Latest News
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US Energy Council Chief: Future Offshore Wind Projects Unlikely
U.S. Interior Secretary and Energy Council Chief Doug Burgum has said that it is not likely that there will be future offshore wind projects built in the country under the current Trump administration.During the Gastech conference in Milan, Burgum said the renewable power from offshore wind is ‘just too expensive and not reliable enough’.“We are taking a deep look. There are five projects that are under construction and we’re taking a look at each of those,” Burgum said.When it comes to the solar power, and future projects, Burgum noted that for such projects, solar panels will have be produced by the U.S. itself,He also said during the Gastech conference in Milan that if there was to be a future for solar power in the United States, panels have to be made by the U.S. itself or its allies, and not China, due to reported ‘kill switches’ installed in the equipment supplied by the country.
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US appellate court pauses on climate rule challenges
Court documents show that a federal appeals court said on Friday it would suspend its consideration of the legal challenges against U.S. Securities and Exchange Commission climate regulations until Wall Street regulators decide whether they will change them or defend them in court. The SEC, under former president Joe Biden adopted rules that required publicly traded companies, led by Republican states, to inform investors about climate risks, emissions, and spending. Republican-led state and an industry group immediately challenged this in court. In March, under Republican President Donald Trump the SEC decided to stop defending this rule. The U.S. Court of Appeals, Eighth Circuit, issued an order Friday saying that the legal challenges would be put on hold to encourage judicial economy because the SEC refused to defend its rule in court, or to say if it intended to modify the rule or scrap it entirely. The order stated that it was the responsibility of the SEC to decide whether the Final Rules would be rescinded or repealed. It also noted that the SEC already had stayed the regulations’ effective date while the legal challenge was ongoing, so a delayed court ruling would not harm. The SEC didn't immediately respond to requests for comment, but in July the agency informed the court that it had no intention of reconsidering the rule and asked the court to continue the case anyway. Reporting by Douglas Gillison, Washington; Editing and proofreading by David Gregorio
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US EPA proposes to end mandatory greenhouse gas reporting
The U.S. Environmental Protection Agency (EPA) proposed a rule on Friday to end the mandatory reporting of greenhouse gas emissions by 8,000 facilities. This program, the EPA said, was burdensome for businesses but left the public in the dark about the environmental impact. The agency stated that mandatory collection of GHG emission data is unnecessary as it "is not directly related to potential regulations and has no significant impact on improving the health and environment of humans." KEY QUOTE The Greenhouse Gas Reporting Program, according to EPA Administrator Lee Zeldin, is nothing but bureaucratic red-tape that doesn't improve air quality. BACKGROUND The rule is a response to an executive order that was issued on the first day of President Donald Trump's presidency. It aims to remove barriers to releasing more U.S. Energy, especially fossil fuels. This is just the latest in a long line of regulatory rollbacks that have undone previous U.S. attempts to combat climate changes. Earlier this year, the EPA revealed plans to repeal its "endangerment findings" which allowed it to regulate greenhouse gases from stationary and vehicle sources. The proposal, if finalized, would eliminate reporting obligations for all large facilities, fuel and industrial gas providers, and CO2 injector sites. The Trump administration also announced that it would pull the U.S. out of the Paris Climate Agreement, which requires all countries to reduce greenhouse gas emissions. Key Context The Trump administration also took steps to stop the collection of environmental databases by the EPA and other federal agencies such as the National Oceanic and Atmospheric Administration and NASA's satellites that monitor greenhouse gases. DETAILS Under the Greenhouse Gas Reporting Program, 47 categories of sources covering 8,000 suppliers and facilities are required to calculate their greenhouse gas emission and submit it annually. The agency will continue to require the submission of data on methane emissions for large oil-and-gas operations that are subject to a charge for waste emissions. (Reporting and editing by Richard Chang; Valerie Volcovici)
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NATO launches "Eastern Sentry" to strengthen eastern flank following Russian drone incursion
NATO Secretary General Mark Rutte announced that NATO launched on Friday an operation called Eastern Sentry in response to Russian drones entering Polish airspace this week. Rutte said at a NATO press conference in Brussels that "we must make it clear to the world our determination and our capability to defend our territories." He said this while standing next to NATO's top commander U.S. Air Force general Alexus Grynkewich. Rutte stated that NATO was still assessing possible intentions behind the incursion. This led to Polish and NATO allies shooting down drones, the first such action NATO has taken since Russia's invasion of Ukraine in 2022. He said that the Russian action was "reckless" and "inacceptable", regardless of whether it was intentional. Russia claimed that its forces were attacking Ukraine when the drones entered the country and they had no intention of hitting any targets in Poland. Warsaw rejected this explanation and said the incursion had been a deliberate attack. FLEXIBLE RESPONSE ALONG EASTERN FLANC Grynkewich stated that Eastern Sentry is designed to be a flexible, integrated operation for bolstering defences along NATO’s entire Eastern flank. This extends from the Baltic States in the north all the way down to Romania and Bulgaria. He said, "Poland's citizens and those from the Alliance in general should feel assured of our swift response this week as well as our important announcement today." NATO has already deployed thousands of troops in Eastern Europe. The number of additional troops involved in this new operation was not specified. The announcement listed a modest amount of new military assets, including two F-16 fighters and a Danish frigate, three Rafale jet fighters from France, and four Eurofighter aircraft from Germany. Grynkewich, however, said that the new operation also aimed to adopt a more flexible strategy to defend the eastern flank in general rather than having static forces dedicated to a specific area. He said: "We will adjust our posture across the eastern flank in a way that keeps the enemy off-guard, while also responding to specific threats when we see them emerge." Reporting by Andrew Gray, Bart Meijer; Writing by Charlotte Van Campenhout, John Irish, Editing by GV de Clercq Alexandra Hudson, Aidan Lewis
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EU countries delay deal on new climate goal, diplomats say
Three EU diplomats said on Friday that the European Union has shelved its plans to adopt a new target for climate change next week after France and Germany resisted plans to reach a quick agreement. The countries are discussing a legally binding target of reducing net EU greenhouse gas emission by 90% from 1990 levels by 2040. A portion of this will be covered by purchasing foreign carbon credits. According to the European Commission, this will provide investors with certainty and help Europe reach net zero emissions in 2050. Climate change has caused Europe to become the fastest-warming continental in the world, unleashing deadly wildfires and record-breaking heatwaves. The EU is divided on how ambitious it should be when tackling global climate change, while also trying to increase defense spending and support struggling industry. On September 18, EU ministers were to have approved the 2040 target for climate change. Three EU diplomats have said that the ambassadors of EU countries cancelled this plan at a Friday meeting. The ministers said that next week they will discuss the goal of 2040, but any agreement will be discussed with EU leaders before the discussion is concluded. The diplomats asked to remain anonymous when discussing the closed-door discussion. If the EU fails to reach a deal by next week, it could miss the mid-September deadline set by the U.N. for all countries to submit their new climate plans in preparation for the COP30 summit on climate change scheduled for November. Diplomats have said that Denmark, Spain, and the Netherlands all support the 90 percent reduction in emissions target. France, Poland, and Italy, among others, have rejected the goal and asked that it be taken up with the heads of government at their next meeting in October. This could make it more difficult to reach an agreement. EU leaders make decisions in a unanimous manner, unlike ministers. Diplomats are discussing ways to convince sceptical nations, such as covering a larger share of the climate goal with carbon credits or tying a deal to other EU laws, like the carbon border tax or the 2035 phase-out of combustion engine cars. A spokesperson for the Environment Ministry said that Germany supports the goal of cutting emissions by 90%, but believes it is important to have discussions among the government leaders prior to a final deal. (Reporting and additional reporting by Holger Hanen in Berlin.)
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Poland contradicts Trump by saying that the Russian drone incursions were not a mistake.
Poland rejected Donald Trump's suggestion that Russian drone incursions in its airspace may have been an error, a rare contradiction from one of Washington’s closest European allies. Poland, supported by aircraft from NATO allies, shot down drones on Wednesday that violated its airspace. This is the first time an alliance member has fired during the Russian war in Ukraine. Russia claimed that its forces were attacking Ukraine at the moment and had no intention of hitting any targets in Poland. Trump told Washington reporters on Thursday that it could have been an accident. Donald Tusk, the Polish Prime Minister, responded on X. "We too would wish that the drone strike on Poland was a miscalculation." It wasn't. "We know it." Trump told Fox News in an interview on Friday that he was losing patience with Russian president Vladimir Putin. Germany announced on Friday that it had increased air patrols over Poland after European leaders strongly condemned Russia over the incident. It also summoned Russia's ambassador. On Poland's initiative, the United Nations Security Council would meet Friday to discuss this incident. NATO's top military officials, including its chief, Mark Rutte and Supreme Allied commander Europe Alexus Grynkewich (a U.S. Air Force General), were scheduled to hold a joint press conference on Friday afternoon. Questions about European Defence It is rare for Warsaw to directly contradict Trump. This shows the alarm of Europe at Trump's willingness, in this case, to accept Moscow's version of events. Poland is one of the closest U.S. ally in Europe. The Trump administration has praised Poland for its commitment to greater European military expenditures. Warsaw has described the drone incursions by Russia as an attempt to test the response capabilities of Poland and NATO. The incident this week has raised concerns about NATO's readiness for drone attacks, and the safety of civil aviation in Europe. The European leaders claim that this is yet another demonstration of Moscow's lack of interest in a peace agreement in Ukraine. This comes weeks after Trump met with President Vladimir Putin in Alaska, and retracted his demand for Russia to accept a ceasefire immediately. Trump has repeatedly given Moscow deadlines to reach a ceasefire, or else face new sanctions. But he's backed down. This week, European officials are in Washington to coordinate sanctions against Russia with the U.S. government. Previously, such announcements of sanctions were made in tandem. However, this hasn't happened since Trump took office. The U.S. Treasury urged allies in the Group of Seven (G7) and European Union to impose "meaningful" tariffs on Chinese and Indian goods to stop their purchases of Russian crude oil. A G7 emergency finance meeting was convened to discuss ways to increase pressure on Moscow and end the conflict in Ukraine. The EU member states have agreed to extend by six months the existing travel bans, and to freeze bank accounts for individuals and companies in response to the Russian invasion. Dmitry Peskov, Kremlin spokesperson, said that peace negotiations had been halted and "the Europeans" were hindering the peace process. The French announced that they would be deploying three Rafale jet fighters to Poland to protect their airspace, and the Germans said they would increase their commitment to NATO's eastern borders. RUSSIA AND BELARUS HOLD MILITARY ACTIVITIES On Friday, Russia and Belarus began a joint military drill that had been planned for years. The drills took place in both countries as well as in the Baltic Sea and Barents Sea. Peskov dismissed concerns about the exercise abroad, saying that Western European countries suffered from "emotional overload" and that Russia was not a threat. Local Ukrainian prosecutors reported that Russia continued to attack Ukraine and killed three people in Sumy, a region located in northern Ukraine. The regional governor reported that Ukrainian drones had attacked the port of Primorsk in Russia's northwest, setting a fire to both a vessel as well as a pumping station. This was the first drone attack on a major oil and fuel terminal in the country. (Additional reporting from Anna Koper in Warsaw; Anastasiia Melenko in Kyiv; John Irish and Michel Rose, in Paris; Andrea Shalal, in Washington; William James and Marktrevelyan, in London. Writing by Timothy Heritage. Editing by Peter Graff.
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Russia unveils monument for Ukraine war dead near St Petersburg
On Friday, hundreds of people, including Russian soldiers' relatives, gathered in front of St Petersburg to unveil a memorial for those killed in Ukraine. It was the first time such a memorial had been erected so close to one of Russia’s two largest cities. "A monument is one way to immortalize history." "Now we have a brand new history," Anna Krasnova said, after seeing the statue of two soldiers with guns unveiled at Kudrovo in a commuter city of 60,000. She said that her husband is fighting there and that her brother's name is missing in action. The memorial is unique in its proximity to Moscow and St Petersburg. Similar monuments were erected throughout Russia in the provinces. At the dedication ceremony, Alexander Drozdenko said, "The memory of our people is the most valuable asset we have." "Our cause will prevail, our enemy will be defeated, and we will win." The inscription on the monument, which is located above the figures, does not mention a date nor the location of the battles it honors. The inscription reads: "To the Heroes of the SMO", which is an acronym for Special Military Operation (the official term used by the Kremlin for this conflict). Kirill Drantsov, another spectator, stated that the monument would remind young people how to serve their country. We will not have to explain to anyone why and how we love and defend the Motherland. (Reporting in Kudrovo, writing by Lucy Papachristou).
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Gold nears all-time high as markets eye Fed rate reduction
Gold prices increased on Friday and remained close to the record highs set earlier in the week. Signs of a weakening U.S. labour market reinforced expectations that the Federal Reserve would deliver its first rate reduction of the year, next week. As of 9:19 am EDT (1319 GMT), spot gold was up by 0.4% to $3,649.54 an ounce. This is still close to the all-time high set on Tuesday of $3,673.95. This week, the metal is up 1.8% and on track for a fourth straight weekly gain. U.S. Gold Futures for December Delivery were up 0.4% to $3,688.10. Daniel Pavilonis is a senior market analyst at RJO Futures. He said that metals are rising because of the longer-term risk of inflation. The recent data that showed a surge in jobless claims last week, while consumer prices rose at their fastest rate in seven months, in August, have shifted expectations in the direction of higher rates. Investors are prioritizing signs that the labor market is weaker than inflation when determining rate expectations. Fed fund futures fully reflect a 25 basis-point cut during the Fed's meeting on September 17, though expectations of a 50-bps increase have eased. UBS analyst Giovanni Staunovo said: "Given the tailwinds, and after the recent increase in ETF flows (exchange-traded funds), we expect gold to reach $3,900/oz mid next year." Investors value the yellow metal as a hedge to inflation and uncertainty. It has increased 39% this year. China's central banks has asked the public for feedback on its plans to streamline gold import and export regulations by streamlining licensing. Other metals rose as well. Spot silver rose by 1.3%, to $42.08 an ounce. This is a record high for the 14 years. Platinum was up 1.4%, to $1,396.71, and palladium jumped 2.2%, to $1,214.70. All three metals are set to gain weekly. (Reporting and editing by Krishna Chandra Eluri, Sherin Elizabeth Varighese and Sarah Qureshi in Bengaluru).
China gloom draws life out of Asia's rate cut cheer
Chinese stocks slumped on Friday and the yuan fell, dragging down markets broadly in Asia and rupturing an equity market rally stimulated by a surprise rate cut in Switzerland that had investors wagering on who will ease policy next.
Traders were left on high alert in Asia with a yen sneaking back toward multi-decade lows and jawboning efforts from Japanese federal government officials ramping up, alongside moving Chinese stocks triggered by an abrupt fall in the currency.
China's yuan weakened to a four-month low on Friday and breached the mentally crucial 7.2 per dollar level. It was last nearly 0.4% lower at 7.2266 per dollar.
The fall triggered the nation's significant state-owned banks to sell dollars for yuan in an attempt to slow its decrease, sources informed .
That did little to relieve investors' nerves, as Chinese stocks tumbled in step with the yuan.
The mainland blue-chip CSI300 index and Shanghai Composite index each fell more than 1%, while Hong Kong's Hang Seng Index slid 3%.
Belief (is) extremely delicate today, stated Wong Kok Hoong, head of equity sales trading at Maybank, citing concerns over weak incomes throughout Chinese companies and continued headwinds dealing with the country's home sector, among other things.
In other places, a weakening yen was also back on traders' radars, as it again hit a four-month trough of 151.86 per dollar and stayed a hair far from a multi-decade low.
A landmark rate increase from the Bank of Japan (BOJ) this week has actually stopped working to move the needle on the stark rates of interest differentials between the U.S. and Japan, keeping the yen under pressure.
It has fallen about 1.5% against the dollar because the BOJ's. choice on Tuesday to leave negative interest rates.
Data on Friday showed Japan's core inflation sped up in. February however an index gauging the more comprehensive rate trend slowed. greatly, highlighting unpredictability on how quickly the reserve bank. will raise interest rates again.
BOJ Governor Kazuo Ueda said the exact same day the central bank. Would eventually scale back its government bond purchases. will hold back on doing so for the time being.
The (yen) deteriorated on the same day as the BOJ's rate hike,. showing that a 10-basis-point hike might be insufficient to. draw in capital inflows and reinforce the currency, experts. at Requirement Chartered stated in a note. Getting (yen). appreciation vs the U.S. dollar would require a narrower. rate of interest gap between the U.S. and Japan, which is partly. dependent on (the Federal Reserve's) policy.
The weak yen has reinforced gains on the Nikkei,. which on Friday once again rose to a new record before paring some. of those gains to last trade 0.22% higher.
RATE CUT POTENTIAL CUSTOMERS
MSCI's broadest index of Asia-Pacific shares outside Japan. fell 1.3%, weighed down by the slump in Chinese. equities, and looked set to end the week bit changed.
The index remains nearly 1.5% higher for the month, riding a. rally from its global counterparts on the prospect that worldwide. rate of interest were most likely to be lower by the year-end.
The Taiwan weighted index credited a record high. earlier in the session before reversing those gains to last. trade 0.25% lower, while South Korea's KOSPI similarly. hit a two-year top.
The Swiss National Bank (SNB) on Thursday became the first. significant reserve bank to dial back on its tighter financial policy. with a surprise 25 bps rate cut, which left investors increase. bets on a June cut by the European Central Bank (ECB) and the. Bank of England (BoE).
It does not injured if reserve banks are reducing, that's for. sure, said Rob Carnell, ING's regional head of research for. Asia-Pacific. I 'd anticipate this is going to supply further. support if people begin to eye more prospects of easing.
BoE Governor Andrew Bailey stated on Thursday after the. central bank's rate choice that the British economy is moving. towards the point where rates can start relieving, as two of his. associates also dropped their require additional boosts.
Sterling was last 0.14% lower at $1.2642 and headed. for a weekly loss of 0.7%.
The Swiss franc was up to a four-month trough of. 0.8995 per dollar, extending its more than 1% decrease in the. previous session.
Although the U.S. Federal Reserve's choice this week to. stick to its forecast of 3 rate cuts this year ended up. to be more dovish than some had actually anticipated and sent out the dollar. falling, it fasted to recover losses thanks to yet another run. of resilient U.S. financial data.
The resilient greenback knocked the euro lower on. Friday, with the single currency last down 0.21% to $1.0836.
The marketplace has actually been completely obsessed with this idea of a. dollar turn for more than a year, said ING's Carnell. It looks. highly doubtful if you look at how strong the U.S. economy. is.
It simply doesn't appear that there's an automatic sense that. when the Fed cuts rates, there's got to be some dollar easing if. the ECB and other central banks in the G10 in specific, are. doing the same or perhaps much more.
In products, Brent fell 58 cents to $85.20 a. barrel, while U.S. unrefined alleviated 58 cents to $80.49 per. barrel.
Area gold was down 0.34% at $2,173.46 an ounce, after. striking an all-time high up on Thursday.
(source: Reuters)