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Polls indicate that Australia's centre left Labor Party is likely to remain in power, as Trump worries weigh on the country.
Two opinion polls released on Thursday showed that Australia's center-left Labor Government is likely to remain in power after a tight national election at the weekend. Voters ranked Donald Trump's policies as their number one concern. According to a RedBridge/Accent poll conducted by News Corp on Thursday, Labor led the Liberal-National Coalition conservative coalition 53%-47% under Australia's preferential voting system for two parties. Votes are then distributed until a winner has been declared. The RedBridge survey showed that Labor could form a majority government or win the election on its own. This is a change from the February poll, which indicated that voters wanted Anthony Albanese to leave office. RedBridge's poll found that Millennials, Generation Z, and older voters are the ones who have changed their minds about Labor. The 18 million Australians who are enrolled in Australia's compulsory voting system consist of 43% Millennials and Generation Z, which is more than the influential Baby Boomer group. The backlash against Trump and his remarks about making Canada the 51st state of the United States fueled a major political comeback by Prime Minister Mark Carney’s Liberals earlier this week. Around 48% of Australians ranked Trump's uncertainty as their top concern, while 42% were wary of opposition plans to build nuclear power plants in the country to replace coal-fired energy. A poll online of 1,011 respondents was conducted from April 24 to 29. Peter Dutton, the leader of the opposition, has been campaigning on several policies that are seen as being modeled after Trump's Department of Government Efficiency set up by Elon Musk. He later abandoned a plan which would have required all government workers to return to their full-time jobs. Dutton's popularity has been dragged down by comparisons to Trump and his policies in Australia. A poll conducted last month revealed that Australians had lost faith in the United States. YouGov released a separate poll on Thursday that predicted a Labor majority. The party is likely to win up to 85 seats out of 150 seats in the lower house, while the opposition faces a net loss 11 seats, which would be its worst performance since 1947. Albanese has downplayed the poll results and said it would be an extremely close race. (Reporting and editing by Renju José in Sydney.
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After a selloff, oil prices are now easing up as supply concerns take hold
The oil prices rose slightly on Thursday after sharp drops the day before, driven by signs that Saudi Arabia can produce more and the fact that the U.S. economic contraction in the first quarter. Brent crude futures increased 16 cents OR 0.3% to $61.22 per barrel. U.S. West Texas Intermediate Crude Futures rose 6 cents, or 0.1% to $58.27. The two contracts closed Wednesday at their lowest levels in four years. Sources say Saudi Arabian officials have informed allies and experts in the industry that the kingdom does not want to support the oil market by cutting further supplies and is able to handle a long period of low oil prices. Three sources familiar with OPEC+ discussions told us earlier this month that several OPEC+ member countries will propose the group increases oil production in June by a significant amount for a second month in a row. The U.S. economy shrank for the first three-year period in the first quarter. Businesses rushed to import goods in order to avoid tariff-related costs, highlighting the chaotic nature of President Donald Trump’s trade policy. A poll suggests that Trump's tariffs make it likely the global economy will slide into recession in 2019. An oil price poll on Wednesday showed that OPEC+’s decision to reduce supplies and a demand outlook clouded with trade disputes between China and the U.S. will have a negative impact on prices in 2018. In April, a survey of 40 analysts and economists projected that Brent crude would average $68.98 per barrel in 2025. This is down from the estimate of $72.94 in March. U.S. crude oil is forecast to average $65.08 per barrel in 2025, down from last month's $69.16 estimate. The Energy Information Administration reported on Wednesday that U.S. crude stockpiles dropped unexpectedly by 2.7m barrels due to higher exports and refinery demands, as opposed to analysts' expectations, which were based on a poll, of a 429,000-barrel increase. (Reporting from Arathy S. Somasekhar, Houston Editing by Shri Navaratnam.)
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US House votes to rescind California's heavy-duty truck regulations
The U.S. House of Representatives voted on Wednesday to revoke the Environmental Protection Agency’s approval of California’s plans for a growing number of zero emission heavy-duty trucks. The House also voted on repealing an EPA waiver granted in December by former president Joe Biden to California's "Omnibus", low-NOx regulations for heavy-duty highway vehicles and off-road engines. Separately, the U.S. House will vote on Thursday against California's historic plan to stop selling gasoline-only cars by 2035. This plan has already been adopted by eleven other states. The EPA granted a waiver for the plan under the Clean Air Act in December. The question remains as to whether Congress has the power to revoke waivers by using the Congressional Review Act. In March, the The Government Accountability Office has said that waivers are not allowed. The CRA allows for repeal of the law with only a majority vote in the U.S. Senate. California Air Resources Board stated Wednesday that the votes were in violation of the Congressional Review Act, nonpartisan analyses by the U.S. Government Accountability Office (GAO) and the Senate parliamentarian. A spokesperson for the board said that "CARB will continue to carry out its mission of protecting public health in Californians affected by harmful air pollutants." Republican Representative John James stated that the rules will increase vehicle prices and burden truckers and working families across the nation. California, under an executive order signed by Governor Gavin Newsom in 2020, plans to mandate that by 2045, all medium- and heavy duty vehicles will be zero-emission wherever possible, moving away from diesel powered trucks. CARB reports that heavy-duty vehicles weighing more than 14,000 pounds (6.4 tons) account for over 50% of the nitrogen oxides and diesel fine particle pollution on California's roads. The NOx rule is expected to reduce heavy-duty vehicle emissions by 90%, and will result in $23 Billion in health benefits due to reduced illnesses. The largest U.S. source of transportation is U.S. greenhouse gas emissions Heavy-duty vehicles, with 23%, are the second largest contributors. (Reporting and editing by Stephen Coates; David Shepardson)
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Albemarle's outlook for 2025 is unchanged due to the lithium tariff exemption
Albemarle is the largest lithium producer in the world for electric vehicles batteries. It said that it was not affected by the tariffs swarming around the global economic system and will maintain its outlook until 2025. The company, based in Charlotte, North Carolina, operates across North America, Asia, and Australia. It has maintained its earnings and sales forecasts for the year. For now, you are exempt Tariffs Washington wants to impose on its trading partners. In a recent press release, CEO Kent Masters stated that "While it is not clear what the full impact of the tariffs recently announced and other global trade action will be on our business, we do benefit from the global footprint and current exemptions in place for critical minerals." Albemarle has, along with many of its competitors, struggled to survive the lithium glut that was caused by Overproduction in China It has been forced to Cut staff Cut back on expansion projects. Masters noted that the company is "focused on what we control" and did not indicate any improvement in market dynamics. Albemarle reported that its first-quarter loss was $340,000 or zero cents a share. This compares to the loss of $9.1million or 8 cents a share in the previous period. The Charlotte-based company, which lost 18 cents a share, did not include costs associated with curtailing expansion projects, investments, and other special items. According to IBES data, analysts had expected earnings per share of 59 cents. Energy Storage, the division of the company that sells lithium, has reported a drop in revenue of $276.3 millions due to a 34% decline in prices it receives for its product. After-hours, the company's shares fell to $58,35. Albemarle will discuss its quarterly results with investors on a conference call scheduled for Thursday morning. (Reporting and editing by Stephen Coates; Ernest Scheyder)
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S&P 500 and Dow end up higher despite GDP decline and crude prices sink
Investors reacted to news that the U.S. economy has contracted for the first time since 2022 by pulling back U.S. stock prices in late session on Wednesday. Oil prices also posted their largest monthly decline in three-and-a half years. The Dow and S&P 500 both turned positive minutes before the closing bell. The Nasdaq, which is dominated by technology stocks, ended modestly lower. S&P 500, Dow and Nasdaq all lost ground in April. Chuck Carlson of Horizon Investment Services, Hammond, Indiana, said that "the market's actions... are reflective of an economic which is likely to struggle as the year advances." The U.S. Gross Domestic Product contracted in the first three months of 2018, largely because imports surged to avoid tariffs. U.S. president Donald Trump blamed Democratic predecessor Joe Biden and said that his tariffs would bring an eventual booming economy. Carlson said that the reversal could be due to people trying to digest some of these figures and put them in context. Was it really that bad? Are we at the brink of a new recession? Carlson explained that the markets are trying to put this into context and evaluate it. Companies are increasingly lowering or pulling back on their earnings guidance because of tariff uncertainty, as a result of the ongoing multi-fronted trade war. Wall Street pared its losses following the release of positive economic indicators. Consumer spending exceeded expectations and the Personal Consumption Expenditures price index was unchanged from month to month. Meta Platforms, Microsoft and the other "Magnificent 7" companies in the artificial intelligence megacap group are expected to report results after the bell. The Dow Jones Industrial Average climbed 141.74, or 0.35 percent, to reach 40,669.36. The S&P 500 gained 8.23, or 0.15 percent, to reach 5,569.06, and the Nasdaq Composite dropped 14.98, or 0.09 percent, to 17,446.34. Investors pondered key data and corporate results as European stocks finished a volatile session higher. The STOXX 600, however, registered its second consecutive month of losses due to uncertainty over tariffs. The MSCI index of global stocks rose by 1.56 points or 0.19% to 832.90. The pan-European STOXX 600 Index rose by 0.46% while Europe's broad FTSEurofirst 300 Index rose by 9.45 points or 0.45%. Emerging market stocks increased 5.67 points or 0.51% to 1,111.67. MSCI's broadest Asia-Pacific share index outside Japan closed up by 0.88% to 580.65. Japan's Nikkei gained 205.39 or 0.57% to 36,045.38. Dollar gains were maintained after mixed economic data from the United States and trade tensions eased. The dollar index (which measures the greenback versus a basket including the yen, the euro and other currencies) rose by 0.51%, reaching 99.68. However, the euro fell 0.58% to $1.132. The dollar gained 0.52% against the Japanese yen to reach 143.08. The dollar fell 0.63%, to $1.3322. The Mexican peso fell 0.32% against the dollar to 19.616. The Canadian dollar rose 0.33% against the dollar to C$1.38. The benchmark U.S. Treasury rates sawsawed downwards to close at a lower level amid turbulent trading. The yields fell 2 basis points to 4.156% from 4.174% at the close of Tuesday. The 30-year bond rate rose by 2.5 basis points, from 4.648% to 4.6734% late on Tuesday. The yield on the 2-year bond, which is usually in line with expectations of interest rates for the Federal Reserve fell by 5.3 basis points, to 3.605% from 3.658% at late Tuesday. The oil prices continued to fall, recording their biggest monthly drop in almost 3-1/2 years. Trump's trade conflict weakened the demand outlook. U.S. crude oil fell by 3.66%, settling at $58.21 a barrel. Brent, however, settled at $63.12 a barrel, down by 1.76%. The dollar's strength has led to a decline in gold prices. Spot gold dropped 0.65% to $3.294.59 per ounce. U.S. Gold Futures dropped 0.72% to an ounce of $3,295.00.
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Sumitomo and Builders Vision, both Japanese companies, have invested in the US startup Phoenix Tailings.
Sumitomo Corporation of Japan and Builders Vision, a fund that invests in impact investments, have invested in Phoenix Tailings of Phoenix, a U.S. rare earths processing company. This is the latest investment by manufacturers looking to increase production outside of China. Rare earths is a grouping of 17 metals, used in the production of magnets for electric cars, cell phones and electronic devices. After its development in the 1950s, the solvent extraction process, which is the current standard for the refinement of these minerals, has gradually become unpopular in America. However, Chinese companies have perfected it. China's rare earth exports have ceased, causing a rush for substitutes in the West. Phoenix claims its process produces rare earths with minimal or no emissions from recycled ore and mined ore. Sumitomo’s Presidio venture unit, along with Yamaha Motor and Builders Vision and venture capital funds Envisioning Partners and Escape Velocity joined a $33-million tranche for Phoenix’s Series B financing round, which closed April 25, according to the company. Phoenix refused to reveal the funding of each investor. The funding will be used to build a 13 million dollar facility in Exeter, New Hampshire that is capable of producing 200 metric tonnes of rare earths per year. It should open by the end of this year. The company closed its Series B round in December last year with a $43 million first tranche, bringing total funding to $76 millions. A $10 million Series A round of funding closed in August 2021. (Reporting and editing by Margueritachoy)
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Researchers say climate change is responsible for South Korea's deadly blazes.
Scientists said that climate change made the worst wildfires ever seen in South Korea twice as likely. They also warned that such disasters may become more common if temperatures rise. The fires that raged in the southeast of the country lasted for almost a week. They killed 32 people and destroyed around 5,000 structures before being brought under control at the end of March. The fires spread over 104,000 hectares (257,00 acres), which is nearly four times as much land as South Korea's worst fire season of 25 years ago. After combining observations with climate models, a 15-member team from the World Weather Attribution Group found that hot, windy, and dry conditions are now twice as common and 15% more intense. South Korea is prone to fires during this time of year because of its cold, dry winters, and the rapid increase in temperatures in March and April. This was confirmed by June-Yi Lee, Research Center for Climate Sciences, Pusan National university. She told a press briefing that this year's average temperatures between March 22 and 26 were 10 degrees Celsius above normal in the southeast. Patterns of low and high-pressure to the north and the south also generated powerful winds which helped the fire spread. She said that the severity of this year's impact was extreme due to the dry weather and high temperatures. If global warming continues to rise at its current rate, and by 2100 it has risen another 1.3 degrees, the weather conditions that caused fires may become more frequent. Clair Barnes, of Imperial College London's Centre for Environmental Policy (ICL), said that the models predict an average increase of 5% and a doubling in the probability of similar extreme events. Theo Keeping, at ICL's Leverhulme Centre for Wildfires, expressed concern that South Korea had become more fire-prone due to its extensive tree planting program since the 1970s. Forest management must be adjusted to cope with the extreme heat challenges, he said. He said that once a wildfire is severe enough, it cannot be extinguished by drops of water sprayed from helicopters and planes. We must manage the risk before such events occur. Reporting by David Stanway, Editing by Lincoln Feast.
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Kenyan lawmaker shot dead in capital Nairobi, local media says
Citizen TV, a local broadcaster, reported that gunmen riding motorcycles shot and killed a Kenyan legislator on Wednesday evening in Nairobi's capital. Other Kenyan media outlets including The Nation and The Standard newspaper also covered the story. Citizen TV reported that Charles Were was killed at 7:30pm local time by two gunmen "who were following him on a motorbike". Citizen TV reported that one of the gunmen jumped off the motorcycle and shot Were from close range. His driver survived. The MP died at the hospital to which he was taken for treatment. Were was once a member in the ODM, an opposition party led by Raila Odinga. Odinga is a veteran politician who lost the 2022 election to William Ruto. Odinga has reached an agreement with Ruto on issues that concern Kenya. Odinga rejected the results of the election, claiming irregularities. Reporting by Humphrey Malalo, Writing by Elias Biryabarema, Editing by Chris Reese & Bill Berkrot
Argentina soybean farmers record biggest sales day in 2025
The Rosario grain exchange in Argentina reported on Wednesday that the country had recorded its highest single-day soybean sales volume so far in 2025. This is after the grain transactions slowed down to their lowest pace in more than a decade.
The South American agricultural powerhouse, which is a major exporter of soybeans, sold 230,000 tons on Tuesday. This was after heavy rains and the uncertainty surrounding industry policies, exchange rates and harvest delays had caused the trading to slow down.
Argentina is the top soybean oil and meal supplier in the world.
Analysts attributed the increase to a more stable exchange rate and upcoming financial requirements for farmers in advance of the wheat planting season, which begins next month.
Lorena D’Angelo, an independent grains analyst, said: "At the moment, producers must sell due to their upcoming financial maturity."
Emilce Terre is a senior analyst with BCR. He said that the sales were also boosted by a relatively calm scenario of exchange rates after Argentina adopted its floating currency scheme earlier this month.
The uncertainty surrounding the exchange rate has subsided a little. "The dollar is calm, and no major changes are expected," Terre said.
The recent dry weather has improved conditions in soybean harvesting. This was previously below the average pace for the past five years and had also held sales back.
The exchange forecasts that the soybean harvest in 2024/25 will reach 45.5 millions tons. It said that sales of soybeans between April 24 to 29 totaled almost 800,000 tonnes, an increase from the 713,000 tones reported by the government during the week April 17 to 23,
According to the weather forecast released by the Buenos Aires grain market on Wednesday, Argentina's major agricultural regions will experience mostly dry conditions over the next 7 days.
(source: Reuters)