Latest News
-
Harbinger, an EV startup, launches a hybrid van platform in order to attract more fleet clients
Harbinger, a startup that produces electric vehicles, launched on Monday a new platform of gasoline-electric hybrid vans for medium-duty trucks. The company is looking to attract more fleet customers. Hybrid vehicles make it easier for fleets to transition from gasoline vehicles to electric ones by reducing their dependence on expensive charging infrastructure. They also offer benefits like a longer range and reduced fuel consumption. Harbinger CEO John Harris said that the hybrid chassis is a good fit for fleets with long routes, unpredictable days and limited charging access. It's also a good choice for those who have multi-shift schedules, middle-mile distribution, or longer routes. Harbinger, a new vehicle platform with a 500-mile range between charges and electric motors that drive the wheels, is backed by Capricorn Investment Group, an early Tesla investor, and Tiger Global. The gasoline engine will recharge the battery. Customers can choose to plug in the vehicle to charge the batteries. Harbinger’s platform is set to be delivered in the next year. It's a vehicle framework with all of its main components, including an electric motor and battery, as well as steering, brakes and engine. It is common for a company to send its chassis to customers or dealers, who will then add a body with the help of another company. This is essentially the process used in the industry. Harbinger announced last week that Panasonic, a supplier to Tesla, will be its supplier for EV batteries. Panasonic, a supplier to Tesla, will be the company's vendor for EV battery cells. After factoring in federal incentives provided under the Inflation Reduction Act, the startup claims that its new hybrid platform is priced at a competitive level with diesel models. Harbinger has also launched a program that will offer buyers a price reduction similar to the IRA Tax Credits if the Trump Administration removes them.
-
Brazilian steelmaker Gerdau reports slight core earnings gain as US revenues rise
Gerdau, a Brazilian steelmaker, announced on Monday that it had slightly surpassed its first-quarter core earnings. The company attributed this to the United States changing its trade policy for steel. Gerdau, Brazil’s largest steelmaker based on market capitalization, and owner of mills in the Americas, reported adjusted earnings before taxes, depreciation, and amortization (EBITDA), of 2.4 billion reais. This was higher than the 2.29 billion reais expected by analysts according to an LSEG survey. The adjusted EBITDA still fell by nearly 15% compared to the previous year, and the adjusted net profit dropped 39%, reaching 758 million reais. Gerdau stated, however, the adjusted EBITDA was nearly unchanged quarter-over-quarter, due to better results in North America. The firm stated in its earnings report that the increased demand in the United States is partly due to seasonal factors, but also because of customers' reactions to the changes in US trade policies, as well as the increase in inventory and the preference for domestically produced steel. In North America, net revenue increased by more than 16 percent from the December quarter. However, in Brazil it fell 3.5%. Gerdau's net total revenues for the quarter were 17.38 billion reais, which was higher than the 17.06 billion reais predicted by an LSEG survey.
-
Whitehaven Coal's third quarter production in Australia drops by 5% q/q
Whitehaven Coal, Australia, reported on Tuesday a 5% decline in production in the third quarter. This was mainly due to a reduced output at its Narrabri Mine in New South Wales as well as lower production in its Queensland mines. For the quarter ending March 31, the country's largest independent coal miner reported a managed run-ofmine (ROM coal) production of 9,2 million metric tonnes, compared to the 9.7 million tons that was reported for the previous three-month period. Visible Alpha's consensus estimate of 8 million tons was exceeded. Narrabri, the only underground mine of the company, reported a decline in ROM production of 31%. The mine had equipment failures that took time to fix during the period reported. The Queensland operations, which include the Daunia mine and Blackwater, saw a drop of 3% in ROM output during the first quarter, to 4.5 millions tons. The Queensland coal operations of the company earned A$221 (141.99 dollars) per ton sold during the quarter. ($1 = 1.5564 Australian dollars)
-
Trump touts US investments by Nvidia J&J Hyundai Toyota
Officials have confirmed that more than a dozen senior business leaders, including CEOs, will visit the White House this Wednesday to highlight U.S. investment. A White House official confirmed a Bloomberg News article that President Donald Trump will promote investments in the United States for his first 100-days in office. These include defense, technology, healthcare, consumer products, and investment funds. Trump has tried to promote new investments in spite of concerns from major U.S. companies about new tariffs. Airline companies, automakers, and retailers are concerned about the impact that tariffs will have on U.S. sales and manufacturing. Some large companies want to know more about government regulations and trade before they commit to new investments. Trump said General Motors was considering a $60 billion investment. Mary Barra, GM's CEO, said last week at a Semafor Forum: "I need clarity and consistency." To make these investments and be a good steward of our owners' capital, I must understand the policy. Trump said that he was considering giving automakers some relief against new auto tariffs. Trump announced in January that the private sector would invest up to $500 billion in infrastructure to support artificial intelligence. The goal was to surpass rival nations with this business-critical technology. This is expected to include SoftBank, Oracle and ChatGPT creator OpenAI. Hyundai Motor, a South Korean company, announced at the White House a $21-billion investment in the United States. This included a new $5.8-billion Hyundai Steel plant in Louisiana, which will produce more than 2.7 million tons of steel per year, and create over 1,400 jobs. (Reporting and editing by Matthew Lewis in Washington, Jasper Ward and David Shepardson)
-
Jim Ratcliffe, founder of INEOS, calls on Britain to reduce environmental costs
INEOS's owner, British billionaire Jim Ratcliffe, has urged the government to reduce the environmental costs businesses face, which he says, together with high energy prices, are driving away investment from the country. Energy-intensive companies in Britain, such as steelmakers, are struggling with the highest costs in Europe. INEOS said it faces a bill of 15 million pounds ($20 million) for its obligations under Britain’s Emissions Trading System. The ETS is a system that charges industrial entities and power plants for every ton of CO2 they emit, as part of broader efforts to reduce emissions and achieve climate targets. Ratcliffe said that the excessive costs of energy and carbon taxes are putting the industry at risk. Last year, INEOS, PetroChina International and Petroineos announced that the Grangemouth Oil Refinery in Scotland will close in 2025 because of economic problems, resulting in 400 job losses. The UK ETS requires companies to surrender carbon allowances equal to their emissions before April 30. Benchmark UK's carbon contract currently trades at around 64.01 pounds (48.01 pounds) per metric ton. The ETS contract for Europe is around 65 euros ($73.76). ($1 = 0.7499 pounds), ($1 = 0.813 euros) (Reporting by Susanna Twidale, editing by William James).
-
USDA: Mexico will send water to Texas in order to compensate for the shortfall of the treaty.
U.S. agriculture secretary Brooke Rollins announced on Monday that Mexico will increase its water deliveries to Texas in order to make up for a shortfall in accordance with a 1944 agreement that defines water sharing between the two countries. U.S. officials have claimed that Mexico has failed to fulfill its obligations under the Treaty, which is harming Texas' farmers. Mexico claims that drought conditions have caused the country to strain its water resources. After weeks of negotiations, the Deputy Secretary Christopher Landau and I reached an agreement that will give Texas farmers the water they require to flourish. "While this is an important step forward, Rollins stated that we are grateful for Mexico's continued support of American agriculture." Reports from earlier this month indicated that water was a potential new front for trade negotiations between two countries. According to the water treaty, Mexico must send 1,75 million acres-feet (or acre meters) of water from the Rio Grande to the U.S. every five years. A USDA statement said that Mexico would "transfer water to international reservoirs" and increase U.S. flow in six tributaries of Mexico's Rio Grande through the end the current five-year cycle of water, which ends in October. In a press release, State Department spokesperson Tammy Bruce thanked Mexican president Claudia Sheinbaum for her "personal involvement" in facilitating collaboration across multiple levels of the Mexican government in order to establish a united path in addressing this continuing priority. Mexico's own government issued its own statement on Monday, saying that it would implement "a number of measures to mitigate potential shortages in water delivery" including immediate transfers as well during the upcoming wet season. The statement stated that "all of these actions are based on the fundamental principle of ensuring water supplies for human consumption to the Mexican population who depend on the waters from the Rio Grande." (Reporting from Leah Douglas, Washington; Additional reporting by Cassandra Garrison, Mexico City; Editing done by Leslie Adler Sandra Maler Bill Berkrot
-
Email claims that the US has dismissed all authors of National Climate Assessment
According to an email sent on Monday, the administration of President Donald Trump has fired all contributors to a study that provides federal and local governments with information on how to prepare themselves for climate change. After the dismissal of almost 400 contributors for the six National Climate Assessment mandated by Congress in 2018, the future of this report is in question, as the peer-reviewed, multi-year analysis is due to be published in 2028. The email read: "At the moment, the scope of NCA6 is evaluated according to the Global Change Research Act of 1989," referring the legislation which kicked off the assessments and was signed by Republican president George H.W. Bush. Bush. Global Change Research Program was responsible for the climate assessment. Trump dismissed earlier in the month The input of 14 federal agencies as well as hundreds of outside scientists was coordinated. The findings are intended to help federal agencies, lawmakers and other stakeholders make informed decisions about climate policy and funding priorities. In 2023, the last assessment said that climate change would increase costs for Americans as insurance prices and certain foods rise, and medical care will become more expensive due to threats such as extreme heat. The White House didn't immediately respond to an email request for a comment. Trump's administration is cutting government jobs in several areas, including the National Institutes of Health and Environmental Protection Agency, to curb what it considers wasteful spending. Project 2025 was the policy blueprint of the right-wing Heritage Foundation that helped to shape many of Trump's policies. The chapter of Project 2025 on scientific agencies suggested that the National Climate Assessment be reformed to better scrutinize contributors. (Reporting from Valerie Volcovici)
-
Nucor, a US steelmaker, exceeds its quarterly forecast on the basis of higher spot prices
Nucor Corp, a U.S.-based steelmaker, beat analyst's estimates for revenue and profit in the first quarter on Monday. This was due to its mills segment operating at a high level. Segment, which produces structural steel, steel plates, steel bars, and steel sheets, has reported an increase of 10% in total shipments. Steelmakers have benefited from an increase in the spot price of hot-rolled steel coils (HRC), which is the most active form of finished steel. This was due to a surge in demand in the domestic market after President Donald Trump increased tariffs on steel and aluminum imports. Nucor's raw materials business saw lower margins and lower prices, which offset the lower sales in Nucor’s products segment. Nucor stated that they expect the earnings to be higher in the second quarter 2025 compared to first quarter 2025. Steel mills, the company's largest segment, is expected to see the most growth due to the higher average selling price at its sheet and plates mills. According to LSEG, the Charlotte-based company posted a quarterly adjusted profit per share of 77 cents, exceeding analysts' expectations of 64 cents. The total revenue exceeded the estimates of $7.23billion. Reporting by Aatreyee dasgupta in Bengaluru and Abhinav parmar; editing by Sriraj Kalluvila
Rollins, the Ag secretary of the United States, said that US and Mexico reached agreement on screwworm.
U.S. agriculture secretary Brooke Rollins announced on Monday that the United States and Mexico had reached an agreement regarding the management of a destructive pest known as New World screwworm. She had threatened to limit the importation of cattle from south of border.
Screwworms can infest animals, wildlife, and, in rare cases even people. Maggots of screwworm flies burrow deep into the skin, often causing severe and fatal damage.
Rollins wrote to the Mexican Agriculture Minister Julio Berdegue, on Saturday. He warned that the United States will restrict livestock imports into the United States on April 30, if the Mexican Government does not take any further action.
Rollins stated that during a visit to an Ohio egg plant, she had spoken with Berdegue about the issue and they had come to an agreement.
In the next few minutes, we will have more information on this. She said that the resolution was good.
Claudia Sheinbaum, the President of Mexico, said that Mexico is intensifying its efforts to combat screwworm.
Mexico is a major source of cattle for the U.S.
The blockade of imports will further reduce U.S. beef supplies, which have fallen to their lowest level in decades. This will drive up the price of beef. U.S. ranchers are increasingly sending cattle to slaughter instead of keeping them for reproduction, due to the drought that has dried out pasture lands in recent years.
Washington banned Mexican cattle from late December to February following the discovery of screwworms in Mexico. The U.S. Department of Agriculture eliminated the pest in the United States from 1966 and wants to prevent it from returning.
The National Cattlemen's Beef Association met recently with officials from the Embassy of Mexico, Washington, after hearing reports that Mexico was hindering U.S. efforts in fighting screwworm south of border.
Buck Wehrbein is the association's president and a Nebraska rancher. He said, "Screwworm can be very destructive. It could cost American cattlemen millions of dollars per year if it gets to us." Reporting by P.J. (Reporting by P.J.
(source: Reuters)