation was a sign that some Liberals'might not have been on board' with Carney’s policies prioritizing 'the economy'. She added that several other Liberal legislators have indicated they may also resign, potentially leaving Carney with a minority government. "It's ?tricky to balance concerns from the ?West that deal with energy while ?also supporting those who like the party's more leftist-environmental bent," she said. "Carney has a clear vision but it's not clear whether his party will always unite behind him."
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Syrian accused of Austrian knife attack declares he will kill again
Austrian media reported that a Kurdish-Syrian refugee, 24, who was on trial for a deadly knife attack on Wednesday in Villach, Austria told the court that he would kill another person if he had the chance. The defendant was arrested after killing a boy aged 14 and injuring five others with a jackknife at Villach in southern Austria in February of last year. He admits to carrying out the attack, and swearing allegiance with Islamic State. Media at the trial reported that the prosecution said the court in Klagenfurt that he had undergone "lightning-radicalisation" on TikTok and even surprised his brother. The defendant, who was questioned by the presiding Judge through an interpreter, whether he would repeat the crime if given the chance, nodded. Media including the national broadcaster ORF, and news agency APA, reported this. If convicted, he could face life imprisonment. He is charged with murder, attempted killing and terrorism related offences. On the first day of his trial where he was placed behind a screen, he said very little. The court prohibited reporters from bringing in electronic equipment to the courtroom. This was the'second deadly jihadist attack in Austria, after a gunman shot and killed?four people? and injured 22 more in Vienna in November of 2020. Villach's trial is due to last until Thursday and coincides with the trial of a 21 year old accused of planning a terrorist attack against a Taylor Swift concert held in Vienna, 2024, which was foiled at the eleventh hour. Beran A., the defendant in this?trial has pleaded guilty to some charges related to this planned attack, but not others relating to a separate alleged conspiracy. On Thursday, a ruling is expected in this case. Francois Murphy is the reporter; Gus Trompiz is the editor.
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Gold drops to a two-month low due to inflation driven by war fueling rate hike bets
Gold prices fell to a 2-month low on Tuesday, "pressured" by expectations of tighter monetary policies to combat rising inflation and the fact that there is no end to the Iran war. As of 10:30 am EDT (1430 GMT), spot gold was down by 1.4% to $4,444.64 an ounce. It had fallen earlier in the day to its lowest price since March 27. U.S. Gold futures for June delivery dropped 1.2% to $4445.20. The Middle East continues to have the biggest impact. "There was a lingering optimism, but that optimism is fading as the conflict continues," said Peter Grant. He added that inflation fears are being heightened by the ongoing conflict. Since the beginning of the U.S. and Israeli?war against Iran, the price of gold has been on the rise. Brent crude prices have risen dramatically since the Strait of Hormuz was closed, which has led to inflation worries and rate hike expectations. Iranian state TV reported Wednesday that Tehran would restore shipping in the Strait to its pre-war level within a month as part of a framework agreement with the U.S. This deal also included the withdrawal of U.S. troops from Iran's proximity. After this report, gold prices briefly recovered some of their losses. The market is still predicting energy-driven inflation, which will lead the U.S. Federal Reserve will increase its overnight benchmark interest rate by 25 basis point by the end this year. Gold is not a good inflation hedge in high-rate environments. Neel Kazhkari, Minneapolis Fed President, said that the U.S. central bank must concentrate on containing inflationary risk which appears to be increasing. However it is "far too early" to predict when they could change their current policy rate. Investors await U.S. Investors await the Personal Consumption Spending data due Thursday for clues on the direction of monetary policy. Silver spot fell by 2.8%, to $74.82 an ounce. Bank of America said in a Tuesday note that a gold rally could push'silver back above $100/oz. However, we do not expect silver to outpace 'on a sustainable basis because of a softer fundamental demand. Palladium rose 0.4% to $1,384.86 and platinum fell 2%.
Minas Gerais, Brazil, is forced to re-examine the sale of Copasa utility shares
Sources told us that the state of Minas Gerais in Brazil's southeast will need to review its privatization process for water and sewage utility Copasa after bids by potential anchor investors were below the government's asking price.
The source, who asked to remain anonymous because the process was private, said that "it didn't achieve the price and there will be a rebid."
Copasa has confirmed that the Minas Gerais government, which is the selling shareholder, will amend its secondary share offering registered last week. The parties did not disclose the nature of the changes.
Originally, the announcement of a possible anchor investor was scheduled for Wednesday. Copasa shares fell 5% early in the afternoon, leading losses on Brazil's Bovespa index.
The bidders were a consortium Itausa and Singapore's sovereign fund,?GIC. Also, the investment platform Equipav specialized in concessions, submitted an offer through a vehicle named Livorno.
According to the original plan Minas Gerais would retain a 5% stake and sell a 30% stake to an anchor for approximately 6 billion reais. It would also offer 15% of its Copasa shares to other investors for an additional 3 billion reais. (Reporting and editing by Paul Simao; Alberto Alerigi Jr., Luciana magalhaes)
(source: Reuters)