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Britain invests $838 Million on Public Building Energy Upgrades
The government announced on Thursday that it would invest 630 millions pounds ($838million) in the installation of solar panels, heat pumps, and other clean energy technologies on public buildings such as schools, community centers, and care homes. The government announced the move as many sectors struggle with high energy costs and to reach climate targets. In a press statement, the Department for Energy Security and Net Zero stated that the investments would lead to energy cost savings of approximately 650 million pounds per year in the average over the next twelve years. In a government press release, Louise Shooter said, "High energy costs have been a major headache for schools and hospitals in recent years. It's wonderful to see that they are being assisted to install energy-saving measures and green technology to reduce energy costs." Northumbria Foundation Trust will receive over 14 million pounds for the replacement of fossil fuel heating on two sites. The National Portrait Gallery, in London, has received 5 million pounds towards the installation of heat pumps.
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As the US dollar stabilizes after its recent sharp plunge, global shares gain
On Wednesday, global shares rose and Wall Street's major indexes mixed as trade tensions between the two world's largest economies eased and the U.S. Dollar stabilized after recent losses. The gold price fell to its lowest level in more than a month as the U.S. - China trade truce weakened bullion's appeal as a safe haven. Investors have driven global equity markets higher as the trade spat between China, the United States, and other countries appears to be easing. Lars Skovgaard is a senior investment strategist with Danske Bank. He added, "I find it hard to believe that we will return to the extreme political noise." The MSCI index of global stocks rose by 2.04 points or 0.23% to 873.24. Wall Street saw the S&P500 rise 6.03 points or 0.10% to 5,892.58. The Nasdaq Composite rose by 136.72 or 0.72% to 19,146.81. The Dow Jones Industrial Average dropped 89.37 point, or 0.21% to 42,051.06. The STOXX 600 Index closed down 0.24%, the first time in five sessions that it has lost ground. Investors who were worried about inflationary effects of U.S. Tariff Policies, which severely undermined expectations of Fed rate reductions in the near term, also found some relief from data on Tuesday that showed softer than expected U.S. Consumer inflation. Although traders expect the inflation rate to rise as tariffs increase import costs, there is still uncertainty about the future as Washington continues to negotiate with its trading partners. Wei He is a China economist with Gavekal. He said that the U.S. tariffs against Chinese products are still higher than they used to be a few months ago. There's still a lot of uncertainty in the future. Assessing Tariff Impact The Fed warned of increasing economic uncertainty and indicated that it was prepared to wait until the U.S. Tariffs are fully assessed before reducing interest rates. Jerome Powell, the Fed chair, is set to make remarks on Thursday. Fed Vice-Chair Philip Jefferson stated in remarks on Wednesday that recent inflation data indicate continued progress towards meeting the Federal Reserve’s 2% goal for inflation. However, the outlook has become uncertain because of the possibility that import taxes could drive prices up. The U.S. Dollar, which had been beaten by the uncertainty in the economy and on policy, has extended its gains. It is now up 0.14% versus a basket including the yen, the euro and other currencies. Bank of America’s Global Fund Manager Survey (FMS) revealed on Tuesday that global asset managers had their largest underweight position against the dollar in nearly 19 years as Trump’s trade policy reduced investor appetite for U.S.-based assets. The euro fell 0.15% to $1.1167 and the pound fell 0.38%, falling to $1.3253. Markets were waiting for new economic data and a better picture of the future deficits in the U.S. Congress. The yields on euro zone bonds remained stable after a slight increase to multi-week highs due to easing trade tensions. Retail sales data for the month of April, due Thursday, will be a major indicator for U.S. economy health. On the same day, Russia and Ukraine will hold talks in Istanbul in hopes of reaching a ceasefire after three years in Europe's deadliest conflict since World War Two. The rising U.S. stockpile of crude oil has pushed down prices in commodities. Brent crude futures ended the day 54 cents or 0.81% lower at $66.09 per barrel. U.S. West Texas Intermediate Crude fell 52 cents or 0.82% to $63.15. U.S. Gold Futures closed 1.8% lower, at $3,188.3, while spot gold dropped 2.07%, to $3180.07 per ounce. The MSCI broadest Asia-Pacific share index outside Japan closed up 1.56% to 614.33, while Japan's Nikkei dropped 55.13 points or 0.14% to 38,128.13. Hong Kong's Hang Seng Index jumped.
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Minister says Nigeria is in talks with Petrobras about deep-water acreage
Yusuf Tuggar, Nigeria's foreign minister, said that the country is in talks with Petrobras about exploring its deep-water oil acreage, after years of the Brazilian oil giant leaving the nation. Petrobras has ceased operations in Nigeria but is keen to return. "They said they wanted frontier acreage on deep water," Tuggar, a vice president's statement quoted as saying. Brazil will host both the BRICS Summit and the COP30 meeting this year, after hosting the G20 last year. Nigeria will promote investment during these summits, as it seeks to strengthen ties with Brazil, particularly in the areas of energy, culture, health and agriculture. In February, the Brazilian state energy company said it was in discussions with existing partners ExxonMobil, Shell and TotalEnergies to purchase a portion of their African assets. Petrobras started operations in Nigeria in deep waters near the coast of Niger Delta in 1998. It sold its stakes over 10 years ago in order to raise money for domestic projects. (Written by Chijioke Ahuocha, edited by Cynthia Osterman).
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As the US dollar stabilizes after a steep drop, global shares are rising
The U.S. Dollar recovered from its recent losses as trade tensions between the two world's largest economies eased. Global shares and Wall Street indexes also rose on Wednesday. The gold price fell to its lowest level in more than a month as the U.S. - China trade truce weakened bullion's appeal as a safe haven. Investors have driven global equity markets higher as the trade spat between China, the United States, and other countries appears to be easing. Lars Skovgaard is a senior investment strategist with Danske Bank. He added, "I find it hard to believe that we will return to this extreme political clamor." The MSCI index of global stocks rose by 1.75 points or 0.2% to 872.95. Wall Street saw the S&P 500 rise 2.36 points or 0.04% to 5,888.96, and the Nasdaq Composite gain 106.10 or 0.56% to 19,117.04. The Dow Jones Industrial Average dropped 80.23 points or 0.19% to 42,060.84. The STOXX 600 Index closed down 0.24%, the first time in five sessions that it has lost ground. Investors who were worried about inflationary effects of U.S. Tariff Policies, which severely undermined expectations of Fed rate reductions in the near term, also found some relief from data on Tuesday that showed softer than expected U.S. Consumer inflation. Although traders expect the inflation rate to rise as tariffs increase import costs, there is still uncertainty about the future as Washington continues to negotiate with its trading partners. Wei He is a China economist with Gavekal. He said that the U.S. tariffs against Chinese products are still higher than they used to be a few months ago. There's still a lot of uncertainty in the future. Assessing Tariff Impact The Fed warned of increasing economic uncertainty and indicated that it was prepared to wait until the U.S. Tariffs are fully assessed before reducing interest rates. Jerome Powell, the Fed chair, is set to make remarks on Thursday. Fed Vice-Chair Philip Jefferson stated in remarks on Wednesday that recent inflation data indicate continued progress towards meeting the Federal Reserve’s 2% goal for inflation. However, the outlook has become uncertain because of the possibility that new import taxes could drive prices up. The U.S. Dollar, which has been battered by the uncertainty in the economy and on policy, gained 0.05% versus a basket including the yen, the euro and other currencies. Bank of America’s Global Fund Manager Survey (FMS) revealed on Tuesday that global asset managers had their largest underweight position against the dollar in nearly 19 years as Trump’s trade policy reduced investor appetite for U.S.-based assets. The euro has lost some of its earlier gains and is now down 0.04%. In a subdued trading environment, yields on U.S. Treasuries increased as markets awaited the release of new economic data and a more accurate picture of future deficits in government from discussions in Congress. The yields on euro zone bonds remained stable after a slight increase to multi-week peaks amid eased trade tensions. Retail sales data for the month of April, due Thursday, will be a major indicator for U.S. economy health. On the same day, Russia and Ukraine will hold talks in Istanbul in hopes of reaching a ceasefire after three years in Europe's deadliest conflict since World War Two. The rising U.S. crude stocks have pushed up prices in commodities. U.S. crude dropped 0.79% to $63.17 per barrel. Brent was down 0.77% to $66.12 a barrel. U.S. Gold Futures GCcv1 closed 1.8% lower, at $3,188.3, while spot gold dropped 2.14%, to $3,178.03 per ounce. The MSCI broadest Asia-Pacific share index outside Japan closed up 1.56% to 614.33, while Japan's Nikkei dropped 55.13 points or 0.14% to 38,128.13. Hong Kong's Hang Seng Index jumped.
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Sources say that a Mali judge is expected to order the reopening Barrick mine with new management.
Three people with knowledge of the matter say that a Malian judge will likely order the reopening on Thursday of Barrick Mining’s Loulo-Gounkoto mine under a new management, at the request from Mali’s government. The order would be a significant escalation in a dispute that has been raging between Canada and a Canadian miner whose operations have been suspended since January. Barrick and Mali’s military-led Government have been at odds over the implementation a new mining codes that increases taxes, and gives Mali’s government a larger share of the gold mine since 2023. The government stopped operations after it seized 3 metric tonnes of gold, worth $317 millions at the price of last week. It accused the company of failing to meet its tax obligations. Barrick's exports of gold had been blocked by the government since early November. Two people confirmed that the West African nation, as a shareholder holding a 20% stake, requested the reopening at the Tribunal de Commerce de Bamako Court. The two added that if the judge agreed, a new management group would be appointed to run and reopen the mines. Two sides are currently negotiating a new memorandum. The deadline to pay value added tax in Mali is Thursday. Barrick's mine appears in Mali's VAT system as a tax payer. Barrick's spokesperson and Mali Mines Ministry didn't immediately respond to comments. Reporting by Portia Crowe in Dakar, and Divya Raagagopal in Toronto. Editing by Veronica Brown and David Goodman.
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Pirelli: Talks over dispute with major shareholder ended without agreement
The Italian tyremaker Pirelli announced on Wednesday that the talks to repair relations with Sinochem, its largest shareholder in China, ended without any breakthrough. Pirelli, and its second-largest shareholder, Italy's Camfin have claimed that Sinochem's stake in the company is hindering Pirelli's ambitions for expansion in the United States. Some lawmakers there are against projects backed by Chinese firms. Pirelli stated in April that Sinochem no longer controls the company because of the Italian government's decision to "golden power" the company by 2023. Sinochem, however, denied this claim. Pirelli announced on Wednesday that "the proposals extended to Sinochem by Pirelli have in fact been rejected" following negotiations. The proposal was not detailed. Camfin supported the firm's strategic decision in a Wednesday statement, adding that, "should the situation with Sinochem continue to be unresolved, Camfin will be forced to evaluate the impact of such behavior on Pirelli and shareholders' agreement." Pirelli generates over 20% of its revenue in North America. The company reported a profit of 313.4 million euros for the first quarter, up 6.5% on last year. This was higher than analysts' expectations of 270 millions euros. Pirelli, which is the sole supplier of Formula One tyres, confirmed its guidance for 2025, but warned that, if current U.S. tariff policies continue, it's adjusted EBIT would likely be at the lower end.
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Enel, Leonardo and Ansaldo Energia join forces on nuclear energy research
They announced on Wednesday that Enel, Leonardo, and Ansaldo Energia, all of which are part of the Italian power group, have formed a new company to research nuclear technologies for the next generation. Enel holds a 51% share in Nuclitalia. Ansaldo Energia has 39%, and Leonardo 10%. The three partners released a joint press release that said: "Nuclitalia is responsible for assessing the most innovative designs and mature designs in new sustainable nuclear energy, with an initial emphasis on water-cooled modular small reactors." Gilberto Pichetto Fratin, the Italian Energy Minister, said that nuclear power, as well as renewable sources, could help reduce energy costs for the country. In February, the Italian government approved a law allowing a return to nuclear power almost 40 years after its ban by referendum. Analysts believe it will take at least a decade for atomic energy to return. Nuclitalia's chairman will be Ferruccio Resta, former head of Milan’s Politecnico technical university, and Enel’s Luca Mastrantonio will serve as its chief executive. Mastrantonio is Enel’s head of nuclear innovations. (Reporting and editing by Gavin Jones, Barbara Lewis, and Francesca Landini)
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Pirelli: Talks over dispute with major shareholder ended without agreement
The Italian tyremaker Pirelli announced on Wednesday that the talks to repair relations with Sinochem, its largest shareholder in China, ended without any breakthrough. Pirelli, and its second-largest shareholder, Italy's Camfin have claimed that Sinochem's stake in the company is hindering Pirelli's ambitions for expansion in the United States. Some lawmakers there are against projects backed by Chinese firms. Pirelli stated in April that Sinochem no longer controls the company because of the Italian government's decision to "golden power" the company by 2023. Sinochem, however, denied this claim. Pirelli announced on Wednesday that "the proposals extended to Sinochem by Pirelli have in fact been rejected" following negotiations. The proposal was not detailed. Pirelli generates over 20% of its revenue in North America. The company reported a profit of 313.4 million euros for the first quarter, up 6.5% on last year. This was higher than analysts' expectations of 270 millions euros. Pirelli, which is the sole supplier of Formula One tyres, confirmed its guidance for 2025, but warned that, if current U.S. tariff policies continue, it's adjusted EBIT would likely be at the lower end.
Bewildered, elated detainees put out as Assad's jails flung open
Confused and elated prisoners put out of Syrian jails on Sunday, shouting with pleasure as they emerged from among the world's most infamous detention systems and walked to liberty following the collapse of Bashar alAssad's. federal government.
All throughout Syria, families wept as they were reunited with. children, siblings, spouses and moms and dads who disappeared years earlier. into the impregnable gulag of the Assad dynasty's five-decade. reign.
Recently freed prisoners went through the Damascus streets. holding up the fingers of both hands to show how several years they. had actually remained in jail, asking passers-by what had occurred, not. right away comprehending that Assad had fallen.
We fell the routine! a voice shouted and a prisoner. shouted and skipped with enjoy one video. A guy watching the. prisoners rush through the dawn streets put his hands to head,. exclaiming with marvel: Oh my god, the detainees!
Throughout the civil war that started in 2011, security forces. have actually held numerous countless people took into detention. camps where worldwide human rights organisations state abuse. was universal practice. Households were typically told absolutely nothing of. their loved-ones' fate.
As insurgents seized one city after another in a dizzying. eight-day project, prisons were often amongst their very first. goals. The most notorious prisons around Damascus. itself were lastly opened on the uprising's final night and the. early hours of Sunday.
One grey-haired guy in a video submitted by Action News Company. leapt into the arms of relatives in a sudden, disbelieving hug,. the 3 males gripping each other and sobbing with joy before. one was up to his knees, still clutching the released man's legs.
The pan-Arab Arabiya news channel showed a household showing up. in Damascus by automobile from Jordan to meet their newly released child,. the elderly mother's voice breaking with feeling as she told the. interviewer he had actually been freed after 14 years.
Reuters was not right away able to verify the places of. some of the videos, though nobody disputed that jails were. opened throughout the country.
RELIEF AND TERROR
In what was supposed to be the ladies's block at Sednaya. prison on the Damascus borders, maybe the most infamous in. the nation, a rebel tape-recorded the minute he reached cells and. pulled open the doors for detainees who seemed to have had. little concept they were about to be released.
May God honour you! a woman shouted to the guys releasing. her. As they left their cells a young child might be seen strolling. the corridor, having actually obviously been held in the prison along. with his mother.
He (Assad) has fallen. Don't be scared, a voice screams,. attempting to assure the detainees that they dealt with no more danger.
In another video, a deafening holler erupted as rebels marched. down a corridor, stated to be in the prison at Mezzeh air base. southwest of the old centre of Damascus. Detainees leaned. through the bars at the top of doors and banged on the sides of. their cells as shouts of happiness echoed all around.
One video revealed a shaven-headed male crouching on his heels,. trembling and hardly able to address the rebels asking his name. and where he was from.
Thousands of Syrians have more than the years been brusquely. informed by authorities that their relatives had actually been carried out,. in some cases years earlier.
The United States said in 2017 it had evidence of a brand-new. crematorium constructed at Sednaya specifically to deal with bodies of. thousands of inmates hanged during the war.
A few of the most troubling info about Assad's jail. system came with thousands of photographs smuggled out of Syria. by a military professional photographer codenamed Caesar who defected to the. West in 2013.
His photographs of countless killed detainees revealed. clear marks of abuse and hunger and for numerous households. supplied the very first evidence that locked up relatives were dead.
A couple of miles from Sednaya early on Sunday, a stream of freed. prisoners were recorded strolling towards Damascus, numerous lugging. sacks of possessions on their backs, and shouting God is fantastic!.
(source: Reuters)