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Trump will sign an order to boost nuclear energy as early as Friday, according to sources
Four sources said that U.S. president Donald Trump would sign executive orders on Friday to help jumpstart the nuclear industry. These executive orders will ease the approval process for new reactors, and strengthen the fuel supply chain. Trump, on his first official day in office, declared an emergency energy situation due to the rise in demand for power that has been seen in the last two decades. Chris Wright, energy secretary, said that the race to develop the power sources and data centres needed for AI was "Manhattan Project 2", in reference to the massive U.S. project during World War II, to develop atomic weapons. According to a draft summary, Trump will use the Cold War Defense Production Act in order to declare a state of emergency due to the U.S.'s dependence on Russia and China regarding enriched uranium and nuclear fuel processing. The summary directs agencies to allow and site new nuclear installations and directs Departments of Energy and Defense (DoD) to identify federal lands and sites for nuclear deployment and streamline processes to get these built. The Energy Department is also encouraged to use direct loans and loan guarantees to expand the reactor build-out. In his first term, Trump used the Loan Programs Office to support a nuclear power plant in Georgia. The LPO now has hundreds billions in funding thanks to legislation passed by former president Joe Biden's Administration, but has been hard hit by job cuts under Trump's second presidency. The White House didn't immediately respond to our request for comment. It is not uncommon for the exact wording and text of executive orders to be changed. There is also no guarantee that certain elements will remain intact or unchanged during the final stages. China is the country that has grown the fastest when it comes to nuclear energy. The United States, which was the first nation to develop nuclear power, also has the largest nuclear power capacity. According to one source, officials from the nuclear energy institute and Constellation, the utility with the largest U.S. capacity of reactors, were invited Friday afternoon to a signing ceremony. Constellation and NEI didn't immediately respond to comments. The Trump administration is debating draft executive orders that would boost nuclear energy. These proposed measures included giving the administration greater power to approve reactors, and reforming the Nuclear Regulatory Commission (NRC), a five-person panel that approves reactors. The Democrats like nuclear power because it emits virtually no carbon dioxide. Republicans prefer it because of its reliability compared to solar and wind energy, which are intermittent. This problem can be solved with battery storage. The United States has no permanent disposal facility for radioactive waste produced by nuclear power. (Reporting and editing by Alistair Bell; Timothy Gardner)
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Treasury yields decline, US stocks rise; investors evaluate US tax bill
The 30-year U.S. bond yields rose to their highest level in nearly a year before they eased on Thursday. Worries about the U.S. budget outlook and demand for debt remained, but stocks on Wall Street, including tech-related stocks, rose. After recent losses, the U.S. Dollar has strengthened. The yields increased earlier after the U.S. House of Representatives passed the tax bill of President Donald Trump by a single solitary vote late Thursday, adding to concerns about the debt load of the country. The bill would provide new tax breaks for car loans and tips, and increase spending on border security and military. The Congressional Budget Office (CBO) estimates that Trump's tax cut bill will add $3.8 billion to the $36.2 trillion of U.S. national debt in the next decade. Moody's was the last major credit rating agency to remove the U.S. from its triple-A status late last week. Some buyers were attracted by the recent drop in bond prices, which moves inversely with yields. Last week, the 30-year bond yield dropped 3.7 basis points to 5.0521%. Weak demand for the sale of $20 billion in 20-year bonds Wednesday heightened concerns over reduced interest rates on U.S. government debt. The benchmark 10-year and 30-year yields both rose by about 50 basis points in the last month. Ed Al-Hussainy is a senior rates analyst with Columbia Threadneedle Investments. He said that the Treasury market was looking for a "circuit breaker". This can be in the form poor labor market statistics to trigger (Federal Reserve's) cuts and trigger an assessment of the strength the economy. U.S. stock prices rose on Thursday, after dropping in the previous session. Jake Dollarhide is the chief executive officer of Longbow Asset Management, located in Tulsa. The market is a safe haven for technology at this time. The Dow Jones Industrial Average rose by 177.19, or 0.4%, to 42.037.60. The S&P 500 gained 28.89, or 0.4%, to 5.873.50. And the Nasdaq Composite gained 176.57, or 1.94 percent, to 19,049.21. Alphabet shares rose 2.3% while the sector of communication services rose 1%. The MSCI index of global stocks rose by 0.09 points or 0.01% to 874.00. The pan-European STOXX 600 fell by 0.64%. Figures showed that the British government borrowed more in April than was expected, and euro zone businesses unexpectedly returned to contraction. After the data, the euro fell while the U.S. Dollar rose after three consecutive days of losses. The euro last fell 0.41% to $1.1283. The dollar gained 0.29% against the Japanese yen to reach 144.08. Bitcoin, on the other hand, reached a new high partly because investors were looking for alternatives to U.S.-based assets. Bitcoin's last gain was 3.25%, at $111 795 51. The oil price was affected by a report that OPEC+ has discussed a production boost for July. Brent futures dropped 47 cents or 0.72% to settle at $64.44 per barrel. U.S. West Texas Intermediate Crude eased 37 cents or 0.6% to settle at $60.20.
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Rio Tinto to build second lithium project in Chile
Rio Tinto, the global miner, has been chosen by Chilean authorities for a second time in this week to be a partner on a new lithium project. The state-run mining company ENAMI announced its partnership with Altoandinos Lithium Project Thursday. ENAMI reported that Rio Tinto would initially invest $425 million in the project. This will total an investment of $3 Billion. ENAMI holds an initial stake of 49 % and two board positions, while Rio will have three board members. ENAMI stated that Rio's investment in Altoandinos will cover a feasibility study, the use of a pilot plant on its Rincon project, as well as its direct lithium extraction technologies. ENAMI stated in a press release that "Rio Tinto offers a financing solution which ensures the resources necessary for the project up until commercial operation." Rio Tinto stated in a separate press release that it would "advance towards binding agreements as soon as possible", and that feasibility studies will enable a final decision on investment. ENAMI also considered French mining company Eramet, Chinese automaker BYD and Korean Steel Group Posco as potential developers. Ivan Mlynarz, ENAMI's head, said: "After an in-depth analysis we found that Rio Tinto offered the best value to ENAMI." Rio was selected on Monday by the state-run copper mining company Codelco for its Maricunga Lithium project. (Reporting and editing by Kyra Madry; Daina Beth Solon)
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Enel's Italian shareholders have approved up to 3.5 billion euros in investor rewards
Enel, Italy's largest utility, approved on Thursday a plan for a share buyback and the option to cancel shares acquired without reducing capital. This allows Enel to reward its investors more. The board was given the authority to buy back up to 500,000,000 shares at a maximum cost of 3.5 billion Euros ($3.95 billion). Enel’s board will now decide when and how much to spend on the first tranche. Financial analysts say the utility controlled by the government could spend up to 1 billion euros on the first tranche of buybacks, in an effort to increase the value. Share buyback programs were introduced by European oil and gas companies, including Shell TotalEnergies, and Eni of Italy in order to attract investors. Endesa's Spanish subsidiary, announced recently a share buyback program worth up to two billion euros by 2027. A 500 million euro tranche of the programme was launched at the beginning of April.
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White House focuses on food, chemicals and overtreatment in report about childhood diseases
On Thursday, a commission headed by U.S. Secretary of Health Robert F. Kennedy Jr. released a report in which it stated that processed foods, chemicals, stress, and the overprescription and vaccinations and medications may be contributing factors to chronic illnesses among American children. Kennedy said that the report of the commission was "a call to action to act urgently to stop this crisis". This crisis is characterized by an increase in childhood obesity, diabetes and cancer rates, as well as mental disorders, allergies, and neurodevelopmental disorders such autism. It did not recommend specific regulations or restrictions for pesticides in agriculture, as some farming groups had feared. However, it did draw attention to studies that linked health disorders in animals and humans with the weedkillers glyphosate, and atrazine. The report said that the chemicals needed to be researched further. Bayer, the company involved in thousands lawsuits involving its herbicide Roundup containing glyphosate, has said that some of the details in this report are not "fact-based". Bayer stated that "we believe a fact-driven and data driven approach, with robust science following international gold standards, is necessary to support this important initiative." The report reiterated Kennedy's previous statements that highly-processed foods and additives pose health risks, and that the food and beverage industry has too much influence in forming public health recommendations such as the Dietary Guidelines. At a press event, he stated that there was consensus on the need to prioritise what he termed as the crisis of ultra-processed foods. The American Soybean Association criticized the report for being "drafted completely behind closed doors", and incorrectly suggesting that pesticides or soy oil contribute to negative health outcomes. We're discouraging the consumption of heart-healthy oil and forcing people to use fats which will make them unhealthy and cost more. "This is exactly the opposite of what government should do," said Alan Meadows, ASA Director and soybean farmer. The report also criticizes the U.S. childhood vaccine schedule, stating that the number of vaccinations recommended for American children is higher than many European countries. It stated that the effects of vaccine injuries and the link between vaccines, chronic diseases should be investigated. Kennedy, a vaccine skeptic for years, has pushed theories that are contrary to science about vaccine safety. FARM LOBBY SUBSTANCE PRESSURE The policy prescriptions are due in August after the report on Thursday. In February, President Donald Trump issued an executive order establishing the Make America Healthy Again Commission. The commission will investigate chronic illnesses and develop an action plan for combating childhood diseases. The U.S. Department of Health and Human Services and White House jointly manage the commission, with Kennedy as its chairman and the chief of the Domestic Policy Council as its executive director. It includes Agriculture Secretary Brooke Rollins, other cabinet members and federal health agency heads as well as senior White House officials. Farm lobby groups warned before the report was published that criticizing certain farm practices would impede collaboration with the health agenda of the administration and could put food production in danger. A source with knowledge of the issue said that the lobby groups were very insistent on the administration not to mention pesticides. Environmental Protection Agency (EPA) head Lee Zeldin told reporters on a conference call that farmers were key partners in the MAHA agenda, and that any change to pesticide regulations should be carefully considered. He said that "American farmers depend on these products and any further regulation or restrictions of crop protection tools must take into consideration the costs and benefits of adequate protection and alternatives," as well as risk-based scientific processes. Kennedy worked with attorneys from Wisner Baum to win a $289m verdict in 2018 for a Californian man diagnosed with non-Hodgkin lymphoma because he used Roundup regularly as part of his job. The verdict was reduced later to $20.5million. Kennedy also claimed that he had been involved in at least two cases against Roundup maker Monsanto which was acquired Bayer. The report recommended that as a next step, there be a greater focus on drug safety and research and improved surveillance of drugs and their effects on childhood health. It also called for clinical studies to compare the whole-food and processed-food diets among children. The report says that ultra-processed foods, which it describes as industrially-manufactured food products, are associated with poor health. The report cites infant food as an ultraprocessed product that is worrying, saying that more parents are buying European brands. MAHA activists are concerned about certain oils used in infant formula. However, these ingredients provide important fats.
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Modi declares that Pakistan will not receive water from rivers controlled by India
Indian Prime Minister Narendra modi reaffirmed on Thursday that Pakistan would not be able to access water from rivers where India holds rights. This was a further escalation of rhetoric in the standoff over access to water sparked by a deadly Indian Kashmir attack. In an interview, Pakistan's chief lawyer said that Islamabad was willing to talk about water sharing with its neighbours, but India had to stick to the decades-old treaty. India announced last month that it would suspend the Indus Waters treaty as part of a series of measures in response to the attack on Indian Kashmir, which New Delhi attributed to Islamabad. Pakistan denies this charge. A move to deny Pakistan the right to access water would be devastating. The Indus Treaty, which was negotiated in 1960 by the World Bank, ensures that 80% of Pakistani farms will have access to water from three rivers flowing from India. Before agreeing on a ceasefire, the nuclear-armed neighbors had already fought in their most intense military conflict in almost three decades. Pakistan will have to pay for each terrorist attack. Pakistan's military will be responsible. Modi told a crowd at an event in Rajasthan, a state bordering Pakistan that the Pakistani economy would pay hefty price for every terrorist attack. Mansoor Awan, Pakistan's Attorney general, said that Pakistan was willing to discuss or address any concerns. He said India wrote to Pakistan in recent days, citing population increase and clean energy requirements as reasons for modifying the treaty. He said that any discussion would be subject to the terms of the Treaty. Awan, a spokesperson for Islamabad, said that the treaty was legally binding and that no party could unilaterally suspend it. He added that "as far as Pakistan was concerned, the treaty was very much operational and functional and India did everything at its own risk and cost in terms of building any hydroelectric projects." The ceasefire has been mostly maintained. Subrahmanyam Jishankar, the Indian Foreign Minister, said that there are no active exchanges of gunfire and that "forces have been repositioned accordingly". "The military operation is continuing because it's a clear signal... that there will be a reaction if we see acts like the ones on April 22." Jaishankar said to Dutch news outlet NOS that "we will strike the terrorists". He added, "If terrorists are in Pakistan we will strike them there." Since 1947, when India and Pakistan were separated from British India, they have had a tense relationship. They have fought two wars over the Himalayan region called Kashmir, which both countries claim but only rule in part. India accuses Pakistan that it supports islamist separatists within Kashmir. Islamabad, however, denies this claim. In Pakistan's volatile Balochistan Province, a suicide blast on a school bus killed five people including three children on Wednesday. India has rejected the accusations of Pakistan's Prime Minister and Military that "Indian terror proxy" was involved. Since the attack in April, both nations have responded by closing their borders, suspending visas and stopping trade. (Reporting and editing by YPrajesh, Andrew Heavens and Sakshi Dayal)
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Scientists in the US predict a hurricane season above normal for 2025
Scientists from the U.S. Government said that they expected a hurricane season above normal in 2025. They expect three to five hurricanes of major intensity with winds sustained at a minimum of 111 miles per hour (179 km/h). According to the U.S. National Weather Service, 13 to 19 tropical storms will be named with winds at least 39 mph during the Atlantic hurricane season that begins June 1. Six to ten of these storms are expected to develop into hurricanes with wind speeds greater than 74mph. Ken Graham, Director of the National Weather Service, said that the main contributor to this is the warmer sea surface temperature. Both academic and private forecasters have given similar predictions for the current hurricane season that continues until November 30. In the Atlantic between 1991 and 2020 there were an average of 14.4 tropical storms named annually, with 3.2 major hurricanes on average among 7.2 hurricanes. Colorado State University's meteorologists predicted in early April that the 2025 Atlantic hurricane season will be above normal, with 17 named storms and nine hurricanes. Four of these are expected to be major. AccuWeather released its hurricane season forecast for 2025 in late March. The private weather service predicts between three and five hurricanes major out of seven to ten hurricanes, from thirteen to 18 named Tropical Storms. The hurricane season of 2024 was the most expensive on record. Five major hurricanes were among the 11 named storms that made up 18 hurricanes. The storms of 2024 caused the deaths of 427 individuals and total losses of $130 billion. (Reporting and editing by Nia Williams in Houston, Erwin Seba)
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Treasury yields fall, US stocks increase with technology; investors evaluate US tax bill
The 30-year U.S. bond yields rose to their highest level in nearly a year before they eased on Thursday. Worries about the U.S. budget outlook and demand for debt remained, but Wall Street stocks gained ground with tech-related gains. After recent losses, the U.S. Dollar has strengthened. The U.S. House of Representatives approved President Donald Trump's proposed tax bill with a single-vote, increasing concerns about the debt burden of the country. The bill would provide new tax breaks for car loans and tips, and increase spending on border enforcement and the military. Moody's was the last major credit rating agency to remove the U.S. from its triple-A rating. The yield on the 30-year U.S. bond was last down 3.2 basis point at 5.0573%. Weak demand for Wednesday's $16 billion in 20-year bonds increased worries about the interest rate on U.S. government debt. The yields on benchmark German 20-year bonds had reached their highest level in two months. U.S. stock prices rose on Thursday, after a sharp drop in the previous session. Jake Dollarhide is the chief executive officer of Longbow Asset Management, located in Tulsa. The market is a safe haven for technology at this time. The Dow Jones Industrial Average gained 51.28 points or 0.12% to 41,912.24, while the S&P 500 rose 8.79 points or 0.15% to 5,853.45. Meanwhile, the Nasdaq Composite grew 118.49 or 0.63% to 18,990.84. Alphabet shares rose 2.5% and the sector of communication services grew 0.9%. The MSCI index of global stocks fell by 1.92 points (0.22%) to 872.01. The pan-European STOXX 600 fell 0.72%. Figures showed that the British government borrowed more in April than was expected, and euro zone businesses unexpectedly returned to contraction. After the data, the euro fell while the U.S. Dollar rose after three consecutive days of losses. The euro fell 0.44% to $1.1279. The dollar rose 0.1% in late morning New York trading to 143.75yen, after dropping earlier to 142.80yen, its lowest level since May 7. Bitcoin, on the other hand, has risen to a new high partly because investors are looking for alternatives to U.S.-based assets. According to the non-partisan Congressional Budget Office, Trump's tax cut bill will add $3.8 billion to the $36.2 trillion of U.S. debt in the next decade. The oil price was affected by a report that OPEC+ has discussed a production boost for July. U.S. crude dropped 1.45% to $60.69 per barrel. Brent was down to $63.93 a barrel, a drop of 1.51% for the day.
What is in the Republican tax plan and spending plan
The Republican-led House of Representatives passed a comprehensive budget package which would meet many of the priorities of President Donald Trump. Next, the Republican-led Senate will take up the package with likely significant changes.
The nonpartisan Congressional Budget Office has summarized the main elements of this package. According to them, the deficit would increase by $3.8 trillion over a period of 10 years. The estimates of CBO and Joint Committee on Taxation for some elements below are likely to be revised in the coming weeks.
Tax Breaks and Tax Cuts
(Cost: $2.2 trillion) Makes permanent lower income tax rates that were set to expire in Trump's Tax Cuts and Jobs Act of 2017. (Cost: $2.2 trillion)
Increases the alternative minimum tax exemption. (Cost: $1.4 trillion)
(Cost: $1.3 trillion) Increases the standard deduction by $1,000 up to $1,500. (Cost: $1.3 trillion)
Increases the tax breaks for "pass-through businesses" such as LLCs and sole proprietorships. (Cost: $809 billion)
Increases the Child Tax Credit from $1,000 to $2,500 until 2029 and then keeps it at $2,000, indexes to inflation. (Cost: $797 billion)
Raising the exemption for estate taxes from $14 to $15 million. (Cost: $212 billion)
Extends tax benefits for multinational corporations. (Cost: $174 billion)
Tax exemptions on overtime pay through 2029. (Cost: $124 billion)
Creates new $4,000 deductions for seniors. (Cost: $72 billion)
Tax exemptions on interest payments for loans to domestic autos up until 2029. (Cost: $58 billion)
Tax exemptions on certain tipped income until the year 2029. (Cost: $40 billion)
Contributions to private school scholarship funds are exempt up to $5,000. (Cost: $20.4 billion)
Parents can contribute up to $5k tax-free per year to a "Trump Account" that will be used to pay for their child's education and other expenses when they become adults. (Cost: $17.2 billion)
Taxpayers can now deduct up $40,000 in state and local taxes (SALT), up from the current $10,000. Benefits will gradually be phased out for households earning more than $500,000. (Cost not known at this time)
SAVINGS AND NEW REVENUES
Extended 2017 deadline for the elimination of personal exemption deduction. (Savings: $1.9 trillion)
Tax breaks for green energy, electric vehicles and clean electricity are eliminated. Savings are unknown at this time.
Restriction of health benefits for certain immigrants. (Savings: $117 billion)
Increases eligibility requirements for Affordable Care Act Exchange coverage. (Savings: $82 billion)
Taxes on private university endowments are raised from 1.4% up to 21%. (New revenue: $22.6 billion)
Imposes a new tax of 5% on money sent home by immigrants. (New revenue of $22,2 billion) Removes firearm silencers from the national registry and eliminates taxes on their sales. (Cost: $1.4 billion)
Tax on firearms manufacturers is eliminated
Gives the government the power to end the tax-exempt status of "terrorist-supporting organizations."
Total cost of tax reductions: $5.6 TRILLION
MEDICAID
Adults who are able-bodied and do not have dependents must work, volunteer, or attend school for at least 80 hours per month beginning in 2027.
The verification process is strengthened to ensure that participants and healthcare providers can participate. Rules that facilitate enrollment are removed.
The program excludes non-citizens and penalizes the states who use their own money to cover illegal immigrants.
The regulations that require minimum staffing in nursing homes and long-term care facilities have been blocked.
Funding for gender-transition therapies for minors is prohibited.
Prohibit payments to large providers such as Planned Parenthood who specialize in birth control and reproductive health services.
Limit state taxes on providers used to raise federal contribution.
Total savings: $715 Billion. Enrollment will drop at least 7.7 millions people from the current level of 71,000,000 people.
ENERGY & ENVIRONMENT COMMUNICATIONS
Cancels funding of green-energy grant programmes in the 2022 Inflation Reduction Act. This includes vehicle manufacturing, home energy upgrades, electricity transmission and wind power.
Encourages pipelines, exports of natural gas and exploration.
Rejecting grant programs for electric heavy-duty vehicle purchases
Rejecting grants for reducing air pollution and greenhouse gas emissions.
Rejecting fuel efficiency standards for cars and pickup trucks
More electromagnetic spectrum bands available for communication.
The law prohibits the states from regulating artificial Intelligence.
Total savings: $197 Billion
HOMELAND SECURITY
Cost of border wall construction: $46.5 billion
Cost: $6.3 billion for surveillance towers, drones, and border-security equipment
Cost: $6.2 billion. Increase the number of staff at U.S. Customs and Border Protection (Cost: 46,400 employees to 55,000).
Cost: $300 Million)
Reimburse the states for border security costs. ($12 billion)
Total cost: $79 Billion
IMMIGRATION & JUSTICE
Imposes new fees up to $5,000 on immigrants' work permits and court hearings.
The funding will be used to hire 10,000 additional immigration enforcement officers and fund 1 million deportations.
Additional funds are provided to government agencies for the investigation of visa fraud, criminal background checks, DNA testing and supervision of unaccompanied children.
The federal courts are prohibited from issuing contempt citations against the government for injunctions and temporary restraining order.
Total savings of $110 billion
MILITARY
Spending on shipbuilding to increase (Cost: 32 billion dollars)
Air and missile defence (Cost: 24 billion dollars)
Munitions (Cost : $19.5 billion).
Nuclear weapons (Cost : $12.6 billion).
Cost: $5 billion
Total cost: $144 Billion
FOOD ASSISTANCE
Some of the 41 millions participants in the SNAP program will have to work more hours
In 2028, the federal government will begin to shift some costs to the states.
Savings of $230 billion
EDUCATION
Changes to student loan repayment plans: Savings of $295 billion
Limits on borrowing for certain student loan programs
Restrictions on eligibility for Pell Grants
Limits on the government's cancellation of student debt (Savings : $32 billion).
Total savings: $349 Billion (Reporting and editing by Andy Sullivan, Bill Berkrot Alistair Bell, Andrea Ricci, Scott Malone)
(source: Reuters)