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US Senate Republicans push for border security bill without Trump's tax cut
The U.S. Senate began a discussion on a Republican Bill on Immigration, Energy and Defense on Thursday, even though President Donald Trump had urged members to abandon the effort to support a House of Representatives' bill which would include trillions of tax cuts. This week, Trump came out in support of the House Republicans' plan to pass a single comprehensive bill. Supporters of the plan are worried that if they pass an immigration bill before extending tax cuts worth $4.5 trillion, it could reduce their chances to extend those tax cuts. Senate Republicans have said that they will still push forward with their more narrow plan, and deal with tax cuts in another bill. They want to get around the Democratic opposition and win an early legislative victory for Trump. Democrats do not have the votes to stop this bill. However, they are determined to fight for as long as it takes, accusing Republicans that they shortchange American families in order to give tax breaks to the wealthy. Chuck Schumer, Senate Democratic Leader, said "We will be here all night" just before voting began on Thursday evening. Schumer proposed the first amendment to prevent tax cuts for people earning more than $1 billion. Republicans blocked the amendment. Tim Kaine, a Democratic senator from Virginia, notified the Senate that he was alone in requesting a debate on a dozen amendments ranging between tax cuts for middle-class families and measures to protect federal workers against termination as well as social safety net programs. Lindsey Graham, Republican Senate Budget Committee Chairperson, said earlier that evening that border security and U.S. Military were urgently needed. She argued that higher spending in the legislation will be "offset by $342 billion in cuts to other parts of government." 'VOTE-A-RAMA' A rarely used Senate procedure known as "vote a rama" allows amendments to be proposed until both parties agree that they are done. Normaly, both parties will agree on a small set of amendments to be debated in the Senate. Republicans were expected to win over a number of amendments from the opposition, as they hold a 53-47 lead in the Senate. The same budget resolution must be passed by both chambers of Congress to unlock the parliamentary instrument that will allow Republicans to implement Trump's legislative agenda while avoiding the opposition from Democrats and the Senate filibuster. The Democrats used this tactic in the first two-years of Joe Biden’s presidency when they had majorities in both chambers. The Senate bill could be used as a back-up in the event that House Republicans are unable to reach an agreement about how to pay for tax cuts without cutting funding for safety net programs such as Medicaid and Social Security, or adding to the $36 trillion national debt. The Senate's $340 billion budget resolution for fiscal 2025 would increase spending by $85 billion per year over four years in order to pay for tighter border security and Trump's plan to deport illegal immigrants, as well as energy deregulation, military spending, and Trump deporting those in the country without legal status. The House budget resolution contains the same priorities, along with $4.5 trillion of tax cuts. It also seeks to cover costs through $2 trillion of spending cuts and an accelerated economy based on tax and energy policies it would introduce. Reporting by Gabriella Boter and Richard Cowan, Editing by Scott Malone and David Gregorio; Deepa Babington, Leslie Adler, and Scott Malone.
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South Korea wants exemption from Trump tariffs
The industry ministry announced on Friday that South Korean officials had requested an exemption from the reciprocal U.S. steel and aluminum tariffs when they visited Washington this week. Park Jong-won led the first large South Korean delegation to visit Washington after U.S. president Donald Trump announced the sweeping tariffs. He argued that most tariffs have been eliminated between the two nations under their free trade agreements. South Korea, a major exporter in the world and a top trading partner of the United States has been increasingly concerned by Trump's actions. The ministry reported that Park praised South Korean investments in the United States and proposed holding high level meetings with Trump administration to discuss future cooperation. He also met members of Congress, and urged them to continue to offer incentives to South Korean firms to do business in the United States. The statement from the Ministry said that "the government will continue to consult on a high-level level about U.S. Trade and trade measures and will respond in order to minimize the damage to Korean businesses through close communication with industry." Choi Sangmok, the acting president of South Korea, said that the country has invested more in the United States than any other country in the last two years. This should enable it to negotiate tariffs with the Trump Administration. Standard Chartered economists wrote in a note that "Given the substantial role they play in supporting US objectives, we believe Korea and Japan are well placed to seek exemptions from tariffs." They cited more than 20,000 U.S. Jobs South Korea created in 2023 - more than any other nation. The political crisis that erupted in December after President Yoon Suk Yeol temporarily imposed martial laws has complicated Seoul's response to the Trump administration. Choi has not yet spoken directly to Trump. (Reporting and editing by Les Adler, Sonali Paul and Josh Smith)
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Green Climate Fund invests $687 Million
The Green Climate Fund, the largest fund in the world that helps developing countries cope with climate change impacts, announced on Friday that it had approved $686.8 millions of financing during a board session this week. The Seoul-based company said that the investment will help attract other funding partners, and eventually mobilise $1.5 billion to support 11 projects in 42 countries. This would provide assistance to 115,000,000 people. One project aimed to improve forest resilience in Serbia, and another aimed to boost the climate resilience of communities vulnerable to climate change in Togo. The GCF portfolio now totals nearly $17 billion. Most of that money is in grants. Leif Holmberg, co-chair of the GCF board, said: "During these difficult times, GCF shows how countries can reaffirm both their individual and collective commitments to accelerate support for climate-vulnerable community." It shows that the Board's top priority is to increase access to essential finance for those on the frontlines in the climate crisis." A spokesperson explained that the board agreement came after the U.S. government recently decided to withdraw financial support pledged to the GCF. This was part of an overhaul of U.S. Development efforts following Donald Trump's election. The GCF board announced the new funds and agreed to create "a regional presence", to be closer to the countries that it serves, as well as to increase the climate impact on its projects. It did not give any details. "If climate change is a local issue - and it is – then the Green Climate Fund must be local as well." Mafalda duarte, GCF's Executive Director, said that the fund should be a local partner as well as a financial source. The GCF invests in four regions: Africa, Latin America, Asia Pacific, and Asia Pacific. (Editing by William Maclean).
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Trump withdraws the US from key global climate assessment sources say
Two sources with knowledge of the situation said that the Trump administration had halted participation by U.S. researchers in U.N. climate assessments. This is part of a broader withdrawal of the Trump administration from climate change mitigation and multilateral cooperation. The order to stop work affects employees of the U.S. Global Change Research Program and National Oceanic and Atmospheric Administration are involved with a working group of the Intergovernmental Panel on Climate Change. One of the sources said that the U.S. won't be attending a major IPCC meeting next week in Hangzhou, China to plan the 7th global climate assessment. The White House refused to comment, and the State Department didn't respond to a comment request. The IPCC has the power to bring governments, businesses and international institutions together with a common set of conclusions. Delta Merner of Union of Concerned Scientists said that the U.S.'s complete removal from this process was concerning. The absence of American scientists in the IPCC will be felt. While American scientists are in attendance, they will continue to work on the climate research that is used by the IPCC. Hangzhou's meeting, which will take place from 24 to 28 February, is expected make some key decisions that could influence the outcome of the next assessment of climate change. This includes the role of technology for carbon capture and removal. China's Foreign Ministry said that it did not know about the withdrawal of U.S. participants. The U.S. and Malaysia are co-chairs of a group that focuses on ways to reduce greenhouse gases or climate mitigation. Congress has not yet appropriated the $1.5 million pledged by the U.S. to support IPCC. Climate scientists are not surprised by the U.S. withdrawal from the IPCC, especially after President Donald Trump announced his intention to pull the U.S. out of the Paris Climate Agreement, take back U.S. climate finance globally, and end international climate partnerships. Kathryn Bowen is a professor of Melbourne University, and the lead author for IPCC's 6th assessment report. She noted that the federal funding has been cut for climate science around the world. Bowen stated that "unfortunately, there has been a gradual reduction in funding support for IPCC authors over the past few years." Bowen said that high-income countries were seen as a source of funding by colleagues in the Global South. (Reporting and editing by Lincoln Feast; Additional reporting by David Stanway, with additional reporting by Valerie Volcovici.
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Alliant Energy exceeds profit expectations for the fourth quarter on higher electricity prices
Alliant Energy, a utility company, beat its fourth-quarter profit expectations on Thursday thanks to higher electricity rates. Rate case proceedings are used by utilities to increase their rates. They base their appeals on the investments they have made or the expenses they have incurred in providing services. The quarterly adjusted profit of its Interstate Power and Light Company division almost tripled from a previous year to $101 millions after receiving an order from Iowa Utilities Commission authorizing annual rate increases. Alliant provides natural gas and electricity to approximately 1 million customers in Iowa and Wisconsin. The utility firm reported that it had signed multiple power supply agreements with data centers located in Iowa and Wisconsin last year. As artificial intelligence tools like OpenAI's ChatGPT become more popular, the demand for high-performance, energy-efficient data centers that can process large amounts of data to handle huge volumes of data is increasing. According to LSEG, the company reported a profit adjusted of 70 cents for the quarter that ended on December 31. This was compared with an average analyst estimate of 68-cents per share. Reporting by Tanay in Bengaluru, and editing by Alan Barona
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BMW executive: No special deal needed to avoid US tariffs
BMW's chief purchasing officer stated that the company does not feel the need to negotiate an exclusive deal with the United States in order to avoid import duties. He cited the large presence of the automaker in the country, as well as its good relationship with U.S. officials. BMW's South Carolina plant is the largest in terms of output worldwide and exports to many markets, including China, Germany and Britain. The company can restructure production to make more products for the local market, if U.S. president Donald Trump follows through with his threats to impose 25% tariffs on imported vehicles. Joachim Post, the head of the automaker's Landshut component factory, told journalists that the United States was the largest exporter of cars. The event, which showcased the new technology for the 'Neue Klassen' EV Series, took place on Monday. Post responded: "I do not see a scenario where we would need to have our own deal." Trump's tariffs could hurt BMW competitors Audi and Porsche. Both Volkswagen brands, Audi and Porsche do not produce in the U.S. VW CEO Oliver Blume said to German broadcaster ZDF this week that the company was in contact with Trump's officials, reminding them of the billions it had invested in the nation. Blume said to ZDF that companies who invest there should reap some benefits. 'TECHNOLOGICAL OPENNESS' Mercedes-Benz announced on Thursday that it would be launching more combustion engine cars than battery-electric vehicles in the next three year to boost demand. BMW Post stated that the company's "technological-openness" approach, which involves setting up production lines that can switch between producing combustion engines, plug-in-hybrids, and purely electrical cars, is paying off. BMW's executive said that the U.S. is still divided on drive system preferences. Mercedes-Benz, the VW brand and other carmakers in Europe are cutting costs in their own markets. They are also shifting production from the north of Europe to Eastern Europe, which has lower costs. BMW chose to produce key components for its upcoming "Neue Klasse" EVs in two factories in Germany and Austria. Both plants are set up in a way that makes the extra costs outweigh the increased efficiency, Post reported. BMW is producing the "Energy Master" in Landshut, southern Germany. This control unit will be used to update its battery technology remotely. The plant in Steyr, Austria will manufacture the electric motor for the Neue Klasse. Series production at both sites is expected to begin in the summer of 2025. Reporting by Victoria Waldersee. (Editing by Jane Merriman.
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Brokers and documents say that Expand Energy is exploring the sale of the entire iconic Oklahoma campus.
Expand Energy, formerly known under the name Chesapeake and the largest U.S. Natural Gas producer, wants to sell most of the campus in Oklahoma City, Oklahoma. This is according to the document that was reviewed by the brokers who were involved with the sale. The sale of real estate is another step towards the diminution of the iconic Chesapeake, which was once synonymous with U.S. Shale Revolution. The company has hired Colliers International Group's Commercial Oklahoma Division and Cushman & Wakefield’s Commercial Oklahoma division as real estate brokers to market the over 100 acres (40.5 hectares), of campus located in the northern suburbs Oklahoma City. Travis Mason, Director at Cushman & Wakefield Commercial Oklahoma, stated that Expand intends to keep its 253,000 square-foot (23.505 sq-meter) headquarters, also known as Building 15. The company will also retain four garden-style structures, a parking lot, and two acres of property. Mason said that the sale considerations for the remainder of the real estate are in an early stage. This includes a 56.250-square-foot-data center with 2.9 megawatts critical power generation capacity. Walker Ryan, principal at Colliers, says that real estate developers are likely to be interested in the sale, but other companies seeking to purchase individual buildings may also be involved. Mason and Ryan declined to provide an appraisal for the real property and said that it would depend whether the properties were sold in one transaction or separately. Expand has not responded to comments immediately. In a $7 billion merger last year, the company changed its name to Southwestern Energy, a rival, and will be bankrupt in 2020. It became the biggest U.S. producer of natural gas after its merger, but it has seen its workforce drop dramatically in recent years due to a number of layoffs. Aubrey McClendon, the late founder of Chesapeake, meticulously planned the campus as the company grew from 10 employees in 1989 when he founded it to more than 12,000 employees in 2012. McClendon who died in an auto accident in 2016 spared no expense in building the campus. It includes a 67,000 square-foot fitness centre with a swimming pool of Olympic size, four restaurants, and a daycare facility measuring 62,000 square-feet. The Oklahoman reported that at its peak in the early 2000s, more than 8,000 Chesapeake workers worked on the campus. The newspaper reported that as of last year this number had dropped to 560. According to the company's annual reports, Chesapeake will have about 1,000 employees at the end of 2023. Shariq Khan, New York, and Liz Hampton & Marguerita Choy edited the article.
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Consolidated Edison exceeds profit expectations for the fourth quarter on higher electricity prices
Consolidated Edison, a utility company, beat Wall Street expectations for the fourth quarter profit on Thursday due to higher electricity rates. Rate case proceedings are used by utilities to increase their rates. They base their appeals on the investments they have made or expenses they have incurred when delivering their services. The New York company's revenue for its electricity segment increased 7.6% to $2.72 billion compared to a year ago. Consolidated Edison is divided into three segments: Consolidated Edison Company of New York (CENY), Orange & Rockland Utilities, and Con Edison Transmission. New York provides gas and electricity service to approximately 1.1 million city residents. The company expects to achieve a profit adjusted for 2025 between $5.50-$5.70 per share. This is below the Wall Street estimate of $5.63. Consolidated Edison anticipates capital expenditures of $5.12 billion by 2025, and $8.07 in 2026. According to data compiled and analyzed by LSEG, the company reported a profit adjusted of 98 cents for the quarter ending December 31. This compares with an average analyst estimate of 95 cents. Reporting by Tanay in Bengaluru, and editing by Mohammed Safi Shamsi
Saudi Arabia's ACWA Power will buy Engie's shares in Kuwait and Bahrain
Saudi Arabia's ACWA Power will buy assets in Kuwait and Bahrain from French utility developer Engie for $693 million, according to a statement released by the two companies on Wednesday.
They said that the agreement covered operating capacities of 4,61 GW gas-fired electricity generation and 1,11 million cubic meters of water desalination.
The report also included the operations and maintenance companies of Kuwait and Bahrain.
Marco Arcelli, CEO of ACWA Power, said: "We consolidate the presence we have in Bahrain, where we're already a reliable provider of water and power, and enter Kuwait where we submitted a recent bid for a huge power and desalination facility."
The transaction consists of an 18% share in Az Zour in Kuwait. ACWA also acquired 45% stakes each in Al Ezzel, Al Dur, and Al Hidd projects in Bahrain, along with a 30% stake for the Al Hidd facility.
ACWA Power said it would also purchase a portfolio companies that are responsible for operating and maintaining the four assets.
The transaction will be completed only after the approval of all stakeholders and regulatory agencies. Reporting by Hadeel al Sayegh, Editing by Muralikumar anantharaman and Rashmi aich
(source: Reuters)