Latest News
-
Imperial Oil fined by Alberta court for Kearl spill violation
Imperial Oil Canada was fined C$120,000 (85,849.19 USD) after pleading guilty to violating environmental regulations at its 'Kearl Oil Sands' site. According to the Alberta Energy Regulator, following a hearing on May 29, the Canadian oil producer was ordered to pay C$2,000, which included a victim surcharge. They also had to contribute C$118,000 to a creative'sentencing project. In an email, the company said that it has taken steps to prevent this from happening again, including reprogramming of equipment, updating sediment management processes, and increasing inspections. There is no evidence that the overflow of water has had any adverse effects on local wildlife. We will continue to provide site tours and share monitoring data with the local Indigenous communities. The charge relates to an incident that occurred on February 4, 2023 when wastewater?overflowed a drainage pond at the Kearl Oil Sands Processing Plant & Mine. This was reported to the regulator. The Environmental Protection and Enhancement Act of the province governs this?offense. (1 Canadian dollar = 1.3978 Canadian Dollars) (Reporting and editing by Leroy Leo in Bengaluru, Sumit Saha from Bengaluru)
-
Venezuela retains Greenberg Traurig for US court case against Crystallex
The firm that previously represented it in the U.S. Court of Appeals said on Thursday, Venezuela has retained the law firm 'Greenberg Traurig' to represent the country in a longstanding legal battle against miner Crystallex. This involves more than a dozen creditors seeking compensation for expropriations. The Attorney General of Venezuela, Arianny eijo, announced this 'week that Daniel Pulecio, and 'Dominic Draye, are now leading Venezuelan's team. In a letter sent to the firm Munger Tolles & Olson which asked the US Court of Appeals for Third Circuit to'remove' them as counsel. Washington recognized the interim government led by Venezuelan President Delcy Rodriquez as the head of state back in March. Munger, Tolles & Olson argued that the decision of the President of the United States to recognize a particular party as the sole 'head of state' of a foreign govt. was a?conclusive one and binding upon the court. Venezuela has changed its legal representation in foreign courts in recent months. This is especially true for "prominent" cases in the U.S. that involve pending payments or compensations. Venezuela is trying to structure a repayment effort. (Reporting and editing by Nathan Crooks; Marianna Pararaga)
-
GLOBAL-MARKETS-Equities rally, dollar dips with oil as Trump cancels Iran attacks
MSCI's global index of equities rose on Thursday, while the dollar fell and oil futures soared. This was due to renewed hope for peace in Middle East following the announcement by U.S. president Donald Trump that he had canceled his planned strikes against Iran. After threatening to bomb more oil-exporting Kharg Island and saying he wanted to "take it", Trump announced that the talks had been "brought to the highest level Iranian leadership and approved." In a Truth Social post, Trump also stated that the United States, Israel and Saudi Arabia had approved "discussions" and "final points." Oil prices dropped immediately after the announcement on energy markets. ?U.S. The price of crude oil fell by 3%, to $87.33 per barrel. Brent was down to $90.13 barrels on the same day. Wall Street saw gains in the stock market. The Dow Jones Industrial Average grew 803.60 points or 1.61% to 50,722.98, while the S&P 500 climbed 93.44 points or 1.27% to 7,360.43, and the Nasdaq Composite jumped 423.00 or 1.66% to 25,592.50 at 01:59 pm?ET (1759 GMT). MSCI's global stock index rose by 10.26 points or 0.94% to 1,097.24. The pan-European STOXX 600 Index rose earlier by 0.54%, after the European Central Bank announced its first rate hike in almost three years. The safe-haven currency dollar has lost ground in the currency markets on hopes of Middle East peace. The dollar index (which measures the greenback versus a basket of currencies, including the yen, the euro and others) fell by 0.14%, to 99.91. Meanwhile, the euro rose 0.14%, to $1.1551. The dollar fell 0.25% against the Japanese yen to 160.11. Bitcoin gained 2.80% to $63,480.09. The yield on the benchmark U.S. 10 year notes dropped 6.3 basis point to 4.477% from 4.54% on?Wednesday. Meanwhile, the 30-year bond rate fell 6 basis point to 4.9655%, down from 5.025% on Wednesday. The yield on the 2-year note, which is usually in line with expectations of interest rates from the Federal Reserve fell by 5 basis points, to 4.077%. This was down from 4.127% late on Wednesday. Spot gold increased by 1.97%, to $4,153.54 per ounce, and spot silver rose by 3.47%, to $65.90 per ounce. U.S. producer price increases were higher than expected in May. This led to the largest annual increase in three and a half years, as Middle -East conflict drove energy prices up. The number of Americans claiming unemployment benefits has increased slightly last week. This indicates that the labor market is still resilient in early June.
-
Sources say that Exxon's global trading head is retiring.
Two sources familiar with the matter have confirmed that Tracey Gunnlaugsson, Exxon Mobil’s global head of trading, is retiring. Gunnlaugsson is a Houston-based woman according to her LinkedIn page. She was appointed to head the trading division in 2023, after serving as a human resources vice president for the company for almost five years. Exxon refused to comment. Gunnlaugsson could not be reached for comment immediately. Exxon's earnings were impacted by "timing losses" related to trading, despite the higher oil prices due to the Middle East conflict. In the first quarter, Exxon reported a paper loss of $3.9 billion due to derivatives. This pushed its 'net income' down to its lowest point in five years. These losses were in stark contrast to the first-quarter trading profit?of European Oil Majors who made billions from the energy supply crisis this year triggered by U.S. and Israeli war against Iran. European oil majors have invested decades in building trading desks. They employ hundreds of people to buy and sell fuels, crude and gas, as well as take positions on derivatives markets. Exxon and its U.S. rival Chevron focus their traders on optimizing flow within their own networks, including refineries, fuel retail outlets, and production. This approach can be a good way to maximize predictability, but it also limits the opportunities for profiting from extreme market movements. Exxon uses financial derivatives to reduce the risk of price fluctuations during the time required to deliver cargoes. The company said that the value of a 'physical shipment' is not reflected until after the transaction has been completed, and this had a large unfavorable impact on timing. In an interview with Exxon's CFO Neil Hansen last month, Hansen stated that the timing impacts will be unwinding in the following quarters and lead to profitability. Darren Woods, Exxon's CEO, said that the company is confident that the losses are a simple timing issue "that will work itself out." He said that "the timing impact?here?is primarily driven by?the fact that the trading organisation is taking advantage of opportunities in the market and locking in profits." Reporting by Stephanie Kelly, Arathy S. Somasekhar, Sheila Dang and Nathan Crooks in Houston. Editing by Nathan Crooks & Chizu Nomiyama.
-
A false alarm at the Pentagon triggers a brief shelter-in place order
Officials said that a 'false alarm' at the Pentagon, following an air quality alert, briefly triggered a partial shelter in place?order? on Wednesday, while first responders were working to eliminate exposure to hazardous substances. The lockdown was applied to certain corridors of the five-sided Arlington, Virginia building. The employees were told to?stay put as tests were conducted to determine if a sensor malfunction was the cause. Officials said that many employees who were not in the areas of concern had been told to leave as a precaution. "Earlier today, Pentagon occupants received a notification of a possible air quality problem, which prompted immediate safety measures and an evaluation. Following a 'testing, it was confirmed that there is no danger and normal operations are now resumed", said Sean Parnell, the chief Pentagon spokesperson. We express our sincere appreciation to the first responders who took swift action to ensure the safety of all personnel. The Pentagon was one of the largest buildings in the world when it was attacked by al Qaeda on Sept. 11, 2001. Reporting by Phil Stewart and Doina chiacu; editing by David Ljunggren and Caitlin WEBBER and David Gregorio
-
US sanctions Cuban State Oil Company, adding obstacles to fuel imports
Treasury Department's website revealed on Thursday that the United States has sanctioned Cuban state oil firm Union Cuba Petroleo, preventing the island government from importing much-needed fuel. Washington has imposed sanctions against a number of Cuban entities, people and leaders, including Cuba's president. It is attempting to increase?pressure on Cuban communist leaders. The sanctions come after the U.S. declared a national crisis this year, which imposed tariffs on countries that supply oil to the island. This has led to widespread power outages. In a recent social media post, U.S. Secretary of State Marco Rubio stated that Cuba's Communist elites had weaponized energy to control the Cuban people and make kleptocratic profits. "The regime has hoarded fuel for decades and used it to power the Castros' private plane, security forces to suppress the Cuban population, keep hotels lit and bus people into fake protests or political stunts, all the while the Cubans have been suffering blackouts and waiting weeks to fill up their cars," Rubio added. CUPET is responsible for Cuba's oil production, refinement and fuel imports. The U.S. Blockade has kept the island from receiving fuel or crude for several months. This is contributing to a severe fuel shortage, including for power generation. Cuba's last oil import from Russia arrived in late March, providing the island with a respite amid severe fuel shortages. A tanker that was bound for Cuba but had been waiting for weeks in the middle?Atlantic Ocean, diverted its course late in May and left the island empty-handed. Since January, when U.S. troops captured Nicolas Maduro, Washington has also blocked oil from Venezuela. Venezuela was Cuba's biggest oil supplier. Treasury Department's actions?freeze any U.S.-based assets of the company, and?generally bar Americans from dealings with it. Previously, a group of Cuban flagged vessels had been sanctioned for transporting Venezuelan oil from Venezuela to Cuba. Reporting by Marianna Pararaga and Ryan Patrick Jones, both in Toronto; editing by Doina chiacu and Andrea Ricci.
-
USDA reduces U.S. winter grain harvest forecast after Plains drought
The?U.S. The?Department of Agriculture cut its U.S. Winter Wheat Crop Outlook by 2% compared to a month ago as a severe drought in the Plains lowered its hard red wheat production outlook to its lowest level since 1957. The USDA reported that the U.S. Winter Wheat Production for 2026/27 was estimated to be 1.030 billion Bushels. This is down from the forecast of 1.048 million bushels last month, and below last year's crop of 1.402 bn bushels. The production of hard red winter wheat, the most important variety in the United States was expected to drop to 497 millions bushels. This is down from an estimate of?515million last month, and below the 804 million-bushel harvest last year. U.S. producers are already under pressure from rising fuel and fertilizer costs due to the Strait of Hormuz closure, as well as trade disruptions caused U.S. President Donald Trump's tariff wars. In key wheat states such as Kansas, Oklahoma, and Texas, the harvest is in full swing. However, some farmers in far western parts of the wheat belt have little or no grain. In a report of crop conditions released on Monday, USDA said that only 25% of U.S. winter grain crop was in good to excellent condition. This is the lowest rating for this time in USDA records going back to 1986. The USDA predicted?U.S. The USDA forecasted that wheat supplies would be 744 million bushels at the end 2026/27 seasons, down from 762 million bushels in May. On average, the analysts polled by expected that end-year supplies would be slightly higher. Grain traders accepted USDA's crop adjustment on Thursday, as it was within analyst expectations. Chicago Board of Trade benchmark hard red winter?wheat futures were up 0.6% at midday while soft red winter?wheat?futures fell 0.3%. On Thursday, the USDA did not make any significant changes to its estimates for U.S. soybeans and corn. U.S. ending corn stocks for 2025/26 were increased by 3 million bushels. 2025/26 soybean ending stocks remained unchanged at 340?million bushels. USDA raised their 2025/26 Argentine and?soybean crop estimates by each 2 million metric tonnes from last month. It also increased its Brazilian corn harvest outlook by 3 millions tons. The CBOT corn futures and soybeans declined on Thursday. Both markets were hovering at recent multi-month highs.
-
GLOBAL-MARKETS-Equity indexes rise with dollar and oil, inflation and Iran in focus
The MSCI global equity index rose modestly to erase some of its losses from the previous session. Meanwhile, the dollar rose as investors digested inflation data on Thursday. Oil futures also rose despite attacks in the Middle East that dampened peace hopes. Donald Trump stated?on Thursday that the United States will hit Iran "very heavily tonight". He also said he wanted to at some point take Iran's oil-infrastructure hub Kharg Island. This was after both sides attacked each other in the Gulf, undermining a fragile ceasefire that began in April. Iranian and Western officials said indirect U.S. - Iranian talks on a preliminarily peace deal have intensified, but this week's hostilities have made it difficult to reach a quick resolution. The Middle East conflict has driven up the price of energy products, causing the U.S. producer's prices to increase more than expected. This is the biggest annual gain in three-and-a half years. The number of Americans claiming unemployment benefits has increased slightly last week. This is a sign that the labor market will continue to be resilient in early June. After a sharp drop in the previous two sessions, Wall Street's stock indexes were mostly green for morning trading. Mona Mahajan of Edward Jones' head of investment strategy, asset allocation, and said that while uncertainty in the Middle East was a major concern for investors, there were signs of cautious optimism among dip buyers as well as excitement ahead of SpaceX's market debut on Friday. "There is a small bounce, but I wouldn’t call it a full-blown rally or outsized optimism. Mahajan suggested that the silver lining may be the fact that people don't yet see the need for a full-blown bull market because the economy continues to perform well. Stocks in the volatile chip industry provided a major boost to Wall Street Thursday. However, software companies, such as Oracle, were also a drag. Their shares fell 11% after analysts became uneasy about their high AI spending estimates and plans to raise almost $40 billion through debt and equity. Wall Street at 12:19 pm The Dow Jones Industrial Average climbed 420.20, or 0.8%, to 50.337.24, the S&P 500 jumped 41.40, or 0.57% to 7,308.39, and the Nasdaq Composite grew 208.92, or 0.8%, to 25,378.42. The MSCI index of stocks around the world rose by 4.04 points or 0.37% to 1,091.02. As expected, the European Central Bank raised interest rates for the first time in almost three years. After the ECB rate hike, the euro fell 0.22% to $1.151. The dollar index (which measures the greenback's value against a basket including the yen and euro) rose by 0.21%, to 100.26, while the dollar fell 0.01%, to 160.53, when measured against the Japanese yen. Investor demand for portfolio rebalancing quarter-by-quarter and half-year helped to offset concerns about the U.S. - Iran escalation and high inflation data. The yield on the benchmark U.S. 10 year notes fell by 1.2 basis point to 4.528% from 4.54% on late Wednesday, while the 30-year bond rate dropped by 2.1 basis points. The yield on the 2-year bond, which is usually in line with the Federal Reserve's interest rate expectations, increased 1.4 basis points, to 4,141% from 4,127%, late Wednesday. On the energy market, U.S. Crude rose by 1.17%, to $91.08 per barrel. Brent rose by 0.57%, to $93.63 a barrel. Gold prices held near-stable after reaching a six month low on Thursday. The soft U.S. job report was offset by strong inflation data, and expectations of higher rates in advance of the Fed meeting next week. At 11:27 am, spot gold was unchanged at $4.081.99 an ounce. ET (1527 GMT) after reaching its lowest level since late November early in the session. U.S. Gold futures for August were down 0.7% to $4,103.60.
Report finds that coffee firms are not meeting the looming EU regulations on living wages for farmers.
According to a major report on the coffee industry, none of the top coffee roasters or?traders in the world have committed to pay farmers a living wage even though it will be a legal requirement for large 'companies' operating in the EU from 2029.
Corporate Sustainability Due Diligence (CSDDD), a landmark EU directive, requires that large companies fix any human rights or environmental issues within their supply chain. Otherwise they could face fines up to 3% global turnover.
According to the biennial Coffee Barometer prepared by a group NGOs, this law is the first EU instrument that recognises living income as a human right. This recognition has direct commercial implications on the coffee industry.
Large companies will also need to have their compliance systems in place well before 2029.
The report stated that "Pricing structures and contract duration are no longer solely commercial decisions. If they have adverse impacts on human rights, companies must change them."
The report noted that, despite the fact that no one of the 15 largest roasters or traders in the world that they reviewed had disclosed any of this information, nor referred to living income commitments, when reporting on sustainability.
According to Barometer, the coffee sector is dominated by smallholder farmers who are poor.
Even at the current price levels, it is estimated that around 12.5 million farming households produce most of the coffee in the world.
"Companies make sustainability commitments while their core commercial operations continue relying on commodity purchases at low prices. "Until this changes, sustainability investments will work around rather than on the problem."
Barometer reviews top roasters Nestle and Starbucks, as well as top traders Olam and Louis Dreyfus, Ecom, and Volcafe.
(source: Reuters)