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Chile advances lithium projects on three salt flats
The mining ministry announced on Tuesday that the Chilean government is moving ahead with a simplified procedure to award contracts for lithium in three salt flats. The agency announced that it had accepted applications from Eramet for the Agua-Amarga salt plain; Eramet, Quiborax and the state-copper giant Codelco for the Ascotan Salt Flat; and the Caliche Kairos Consortium for the Coipasa Salt flat. The leftist president Gabriel Boric has introduced a plan that will increase state control of lithium, which is a key metal in electric vehicles and energy transition in 2023, and create public-private partnerships in order to expand this industry. Plan included state-controlled joint enterprise between Codelco, the largest lithium miner in the country, and SQM. It also included opening up of other salt flats to development. The mining ministry announced on Tuesday that if the applicants are in agreement, the contract would be signed once the indigenous consultations have been completed and all other conditions of the CEOL (a special permit for lithium mining) are met. The statement stated that "public bidding processes would be initiated if this is not the case, as it was with the Ollague Salt Flat in the Antofagasta Region, Piedra Parada, and Laguna Verde, in the Atacama Region." To qualify for an expedited process, the parties must demonstrate ownership of a mining concession, financial capability, and experience in the mining industry or value chain. A statement noted also that Codelco's dialogue with indigenous communities to modify an CEOL on the Maricunga Salt Flat had ended. The statement stated that "all that is left to do is publish the closing resolution which will include all 11 agreements that were reached with the six community participants in the process." (Reporting and editing by Alexander Villegas, Alistair Bell and Fabian Andres Cambero)
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US defense contractors largely maintain forecasts despite Trump Tariffs
The major U.S. defence contractors have mostly maintained their financial forecasts through 2025. They say it's too early to know the impact of U.S. president Donald Trump's tariffs. Lockheed Martin, America's largest defense company, confirmed its projections for the coming year, thanks to a resilient demand for fighter jets and missile systems. Northrop Grumman, on the other hand, said that its profit margins could shrink, but it stuck to its sales forecast, showing some confidence in spite of trade tensions. Northrop CEO Kathy Warden said to analysts that she did not believe there was a significant risk for the company at this time. We're going monitor that closely, and we're taking action now to account for and minimize the risks we do see. RTX Corp (formerly Raytheon Technologies) broke ranks and expressed concern over the potential loss of $850 million due to new tariffs on metals, China, and other countries. This divergence shows the different impacts of trade policy across the commercial and defense aerospace sectors. RTX is a large aerospace company that manufactures jet engines and interiors. As with other industries with complex manufacturing, the defense industry is also grappling with potential trade war effects. This situation has put pressure on an already stressed supply chain and forced companies to reassess strategies and cost structures. Despite these challenges the sector continues benefiting from an increase in global demand for weaponry, fuelled by the Russian War in Ukraine and the conflict in the Middle East. This increased demand has helped to offset some of trade dispute uncertainties. RTX's concern shows that the industry isn't immune to trade pressures. It also highlights the interplay complex between economic policies, international relations and defense spending. Defense Secretary Pete Hegseth suggested in a social media post on April 7, that a higher U.S. Defense budget would benefit contractor revenues and provide some stability and growth despite an uncertain economic outlook. Trump's review, which aims to ease restrictions on military equipment export, could boost revenue for U.S. contractors. This comes at a time when some allies are reconsidering the reliance they have on U.S. military equipment because of trade tensions and changing geopolitical relationships. The European Union is planning to strengthen its own defense capabilities by 2030 to reduce its reliance on the U.S., which could mean that companies outside of the bloc will have a smaller role. Northrop Grumman reported a 49% decline in its first-quarter profits and missed sales targets. The U.S. contractor also booked losses on the B-21 stealth aircraft program due to increased manufacturing costs. This sent its shares down by 12%. Lockheed's first-quarter profits were higher, which boosted shares by more than 2%. Lockheed's quarterly earnings per share, which came in at $7.28, beat Wall Street analysts' expectations of $6.34. Collins Aerospace (RTX's aerospace and avionics division) posted an 8% increase in revenue, reaching $7.22 billion, in the third quarter. Meanwhile, Pratt and Whitney, which produces engines for Airbus A320neo aircraft, saw sales grow 14%. Raytheon's defense division, RTX, reported a 5% drop in sales from the previous year, mainly due to its divestiture of cybersecurity, intelligence, and services businesses completed last year. (Reporting and editing by Rod Nickel in Washington)
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Bank of America shareholders approve executive compensation and elect directors
Bank of America shareholders approved pay packages for CEO Brian Moynihan, the lender's top executive and elected 14 directors to the board on Tuesday. Institutional Shareholder Services, a proxy adviser, had advised investors to vote against the payouts. They expressed concerns over the process that was used to determine the compensation. Moynihan's earnings for the last year increased by about 21%, to $35 million. The board of directors credited him for increasing the company's net income by 2.3% and revenue by 3.4% last year. Moynihan stated that any impact the tariffs will have on the bank is indirect, depending on the effects of a trade conflict on the economy. He said: "The impact on our Bank will be the economic impact of trade war... so, if you think that consumption drops and that results in a reduction in force of employees that would increase unemployment rate." Earlier this month, the administration of Donald Trump announced, and then paused, tariffs on dozens countries, throwing global economic uncertainty. Moynihan said that his bank's economists do not expect a recession in this year. However, they believe the Federal Reserve won't cut rates due to the sticky inflation. A question regarding the Trump risk Sacked Fed Chair Jerome Powell said that an independent central banks is important to U.S. consistency. Trump intensified his criticism of Fed chair Powell, calling him a'major loser', in a post on social media made Monday. This raised concerns over the president’s influence over central bank. BofA shareholders voted also on other management-related proposals but rejected each individual shareholder proposal. The board was asked to report annually on its lobbying activities and its efforts to influence policy in relation to its 2030 targets for sectoral emission reductions and its 2050 target of net zero emissions. BofA has Joined other major U.S. Banks In recent months, the Net Zero Banking Alliance has been one of the top climate coalitions for the banking sector in the world. BofA's first-quarter profits surpassed expectations as its interest income increased and volatile stock markets helped their traders make a record haul. (Reporting and editing by Margueritachoy, Saeed Azhar, Arasu Kanagi Basil)
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Republican Senator asks RFK Jr.
Shelley Moore Capito, a West Virginia Republican senator, asked Robert Kennedy Jr. of the U.S. Department of Health and Human Services on Monday to reinstate programs that protect coal miners who have received layoff notices. Capito, the chair of the Senate Appropriations Subcommittee on Labor, Health and Human Services, has said that the work of the National Institute for Occupational Safety and Health, a Division of HHS, was critical for her coal-producing State and did not duplicate any government program. HHS announced mass layoffs of NIOSH employees on April 1. This included around 875 out of the 1,000 strong workforce. About 500 employees from Morgantown, West Virginia worked on developing products to protect coal miner and running a surveillance program for detecting cases of black lung, which are on the rise throughout central Appalachia. I am worried that RIFs will undermine vital health programs for so many West Virginians. In a letter to RFK Jr., she urged him to immediately bring back NIOSH workers so that they could continue to support the nation's coal industries. She told me that she met RFK Jr. recently, and he agreed with her that NIOSH is unique. The cuts to NIOSH are removing important federal protections for miners who are more susceptible to black lung disease due to exposure to silica. NIOSH has suspended a program that was in place for decades to detect lung diseases among coal miners. The NIOSH has also suspended related programs that provided x-rays at mine sites and lung tests. The loss of NIOSH staff has also affected the ability of black lung infected miners to receive relocation with pay under the Part 90 program. Capito warned HHS that it will begin decommissioning labs in the near future, including those located in West Virginia, and this would cost taxpayers thousands of millions of dollars. She said that restarting the labs would add to costs. She wrote: "I do believe that the President's vision of right-sizing our government will achieve this goal, but I don't think eliminating NIOSH coal research and programs will accomplish this goal." (Reporting and editing by Mark Porter; Valerie Volcovici)
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Argentex suspended shares after margin calls triggered by volatility
The shares of British currency management company Argentex, which is based in London, were suspended on Tuesday. Argentex said that the sharp drop in the U.S. Dollar had caused a serious deterioration in its liquidity. Argentex, a financial firm that has been hurt by recent market turmoil, announced it was evaluating a variety of options to help the company. The global markets have been volatile this month as President Donald Trump’s tariff policy has increased uncertainty about the economy. In a filing to the stock exchange, "Argentex was exposed to significant volatility of foreign exchange rates. As a result, (it) experienced a rapid impact on its short-term liquidity position," it said. This was due in part to margin calls related to its FX options and forward books. The company has a market cap of 69 million dollars and said that it was supported by its main liquidity provider. It also stated that they were looking to improve their position. If the volatility of currency markets increases materially in the future, the financial position of the company will be severely strained if it is not bolstered in the near-term. Argentex stated that it was particularly exposed to the "rapid devaluation of the U.S. Dollar against other major benchmark currency." According to LSEG, the dollar is at its lowest level in three years compared with a basket major currencies. It's also on track for its worst first-four months performance in 50 years. Analysts believe that the decline in the stock market is due to global investors selling U.S. investments because they are worried about the health and economy of the United States. Argentex's website describes it as "a global expert in currency risk and alternative banking". It offers its clients payment services and strategies to hedge their currency risks. The shares of the company were suspended on February 2, but they have already logged a 50% gain in 2025.
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Dollar up after recent stock selloff; Investors assess Trump's comments about Fed chief
The dollar also recovered slightly as investors assessed the criticisms of Donald Trump by the Federal Reserve Chair. Investors have also taken in more first-quarter company reports from the United States. The shares of 3M Co, an industrial conglomerate, jumped by 5% after it beat expectations for the first quarter. However, the company warned that tariffs could have a negative impact on its 2025 profits. Trump intensified his criticism of Fed chair Jerome Powell, calling him a “major loser”, in a post on social media made Monday. This raised concerns over Trump's influence on the central bank. Investors are worried that the White House may try to replace Powell by someone who will cut interest rates. Gold prices rose above $3,500 early on Tuesday morning, another record high. Oliver Pursche is senior vice president and advisor at Wealthspire Advisors, Westport, Connecticut. Trump wants to "put pressure on Powell." Stocks: "Overall, the trend in stocks is down. But it's no fire sale. Get rid of everything." The people are looking for pockets of opportunity and value. They are available. Trump stated last week that he believed Powell would leave his position if Trump asked him to, despite Powell's own statement. Although it is not clear whether Trump has the power to fire Powell, lawsuits filed by Trump over other firings are being monitored as possible proxy actions. Investor confidence was already shaken by Trump’s constant back and forth announcements about tariffs. They worry that this could cause a severe disruption to world trade, as well as hurting the global economy. The International Monetary Fund On Tuesday, the price was slashed The company cited the high U.S. Tariffs as a reason for its revised growth forecasts in the United States and China. The Dow Jones Industrial Average rose by 531.19, or 1.39 percent, to 38.701.60. The S&P 500 gained 64.03, or 1.24 percent, to 5,222.23. And the Nasdaq Composite jumped 212.61, or 1.37 percent, to 16.087.72. Results of Tesla are due later on Tuesday. The MSCI index of global stocks rose by 5.67 points or 0.72% to 788.78. The pan-European STOXX 600 fell by 0.27%. The dollar index measures the greenback in relation to a basket including the yen, the euro and other currencies. The dollar rose by 0.29%, while the euro fell 0.45% to $1.1461. The dollar fell 0.06% against the Japanese yen to 140.69. The dollar and yen had reached a seven-month peak earlier. The dollar gained 0.68% against the Swiss Franc to reach 0.815. Analysts said The dollar The situation was, however, still fragile, amid concerns about the U.S. tariffs. Gold has reached a new record high of $3.500.05. Recent dollar weakness and demand for safe havens helped to push gold up to this level. Gold spot was up 0.8% to $3,452.20 per ounce. The yield on the benchmark U.S. 10 year notes dropped 2.8 basis points from late Monday to 4.377%. Oil prices were higher. U.S. crude climbed 0.89% to $63.64 per barrel. Brent rose 0.8% to $66.79 a barrel.
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Putin talks nuclear talks between the US and Iran with Oman's leader
A Kremlin official said that Russian President Vladimir Putin and Sultan Haitham bin Tariq al-Said discussed Iran's nucleotide programme with him on Tuesday. Oman is mediating between Iran, the United States and Iran as Donald Trump attempts to reach an agreement with Iran that will curb its nuclear program. Washington believes it aims at developing nuclear weapons. Interfax reported Kremlin Foreign Policy aide Yury Uschakov saying, "We discussed progress in negotiations between Iranians and American representatives." "We'll see what happens." We keep in close touch with our Iranian colleagues. "We help where we can." Trump has threatened to attack Iran if a deal cannot be reached. Iran denies that it is seeking atomic arms. In January, Russia signed a treaty of strategic partnership with Iran and is trying to improve its relations with Trump's administration. As a signatory of a previous deal with Iran that Trump abandoned in his first term, 2018, Moscow plays a part in the nuclear talks. Russia has stated that any U.S. action against Iran is illegal. Putin told the Sultan in televised remarks that Russian energy companies are interested in developing relations between Oman and Russia. Putin met with the emir from Qatar, who visited on April 17, for the second time within a week. Last week, Iran's Foreign Minister visited. Mark Trevelyan (reporting, writing and editing)
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Governor of Zaporizhzhia: Russian-guided bombs killed woman in Ukraine’s Zaporizhzhia
Ivan Fedorov, the regional governor, said that Russia had struck Zaporizhzhia, Ukraine, with two guided aerial weapons on Tuesday. A woman was killed and 26 others, including four children were injured. Regional officials reported that Russian forces launched drone attacks against the cities of Kherson and Kharkiv, both in the south of Ukraine. Both Russia and Ukraine were under pressure by the United States to show progress in ending the war which began when Russia invaded Ukraine on a full-scale basis in February 2022. "All this is deliberate Russian terrorism that can be stopped by a single command, a command in Russia and an order for the Russian Army," Ukrainian President Volodymyr Zelenskiy said on the social media platform X. He added that there were also attacks on Sumy Donetsk, and Odesa. Russia has not yet commented on these reports. Zaporizhzhia is an important industrial and logistical hub located in the southeast of Ukraine, about 50 km from the frontline. It has been frequently targeted by intensified Russian guided bomb attacks. The Ukrainian air defences have a difficult time intercepting highly destructive guided bombs. Local officials shared images of a residential building with upper floors that were charred and rescuers who were helping the injured. Fedorov stated that doctors are treating all the boys, aged between 3 and 16, as well as other injured victims of the attack. One of the guided bombs hit a densely-populated area of the town at around 11:40 am (08:40 GMT). "I'm not able to think straight." Alla, an 73-year-old local, said that there was a loud bang and the balcony had been completely blown off. She was visibly trembling as she sat down on a nearby bench. The largest nuclear power station in Europe, the Zaporizhzhia Region, is located in a part of Russia. Six people were injured in Kherson and an entire hospital was damaged by regional prosecutors. Mayor Ihor Terekhov reported that at least 10 people in Kharkiv were injured and that several fires broke as Russia targeted the four districts of the city.
EPA starts layoffs for environmental justice staff
The Environmental Protection Agency (EPA) sent notices of termination on Tuesday to employees who worked on environmental justice programs in its regional offices and at its headquarters, stating that their work did not align with the agency's mission.
Nearly 200 employees of Office of Environmental Justice and External Civil Rights, who had been placed on administrative leave since February, received the reduction-in force letters. The employees were reinstated in the pending legal challenges.
The RIF notifications now being served will take effect on 31st July.
The letter sent to employees Monday stated that "this action is necessary in order to align our workforce to the agency's present and future needs, and to ensure efficient and effective operations of our programs."
The mission of the environmental justice office was to integrate equity and civil rights in environmental policymaking and protect low-income groups and minorities who are most at risk due to air and water pollution.
"Decimating the Environmental Justice and Agency workforce is against our oath of protecting human health, and keeping our planet healthy and habitable to future generations," said Joyce Howell. She represents more than 8,400 EPA employees nationwide.
EPA Administrator Lee Zeldin spoke to reporters Monday. He was appointed by U.S. president Donald Trump. Zeldin acknowledged that "there are some communities that have fallen behind and need help," however, he said that environmental justice programs were not effective at the agency.
He told reporters at the EPA headquarters that "the problem is that, in the name environmental justice," a dollar would be secured but not spent on remediating this environmental issue. "Instead, this dollar will be spent on a team to tell us we should spend a dollar to remedy environmental issues," he told reporters at EPA headquarters.
Zeldin and EPA staff have been working on a broader plan for reorganizing the agency and reducing its budget by 65%. (Reporting and editing by Barbara Lewis; Valerie Volcovici)
(source: Reuters)