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Oil jumps and soy gains with US-China tariff relief
After the United States and China suspended trade tariffs for 90-days, the markets felt some relief. Two of the world's largest economies have agreed to temporarily reduce their reciprocal tariffs while they negotiate to stop a damaging trade conflict that has caused financial markets to rumble and raised fears of recession. The U.S. is reducing the extra tariffs on Chinese imports from 145% to 30% and Chinese duties on U.S. imported goods will drop to 10% from 125%. The new tariffs are a return to the pre-Liberation Day level and represent a de-escalation better than expected, said ING commodities analyst EwaManthey. She was referring to April 2, when U.S. president Donald Trump announced a slew levies against trading partners. Brent crude and U.S. WTI futures, which were up by around 1.5% last week, are now adding around 1.5% to their gains. The benchmarks both rose to their highest levels since April 28. Ole Hansen, analyst at Saxo Bank, said that crude oil was initially the biggest winner. The news helped to stabilize the demand outlook. According to LSEG, the benchmark Dutch front month contract reached a intraday high at 36.25 Euros per megawatt-hour (MWh). This is the highest level since April 16. The U.S. soybean crop has been hit the hardest by the trade dispute, as China, the top soy importer in the world, shifts purchases from the U.S. to Brazil, the second largest exporter. CBOT soybeans, the most active Chicago Board of Trade product, settled at a 19-1/2-cents-higher price of $10.71-1/4 a bushel. This was their highest level since early February. Gold prices dropped to $3,207.3 per ounce, and last fell 2.7%, at $3,233.78. The price of industrial metals rose, as fears about growth and demand eased. However, traders noted that the market was still cautious. The benchmark copper price on the London Metal Exchange was up by 0.6% at $9,502 per metric ton. Aluminium gained 2.3%, to $2,473. Callum Macpherson, Investec's head of commodities, said: "Tariffs were lowered temporarily, but it is unclear what will happen next and whether the U.S. will be able reach a long-term agreement." The longer the uncertainty continues, the more impact it will have on the economy. Reporting by Seher Daeen in London and Robert Harvey in New York; additional reporting from Stephanie Kelly in New York, Nora Buli and Pratima Deai in London and Brijesh Pattel in Bengaluru. Editing by Kirsti Donovan and Sonali Patel.
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US Nuclear regulator starts special inspection at Quad City nuclear power plant
U.S. Nuclear Regulatory Commission has begun a special inspection of the Quad Cities Generating station in Marseilles (Illinois) after discovering inoperative safety-related vacuum breaks, the agency announced on Monday. Constellation Energy operates the two-unit nuclear power plant. According to a press release from the NRC, operators discovered that vacuum breakers designed to maintain structural integrity of containment systems during major events had become inoperative because certain valves hadn't been reopened following testing during a recent fueling outage. The report said that the incident compromised the system's capability to regulate the containment pressure. This warranted a special inquiry, and the system had been restored. Jack Giessner, Administrator of Region III, said that while this incident did not impact the safe operation of the plant it was warranted for the regulator to conduct an independent review. This is because there were questions about the performance of employees at the plant which compromised the safety system's ability to perform its function. The NRC's inspectors said they will evaluate Constellation’s response. They will also assess the company’s understanding of the incident, its scope of assessment actions, as well as the adequacy and design of their procedures and systems. The findings of the inspection will be published in a report that will be available to the public. It will be posted electronically on the NRC website. (Reporting by Anjana Anil in Bengaluru; Editing by David Gregorio)
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Boulder can sue Exxon and Suncor for climate change, says Colorado's top court
Colorado's highest Court rejected ExxonMobil’s and Suncor Energy’s attempts to dismiss a case filed by the City of Boulder to hold fossil fuel companies accountable for climate change. In a decision reached by a majority of 5-2, the Colorado Supreme Court ruled that federal law does not prevent Boulder and the surrounding counties from claiming the energy companies have violated state laws by misleading the public regarding the dangers of fossil fuels. This was only the second instance in which a state's supreme court allowed one of many lawsuits brought by local and state governments against large energy companies regarding climate change to proceed. Hawaii Supreme Court has allowed Honolulu's lawsuit against Exxon Sunoco, and other companies to proceed. The U.S. Supreme Court declined to review the decision in January. In a press release, Boulder Mayor Aaron Brockett stated that "this ruling confirms what we have known all along: Corporations cannot mislead and avoid accountability for damages they've caused." Exxon Suncor representatives did not respond when contacted for comments. Boulder sued the companies in 2018. The lawsuit alleged that the companies had violated state laws, and caused a public nuisance and private nuisance through misleading the public regarding the role fossil fuels played in exacerbating the climate change. Boulder claims that it should be required to pay the costs incurred to protect their community from climate changes. The companies deny any wrongdoing. The companies had fought to get the case heard at federal court for many years. State courts are considered to be a more favorable venue by plaintiffs. After years of litigation, and after two trips to U.S. Supreme Courts, the case was ultimately sent back to state court where a judge refused to dismiss the suit. The companies claimed that Boulder's suit would interfere with federal regulations of greenhouse gas emission under the Clean Air Act, and hinder the federal government's capability to conduct foreign relations. Justice Richard Gabriel said that a lawsuit is not a regulation just because it may have an effect on the behavior of actors in a particular field. Justice Carlos Samour expressed his dissension, saying that Boulder's lawsuit sought to regulate interstate air quality and could result in "regulatory confusion." (Reporting and editing by Alexia Garamfalvi, Sonali Paul, and Nate Raymond from Boston)
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Official: BYD's factory in Brazil will be "fully functional" by the end of 2026.
In a video posted on Monday, Augusto Vasconcelos, Bahia's state labor secretary, said that the new factory of Chinese electric car manufacturer BYD in Brazil would be "fully operational" by December 2026. Its operations had been delayed due to an investigation into possible labor abuses. He added that the factory would start to produce cars by the end of the year from semi-finished kit. Vasconcelos said in a video posted on social media that a new schedule was being set up so that the factory would be fully operational by December 2026, with an expectation of 10,000 jobs. Vasconcelos revealed that the news came as Bahia governor Jeronimo Rodriguez traveled to China along with President Luiz inacio Lula Da Silva to discuss plans for BYD, and the auto industry. BYD said that operations will start with the assembly in 2025. The factory is ramping up as it "progressively nationalizes the most popular models in Brazil", according to a BYD statement. According to a press release from January, BYD sold 76,713 cars in Brazil in the past year. This represents a 328% increase compared to 17,937 vehicles sold in 2023. BYD is investing in Brazil, its largest market outside China, to transform a former Ford plant into a complex capable of producing 150,000 electric vehicles per year. In December, allegations of abuses on the jobsite tarnished the project. The Chinese company is betting on Brazil by acquiring mining rights in areas that are rich in lithium. This mineral is used to make batteries for electric cars. According to Julio Bonfim of the Metalworkers Union of Camacari in Bahia, the plant was supposed to start making cars at the beginning this year. However, delays caused by the labor investigation and heavy rains impacted the timeline. BYD will hire 1,000 workers to assemble vehicles using kits imported from China this year. This is far less than the 10,000 that the Chinese company originally promised. BYD claims that the project will directly and indirectly create 20,000 new jobs. Bonfim, despite the delay, said that the new timeline was good news and that he expected the hiring to increase next year as the company prepares to manufacture vehicles exclusively in the country. (Reporting and editing by Brad Haynes, Aurora Ellis, and Fabio Teixeira)
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Mercedes will add GLC SUV Production at Alabama Plant
Mercedes executives announced on Monday that the company would increase production of its GLC crossover SUV in North America, at its Tuscaloosa plant. This month began earlier The German automaker announced that it would introduce a new model to the Alabama factory in 2027, which would "deepen its commitment to the U.S." The global trade war of Donald Trump has been focused on foreign-made automobiles. Early in April, the Trump Administration implemented 25% tariffs for vehicle imports. Mercedes-Benz' GLC model is manufactured at Bremen, Germany plant. The factory has 10 models in total. Mercedes' spokesperson stated on Monday that no significant changes are expected to be made in Bremen's average production numbers in the medium-term. Bremen will continue to produce GLCs for the rest the world, and the Alabama plant will "localize GLC production in North America". The automaker will increase production at its Alabama plant, which is the hub of its SUVs including the GLE Coupe and GLE Coupe as well as the GLS. Mercedes executives did not reveal how much they will invest in the Southern Plant to build the GLC, as it is still in the planning stages. (Reporting and editing by Chris Reese, David Gregorio and Kalea hall)
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Trump's Energy Department announces rule changes to reduce red tape
The U.S. Department of Energy proposed Monday to eliminate or modify more than 40 regulations, programs and initiatives to align with President Donald Trump’s efforts to loosen federal rules and gut diversity measures. In a press release, the agency claimed that the moves would save U.S. tax payers $11 billion. It called it the first phase of its biggest-ever deregulation effort. Energy Secretary Chris Wright stated in a statement that "thanks to President Trump’s leadership, we're bringing common sense back - slashing regulation meant to appease Green New Deal fantasy, restrict consumer choices and increase costs for American people." The proposals have been posted on the public website of the government and will appear in Federal Register this week. The majority of rule changes are designed to support Trump's energy dominance plan, which aims to increase the production and use domestic fossil fuels. One rule change allows for electronic submission of applications for imports and exports of natural gas, while another simplifies the process for transmitting electricity abroad. Also, they target federal energy-saving programs by removing standards on water and energy efficiency for faucets, commercial refrigerators, microwaves, clothes washers, and other appliances. The act also excludes portable air conditioners and fans from the coverage of the Energy Policy and Conservation Act. This Act directs DOE on how to set standards for consumer goods. Trump has repeatedly criticized energy and water efficient appliances, saying that they are not effective and limit the consumer's choice. The agency also repeals several rules designed to protect against discrimination based on age, gender and disabilities. The agency is also eliminating a regulation to help minority businesses that are seeking contracts or grants. These changes are part and parcel of Trump's effort to eliminate diversity initiatives in the federal government. (Reporting and editing by Matthew Lewis in Los Angeles)
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US to expedite Utah uranium mining permit
The U.S. The U.S. The department announced in a press release that the environmental review of the project will be finished in only 14 days. These studies can take many years due to the environmental impact of uranium mines. The prior administration's policies of climate extremism have created an energy crisis that is alarming. "President Trump and his Administration are working quickly and strongly to resolve this crisis," stated Secretary of Interior Doug Burgum. He said that the expedited review of mining projects was exactly what we needed to ensure our energy future. The Velvet-Wood Mine Project in San Juan County, if approved, would produce uranium for both nuclear energy production and nuclear weapons, as well vanadium. Vanadium can be used to make batteries and strengthen alloys and steel. The Interior Department stated that the project will be located on the site of an old mining operation, and only result in three acres of surface disturbance. Anfield owns also the Shootaring Canyon Uranium Mill in Utah which it plans to restart. This mill would convert the uranium ore to uranium concentration that could be used for nuclear fuel. Anfield expressed its satisfaction at the announcement made by the Interior Department. It said that "These efforts will not only increase investor attention to this sector, but also boost Anfield's prospects for production as it is one of the very few companies who have a path to U.S. Uranium production in the near future," according to an email sent to. (Reporting and writing by Nichola. Valdmanis, editing by Rosalba. O'Brien. Nick Zieminski.)
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Guinea's Prime Minister announces elections for December 2025
In a Monday speech to an African business conference, the Guinean prime minister announced that elections will be held in December 2025. He was attempting to reassure investors. Guinea is ruled militarily by Mamady Doumbouya. He seized power through a coup on September 20, 2021. In 2022, he proposed a transition period of two years to elections, but did not go ahead with the vote. The junta set a December 31st 2024 deadline for the return of a civil administration, but missed it. The new date was announced by Prime Minister Amadou Bah on Monday, at the Africa CEO Forum, in Abidjan, Ivory Coast. He spoke about the Simandou iron-ore project of the West African nation. The announcement comes one month after the government announced September 21, 2025 as the date of a constitutional vote, which, according to authorities, would be the precursor to any elections and a return back to constitutional rule. The Prime Minister said that the constitutional referendum would be held on September 21, and legislative and presidential election will take place in December. "I can guarantee that Simandou’s first train will arrive prior to the elections." The junta may have presented a draft for a new constitution in July 2024, which could allow Doumbouya the opportunity to take part in the next presidential elections. The two former ruling parties of Guinea are suspended. The Union of Democratic Forces of Guinea is the other major opposition group. Maxwell Akalaare Adombila, Portia Crowe, and Alistair Bell contributed to the report.
France announces that the European Commission is working to tighten sanctions against Russia after leaders' requests
France announced on Monday that leaders who met on Ukraine at the weekend asked the European Commission for new "massive sanctions" against Russia's financial and oil sectors if Russia did not agree to a ceasefire.
Jean-Noel Barrot, speaking to Normandy reporters, said that work has already begun on additional measures that go beyond the 17th package of sanctions that is expected to be adopted by the next meeting of foreign ministers on May 20.
"We are preparing additional sanctions that target the financial and energy sectors." "We asked the European Commission this weekend to prepare new, more significant sanctions to force Russian president Vladimir Putin to a peace logic," Barrot stated after a phone call with European counterparts as well as U.S. secretary of state Marco Rubio.
On Saturday, leaders from France, Germany and Britain were in Ukraine and had a video conference with other leaders including Ursula von der Leyen, the President of the European Commission.
Donald Trump, the U.S. president, offered to attend a potential Ukraine-Russia meeting in Turkey on Thursday. This was after Ukrainian President Volodymyr Zelenskiy announced that he planned to travel to Istanbul to wait for his Russian counterpart Vladimir Putin.
Russia has not yet confirmed its attendance.
Diplomats say that European nations have been calling for a ceasefire in advance of any such meeting, warning about impending coordinated U.S. - Europe sanctions. However, it now appears to depend on the outcome of Thursday's talks and whether they happen.
"We support a direct contact between President Zelenskiy, and President Putin." Putin suggested a direct contact between Zelenskiy, and Zelenskiy agreed. So Putin must follow through on his contract and travel to Istanbul Thursday," Barrot stated.
He said that a ceasefire was necessary for serious talks to take place, as it is impossible to negotiate with drones and air strikes.
Barrot stated that "we are preparing massive and powerful sanctions if he does not accept a truce."
He said that potential European sanctions are being coordinated with the U.S. sanction bill that is being put together. The bill would impose tariffs on countries that import Russian oil of 500%. (Reporting and editing by Toby Chopra; Reporting by John Irish)
(source: Reuters)