Latest News
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Chilean antitrust watchdog approves Codelco - Anglo American mining plan
The antitrust regulator of the South American country has given the green light to a joint mining plan between Codelco and Anglo American for the Andina Los Bronces project. Chile is the top copper producer in the world. Anglo American is one of the major operators in this Andean nation. Codelco said that the project is progressing with the regulatory approval process. The project has already been approved by competition watchdogs from China, Brazil and South Korea. The remaining steps are the acquisition of environmental permits, creation of the joint entity and consultations within the local community. Codelco and Anglo American signed an agreement last September to operate their adjacent?copper mining operations together. The deal aims at generating a minimum of $5 billion in cost savings and increased production. The plan is to?combine certain operations?at Codelco’s Andina Mine and Anglo American’s Los Bronces Mine in the Andes Mountains of central Chile. This will increase production by?120,000 metric tons per year. (Reporting and editing by Inigo Alexandra, Will Dunham, and Natalia Siniawski).
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Trump to hit Iran harder if Tehran does not accept defeat, White House says
White House Press Secretary Karoline L. Leavitt stated that the United States issued a stern warning on Wednesday to Iran, saying President Donald Trump would strike 'harder' if Tehran refused to accept they had been "defeated militaryly". "President Trump is not a bluff, and he's prepared to unleash hell." Leavitt, in a briefing to reporters, said that Iran shouldn't?miscalculate" again. She said that if Iran does not accept the present reality, or if it fails to understand they are militarily defeated and will remain so, President Trump will make sure they get hit harder than they ever have before. The joint U.S. and Israeli war against Iran is now in its fourth week. Pakistan, Turkey, and Egypt have all made efforts to mediate a potential?negotiation? to end the conflict, but there was still uncertainty about where and when such talks would take place. A senior Iranian official said on Wednesday that Iran was still reviewing the U.S. proposal to end the war despite a negative initial response. He indicated that Tehran had not yet rejected it outright. Leavitt said that talks with Iran were still ongoing. "Talks continue. "They are productive," she said, "as President Obama stated on Monday. They continue to be so."
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US suspends antismog fuel regulations in an effort to lower pump prices
The Trump administration announced Wednesday that it will suspend anti-smog federal regulations for seasonal gasoline blends to combat the higher prices at the pump since the start of 'the war against Iran. Environmental Protection Agency allows retailers to sell cheaper formulations of gas, including mixtures containing 15% ethanol (known as E15) that are not normally allowed during the warmer months. The waiver is valid for 20 days, starting on May 1. It can be extended as needed by the agency. "We anticipate a possible disruption in the American fuel supply," EPA administrator?Lee Zeldin stated at a news conference held on the sidelines CERAWeek, an energy conference in Houston. At the press conference, he announced the waiver. A press release from the EPA stated that the?move would allow nationwide sales of ethanol-blend gasoline (E15) and "remove federal barriers to the sale of E10, which is gasoline blended with 10% ethanol across the nation." E10 is widely available all year round. Analysts believe the change will reduce retail prices by several cents a gallon. According to AAA, the average U.S. price of a gallon?of regular gasoline has risen by more than $1 in a single month. The global oil price has risen since the U.S. and Israeli war against Iran, as this conflict has blocked shipments through Strait of Hormuz. This is the main conduit for the world's crude oil and liquefied gas. The White House is trying its best to limit the political and economic fallout of the war. The 'White House has already announced the release of crude oil from U.S. Emergency Stockpiles and the easing sanctions against both Russia and Iran in order to increase the amount of their oil on the market. Richard Valdmanis, Chizu Nomiyama, Nia Williams and Costas Pitas edited the article.
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US issues waiver to expand E15 gasoline sales to ease pump price
The administration of President Donald Trump announced on Wednesday that it will issue a waiver to expand sales of gasoline blended with 15 percent ethanol (E15) in order to combat higher pump prices since the beginning of the war against Iran. The Environmental Protection Agency's move will allow retailers to continue selling E15, which is a blend that is not typically allowed during the summer months due to smog concerns. Analysts believe the change will reduce retail prices by'several cents a gallon. AAA data shows that the average U.S. price of a gallon is now?just under $3.98. This is up more than a dollar compared to a month earlier. The global oil price has risen since the U.S. and Israeli war on Iran. This is because the conflict has blocked shipments through Strait of Hormuz which is the conduit of a 'fifth of the world's crude and liquefied gas supply. The 'White House' is attempting to limit the political and economic fallout of?the war. The 'White House has already announced a release from U.S. stockpiles of crude oil and the easing of sanctions against Russia and Iran to make more oil available on the market. (Written by Richard Valdmanis, edited by Costas Pittas and Chizu nomiyama).
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French official: EU review of France's nuclear plan is expected to proceed quickly
An official from the French energy ministry said that the EU investigation into France's scheme of state-funded funding for six nuclear reactors is expected to move quickly and won't delay any projects. The new reactors will cost tens or even hundreds of billions of Euros and are a key part of France's plan for renewing its ageing nuclear fleet. The new reactors would add 10 gigawatts of capacity and the first one is expected to operate in 2038. The new plants would replace the old ones, and ensure future energy supplies for the rising demand in the coming decade, which is driven by data centres. An official stated that the European Commission will make a declaration by 'the end of march, which is the first step to 'the investigation into France’s state-aid package. Officials said that the process will be fast because it is based on models previously approved, such as the one used in financing the development of two reactors in Czech Republic. The official stated, "We are confident we?are still on time." EDF will make its final investment decision 'in the second half this year. Brussels fears that the six new power plants will further consolidate EDF, the dominant state-owned energy company. The company currently holds more than 75% France's net production of electricity. A thorough?EU investigation will also allow the Commission to build a solid case in the event that Austria's government, which is opposed to nuclear power, launches a legal action against the Commission for approving the deal. This, according some EU officials, seems likely. (Reporting and editing by Inti, Landauro and Hugh Lawson; Reporting by Forrest Crellin)
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Greenland Independence Party wins seat in Danish Parliament at key moment
Greenland's Naleraq Party, which supports rapid independence from Denmark won its first Danish seat at the general election. This sends a critic of Copenhagen-Nuuk's union to a parliamentary chamber during a crucial time in the history of the kingdom. Naleraq secured 24.6% of the vote on Tuesday, an increase of sharply from 12.2% during the 2022 elections. The election result comes amid increased international interest in Greenland after U.S. president Donald Trump's attempts to control the Arctic Island. "It's a clear signal that the status quo in Greenland will not be tolerated," said Qarsoq Hgh-Dam who won Naleraq’s seat. He pledged to do his best?to make sure Greenland has a voice on all issues affecting it. Trump's ambitions brought the island of 57,000 people into sharp focus, and raised questions about Danish investment in infrastructure, defence, and economic development. Naleraq will now be represented in the 179-seat Danish Parliament, where Greenland has two seats and the Faroe Islands two. Naleraq, Greenland’s ruling coalition led by Demokraatit advocates a pragmatic and long-term approach to independence, with Denmark as its key partner. However, Demokraatit is pushing for an immediate separation. This has created a rift that analysts believe Washington may try to exploit. GREENLAND AND DANMARK RELATIONS Hoegh-Dam received the most votes personally in Greenland. He said that he was steadfast in his opposition to military installations in Greenlandic cities. Arctic affairs commentator Martin Breum stated that while Hoegh Dam's win sent a message that "Greenlanders still want changes in their cooperation with Denmark", Naleraq’s pro-independence position does not necessarily represent the official Greenlandic Government's position. Greenland's Prime Minister Jens Frederik Nielsen has been working to strengthen the ties between Greenland and Denmark as a response to the crisis. He said in January that he would prefer Copenhagen to Washington. Inuit Ataqatigiit, the party that became the most popular in Greenland, claimed the second Greenlandic seat. Greenland's Mineral Resources and Businesses Minister Naaja Naaja Nielsen is set to fill the position. She didn't respond to requests for comment. Breum says that despite the result of the election, the close relationship between Greenland, Denmark, and the United States during the U.S. controversy will remain unchanged. (Reporting and editing by Andrei Khalip, Stine Jacobsen)
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Lyft launches driver relief program in response to rising fuel prices in the US
Lyft, the ride-hailing service, announced on Wednesday that it will launch a temporary driver relief program in the United States. Gig workers are being hurt by a sharp increase in fuel prices, caused by disruptions to energy supplies linked to the ongoing U.S./Israeli conflict against Iran. In recent weeks the?national average gasoline price has increased by more than 30%, and is now hovering at $4 per gallon. Lyft’s 60-day program, which runs from March 27 to May 26, offers fuel savings and cash-back incentives for drivers who use the Lyft Direct debit card. Top-performing drivers can expect to receive 2% extra cash back for fuel purchases. Mid-level drivers, meanwhile, will receive an additional 1% on top of the existing rewards, which range from 1% up to 10% depending on driver status. According to the company, combined savings from?partnerships with Lyft could be as high as 94 cents a gallon for drivers in the top tier, based on an average national fuel price of $3.97 a gallon. DoorDash, a food?delivery service, announced?on?Monday that it would be launching a similar?program which would run until April 26. (Reporting by Akash Sriram in Bengaluru; Editing by Shinjini Ganguli)
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Merz, a German economist, says that the public finances can't offset all of the price increases from Iran war
German Chancellor Friedrich Merz said on Wednesday that ending the war in Iran would be the best way to control energy prices. In response to questions from parliament, he stated that there are "measures" we can take into consideration in order to reduce the pressure but "we cannot offset every price trend by tax measures or funding measures from the federal budget". He said that the best way to control prices is to end the war in Iran. Fuel prices have risen in Germany, as well as other countries since the beginning of World War II. Critics accuse oil companies of taking advantage of the crisis to increase their prices. Merz was skeptical about the calls from his centre-left coalition partners, the Social Democrats, for a tax to be imposed on the "excess profits" of oil firms. He said that the term is practically impossible to define legally. He said Germany worked with European partners to convince the U.S., Israel and other parties to the conflict to find a diplomatic solution. The war has caused the Strait of Hormuz, a vital shipping route, to be largely closed, sending energy costs soaring around the world. He said that "this requires a willingness on all sides including Iran, which is not apparent at the moment." He said that Germany was willing to participate in 'international efforts to stabilize the region' once the hostilities ended, but this would require an UN mandate. (Reporting and editing by Madeline Chambers, Jan Harvey and James Mackenzie)
Sources say that the Thyssenkrupp and Jindal Steel sale talks have failed due to pensions and energy costs.
Four people with knowledge of the matter said that discussions of a potential sale of Thyssenkrupp Steel Europe (TKSE) to Jindal Steel International may be cancelled due?to disagreements over pension liabilities and investments, as well as energy costs. The people say that while discussions over a possible sale of Thyssenkrupp Steel Europe are ongoing and could still lead to an agreement, a?deal is less likely now after nearly six months' worth of due diligence.
One person said that the companies may decide to stop official negotiations as early as next month. Thyssenkrupp tried to sell TKSE a number of times in the past decade, pursuing everything including spinoffs, joint ventures and outright sales.
If TKSE is not sold, it would be a blow to the plan of Thyssenkrupp's CEO Miguel Lopez. He wants to?turn Thyssenkrupp into a holding company by selling stakes in its various business units from car parts to clean-tech.
The people who spoke to us said that a number of factors are complicating the talks, including a pension liability of 2.4 billion euro ($2.8 billion), which was a 'hurdle for past sales efforts. Also, there were differing opinions on the amount of future investment needed. The second source also said that Jindal Steel International has become increasingly uneasy over the rising cost of energy in Europe. The energy costs in Europe are already higher than those in the United States or Asia. They have now risen even more as a result the Iran War.
Thyssenkrupp announced on Wednesday that confidential talks continued with Jindal Steel International, labour representatives, and other parties. The parties will need to agree on valuation, obligations, and future investments.
Jindal Steel International (the?international arm?of Naveen Jindal Group) had no comment immediately. Earlier in the month, Lopez stated that the group would continue TKSE's restructure "with or without Jindal",?while Thyssenkrupp’s deputy supervisory Board chairman, Juergen Kerner said last week that talks had stalled. Lopez also stated that EU plans to protect the underperforming steel industry in the EU had increased investor confidence and strengthened Thyssenkrupp’s position in negotiations. Jindal Steel International made an indicative offer to TKSE in September. This included the completion of a new green steel production facility in Duisburg, and a commitment for more than $2.31 billion ($2.39 billion) in order to increase electric arc furnace capacities.
(source: Reuters)