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US sanctions fuel theft network in Mexico that it links with CJNG cartel
The U.S. Treasury Department imposed sanctions Thursday on two entities and on three Mexican citizens it claimed are involved in a network of drug trafficking, oil smuggling and gang activity linked to Cartel Jalisco Nueva Generacion. Authorities in the United States say that CJNG, along with Sinaloa Cartel is one of two major Mexican drug cartels responsible for bringing fentanyl to U.S. streets during the last few years. The Treasury Department imposed sanctions against the hazardous materials transport companies Servicios Logisticos Ambientales (SLA) and Grupo Jala Logistica (GJL), claiming that they transported fuel and crude between Mexico and the United States for individuals connected to Mexican cartels. Treasury reported that the network generated hundreds of millions of dollar annually for CJNG through fentanyl, fuel theft and smuggling crude stolen from Mexico across southwest border. Treasury Secretary Scott Bessent said, "Fuel smuggling and crude oil theft are cash cows for CJNG’s narcoterrorism enterprise. They provide a lucrative income stream for the group that allows it to cause havoc in Mexico as well as the United States." He said that the U.S. will use all tools available to target cartels. In February, the administration of President Donald Trump designated CJNG a terrorist organization that is a terrorist group from abroad and deemed terrorism. The companies could not be reached. The sanctions prohibit Americans from transacting with the entities or persons. (Reporting and editing by Rod Nickel. Timothy Gardner)
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Trump threatens secondary sanctions against purchasers of Iranian oil after he says that the purchase must cease.
U.S. president Donald Trump has said that all purchases of Iranian oil and petrochemicals must cease. Any country or individual buying from Iran will be subject to immediate secondary sanctions. He wrote Thursday on Truth Social that "they will not be permitted to do business with United States of America, in any shape or form." Trump's remarks follow the postponement by the U.S. of the latest talks between the U.S. and Iran on its nuclear program that were scheduled to take place on Saturday in Rome. A senior Iranian official said a new date would be determined "depending on what the U.S. does." approach." Trump's administration targeted Tehran by imposing sanctions on entities, including a crude oil storage facility in China and an independent refiner that it accused of illicitly trading in oil and petrochemicals. In February, Trump reinstated a campaign of "maximum press" against Iran. This includes efforts to reduce its oil exports and prevent Tehran from developing nuclear weapons. Secondary sanctions are when a country attempts to punish another country for trading with third country by denying access to their own market. This is a powerful tool for the United States due to the size of their economy. Analysts say that in order to crackdown on Iran's oil sales, the U.S. must impose secondary sanctions against entities like Chinese banks who facilitate the purchase of Iranian oil. China is the biggest buyer of Iranian crude.
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Metals, resources and development projects in Ukraine
Ukraine and the U.S. signed a deal on Wednesday that was heavily promoted by U.S. president Donald Trump. The agreement will grant the United States access to new Ukrainian mineral deals and funding for investment in Ukraine's rebuilding. The following is a list of Ukraine's metal production, production capacity, projects for metals development, and resources or deposits. Information sources: Benchmark Mineral Intelligence, US Geological Survey, International Aluminium Institute. Ukraine's Customs Service, World Nuclear Association. CEIC. Company data. Exports According to the customs services, Ukraine will export goods worth $41.6billion in 2024. Metals/metals products made up $4.4billion or 11%, and accounted for $4.4billion. Ukraine will export $49.2 billion in 2020, which includes $7.7 billion worth of ferrous metals. ALUMINA By 2021, Mykolaiv's (Nikolaev's) Alumina Refinery will be refining imported Bauxite to 1.8 million tons of alumina per year. This alumina is then sent to Rusal. After the Russian invasion of Ukraine in 2022, production was suspended at the refinery. According to the International Aluminium Institute, Mykolaiv produced 1.3% of 138.6 millions tons worldwide in 2021. Global alumina production will reach 147 million tonnes in 2024. Ukraine has coal mining, but it is mainly located in the east of Ukraine in Russia-occupied areas. According to CEIC data, the coal production of Ukraine fell from 64.9 millions tons in 2013 to 23.3million tons in 2023. GALLIUM According to the USGS, Ukraine produced one ton of galium in 2021. China, on the other hand, produced 750 tonnes in 2024. GRAPHITE According to the USGS, Ukraine will produce 1,200 tons or 0.08% world total of graphite by 2024. Zavalievsky Plant, currently the only graphite plant in Ukraine, is still operating. According to BMI, it restarted its production in October following a temporary stop due to lack of investment. Balahovskoe Graphite Deposit is yet to be developed. In 2024, its operator BGV Graphite spent $10 million on a feasibility study and a preliminary economic assessment. The study was finished in early 2025. IRON ORE The Ukraine's iron ore exports increased by 90% on an annual basis to 33.7 millions tons in the last year, as a sea export corridor opened up in August 2023. According to the USGS, Ukraine produced 3.2% of world iron ore and 1.5% pig iron by 2020. LITHIUM Two early-stage lithium project in Ukraine would mine hard-rock deposits. Shevchenkivskyi, the largest of these four regions in Ukraine that Moscow claims as its own, is located in Donetsk. Second, the Polokhivske & Dobra deposits in central Ukraine. According to the State Geological Service of Ukraine, Ukraine has lithium deposits of 500,000 metric tonnes, which is equivalent to 1.7% of world total. MANGANESE According to USGS, Ukraine produced 3.1% of manganese ore in the world by weight as of 2020. Since then, however, production has decreased. It added that at least two manganese mines and processing plants have been idle in Ukraine since November 2023, and two more resumed minimal production in the second half of 2024. Interfax-Ukraine, citing the Ukrainian Association of Ferroalloy Producers, reported that in 2024 production of silicomanganese would fall by 45%, to 104.150 tons, and of ferromanganese by 66.5%, to 3,600 tonnes. RARE EARTHS Elements The Ukraine currently does not have any rare earth mines in commercial operation or deposits that are actively being developed. China is the market leader in rare earths, with a near-monopoly of global supply. According to the Institute of Geology of Ukraine, the country has rare earths like lanthanum and cerium. The data is classified. According to USGS, rare earths are found in abundance around the world, but their concentrations can be mined less often than most other minerals. The steel mills of Ukraine are located in the southern, central and eastern regions of Ukraine that is occupied by Russia. According to the World Steel Association, Ukraine will produce 7.6 million tonnes of steel by 2024, which is 0.4% of global production, down from 21.42 million tons in 2010. TITANIUM RAW MATERIALS According to USGS data, which excludes U.S. output, Ukraine was the fifth-largest titanium sponge producer in the world with a 2.2% share of global output in 2020. It was also the sixth-largest ilmenite producer with a 5.8% share. Since 2022, Ukraine is focusing on the production of an ilmenite-based concentrate that the chemical industry uses to produce pigments. UMCC Titanium is a mining company and processing facility in the Northwest. Ukraine reprivatized it in late 2024. It resumed production in July. According to data from the company cited by Ukrainian news outlet Liga.net, 110,000 metric tonnes of ilmenite concentrated were shipped to Europe and North America between January 2024. URANIUM According to the World Nuclear Association, Ukraine's uranium reserves are 12th in the world, with 107,200 tonnes, or 2% of global resources. According to the association's statistics, Ukraine's production fluctuated over the last 10 years. It reached 455 tons, or 1%, of the total world in 2021. (Reporting and editing by Cynthia Osterman; Polina Devitt)
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US pushes Congo and Rwanda to reach peace agreement and billion-dollar minerals deals
According to Donald Trump's senior adviser for Africa, the U.S. wants Congo and Rwanda sign a peace agreement at the White House within two months. This will be accompanied by bilateral deals on minerals that would bring Western investment worth billions of dollars to the region. Massad Boulos, in an interview with Doha, the Qatari capital's media, said: "When we sign peace agreement,... the mineral deal with DRC (Democratic Republic of Congo), will be done on that date, and then another similar package of a smaller size will be done with Rwanda on the same day." The U.S. would support a peace agreement that comes amid the unprecedented advance of M23 rebels, backed by Rwanda, in Congo. This is the latest cycle in a long-running conflict in a rich region with tantalum, gold, and other minerals. Rwanda denies supporting the group. According to the peace process that was agreed upon in Washington, last week, as part of diplomatic efforts aimed at ending violence in eastern Congo. The Congolese Government did not immediately reply to the request for comment. Boulos stated that in mid-May, U.S. Secretary Marco Rubio and the Rwandan & Congolese Foreign Ministers will meet at Washington to try to reach an agreement on a final draft of a peace accord. Boulos stated that before the agreement can be signed, Rwanda and Congo need to finalise bilateral agreements with Washington. These agreements will see U.S. companies and Western firms invest billions in Congolese mining and infrastructure projects in order to support mining both in Rwanda and Congo. The (agreement with the D.R.C. The D.R.C. agreement is on a larger scale because the country has more resources. Rwanda has many resources and capacity in the mining sector, not only upstream but also downstream, including processing, refining, and trading," Boulos added. Boulos claimed that U.S. companies and Western firms have informed Washington they will make multi-billion dollar investments in this region after the bilateral mineral deals are signed. Boulos said that Washington also expects that both countries address security concerns before the White House ceremony can proceed. Rwanda, for example, must withdraw its troops from Congo and stop its support of M23 rebels. Congo must respond to Rwanda's concerns about security by bringing in militias like the Democratic Forces for the Liberation of Rwanda. Boulos stated that on Wednesday, a committee of observers was formed to monitor the progress made by both countries towards the peace agreement. The group includes representatives from the U.S.A., France, Qatar and Togo. Reporting by Andrew Mills Editing and reporting by Robbie Corey Boulet, Peter Graff, and Sandra Maler
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US LNG exports equal monthly record in April
LSEG data show that the United States equaled the record of the highest volume of liquefied gas exported in April as the capacity increased due to the ramp-up at Venture Global's Plaquemines facility. According to the U.S. Energy Information Administration, the U.S. already has the largest LNG export capacity in the world. It is expected that this will grow by 20% to 115 millions tonnes in 2025 after a record-breaking year in 2024. LSEG data shows that in April the U.S. exported 9.3 MT of LNG, which is the same as the previous monthly record. The startup of Venture Global’s Plaquemines Phase 1 project has boosted exports this year. According to Tudor Pickering Holt & Co., the project is producing at 140% its design capacity. According to LSEG ship tracking, Plaquemines exports 1.1 MT in April, up from 0.82 MT in March. In April, Europe was once again the top destination for U.S. exports of LNG. In April, the U.S. shipped 6.3 MT (or 68% of total monthly exports) of LNG to Europe. This is slightly lower than the 6.47 MT of LNG exported to Europe in march. LSEG data shows that the U.S. exported 2.05 MT of goods to Asia in April. This is more than it sold in march, when traders took advantage higher prices in Asia. In Europe, benchmark prices in April were $11.48 per million Btu, down from $13.21 a month earlier. Prices in Europe have dropped because Chinese buyers are reselling their cargoes to Europe instead of paying tariffs if they import the goods into China. The Japan Korea Marker, Asia's benchmark for gas prices, was down to $12.23 per million British Thermal Units (mmBtu), from $13.50 per mmBtu in March. According to Kpler, commodity analysts, prices were higher in Asia than Europe despite the fact that LNG demand in China was at its lowest level since October 2022 in April. According to LSEG, U.S. LNG exports to Latin America rose slightly in April to 0.68 MT, from 0.55 MT in March. This was due to the reduced production at Atlantic LNG Trinidad. LSEG data shows that Atlantic LNG, owned by Shell and BP, exported two fewer cargoes to Latin America in April compared to the average for 2025. Only one cargo was sold to Egypt, reducing the U.S. exports to Middle East. According to LSEG, there were three additional cargoes totaling 0.21 MT, which left U.S. port without a destination. U.S. exporters of LNG also paid less in April for their feed gas. The U.S. Henry hub benchmark in Louisiana averaged around $3.43 per mmBtu, down from $4.14 a month earlier. Reporting by Curtis Williams, Houston; Editing and proofreading by Andrea Ricci
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DTE Energy's quarterly profits rise on the strength of its gas and energy trading
DTE Energy announced increased first-quarter profits on Thursday. This was aided in part by its strength in the gas and energy trading segment. It also said it expects tariff impacts to be manageable. DTE's $30 billion capital spending plan is expected to have a limited impact. The power industry has been bracing itself for potential tariff costs as a result of the U.S.-Canada trade war. DTE Energy has partnered with GM, Ford, and BMW in order to increase the use of renewable energy in Michigan. It also said that it has a margin risk between 3% and 4% due to auto tariffs. Detroit-based Gas segment posted a profit in the first quarter of $206 million, up from $160 million for the same period last year. Energy trading's profit increased to $67m during the three-month period ended March 31 from $1m last year. This was due to a 13.4% increase in U.S. Natural Gas prices. The electric segment saw a 28% drop in profit due to high costs. The company is still seeing strong demand for its products from data centers. Data center conversations continue. On a conference phone, a company executive stated that there has been no slowdown. The company's quarterly net income increased to $445m, or $2.14 a share, up from $313m, or $1.51 a share, one year ago. (Reporting and editing by Katha Kaalia in Bengaluru, Leroy Leo, and Vijay Kishore).
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US: Minerals deal will strengthen Trump's position in negotiations with Russia
Kyiv, Washington and other Ukrainian officials hailed the deal that gives the United States a preferential access to minerals in Ukraine as a major milestone. A top U.S. government official stated that this would give President Donald Trump a better basis to negotiate with Russia. The Kremlin did not comment on the agreement reached Wednesday, but former Russian president Dmitry Medvedev claimed that Trump "broke the Kyiv regime", because Ukraine will have to pay U.S. military assistance with its mineral resources. The agreement, signed in Washington, and heavily promoted Trump, creates a joint fund to invest in Ukraine's reconstruction, as he tries for a settlement of the war between Russia and Ukraine. The agreement gives the U.S. priority access to new Ukrainian mineral projects. The agreement is crucial to Ukraine's efforts in repairing its ties with White House that were strained after Trump assumed office in January. However, the Ukrainian parliament has yet to consider it. In an interview with Fox Business Network, U.S. Treasury Sec. Scott Bessent said that the deal would show "Russian leadership" that there was no daylight between American and Ukrainian goals. He said: "I think that this is an even stronger signal to the Russian leadership and gives President Trump a much better basis to negotiate with Russia." His remarks seemed to send a message to Russia that Washington is still aligned to Kyiv, despite questions about its commitment to the ally after Trump's return brought U.S. diplomatic relations to a halt. Senior Trump administration officials confirmed that three agreements were signed, including a framework agreement and two technical pacts. They said they expect the Ukrainian parliament to approve these within a week. The Ukrainian president Volodymyr Zelenskiy expressed his hope that the approval of parliament would not be delayed, even though some lawmakers expected it to last longer than a single week. Zelenskiy, in a Telegram video, said that the agreement had changed in its preparation process. He praised what he called an "equal agreement" which created investment opportunities in Ukraine as well as modernisations of the industry and legal practices. Both he and Bessent emphasized the importance of the talks Zelenskiy had with Trump in Rome on April 26, during Pope Francis' funeral. Zelenskiy stated that "we have now achieved the first outcome of the Vatican Meeting, which is truly historic." Ukrainian Foreign Minister Andrii Syhiba stated that the deal was "an important landmark" in U.S.Ukrainian relationships aimed at enhancing Ukraine's security and economy. U.S. FRUSTRATIONS Since Russia's invasion of Ukraine in February 2022, Kyiv is highly dependent on U.S. supplies. It also claims that Moscow has increased its attacks against Ukraine after the U.S. intensified efforts to achieve a peaceful settlement. Washington has expressed its frustration at the inability of Moscow and Kyiv, to reach an agreement on terms. Trump has also shown signs of dissatisfaction with Russian President Vladimir Putin because he has not moved faster toward peace. Medvedev, a former senior Russian security official, claimed that Ukraine was forced to sign the agreement. He wrote on Telegram that "Trump has broken Kyiv's regime to the extent where they will be forced to pay U.S. assistance with mineral resources." "Now (Ukrainians), they will have to buy military supplies using the wealth of a country that is disappearing." Ukraine's international credit rose after the signing the mineral deal. Financial analysts claimed that the terms of the deal were better than what they originally expected. Ukraine has a wealth of natural resources, including rare earths metals, which are used in consumer electronics and electric vehicles, as well as military applications. China dominates global rare-earth metal mining, and is currently locked in a tariff war with the U.S. following Trump's steep tariff increases. Ukraine has also large reserves of iron and uranium. The first deputy prime minister Yulia Shvyrydenko stated that Ukraine had no debt obligations towards the U.S. as a result of the agreement. However, the deal did not provide any concrete U.S. guarantees for Ukraine's security, which was one of Kyiv’s initial goals. On Thursday, Prime Minister Denys shmyhal presented the deal to parliamentary factions in a closed-door meeting. Some members of parliament claimed they hadn't seen the agreement text or been properly consult. Yaroslav Zeleznyak said that the parliament may not vote on the agreement until mid-May. Reporting by Doina Schiacu in Washington, Susan Heavey in New York, Anastasiia Mlenko in Kiev, Tom Balmforth in London, Karin Strohecker and Yuliia Dsya in Kyiv. Writing by Timothy Heritage, Editing by Philippa and Gareth Jones.
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Investors assess mixed corporate earnings as FTSE 100 falls
Investors weighed a mixed bag corporate earnings amid hopes that trade tensions between China and the U.S. will ease. Rolls-Royce, the maker of jet engines, was one of the best performers in the blue-chip FTSE 100 Index. Its share price rose 1.7% as the company said that it could offset tariffs globally to achieve its 2025 profit target. The Aerospace and Defence Index gained 1.1%. Whitbread, the owner of Premier Inn, rose 5.8% thanks to a share-buyback plan and a positive bookings outlook. This boosted the Travel and Leisure Index, which saw a 3.4% increase. Informa's shares rose 4.2% after the group, which publishes academic and events publications, reaffirmed their 2025 outlook. Haleon's gains increased by 3.3% as the consumer healthcare group raised their medium-term profit expectations. Lloyds Banking Group, which has been able to keep its gains under control, dropped 2.7% after reporting a nearly 7% decline in the first-quarter profits. National Grid's stock fell by 1.1% following the announcement that CEO John Pettigrew would be stepping down. The midcap index rose by 1.3%. Ferrexpo, a miner based in Ukraine, soared by 22.2% after Washington and Kyiv signed a mineral deal. A social media account associated with Chinese state-run media reported that the U.S. approached China to seek talks about President Donald Trump's tariffs of 145%, possibly signaling Beijing's willingness to negotiate. In March, British homebuyers increased the amount they borrowed for their mortgages by the highest level in almost four years, as they raced to avoid the expiration of a tax incentive. However, Bank of England data showed that consumers were also showing signs of caution. Investors increased their bets that the BoE will cut interest rates over the rest of this year, and the yields of short-dated government bonds fell sharply before the central bank meeting next week. Separate data revealed that British factory exports fell at the fastest pace in nearly five years, and that cost pressures increased in April. (Reporting by Ragini Mathur and Sanchayaita Roy in Bengaluru. (Editing by Leroy Leo, Mark Potter and Mark Potter.
Kuwait cracksdown on cryptocurrency mining amid power crises
Kuwait has launched an offensive against cryptocurrency miners, which it believes are a major cause of the power crisis leading to blackouts. The authorities want to relieve pressure on the grid ahead of the hot summer.
The Interior Ministry said that authorities launched a "widespread" security operation in the last week. It targeted homes used to mine cryptocurrency, which it called illegal.
The ministry stated that crypto mining activities are "an unlawful exploitation" of electrical power and can cause outages in residential, commercial, and service areas. This poses a direct danger to the public's safety.
Kuwait has banned cryptocurrency mining but no specific laws.
Kuwait, an OPEC country, is facing a severe energy crisis due to population growth, urbanization, rising temperatures, and delays in maintenance.
The government is urging residents to not waste electricity in order to avoid straining the electrical grid.
A source from the electricity ministry said that cryptocurrency mining is a major factor in the power crisis but it's not the only one.
The mining of crypto requires a large amount of computing power. This has led authorities in Kosovo and Russia to reduce its use, to avoid electricity shortages. Miners often base themselves in places where electricity is cheaper, and where it's easier to cool servers.
Researchers from the University of Cambridge estimated in 2022 that Kuwait was responsible for only 0.05% of bitcoin mining around the world.
There is no reliable data on the power consumption of crypto miners in Kuwait. However, Alex de Vries Gao, the founder of Digiconomist - a research project that tracks crypto's energy usage - said, "It only takes a small share of the entire bitcoin mining network to make a significant impact on Kuwait's relatively low total electricity consumption."
Kuwait's crackdown targeted homes in Al-Wafrah. The electricity ministry had previously stated that around 100 homes were being used for mining. Some of these homes consumed up to 20x the normal amount of electricity. The electricity ministry announced on Saturday that energy consumption in Al-Wafrah dropped by 55% after last week's operation.
"They exploited their situation because they saw government subsidies and the lack of oversight. They also saw that there were no laws," said Saud al-Zaid. He was a former executive board member at the Communications and Information Technology Regulatory Authority of Kuwait.
Kuwait's central banks has warned investors against investing in cryptocurrency. Kuwait's approach is different from that of its neighbours who have embraced this industry.
The son of U.S. president Donald Trump, Eric Trump, is among the attendees at a crypto event in Dubai. (Reporting and Additional Reporting by Elizabeth Howcroft, Writing by Yousef SABA; Editing by Tommy Reggiori Wilkes & Frey Whitworth).
(source: Reuters)