Latest News
-
California regulator: California should increase fuel imports and halt margin cap
California's Energy Regulator on Friday suggested new rules that would encourage private investment in fuel imports, and put a hold on the refiner profit limit. The regulator hoped to prevent gasoline prices in California from soaring as the state prepares for the closing of two major refineries. California Energy Commission's recommendations came as a response to Governor Gavin Newsom's letter requesting changes in the state energy transition effort by July 1. California will face higher fuel prices due to the planned closures of Phillips 66's and Valero Energy's refineries. CEC Vice-Chair Siva Gunda admitted that the closure of refineries could increase fuel prices in California. The state already has the highest gasoline prices in the U.S. Gunda said, however, the sticker shock will only be temporary. CEC estimated that gasoline prices would increase 15-30 cents per gallon immediately after the closure of refineries. According to AAA, retail gasoline prices in California averaged $4.61 a gallon on Friday. This is higher than the national $3.21 average. Gunda, CEC's Director, said that the CEC is looking at ways to increase capacity of third-party import terminals, bringing in and distributing more gasoline and jetfuel, while keeping existing refineries operational. In order to help with these efforts, the CEC has recommended that the program which capped the maximum profits refiners could earn from gasoline sales in the State be halted. The CEC said that additional analysis is required to ensure the program works as intended for protecting consumers. The statement said that the pause would last for "a reasonable length of time", but did not specify exactly how long it would be. The CEC asked Newsom to also take steps to stabilise crude oil production within the state. California's crude output has steadily declined from its peak of more than 1 million barrels a day in the middle 1980s to less that 300,000 bpd in last year. This is according to U.S. Government data dating back to 1981.
-
Canada's steel manufacturers tell the government that its tariff protection measures for steel are not enough
Two of the Canadian steel industry representatives present at the meeting said that the measures taken by the government to protect the industry against the effects of U.S. Tariffs were insufficient. Steel producers met Patrick Haley, Assistant Deputy Minister for Trade and Finance, and other ministry officials on Thursday. They told them that the measures announced earlier in the month did not protect the steel industry from steel dumping, and could lead to mass layoffs. U.S. president Donald Trump raised import duties on aluminum and steel to 50%, up from 25% in the beginning of this month. Canada is the largest metals seller to the United States. Canada responded by announcing a series of measures including new tariff-rate quotes of 100% of the 2024 levels for imports of steel from non-free-trade agreement partners. At the meeting, representatives of the industry asked the government to extend the tariff quotas for unfair trade practices to all countries that have free trade agreements. They said that Europe and Asia are diverting their goods to Canada in order to avoid U.S. Tariffs, which makes domestic steel uncompetitive. Catherine Cobden is the President and CEO of Canadian Steel Producers Association. She said, "We do not think that the measures announced will meet our needs in this difficult time." Cobden was present at the meeting on Thursday with officials from the finance ministry. In a separate press release on Thursday, the Canadian Steel Producers Association stated that in its current format, the tariff-rate quota would do little to help its industry. The Canadian Steel Producers Association said that since March's first U.S. Tariffs, Canada's steel sector has lost 1,000 workers. More layoffs are possible, according to the association. Keanin Looomis, President of the Canadian Institute of Steel Construction (which includes steel fabricators and constructors), said that Thursday's meeting of the government was heavily focused on steel producers, pointing out that finished steel imported into Canada has no tariff protection. Loomis was also present at the meeting. The Canadian Finance Ministry responded to in a text message that its measures were a comprehensive, strategic package for the protection of producers and workers and a first step. Mark Carney, the Prime Minister of Canada, has threatened to increase the counter-tariffs for U.S. steel and aluminum in case Canada fails to reach a wider trade agreement with Trump by 21 July. Trump abruptly ended trade talks with Canada on Friday over its new tax that targets U.S. tech firms. These are temporary, calibrated measures which could be extended depending on the results of the ongoing talks with the United States. A spokesperson for the Finance Minister said that we are ready to adapt our response as necessary.
-
China's rare Earths are flowing freely again, but at a price
Chinese rare earth magnets are now flowing into the automotive supply chain, reducing the threat of mass closures. However, automakers and suppliers still say that production plans face uncertainty and there is a risk of shortages. Nils Poel is the head of market affairs for supplier association CLEPA. He said that European suppliers received enough licenses to prevent widespread disruptions earlier this month. However, hundreds of permits are still pending. He said that the rate of issuance has "accelerated" from 25% to 60%, but in cases where end users are located in the United States or products are transported through a third country like India, it takes longer or is not given priority. He said that he felt that production would probably continue in July, and the impact of the shutdown will be manageable. "We have managed to avoid that at the moment. Ford CEO Jim Farley stated on Friday during an event in Colorado that, due to magnet shortages over the last three weeks, the company had been forced to close factories. He did not elaborate. Volkswagen stated in a press release that its supply of rare-earth components is stable, while Stellantis claimed to have addressed immediate production concerns. In April, China restricted the export of magnets and rare earths as a form of retaliation against U.S. Tariffs. There is still a lot of uncertainty three months after the U.S. tariffs about how China intends to enforce its complex and opaque export licensing system. Since the restrictions, exports of rare earth magnets from China are down by about 75%. This has forced some automakers to stop production in Asia, Europe, and the United States. From 'Full Panic' to 'Bare Minimum': The White House announced on Thursday that it had signed an agreement with China for the speeding up of rare earth approvals, without giving any details. Beijing announced that both parties confirmed the details of the agreement struck in London in early this month to resolve the issue with rare earths. It would then process export licenses according to the law. The existing system of export licenses was not altered by either party. In an interview with Fox Business Network, U.S. Treasury secretary Scott Bessent stated that under the agreement announced Thursday, rare earths shipments from China to the United States would be banned. еание All companies who have received them regularly in the past. Bessent stated, "I'm confident that the magnets are going to flow." "This is de-escalation." According to a senior executive from a major U.S. auto supplier and an expert in the supply chain of a major European carmaker, the situation is less tense now than it was two weeks ago. The two declined to be identified due to the sensitive nature of the matter. Unnamed European official said that China approves the "bare minimal" of licenses critical to European firms in order to prevent production stops. Kash Mishra, CEO of Dexter Magnetic Technologies in the U.S., said that only five licenses have been issued to this magnet manufacturer since April. These were for sectors other than defence. He said, "It is a long delay." It takes 45 days to complete the paperwork for the supplier and another 45 days before the licence is granted. (Reporting from Christina Amann, Giulio Pieovaccari, Laurie Chen, Beijing, and Vidyarajagopal, with additional reporting by Kalea, Hall, Guillaume, Nick Carey, London, and Kalea in Ann Arbor; editing by Jason Neely).
-
DeepSeek banned from Apple and Google app stores in Germany
Apple and Google have been asked to remove DeepSeek, a Chinese AI startup, from their German app stores due to data privacy concerns. This follows similar actions elsewhere. In a Friday statement, Meike Kamp stated that she made this request because DeepSeek transfers personal data of users illegally to China. She added that the two U.S. technology giants will now have to review the request and decide if they want to block the app on German soil. Her office hasn't set a specific timeframe. Google confirmed that it received the notification and is reviewing it. DeepSeek has not responded to an inquiry for comment. Apple did not respond to a request for comment immediately. DeepSeek's privacy policy states that it stores a variety of personal information, including requests for its AI program or uploaded files on computers in China. Kamp stated that "DeepSeek was unable to provide my agency convincing evidence that German user's data in China is protected to a similar level to that of the European Union." She added that "Chinese authorities enjoy extensive access rights to data on individuals within the influence sphere of Chinese companies." She said that she made the decision because DeepSeek had refused to comply with the EU's requirements on non-EU data transfer or voluntarily remove its app in May. She added that DeepSeek had not complied with her request. DeepSeek shocked the tech world in January when it claimed to have developed an AI model that rivaled those of U.S. companies such as ChatGPT creator OpenAI, at a much lower price. Its data security policies have been scrutinized in the United States of America and Europe. Italy banned it earlier this year from their app stores, citing the lack of information about its use of data. The Netherlands also prohibited it for government devices. The Belgian government has advised officials to refrain from using DeepSeek. A government spokesperson stated that "further analyses" are being conducted to assess the approach to follow. In Spain, in February, the consumer group OCU requested that the data protection agency of the government investigate the possible threats posed by DeepSeek. However, no ban was enacted. The British government stated that "the use DeepSeek is a choice made by the public." A spokesperson for the British technology ministry stated that "we continue to monitor all national security threats from all sources to UK citizens, and their data." We will take all necessary steps to safeguard our national security if we receive evidence of threats. U.S. legislators plan to introduce legislation that will ban U.S. agencies from using AI models developed by China. Exclusively reported this week, DeepSeek aids China's intelligence and military operations. Hakan Ersen and Miranda Murray reported by Charlotte van Campenhout and David Latona. Alistair Smout contributed additional reporting from London. Matthias Williams wrote the article. Mark Potter, Louise Heavens, and Mark Potter edited it.
-
In Pakistan, a flash flood has killed nine people as it sweeps away a family group
Officials said that at least nine members of one extended family were killed when floodwaters washed away children from a river in the north of Pakistan, and their relatives tried to save them by jumping into the water on Friday. District administrator Shehzad Mahaboob revealed that the family was having a picnic by the Swat river and the children had been taking pictures in the water when the flash flood struck. He added that relatives rushed to help but were overwhelmed by a monsoon deluge. Mahboob said it was too early to know how many children or adults died. He said that nine bodies had been recovered. Four family members are still missing, while four others were rescued. Shahid Ali Khan, the local mayor, said that a family group was on a visit to the beautiful and mountainous Swat Valley. Rescue official Shah Fahad stated that locals and over 80 rescue workers are searching for survivors. They went to take selfies. At that time, there was little water. The floodwaters swept the children away. It looked as if a dyke was breached, said a family member who refused to give his name on TV. Residents reported that victims had to wait more than two-hours for rescue services. Shiraz Khan, a local eyewitness and local resident, said that the two-hour cry for help was accompanied by screams and cries. He said that by the time the police and rescue personnel arrived, four people were already swept away. The current was so strong, even the rescuers found it difficult to get into the water. The provincial government has suspended several officials from the administrative and rescue services for their negligence. Later, the Provincial Disaster Management Authority issued an alert warning of high flood levels. Every year, during the summer, tens of thousands, mostly from the rest of Pakistan, travel to the north of Pakistan's peaks. In a press release, the office of Prime Minister Shehbaz sharif said that Sharif had "expressed his sorrow over the deaths of tourists." (Reporting and writing by Mushtaq Al; editing by Andrew Heavens, Hugh Lawson and Asif Shahzad)
-
London Climate Week receives a boost as Trump policies weigh down on New York event
London's Climate Week attracted a record number of attendees, which was boosted by the cloud that hung over its sister event held in New York last September. The U.S. Government has turned its back on global warming efforts and tightened entry requirements. London Climate Action Week, which concludes on Sunday, has more than doubled its size compared with the 2024 edition. It now hosts 700+ events, and over 45,000 participants. Two dozen sources from business, politics and civil society said that the UK's stronger stance on climate change and its support for visitors coming from developing countries helped. "We are putting in a lot more effort this year than we have done before. We're hosting multiple events and putting in a lot more time." Alexis McGivern is the Head of Stakeholder engagement at Oxford Net Zero. She said that if we send anyone to New York it will most likely be a member of our team who is an American citizen. Under Donald Trump's presidency, the United States left a global agreement to reduce climate-damaging CO2 emissions, reduced development aid, tightened environmental standards, and slashed support for green technology. The British government, on the other hand, was at multiple events throughout LCAW. Energy secretary Ed Miliband said he wanted Britain "to be a clean energy superpower", and "to get off the rollercoaster of fossil-fuel markets". You can speak honestly Hindou Oumarou, an expert on climate change and representative of Indigenous Peoples at the U.N., says that London offers more freedom in discussing climate change, diversity, and human rights. She said, "You don't have to be afraid of being treated or targeted if you speak frankly with any government in London or the UK." She said that private investors and philanthropists can also speak out more freely without fear of being targeted or damaging their business interests. She said, "This year's New York Climate Week will be very challenging." Not only for indigenous peoples but also to governments. "There are so many barriers, that people are saying let's take action now in London." London saw governments push for better protection of indigenous peoples land rights and encourage businesses to purchase more carbon credits. The main concern of civil society representatives about New York was that they might not be able to get in. Travel Bans The U.S. has banned travel to countries such as Afghanistan, Congo Republic, and Somalia, which are all affected by extreme weather and need the most assistance. They may add more. Ibrahim, whose native country Chad appears on the list as well, said that she would use her diplomatic passport to travel but she was unsure if she would get in - a concern raised by half a dozen LCAW participants. Helen Clarkson, CEO at Climate Group (which runs New York Climate Week), said that she understood how difficult it would be for certain countries to participate, but many businesses, governments, and civil society planned to come to New York and were "super excited for New York." She said that "is shaping up like other years." "This is the critical moment before the COP." The COP30 meeting will be held in Brazil in November.
-
Putin: OPEC+ Projects Rising Oil Demand, Especially in Summer
Vladimir Putin, the Russian president, said that the OPEC+ bloc of major oil producers includes Russia and projects a rising global demand in particular in the summer months. In April, the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia shocked the oil markets by agreeing to a larger-than-expected increase in output for May, despite low prices and a slowing of demand. OPEC+ decided to increase prices above the planned levels. The growth in the global economy is causing the consumption of crude oil and petroleum products to increase. This was Putin's statement at a meeting with journalists on televised. He said, "The production is only increasing in the volume we agreed on within the framework of OPEC+ and it's designed to increase demand, especially during the summer." Putin also spoke about Europe's plans for tightening sanctions against Russia. This includes cutting the price of Russian oil from $60 per barrel to $45 per barrel. Putin stated that sanctions would have little impact on Russia and the more sanctions they imposed, the worse it will be for the people who introduced them. He also said that Russia's oil could not "be shut down". On July 6, a group of eight OPEC+ nations, including Saudi Arabia, Russia and Kuwait, will discuss their policy on production online. (Reporting and editing by Alex Richardson, Aiden Lewis, and Aiden Lewis).
-
China's rare Earths are flowing freely again, but at a price
Chinese rare earth magnets are now flowing into the automotive supply chain, reducing the threat of mass closures. However, automakers and suppliers still say that production plans face uncertainty and there is a risk of shortages. Nils Poel is the head of market affairs for supplier association CLEPA. He said that European suppliers received enough licenses to prevent widespread disruptions earlier this month. However, hundreds of permits are still pending. He said that the rate of issuance has "accelerated" from 25% to 60%, but in cases where end users are located in the United States or products are transported through third countries such as India, it takes longer or is not given priority. He said that he felt that production would probably continue in July, and the impact of the shutdown will be manageable. "We have managed to avoid that at the moment." Volkswagen stated in a press release that its supply of rare-earth components is stable, while Stellantis claimed to have addressed immediate production concerns. In April, China restricted the exports of magnets and rare earths. Even three months after the announcement, there is still a lot of uncertainty regarding how the government intends to enforce its complex and opaque export licensing system. Since the restrictions, exports of rare earth magnets from China are down by about 75%. This has forced some automakers to stop production in Asia, Europe, and the United States. From 'Full Panic' to 'Bare Minimum' The White House announced on Thursday that it had reached an agreement with China in order to expedite rare earth approvals, but did not provide any details. Beijing announced that both parties confirmed the details of the agreement struck in London in early this month. The deal was intended to resolve the issue with rare earths. It would then process export licenses according to the law. The existing system of export licenses was not altered by either party. In an interview with Fox Business Network, U.S. Treasury Sec. Scott Bessent stated that under the agreement announced Thursday, all companies who have received rare earth shipments from China on a regular schedule would receive them expedited. Bessent stated, "I'm confident that the magnets are going to flow." This is a deescalation. According to a senior executive of a major U.S. auto supplier and an expert in the supply chain of a major European carmaker, the industry was in "full panic" two weeks ago. However, the approvals of licences from China have increased and the threat of a sudden halt is lessened. The two declined to be identified due to the sensitive nature of the matter. Unnamed European official said that China approves the "bare minimal" of licenses critical to European firms in order to prevent production stops. Kash Mishra, CEO of Dexter Magnetic Technologies in the U.S., said that only five licenses have been issued to this magnet manufacturer since April. These were for sectors other than defence. He said, "It is a long delay." It takes 45 days to complete the paperwork for the supplier and another 45 days before the licences are issued. (Reporting from Christina Amann, Giulio Pieovaccari, Laurie Chen, Beijing, and Vidyarajagopal, with additional reporting from Kalea, Hall, Guillaume, Nick Carey, in London, Paris, and Ann Arbor; editing by Jason Neely).
Vanguard resumes its stewardship meeting after reviewing SEC guidance
Vanguard, the top mutual fund company in the world, has resumed its stewardship meeting with portfolio companies following a review of new guidelines from securities regulators. A document obtained by shows on Monday confirms this. Vanguard has followed a similar move by BlackRock, which was made last month. Both companies paused their meetings to take stock of the materials published by the U.S. Securities and Exchange Commission, which could require fund firms to disclose more information when they press portfolio companies on certain environmental and social issues.
The document summarizes the message Vanguard representatives share with portfolio companies to emphasize the passive design.
The document states that in light of the SEC's new guidance, it is important to "clarify our communications with portfolio companies to make sure that they understand that we only invest and engage to meet investment objectives."
The document says that Vanguard will, among other things, make proactive statements about the fund's passivity at the beginning of each meeting.
It states that "Vanguard’s Investment Stewardship Team will continue to engage companies with a single focus on safeguarding, and promoting, long-term returns in the companies where our funds invest."
Vanguard's spokesperson declined to provide any further details on the materials.
(source: Reuters)