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Southern California Edison sueded Los Angeles County and others for the Eaton Fire
Southern California Edison filed a lawsuit against Los Angeles County, Southern California Gas, and water agencies on Friday. They allege that they are responsible for the deadly Eaton Fire, which devastated thousands of homes and businesses last year. SCE, which is owned by Edison International, filed complaints in the Los?Angeles Superior Court where more than 1,000 lawsuits were filed by business and residential owners to hold SCE accountable for the destruction of property that occurred. The Eaton Fire erupted on January 7, 2025 and tore through Southern California. It killed 19 people, destroyed more than 9,400 homes, and destroyed other buildings. SCE acknowledged that circumstantial evidence suggests that one of its idled transmission lines that were high-voltage could have ignited a fire at Eaton amid winds as high as 100 mph. SCE has said that numerous analyses and reports have identified additional factors which likely contributed to the severity of the fire. The report cites the failure of Los Angeles County and other government agencies to send timely evacuation alerts. It also cites a lack of water and overgrown brush in public land, as well as a failure to allocate enough?resources to fire suppression. SCE claims that if the county and its agencies had acted with care, "most of those injured and killed in the Eaton Fire, as well as the damage to property, could have either been prevented or reduced significantly." SCE claims that the risks and defects within the natural-gas distribution network of SoCalGas - a subsidiary company of Sempra - contributed to the spread. In the lawsuit, SoCalGas claims that it knew its system was a fire risk but failed to implement mitigation measures. SCE claims that this caused?gas fires, explosions, and re-ignitions of fires in the early stages of Eaton Fire. Sempra and Los Angeles County have not responded to comments. SCE is facing 998 lawsuits from businesses and individuals, as well as suits by government entities and insurance companies. In September, the U.S. Department of Justice sued SCE for damage to National Forest System land. SCE has received nearly 2,000 claims through its Wildlife Recovery Compensation Program. It has made 95 offers worth $42.8 million. The company reports that more than half of these offers were accepted. David Eisenhauer, spokesperson for SCE, said: "We are committed to helping the communities recover from the fires of January." (Reporting and editing by William Mallard in Boston, with Nate Raymond reporting from Boston)
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Sources say that Venezuelan banks are set to receive $300 million in oil money for them to exchange on the market.
Two financial sources and a market analyst reported that four Venezuelan banks received a notification this week from the country's government that it would split $300 million in oil revenue deposited into an account in Qatar. This will allow them to sell dollars for Venezuelan companies who need foreign currency to pay materials. The U.S. seizes Venezuelan oil tanks and hits the country's main revenue stream. Venezuelan companies that need to import raw materials are forced to exchange their local bolivars, which they have earned through oil sales or transactions with foreign credit cards in the country, for dollars held at the central bank. Delcy Rodriguez said that the Venezuelan interim president would channel oil revenues through the central banking system. She said, "They will reach the private banks via the foreign exchange market mechanism." The U.S. announced this week that it has completed the first $500,000,000 in?sales from Venezuelan oil. This is part of the $2 billion agreement signed this month after the ouster of the?President Nicolas Maduro, and the swearing-in of the?interim leader Rodriguez. The administration of U.S. president Donald Trump has stated that Venezuela will sell 30 to 50 million barrels. A source in the industry familiar with the plan has confirmed that the main account used for the transactions is located in Qatar. Rodriguez, who submitted to the country's parliament a proposal to reform the hydrocarbons laws, which aims to boost oil investment, said that a part of the revenue would go to infrastructure and social projects. The two sources say that authorities told four local financial institutions on Thursday, who all have correspondent banks abroad, they would receive $75 million from oil revenue each in the next few days. Sources?added that the dollars could be sold by central bank guidelines to Venezuelan companies. The central bank and the finance ministry did not respond to comments. "Some $500,000,000 has already been deposited into the Qatar trust." "Some $500 million has already been deposited in the Qatar trust," Alejandro Grisanti of local analyst 'firm Ecoanalitica wrote on X Friday. Venezuelan authorities began to allow the use of dollar-linked crypto currencies like USDT on the exchange markets in the second half of 2025 after the U.S. granted Chevron an export license with restrictions but prohibited payments to the Venezuelan government. One source said that even crypto flows into the private sector have fallen. She added that if there are more dollars coming in from crude oil sales, crypto allocations will likely decline. The bolivar fell 83% by 2025, which led to a rapid increase in prices. (Reporting and Editing by David Gregorio).
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US and Slovakia sign civil nuclear energy agreement
On?Friday, the United States and Slovakia signed an agreement to further cooperation in the country's nuclear energy program. They said that this would reduce Slovakia's reliance on Russian designed reactors. The agreement calls for the construction of a 1,200 megawatt state-owned nuclear unit, designed in the U.S. Since?last year, Slovakia has been in talks with Washington to build a large nuclear plant with Westinghouse, a nuclear developer. Energy Secretary Chris Wright said at an event held at the headquarters of the agency in Washington, "Today's Civil Nuclear Agreement reflects our shared dedication to strengthening European energy sovereignty and security for decades to come." Robert Fico, Slovakia's Prime Minister, said that the agreement sent a "clear message" that Slovakia and the United States share a common strategic vision for the future of energy, including its sustainability, safety and technological maturity. Westinghouse's owners are Canada-based Cameco, and Brookfield Asset Management. (Reporting and editing by Cynthia Osterhage, Timothy Gardner and Valerie Volcovici)
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US Supreme Court will hear Bayer's request to limit Roundup cases
The U.S. Supreme Court ruled on Friday that it would hear Bayer’s request to limit lawsuits claiming the Roundup weedkiller caused cancer. This could potentially save billions of dollars in damages. The justices heard Bayer's appeal against a lower court ruling in a case filed by a man who claimed he had been diagnosed with non-Hodgkin lymphoma following years of exposure Roundup. The Missouri Court of Appeals has upheld a $1.25-million verdict awarded by a St. Louis juror to the plaintiff John Durnell over his cancer diagnosis. Bayer's shares rose almost 5% after the news broke that the court will hear the case. The court has not yet announced when it will hear arguments. Bill Anderson, CEO of Bayer, said in a statement that the court's ruling was "an important part of our multi-pronged approach to effectively contain this litigation." Anderson stated that it was time to ensure that state laws do not punish companies for adhering to federal warning label requirements. A request for comment from an attorney of the plaintiff was not immediately responded to. The Missouri Court of Appeals has rejected the German pharmaceutical company's argument that federal law governing chemicals bars claims made under state laws. Bayer faces similar claims in state and federal court proceedings in the United States from about?65,000 plaintiffs. Roundup is one of the most commonly used weedkillers across the United States. In December, the administration of President Donald Trump urged Supreme Court to hear Bayer's appeal. U.S. In a brief submitted to the court, U.S. D. John Sauer, the Solicitor-General of the United States, stated that Bayer's interpretation of the relevant law is correct. Bayer argues that consumers should not be allowed to sue the company under state law because it failed to warn them that Roundup increased cancer risk, as the U.S. Environmental Protection Agency found no such risk. Bayer argued federal law prohibits it from adding any warning to its product beyond that approved by the EPA. The company's strategy for managing the claims has been to make the U.S. Supreme Court an important part of it, since a ruling that federal laws preempt claims brought under state laws would close down the vast majority. Durnell's lawyers had asked that the Supreme Court dismiss Bayer’s appeal. Durnell's lawyers argued that Durnell relied heavily on Bayer advertising, not just the label, when he decided to use Roundup. They also claimed the marketing of Bayer failed to warn the public about the risks. The company paid $10 billion in settlements to most Roundup lawsuits pending by 2020. However, it failed to reach a deal that would cover future cases. Since then, new lawsuits continue to flood in. Plaintiffs claim they developed non-Hodgkin lymphoma or other cancers after using Roundup at home, on the job or in their garden. Bayer, who acquired Roundup in 2018 as part of the $63 billion acquisition of Monsanto, an agrochemicals company, has stated that studies over decades have proven Roundup, and its active ingredient glyphosate are safe for use by humans. Sauer stated in the brief of the administration to the Supreme Court that "EPA has repeatedly 'determined that glyphosate does not appear to be carcinogenic to humans. And the agency has approved Roundup labels which did not include 'cancer warnings. The company's record in court has been mixed. Bayer has won a number of Roundup lawsuits, but in recent years it's also been hit with large jury verdicts, such as a $2.1 Billion verdict in Georgia, U.S.A. in 2025. Bayer had asked the Supreme Court in the past to review the Roundup litigation, but it was denied by the court in 2022. In a break from other appeals judges, a federal appeals court has sided with Bayer since then. Bayer has threatened withdrawal of Roundup from the U.S. Market as it battles the litigation. Bayer replaced glyphosate with other weed-killing chemicals in its U.S. consumer product line.
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US Supreme Court will hear Bayer's request to limit Roundup cases
The U.S. Supreme Court has agreed to hear Bayer’s request to limit lawsuits claiming the Roundup weedkiller caused cancer. This could potentially save billions of dollars and prevent millions of dollars in damages. The justices heard Bayer's appeal of a lower-court ruling in a case filed by a man who claimed he had been diagnosed with non-Hodgkin lymphoma following years of exposure Roundup. The Missouri Court of Appeals has rejected the German pharmaceutical &?biotechnology firm's argument that federal law governing insecticides prohibits lawsuits relating to pesticides brought under state laws. Bayer faces similar claims in state and federal courts in the United States from 65,000 plaintiffs. Roundup is one of the most commonly used weedkillers across the United States. In December, the administration of President Donald Trump urged Supreme Court to hear Bayer's appeal. U.S. In a court brief, U.S. D. John Sauer, the Solicitor-General of the United States, stated that Bayer's interpretation of the relevant law is correct. Bayer argues that consumers shouldn't be able sue the company under state law because it failed to warn them that Roundup "increases cancer risks" as the U.S. Environmental Protection Agency found no such risk, and therefore did not require a warning. Bayer argued federal law did not allow them to 'add any warnings to the product other than the EPA approved label. The U.S. Supreme Court is a crucial part of the company's strategy to manage claims. A ruling that federal law preempts state-law claims would end the vast majority. Monsanto stated that different courts have taken opposing sides on the issue. The Missouri Court of Appeals has upheld a $1.25-million verdict awarded by a St. Louis Jury to plaintiff John Durnell for his cancer diagnosis. Durnell's lawyers had asked the Supreme Court not to hear Bayer’s appeal. Durnell's lawyers argued that Durnell relied heavily on Bayer's advertisements and not only the label to make his decision to use Roundup. They also claimed the marketing of the company failed to warn the public about the risks. The company paid $10 billion in order to settle the majority of Roundup lawsuits as of 2020. However, it failed to reach a settlement that would cover future cases. Since then, new lawsuits continue to be filed. Plaintiffs claim they have developed non-Hodgkin lymphoma or other cancers after using Roundup at home or in the workplace. Bayer, who acquired Roundup as part of its $63 Billion purchase of Monsanto, an agrochemicals company in 2018, said that studies over decades have proven Roundup, and its active ingredient glyphosate are "safe for human usage". Sauer, in the brief of the administration to the Supreme Court, said: "EPA has repeatedly determined glyphosate does not cause cancer in humans. The agency has approved Roundup labels without cancer warnings." The company's record in court has been mixed. Bayer has won a number of Roundup lawsuits, but in recent years it's also been hit with large jury verdicts, including $2.1 billion in a 2025?case from the U.S. State of Georgia. Bayer had asked the Supreme Court in the past to take the Roundup litigation into consideration, but it was rejected by the court in 2022. In a break from other appeals judges, a federal appeals court has sided with Bayer since then. Bayer has warned that it will withdraw Roundup products from the U.S. marketplace as it battles the lawsuit. In the U.S., the company has replaced glyphosate with other weed-killing chemicals. Diana Novak Jones, Chicago; Andrew Chung, Additional Reporting; Will Dunham, Editing
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Sources say that Venezuelan banks are set to receive $300 million in oil money for them to exchange on the market.
Two financial sources and a market analyst reported that four Venezuelan 'banks' were informed this week that they would split $300 million of oil revenue deposited on a Qatari account. This will allow them to sell dollars to Venezuelan companies who need foreign currency to pay for material. This injection of foreign money comes after the U.S. seizes Venezuelan oil tanks and hits the country's main revenue stream. Venezuelan companies that need to import raw materials are forced to convert their local?bolivars into dollars, which the central bank holds. These dollars were generated through oil sales and transactions with foreign credit cards in the country. The U.S. announced this week that it had completed its first $500 million of sales of Venezuelan crude oil. This is part of a $2 Billion agreement reached in this month after the ouster and swearing-in of interim leader Delcy Rodriguez. U.S. President Donald Trump's administration said Venezuela would sell between 30 and 50 million barrels. A source familiar with the plan stated that the main account used for transactions was in Qatar. A portion of the revenues will be used for social projects and infrastructure. This was the statement made by Rodriguez on Thursday as she presented a proposal to reform the hydrocarbons laws, which aims to boost oil investment. Two sources say that authorities told four local financial institutions on Thursday, who all have correspondent banks abroad, that they would receive $75 million from oil revenue each in the next few days. Sources added that the dollars could be sold by central bank to Venezuelan companies under its guidelines. The central bank and the finance ministry did not respond to comment requests. "Some $500m has been deposited into the Qatar trust." Alejandro Grisanti of the local analyst firm Ecoanalitica wrote in X on Friday that $300 million would be sold to four major private banks. "The central bank will not be involved in the operations because it is still under sanctions." Venezuelan authorities began to allow the use of dollar-linked crypto currencies like USDT on the exchange markets in the second half 2025. This was after the U.S. granted Chevron an export license with restrictions but prohibited payments to the Venezuelan government. One source said that even crypto flows into the private sector have fallen. She added that if there are more dollars coming in from crude oil sales, crypto allocations will likely decline. The bolivar fell 83% by 2025, which led to a rapid increase in prices. (Reporting and Editing by David Gregorio).
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White House wants to auction off the largest US electric grid in an emergency
The White House on Saturday urged the U.S. largest electric grid to hold an "emergency auction" to prevent rolling blackouts, as data center energy demands are growing faster than the country's ability to build new generation plants. The Trump Administration initiative calls for PJM Interconnection, a company that serves 67,000,000 customers across 13 states, including Washington, D.C., and conducts an emergency auction to address escalating prices of electricity and increasing reliability risks in the mid-Atlantic area of the United States. PJM will unveil its plan on Friday. PJM has been criticized for its slow response to the rising demand and the rotating blackouts. The rapid expansion of data centres to power artificial intelligence and other things has strained the resources of PJM, as well as other regional U.S. electrical grids. Donald Trump wants to fight consumer price inflation, which could undermine Republican support ahead of the November midterm elections. The White House wants to cap the amount that existing power plants are allowed to charge on the PJM market. Recent PJM auctions set record prices for power generators, which were 800% higher than last year. This increased electricity prices in homes and businesses. Data centers would be required to pay for new power generation, whether or not they use it. This agreement would require them to purchase existing power rather than buy up the new power. BYOG is the concept, which stands for "bring you own generation." PJM stated that it is reviewing principles laid out by the White House, governors and other government agencies. A PJM spokesperson confirmed that PJM had not been invited to the event. PJM forecasts that summer peak grid usage will increase by 70 gigawatts, to 220 gigawatts in the next 15 year. ?PJM's record summer peak was 165 gigawatts. PJM has said that it has handled more than 170 Gigawatts in new generation requests since 2023. PJM has completed the study of nearly 60 gigawatts and signed or offered generation interconnection agreements to projects. BACKLASH RESULTS FROM RISING POWER BILLS PJM's rising power bills have sparked a political backlash in the past year, and some governors have threatened to abandon the grid. Nine state governors sent an open letter last summer to the PJM Board of Managers criticizing the grid operators for failing to do enough to combat an escalating crisis in electricity affordability. Pennsylvania Governor Josh Shapiro told the White House on Friday that PJM had been "too damn slow" to allow new generation onto their grid, at a time when energy demand was increasing. Burgum said PJM was lucky to have avoided widespread blackouts so far. Reporting by Jarrett Renshaw, Tim McLaughlin and Timothy Gardner from Philadelphia; editing by Liz Hampton and Matthew Lewis
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Bloomberg News: Mercuria to post $1.3 billion profit by 2025
Bloomberg News reported on Friday that Swiss commodity trading group Mercuria had a profit last year of $1.3 billion, despite paying almost no taxes. Bloomberg, citing its accounts, reported that the company had reported taxation of $ 1?million? on its profit of $1.31?billion, which is an effective tax of 0.08%. Bloomberg, citing sources, reported that Mercuria, which is privately held, does not publish its results, but it recently shared its accounts for the year ending in September with lenders. Bloomberg reports that the company will prepare separate results for its calendar year ending in December. It will then finalize these results and communicate them to its banks,?counterparties and other stakeholders within 14 days. Mercuria is one of many energy traders who has expanded into metals trading. They bet that the structural changes in global energy system will prove profitable. Mercuria stated last month that the global copper market would be squeezed?again in next year's price of concentrate and refined metal. The company has struck a few deals in the last few months, including an 'upfront payment of up to $100m to the Kazakh mining giant Eurasian Resources Group. According to the report, the group's profits were down 37% compared to last year. However, they were pleasantly surprised by the extremely low tax bill. Mercuria didn't immediately respond to our request for comment. (Reporting and editing by Anil D’Silva in Mexico City, with Fabiola Aramburo)
UN Biodiversity Treaty comes into force and aims to protect 30% oceans by 2030
On Saturday, a landmark global treaty to preserve biodiversity on the high seas went into effect. It provides countries with a legally-binding framework to tackle threats like overfishing and achieve a 30% target for the ocean environment by 2030.
After 15 years of negotiation, the U.N. Biodiversity beyond National Jurisdiction Treaty (BBNJ) was finalised in March of 2023. It will create a global "marine protection area" network in previously unregulated ocean ecologies in international waters.
At a press briefing, Adam McCarthy, the first assistant secretary of the Australian Foreign Ministry and co-chairman of the treaty’s preparatory comittee, said: "It is two-thirds (and) half of the surface of our planet, that will for the first have a comprehensive law regime."
On September 19, last year, the treaty had reached 60 national ratifications. This meant that it would?become officially operational within 120 days. Since then, the number of ratifications is now more than 80. China, Brazil, and Japan have added their names to the list.
Other countries, such as Britain and Australia, will likely follow suit soon. The United States signed the treaty under the previous administration, but have not yet ratified.
The High Seas Alliance is a coalition of environmental organizations. Director Rebecca Hubbard said, "While we only needed to reach 60 ratifications for the treaty to enter into effect, it's important for its implementation to be as efficient as possible and to have global or universal ratification."
We're really hoping that all UN member countries ratify this treaty.
The treaty requires that countries conduct environmental assessments on activities that impact ocean ecology. The treaty will also establish mechanisms that allow nations to share in the benefits of the "blue economic" including "marine genetic resource" used by industries like biotechnology.
Environmentalists claim that?more than 190,00 protected areas will be needed to achieve the "30 by 30-" goal of bringing 30% of oceans under formal protection by 2030. Only 8% of the oceans - 29 million square kilometers (11.2 million sq miles) – are protected.
The treaty has little effect on the one thing that conservationists consider to be the biggest threat to the marine environment: the desire to mine mineral resources from ocean beds.
McCarthy stated that "BBNJ has a lot of ambition, but it also has some limits."
The International Seabed Authority (ISA) is responsible for mining on the seabed or the substratum. The BBNJ has no role in this.
(source: Reuters)