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Trump's repealing of climate regulation opens a "new front" for litigation
The Trump administration's repealing of an Obama-era scientific finding that found greenhouse gases posed a threat to public health could open a new path for filing lawsuits. Legal experts say that reversing policy could lead to an increase in "public nuisance" lawsuits, which were previously blocked by a Supreme Court decision in 2011 that said that the Environmental Protection Agency should regulate greenhouse gas emissions instead of courts. Legal experts say that now that the EPA is abandoning this regulatory effort, it's likely that the legal shield created in 2011 will unravel. Robert Percival is a professor of environmental law at the University of Maryland. He said, "This could be another classic example of overreach on behalf of the Trump administration that comes back to bite them." On?Thursday, the Environmental Protection Agency repealed the 2009 scientific determination known by the name of the endangerment findings. This was the basis for federal climate regulations. The EPA took action under the Clean Air Act of 1964 to reduce emissions of carbon dioxide and methane from power plants, vehicles and other industries. EPA Administrator Lee Zeldin called the revocation of the endangerment findings "the largest deregulation act in the history" of the United States. The power companies generally support President Donald Trump's deregulation agenda. However, they are concerned that the repeal of endangerment findings will trigger a wave lawsuits. Edison Electric Institute (which represents publicly traded utilities) said in September, that the revocation of the endangerment findings could lead to "an increase in litigation alleging common law claims, regardless of their merits." 'NEW FRONT' OPENING The U.S. courts recognize a legal concept known as "public nuisance" which prohibits actions that interfere unreasonably with the safety and health of a community. State and local governments typically bring public nuisance lawsuits to force the person responsible to pay for abating or fixing the condition. These cases are difficult to win in part due to the difficulty in proving a direct causal link between an individual defendant's emissions, and specific climate harms. Legal experts say they could be a tool that environmental activists can use to hold greenhouse gas emitters accountable for climate harms. In 2004, California and five other state alleged in a lawsuit that the big power companies were responsible for a public nuisance, by contributing to climate changes. American Electric Power, Xcel Energy and other defendants were named. The case was eventually heard by the U.S. Supreme Court in 2011, which ruled unanimously against all six states. In a written opinion for the court, Justice Ruth Bader 'Ginsburg stated that the regulation of greenhouse gases should be left to the EPA in accordance with the Clean Air Act. Ginsburg wrote that the law and subsequent EPA action, like the endangerment findings, "displaces the claims the Plaintiffs wish to pursue." The 2011 ruling allowed power companies the opportunity to avoid public nuisance lawsuits brought in federal court, although some cases brought in state courts have survived. Legal experts say that the policy change could give public nuisance claims a fresh lease of life. Sarah Light, a law professor at the University of Pennsylvania, said that this could change the game. If the Clean Air Act does not apply to greenhouse gas emissions, there is no comprehensive statutory system in which Congress intended to displace a nuisance claim, so they could likely proceed in court. Meghan Greenfield, an environmental lawyer at Jenner & Block, agreed that a new front for lawsuits could be opening. Greenfield stated that "this is a space where things have been settled for 15 years and you can imagine other wanting to push these fronts even harder." (Reporting and editing by Noeleen Walder and Matthew Lewis; Washington, Jan Wolfe)
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Russia retaliates strongly against the prospect of a US-built nuclear facility in Armenia
Senior Russian officials questioned the viability of U.S. proposals to build a nuclear plant in Armenia, as a sign that Moscow is concerned about losing out on a lucrative deal for energy in a nation it considers part of its sphere. On a recent visit to Armenia, U.S. vice president JD Vance signed an agreement which could pave the path for the construction of the plant and open "a new chapter" in the growing partnership between Armenians and Americans. Sergei Shoigu said that the Soviet technology allowed Armenia's nuclear plant to survive a devastating earthquake in 1988. He said that the U.S. proposal raised safety concerns. Shoigu was quoted by the state news agency RIA as saying: "Armenia is a seismically-active region." If the construction of small nuclear reactors in Armenia using American technology moves into the 'practical phase,' we will, along with all the other states in the area, as well as the Armenian people, be forced to take these new risks in terms of nuclear safety. RUSSIA and U.S. Tussle for Influence Armenia, which has been heavily dependent on Russia, Iran, and China for its energy supply, is currently reviewing proposals by U.S. companies, Russian, Chinese and French firms to build a new reactor to replace Metsamor, its sole nuclear power plant built by Russia. If the U.S. company is selected, it would be a major blow to Russia's state-owned Rosatom, which is a leading player in constructing nuclear power plants. The company says that it has a portfolio of 41 nuclear 'units' in 11 countries. This week, at least three senior Russian officials weighed in. Mikhail Galuzin, Deputy Foreign Ministry of Russia, told Izvestia that Rosatom could be implemented in Armenia very quickly if it was offered attractive financial terms. Maria Zakharova, spokeswoman for the Russian Foreign Ministry, told reporters on?Thursday that the U.S. offered Armenia untested designs which were likely to cost more than estimated. Russia has been a long-time ally of Armenia, but in recent years the relationship has deteriorated. Vance's visit to Armenia and Azerbaijan, two countries that were once part of the Soviet Union, highlights the efforts made by the United States to increase their influence in the South Caucasus at the expense of Russia. Reporting by Mark Trevelyan; Editing by Andrew Osborn, Aiden Lewis and Andrew Osborn
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Tech worries simmer as global shares fall from record highs ahead of US inflation data
After a week-long selling spree, global shares fell from their record highs ahead of important U.S. Inflation data. Meanwhile, concerns about shrinking margins and AI disruption remained under the surface. Early trading saw the?MSCI index drop 0.2% while Europe's STOXX was flat. U.S. Futures were flat as well, after steep losses on Friday that saw the Nasdaq Composite, which is heavily weighted towards technology, post its largest daily decline in three weeks. It fell 2%. The selling continued in Asia where Nikkei, the Japanese stock market index, fell by 1.2%. Transportation companies in the United States were the latest to be affected by concerns about AI disruptions on Thursday. Market watchers noted that the Friday market was more stable, and pointed out a rotation to more defensive areas of the market. They also pointed out a focus on macroeconomics in anticipation of Friday's U.S. Consumer Inflation data. Arun Sai is a senior multi-assets strategist at Pictet Asset Management. He said, "Markets had a healthy correction. They've skimmed off some of the froth." He said that the more speculative parts of the market, such as meme stocks, stocks with high retail sentiment, crypto, and non-profitable technology, had been hit. "The focus shifts back to macro. The labour market was strong. He said that if we got a decent inflation print today that would 'go back to my story that global macro wasn't in a terrible place. The focus remains on the turbulence caused by AI-related concerns. Apple shares fell by 5% Thursday as investors worried about capital expenditures. Other sectors, such as software and wealth management, have also been affected. "It's clear that investors view developments in AI and AGI with a different lens, trying to price a more uncertain future and one that is structurally disruptive," said Chris Weston. The Financial Times reported Friday that U.S. president Donald Trump intends to reduce some tariffs on aluminum and steel goods. The report cited people familiar with this matter. TRADERS Await U.S. Inflation Test After falling by 7 basis points over night, the yield on 10-year U.S. Treasuries benchmark rose to 4.12%. This is its largest drop since October 10. Fed funds futures rallied as well to reverse the majority of losses following the payroll data which led markets to reduce the "chance" of a rate reduction in June. The chance of a rate cut in June has now been re-instated, priced at 70%. A total rate cut of 60 basis points is expected for this year. The U.S. data on inflation due later today will attract a lot of attention. Forecasts focus on a 0.3% monthly increase in the core measure. This would be sufficient to slow the annual rate to 2.5%, from the previous 2.7%. Jose Torres is a senior economist with Interactive Brokers. He said that even a 'in-line' result would represent a significant deceleration compared to December. This could boost animal spirits and bring energy back into cyclical trading. The currency markets were calm ahead of the inflation report. The euro was down by 0.1% to $1.186 against the dollar. The yen lost 0.5% to trade at $1.186, but remained on course for its biggest weekly gain in over a year following the historic election victory of Japanese Prime Minister Sanae Takaichi last weekend. The risk-sensitive Australian Dollar took a backward step, falling 0.3% to $0.707 but was still on track for a rise of nearly 1% per week. Gold and silver are trying to recover after heavy losses. After a?loss of over 3% Thursday, gold rose by 1.1% to $4973.66 per ounce. Silver, which had fallen 10% overnight, climbed 4.6% up to $78.6. After a 3% drop on Thursday, oil prices have also risen. AP reported that a U.S. Aircraft carrier was being sent from Caribbean to Middle East due to tensions with Iran. U.S. West Texas Intermediate Crude rose 0.3% to $63,03 per barrel. Brent crude futures increased 0.24% to $70.7. (Editing by Kim Coghill Amanda Cooper and Mark Potter).
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Swiss inflation is still below the central bank's target
The Swiss National Bank announced on Friday that the annual inflation rate in Switzerland remained at 0.1%, which is the bottom end of its target range. The increase in consumer prices was a continuation of the December rate and in line with the forecasts made by analysts surveyed. The SNB refused to comment on this figure which is at the lower end of the 0-2% target range which it defines as price stabilization. EFG Bank economist GianLuigi Mandruzzato stated that the data put little pressure on central bank policy to change. He highlighted how core inflation, which excludes changes in prices of fresh and seasonally products, energy, and fuel, remains?at 0.5%. He said that the SNB would be watching closely the recent movements of the Swiss Franc. Mandruzzato suggested that the SNB might start to refer to the franc's value as high, in order to show they are unhappy and monitoring the situation. It does not appear that they have intervened on the forex market to weaken the Franc. But this could change. The SNB has previously said that it is prepared to allow inflation to fall below the target temporarily, and tolerating a brief period of negative inflation because they are looking at inflation in the medium term. SNB Chairman Martin Schlegel stated this month that the combination of low inflation and the central bank’s current policy rate of zero put it in a difficult position. Due to lower electricity prices, clothing, and footwear, Swiss consumer price fell 0.1% month-on-month. (Reporting and editing by Susan Fenton; Reporting by John Revill)
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Another storm strikes the Iberian Peninsula, resulting in one death.
Officials said that a 46-year old woman died on Friday in Barcelona after being?hit? by a piece blown off a warehouse roof during the eighth storm which swept across the Iberian Peninsula earlier this year. Spain and Portugal have been repeatedly hit by heavy rain, 'thunder,' snow, and strong gales, which damaged infrastructure and crops, and forced authorities to evacuate tens of thousands. Spanish Agriculture Minister Luis Planas said to TVE that the eight storms in succession were "truly extraordinary". "We must consider if this is a rare phenomenon or if, looking ahead, it might happen more frequently." Planas stated that approximately 14,000 hectares (35, 000 acres) of citrus fruit, olives, berries and other crops were damaged. This figure could rise significantly. According to the state weather service AEMET, Spain has experienced 38% more rainfall than normal since October. Officials in the medieval Portuguese town of Coimbra distributed flyers warning about a major flooding and stated that 9,000 people may need to be evacuated from low-lying area. The water level at the Aguieira Dam and Reservoir on the Mondego River near city has dropped from 99% to a mere 1% overnight. However, further rains expected on Friday could cause it to overflow, causing severe flooding downstream, according the city council. Businesses were told to ask staff to work at home if possible. Schools and the University in Coimbra?were closed. AEMET predicted widespread rain across the peninsula and Balearic?Islands and low-altitude snow in the north of Spain on?Friday. In Andalusia, a region in southern Spain where 3,100 people were evacuated, 22 towns also closed their schools. Forecasts for the village of Grazalema warned that up to 180mm of rain could fall in the next 24hours. This was after 1,500 residents evacuated due to aquifers filling and increasing the risk of land slides. Catalonia's Health Ministry said that a woman in Barcelona, who was injured by the falling roof Thursday morning and died early Friday morning from her injuries. (Reporting and editing by Charlie Devereux, Andrew Heavens and Andrew Heavens; reporting by Emma Pinedo and Paolo Laudani)
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Two men arrested in UK for plot to kill hundreds Jews inspired by Islamic State
Two men were sentenced to prison on Friday after allegedly plotting an attack inspired by the Islamic State on the Jewish community of England. Prosecutors said that this plan could have been "deader" than Sydney's Bondi Beach mass shooting in December. Walid Saadaoui and Amar Hussein were both found guilty after a Preston Crown Court trial, which began one week after the deadly attack at a Manchester synagogue. The prosecution said that the two men were Islamists who wanted automatic weapons to kill as many Jews as they could during an attack in Manchester. The guilty verdict came just a few days after the mass shooting that took place at a Jewish Hanukkah party on Bondi Beach, in which 15 people died. Harpreet sandhu, the prosecutor, said on Friday that if Saadaoui et Hussein had carried out their plans, "it could have been much more serious" than what happened in Australia and Manchester. Mark Wall, the judge who sentenced Saadaoui and Hussein respectively to minimum terms of 37 years and 26 years, said: "You were close to being able to carry out this plot." Hussein did not attend his sentencing after refusing to attend the majority of his trial. Wall described Hussein as cowardly, stating that he was "brave enough" to threaten a group without weapons with an AK-47, but not courageous enough to confront what he had done. POTENTIALLY THE DEADLIEST ATTEMPT ON UK SOIL Sandhu, the prosecutor, told the jury that Saadaoui arranged to smuggle two assault rifles and an automatic pistol, as well as almost 200 rounds of ammunition, into Britain via the port at Dover, when he was arrested in May 2024. Saadaoui said he planned to purchase two additional rifles, another pistol and collect?at least 900 ammunition rounds. Wall stated that "this would have likely been one of the most deadly terrorist attacks carried out ever on British soil." Saadaoui was unaware that the man he had been trying to get the weapons from, "Farouk", was actually an undercover agent who helped foil the plan. Bilel Saadaoui (37), Walid Saadaoui’s brother, was found guilty for failing to disclose information regarding terrorist acts. He was sentenced six years in prison. (Reporting and editing by William James; Aidan Lewis, Aidan Lewis).
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Sources: Reliance India wins US oil license for Venezuelan oil
Two sources with knowledge of the matter confirmed that the United States issued a general licence to India's Reliance Industries Ltd. This will allow the refiner?to buy Venezuelan crude oil directly without breaking sanctions. After the capture by the U.S. of Venezuelan president Nicolas Maduro in early this month, U.S. official said Washington would ease the sanctions imposed on Venezuela’s energy industry to help facilitate a $2 Billion oil supply deal and a $100 Billion reconstruction plan for Venezuela’s oil industry. A general licence authorizes the purchase, exportation and sale of Venezuelan oil that is already extracted, as well as the refining. Reliance's oil exports could be accelerated and crude costs reduced for the operator of world's largest refining complex. Reliance did not respond to an email request for comments. The U.S. Office of Foreign Assets Control didn't respond immediately outside of normal business hours. VENEZUELAN OIL WILL REPLACE RUSSIAN SUPPLY Earlier in the month, Reliance purchased 2 million barrels from Vitol. Vitol was awarded, along with Trafigura U.S. licenses to sell and market millions of barrels Venezuelan Oil after Maduro’s capture. One of the sources said that Reliance can replace Russian oil with heavy crude oil from Venezuela by purchasing it directly. Heavy crude oil is available at a discounted price in Caracas. Donald Trump removed the 25% punitive duty?on India earlier this month and said New Delhi would purchase more oil from Venezuela and possibly the U.S. Reliance and other Indian refiners are not buying Russian oil for delivery in April. They are also expected to avoid such trades longer. This could help New Delhi reach a trade agreement with Washington. Conglomerate was a regular buyer of Venezuelan crude oil for its "advanced refinery complex" but due to U.S. sanction, it had to cease purchases by early 2025. Reliance has two refineries that have a combined production capacity of 1.4 million barrels a day.
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Nornickel, a Russian nickel producer, will shift some of its nickel production to a copper plant for repairs.
A company vice president revealed that Russian metals producer Nornickel plans to begin 'experimental nickel melting' at its copper plant this year in order to maintain production during the major furnace reconstruction planned for 2027. This innovative approach will enable the company to maintain nickel production throughout the renovation. Alexander Leonov told Norilsk TV that Nornickel plans to upgrade the smelting?furnace at the Nadezhda Metallurgical Plant, in the Arctic city Norilsk, in 2027. He said that the shutdown would last approximately 270 days and remove about half of the plant’s capacity. Leonov stated that Nornickel will convert a part of its copper facility to produce nickel instead of copper to offset the outage. This is an "unconventional" solution. The company has begun preparing its production lines to make the switch. It hopes to begin industrial pilot tests in this year. Nornickel stated in 2024 it would?close its Arctic Copper plant and move the copper production to China mid-2027. According to a participant on a conference call with the company, talks are underway with Chinese partners. The company expects nickel production to be between 193,000 and 203,000 metric tonnes in 2026. This is roughly the same as 2025. The?company expects palladium production to be between 2.415 - 2.465 million pounds, down up to 11% from last year. Nornickel CEO and main shareholder?Vladimir Potanin said previously that recent 'production declines were temporary. He cited depleted ore reserves, switching to non-Western suppliers, and the loss some markets. Potanin expects the output to stabilize by 2028. (Reporting by Anastasia Lyrchikova. (Editing by Vladimir Soldatkin, Mark Potter and Mark Potter.)
Soy traders push to compromise restriction on purchasing from deforested Amazon
Multinational grains traders operating in Brazil are seeking to weaken an arrangement that forbids purchasing soybeans from farms on deforested land in the Amazon rainforest, environmental advocates involved in the discussions said on Wednesday.
Soy traders consisting of ADM, Cargill, Cofco and Bunge signed up for the Amazon soy moratorium in the mid-2000s, pledging to stop buying soy from farms in the Brazilian jungle that were deforested from 2008 onward.
Researchers and conservationists have actually applauded the voluntary moratorium for slowing deforestation in the Amazon, the world's. biggest rainforest and a bulwark versus climate modification due to the fact that. its trees take in huge quantities of climate-warming greenhouse gas.
The moratorium is imposed by a working group including. agents of trading business, environmental advocacy. groups and the government.
In current meetings of that group, grains traders have. proposed altering the moratorium guidelines, Carolina Pasquali,. executive director of Greenpeace Brasil, said in an interview.
The existing contract bars soy purchases from a whole. farm if it includes areas deforested given that 2008. But traders now. propose a distinction in between individual soy fields, letting. growers export from one part of a farm while planting soy on. newly deforested areas nearby, Pasquali stated.
It makes the moratorium lose its significance, she said. Farmers failing to comply (with the end to logging) would. still be able offer their soy.
Abiove, which represents those trading firms and all significant. soy purchasers in Brazil, said it was holding discussions on the. moratorium, however did not confirm information of any proposal.
Abiove members ADM, Cargill, Cofco and Bunge referred. questions to the association. Louis Dreyfus has actually not provided a. comment.
The Guardian paper reported earlier that Abiove members. prepared to vote next week on whether to promote the proposed. moratorium modifications.
Even if Abiove members were to back such a relocation,. environmentalist groups and government signatories to the. agreement would require to agree to the modification, Pasquali said.
Other nonprofits likewise told Reuters they oppose the. modification.
Under Brazil's forestry code, landowners in the Amazon can. legally clear up to 20% of their residential or commercial property. Nevertheless, a surge in. logging in the early 2000s sparked calls for action by the. private sector, which feared a wider boycott of soy exports.
Brazil is the world's biggest producer and exporter of soy. Ecologists argue compromising the moratorium might open a. substantial quantity of the Amazon region to soy planting.
It is very much a huge quantity of land that was. deforested after 2008 in the Amazon, said Jean-François. Timmers, an anti-deforestation campaigner with the World Wide. Fund for Nature. We're talking about countless hectares.
In its statement to Reuters, Abiove kept in mind that Brazilian. state legislators are pressing legislation that substantially damage. the signatories of the Soy Moratorium.
The state of Mato Grosso passed a law removing tax breaks. from companies that follow the moratorium.
Abiove stated it protects the soy moratorium while striving to. balance the demands of both farmers and customers, including. updates to the existing model to guarantee its effectiveness..
(source: Reuters)