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Trump's envoy is quoted by state media as saying that the US has lifted sanctions on Belarusian Potash
After two days of discussions in Minsk with?President Alexander Lukashenko, John Coale, the envoy for President Donald Trump was quoted by Belarusian media as saying that the United States will lift sanctions on Belarusian Potash. Belarus did not specify what it would do as a response. Belarus is one of the largest producers of potash - a vital component in fertiliser. Coale was appointed by Trump as his special envoy for Belarus last month. The president has tasked Coale with negotiating the?release of more than 1,000 political prisoner in the former Soviet state, which is close to Russia. Belta, the state news agency, quoted Coale saying that he discussed a range of issues with Lukashenko. He said, "We talked about the war between Ukraine & Russia and about Venezuela." "We had an excellent conversation." We discussed the future. We talked about the future. It's our aim." Coale noted also the close relationship between Lukashenko, and Russian President Vladimir Putin in the context the war in Ukraine. "Your president is well acquainted with President Putin, and can advise him." This is a very valuable asset?in the current situation. Coale stated that they are close friends who have the relationship to discuss these issues. "President Putin will accept or reject some of the advice. This is one way to help the process." Reporting by Felix Light, Mark Trevelyan and Peter Graff.
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Odesa, Ukraine suffers major blackouts following Russian attack
Odesa, Ukraine's southernmost port city, and the surrounding area suffered major blackouts on Saturday following a massive overnight?Russian assault?on power grid which left more than one million households without electricity. Volodymyr Zelenskiy, the president of Ukraine, said that Russia attacked Ukraine using more than 450 drones as well as 30 missiles. Zelenskiy, a Telegram user, wrote that the attack had a major impact on our energy system in the south, and particularly on Odesa. He added that thousands of families across Ukraine were without electricity. Yulia Svyrydenko, the Prime Minister of Ukraine, said that it was a major attack on Odesa where water and electricity supplies were cut off. She added that non-drinking drinking water was being delivered to certain areas in the city. Ihor Klymenko, Ukraine's Interior Minister said that more than one million Ukrainian households were left without electricity and five people were injured as a result. Ukraine's power grid operator said a "significant number" of households ?were without power in the southern regions of Odesa and Mykolaiv, and that the ?Ukrainian-controlled part of the frontline Kherson region ?was totally without power. Since its invasion in 2022, Moscow has been regularly bombarding Ukraine's power system. This has caused blackouts across the country for hours each day. The Russian defence ministry announced on Saturday that it had carried out strikes against Ukrainian energy and military industrial facilities. Max Hunder, Peter Graff, Alexander Smith and Max Hunder (Reporting)
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Charley Hull and Lexi Thompson help their teams score 55s at Grant Thornton
Two teams of LPGA stars, Lexi Thompson and Wyndham, and Englishwoman Charley Hull, and Michael Brennan, posted a 17-under par 55 on Friday at the Grant Thornton Invitational in Naples, Fla. The three-day event at Tiburon golf club?begins in a scramble style, and not only the leading duos?took full advantage. Lauren Coughlin is only two strokes behind Andrew Novak after their 15-under 57. Three other pairs shot 14-under-58: Nelly Corda and Denny McCarthy; Jennifer Kupcho & Chris Gotterup, and Rose Zhang & Michael Kim. Hull and Brennan both eagled the par-5 6th and 14th holes. Thompson and Clark eagled the No. They also eagled No. 6 when Clark hit his tee-shot just off the green, and Thompson holed their putt. Clark admitted that she felt like they played similar games. "She hits the ball really far off the TEE, and if we are in play, then we're a lot?past the competition," Clark said. She is a fantastic putter. "Yeah, I thought our games complemented each other perfectly. I also didn't see any flaws with her game." Thompson added, "Grant Thornton is a great asset to this event." "Bringing the PGA Tour together with the?LPGA is what we wanted to end our year, a nicer, more relaxed event." Hull had been working on her swing before she came to the tournament, where she would be playing with Brennan, a newcomer to the PGA Tour. Hull said, "It is funny, because I changed my swing last Tuesday, but when I came on Tuesday, I couldn't even keep the ball in the air." "I was pretty nervous today." "Actually, everything went well." Coughlin & Novak have made nine birdies straight at Nos. It's not bad at all for a pair that has only met this week for the first. Novak said, "I like team golf." Novak and Ben Griffin won the Zurich Classic of New Orleans together in April. "It's a different way of playing golf, I think. This year I was lucky enough to have two great partners, and it has been a good vibe during the tournament. We're having fun and making birdies, but not taking ourselves too seriously. Just doing our jobs. Kupcho, Gotterup and McCarthy birdied their first 10 holes. Korda and McCarthy also posted eagles on the par-5 1st and 17th holes. The format will not be the same the rest of the time. On Saturday, the teams will play alternate shot foursomes and on Sunday a modified fourball. The event is in its third year. The defending champions Jake Knapp of Australia and Thailand's Patty Tavatanakit, both at 13-under-59, are tied for seventh. Jason Day from Australia and Lydia Ko from New Zealand tied for eighth place, one shot behind. Field Level Media
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Stocks fall as AI fears linger; US yields rise
The major stock indexes dropped on Friday as investors remained cautious about artificial intelligence bets. Meanwhile, the dollar edged up and U.S. Treasury Yields increased. Investors weighed comments from Federal Reserve officials, who had voted against a rate cut by the U.S. central bank this week. They said that they were concerned about inflation and feared lower borrowing costs. Stocks were also weighed down by rising yields. As tech-related concerns lingered, technology fell the most among the major S&P sectors. Oracle, a cloud computing company, warned earlier this week of massive spending and poor forecasts. Broadcom's warning on margins late Thursday added to concerns. Broadcom's shares closed 11.4% lower. Oracle shares fell by 4.5%, adding to the almost 11% drop on Thursday. Nvidia, which is a leader in AI technology was down by 3.3%. Bruce Zaro, managing Director at Granite Wealth Management, Plymouth, Massachusetts, stated that "continued frustration and uncertainty regarding the AI trade and technological trade" pushed the market. He said: "I thought that this choppiness had ended by now." He added, "We are in a really great?seasonal time. Santa Claus rally is usually held from mid-December to the end of the trading year. Investors are optimistic about future U.S. rate cuts after the Fed reduced interest rates on Wednesday by 25 basis points, in a decision that was 9-3. Policymakers have indicated they will pause further reductions for now. The Fed has expressed concern about the cooling of the labor market and a high inflation rate. U.S. unemployment claims data on Thursday showed that the number of Americans claiming unemployment benefits increased to the highest level in almost 4-1/2 years. Next Thursday, the Bank of England will likely cut interest rates. The European Central Bank will likely keep rates?steady', but traders now speculate that it may hike rates in the year 2026. After Governor Kazuo ueda's strong signals, the Bank of Japan will likely raise rates. The Dow Jones Industrial Average slid 245.96 points or 0.51% to 48,458.05, while the S&P 500 slid 73.59 or 1.07% to 6,827.41, and the Nasdaq Composite dropped 398.69 or 1.69% to 23,195.17. The MSCI index of global stocks fell 6.39 points or 0.63% to 1,008.88. The pan-European STOXX 600 ended 0.53% down. The yields on the 10-year Treasury note in the United States rose after two consecutive sessions of declines. The yield of the benchmark U.S. Treasury 10-year note increased 5.1 basis point to 4.192%, and was up over 5 basis points for the week. This is the second consecutive weekly increase. Investors have already begun to price in rate increases for the euro zone. The divergence is due to traders' expectations that U.S. interest rates will fall over the long-term, despite the recent jump in yields. Germany's 30-year bond yield, which is more sensitive to fiscal concerns over the long term, has risen to a new 14-year-high of 3.498%. This represents a 3.5-basis-point increase. DOLLAR GAINS; POUND FALLS SLIIGHTLY ON UK-DATA The U.S. Dollar drifted higher in relation to major currencies after also falling recently, but it was still on track for its third consecutive weekly drop amid the prospects of interest rate reductions by the Fed next. The pound eased following data showing that the UK economy shrank unexpectedly in the three-month period ending October. The pound fell 0.2% against the dollar, to $1.3375. This is not far off from its seven-week high reached on Thursday. The dollar gained 0.2% against the yen to reach 155.93yen in advance of the BoJ meeting next week, when a rate increase is expected. The BoJ is expected to maintain its pledge to raise interest rates next week, but the rate of increase will depend on the economy's reaction to each hike. The euro was unchanged at $1.1735, after reaching a two-month high Thursday. Meanwhile, the dollar index, which compares the U.S. dollar to six other currencies, increased 0.1% to reach 98.44. COAL DROPS FROM RECORD HIGH Copper fell more than 3% after reaching a record high earlier in session. Fears of the AI bubble burst prompted a sell-off of riskier assets. The benchmark three-month copper price on the London Metal Exchange dropped as much as 3.5 % to $11,451.50, and was trading at $11,537.50 down by 2.8% as of 1700 GMT. The oil prices fell and recorded a weekly drop of 4% as fears over the U.S. seizure and subsequent impact on the Venezuelan oil tanker outweighed the supply glut. U.S. crude dropped 16 cents and settled at $57.44 per barrel, while Brent also fell 16 cents.
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Spain asks EU to not weaken the 2035 combustion engines ban, as shown in a letter
A letter obtained by revealed that Spain's Pedro Sanchez had urged the European Commission to not weaken the bloc’s ban on 2035 for?new CO2-emitting vehicles, while?Brussels is preparing proposals to possibly rollback the policy. According to a leading?German? EU lawmaker, the Commission is planning to take action next week to reduce the policy. This would ban all combustion engine cars after 2035 and require that cars sold thereafter have zero CO2 emission. Germany and Italy have urged the EU to weaken its 2035 ban. They argue that this will protect automakers who are struggling with the tough competition coming from China. In a letter dated Thursday to the President of the European Commission, Ursula von der Leyen Sanchez stated that weakening this policy would put jobs at risk and lead to factory closures, by undermining Europe’s efforts to transform its car industry into a manufacturing powerhouse for electric vehicles. The letter stated that "any additional relaxation" (of the policy) could lead to a significant delay in modernization investment, due to a temporary drop in demand for electric vehicles. It said: "We reject the idea that combustion vehicles and other technologies, which have not been proven to work, could be sold beyond 2035." Sanchez called for an "eco-steel label" that would reward automakers for using low carbon?materials and for a minimum percentage of EU-made content in automobiles. The Commission will announce its policy Tuesday. Manfred Weber, President of the EPP (the largest group of legislators in the European Parliament), suggested that the Commission might propose lowering the CO2 emission targets for the automakers fleets to 90% by 2035. The EU has a strategy that includes a ban on electric cars. Mercedes-Benz, BMW and other automakers have asked the EU to relax the policy due to slower than expected sales of electric cars. Volvo Cars, among others, say that they have invested heavily in the electric transition and that any reversal of the ban will be a betrayal. (Reporting and editing by Rod Nickel.)
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Stocks fall as AI fears linger; US yields rise
The major stock indexes fell sharply on Friday as investors remained cautious about artificial intelligence bets. Meanwhile, the dollar and U.S. Treasury Yields increased after recent losses. Oracle, a cloud computing company, warned earlier this week of massive spending and poor forecasts. Broadcom, a?chipmaker?, warned late Thursday about margins. The technology sector was down the most of all major S&P sectors, at 2.6%. Broadcom shares fell 12% while Oracle dropped 4.6%, and AI leader Nvidia dropped 2.4%. Investors are optimistic about future U.S. rate cuts after the U.S. Federal Reserve reduced interest rates by 25 basis point on Wednesday. The decision was made 9-3, but policymakers have indicated that they will put any further reductions of interest rates on hold for now. The Federal Reserve has expressed concern about the cooling of the labor market and a high level of inflation. Tony Welch is the chief investment officer of SignatureFD, a financial firm in Atlanta. The U.S. data on jobless claims showed that the number of Americans who filed new applications for unemployment benefit increased last week by the highest amount in almost 4-1/2 years. On Thursday next week, the Bank of England will likely cut interest rates. The European Central Bank will likely keep rates steady. However, traders now speculate that it may hike rates in the year 2026. After strong signals by Governor Kazuo ueda, the Bank of Japan will likely increase rates. The Dow Jones Industrial Average dropped 211.75, or 0.4%, to 48.492.26, while the S&P500?fell 72.72, or 1.5%, to 6.828.25, and?the Nasdaq Composite?fell 378.01, or 1.50%, to 23215.84. MSCI's global index of stocks fell 6.18 points or 0.61% to 1,009.09. The pan-European STOXX 600 fell by 0.53%. Investors weighed the comments of a number of Fed speakers, and an optimistic outlook for the economy. Fed officials who voted to oppose the U.S. Central Bank's rate cut last week expressed concern on Friday that inflation is still too high for lower borrowing costs. The yield of the benchmark 10-year Treasury bill The rate rose by 4.5 basis point to 4.186%, and nearly 5 basis points in a week. It is now on track for its second consecutive weekly increase. German government bond rates rose this week after reaching their highest level since early March. This highlights how investors are pricing in rate hikes in the euro zone, a stark contrast to United States where rates seem set to decline. Germany's 30-year bond yield, which is more sensitive to fiscal concerns over the long term, has risen to a new?14-year-high of 3.498%. This represents a 3.5-basis-point increase. DOLLAR GAINS AND POUND FALLS Slightly On UK Data After falling against major currencies in recent sessions, the U.S. Dollar has risen again, but is still on track for its third consecutive weekly drop amid the prospect that the Fed will cut interest rates next year. Sterling fell after data revealed that the UK economy unexpectedly contracted in the three-month period ending October. The sterling fell 0.28%, to $1.3348. The dollar index (which measures the greenback in relation to a basket of currencies, including the yen, the euro and others) rose by 0.15% at 98.48. COAL LOWERS FROM RECORD HIGH Copper fell more than 3% after reaching a new record earlier in the day, as fears about the AI bubble burst prompted a sell-off of riskier assets. As of 1700 GMT, the benchmark three-month copper price on London Metal Exchange was down as much as 3.5% at $11,451.50. It was also trading lower by 2.8% to $11,537.50. U.S. crude oil fell 16 cents, settling at $57.44 per barrel. Brent crude dropped 16 cents and settled at $61.12. (Reporting and editing by Andrew Heavens, Matthew Lewis and Caroline Valetkevitch. Additional reporting by Elizabeth Howcroft and Chuck Mikolajczak from New York and Paris.
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Oil reports weekly loss due to oversupply
The oil prices fell 4% on Friday as the'supply glut' and a possible Russia-Ukraine deal overshadowed any concerns about an impact of the U.S. seizing a tanker near Venezuela. Brent crude futures closed 16 cents lower at $61.12 per barrel. U.S. West Texas Intermediate oil was also down 16 cents, at $57.44. Both benchmarks have fallen by more than 4% in the last week. The market is still weighed down by the supply of crude oil... On the other hand, oil markets ignore the tensions between the U.S. On Wednesday, Donald Trump announced that the U.S. had seized an oil tanker sanctioned by the U.S. government off Venezuela's coast. Six sources said that the U.S. was preparing to intercept more ships carrying Venezuelan oil after a tanker was seized this week. Analysts and traders have largely dismissed concerns about the impact of the seizure. They point to the ample supply on the market. International Energy Agency (IEA) forecasts released on Thursday showed that the global oil supply would exceed demand next year by 3.84 million barrels a day - an amount equal to nearly 4% of worldwide demand. OPEC data, released on Thursday, showed that 'world oil supply' will closely match demand in 2026. This is contrary to the IEA view. Janiv Shar, an analyst with?Rystad, says that some price-supporting?factors still exist, such as the escalation of tensions between Venezuela and the U.S., and Ukrainian drone attacks on a Russian oil rig in Caspian sea. The Russian seaborne oil exports fell just 0.8% in November compared to October. Data from industry sources, and calculations, showed that the completion of refinery maintenance helped offset the slump in fuel exports via southern routes, such as the Black Sea or Azov Sea. Reporting by Seher DAREEN in London, Yuka OBAYASHI in Tokyo, and Siyi Liu from Singapore. Alex Lawler and Nia Williams edited by Daniel Wallis.
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Colombia launches copper exploration and production round with eight qualified companies
Carlos Ortega, Vice President of?Promotion and Development at the National Mining Agency ANM, said on Friday that eight companies have qualified to participate in Colombia's copper-gold and polymetallic exploration round, which will begin next week. Lina Franco, ANM president, said on Friday that Colombia offers 14 areas for copper exploration and production. Franco said during a Bogota event that the blocks in this round are located in Antioquia and La Guajira. Ortega stated that the Canadian company?Aris Mining has already been qualified. Rio Tinto, on the other hand, is currently securing their qualification. "Several important companies already qualified." Ortega told an audience at an agency event that some companies had provided feedback and we made changes to make the round run smoothly. He said that more than one company can bid in an auction when they express interest in the same parcel. Aris Mining confirmed that it had already qualified. Rio Tinto didn't immediately respond to our request for comment. "This is the selection mechanism where we spent over a year evaluating areas with high potential. He said that companies?are virtually guaranteed to take part, and we've made progress on community issues for them to enter more easily. According to the ANM, only 2.5% of Colombian territory has mining rights, which is equivalent to 2.9 millions hectares. Of this, 98% are small- and medium-scale mines. According to data from the agency, Colombia has 354 copper-potential titles, which cover 0.43% of its national territory. However, only six are currently in operation.
Britain's creaking power grid leaves green energy transformation adrift
British ferryboat operator Wightlink wishes to buy a $60 million, stateoftheart electrical ferryboat to make its crossings cleaner and greener. But it can't commission the vessel until it gets a. power upgrade.
The company brings 4 million islanders, holidaymakers and. festival goers every year on a 5 nautical mile crossing. in between England's picturesque southern coast and the Isle of. Wight. The strait, known as the Solent, is popular with yachts. and leisure craft, while much of the shoreline is protected.
Wightlink has funding in location for a electric-powered cars and truck. ferryboat that would decrease emissions both at sea and in port,. following in the path of leader Norway, which presented the. world's first in 2015.
The federal government has actually said decarbonising maritime transport. is necessary to attaining Britain's net zero target by 2050. Domestic maritime vessels represented around 5% of Britain's. greenhouse gas emissions from transport in 2020, more than rail. and buses integrated, the federal government stated in a 2022 report.
And the long average life-span of vessels implies that greener. ships should begin being deployed by next year to attain a green. fleet by the 2050 deadline.
However interviews with 22 people - consisting of financiers, power. company staff members, federal government officials, Wightlink staff and. countryside advocates - exposed that long waits for grid. connections integrated with preparing obstacles are putting. countless pounds of green transportation investment at threat.
We wish to go electric. We think it's the best thing,. Wightlink Chief Executive Keith Greenfield informed onboard. a hybrid ferryboat, which utilizes diesel to charge electric batteries,. saving around 20% in emissions. We're held back by a lack of. shore power.
Wightlink requires to order its next ship within 12-18 months. to replace an ageing vessel, however can not commit to go solely. electrical without a legally binding power contract, Greenfield. said.
Regional network operator Scottish & & Southern Electrical power. Networks (SSEN) told Wightlink two years ago that a new. connection at its Portsmouth terminal would require. infrastructure upgrades, including at a neighboring substation on the. national high-voltage network, according to a document evaluated. and ferry company executives.
The substation improvements by National Grid were not. set up to be finished until 2037.
After interviewed Wightlink executives, SSEN stated. this month enough power might be readily available without the National. Grid work, and it would hold brand-new talks with the ferry business.
If Wightlink accepts a brand-new quote from SSEN, it will be able. to guarantee the capacity and confirm its location in the. connections queue.
We eagerly anticipate fulfilling them early next month to. progress propositions, a SSEN spokesperson told . The. company declined to comment on the change.
Britain will hold a general election on July 4 with polls. predicting a success for the opposition Labour celebration after 14. years of Conservative guideline.
Wightlink's problem underscores the challenge Britain's next. federal government will face in delivering the renewable energy and grid. infrastructure required to power a shift to electric ferries, automobiles. and domestic heating in Europe's second-largest economy.
Britain was the first significant economy to create a lawfully. binding 2050 net zero target. It's a leader in overseas wind and. it has actually halved emissions since 1990 after closing coal power. plants.
Central to the net zero target is a strategy to decarbonise the. electricity system by 2035. However the state consultant, the Climate. Change Committee, said in a development report in June 2023 that. the federal government lacked a full technique to arrive.
CHANGING DATES
How to accomplish net no, and at what cost, has ended up being a. battlefield both nationally and locally.
Britons support the policy of net no but they often baulk. at the expenses and infrastructure that may be needed to get. there, studies reveal. Prime Minister Rishi Sunak scrapped some. targets last year, saying he needed to retain public assistance in. the face of unacceptable costs.
Labour has actually pledged to decarbonise the electricity grid by. 2030, 5 years ahead of the Conservatives' target of 2035. Reforming grid connections is one part of its ambitious strategy.
To strike net no, Britain requires to expand the high-voltage. network in England and Wales brought overhead on big pylons,. which then link to regional circulation networks.
The grid, owned and operated by London-listed National Grid. Plc, was developed to send power created from. coalfields in areas like Yorkshire and Nottinghamshire across. the nation.
Today more electrical energy is coming from wind farms in. Scotland and off Britain's east coast, and brand-new infrastructure is. required to transmit it to London and the south.
Presently wind farms are being paid to turn off in strong. winds, when the grid can not soak up all the produced power, information. from the nation's electricity system operator shows.
The government has said supports required to increase. capability, consisting of brand-new substations, power lines or supergrid. transformers, could use up to 13 years to finish, in part due. to regulative and planning approval.
It wants to cut in half that time, and is working with the. regulator, Ofgem, network operators and the industry to. accelerate connections.
National Grid stated in May it would invest more than 30. billion pounds ($ 38 billion) on the grid over the next five. years.
We're driving forward the biggest reforms to our. electrical power grid because the 1950s, the Department for Energy. Security & & Net Zero told .
It set a target in November to cut the average hold-up faced. by viable net zero-aligned jobs like Wightlink for. connections from around 5 years to six months, saying a. much faster system needed to be in location by 2025.
INFRASTRUCTURE V CONSERVATION
One concern that stands in the method of developing the grid and. the renewable resource projects needed to power it are Britain's. preparing laws.
Approval times have ballooned in the last few years, as local. councils have a hard time to process applications and rural neighborhoods. bring legal challenges to oppose significant works.
The time it requires to protect permission for massive projects. like wind farms has increased by 65% because 2012, extending to. 4.2 years, according to a government-requested report by the. National Infrastructure Commission in 2023.
The rate of schemes based on prolonged judicial evaluations has. jumped to 58%, from a long-term average of 10%, it said.
That pushes up job expenses, threatening financial investment.
Fiera Infrastructure, the Canadian co-owner of Wightlink,. warned that financiers can always invest their capital in other places.
International investors are not yet at the point of turning their. backs on UK infrastructure, but errors around policy have. worn down financier self-confidence, President Alina Osorio informed. .
The sentiment was echoed by other infrastructure investors,. consisting of among the biggest in Britain, which has backed a. business structure electric vehicle chargers at motorways.
The fund supervisor, who asked not to be called, said a lack of. new power had actually forced the company to adjust some of its projects.
Minal Patel, a partner at Schroders Greencoat, a. sustainable financial investment supervisor, said strong financier demand for. sustainable assets showed Britain remained attractive, but slow. grid connections were a challenge.
CONNECTION
For Wightlink, the hunt for a connection has been fraught.
In 2022, SSEN priced estimate Wightlink 4.6 million pounds for 12MW. connections to power the chargers it requires to set up in. Portsmouth and Fishbourne, according to files seen by. . The systems need to charge the electrical ferryboat in the 20. minutes it has in between sailings.
Work could be completed in around 12 months in Fishbourne -. one of Wightlink's terminals on the Isle of Wight - however there. was no timeline provided for the Portsmouth connection.
Under the rules, a job like Wightlink's should accept a. quote from the distribution network supplier to protect a place. in the connections queue.
However Wightlink's Greenfield stated it could not order a 50. million pound ferry without a guarantee of power.
In the recently, SSEN said there might be adequate capability. to deliver more than the power Wightlink at first desired.
Wightlink's Head of Engineering & & Estates Charlie Field is. hoping that an agreement can finally be agreed.
A few weeks ago, all deals were off as far as we were. worried. We had to wait up until 2037, stated. Now that might. not be the case..
(source: Reuters)