Latest News
-
The Metals Company will apply for a deep sea exploration license in accordance with US legislation
The Metals Company, a Canadian mining company, announced on Thursday that it had initiated a formal process with the U.S. Department of Commerce for the application of exploration licenses and permit to extract minerals from ocean floors. The company intends to apply for a permit under the Deep Seabed Hard Mineral Resources Act of 1981 (DSHMRA), rather than the International Seabed Authority, stating that the latter has not yet adopted regulations regarding deep seabed exploitation. It added that it had requested a consultation prior to the application with National Oceanic and Atmospheric Administration. TMC's attempt to be the first company approved to mine deep sea minerals was controversial. Environmental groups have called for a ban on all activities, warning that industrial operations could lead to irreversible biodiversity losses. The move is made at a time that 36 delegations are meeting in Kingston, Jamaica to discuss the issue of whether mining companies can extract metals like copper and cobalt off the ocean bottom. The latest round of discussions on 28 March will likely not produce a final mining code text. Delegates plan to discuss possible actions in the event that a mining request is submitted prior to the completion of regulations. We believe we are equipped with enough knowledge to start and demonstrate that we can manage the environmental risks. We need a regulator who has a robust regulatory system and is willing to hear our application," said Gerard Barron CEO of The Metals Company. (Reporting from Seher Dareen, Bengaluru. Editing by Vijay Kishore.)
-
The US SEC has voted to no longer defend climate disclosure regulations
Wall Street's leading regulator announced on Thursday that it had decided to stop legal actions to defend regulations requiring companies to disclose their climate-related risks, emissions and spending. This regulation had been fiercely contested by industry lobby groups. Mark Uyeda, the acting chairman of the U.S. Securities and Exchange Commission (SEC), a Republican-dominated agency, made public remarks about its decision last month. Since taking office, Donald Trump has taken steps to reverse virtually all the efforts of the previous administration to combat climate change. Uyeda stated in a press release that the goal of today's Commission actions and notification to court was to stop the Commission from being involved in the defense against the expensive and unnecessary climate disclosure rules. The rule was adopted by the Commission last year to inform investors about the accumulation of climate risks and costs within the financial system. As a result, Republican state attorneys general and lobby groups immediately filed suit, claiming that the SEC regulations exceeded its legal authority and burdened businesses. The SEC was facing a Friday deadline that it had set for itself to inform the U.S. Court of Appeals of the Eighth Circuit of the plan of action. The SEC had asked the court to postpone oral arguments until it decided what to do. Steven Rothstein is a senior official with the environmental advocacy group Ceres. He called the SEC decision "truly regrettable," and pointed out investor demand for climate-related data. He said: "This is clearly an effort to help investors and other people get the information they require." Reporting by Douglas Gillison, Washington; additional reporting by Ross Kerber, Boston; editing by Rod Nickel
-
Suncor discovers source of spillage at Sarnia refinery
Canada's Suncor Energy said on Thursday it had identified and isolated the source of a hydrocarbon spill observed during regular monitoring at its 85,000-barrel-per-day refinery in Sarnia, Ontario. Suncor also stated that there were no reported injuries. Suncor did not specify if the spilled crude oil or fuel. The company had earlier said that it was responding in response to an incident near the St. Clair River, noting community members might notice an odor. St. Clair Township, in another community alert reported an oil spill that was being contained by Suncor and Shell booms. The water distribution system of St. Clair Township is safe to drink. St. Clair Township stated that the spill was in the St. Clair River, and had no effect on drinking water. Shell Canada announced earlier that workers from the Sarnia Manufacturing Center of Shell Canada in Corunna in St. Clair are offering mutual aid. Shell will provide emergency response personnel and equipment to help. Suncor did not respond to requests for comment. Reporting by Noel John in Bengaluru and Brijesh Patel; editing by Leslie Adler and Richard Chang.
-
After Trump's latest tariffs, stocks are down and gold is at a record high.
Gold reached a new record high and global stocks dropped for the second consecutive session on Thursday, following the latest tariffs imposed by the Trump administration in the United States that extended the trade war to automobiles. Trump announced on Wednesday 25% tariffs on imported vehicles and auto parts. The Nikkei 225 and KOSPI, the South Korean stock index, were both affected. Many countries around the world threatened to impose retaliatory taxes. U.S. stock prices fluctuated between gains, losses and a decline in automakers. However, electric vehicle manufacturers Tesla and Rivian rose as their production is based within the U.S. Ford and General Motors both suffered losses of 3.88% and 7.36% respectively, mainly due to concerns over the impact on supply chains. Stellantis' shares listed in the United States fell by 1.25%. Investors are very cautious about Trump and his policies. Jed Ellerbroek is a portfolio manager with Argent Capital, in St. Louis. It makes people nervous about making long-term investments, whether it's about companies or investors. The Dow Jones Industrial Average dropped 155.09, or 0.37 percent, to 42299.70. The S&P 500 declined 18.89, or 0.33 percent, to 5,693.31, and the Nasdaq Composite lost 94.98, or 0.55 percentage, to 17,804.03. The major U.S. indices are set to experience their first consecutive monthly declines since a two-month period ending in October 2023. European stocks ended lower on Friday, as shares of Europe's largest carmakers fell. Volkswagen fell 1.26%; BMW dropped 2.55%, and Mercedes-Benz fell 2.69%. The MSCI index of global stocks fell by 2.77 points or 0.33% to 843.19. The pan-European STOXX 600 fell by 0.44%, to 546.31, which is a new two-week low. In recent weeks, the effects of tariffs on global economic growth and their potential to delay Federal Reserve interest rate cuts have been a drag on stock prices, even though they have recently shown signs that they are stabilizing. Spot gold, reflecting investors' caution was higher by 1.26% at $3,057.35 per ounce after reaching a record high of $3,059.30. Goldman Sachs raised its gold price forecast on Wednesday to $3,300, citing stronger-than-expected exchange-traded fund inflows and sustained central bank demand. The dollar index (which measures the greenback in relation to a basket currency) fell 0.33% at 104.29. Meanwhile, the euro rose 0.4%, reaching $1.0795. The Mexican peso fell 0.86% against the dollar to 20.295, while the Canadian Dollar slid 0.29% to C$1.43, as both countries will be severely affected by the auto tariffs. Trump announced that he plans to impose reciprocal duties on all countries starting April 2. Mark Carney, the Canadian prime minister, said that if Trump were to impose new auto tariffs he would take unspecified measures. The U.S. labor market is still on solid ground, despite the Trump tariff policy and aggressive cuts of federal employees by Elon Musk’s Department of Government Efficiency. Other data revealed that the economy grew slightly faster than originally estimated in the fourth quarter. The yield on the benchmark 10-year Treasury bill in the United States increased 2.7 basis points, to 4.365%. The yield on the seven year note rose after a soft sale of $44 billion worth of paper. Brent crude closed at $74.03 a barrel, an increase of 0.33% for the day. Investors assessed the implications of the latest escalation of the trade war.
-
Trump EPA invites companies by email to request exemptions from air regulations
The Trump administration has invited companies to send an email to the Environmental Protection Agency by March 31 to request presidential exemptions to nine clean-air rules, including limits on mercury for power plants and limits to hazardous air pollutants produced in plastics. This is the latest example of a rarely used measure to ease burdens for businesses. The EPA stated that the exemption offer is aimed at achieving President Donald Trump's aim of reducing red tape in energy production. This comes only days after the agency announced it would rollback more than twenty bedrock regulations and water rules as well as Biden era climate regulations. On his first day of office, the president declared an energy emergency in the United States and instructed federal agency heads to use all emergency powers available to speed up energy production and development. The EPA has set up an email account - [email protected] – for companies to submit their requests for exemptions. They must state which emission standards they wish to avoid, how long the exemption should last, and a reason for the request. The agency stated that the request can be extended for two years. It is rare to see presidential exemptions granted. They were previously done through a process that was open to the public. The Trump administration took several steps that were highly visible to roll back regulations from the previous administration and to use extraordinary measures, such as moving quickly to speed up major energy infrastructure projects that require federal wetlands permits. Trump also used emergency powers last week to boost the production of vital minerals that are used throughout the economy, as part of an overall effort to counter China's control over the sector. EPA regulations that are eligible for exemptions include emission standards for rubber tire manufacturing, smelters, and integrated steel and Iron Manufacturing Facilities. Vickie Patton is the general counsel of Environmental Defense Fund. She said that this was an inappropriate measure. She said, "This is a Trump EPA led effort to evade established pollution limits that protect millions of Americans." (Reporting and editing by Alistair Bell; Valerie Volcovici)
-
Gold reaches record high after Trump's latest tariffs
Gold and global stocks hit record highs on Thursday, following the announcement of new tariffs by the Trump administration in the United States that extended the trade war against auto imports. Trump announced late Wednesday that he would impose 25% tariffs on imported vehicles and auto parts made abroad. The tariffs are scheduled to go into effect on April 3rd. The Nikkei 225 and KOSPI in South Korea were affected by this. Many countries around the world threatened to impose retaliatory taxes. U.S. stock prices fluctuated between gains, losses and a decline in automakers. However, electric vehicle manufacturers Tesla and Rivian rose as their entire production is located in the U.S. Ford and General Motors both lost 3%. This was due to concerns over the impact of their supply chains. Stellantis' shares listed in the United States fell by about 1%. The pendulum is swinging in the markets right now. They react to announcements with the worst possible expression, but then they slowly realize that the situation might not be quite as bad as thought, or even as stated, because it could be part of a larger negotiation, said Eric Theoret. FX strategist, Scotiabank, Toronto. The Dow Jones Industrial Average dropped 120.77 points or 0.28% to 42,333.38. The S&P 500 declined 9.03 points or 0.17% to 5,702.48. And the Nasdaq Composite lost 41.37 points or 0.23% to 17,857.20. European stocks ended lower on Friday, as shares of Europe's largest carmakers fell. Volkswagen fell 1.26%; BMW dropped 2.55%, and Mercedes-Benz fell 2.69%. The MSCI index of global stocks fell by 1.77 points or 0.21% to 844.15. The pan-European STOXX 600 fell by 0.44%, to 546.31, which is a new two-week low. In recent weeks, the stock market has been impacted by tariffs, their impact on global economic growth, and their potential to delay Federal Reserve interest rate cuts. However, they have recently shown signs of stabilizing. Spot gold, reflecting investors' caution was higher by 1.19% at $3,055.33, after reaching a record high of $3,059.30. Goldman Sachs raised its gold price forecast on Wednesday to $3,300, citing stronger-than-expected exchange-traded fund inflows and sustained central bank demand. The dollar index (which measures the greenback in relation to a basket of currencies) fell 0.35%, while the euro rose 0.42%, reaching $1.0797. The Mexican peso fell 0.98% against the dollar to 20.324, while the Canadian Dollar slid 0.29% to C$1.43, as both countries will be severely affected by the auto tariffs. Trump announced that he plans to impose reciprocal duties on all countries starting April 2. The U.S. labor market is still on solid ground, despite the Trump tariff policy and aggressive cuts of federal employees by Elon Musk’s Department of Government Efficiency. Other data revealed that the economy grew slightly faster than originally estimated in the fourth quarter. The yield on the benchmark 10-year Treasury bill in the United States increased by 2.5 basis points, to 4.363%. The yield on the seven year note increased after a soft sale of $44 billion worth of paper. Brent crude closed at $74.03 a barrel, up by 0.33% for the day as investors assessed the implications of the latest escalation of the trade war.
-
US Justice Department considers merging DEA, ATF in major shakeup, memo says
According to a memo obtained by the Associated Press, the U.S. Justice Department may merge the agencies that enforce drug and gun laws as part of a major shake-up to follow President Donald Trump's directive to streamline government. According to a memo dated March 25, department leaders may merge the Drug Enforcement Administration and Bureau of Alcohol, Tobacco, Firearms and Explosives, and eliminate field offices that deal with antitrust, civil and environmental cases. The memo states that a possible merger between the ATF, DEA and other agencies would "realize efficiencies in terms of resources, case deconfliction efforts and regulatory efforts." In a memo, Todd Blanche, Deputy Attorney general of the United States, ordered that department officials provide feedback on the proposed restructuring before April 2, 2019. He said that the Office of Personnel Management and White House Office of Management and Budget had already been provided with the proposed plan of cuts and mergers in various offices. A DOJ spokesperson didn't immediately respond to an inquiry for comment. The memo does NOT specify the number of jobs that could be affected. As of January, the department employed approximately 115,000 people. Trump's campaign to shrink the federal Government, led by Elon Musk and his billionaire advisor Trump, has targeted over 100,000 jobs in federal agencies. Previously reported, the Justice Department considered drastically reducing staffing at the Public Integrity Section. This section handles the most politically sensitive cases of public corruption within the Justice Department. A number of the Justice Department's attorneys resigned outraged after a senior Justice Department official told them to drop corruption charges against New York City Mayor Eric Adams. The memo recommends that some attorneys who specialize in public corruption be reassigned to U.S. The memo calls for reassigning some public corruption attorneys to work out of U.S. STAFFING CUTTING CONSIDERED The Department is looking at cutting staff in several sections of the Criminal Division as well as National Security Division. This includes those who handle cases under the Foreign Corrupt Practices Act as well as counterintelligence, export control and other matters. In February, Trump ordered the Justice Department in an executive order to stop enforcement of foreign corruption laws. Bondi had previously announced that she would reduce resources in this area. The memo also proposes merging the Justice Department's Grant Offices into one, and eliminating the Community Relations Service. This office is responsible for de-escalating tensions within local communities. The memo also suggests moving some attorneys from Tax Division to U.S. Attorneys' Offices, moving Consumer Protection Branch from the Civil Division to the Criminal Division, and consolidating policy offices. The merger of ATF and DEA could be one of the most significant changes to the Justice Department’s law enforcement component since the terrorist attacks of September 11, 2001. In an unusual dual role, FBI Director Kash patel also serves as acting director of the ATF. Trump has nominated Terry Cole to be the permanent leader of the DEA. However, he has yet to name a permanent ATF head. ATF's role as a law enforcement agency in the United States has made it more vulnerable to conservative political pressure than any other arm of US law enforcement. Gun rights groups want to limit the ATF's legal authority to regulate firearms. Since 2006, the Senate has been able to confirm ATF directors only twice. (Reporting and editing by Scott Malone, Rod Nickel and Sarah N. Lynch)
-
Morgan Stanley seeks Goldman Sachs' help to sell PNE stakes, sources claim
Morgan Stanley and Goldman Sachs are exploring the possibility of selling their majority stake in German renewable projects developer PNE. This could lead to a bid being made for the 1,09 billion euro ($1.17 billion), firm. One person said that Goldman Sachs is already contacting potential private equity investors about their interest in Morgan Stanley’s 50.06% stake, currently valued at around 543 million Euros, in PNE. The people added that the deliberations are still at an early stage, and it is not certain if a deal will happen. Morgan Stanley, Goldman Sachs, and PNE declined to comment. According to German stock exchange rules, purchasing Morgan Stanley's whole stake would trigger an automatic takeover bid of PNE. PNE develops photovoltaic and wind projects, and as of the end of 2024, had a pipeline totaling 18.9 gigawatts. Morgan Stanley has made a new attempt to sell its stake, after a failed effort in early 2023. At the time, sources familiar with this matter said that EQT and Engie were expected to show interest in the process. The shares of PNE are up 28% this year to date, reaching 14.16 euros each. This is more than triple the price Morgan Stanley paid in 2020 when it bought its first stake in the company. PNE, a company listed on the SDAX, reported an increase of 73% in its core profit (EBITDA), which is expected to reach 69 million euro in 2024. They expect it to grow to 110 million euros in this year, and 140 million by 2027.
Germany's election in surveys, parties and policy arguments
Germany will hold a breeze national election on Feb. 23 following the collapse of Chancellor Olaf Scholz's threeway union.
Here are the primary celebrations contending, their survey standings, and the key policy issues:
CELEBRATIONS
Germany has two centrist, big-tent celebrations: Scholz's. centre-left Social Democrats (SPD) and the opposition. conservatives, an alliance of the Christian Democrats (CDU) and. their Bavarian sibling celebration, the Christian Social Union (CSU).
Nevertheless, they have both lost support over the last few years, with. smaller sized parties such as the ecological Greens and far-right. Alternative for Germany (AfD) gaining ground.
The SPD, conservatives, Greens and AfD are all fielding. prospects for chancellor.
Likewise running are the pro-market Free Democrats (FDP), the. far-left Linke and the leftist Sahra Wagenknecht Alliance (BSW),. who are all at risk of missing the 5% threshold to make it into. parliament, according to viewpoint surveys.
POLLS
The conservatives have actually been leading nationwide polls for. more than two years and are at 29.8%, according to the current. survey released by YouGov on Jan. 17, followed by the AfD at. 19.7%.
Scholz's SPD, with 15.6%, has actually dropped to third from the. first put it accomplished in the 2021 election. It is followed by. the Greens on 13.6% and the BSW on 6%. The FDP and Left celebration. are polling at 4.5% and 2.9% respectively.
Nevertheless, analysts say surveys can move quickly, with voters. less devoted to celebrations than they when were, remembering the 2021. election project when the conservatives went from frontrunner. to runner-up within a couple of months.
The conservatives' leader Friedrich Merz, in particular, is. thought about to be prone to gaffes and fast to anger.
POLICY DEBATES
- Ukraine
Germany's mainstream parties all favour helping Ukraine fend. off Russia's major intrusion, while the AfD and BSW desire an. end to weapons deliveries to Kyiv and a resumption of excellent. relations with Moscow.
Nevertheless, Scholz and his SPD have actually just recently struck a more. cautious tone - stressing the requirement for diplomacy and prudence. - than the conservatives, Greens and FDP, who are for example. all in favour of Germany providing long-range Taurus missiles. to Ukraine.
- Reviving the economy
Scholz has proposed incentivising personal financial investment and. modernising facilities with an off-budget 100-billion-euro. fund. His SPD also plans a direct tax refund of 10% on devices. financial investments by companies.
The Greens' Robert Habeck has, like Scholz, required. reform of the constitutionally enshrined debt brake to allow for. greater public spending.
Merz had also indicated some openness to a moderate reform. of the debt brake however his celebration's manifesto has promised to. retain it. The AfD and the FDP are intense protectors of the limitation. on public loaning.
The CDU/CSU manifesto has actually proposed extensive financial. relief for companies and people, including earnings and. corporate tax cuts, and lower electrical power charges. They have not. said how these would be financed.
The AfD desires Germany to ditch the euro, reintroduce the. Deutsche Mark and possibly leave the EU.
- Migration
The anti-Islam, anti-migration AfD has required borders to. be closed and asylum applicants to no longer deserve to. household reunification. Some senior AfD members have actually gone even more. in their comments and were present at conversations among. reactionary activists on deporting countless individuals of foreign. origin, consisting of German residents.
The conservatives have embraced a much stricter stance on. immigration in recent years, calling for pushing back asylum. applicants at the borders, and for limits on family reunifications. and naturalisation for refugees.
They likewise want everyone obtaining asylum in Europe to be. moved to a safe 3rd country for processing their claims.
The SPD itself has toughened its position by enforcing. more stringent border controls and speeding up deportations, although. it also wants to bring in more foreign skilled workers.
On the other hand, the Greens keep a more open asylum policy,. promoting state-backed sea rescue initiatives and streamlining. household reunification processes and improving combination.
- Energy
High energy costs remain a major challenge for homes. and organizations in Germany and an important election campaign. topic.
The CDU, SPD and Greens agree on expanding renewable resource. to decrease costs however differ on financing methods: the CDU. recommends utilizing higher CO2 certificate revenues to lower network. costs, while the SPD and Greens support debt-financed state. subsidies. The CDU and AfD also propose examining a return to. nuclear power, an idea turned down by the SPD and Greens.
The AfD opposes renewable energy aids entirely,. advocating unlimited coal-fired power plant operations and. eliminating CO2 prices to lower consumer expenses and enhance. energy security.
- Relations with the Trump administration
The question of how to tackle the incoming administration of. U.S. President-elect Donald Trump, which has already flagged the. possibility of increased tariffs and lower military assistance for. Europe, is especially sensitive for Germany. The United States. remains the top location for German exports and its main. security ally.
The SPD's Scholz greatly countered Trump's talk about. Greenland and Canada, while frontrunner Merz alerted against. lecturing him, stressing instead locations of possible cooperation. like a potential EU-U.S. trade offer or joint China strategy.
The Greens' Habeck cautioned that the EU should stand united and. look for talks with the U.S. due to the fact that a trade war will eventually. damage all sides.
All of the mainstream parties have voiced scepticism about. Trump's need for European nations to increase spending on. defence to 5% of economic output, given that Germany will. already battle to keep to 2% after its special fund for the. military runs out. Habeck, nevertheless, has actually already proposed an. increase to 3.5%.
The party that has most accepted the inbound U.S. administration among the German parties is the AfD, which. received several endorsements from Trump's ally Elon Musk,. resulting in his conversation on X with the celebration's chancellor. prospect Alice Weidel.
(source: Reuters)