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Prime Minister says Iraq signs an agreement with Chevron for oil exploration projects
Iraq has signed a principle agreement with U.S. oil company Chevron to develop the Nassiriya Project, which includes four exploration blocks and other oil fields. The Iraqi prime minister announced this on Tuesday. In the last two years, Iraq has signed agreements and has re-established relations with oil majors that had previously withdrawn from the country. The improved contract terms have attracted both TotalEnergies, France UK oil giant BP signs new deals , with an investment totaling more than $50 billion. In a recent statement, Frank Mount, Chevron’s vice president for corporate business development said: "We're confident that Chevron has the experience and resources to help Iraq develop its new energy resources." Iraq has authorized the National Oil Company to begin negotiations with Chevron in 2021 regarding the development of oilfields at Nassiriya in the southern province of Dhi Qar. At the time, the ministry said that its plan for the province included a number of giant projects, including those in the oil, gas, and water sectors. The initial capacity was 600,000 barrels per day of crude oil, and the goal was to complete the project within seven years. His office reported that Prime Minister Mohammed Shia al-Sudani stated the government had adopted a new strategy in dealing with international oil companies in Iraq and their investments, particularly U.S. firms. Reporting by Jaidaa Taka, Muhammad Al Gebaly, and Sheila Dang. Editing by Tomasz Janowski and Leslie Adler.
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Sources say Trump is interested in buying stakes from the US government in chipmakers that have received funds under the CHIPS Act.
Two sources claim that U.S. Secretary of Commerce Howard Lutnick is investigating the possibility that the federal government could take equity stakes into computer chip companies that receive CHIPS Act funds to build factories within the country. A White House official, as well as a person who is familiar with the situation, said that Lutnick was exploring ways to get equity stakes from companies like Micron, Taiwan Semiconductor Manufacturing Co, and Samsung in exchange for CHIPS Act funds. The funding is still being distributed. Micron, a memory chip manufacturer, is the largest recipient of CHIPS Act funds in the United States. TSMC declined to comment. Micron, Samsung, and the White House declined to comment. Karoline Lavitt, White House Press Secretary confirmed Tuesday that Lutnick is working on a deal to acquire a 10% stake in Intel. She told reporters that the president wanted to put America's interests first from both a national and economic perspective. Lutnick had said on CNBC earlier that the U.S. did not want to tell Intel what to do, but any investment would be unprecedented. It would also usher in a new age of U.S. power over the large companies. The U.S. took stakes in many companies in the past to build confidence and provide cash during times of economic turmoil and uncertainty. Trump made a similar decision earlier this year when he approved Nippon Steel’s purchase of U.S. Steel. He was promised a “golden share” that would prevent companies from delaying or canceling promised investments, moving production or jobs overseas, or closing plants or idled them before certain deadlines, without his consent. Two sources confirmed that Scott Bessent, Treasury Secretary, is also involved in CHIPS Act discussions. However, Lutnick is the one driving the process. Commerce Department is responsible for the $52.7 billion CHIPS Act. This act was formerly known as the CHIPS and Science Act. The act provides grants and funding for the construction of chip plants in America. Sources said that Lutnick had been pushing for equity, and Trump liked the idea. The U.S. Commerce Department finalized the subsidies for Samsung and Micron in late 2012, with TSMC receiving $6.6 billion. Lutnick stated in June that the Department was renegotiating some of former president Joe Biden's grant to semiconductor firms. He called them "overly liberal". Lutnick noted that Micron had offered to increase spending on its chip plants in the U.S. at the time.
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James Hardie, a fiber cement manufacturer, sees profits below expectations due to weak US demand
James Hardie, a fiber cement manufacturer, forecast underlying earnings for the full year below expectations on Wednesday as rising borrowing costs and tariffs in the U.S. dampened housing market activity and demand. James Hardie predicted adjusted operating earnings of between $1.05 and $1.15 for fiscal year 2026. This is below Visible Alpha's consensus estimate of $1.23. It earned $1.1billion in fiscal 2025. In a press release, CEO Aaron Erter stated that "over the course of the summer the single-family construction activity was weaker than expected and we have adjusted expectations to account for the softer demand." Homeowners defer large-ticket remodeling jobs like re-siding and affordability is the main impediment in improving single-family new construction. Sales in North America, which account for almost 75% of the company's topline, fell 12%, to $641.80 million, in the quarter ending June 30. The firm, headquartered in Dublin, saw its adjusted net income fall to $126.9 millions from $177.6 last year. This was below the Visible Alpha forecast of $158.5. (Reporting and editing by Maju Samuel in Bengaluru, Sneha Kumar and Shivangi Lahiri in Bengaluru)
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Brazil's "soy Moratorium" site is offline following antitrust ruling
The Brazilian antitrust authority suspended the "soy moratorium" on Tuesday, a private agreement enforced globally by grain traders to protect Amazon rainforests from deforestation caused by soy. This is in response to the set of measures implemented by the agency Monday, which included launching a full-blown investigation into 30 traders and groups for alleged practices anti-competitive. The soy ban, which has been hailed for years as one of most successful initiatives in protecting the Amazon rainforests, prohibits soybean traders from purchasing from farmers that cleared land after July 2008. The CADE General Superintendent regulator ruled, however, that the soy moratorium could be a violation of Brazilian competition laws. After a preliminary investigation, Superintendent Alexandre Barreto de Souza issued an order to the firms that they suspend the agreement or pay fines. The request was made by the Agriculture Committee of the lower house of Congress of Brazil in August 2024. Farmers, who backed a majority of the lawmakers in the panel, called the suspension of the moratorium a historic win. According to Mauricio Bufon, the president of Aprosoja Brasil, soy farmers are not expected clear large areas of forest, as this crop is advancing over pastureland. He added that the suspension of the initiative changes market dynamics. He said that to circumvent the moratorium farmers would use an intermediary and accept less money for soy. Buffon said that the farmers will no longer require a middleman. The majority of Brazil's soybeans is sold to China. However, European nations like Spain, Italy, and Britain also buy it. TRADERS IN BIND In recent months, pressure to end the moratorium has increased on many fronts. Three cases are being heard by the Supreme Court about whether states that grow soy can refuse to give tax incentives to those who sign this agreement. Next Friday, the Supreme Court will decide whether or not to uphold an injunction which confirmed that one state, Mato Grosso can refuse to give such incentives beginning in 2026. People familiar with the thoughts of Anec and Abiove, two trade groups, said they would appeal against the suspension of the agreement at CADE's Tribunal, composed of six commissioners including the president. CADE stated that they have five days in which to appeal, and the tribunal 48 hours to assign an assigned reporting commissioner. CADE could take several years to complete the investigation and render a final opinion regarding the legality of the moratorium. If the soy exporters' trade groups are found guilty of violating the competition law, they could face fines up to 2 billion Reis ($365.60 millions). The fines for traders can be as high as 20% of their gross revenue from the fiscal year prior to the investigation.
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Trump blasts the appeals court that halted Resolution Copper land transfers
The U.S. president Donald Trump blasted on Tuesday the decision of an appeals court to temporarily block federal officials' ability to complete a land transfer required for Rio Tinto to and BHP's Resolution Copper Project in Arizona. The 9th U.S. Circuit Court of Appeals, based in San Francisco, has ruled that the transfer - which was scheduled for Tuesday - should be halted while the court weighs a request from San Carlos Apache tribe to block this project due to religious and cultural reasons. The 9th U.S. Circuit Court of Appeals, based in San Francisco, ruled Monday that the transfer – which was scheduled for Tuesday – should be halted until the court considers a request by the San Carlos Apache Tribe to block the project due to religious and cultural reasons. The court's decision was the first in five years that a court had ruled in the Apaches or their allies favor. Resolution is slated to be one of the largest suppliers of metals used in nearly every electronic product. In a post to his Truth Social platform Trump called the court "radical left" and claimed that those opposing the mine were "anti-American and represent other copper-competitive Countries." Trump wrote in his post that it was "sad" that radical left activists could do this and impact the lives of many people. We can't allow this to continue in the U.S.A. Trump didn't outline any specific actions he would take to influence the court but stated that "our country, quite simply needs Copper -- and NOW!" The court stated that it "takes no position on the merits of the Apache's argument" and will expedite the review. The court has asked that filings be submitted before Oct. 14 but it has not scheduled a date for a hearing. Trump appointed 10 of the 29 members of the appeals court. San Carlos Apache representatives were not available for immediate comment. Rio, who owns 55% to BHP's 45%, refused to comment on Trumps post. However, it said that they were "confident" that the court would ultimately confirm the land transfer. BHP did not respond to a request for comment immediately. Trump's announcement comes less than one month after he Copper tariffs were imposed The mining industry expected a much higher levy on copper concentrate, but it was only imposed on wire and pipes. This will allow other nations to import copper without worrying about tariffs. History Construction of the mine would create a crater, which would swallow up a sacred site for Apaches. This has led to strong opposition by all but one of Alaska's 22 Native American Tribes as well as from the National Congress of American Indians. The mine was approved by the Congress in 2014 and the then-President Barack Obama after it had been added at the very last minute to the a Must-pass Military Funding Bill With the condition that a report on environmental issues be published. Underground mines - what are they? Trump has been able to get his first term approved Before successor Joe Biden reversed his - would provide more than a quarter the U.S. demand for copper, and be an important part of Trump’s plan to Boost U.S. Mining Apache Stronghold is a nonprofit group made up of conservationists and some Apache. They asked the U.S. Supreme Court for a block on the transfer. Denied in May The tribe also made a similar request to federal courts. The tribe failed in district court last week and appealed on the weekend. Rio, whose largest shareholder is a Chinese aluminium company, said It plans to keep the entire copper production of Resolution in the U.S. Should the mine be approved. The company owns one of two U.S. smelters for copper. (Reporting and additional reporting by Trevor Hunnicutt, editing by Leslie Adler & Franklin Paul; Reporting by Ernest Scheyder)
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US to conduct more than 30 offshore oil auctions by 2040
The U.S. administration of President Donald Trump announced on Tuesday a comprehensive plan to sell more than 30 oil and gas leasing rights in the Gulf of Mexico, Alaska's Cook Inlet and the Gulf of Mexico over the next fifteen years. Why it's important The plan is in line with the energy dominance agenda of Trump's administration to increase domestic fossil fuel production. This schedule is a major departure from the former president Joe Biden's administration, which had planned to auction a small number of drilling right auctions in order to combat climate change. KEY QUOTE Interior Secretary Doug Burgum stated that the One Big Beautiful Bill Act was a historic step towards unleashing America's potential energy. Under President Trump's guidance, we are putting into place a bold and long-term plan that will strengthen American Energy Dominance. It will also create good-paying job opportunities, as well as ensure we continue to responsibly exploit our offshore resources. By the Numbers The schedule includes thirty lease sales in the Gulf of Mexico until 2040, which Trump renamed as the Gulf of America. The first Gulf sale will be held on 10 December this year. From next year onwards, two sales will take place in the Gulf each year until 2039. One sale in 2040. Cook Inlet in Alaska is planning six lease sales through 2032. The first sale will take place in 2026. (Reporting and editing by David Gregorio; Nichola Groom, Nichola)
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Brazil's "soy Moratorium" site is offline following antitrust ruling
The Brazilian antitrust authority suspended the "soy moratorium" on Tuesday, a private agreement enforced globally by grain traders to protect Amazon rainforests from deforestation caused by soy. The soy ban has been touted as one of most effective initiatives to protect Amazon rainforests because it prohibits soybean traders from purchasing from farmers that cleared land in the Amazon after July 2008. The General Superintendent of the Brazilian antitrust regulator CADE ruled on Monday that this represents a possible breach of Brazilian competition laws. After completing a preliminary inquiry, Superintendent Alexandre Barreto de Souza issued an order to firms that they suspend the agreement or pay a fine. This was prompted by the request of the Agriculture Committee of the lower house of Congress of Brazil in August 2024. Farmers opposing the moratorium are a majority of the lawmakers in the agriculture committee. Barreto de Souza launched a full investigation on Monday involving 30 grain exporters, two industry groups and a review of whether the moratorium - which has been in effect for 19 years - "constitutes... an anticompetitive agreement involving rival firms". Brazilian soy farmers celebrate the suspension of the moratorium as an historic victory. According to Mauricio Bufon, the president of Aprosoja, farmers are not expected clear large areas of forest in order to grow soy, as this crop is advancing on pastureland. He said: "We don't believe that there will be any drop in the soy trade." Soy traders find themselves in a difficult situation. People who are familiar with the thoughts of Anec and Abiove have told me that they plan to appeal the suspension at CADE's Tribunal, which is made up of six commissioners including the president. CADE could take many years to complete the investigation and render a final ruling on the legality of the moratorium, but companies can settle with CADE during the course the investigation. If their trade group is found guilty of violating the competition law, they could face fines up to 2 billion Reais ($365.60 millions). Fines for traders can be as high as 20% of their gross revenue from the fiscal year prior to the investigation.
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Tariffs raised on imports of wind turbines and cranes
The U.S. Commerce Department announced on Tuesday that it will increase steel and aluminum tariffs for more than 400 products, including mobile cranes and bulldozers as well as other heavy equipment. Railcars, furniture, and hundreds of products are also affected. The Department of Finance announced that 407 new product categories will be added to the list "derivatives" of steel and aluminium products subject to sectoral tariffs. These products are subjected a 50% tariff for any steel or aluminum content. Added to the new tariffs are imported automotive exhaust systems, and electrical steel required for electric vehicles. The department was urged by a group of foreign automakers not to include the parts, claiming that the U.S. did not have the capacity to meet the current demand. Compressors and pumps are also included in the new tariffs. Jeffrey Kessler, Under Secretary of Commerce Industry and Security said: "Today's actions expand the reach of steel and aluminium tariffs and close down avenues of circumvention. This will support the continued revitalization for the American steel and Aluminum industries." Steelmakers, including Cleveland Cliffs, and others petitioned to the administration for the tariffs on steel and aluminum auto components to be expanded. (Reporting and editing by Ryan Patrick Jones, David Shepardson, and Bhargav Asharya)
Petrobras CEO worried about change in Brazil's oil reference price
Magda Chambriard, CEO of state-run oil company Petrobras, said that the change in Brazil's oil reference price, which determines certain taxes and royalties paid by drillers, could affect the viability of some projects, both offshore and onshore, in post-salt areas.
Chambriard said that crude oil from its post-salt field is worth less compared to crude oil from its pre-salt field.
Oil fields that are pre-salt are huge reserves located under an undersea salt layer. The post-salt oil fields are those above the hard salt layer.
Chambriard, in an interview with Eixos, said that Petrobras is trying to revive oil production on the coast and in the post-salt areas of northern Rio de Janeiro State. The change, he added, hurts this move.
Chambriard expressed concern about the future of oil production.
After years of discussion, the oil regulator ANP altered the criterion for setting the reference price at a meeting in July. This should boost Brazil's government finances by increasing tax revenue and royalties. Alexandre Silveira, Brazil's Mines and Energy minister, said that the change would take effect on September 1, and bring an extra 1 billion reais (184.05 millions dollars) to the federal government at the end of the fiscal year.
(source: Reuters)