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US Court of appeal grants Argentina's request to halt YPF share sales
The U.S. Court of Appeals granted Argentina's request on Friday to temporarily suspend a judge’s order that the country turn over its 51 percent stake in oil company YPF as partial satisfaction for a $16.1 billion verdict won by two investors. The 2nd U.S. The 2nd U.S. Circuit Court of Appeals, Manhattan, stayed U.S. district judge Loretta Preska’s June 30, 2010 turnover order until Argentina appeals. Argentina warned it could suffer irreparable damage and destabilize its economy if it sold its stake in YPF - the country's biggest energy company. The court of appeal did not give any reasons for its decision. Preska awarded $16.1 billion to Petersen Energia Inversora & Eton Park Capital Management in September 2023. They sued Argentina for its 2012 decision to take the YPF stake away from Spain's Repsol, without making a tender to minority shareholders. The lawyers for Petersen & Eton Park have not responded to our requests for comment. The spokesperson for Argentina said that the government was confident that the $16.1 billion verdict would be overturned on appeal. (Reporting and editing by Leslie Adler, Edmund Klamann, and Jonathan Stempel)
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Pemex preparing Texas refinery for "big block" overhaul, sources claim
Pemex, Mexico's national oil company, is preparing for the "big block" overhaul at its 312,500-barrel-per-day (bpd) Deer Park, Texas, refinery to begin in early October, people familiar with plant operations said on Friday. Sources said that the 270,000 barrel-per-day (bpd) DU-2 crude distillation unit (CDU) at the refinery will be closed for the planned 60-day overhaul. Pemex did not respond to a comment request immediately. DU-2 converts crude oil to feedstocks that are used by most of the other refinery units. The sources say that the fluid catalytic unit (FCCU), the hydrocracking unit producing diesel (HCU) (70,000 bpd), and the 92,000 bpd coker, will all be shut down because there are no feedstocks. The DU-1 CDU, which has a capacity of 70,000 bpd, will continue to operate while DU-2 undergoes an overhaul. FCCUs convert unfinished gasoline from gas oil using a catalyst and high temperatures. In the presence of hydrogen, HCUs convert gas oil to gasoline by using a catalyzer under high pressure and heat. Cokers convert tar-like, residual crude oil to motor fuel feedstocks, or petroleum coke that can replace coal. (Reporting and editing by Paul Simao; Erwin Seba)
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Trump Administration unveils stricter subsidies rules for solar and wind projects
The U.S. Treasury Department announced on Friday stricter rules regarding how solar and wind energy projects qualify for federal tax incentives that will be phased out by President Donald Trump’s new tax law and spending plan over the next two-year period. The new rule requires that utility-scale projects must show continuous and substantial physical work in order to qualify for the 30% tax credit. However, they still have 4 years to claim it. In the past decade, developers of projects were able to "safe-harbor" their projects for four year by incurring only 5% of costs. A document from an agency states that "substantial work" does not include design, permitting or keeping components in stock. Solar industry trade group says the rules will harm businesses and undermine the legislators' intentions with One Big Beautiful Bill Act. Abigail Ross Hopper, CEO of the Solar Energy Industries Association, said in a press release that "this is another act of energy subtraction by the Trump administration which will further delay" the development of reliable and affordable power. "American families will be paying more for electricity because of this decision, and China will continue outpacing us in the race to provide electricity for AI." (Reporting and editing by Nichola Adler, Diane Craft and Leslie Adler)
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USDA builds Texas facility to combat flesh-eating screwsworms
Secretary Brooke Rollins announced on Friday that the U.S. Department of Agriculture would spend up to 750 million dollars to build an facility in Texas to produce sterile flies for fighting the flesh-eating pest New World screwworm. The plan reflects growing concerns about the possibility of screwworms, a parasitic fly which eats animals and wildlife alive while they are still alive, infesting U.S. beef cattle, after the pest has moved from Mexico to the north, toward the U.S.-Mexico border. A cattle shortage in the United States could increase beef prices to record levels. At a press conference with Rollins, Texas Governor Greg Abbott stated that the bill could "truly crush" the cattle industry. Ranchers in Texas, the state with the most cattle, are expecting screwworm to return for the first time since decades. In the early 20th century, the United States eradicated screwworm by dropping boxes of sterile flies from planes. Rollins stated that the production plant located in Edinburg Texas would be adjacent to a previously announced facility for dispersing sterile screwworm fly at Moore Air Base. The facility will be able produce 300,000,000 sterile screwscrew flies each week. The sterile flies are used to reduce the number of wild flies that mate. Rollins has not said when the plant will open, but he previously stated that such an installation would take between two and three years to construct. Rollins stated that the USDA would spend an additional $100 million to combat screwworm during the construction of the facility and will hire more mounted officers who will patrol the border to look for infected wildlife. In July, the agency stopped importing Mexican cattle to prevent screwworm. This tightened U.S. beef supplies which were already at their lowest level in decades. Rollins stated that "those ports won't open until the screwworm is pushed back." The USDA also invested in Mexico to build a production facility for sterile flies that will open in the coming year. A Panamanian facility can produce up to 100 millions sterile flies each week. According to the USDA, 500 million flies need to be released each week in order for screwworms to return southwards in Latin America. Rollins stated that "all Americans should be concerned."
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DOJ sues California for ending enforcement of emission standards for trucks
The U.S. Department of Justice announced on Friday that it had sued California to stop the state from enforcing emissions standards for trucks. The DOJ announced that it had filed two lawsuits in federal court this week against the California Air Resources Board regarding the state's enforcement on preempted emission standards through the so-called Clean Truck Partnership with heavy-duty trucks and engine manufacturers. In a press release, the DOJ said that these actions "promote President Donald J. Trump’s commitment to ending the electric vehicle mandate, leveling the regulatory playing fields, and promoting consumer choice in motor cars." Four major truckmakers including Daimler, Volvo and others sued the state earlier this week to prevent it from enforcing strict emission standards Trump declared null in June. Trump, the Republican president, wants to limit California's authority under federal Clean Air Act, which allows it to set pollution limits that are stricter than required by federal law, as well as Gavin Newsom, Democratic governor, who can promote electric cars to combat climate change. "President Donald Trump, and Congress, have invalidated the Clean Air Act Waivers that were the basis of California's action. Adam Gustafson is the acting assistant attorney for the DOJ Environment and Natural Resources Division. He said that CARB should respect democracy and stop enforcing illegal standards. Reporting by Andy Sullivan, Bhargav Asharya; Editing Caitlin and Rod Nickel
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One dead in suspected gang-related Orebro shooting, Swedish police say
Police said that a man was killed in Orebro, Sweden on Friday. The crime was probably gang related. The second victim was taken to hospital after being injured near the Orebro Mosque. The police declined to comment on how serious the injuries were. "I would like to emphasize that we do not see any link to the mosque at this time. A police spokesperson said that they do, however, see a link to criminal groups. Police said that no arrests had yet been made, but at least one suspect has been seen leaving the scene. The police said that the case is being investigated for murder and attempted killing. Sweden has experienced gang violence for more than 10 years. The number of fatal shootings in Sweden is among the highest of all European countries. The murder rate is comparable to that of other countries. The police stated in a press release that the shooting incident in Orebro was believed to have been linked to a criminal network. In February, ten students and teachers died in an attack in Orebro (about 200 km west of Stockholm), in what was Sweden's most deadly gun attack. The shooter in the February shootings was an ex-student who killed himself and was not affiliated with any criminal gangs. Investigators did not find a clear motive for the shooting. (Reporting from Stockholm by Anna Ringstrom and Essi lehto, with additional reporting by Johan Ahlander, Niklas pollard, and editing by Terje solsvik, Toby Chopra and Clelia Oziel. William Maclean is the editor.
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Tsingshan invests $800 million in Zimbabwe's steel plant
A top official of the Chinese nickel producer Tsingshan Holding Group said that it plans to invest $800,000,000 in its steel factory in central Zimbabwe via its unit Dinson Iron and Steel Company. This was revealed during a company media tour held on Friday. Tsingshan is one of the largest nickel producers in the world and has made substantial investments in Zimbabwe. Tsingshan has also invested in ferrochrome mining, coking coal, and lithium mining in Zimbabwe. Wilfred Motti, project director at the company, said that the funds will be used to build a new blast furnace to increase the capacity of the facility from 600,000.0 metric ton carbon steel per year to 1.2,000,000 metric ton. Motsi, however, said that first the company will assess whether the market can support a large increase in production of carbon steel. He added that the funds will be used to construct centering, rolling, and steel plants, as well as a blast-furnace. "We're ready for the next step, but will carefully examine market conditions before we commit." "We need to make sure that the market will accept this much product," said Motsi. In the first phase, a 50 megawatt thermal power station was built to reduce Zimbabwe's dependence on its overloaded electricity grid. Management said that the plant would also generate power from furnace gases to cover around 20% of its requirements. Jenfan Muswere said that the plant will help to reduce the steel import bill for Zimbabwe, which is estimated at around $1 billion per year.
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PAHO: Measles outbreak in North America worsens, with 18 deaths so far this year
The Pan American Health Organization reported Friday that measles deaths in Mexico, Canada, and the United States have increased, as has the number of cases. Why it's important According to the U.N. agency, 71% of the cases were in people who had not been vaccinated, and 18% occurred in people whose vaccination status was unknown. By the Numbers PAHO data showed that as of August 8, 10139 measles cases and 18 deaths related to them had been confirmed in 10 countries across the Americas. This represents a 34-fold rise compared with the same period of 2024. Fourteen of the 18 deaths occurred in Mexico. Three in the United States, and one in Canada. PAHO reported that the majority of deaths in Mexico were among Indigenous people aged between 1 and 54. KEY QUOTES "Measles can be prevented with two doses a vaccine that has been proven safe and effective. To stop these outbreaks countries must strengthen routine immunizations and conduct targeted vaccinations campaigns in high-risk areas, said Daniel Salas. CONTEXT PAHO states that measles is highly infectious and spreads quickly among people who are not vaccinated, particularly children. A recent study conducted by the Centers for Disease Control and Prevention in the United States (CDC) revealed that the vaccination rate for certain diseases, including measles and diphtheria, decreased from the previous year among U.S. kindergarteners. (Reporting by Benjamin Mejias Valencia; editing by Philippa Fletcher)
Chocolate costs to keep rising as West Africa's cocoa crisis deepens
Surveying the removed landscape of her farm dotted with pools of cyanidetainted, tea coloured waste water left by prohibited gold miners suffices to make Janet Gyamfi break down.
Only in 2015, the 27-hectare plot in western Ghana was covered with almost 6,000 cocoa trees. Today, less than a dozen stay.
This farm was my only methods of survival, the 52-year-old divorcee told , tears streaming down her cheeks. I. planned to pass it on to my children.
Long the world's undisputed cocoa powerhouses representing. over 60% of international supply, Ghana and its West African neighbour. Ivory Coast are both facing catastrophic harvests this season.
Expectations of scarcities of cocoa beans - the raw product. for chocolate - have actually seen New York cocoa futures more. than double this year alone. They have struck fresh record highs. nearly daily in an unmatched trend that shows little sign of. easing off.
More than 20 farmers, professionals and market experts informed. that a best storm of widespread unlawful gold mining,. environment change, sector mismanagement, and quickly spreading out. illness is to blame.
In its most sobering assessment to date, according to information. assembled since 2018 and gotten specifically , Ghana's. cocoa marketing board Cocobod estimates that 590,000 hectares of. plantations have actually been contaminated with inflamed shoot, an infection that. will ultimately kill them.
Ghana today has some 1.38 million hectares of land under. cocoa cultivation, a figure Cocobod stated includes contaminated trees. that are still producing cocoa.
Production is in long-lasting decline, said Steve Wateridge,. a cocoa professional with Tropical Research study Providers. We wouldn't get. the lowest crop for 20 years in Ghana and least expensive for eight years. in Ivory Coast if we had not reached a tipping point.
It's an imbroglio without any simple fixes that has actually surprised. markets and might spell the beginning of completion of West. Africa's cocoa supremacy, the experts informed . That may. open the door for ascendant producers, especially in Latin. America.
And while millions of cocoa farmers in West Africa are. dealing with an agonizing watershed minute, it's a shift that will likewise. be felt in rich consumer markets, perhaps for several years to come.
Buyers purchasing Easter confectionary in the United States. are discovering that chocolate on shop shelves is more than 10%. more pricey than a year earlier, according to data from research study. firm NielsenIQ.
Since chocolate makers tend to hedge cocoa purchases months. ahead of time, analysts say the devastating crops in West Africa. will just truly struck customers later this year.
The sort of chocolate bar that we're used to eating, that's. going to end up being a luxury, stated Tedd George, an Africa-focused. commodities expert with Kleos Advisory. It will be offered,. however it's going to be two times as expensive.
' TRAUMATISED'
The roots of this season's implosion are on complete screen in. Samreboi, the neighborhood in Ghana's western cocoa heartland where. Gyamfi lives.
Only 3 years ago, Samreboi boasted roughly 38,000. hectares of planted cocoa, according to Cocobod's regional office. there. Today, it's fallen to simply 15,400.
Illegal miners began appearing in the area a couple of years earlier,. Gyamfi stated. She 'd been withstanding their threatening needs to. offer them her plantation when, one day last June, she got here to. discover it cordoned off. Armed guards obstructed her entry.
Bulldozers removed her cocoa trees. Miners swarmed the. home. Within six months, the gold was finished and the website. was deserted, leaving Gyamfi with unusable land contaminated. with toxic chemicals, a loan she can no longer pay back, and. 4 kids to support.
I was traumatised, she stated.
She stated she pleaded with the authorities and Cocobod however states. she's seen no reaction.
An officer at the regional police station, who asked not to be. recognized, stated they had received a grievance but he might not. remember if they had actually sent out officers to the farm. He decreased to. speak with cops records.
Cocobod representative Fiifi Boafo, upon learning of her case,. stated the board's legal department would get included.
But we are not the authorities or the courts, he stated. It is. unlawful to destroy cocoa trees, however the charge isn't punitive. enough.
Throughout Ghana, cocoa plantations are delivering ground to gold. miners, known in your area as galamsey.
Cocobod told it had no as much as date data on the scale. of the destruction. And while a study it performed 4 years. back found that 20,000 hectares of cocoa had actually been lost to. galamsey, 5 professionals said mining has actually expanded rapidly in the. stepping in years.
It's now disastrous, said Godwin Kojo Ayenor, a. development financial expert specialising in cocoa. It's covering. practically every part of the cocoa belt.
While some plantation takeovers are certainly violent, five. farmers and neighborhood leaders told that more and more of. them are ending up being ready sellers.
To cocoa farmer Asiamah Yeboah, galamsey is simply a sign. of a more comprehensive malaise. Considering that striking peak production of over a. million tonnes in the 2020/21 season, Ghana has been moving. Output is forecast to plummet to just 580,000 tonnes this year.
Yeboah states he gathered 50 bags of cocoa in 2015, however. production from his 15-hectare plot fell to simply seven this. season. He doesn't make enough to reinvest and significantly. battles to discover workers.
Before God and guy, if they come requesting my farm to. mine, I will sell it, he said.
ILLNESS AND CLIMATE MODIFICATION
Yeboah and other Ghanaian farmers blame Cocobod.
The body, which has far-flung obligation for. controling and promoting the sector, faces installing debt and. this season struggled to protect the syndicated loan it utilizes to. financing operations and generate the crop.
It suspended distributions of fertiliser and pesticides. years ago. Strategies to rejuvenate ageing tree stocks have actually made. scant development. And it is losing the battle versus what numerous. think about an existential danger: swollen shoot.
The virus very first reduces yields before eventually killing. trees. When contaminated with inflamed shoot, plantations must be. ripped out and the soil treated before cocoa can be replanted.
Cocobod has undertaken to fix up affected cocoa. plantations, using a part of its $600 million in funding. from the African Advancement Bank and another $200 million from. the World Bank.
With aging and unhealthy crops, the difficulties look frightening,. Boafo, the Cocobod spokesperson, told . However we have actually critical. interventions continuous to resolve them.
The 67,000 hectares covered under Ghana's rehabilitation. program, however, come no place near keeping up with the. disease's spread, professionals state. Worse, Cocobod says unlawful. miners invade some fixed up farms.
And in Ivory Coast, the world's greatest cocoa producer,. things are barely much better, with Tropical Research study Service's. Wateridge approximating up to 30% of Ivorian cocoa plantations are. likely contaminated.
There's no fast fix, said Antonie Fountain, managing. director of VOICE Network, which promotes cocoa sector reform.
A dead tree is not simply dead for a season, he stated.
Even after rehabilitation, replanted trees take 2 to four. years to develop and produce beans. And a significant rebound in. cocoa production in the 2 countries faces other major headwinds.
Scientist anticipate climate change will make the crop harder. to produce in West Africa in coming decades with one research study. forecasting Ivory Coast's the majority of appropriate growing areas will. shrink by more than 50% by the 2050s.
Rain patterns are already moving, with more. focused periods of heavy rains and longer, hotter dry. spells, said Bakary Traoré, head of Ivorian forest preservation. group IDEF.
It's something we have actually currently been observing for the past. few years, he said.
With West Africa struggling, current sky-high worldwide rates. will be an attractive incentive for farmers to plant more cocoa. in other tropical areas, notably Latin America.
Both VOICE Network's Water fountain and cocoa specialist Wateridge are. forecasting that Ecuador will now surpass Ghana as the world's. number 2 cocoa by 2027. Brazil and Peru might also step up.
Filling the supply space will take some time, however, and in the. meantime chocolate fans should anticipate to feel the pinch.
But the genuine victims, say activists like Water fountain, are the. small-time growers in Ivory Coast and Ghana, who have few. choices as they watch their earnings vaporize.
The situation for farmers in West Africa is devastating,. said Fountain. It is simply definitely ravaging.
(source: Reuters)