Latest News
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The State Department says that all waivers granting Iran economic relief will be reviewed
The United States is reviewing existing sanctions waivers which provide Iran with any degree of economic assistance, and the U.S. State Department spokesperson stated on Thursday that the United States was urging the Iraqi Government to eliminate their dependence on Iranian energy sources as soon as they can. At her first press briefing as the spokesperson for President Donald Trump, Tammy Bruce responded to a question about whether or not a waiver of sanctions that allows Iraqi electricity payments to Iran would be renewed. She said, "We don't have anything to announce regarding the current electricity exemption that expires (on) March 8th...We are re-evaluating all existing sanctions waivers which provide Iran with any economic or financial relief." We welcome the Iraqi prime minister's determination to achieve energy autonomy. The U.S. Government has stated that it wants to isolate Iran and its oil exports from the global economic system in order to slow down Iran's nuclear weapons development. Trump's return to office late in January saw him restore the "maximum-pressure" campaign against Iran. The U.S. imposed sanctions against Tehran for its nuclear program and its support of militant groups, effectively barring countries that do business in Iran from doing so with the U.S. Iran sees its neighboring and ally Iraq as essential to keeping its economy afloat in the face of sanctions. Reporting by Daphne Psaledakis, Humeyra Pauk and Chizu Nomiyama
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Arbitration to resolve dispute over Guyana energy project
The government announced on Thursday that an international arbitration court would hear the dispute between Guyana, a consortium headed by Lindsayca of the United States and a consortium awarded a contract to build a gas-fueled plant and a plant for natural gas liquids. The consortium says it was late in gaining access to the site, and that this has caused construction to be delayed by about three months. In a press release, the Energy Ministry said that the International Chamber of Commerce would hear from the Guyana government, Lindsayca, and CH4 Systems regarding the delays. The project will lower the cost of electricity generation in South America. In an interview conducted last month, Vice President Bharrat Jadeo referred to the Lindsayca Group's argument. The pipeline that will supply gas to the power plant was built by a consortium that is led by Exxon Mobil, a U.S. oil and gas giant that controls the entire output of Guyana. The pipeline worth $1 billion was completed in 2013. Jagdeo said that "Exxon had to prepare this site... they were therefore delayed." The ministry stated in a release that despite the dispute, transmission lines and the substations connected to the power station are "significantly progressed, with completion expected by mid-year." Both parties are committed to accelerating the construction of the NGL plant and the power plant. They also want to move the steam and gas turbines that are already located in Guyana as soon as possible. Reporting by Kemol Kings, writing by Marianna Pararaga. (Editing by Chris Reese, Chizu Nomiyama and Chizu Reese)
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Since the turn of the century, butterfly populations have plummeted by 22%.
According to research, the population of butterflies in the United States has declined by over a fifth in this century. This includes hundreds of species such as the red admiral, the American lady and the cabbage white. Researchers said that data from 76,000 surveys of butterflies conducted by different groups, which documented millions of insects representing 554 types, showed a 22% drop in their number from 2000 to 2020 within the contiguous United States. Scientists attributed this decline to habitat loss, pesticides and climate change. The southwestern region, which includes Arizona, New Mexico and Texas, has seen the largest population decline. The study documented 342 species of butterflies. Of these, 114 - or about a third - suffered losses. 107 of them were down more than 50%, and 22 by more that 90%. Four butterflies, the Florida white butterfly, Hermes copper butterfly, tailed Orange Butterfly, and Mitchell's Satyr, saw their numbers plummet by over 99%. Nine species, or about 3% of all species, showed increases. The red admiral has declined by 58%. The cabbage white has fallen by 50%. And the American lady is down by 44%. The results of this research are quite depressing. "But butterflies can recover if we improve things for the them," said Collin Edwards. He is an ecologist who was formerly at Washington State University and currently works with the Washington State Department of Fish and Wildlife. Butterflies are known for their rapid life cycles. They produce at least two or three generations per year. Each of these generations lays tons of eggs. Edwards said that butterfly species can respond quickly to our efforts and benefit from them if the world is made more welcoming for them. Monarch butterflies were included in the study. The study included monarch butterflies. However, because the most clear evidence of their numerical declines is from their wintering grounds in Mexico, and the researchers only used U.S. monitoring information, it was not possible to identify a clear pattern for these butterflies. In just 20 years, we've lost 1 out of 5 butterflies. If you were to go out and watch butterflies in 2000, you'd see 100 butterflies. In 2020, you'd only see 80. This is a staggering loss in such a short period of time," said Eliza Grames, conservation biologist at Binghamton University. It is difficult to identify just one stressor that affects butterfly populations. In the Southeast for instance, drought may be a major threat. In the Midwest insecticides are driving the loss of butterfly biodiversity. The story in other regions is less clear. It is more likely that a combination anthropogenic stressors is causing the dramatic declines. Although reliable data on butterfly populations worldwide is not available, studies conducted in other countries have shown declines that are roughly similar to the U.S. data. Butterflies are among the most closely monitored insects in the United States. Researchers calculated that there were 650 species of butterflies whose range overlapped with the contiguous United States. At least some monitoring data was available for 554 of these species. Insects play a crucial role in many ecological processes, and their loss is particularly alarming given the fact that they have been on Earth for over 100 million years. "Ecologists treat butterflies as a canary for coal mines." Edwards stated that the results of this research suggest there could be a decline in many insect species, for which we do not have reliable data. The beauty of butterflies inspires me. "They deserve to exist just for the sake that they exist," Grames stated. In terms of ecosystem function butterflies are important pollinators and herbivores, as well as serving prey to insectivores, especially birds.
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LME suspends temporarily lending rules for cobalt contracts
After tracking the movement of stocks, the London Metal Exchange (LME), announced on Thursday that it had temporarily suspended certain lending obligations for parties who held large quantities of cobalt inventories under its contract. When one party is in a dominant position on the exchange, lending rules are triggered. This forces that party to lend material to other investors. In a press release, the LME announced that it had canceled its requirement for parties with cobalt positions equaling 90% or more available inventories to borrow at a standard premium. The document added that the measure was designed to make sure participants were not discouraged from holding live warrants, or delivering additional metal due to low stock levels. A warrant is an official document that shows ownership of the inventories at LME warehouses. The world's largest and oldest market for industrial metals has said that the temporary measures are only temporary. LME data does not currently show a position where 90% of inventories are cobalt or a dramatic fall in inventories. However, the data is delayed. Data shows that two parties have a significant short and long position in futures, which is equivalent to over 40% of the open interest. Hong Kong Exchanges and Clearing Ltd. is the owner of LME.
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Euro hits 4-month-high, stocks fall as Trump tariff developments weigh
The euro reached a four-month peak against the U.S. Dollar on Thursday, after the European Central Bank again cut interest rates as expected. Stock indexes also fell as investors assessed the impact of U.S. president Donald Trump's new tariffs. A day after the German Bund yield for 10-years saw its largest rise since the 1990s, the global bond market continued to sell off. Donald Trump, the U.S. president, said on Thursday that Mexico will not be required to pay any tariffs until April 2 on any goods falling under the United States - Mexico - Canada Agreement on Trade. He did not mention a similar exemption for Canada even though his Commerce Secretary had stated it was likely. Trump imposed U.S. duties of 25% on Tuesday on imports coming from Mexico and Canada, along with new duties on Chinese products. This has added to the concerns about inflation and growth. Oliver Pursche is the senior vice president of Wealthspire Advisors, based in Westport, Connecticut. He said that investors speculate on what might happen and this causes a lot market volatility. He said, "They are afraid of the consequences that will be brought about by the actions taken. But we do not know yet what these consequences will be." A chipmaker index was down 4% as a disappointing Marvell sales forecast failed to excite investors. The Dow Jones Industrial Average dropped 344.50 points or 0.80% to 42,662.21. The S&P 500 declined 78.80 or 1.35% to 5,763.60, and the Nasdaq Composite was down 323.94 or 1.74% to 18,229.72. The MSCI index of global stocks fell by 5.07 points or 0.59% to 853.64. The pan-European STOXX 600 rose by 0.13%. Hong Kong's Hang Seng Index soared over 3% and reached its highest level in three years, securing a 20% world-wide market surge by 2025. The euro rose by 0.5%, to $1.0848. It had earlier reached a four-month peak of $1.0854. The euro is up 4.5% this week and on track to be its largest weekly gain since May 2009. The European Central Bank said that monetary policy is becoming less restrictive. Traders interpreted this to mean a further cut in April may not be a certainty. The yield on the 10-year German Bund was up by 6 basis points to 2.847% after reaching as high as 2,929% Wednesday. German lawmakers will begin debating a 500 billion euro infrastructure fund as well as sweeping changes in state borrowing rules for funding defence on March 13. The yield on the benchmark 10-year U.S. notes increased 4.4 basis points from late Wednesday to 4,311%. Investors also looked at the latest economic data to look for cracks before Friday's payroll report. According to the Labor Department's weekly initial claims for unemployment, they fell by 21,000 and now stand at 221,000 seasonally adjusted, which is below the 235,000 expected by economists polled. Commentary from European leaders was also in the spotlight. They said that they would stand with Ukraine and increase their defense spending in a world shattered by Trump's reversal in U.S. policy. Trump's suspension this week of military assistance to Kyiv stoked fears that the region could no longer depend on U.S. security, which has been in place since World War Two. U.S. crude dropped 0.65% to $65.86 per barrel. Brent was down to $68.97 a barrel, a drop of 0.46% for the day.
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Trudeau: Canada and US will continue to be at war in the near future.
Justin Trudeau, the Prime Minister, said that Canada would continue to be involved in a war of trade with the United States, for the foreseeable. This was a day following what Trudeau called a "colorful call" with President Donald Trump. Trudeau reiterated that Canada will continue to engage senior Trump Administration officials regarding tariffs Washington has said it will impose against Canadian imports. He also stated his desire to have the measures removed. He told reporters in Ottawa that "I can confirm we will continue to engage in a US-led trade war for the foreseeable" future. Canada immediately imposed tariffs of 25% on US imports worth C$30 billion. Trudeau stated that these measures would continue until the Trump administration ended their trade action. Trudeau, Trudeau, and Trump held a phone call for 50 minutes on Wednesday. Trump accuses Canada not doing enough in order to stop the flow fentanyl, and of illegal migrants, across the border. It was a colorful phone call. Trudeau said that it was a substantive call, but added that both sides were still in discussions and had no announcements yet. "We're... trying our best to ensure that these tariffs do not overly hurt, at least in the short-term, certain sectors." A common topic of discussion is whether Canada will delay a second round 25% tariffs that are due to be implemented in less than 3 weeks on another C$125 billion worth of U.S. imported goods. Trump will Exempt The White House announced on Wednesday that automakers will be exempt from tariffs against Canada and Mexico as long as they adhere to existing free-trade rules. Trudeau said that "any carve-outs which support workers in Canada – even if they are just for one particular industry – will be good." The Canadian Prime Minister will resign once the Liberal Party, which is ruling in Canada, chooses a leader for this Sunday. He has had a bad relationship with Trump, and he took a shot at the president who made his name as a real-estate mogul. "A win-lose would be worse than a win. He said that this is true for international trade and in the relations between nations. He said that in the real estate business, a win/lose deal is better than a "win-win" for those who are experienced. Reporting by David Ljunggren, Promit Mukherjee and Andrea Ricci; editing by Chizu nomiyama.
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Sudan files case against United Arab Emirates before the World Court
The International Court of Justice announced on Thursday that Sudan had filed a complaint against the United Arab Emirates for allegedly breaching its obligations under Genocide Convention through the arming of the paramilitary Rapid Support Forces. A UAE official stated in a press release that the United Arab Emirates would seek an immediate dismissal of this case. The UAE said there was no "legal or factual basis" for it. The charges relate to the intense ethnic-based attacks carried out by the RSF, and other Arab militias in West Darfur in 2023 against the non Arab Masalit tribe. These attacks were documented in great detail by. The United States declared these attacks genocide in January. The Sudanese Foreign Ministry did not respond immediately to a comment request. The government's application has been seen. Sudanese officials accuse the UAE frequently of supporting RSF, government rivals in a civil war that has lasted almost two years. The UAE denies the charges, but U.N. expert and U.S. legislators have found them credible. Sudan has filed a complaint with the ICJ alleging that the RSF is responsible for "genocide and murder, theft of properties, rapes, forced displacement, trespassings, vandalism, destruction of public property, and violations of human rights." It said that "according to Sudan, these acts were 'perpetrated' and 'enabled' by the United Arab Emirates' direct support of the rebel RSF and other militia groups," it added. The official from the UAE said: "The UAE has been made aware of the recent submission by the Sudanese armed forces representative to the International Court of Justice. This is nothing but a cynical public relations stunt designed to divert attention away from the complicity of Sudanese armed forces (SAF) with the atrocities which continue to destroy Sudan and its people." The war between Sudanese Army and RSF, which broke out after a power battle over the integration of forces in April 2023 has devastated the nation, spreading disease and hunger, while also threatening its fragmentation. It has attracted several foreign powers. The war has caused ethnic violence in many areas. However, the most bloody attacks were reported in West Darfur. There, survivors said that Masalit children were killed and young women raped in waves of attacks shortly after the conflict began. The ICJ is U.N.'s highest court. It deals with disputes between countries and violations of international agreements. Sudan and the UAE both signed the 1948 Genocide Convention. Sudan asks the court to issue emergency measures, and order the Emirates not to commit such acts of genocidal violence. The ICJ will hear the case in a few weeks. However, it may take several years for the court to issue a ruling that could determine if a genocidal act has been committed in Darfur. RSF and its allies are in the process setting up a rival government to that of the army-aligned group which has taken Port Sudan, on the Red Sea. This move was rejected by Egypt and Saudi Arabia. (Reporting and writing by Maha El-Dahan, Stephanie van den Berg Khalid Abdelaziz and Bart Meijer, Editing by Toby Chopra & William Maclean; Writing by Nafisa eltahir)
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Citgo Petroleum's profits plummeted by $305 million in 2024
Citgo Petroleum, a U.S. refiner owned by Venezuela, reported a net profit of $305 million last year. This was below the projected $2 billion profit for 2023. The company also revealed a loss of $146 million in the fourth quarter. The ownership of the seventh-largest refiner in the United States could change if the winning bidder for its shares is selected in a Delaware court-organized auction to compensate 18 creditors who have defaulted on debts or been expropriated in Venezuela. In 2024, a "deteriorating price environment" coupled with lower volumes processed of oil earlier in the year resulted in lower profitability. The fourth quarter loss was attributed to weak refining margins. Last year, the refinery's total production was 811 000 barrels per day. Of this amount, crude runs accounted for 753,000 barrels per daily (bpd) with a 93% utilization rate. These numbers were consistent with those of the previous year. The Corpus Christi refinery, which processes crude at 167,000 bpd and has a capacity of 463,000 bpd, increased its crude utilization rate to 96% after finishing maintenance and turnaround activities in the fourth quarter. In the third quarter, the Lemont refinery, located in Illinois and processing mostly Canadian crude oil, recorded a crude usage of 98%. Citgo's Chief Executive Carlos Jorda said that despite the fact that the fourth quarter was a low-margin period, the reliability of the company and its highest average quarterly crude utilization rate were not enough to compensate for it. He added, "We continued to implement our strategic initiatives while we fought a difficult market throughout the year." Citgo's volume of marketing sales for the year totaled 421,000 bpd. Citgo's trading activities were expanded into new markets including South Africa and Japan, and the firm saw a rise in sales of jet-fuel to airlines. Investors are looking for year-end liquidity to determine bids at the auction organized by the court. This has declined from $4 billion to $3.8 billion, which includes a securitization and secured notes facility. Cash on hand was used to redeem all outstanding senior secured notes of $1.125 billion due in June 2025.
EU countries want more flexibility in gas storage targets
EU diplomats have revealed that European Union countries are pushing back against a plan by the European Commission to extend the binding storage goals of the bloc for another two years. They want the goals to be more flexible.
The European Commission proposed on Wednesday to keep Europe's binding goals to fill up gas storage until the year 2027. This was in response to calls from certain countries to soften them, but the EU executive said it would be more lenient when enforcing the targets.
EU diplomats said that this did not satisfy the concerns of certain member countries who, at a Thursday meeting of diplomats of EU countries, demanded greater flexibility in the rules.
Germany and the Netherlands have warned that the EU's requirements for filling storage tanks are driving up gas prices by signaling to the market the European buyers must buy. This leaves a large bill for countries who have large storage caverns.
The EU's targets include a mandatory goal to fill storage caverns with gas to 90% capacity by the first of November each year. There are also a number of intermediate goals in the months preceding November.
During the summer, the countries are looking for softer goals to allow them greater flexibility in achieving the November final goal.
Two diplomats stated that a majority of EU member states had supported the call for soft targets at the meeting held on Thursday.
The EU will now negotiate with the European parliament and approve an extension of the target. This gives them the chance to amend the rules.
Gas storage goals were implemented in 2022, after Russia cut gas deliveries. This was to ensure EU countries have a buffer fuel supply during winter months when demand for gas heating is at its peak.
(source: Reuters)