Latest News
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The Indian refiner owned by Mittal, the steel tycoon, has stopped buying Russian oil
The Financial Times reported that the Indian refiner HPCL Mittal Energy stopped buying Russian oil on Wednesday, just a few days after it was revealed by the Financial Times that the company had purchased Russian oil transported aboard blacklisted vessels. The U.S., Europe, and other countries imposed new sanctions last week on Russian oil. Washington targeted the country's two largest oil producers, Lukoil, and Rosneft. Indian refiners have halted their purchases of Russian oil while they wait for clarity. In a statement, the company stated that "HMEL has already decided to suspend any further purchases of Russian crude following recent announcements by the United States of America, European Union, and United Kingdom of new restrictions on the import of crude oil from Russia, pending the receipt of any outstanding order." India is now the largest buyer of Russian oil shipped by sea at a discounted price after Western nations boycotted it and imposed sanctions against Moscow over its invasion of Ukraine in 2022. According to the Financial Times, it is unclear whether Lakshmi Niwas Mittal's steel tycoon Lakshmi Niwas Mittal was aware that the vessels were being used. HMEL stated that the cargo was delivered to the company, which meant it wouldn't be aware of any specific ships that were used to transport the crude oil, or any actions taken by these ships to conceal their location. The ship that delivered crude oil to its port at the time was not sanctioned. The company, which operates a 226,000-barrels-per-day refinery in the northern state of Punjab, however said it will review its position and comply with Indian government policy and laws. Reporting by Hritam Muhammed in Bengaluru, Editing by Sahal Muhammad and Vijay Kishore
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After US criticism, the Fund Climate Group drops some of its targets
The document shows that a flagship climate coalition of asset managers has dropped certain targets for its members. This comes months after U.S. pressure forced BlackRock to leave the group and suspend their activities. After Republican politicians attacked them, the Net Zero Asset Managers Initiative took similar measures at sister groups in banking and insurance. The announcement comes just days before the COP30 Climate Talks in Brazil, where a number of fund managers will be gathering at a variety of events related to the global effort of decarbonising the economy. 2050 NET-ZERO GOAL FOR INVESTMENT PORTFOLIOS DROPPED NZAM announced on January 13 that it had suspended its activities after BlackRock left the coalition on January 9, citing confusion about climate efforts of the coalition and legal inquiries by public officials. The group stated on its website that it has consulted hundreds stakeholders since then and their feedback is to "retain ambitious, remain global inclusive and ensure the Commitment Statement remains practical in an evolving landscape". In the new "Commitment Statement", the group dropped any requirement that members reach net-zero emission across their portfolios of investments by mid-century, and set interim goals for 2030. In the new statement, members promise to provide clients with information on climate risks and help them to act. They will also support clients in reaching their climate goals and set near-term targets consistent with the global goal of net-zero energy. The initial commitment to net-zero was weak and nonbinding. This development confirms that the financial sector has disengaged and is weakening the alliances. Reporting by Simon Jessop, Editing by Mark Potter
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Powell's remarks and Fed rate decision are causing gold to rise by nearly 2%
The gold price rose by nearly 2% in Wednesday's session, recovering from the three-week low reached in the previous session. Some traders had covered their short positions in anticipation of the Federal Reserve's rate decision scheduled for later that day. As of 11:29 am, spot gold was up by 1.4% to $4,005.28 an ounce. After falling to its lowest level since October 6, gold prices rose 1.4% at 11:29 a.m. ET (1529 GMT). U.S. Gold Futures for December Delivery gained 1%, to $4.020.70 an ounce. "Some of these speculative positions that were short are now covering in anticipation of the Fed's announcement .... Market participants will pay close attention to Powell's answers to today's questions and the Fed Chair Jerome Powell’s policy statement, said Peter Grant. The Fed will likely cut interest rates 25 basis points in response to September's softer than expected inflation data, and signs of weakness on the labor market, despite limited data due to ongoing U.S. Government shutdown. Investors will closely monitor Powell's remarks to see if they contain any hints about future policy. Gold that does not yield is usually more popular in low interest rate environments and times of economic uncertainty. In the meantime, U.S. president Donald Trump announced a deal with South Korea on Wednesday and expressed optimism that a similar truce would be reached with China's Xi Jinping ahead of scheduled talks Thursday. Gold's appeal as a safe haven could be diminished by a potential trade agreement between the U.S. Gold is up 52% in the past year, thanks to geopolitical and financial uncertainties, U.S. rate cuts and central bank purchases. Prices reached a record of $4,381.21 in October, but have since fallen by 8.5%, partly due to the easing of trade tensions. Grant stated that despite the magnitude of the setback, the gold price could still reach $5,000/oz by the first quarter 2026. Silver spot gained 2.6%, to $48,25 an ounce. Platinum was up 0.9%, at $1,597.87, and palladium was up 1.9%, to $1,419.46. Reporting by Noel John in Bengaluru and Pablo Sinha. Mark Potter edited the article.
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Fast-track claims for death and injury compensation, SCE Wildfire Fund to pay millions
Southern California Edison announced on Wednesday that it will pay out several million dollars to each family who has lost a loved one in the January wildfires which scorched 14,000 acres of Greater Los Angeles and destroyed thousands homes and businesses. Edison International owns the utility. It said that eligible individuals and business can submit claims for payments and resolutions related to loss of property and life caused by the Eaton Fire. This is done through its Wildlife Recovery Compensation program. In January 2025 the Eaton Fire ravaged southern California, killing 19 and destroying over 9,400 single-family houses and other buildings. In a phone interview, Edison International CEO Pedro Pizarro said that putting a number on the death toll was one of the hardest aspects of the program. Pizarro stated, "That is a challenging question because we are aware that life itself is precious." SCE stated that death claims would include payment for pain and discomfort, economic losses and direct claim premiums of $5 million per deceased. Pizarro stated that after receiving input from the local community, SCE extended payment eligibility to include properties damaged by smoke and ash. He said that initially, approximately 12,000 properties were eligible. However, nearly 6,000 more were added. A 50% increase was made to payments for every child who lost their home. Residents who lost their primary residence will receive an adult payment of $115,000 and a child payment of $75,000. Residents who are eligible will receive an offer of settlement within 90 days after filing a claim. After all conditions of the settlement agreement have been met, payments will be made in 30 days. No official decision has been made on the cause of this fire. SCE acknowledges that circumstantial evidence indicates that one of its idled high voltage transmission lines may have ignited Eaton's fire amid winds exceeding 100 mph early in January. SCE offers a self-insurance program of $1 billion that is funded by customers for Eaton claims. Losses above that amount will be covered by the Wildlife Insurance Fund of California, which is estimated to have $22 billion. SCE worked with Kenneth Feinberg and Camille Biros on the design of SCE's wildfire funds. Feinberg was responsible for the payments made from the September 11, 2001 Victim Compensation Fund. Biros is his colleague. Biros stated that the goal of this program is to provide money to families in the shortest time possible, without any additional burdens or problems. In a phone interview, Biros stated that "they're already going to enough trouble." This program allows us to give money to families who may be in dire need. (Reporting by Tim McLaughlin and Editing by Nick Zieminski).
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Anglo-American MMG's $500m deal with EU faces antitrust investigation, sources say
Anglo American faces an EU investigation over its $500 million sale to MMG of its Brazilian Nickel assets after the regulators rejected their proposed remedies. Two people with knowledge of the situation said that on Wednesday. The companies offered to purchase ferronickel for resale to European customers for up to ten years from MMG to allay concerns that this deal might cut off shipments of the metal to Europe due to global concerns over the influence of China on the supply chain of minerals. One source said that the European Commission (which is the EU's competition enforcer) has not requested feedback from competitors and customers about the proposed remedy. The EU executive is due to complete its preliminary review on the deal by November 4. A request for a comment was not immediately responded to. In a joint press release, the companies stated that they will continue to work closely with the Commission in order to get its approval of the deal. They said: "This includes measures we recently put forward in order to ensure that customers continue to have access to cupronickel produced sustainably, which we consider to be the best outcome for them." They added, "We believe European customers will support Anglo American in its role as a cupronickel marketer. Supply competition in Europe will also increase as MM becomes a new provider." (Reporting and editing by Ros Russell, Elaine Hardcastle, and Foo Yunchee)
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WoodMac: US nuclear power generation will grow by 27% after 2035 as data centers drive demand for electricity
Analysts at Wood Mackenzie say that U.S. nuclear energy generation will increase as data centers and other surges in demand strain grids throughout the country. A wave of tech firms have also signed deals to use the zero-carbon source. The growing interest in this sector is evident by the flurry announcements of nuclear energy investments. Most recently, the U.S. Government announced an $80 billion partnership with Westinghouse Electric. The power industry has to deal with the increasing demand for electricity from data centers that are energy-intensive, as well as rising temperatures and electrification. Technology companies have become energy providers to meet the growing demand. This is especially true in the U.S., where nuclear power has emerged as a preferred option. NextEra Energy and Google signed a partnership agreement this week to restart a nuclear plant in Iowa. Other tech giants, such as Microsoft, have also signed agreements for the next-generation of nuclear technologies. Entwistle noted that it will take some time for many of them to be completed. Wood Mackenzie predicts that U.S. nuclear production will be stable until 2035 and then rise 27% by 2060. According to the latest energy transition outlook from the firm, global data center power consumption is expected to reach 700 TWh globally in 2025 and 3,500 TWh worldwide by 2050. This is equal to the combined electricity demand of India and the Middle East today. The global nuclear capacity will grow from 400 GW to 800 GW to 1,600 GW between 2060 and 2060, according to the latest energy transition outlook. James West, managing Director at Melius Research, stated that small modular reactors are seen as being cheaper and quicker to build. They can also be located with data centers without the need for an additional power infrastructure. The nuclear industry faces multiple challenges in order to remain competitive. These include project and permit delays, cost overruns, and a labor shortage. Entwistle said that securing policy support and funding to fund innovative projects, such as small modular reactors will be difficult for newer technologies. (Reporting and editing by Frances Kerry. Kavya Baliaraman)
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Israel announces it will maintain the ceasefire in Gaza a day following strikes that killed 104 people
Israel's military announced on Wednesday it would adhere to a ceasefire agreement in Gaza. Health officials in the enclave reported that airstrikes in Gaza had killed 104. Israel and Hamas both blamed each other for violating the deal. Israel launched airstrikes on Gaza late Tuesday night, claiming it was a response to a militant attack that killed a soldier. This is the latest breach of an already fragile ceasefire. In a press release, the Israeli military stated that it would enforce the ceasefire and respond strongly to "any violations". ISRAEL SAYS AIRSTRIKES TARGETED HAMAS COMMANDER In a separate announcement, the military stated that it had targeted dozens Hamas militants in the enclave as well as weapons and tunnels owned by the group. The military named five militants including a Hamas leader who they said were involved in the attack on an Israeli Kibbutz that started the war. Gaza's health ministry reported that 104 people have been killed by Israeli airstrikes in Gaza since Tuesday, including 46 children and 20 females. Couldn't verify the figures immediately, but video shows several women and children dead inside a hospital at funeral procession. Donald Trump, the U.S. president, said that the U.S.-backed truce was not in danger despite the bombardments. Trump said to reporters on Air Force One, "I understand that they killed an Israeli soldier." "So, the Israelis retaliated and they should retaliate," Trump told reporters aboard Air Force One. "When that happens, you should strike back," he said. The Israeli army confirmed the death of the soldier on Wednesday. Trump stated that "nothing" would jeopardize the ceasefire. You have to realize that Hamas represents a small portion of the Middle East peace, and it is important for them to behave. ISRAEL SAYS HAMAS ATTACKED COMMUNISTS WITHIN THE 'YELLOW LINE Some Palestinians who had fled their homes feared that the truce would fall apart. Ismail Zayda (40), a father of 3 children, remembered the sounds of explosives all night long, a constant reminder of the war which has claimed tens and thousands of lives. It was one of worst nights since the ceasefire. Zayda told a chat application that the sounds of planes and explosions made him feel like war had resumed. Zayda lives with 25 members in tents west of Gaza City. According to an Israeli military official, Hamas violated the ceasefire agreement by attacking Israeli forces stationed inside the "yellow-line", the deployment line that was agreed in the ceasefire. Hamas has denied responsibility for an attack on Israeli troops in Rafah in southern Gaza and stated in a press release that it remains committed to the ceasefire agreement, which came into effect on 10 October. The agreement involves the return of hostage remains In the agreement, Hamas freed all hostages alive in exchange for almost 2,000 Palestinian prisoners, including wartime detainees. Israel retreated its troops and stopped its offensive. Hamas has also agreed to return the remains of any hostages who have not yet been recovered. However, it says that the process of locating and retrieving all the bodies will take some time. Israel claims that the militant group has access to the remains of many hostages. Trump has said that he will be closely monitoring the situation. Benjamin Netanyahu, the Israeli prime minister, said that human remains were handed over to Israeli authorities on Monday night. They belonged to a man who was killed in Hamas' attack of October 7, whose body had been recovered by Israeli troops during the first weeks of combat. The Israeli military claimed that Hamas planted the remains on an excavation site, before calling in Red Cross and pretending to have found a missing prisoner. This was done to give a false impression of "efforts to locate bodies". The military published a 14-minute video showing three men covering a white bag with rocks and earth at an excavation site. The video's location was confirmed independently, but the date or Israel’s description of what it showed was not. Hamas didn't immediately respond to our request for comment. The ICRC stated that its team did not know the remains were planted on the site prior to their arrival. The ICRC issued a statement saying that it was unacceptable to stage a fake recovery, especially when the agreement is so important and so many families still await news about their loved ones. (Additional reporting Trevor Hunnicutt, Maayan Libell, Marine DelRue and Eleanor Whalley, Writing by Michael Georgy, Editing by Michael Perry Sharon Singleton Aidan Lewis
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Powell's remarks and Fed rate decision are causing gold to rise by nearly 2%
The gold price rose by nearly 2% in Wednesday's session, recovering from the three-week low reached in the previous session. Some traders had covered their short positions in anticipation of the Federal Reserve's rate decision scheduled for later that day. As of 9:45 am, spot gold was up by 1.4%, at $4,007.47 an ounce. After falling to its lowest level since October 6, gold prices rose 1.4% at 9:45 a.m. ET (1345 GMT). U.S. Gold Futures for December Delivery gained 1%, to $4.023.3 an ounce. Some of these speculative positions that were short are now covering in anticipation of the Fed's announcement .... "The market will pay close attention to (Fed Chairman Jerome) Powell’s answers to questions today," Peter Grant, Vice President and Senior Metals Strategist at Zaner Metals said. The Fed will likely cut interest rates 25 basis points in response to September's lower-than-expected inflation and signs of weakness on the labor market, despite limited data due to ongoing U.S. Government shutdown. Investors will closely monitor Powell's remarks to see if they contain any clues about future policy. Gold that does not yield is usually more popular in low interest rate environments and times of economic uncertainty. In the meantime, U.S. president Donald Trump announced a deal with South Korea on Wednesday and expressed optimism that a similar truce would be reached with China's Xi Jinping ahead of scheduled talks Thursday. Gold's appeal as a safe haven could be diminished by a potential trade agreement between the U.S. Gold is up 52% in the past year, thanks to geopolitical and financial uncertainties, U.S. rate cuts and central bank purchases. Prices reached a record of $4,381.21 in October, but have since fallen by 8.5%, partly due to the easing of trade tensions. Grant stated that despite the magnitude of the setback, the gold price could still reach $5,000/oz by the first quarter 2026. Palladium rose by 1.2%, while platinum gained 1.5% to $1,608.95. Spot silver also increased 2.3%, to $48.11 an ounce. Reporting by Noel John in Bengaluru and Pablo Sinha. Mark Potter edited the article.
Trump cuts standards for light bulbs, water-using appliances
President Donald Trump
On Tuesday, after signing a promotion order, the government reverted to older standards in light bulbs, toilets, showers, and other water-using devices.
Plastic straws
Rejecting a plan for reducing single-use plastics.
Trump said that he would ask the Environmental Protection Agency (EPA) to return to the water standards of his first White House tenure, which would affect washing machines, dishwashers and sinks.
In a private post on his social media platform, Trump said he had directed EPA Secretary Lee Zeldin to "immediately go back to [his] Environmental Orders", calling them commonsense.
Trump said, "I am looking forward to signing these orders."
Trump signed a Monday executive order encouraging both the U.S. Government and consumers to purchase plastic drinking straws. This is part of an overall easing of the Republican President's environmental commitments since he took office on January 20. Trump served as the first White House occupant from 2017-2021.
Trump's Democratic counterpart, Joe Biden, had adopted a number of environmental measures including new energy efficiency requirements for household washing machines and dishwashers, which capped the water usage. Conservatives have
challenged
The rules of court
(source: Reuters)