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US Judge to stop plan to send USAID workers on Leave
The Trump administration is prohibited from dismantling the U.S. Agency for International Development by a temporary, "limited" court order. The decision was announced by U.S. District Court Judge Carl Nichols, in Washington. Nichols, who had been nominated as a judge by President Donald Trump for his first term on the job, made the announcement at an hearing regarding a lawsuit filed by the largest U.S. Government workers' Union and a foreign service workers' association, who were suing to stop the Administration's attempts to close down the agency. Nichols announced that the written decision would be released later on Friday. He didn't seem to be inclined to grant the other requests of the unions, such as reopening USAID buildings or restoring funding for grants and contracts. In a letter sent on Thursday to USAID's employees, the administration said that it would keep 611 of its essential staff onboard. The agency has a global workforce totaling more than 10,000. Karla Gilbride said that the "major reduction in force" as well as closing of offices and the forced relocation of individuals was done beyond the authority of the executive in violation of separation of powers. Brett Shumate from the Justice Department told Nichols about 2200 USAID employees who would be placed on paid leave as part of the administration's plan. He added that 500 people had already been put on leave. Shumate stated that "the president has determined there is fraud and corruption at USAID". The judge stated that his order would not allow the immediate placement of these 2,200 employees on administrative leave, and it would also stop the relocation for certain humanitarian workers stationed abroad. Trump accused USAID of fraud and corruption in a Friday post on Truth Social. He did not provide any evidence. He said: "USAID is driving the radical left crazy, and there's nothing they can do about it because of how much money has been spent fraudulently. The corruption is at levels never seen before. "CLOSE IT DOWN!" Trump, hours after his inauguration on January 20, ordered that all U.S. aid to foreign countries be halted in order to align it with his "America First' policy. Since then, USAID has been a mess. It distributes billions in humanitarian aid to countries around the globe. After the executive order, the State Department issued worldwide directives to stop work. This effectively froze all foreign aid except for emergency food assistance. This brought USAID's programs that provide life-saving aid around the world to a grinding stop, a move which experts warned could lead to deaths. Elon Musk is a businessman who is the richest person in the world and an ally of Donald Trump. He has been leading the effort to shrink federal bureaucracy. In fiscal year 2023, the United States distributed, in part via USAID $72 billion for aid around the world. This included everything from women's healthcare in conflict zones, to access to clean drinking water, HIV/AIDS treatment, energy security, and anti-corruption efforts. In 2024 it provided 42% of the total humanitarian aid tracked by United Nations, but that is less than 1% its budget.
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Trump: Nippon Steel to invest in US Steel but not purchase it
On Friday, U.S. president Donald Trump stated that Nippon Steel’s $14.9 billion offer for U.S. Steel will take the form an investment rather than a purchase. However, two sources who are familiar with the situation said that the Japanese steel company has not withdrawn their bid. Nippon has been pursuing U.S. Steel for over a year. Trump had repeatedly condemned the proposal, but on Friday, he made more moderate remarks in the Oval Office, alongside Japanese Prime Minister Shigeru. Ishiba. U.S. Steel has not responded to a comment request, and Nippon Steel refused to comment on Friday evening. The investment was not clear and it wasn't known what the specifics of the transaction were. However, Trump stated that he will meet with Nippon Steel's head next week to "mediate and arbitrate" the deal. Nippon Steel will do something "very exciting" about U.S. Steel, Trump said Friday while sitting next to Ishiba. They'll look at it as an investment, rather than a purchase. A White House official confirmed that the U.S. President referred to Nippon Steel incorrectly as Nissan, the Japanese automaker. After a volatile trading session, the company's stock ended Friday down almost 6%. Stocks initially rose on a CBS report stating that Trump might consider approving the deal. However, they fell after Trump stated in an earlier statement Friday that he had not changed his mind. Trump made his comments a day after meeting with U.S. Steel CEO David Burritt in the White House. Both Biden and Trump pledged to destroy the proposal ahead of the November U.S. Presidential election. Nippon Steel made a number of concessions in an attempt to win over public opinion. Trump said to reporters that he had not changed his mind about his opposition to this deal. Trump stated last year that he was "totally against the purchase of U.S. Steel, a once powerful and great company in America, by a foreign firm, this time Nippon Steel of Japan." United Steelworkers president David McCall stated in a statement on Friday that the union has not had any contact with the company or administration about Nippon Steel's investment in U.S. Steel. In a press release, he stated that "our concerns about Nippon Steel's continued interest" in U.S. Steel remained unchanged. Joe Biden, the former president, blocked a $14.9 billion Nippon Steel bid for U.S. Steel last month.
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Trump may meet Zelenskiy, Ukraine's Zelenskiy, next week
Donald Trump, the U.S. president, said on Friday that he was likely to meet with Ukrainian President Volodymyr Zelenskiy next Monday to discuss Ukraine’s war against Russian invaders. Trump didn't specify whether the meeting would be face-to-face or via videoconference. He mentioned the possibility when he answered questions from reporters during an Oval Office reception for Japanese Prime Minister Shigeru. Ishiba. Trump stated that he would "probably" meet with Zelenskiy "next week." He also expressed his interest in meeting Russian president Vladimir Putin, with whom he has always maintained a "good relation." When asked for the location of such a meeting, Trump replied "I'm right here" in Washington. He also said that he wouldn't be traveling to Ukraine. Trump, speaking of Russia's three year old invasion of Ukraine, said: "I would like to see that end. Just on a human level." "I would like to see this end. It's a silly war." Trump stated that he would like to speak to Zelenskiy regarding the security of Ukraine's assets, such as rare-earth minerals. He also wants "an equivalent amount" in return for U.S. assistance. "We'd like them to equalize." According to Andy Yermak, Zelenskiy’s chief of staff, Ukraine wants to continue U.S. assistance in its war against Russia. Yermak told Kellogg that he spoke to him about the battlefield situation, safety of Ukrainian civilians, and the upcoming Munich Security Conference.
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CFE Engineers Delivers Suction Piles for Chevron’s Jansz-lo Compression Project
CFE Engineers Asia, a subsidiary of provider of rigging and mooring equipment solutions Franklin Offshore, has completed the fabrication and load-out of 12 suction piles for Chevron’s $4 billion Jansz-lo compression project offshore Western Australia.Franklin Offshore was awarded the fabrication project for the 12 mooring suction piles by Hanwha Ocean (formerly Daewoo Shipbuilding & Marine Engineering).Chevron hired Hanwha Ocean in early 2022 for the construction of the field control station for the Jansz-Io Compression Project. The value of the contract awarded by Chevron to Hanwha Ocean was approximately $545 million.Fabricated in Singapore, each of the 12 suction piles weighed around 375 tonnes, totaling nearly 4,500 tonnes.The massive piles were lifted using Franklin Offshore's NEXUS High Performance Synthetic Sling capabilities, making them one of the heaviest ever manufactured.The suction piles are said to be critical components of the FSC, a cornerstone of plans to leverage enhanced production from the Jansz-Io field.“The Jansz-Io compression project aims to extend the operational life of the Jansz-Io field. The addition of the new field control station and the associated mooring system, including the suction piles fabricated by CFE Engineers, will play a pivotal role in achieving this objective.“Successfully fabricating and delivering these mammoth structures highlights the remarkable technical and engineering expertise available from our people at CFE Engineers,” said Edmund Chan, COO & Director of Franklin Offshore.The Jansz–Io gas fields are located within production licenses WA‐36‐L, WA‐39‐L, and WA40L, about 200 km off the northwest coast of Western Australia in water depths of approximately 1,350 meters.Chevron, as the operator of the Gorgon gas project, and its partners agreed in July 2021 to proceed with the Jansz-Io Compression (J-IC) project, with the investment estimated at around $4 billion.Chevron said at the time that it would take about five years to finish the construction and installation work.
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Kongsberg Maritime Unveils Range of T&I Solutions for Floating Wind
Kongsberg Maritime has unveiled a range of innovative methods designed to transform and industrialize the transportation and installation (T&I) of floating offshore wind turbines.The new solutions have been developed to streamline the entire process, from anchor and mooring installation through to electrical cable pull-in, ensuring that turbines are ready to be connected to energy grids, and offer a comprehensive solution for the floating offshore wind market.The solutions are part of a broader strategic effort that Kongsberg Maritime has put in to contribute towards the emerging floating offshore wind market, with more initiatives in the works.Four of the elements highlighted in this new offshore floating wind approach are: new vessel designs and methodology for anchor and mooring installation, a new approach for towing turbines to site, a new integrated tensioning concept for mooring lines, and an innovative cable pull-in system"We aim to offer a full package of equipment and technology, from the point the floating turbines leave their assembly site to the moment they are connected to the power grid.“Our new methods for anchor tensioning, mooring installation, tow-out, and cable pull-in will represent a big leap forward in the industrialization of floating wind installation. They are also applicable to other offshore energy structures, so our investment in these novel solutions will also be relevant and benefit oil and gas related operations,” said Gunnar Thorsen, Senior Vice President of Business Concepts at Kongsberg Maritime.New Vessel Designs for Anchor and Mooring and InstallationThe Floating Wind Installation Vessels - FWIVs (Credit: Kongsberg Maritime)Two new vessel concepts, specifically designed for large-scale mooring and installation operations, are a key element in the new novel solutions.The Floating Wind Installation Vessels (FWIVs) are designed to handle the challenges of transport and installation of floating wind turbines, as well as other offshore and subsea structures.The anchor handling version (UT 7900 FWIV AH) features a triple cross-tensioning winch system capable of tensioning and proof-loading up to three mooring lines simultaneously with significant reduction in bollard pull requirements. This vessel can pull up to 900 tonnes in a single fall configuration, ensuring efficient and safe anchor handling, with reduced energy consumption.The subsea construction vessel design concept, (UT 7600 FWIV Subsea), is equipped with advanced systems for handling, storing, and deploying mooring elements, making it ideal for high-volume floating wind installations, according to Kongsberg Maritime.Tow Assist System to Enhance Towing OperationsTo address the challenges of transporting giant turbines to offshore fields, Kongsberg Maritime has developed Tow Assist.This approach combines Kongsberg Maritime’s Dynamic Positioning (DP) technology with operational analysis to improve situational awareness, safety and efficiency throughout all stages of the towing operation.Tow Assist builds on the K-Pos DP system, enabling unpowered floating structures to become DP-enabled during complex towing operations by calculating and distributing the optimal allocation of the connected vessels.Successfully trialed in the North Sea last year, the Tow Assist system provides real-time situational awareness through graphical guidance for precise and efficient positioning, transforming the way floating offshore structures are moved and positioned.Integrated Tensioning for Simpler Hook-Up OpsThe Integrated Tensioning Concept (Credit: Kongsberg Maritime)The Integrated Tensioning Concept is a solution designed to enhance the efficiency and safety of mooring line hook-up operations. This system compensates for relative movements between the floater and the vessel, increasing the operational weather window and ensuring smoother operations.The new concept utilizes Kongsberg Maritime's advanced Permanent Magnet (PM) winches, known for their high torque and dynamic capabilities. These winches are a key component of the system, providing the responsiveness and motion compensation necessary for precise and efficient tensioning of mooring lines.The PM winches' ability to handle large loads with rapid response makes them ideal for the challenging conditions of offshore operations."The Integrated Tensioning Concept monitors the motion of the floater, allowing the vessel winch to compensate, removing peak loads and hazardous situations. This results in a much smoother hook-up process and significantly increases the operational weather window,” said Runar Hjelle, Sales Director Offshore Construction & Support at Kongsberg Maritime.Innovative Cable Pull-In for Year-Round Operations Kongsberg Maritime’s cable pull-in system (Credit: Kongsberg Maritime)A new method for cable pull-in operations, is a key element of Kongsberg Maritime’s end-to-end process by reducing requirements for equipment and people on the floater, enhancing safety and speeding up the overall rate of installation of the wind farm array. “With the new, patented method, all necessary equipment is placed on the vessel, significantly reducing the complexity and risk associated with the operation.“This new approach offers several advantages, including enhanced safety by reducing the number of people onboard the floater, to a minimum during the pull-in operation.“Equipment lifting operations and personnel transfer are minimized which allows operations to continue in harsher weather conditions. This is crucial for maintaining year-round productivity and speeds up the overall rate of installation of the wind farm array,” said Thorsen.
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Wall St. drops and Treasury yields increase on mixed job report and renewed tariff threats
Wall Street plunged sharply on Friday, and the benchmark Treasury yields rose in response to a mixed report on payrolls, weak data for consumer sentiment and renewed trade war fears. The three major U.S. indexes fell, and the selling accelerated after reports that U.S. president Donald Trump would announce new tariffs shortly. The long-awaited employment report revealed that the U.S. gained 143,000 new jobs in January. This is 53.4% less than the upwardly revised December total of 307,000. The report was distorted by the annual benchmark revisions along with California wildfires as well as unusually cold weather. It also showed a hotter than expected wage growth, and a surprising dip in unemployment rates, from 4,1% to 4.0%. Rob Williams, chief investment strategy at Sage Advisory Services, Austin, Texas said that the market is still trying to digest all the data. The headline was not as good, but the revisions in the last two month were positive and the hourly earnings also increased. Separate data from the University of Michigan shows that consumer sentiment has unexpectedly deteriorated this month, as inflation expectations have spiked. The major indexes continued to lose after Trump announced he would announce a new set of reciprocal tariffs against many countries in the coming week. Michael Green, chief strategy at Simplify Asset Management, Philadelphia, said: "Anytime you are playing a game of 'chicken,' which is what Trump is doing, what if someone decides to take it too far, and we end with a car accident?" Green said: "At the end of it all, Trump is exploiting a very imbalanced negotiation. The customer always has the right to be heard." "And the U.S., for the vast majority around the globe, is the primary client." Amazon announced disappointing growth in the cloud computing segment, and lower than expected revenue and profits for its first quarter. The same disappointments that Alphabet and Microsoft experienced earlier in the week led to the suspicion that the megacap tech stocks and their tech-related stocks were losing momentum. The Dow Jones Industrial Average dropped 383.16 points or 0.86% to 44,361.10. The S&P 500 declined 49.75 points or 0.82% to 6,033.69. And the Nasdaq Composite was down 262.35 points or 1.33% to 19,528.56. Investors grew more wary of the potential for a trade war to escalate, and Porsche's dire profit forecast further dampened investor risk appetite. The MSCI index of global stocks fell by 5.44 points or 0.63% to 869.85. The STOXX 600 fell by 0.38%. Europe's FTSEurofirst 300 fell by 8.54 points or 0.39%. Emerging market stocks increased 4.35 points or 0.39% to 1,106.60. MSCI's broadest Asia-Pacific share index outside Japan closed up by 0.41% to 582.40. Japan's Nikkei dropped 279.51 points or 0.72% to 38,787.02. The U.S. Treasury yields increased on the back of higher revisions for previous-month jobs and a surprising decline in the unemployment rates, despite the disappointing headline figure. The yield on the benchmark 10-year U.S. notes increased 5.3 basis points from 4.438% at late Thursday to 4.491%. The 30-year bond rate rose 4.9 basis point to 4.6956%, from 4.647% on Thursday. The yield on the 2-year bond, which is usually in line with expectations of interest rates for the Federal Reserve (Fed), rose by 6.9 basis points, to 4.277% from 4.208%, late Thursday. In choppy trading, the dollar rose in response to the U.S. Federal Reserve’s decision to hold off on rate reductions for now. The dollar index (which measures the greenback in relation to a basket of currencies, including the yen, and the euro) rose by 0.35%, reaching 108.05. Meanwhile, the euro fell by 0.47%, at $1.0332. The Japanese yen fell 0.05% to 151.51 dollars per dollar. The dollar fell 0.18%, to $1.2411. The Mexican peso (MXN=>) fell 0.27% against the dollar to 20.528. The Canadian dollar rose 0.17% against the greenback, to C$1.43 per C$. Bitcoin gained 0.20% in value to $97 017.23. Ethereum fell 1.61% to 2,665.18. The oil price rose after the new sanctions on Iran's crude imports were implemented, but they are still on course for their third successive weekly drop due to tariff concerns. Brent crude settled at $74.66 a barrel, an increase of 0.50%. U.S. crude was up 0.55% at $71.00 a barrel. The safe-haven gold resumed its upward climb after renewed trade worries added to its luster. Spot gold increased by 0.14%, to $2860.52 per ounce. U.S. Gold Futures increased 0.26% to an ounce of $2,863.50.
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TASS reports that Russia could ban gasoline exports in order to stabilize prices for a period of one month.
The Russian Federal Anti-Monopoly Service could impose a one-month-long ban on the export of gasoline by large producers to stabilize wholesale prices before the planting season. This was reported Friday by state news agency TASS. It quoted Vitaly Korolyov as the deputy chief of the service, saying that an export ban is only one possible solution. A measure first implemented in March allows major oil companies to export gasoline, but traders and resellers cannot. Korolyov stated that wholesale gasoline prices have been rising recently, which he characterized as a correction following a long drop. He said that retail prices were not growing faster than the overall inflation rate. TASS reported him saying that a possible alternative to stabilizing the wholesale market could be to create a market for forward contracts in order to reduce the seasonal demand. The Russian energy ministry released a statement stating that it constantly monitors the domestic market for fuel and could, if needed, decide to ban exports in order to ensure a sufficient supply domestically. Mark Trevelyan and Louise Heavens edited the article.
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Gold to gain for the sixth consecutive week on demand for safe-havens
Gold prices rose Friday, and are on track to gain for the sixth week in a row as investors sought refuge in this safe-haven investment due to escalating tensions between China and the U.S. As of 01:41 pm, spot gold rose 0.2% per ounce to $2861.46. ET (1841 GMT), which is up over 2% in this week after hitting a new record high of 2,886.62 earlier during the session. U.S. Gold Futures closed 0.4% higher, at $2.887.60. David Meger is the director of metals trading for High Ridge Futures. He said that the Trump tariff policy continues to be a major concern in the gold market. The U.S. president Donald Trump kicked off a trade conflict this week by following through on his threats to impose new tariffs on China. He did, however, grant Mexico and Canada an one-month respite. Gold is a popular investment in times of political or financial uncertainty. Peter Grant, senior metals analyst at Zaner Metals, said that the gold market has also been buoyed both by continued growth of gold held by the People's Bank of China and a Chinese program allowing investment funds to buy gold. A Labor Department report revealed that the U.S. added 143,000 new jobs in January. This was compared to the 170,000 predicted by economists. The unemployment rate also stood at 4% compared to the 4.1% expected. Bart Melek is the head of commodity strategy at TD Securities. He said that wage growth and job creation have a negative impact on the Federal Reserve’s ability to change rates. This creates a unique, yet advantageous, situation. Chicago Fed President Austan Gollibee stated that a strong economy, with full employment, and an easing of inflation, should allow the Fed cut rates. However, tariff uncertainty calls for caution. Silver spot fell by 0.8%, to $31.94 an ounce. Platinum fell by 0.3%, to $982.50. Palladium fell 0.7% to $971.62. Palladium, silver and platinum are all heading for gains for the week.
The oil price is set to fall for the third consecutive week on account of tariff concerns
The oil prices ended the day with gains after new sanctions on Iran's crude imports were imposed. However, prices fell for the entire week due to investors' concerns about President Donald Trump's renewed tariff war against China and other countries.
Brent crude futures settled on $74.66 per barrel, an increase of 37 cents or 0.5%. They are expected to drop more than 2% in the coming week. U.S. West Texas Intermediate finished at $71.00 per barrel, up 39cents or 0.55%.
John Kilduff of Again Capital LLC said that the news reports about the Trump administration's planned tariffs have slowed the gains made following the sanctions announced Thursday.
"We're just trying to make our way through the sanctions/non-sanctions, tariff talk from the White House," Kilduff said.
Kilduff stated that WTI is now trading at a price of about $70 per barrel. This seems to be the lowest point in the range.
He said, "I'm not sure if the oil prices are low for the President. But we'll have to see."
Phil Flynn said that traders were closely watching Trump's statements throughout the day on Friday to see if there was any change in U.S. policy which could quickly reshape markets.
Flynn stated that Trump gives and Trump takes.
Treasury Department announced on Thursday that it would impose new sanctions against a handful of individuals and tankers involved in the shipment of millions of barrels per year of Iranian crude oil to China. This is part of a gradual move to increase pressure to Tehran.
Michael Haigh is the global head of commodities at Societe Generale. He said that the imposition of tariffs, as well as the pauses, should be bullish on the oil market, because they add uncertainty. You haven't noticed this reaction because demand is a concern. "Tariffs and tit-for-tat responses by nations hurt global GDP and oil demand."
Trump announced a 10% tariff for Chinese imports, as part of an overall plan to improve U.S. Trade Balance. However, he suspended plans to impose steep duties on Mexico and Canada.
In a Friday note, analysts at BMI stated that "downside pressure" has been generated by the recent news about tariffs. Concerns over a possible trade war have fuelled fears of a weakening in oil demand.
Oil prices fell on Thursday, after Trump reiterated his pledge to increase U.S. production. This unnerved traders after the U.S. reported a larger than expected jump in crude inventory. (Reporting and editing by Erwin Seba and Anna Hirtenstein; Sudarshan Varadhan, Jeslyn Leerh, and David Gregorio.)
(source: Reuters)