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US Court of appeal grants Argentina's request to halt YPF share sales
The U.S. Court of Appeals granted Argentina's request on Friday to temporarily suspend a judge’s order that the country turn over its 51 percent stake in oil company YPF as partial satisfaction for a $16.1 billion verdict won by two investors. The 2nd U.S. The 2nd U.S. Circuit Court of Appeals, Manhattan, stayed U.S. district judge Loretta Preska’s June 30, 2010 turnover order until Argentina appeals. Argentina warned it could suffer irreparable damage and destabilize its economy if it sold its stake in YPF - the country's biggest energy company. The court of appeal did not give any reasons for its decision. Preska awarded $16.1 billion to Petersen Energia Inversora & Eton Park Capital Management in September 2023. They sued Argentina for its 2012 decision to take the YPF stake away from Spain's Repsol, without making a tender to minority shareholders. The lawyers for Petersen & Eton Park have not responded to our requests for comment. The spokesperson for Argentina said that the government was confident that the $16.1 billion verdict would be overturned on appeal. (Reporting and editing by Leslie Adler, Edmund Klamann, and Jonathan Stempel)
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Pemex preparing Texas refinery for "big block" overhaul, sources claim
Pemex, Mexico's national oil company, is preparing for the "big block" overhaul at its 312,500-barrel-per-day (bpd) Deer Park, Texas, refinery to begin in early October, people familiar with plant operations said on Friday. Sources said that the 270,000 barrel-per-day (bpd) DU-2 crude distillation unit (CDU) at the refinery will be closed for the planned 60-day overhaul. Pemex did not respond to a comment request immediately. DU-2 converts crude oil to feedstocks that are used by most of the other refinery units. The sources say that the fluid catalytic unit (FCCU), the hydrocracking unit producing diesel (HCU) (70,000 bpd), and the 92,000 bpd coker, will all be shut down because there are no feedstocks. The DU-1 CDU, which has a capacity of 70,000 bpd, will continue to operate while DU-2 undergoes an overhaul. FCCUs convert unfinished gasoline from gas oil using a catalyst and high temperatures. In the presence of hydrogen, HCUs convert gas oil to gasoline by using a catalyzer under high pressure and heat. Cokers convert tar-like, residual crude oil to motor fuel feedstocks, or petroleum coke that can replace coal. (Reporting and editing by Paul Simao; Erwin Seba)
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Trump Administration unveils stricter subsidies rules for solar and wind projects
The U.S. Treasury Department announced on Friday stricter rules regarding how solar and wind energy projects qualify for federal tax incentives that will be phased out by President Donald Trump’s new tax law and spending plan over the next two-year period. The new rule requires that utility-scale projects must show continuous and substantial physical work in order to qualify for the 30% tax credit. However, they still have 4 years to claim it. In the past decade, developers of projects were able to "safe-harbor" their projects for four year by incurring only 5% of costs. A document from an agency states that "substantial work" does not include design, permitting or keeping components in stock. Solar industry trade group says the rules will harm businesses and undermine the legislators' intentions with One Big Beautiful Bill Act. Abigail Ross Hopper, CEO of the Solar Energy Industries Association, said in a press release that "this is another act of energy subtraction by the Trump administration which will further delay" the development of reliable and affordable power. "American families will be paying more for electricity because of this decision, and China will continue outpacing us in the race to provide electricity for AI." (Reporting and editing by Nichola Adler, Diane Craft and Leslie Adler)
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USDA builds Texas facility to combat flesh-eating screwsworms
Secretary Brooke Rollins announced on Friday that the U.S. Department of Agriculture would spend up to 750 million dollars to build an facility in Texas to produce sterile flies for fighting the flesh-eating pest New World screwworm. The plan reflects growing concerns about the possibility of screwworms, a parasitic fly which eats animals and wildlife alive while they are still alive, infesting U.S. beef cattle, after the pest has moved from Mexico to the north, toward the U.S.-Mexico border. A cattle shortage in the United States could increase beef prices to record levels. At a press conference with Rollins, Texas Governor Greg Abbott stated that the bill could "truly crush" the cattle industry. Ranchers in Texas, the state with the most cattle, are expecting screwworm to return for the first time since decades. In the early 20th century, the United States eradicated screwworm by dropping boxes of sterile flies from planes. Rollins stated that the production plant located in Edinburg Texas would be adjacent to a previously announced facility for dispersing sterile screwworm fly at Moore Air Base. The facility will be able produce 300,000,000 sterile screwscrew flies each week. The sterile flies are used to reduce the number of wild flies that mate. Rollins has not said when the plant will open, but he previously stated that such an installation would take between two and three years to construct. Rollins stated that the USDA would spend an additional $100 million to combat screwworm during the construction of the facility and will hire more mounted officers who will patrol the border to look for infected wildlife. In July, the agency stopped importing Mexican cattle to prevent screwworm. This tightened U.S. beef supplies which were already at their lowest level in decades. Rollins stated that "those ports won't open until the screwworm is pushed back." The USDA also invested in Mexico to build a production facility for sterile flies that will open in the coming year. A Panamanian facility can produce up to 100 millions sterile flies each week. According to the USDA, 500 million flies need to be released each week in order for screwworms to return southwards in Latin America. Rollins stated that "all Americans should be concerned."
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DOJ sues California for ending enforcement of emission standards for trucks
The U.S. Department of Justice announced on Friday that it had sued California to stop the state from enforcing emissions standards for trucks. The DOJ announced that it had filed two lawsuits in federal court this week against the California Air Resources Board regarding the state's enforcement on preempted emission standards through the so-called Clean Truck Partnership with heavy-duty trucks and engine manufacturers. In a press release, the DOJ said that these actions "promote President Donald J. Trump’s commitment to ending the electric vehicle mandate, leveling the regulatory playing fields, and promoting consumer choice in motor cars." Four major truckmakers including Daimler, Volvo and others sued the state earlier this week to prevent it from enforcing strict emission standards Trump declared null in June. Trump, the Republican president, wants to limit California's authority under federal Clean Air Act, which allows it to set pollution limits that are stricter than required by federal law, as well as Gavin Newsom, Democratic governor, who can promote electric cars to combat climate change. "President Donald Trump, and Congress, have invalidated the Clean Air Act Waivers that were the basis of California's action. Adam Gustafson is the acting assistant attorney for the DOJ Environment and Natural Resources Division. He said that CARB should respect democracy and stop enforcing illegal standards. Reporting by Andy Sullivan, Bhargav Asharya; Editing Caitlin and Rod Nickel
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One dead in suspected gang-related Orebro shooting, Swedish police say
Police said that a man was killed in Orebro, Sweden on Friday. The crime was probably gang related. The second victim was taken to hospital after being injured near the Orebro Mosque. The police declined to comment on how serious the injuries were. "I would like to emphasize that we do not see any link to the mosque at this time. A police spokesperson said that they do, however, see a link to criminal groups. Police said that no arrests had yet been made, but at least one suspect has been seen leaving the scene. The police said that the case is being investigated for murder and attempted killing. Sweden has experienced gang violence for more than 10 years. The number of fatal shootings in Sweden is among the highest of all European countries. The murder rate is comparable to that of other countries. The police stated in a press release that the shooting incident in Orebro was believed to have been linked to a criminal network. In February, ten students and teachers died in an attack in Orebro (about 200 km west of Stockholm), in what was Sweden's most deadly gun attack. The shooter in the February shootings was an ex-student who killed himself and was not affiliated with any criminal gangs. Investigators did not find a clear motive for the shooting. (Reporting from Stockholm by Anna Ringstrom and Essi lehto, with additional reporting by Johan Ahlander, Niklas pollard, and editing by Terje solsvik, Toby Chopra and Clelia Oziel. William Maclean is the editor.
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Tsingshan invests $800 million in Zimbabwe's steel plant
A top official of the Chinese nickel producer Tsingshan Holding Group said that it plans to invest $800,000,000 in its steel factory in central Zimbabwe via its unit Dinson Iron and Steel Company. This was revealed during a company media tour held on Friday. Tsingshan is one of the largest nickel producers in the world and has made substantial investments in Zimbabwe. Tsingshan has also invested in ferrochrome mining, coking coal, and lithium mining in Zimbabwe. Wilfred Motti, project director at the company, said that the funds will be used to build a new blast furnace to increase the capacity of the facility from 600,000.0 metric ton carbon steel per year to 1.2,000,000 metric ton. Motsi, however, said that first the company will assess whether the market can support a large increase in production of carbon steel. He added that the funds will be used to construct centering, rolling, and steel plants, as well as a blast-furnace. "We're ready for the next step, but will carefully examine market conditions before we commit." "We need to make sure that the market will accept this much product," said Motsi. In the first phase, a 50 megawatt thermal power station was built to reduce Zimbabwe's dependence on its overloaded electricity grid. Management said that the plant would also generate power from furnace gases to cover around 20% of its requirements. Jenfan Muswere said that the plant will help to reduce the steel import bill for Zimbabwe, which is estimated at around $1 billion per year.
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PAHO: Measles outbreak in North America worsens, with 18 deaths so far this year
The Pan American Health Organization reported Friday that measles deaths in Mexico, Canada, and the United States have increased, as has the number of cases. Why it's important According to the U.N. agency, 71% of the cases were in people who had not been vaccinated, and 18% occurred in people whose vaccination status was unknown. By the Numbers PAHO data showed that as of August 8, 10139 measles cases and 18 deaths related to them had been confirmed in 10 countries across the Americas. This represents a 34-fold rise compared with the same period of 2024. Fourteen of the 18 deaths occurred in Mexico. Three in the United States, and one in Canada. PAHO reported that the majority of deaths in Mexico were among Indigenous people aged between 1 and 54. KEY QUOTES "Measles can be prevented with two doses a vaccine that has been proven safe and effective. To stop these outbreaks countries must strengthen routine immunizations and conduct targeted vaccinations campaigns in high-risk areas, said Daniel Salas. CONTEXT PAHO states that measles is highly infectious and spreads quickly among people who are not vaccinated, particularly children. A recent study conducted by the Centers for Disease Control and Prevention in the United States (CDC) revealed that the vaccination rate for certain diseases, including measles and diphtheria, decreased from the previous year among U.S. kindergarteners. (Reporting by Benjamin Mejias Valencia; editing by Philippa Fletcher)
Floods and heavy rains in Pakistan kill more than 300 people
Local officials reported on Saturday that more than 300 people were dead in the northwest Pakistan region after two days intense rains and flooding.
They said that emergency funds were being released to help with rescue efforts and the clearing of blocked roads. The heavy rains will continue until August 21, they added.
The most deadly monsoon spell this year was caused by cloud bursts and flash floods. Landslides, lightning, and collapsed buildings were also involved. According to the Provincial Disaster Management Authority, by early Saturday morning, 307 people were confirmed dead and more are missing in the mountains and hills of Khyber Pakhtunkhwa.
In the last week, heavy rains and flooding have affected not only Pakistan but also India and Nepal.
Local officials reported that Buner, which is a normal three-and-a half-hour drive from Islamabad, Pakistan's capital, was one of the worst-hit districts in Pakistan, with 184 deaths and extensive damage to crops, infrastructure and orchards. Cloud bursts, falling trees and flash flooding swept people and their possessions away.
In some parts of Buner, people, including women, children and elderly, were trapped by floodwaters. 93 bodies have been recovered.
According to Shahab Ali Shah, provincial chief secretary, many of the 34 fatalities occurred in another area of Shangla due to the collapse of a roof on a building caused by the rain.
He stated that local officials were dispatched to assess damage and supervise relief efforts in the affected areas.
He said that medical camps were being set up for flood victims. Also, families who had lost their homes would be receiving cooked meals. Shah stated that heavy machinery will be used to clear roads and restore them.
Ishaq dar, deputy prime minister and Foreign Minister, stated that both civilian and military teams are conducting rescue and relief efforts, and the prime minister has chaired an urgent meeting.
Dar posted a social media statement saying, "Our hearts go to the families that have lost loved ones and to those injured. Many whose homes and livelihoods were swept away."
Five crew members were killed when a rescue helicopter crashed on Friday due to bad weather. Reporting by Mushtaq Al in Peshawar, and Saud Mehsud at Der Ismail Khan. Writing by Saeed Sha; Editing Muralikumar Aantharaman.
(source: Reuters)