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Latam and Caribbean Development Bank doubles oceans financing to $2.5 billion
It announced on Saturday that the Development Bank of Latin America and the Caribbean will double its investment to $2.5 billion in order to protect the oceans and support sustainable marine economic activity. The bank has already exceeded the existing commitment of funding oceans, which was $1.25 billion between 2022-2026. Investments include strengthening marine protected zones and supporting small-scale fishing. The bank stated that the additional $2.5 billion will be spread over a period of 2025-2030 and will focus on areas such as low-carbon marine transport, restoration damaged ocean ecosystems, and sustainable tourism. This is in addition to the $1.3 billion CAF has invested in oceans during the past three years. Gianpiero Leoncini, executive vice-president of CAF, said at a conference in Monaco on oceans finance: "This commitment reflects the transformative agenda that we have, which is to embed the health and vitality of the ocean into our development ambition." The U.N. Oceans Conference in Nice, France next week will try to rally stronger commitments by countries to protect and to invest in oceans. This includes ratifying the global treaty for ocean biodiversity that most of those 116 countries have not yet done. Oceans are vital for trade, food, employment and global climate systems. The funding for these functions is far from adequate. The U.N. said that investments in ocean health from 2015 to 2019 totaled just $10 billion - far less than the $175 billion needed per year. The Oceans Funding of CAF includes the management of illegal fishing and providing loans for wastewater treatment plants, storm drainage systems, and flood mitigation. The oceans are also a crucial buffer against climate changes, as they absorb around 30% of the planet-warming CO2 emissions. As the oceans warm, the hotter water is destroying marine eco-systems and threatening oceans' capacity to absorb CO2. (Reporting and editing by Kate Abnett)
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China may accelerate EU approvals of rare earths applications
China will speed up the approval and examination of rare earth exports for European Union companies and also give a decision on its investigation into EU brandy imports before July 5, said its commerce ministry on Saturday. The price commitment consultations between China, the EU and Chinese electric vehicles exported to Europe have also reached a final phase. However, both sides still need to make efforts. According to a statement, the issues were discussed by EU Trade Commissioner Maros Sefcovic and Chinese Commerce Minister Wang Wentao in Paris on February 2. The comments are a step forward in resolving issues that have plagued China's relations with the European Union for the last year. China's decision to suspend the export of rare earths, and magnets related to them, in April, has thrown supply chains into chaos for automakers, aerospace companies, semiconductor firms, and military contractors all over the world. The ministry stated that China was very sensitive to EU concerns and "was ready to establish a green-channel for qualified applications in order to accelerate the approval process." The statement said that during the meeting, Commerce Minister Wang "expressed his hope that the EU would meet us halfway and adopt effective measures to facilitate and safeguard compliant trade of high-tech products with China." Chinese anti-dumping actions that imposed duties up to 39% of European brandy imports - French cognac being the worst affected - also caused tensions between Paris and Beijing. Brandy duties were imposed days after the European Union acted against Chinese-made vehicles imported to protect its local industry. This prompted France's president Emmanuel Macron accuse Beijing "pure retaliation". Chinese duties have affected sales of brands such as LVMH Hennessy and Pernod Ricard Martell, Remy Cointreau and Pernod Ricard Martell. Beijing had originally planned to decide on brandy duty by January but then extended it to April, and again to July 5 China's Commerce Ministry said on Saturday that French firms and associations have submitted proactively applications for price commitments on brandy to China, and that Chinese investigators have reached an agreement on the basic terms. The Chinese authorities are now reviewing the entire text of these commitments, and will make a final announcement by July 5. In April, the European Commission announced that the EU and China also agreed to examine setting minimum prices for Chinese-made electric cars instead of tariffs levied by the EU last summer. China's Commerce Ministry said that the EU also suggested exploring "new technical pathways" relating EVs. The Chinese side is now evaluating this proposal. (Reporting and editing by William Mallard, Tom Hogue and Brenda Goh)
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Indonesia anticipates concluding free trade negotiations with EU by the end of June
Indonesia announced on Saturday that the free trade talks with the European Union which have been ongoing for nine years are expected to be completed by the end June. Airlangga hartarto, chief economic minister of Southeast Asia's largest economy, met EU Commissioner for Trade Maros Séfcovic on Friday in Brussels. Airlangga Hartarto stated in a press release that "Indonesia has agreed to resolve outstanding issues, and we are prepared to announce the conclusion of substantial negotiation by the end June 2025." He didn't disclose any details about the agreements that may have been made. Denis Chaibi said, "Negotiations continue and the substance will determine the timing." When we know the outcome, we will provide more details. In terms of total trade, the EU was Indonesia's fifth largest trading partner in 2013. The two countries exchanged $30.1 billion worth of goods and services last year. Airlangga reported that Indonesia had a trade surplus of $4.5 billion. Indonesia and the EU had previously disagreed over EU trade rules that may have been linked to deforestation, which could impact Indonesian palm oil. Jakarta also banned exports of minerals. Indonesian officials are motivated to speed up talks on free-trade agreements. They want to diversify their country's export destination as they face the challenges of U.S. Tariffs. To end the U.S.'s trade deficits around the world, President Donald Trump of the United States announced "reciprocal tariffs" that were halted since July. Indonesia faces a tariff of 32%. (Reporting and editing by Edwina gibbs and Tom Hogue; Gayatri suroyo)
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Jameson Taillon and Cubs shoot to tie series with Tigers
Jameson Taillon's strikeout numbers aren't high, but he consistently puts in strong starts. On Saturday, Taillon will be looking for his fourth straight victory in the middle match of a three game road series against the Detroit Tigers. Taillon (5-3; 3.76 ERA), has had a good outing in each of his last seven starts. He has only allowed four runs over the past three appearances. In a 7-3 win over the Cincinnati Reds on Sunday, Taillon held them to just two runs and three hit in 6 1/3 innings. It was the sixth time in a row that he has struck out four batters or less. It was the eighth time in this season that he allowed four or fewer hits. Craig Counsell, the manager of the team, said that his biggest strength was being an elite striker. "He's always at the top of the league in terms of walk rates." Taillon made four career starts for Detroit. He has a 1-2 record with a 7.45 ERA. Keider Montero will likely be the Tigers' bulk reliever on Saturday, after Tyler Holton (2-2 ERA 4.13) is the opener. Montero's (2-1, 4.02 ERA) early in the season was used to fill in for a spot starter or as a six-man starting rotation. Due to injuries, he is the current No. Reese Olson, Jackson Jobe and other players are injured. Montero has not allowed a single run over his last two starts. His latest outing, however, was an adventure. He allowed seven hits and one walk in four 2/3 innings against Kansas City, but made crucial pitches when runners were on base. Montero, through Carlos Guillen as interpreter, said: "I am proud of what we achieved (Sunday)." He was much more clean in his last home appearance on May 26, as he only allowed the San Francisco Giants one hit over five innings. Montero did not face the Cubs in his two seasons of major league baseball. Holton has a 1-0 career record (one start) in three games against the Cubs. He's thrown four innings of scoreless and hitless baseball. The Tigers won the first game of the series in a thrilling thriller on Friday night. Tarik Skubal, the reigning American League Cy Young Award recipient, pitched 7 2/3 inning despite eight hits and a 3-1 win. Detroit's Kerry Carpenter, who is not known for his defensive skills, stole Seiya Suzuki's extra-base hit by leaping at the fence in right field after Will Vest replaced Skubal. Jahmai Jones' solo homer in the bottom of inning gave Detroit a boost. Jones, who was promoted from Triple-A Toledo the previous day, was making his Tigers debut as well as his first appearance in the majors of the year. A.J. Hinch, Detroit's manager, said: "He is a great hitter and makes excellent decisions." Hinch said. "He has a good deal of thump and athleticism. He also has some speed. And he's perfect for the role we want to play him." He can be a great player off the bench, and he may even get a few starts. Counsell does not want to emphasize the fact that the Cubs will be facing the team in the AL with the best record. He said, "It is a series that will be held in June." There will be many people in attendance this weekend. It's a lot of fun for the players. It's fun for them. It's an interesting challenge to face a strong team. It's a challenge against a good team. "But other than that it's only three games." Field Level Media
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AFR reports that Rio Tinto is in talks to bailout an Australian aluminium smelter.
The Australian Financial Review reported that Rio Tinto, a global miner, is in discussions with the Australian federal and state government about a multi-billion dollar bailout of its struggling Tomago aluminum smelter located in New South Wales. Citing unnamed sources, the newspaper reported late Friday that discussions centered on a smelter’s electricity contract from 2026-2029, and federal production tax credit. Rio, the New South Wales Premier Chris Minns' office and Prime Minister Anthony Albanese's office did not respond immediately to requests for comments on the report. According to the report, the future of the facility owned by Rio has been uncertain in recent months, due to rising energy costs. Rio, the largest iron ore producer in the world, announced that it would make a decision on the future of the smelter by the middle of the year. This facility, located about 125 km north of the state capital Sydney, uses approximately 10% of New South Wales power to produce 590 000 tonnes of aluminum per year. It is also owned by CSR, Hydro Aluminium and Rio. The centre-left Australian government pledged A$2billion in production credits in January to support the country's aluminium smelters including the Tomago plant to switch to renewable energy before 2036.
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Rex’s Akrake Set for July Drilling Ops off West Africa
Akrake Petroleum, Rex International's indirect subsidiary, has completed the development plan for the Seme field offshore Benin, with the drilling operations scheduled to begin in early July 2025 using Borr Drilling’s jack-up rig.Akrake holds a Production Sharing Agreement (PSA) with the government of Benin for the offshore Block 1 exploration license, which also includes the Sèmè Field.As art of the work-program for Block 1 under the PSA, Akrake is working on the redevelopment of the Sèmè Field.This is a phased development, the first of which will be to bring the field into production, while gathering more data on the subsurface, in order to optimize further development of the field, including heretofore untapped deeper reservoir sections.To this end, the reprocessing of 2007 3D seismic data has been completed, and a detailed field development plan has been finalised.Offshore operations have started, with an ongoing site-survey over the intended drilling and production location.In April 2025, Rex's Lime Petroleum, which owns Akrake Petroleum, signed a contract for Borr Drilling’s Gerd jack-up rig, to be used for an anticipated 120-day drilling campaign in Benin.The rig is scheduled to arrive in Benin later in June 2025, with drilling to begin in early July 2025.Borr Drilling’s Rig Up for 120-Day Drilling Campaign off West AfricaOver the ensuing 100 days, three well-bores will be drilled. The first will be an appraisal well designed to gather new data on deeper reservoir units.Following this, two horizontal production wells will be drilled and completed in the H6 reservoir, in which subsurface analysis has suggested significant remaining reserves, even though there has been previous production.Drilling is expected to be completed in early October 2025, at which time a Mobile Offshore Production Unit (MOPU) will arrive, along with a Floating Storage and Offloading unit (FSO).The MOPU will be hooked to the newly-drilled wells, and production is expected to start in October 2025 at production rates of approximately 16,000 barrels of oil per day (bopd).Contracts have been signed for both the MOPU and FSO, and the MOPU is currently in a yard in Dubai for refurbishment, before heading to Benin in the middle of September 2025.Rex’s Akrake Signs Deal for Production Vessels at Seme Field off BeninAkrake is the operator of the Sèmè Field in Benin, and holds approximately 76% working interest, with the remainder of the working interest held by the government of Benin (15%) and Octogone Trading (9%).
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Indonesia anticipates concluding free trade negotiations with EU by the end of June
Indonesia announced on Saturday that the free trade talks with the European Union which have lasted for nine years are expected to be completed by the end June. Airlangga hartarto, chief economic minister of Southeast Asia's largest economy, met EU Commissioner for Trade Maros Séfcovic on Friday in Brussels. Airlangga Hartarto stated in a press release that "Indonesia has agreed to resolve outstanding issues, and we are prepared to announce the conclusion of substantial negotiation by the end June 2025." He didn't disclose any details about the agreements that may have been made. A request for comment from the EU representatives in Jakarta was not responded to. In terms of total trade, the EU was Indonesia's fifth largest trading partner in 2013. The two countries exchanged $30.1 billion worth of goods and services last year. Airlangga reported that Indonesia had a trade surplus of $4.5 billion. Indonesia and the EU had previously disagreed over the EU's rules on trade for products that could be linked to deforestation, which would affect Indonesian palm oils, as well Jakarta's bans on exports raw minerals. Indonesian officials are motivated to speed up talks on free-trade agreements. They want to diversify their country's export destination as they face the challenges of U.S. Tariffs. In an effort to reduce the U.S.'s trade deficits around the world, President Donald Trump of the United States announced "reciprocal tariffs" that were halted until July. Indonesia faces a tariff rate of 32%. (Reporting and editing by Edwina G. Gibbs; Gayatri S. Suroyo)
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China's central banks purchases gold for the seventh consecutive month in May
The People's Bank of China's (PBOC) official data showed that China's central banks added gold to their reserves for the seventh consecutive month in May. Gold spot prices, which are often viewed as a safe haven from geopolitical and economic uncertainty, remained stable in May, after reaching an all-time peak of $3,500 for one ounce in April. China's gold reserves increased to 73.83 millions fine troy pounds at the end May, from 73.77million ounces ounces ounces by the end April. The PBOC reported that its gold reserves had fallen to $241.99 billion by the end last month from $243.59 at the end April. Gold market experts say that despite the high price of gold, Beijing is still willing to keep adding to its gold reserves despite this. This is due to fears about a tariff war and a 27% increase in 2024. The PBOC has not made public the reasons behind the gold purchases. After an 18-month gold buying spree in 2024, the PBOC paused for six months before resuming gold purchases when Donald Trump was elected president of the United States. Metals Focus, a consultancy, said that central banks around the world are on course to purchase 1,000 metric tonnes of gold by 2025. This would be their fourth massive purchase as they diversify from dollar-denominated investments into bullion. Reporting by Yukun Zhi and Ryan Woo from Beijing, Polina Devlin in London and Brenda Goh from Shanghai; editing by Tom Hogue
US declares Biden fuel efficiency rules exceed legal authority
The Transportation Department has paved the road for looser fuel economy standards in the United States by declaring on Friday that former President Joe Biden’s administration overstepped its authority when it assumed a high uptake of electrical vehicles to calculate rules.
The Department made this declaration when it published its final "Resetting of the Corporate Average Fuel Efficiency Program" (CAFE). Fuel economy requirements will be revised by a separate rule issued by the Trump administration.
"We make vehicles more affordable in the United States and we are making it easier to manufacture them." In a statement, Transportation Secretary Sean Duffy said that the previous administration used CAFE standards to mandate electric vehicles.
In writing the rule under Biden last year, the National Highway Traffic Safety Administration of the Department of Transportation (NHTSA) "assumed that significant numbers of EVs will continue to be manufactured regardless of the standards established by the agency," the department said on Friday.
Duffy signed in January an order that directed NHTSA to cancel fuel economy standards set under Biden, for model years 2022-2031. These standards were intended to reduce the fuel consumption of cars and trucks.
Late Thursday
Senate Republicans have proposed to eliminate fines for failing to meet CAFE standards as part of an extensive tax bill. This is the latest step to make it easier for automakers build gas-powered cars.
In 2018, Chrysler's parent company Stellantis, which is owned by Chrysler, paid nearly $400 million in penalties between 2016 and 2019. GM paid $128.2 millions in penalties between 2016 and 2017.
Stellantis stated that it backed the Senate Republican proposal, "to provide relief until DOT develops their proposal to reset CAFE standards." The current standards are not in line with the market realities and immediate relief is needed to preserve affordability and freedom.
GM has declined to comment.
NHTSA, under Biden in June 2024, said that it would increase CAFE requirements for light-duty vehicle to approximately 50.4 miles per liter (4.67 litres per 100 km), from 39.1 mpg at present.
Last year, the agency estimated that the rule for cars and trucks could reduce gasoline consumption and emissions by 659 millions metric tons. This would result in a reduction of fuel costs and a net benefit of $35.2 billion. (Reporting and editing by Aidan Lewis, Peter Graff, and David Shepardson)
(source: Reuters)