Latest News
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French official: EU review of France's nuclear plan is expected to proceed quickly
An official from the French energy ministry said that the EU investigation into France's scheme of state-funded funding for six nuclear reactors is expected to move quickly and won't delay any projects. The new reactors will cost tens or even hundreds of billions of Euros and are a key part of France's plan for renewing its ageing nuclear fleet. The new reactors would add 10 gigawatts of capacity and the first one is expected to operate in 2038. The new plants would replace the old ones, and ensure future energy supplies for the rising demand in the coming decade, which is driven by data centres. An official stated that the European Commission will make a declaration by 'the end of march, which is the first step to 'the investigation into France’s state-aid package. Officials said that the process will be fast because it is based on models previously approved, such as the one used in financing the development of two reactors in Czech Republic. The official stated, "We are confident we?are still on time." EDF will make its final investment decision 'in the second half this year. Brussels fears that the six new power plants will further consolidate EDF, the dominant state-owned energy company. The company currently holds more than 75% France's net production of electricity. A thorough?EU investigation will also allow the Commission to build a solid case in the event that Austria's government, which is opposed to nuclear power, launches a legal action against the Commission for approving the deal. This, according some EU officials, seems likely. (Reporting and editing by Inti, Landauro and Hugh Lawson; Reporting by Forrest Crellin)
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Greenland Independence Party wins seat in Danish Parliament at key moment
Greenland's Naleraq Party, which supports rapid independence from Denmark won its first Danish seat at the general election. This sends a critic of Copenhagen-Nuuk's union to a parliamentary chamber during a crucial time in the history of the kingdom. Naleraq secured 24.6% of the vote on Tuesday, an increase of sharply from 12.2% during the 2022 elections. The election result comes amid increased international interest in Greenland after U.S. president Donald Trump's attempts to control the Arctic Island. "It's a clear signal that the status quo in Greenland will not be tolerated," said Qarsoq Hgh-Dam who won Naleraq’s seat. He pledged to do his best?to make sure Greenland has a voice on all issues affecting it. Trump's ambitions brought the island of 57,000 people into sharp focus, and raised questions about Danish investment in infrastructure, defence, and economic development. Naleraq will now be represented in the 179-seat Danish Parliament, where Greenland has two seats and the Faroe Islands two. Naleraq, Greenland’s ruling coalition led by Demokraatit advocates a pragmatic and long-term approach to independence, with Denmark as its key partner. However, Demokraatit is pushing for an immediate separation. This has created a rift that analysts believe Washington may try to exploit. GREENLAND AND DANMARK RELATIONS Hoegh-Dam received the most votes personally in Greenland. He said that he was steadfast in his opposition to military installations in Greenlandic cities. Arctic affairs commentator Martin Breum stated that while Hoegh Dam's win sent a message that "Greenlanders still want changes in their cooperation with Denmark", Naleraq’s pro-independence position does not necessarily represent the official Greenlandic Government's position. Greenland's Prime Minister Jens Frederik Nielsen has been working to strengthen the ties between Greenland and Denmark as a response to the crisis. He said in January that he would prefer Copenhagen to Washington. Inuit Ataqatigiit, the party that became the most popular in Greenland, claimed the second Greenlandic seat. Greenland's Mineral Resources and Businesses Minister Naaja Naaja Nielsen is set to fill the position. She didn't respond to requests for comment. Breum says that despite the result of the election, the close relationship between Greenland, Denmark, and the United States during the U.S. controversy will remain unchanged. (Reporting and editing by Andrei Khalip, Stine Jacobsen)
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Lyft launches driver relief program in response to rising fuel prices in the US
Lyft, the ride-hailing service, announced on Wednesday that it will launch a temporary driver relief program in the United States. Gig workers are being hurt by a sharp increase in fuel prices, caused by disruptions to energy supplies linked to the ongoing U.S./Israeli conflict against Iran. In recent weeks the?national average gasoline price has increased by more than 30%, and is now hovering at $4 per gallon. Lyft’s 60-day program, which runs from March 27 to May 26, offers fuel savings and cash-back incentives for drivers who use the Lyft Direct debit card. Top-performing drivers can expect to receive 2% extra cash back for fuel purchases. Mid-level drivers, meanwhile, will receive an additional 1% on top of the existing rewards, which range from 1% up to 10% depending on driver status. According to the company, combined savings from?partnerships with Lyft could be as high as 94 cents a gallon for drivers in the top tier, based on an average national fuel price of $3.97 a gallon. DoorDash, a food?delivery service, announced?on?Monday that it would be launching a similar?program which would run until April 26. (Reporting by Akash Sriram in Bengaluru; Editing by Shinjini Ganguli)
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Merz, a German economist, says that the public finances can't offset all of the price increases from Iran war
German Chancellor Friedrich Merz said on Wednesday that ending the war in Iran would be the best way to control energy prices. In response to questions from parliament, he stated that there are "measures" we can take into consideration in order to reduce the pressure but "we cannot offset every price trend by tax measures or funding measures from the federal budget". He said that the best way to control prices is to end the war in Iran. Fuel prices have risen in Germany, as well as other countries since the beginning of World War II. Critics accuse oil companies of taking advantage of the crisis to increase their prices. Merz was skeptical about the calls from his centre-left coalition partners, the Social Democrats, for a tax to be imposed on the "excess profits" of oil firms. He said that the term is practically impossible to define legally. He said Germany worked with European partners to convince the U.S., Israel and other parties to the conflict to find a diplomatic solution. The war has caused the Strait of Hormuz, a vital shipping route, to be largely closed, sending energy costs soaring around the world. He said that "this requires a willingness on all sides including Iran, which is not apparent at the moment." He said that Germany was willing to participate in 'international efforts to stabilize the region' once the hostilities ended, but this would require an UN mandate. (Reporting and editing by Madeline Chambers, Jan Harvey and James Mackenzie)
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Albemarle begins environmental review of Chile lithium extraction project
Albemarle, the largest lithium producer in the world, announced on Wednesday that it had begun the environmental review process for its first Direct Lithium Extraction project (DLE) in Chile. Albemarle stated in a press release that the project was designed to recover twice as much lithium while reducing the amount extracted of brine compared?to the current operations. Albemarle said in a submission to the Chilean Environmental Assessment Agency that if the project were completed, it would require a total investment of $3.1 billion with a useful lifetime lasting until 2045. The initiative is aimed at a?more sustainable and efficient production in the Salar de Atacama,? it said. This location is?one of the richest sources for the metal necessary to make electric vehicle batteries. Albemarle stated that the project would include a DLE facility within Albemarle’s mining concession, up to six processing train at the center of Chile’s salt flats, as well as the construction of an electricity transmission line. According to the filing, net brine extraction would drop from 442 to 342 milliliters/second with just one DLE train in operation and down as low as 142 milliliters/second with all six trains. Miners have long complained about the?water, both fresh and salty, around the vast Atacama flat. Native communities are concerned that mining will deplete the limited?reserves?of freshwater and brine rich in lithium, and reduce its availability to people and wildlife. (Reporting and writing by Fabian Cambero, Inigo Alexander, Cassandra Garrison and Alexander Smith; editing by Cassandra Garrison)
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German Finance Minister sets out reform plans to boost the growth
The German Finance Minister Lars?Klingbeil proposed Wednesday measures to stimulate the slowing economy. These included income tax reforms and a cap on the excess profits of energy companies. "If Germany remains a powerful country, it's up to us alone." "We alone will decide this," Klingbeil added, adding that Europe's largest economy needs?innovation, greater productivity, and technology leadership. He said: "We need to be technological leaders in key areas. We also need competitive investment conditions, a modern industry base, reliable supply chains and functioning capital markets." Germany's export-driven economy has struggled to grow in the wake of the pandemic. Rising competition from China and higher energy prices have put strain on its economic model. The Finance Minister, who is currently working on the budget for 2027, stated that the government will be reforming fiscal consolidation with detailed analyses of revenue and expenditure. "We can't respond to every problem and crisis with more money," said?Klingbeil. INCREASING PRODUCTIVITY AND WORKING HOURS He said that the German labour market was suffering because of high levels part-time employment, tax transfer systems which in some cases "discourage" additional work and incentives for early retirement. "I want to create a new system where willingness to perform pays," said?Klingbeil. In Germany, half of women work part-time. German income splitting lowers tax for couples with unequal earning, but also increases the effective 'tax' on the lower-earners additional work. This is often the wife. Klingbeil suggested that income splitting in its present form be abolished for future marriages. Reporting by Maria Martinez Editing Made by Madel Chambers and Sharon Singleton
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UN urges Libyan authorities release political activist
The U.N. Mission to Libya (UNSMIL), on Wednesday, called on the?Libyan government to'release political activist Al-Mahdi Abdulati. He said he was arrested and detained last week. UNSMIL reported that Abdulati was arrested on March 18 in Misrata. Misrata is located about 200 km east of Tripoli. It is home to the internationally-recognised Government of National Unity. The U.N. Mission said Abdulati had been?reportedly detained by the Internal Security Agency which operates directly under the GNU. Abdulati has been known to criticize the GNU’s performance in public spending and security issues through his Facebook page, as well as interviews with local TV channels. The mission stated that "this detention is not isolated but part of a pattern recurrent among law enforcement and security entities in the country." The statement of?UNSMIL was not immediately reacted to by the GNU or the Internal Security Agency. Since the 2011 NATO-backed uprising, which ousted Muammar Gadhafi as longtime leader of Libya, there has been little peace or stability in Libya. Oil-rich Libya split in 2014 into eastern and western factions, based in Benghazi (the second largest city) and Tripoli. Rival administrations govern each region. The mission called on all Libyan authorities to stop abusive practices, free all those arbitrarily arrested and hold those responsible accountable. (Editing by Ros Russell).
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BBC reports that BlackRock CEO Fink has warned of a 'global economic recession' should oil reach $150.
BlackRock CEO Larry Fink stated that oil prices could reach $150 per barrel and cause "global depression" if Iran "remains" a threat even after the war is over. Fink said on BBC's Big Boss Interview podcast published on Wednesday that if there was a cessation in war and Iran remained a danger, it would be a threat for trade, to the Strait o f Hormuz or to the peaceful coexistence between the GCC region. "We could see a?years where oil prices are above $100, closer to $150, which will have profound implications to the?economy." When asked what would happen if oil stayed at $150 per barrel, he replied: "We'll have a global recession." Since the U.S. and Israeli war against Iran, oil prices have remained volatile. Prices fell 4% after news that the U.S. sent Iran a 15 point proposal to end the war, raising the prospect of a possible ceasefire. The war has almost completely halted the flow of oil and liquefied gas through the Strait of Hormuz. This is a route that typically transports about one-fifth of world crude oil and?gas supplies.
With rain in projection, tired Los Angeles hopeful of development against wildfires
California firemens could make more headway in including three significant wildfires burning in and around Los Angeles on Friday, as the current round of blistering winds dissipates and the location's very first rainfall in months gets here over the weekend.
The improved outlook comes after weeks of aggravation in offing the crisis, as teams competed with water lacks, gale-force winds, bone-dry air, and a steady break out of brand-new fires that have actually extended resources thin.
The fresh optimism accompanies a prepared visit by President Donald Trump later Friday to survey the damage. Trump has greatly criticized local and state officials for their handling of the enormous fires, which have incinerated whole areas, eliminating 28 individuals and damaging or damaging nearly 16,000 structures. As much as 1.5 inches of rain was expected to fall this weekend as hot, dry Santa Ana winds eased, stated Rich Otto, a. meteorologist with the National Weather Service's Weather. Forecast Center. After gusts of 60 mph on Thursday, winds. would peak at 25-to-40 miles per hour on Friday and decrease through the. day.
It'll be a cold rain beginning late Saturday and continuing. into Monday, with some snow in higher elevations, but the. issue is locations with burn scars from the fires, he said.
However the region's very first substantial rainfall in months would. also increase the threat of hazardous mudslides on hillsides. denuded of vegetation by fires over the previous 2 weeks.
Warning warnings, indicating extreme fire threat, are set to. end in the Southern California area at 10 a.m. regional time,. said Andrew Orrison, a meteorologist with the National Weather condition. Service.
Basically, the factor is since of the easing. winds, he said. The altering conditions will also bring greater. humidity which should help fire containment.
The latest big fire to break out in the Los Angeles area has. already scorched 10,300 acres in the San Fernando Valley but. firemens handled to accomplish 36 percent control of the Hughes. Fire's perimeter by late Thursday, the California Department of. Forestry and Fire Security stated on its website. The Eaton and Palisades fires - on the eastern and western. flanks of the metropolitan area - have actually burned for 18 days.
The Eaton Fire, which damaged much of the Altadena. community near Pasadena, was 95% contained, raising hope that. firemens could encircle its totality on Friday.
The Palisades Fire, which has actually devastated the upscale. Pacific Palisades enclave near Santa Monica, was 72% contained,. Cal Fire said, late on Thursday.
A series of smaller sized fires likewise menaced the location in recent. days. The Sepulveda Fire, which started early Thursday morning,. has burned 45 acres along the 405 highway near the Getty Center. museum - home to various art treasures through 45 acres. Now. 60% included, the fore briefly caused part of the hectic highway. to be closed and forced some evacuations.
2 new blazes appeared on Thursday in the San Diego location. Evacuation orders were ordered but later raised on Thursday in. the La Jolla enclave near the University of California, San. Diego, School of Medication, after a two-acre brush fire appeared.
A second fire, additional south near the U.S.-Mexico border,. spread through the Otay Mountain Wilderness, and was reported at. 4,250 acres and absolutely no percent included late on Thursday.
(source: Reuters)