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Britain claims that the EU will remove tariffs on steel as part of a quota
As part of the recent agreement to reduce trade barriers and reset ties, Britain announced that the European Union would remove tariffs from key steel products as of Friday. In May, Britain reached the most significant reset in defence and trade relations with the European Union (EU) since Brexit. This included a “bespoke arrangement” to protect UK exports of steel from new EU tariffs and rules. The British government had previously stated that the European Commission will restore Britain's country-specific steel quotas to levels prior to 2022, but it had not specified a date for this action. Jonathan Reynolds, the UK's Trade Minister, said that the removal of tariffs is "yet another step forward" for the UK Steel Sector. The government intervened in order to save British Steel jobs and reached a deal with the United States to avoid their highest steel tariffs. He said that restoring the steel quota would give producers confidence to grow and compete in the market, as well as maintain important export relationships. The agreement allows Britain to export up to 27,500 tonnes of steel per quarter to the EU without having to pay an additional tariff. Gareth Stace said that the restoration of quotas was "excellent news" and added that companies were "plagued with problems" when shipping support beams. Britain has yet to complete negotiations with the United States, after both sides agreed to work together to eliminate steel tariffs for exports from Britain in May. British steel exports are subject to a 25% tariff in the U.S., although it avoided a 50% increase thanks to an agreement with the U.S. However, talks on removing the tariffs have been stalled because of discussions about supply chains and the location where British steel "melts and pours".
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Edison International's quarterly profits fall as L.A. wildfire investigation continues
Edison International announced a decline in its second-quarter profits on Thursday as it struggled to deal with increased operating costs and investigations related to wildfires that occurred earlier this year in Los Angeles. The Los Angeles area was devastated by multiple wildfires that scorched thousands of acres in January. It is estimated to be the costliest natural disaster in U.S. History. Electric utilities in the region have also come under increased scrutiny. Wildfires that originate on power lines can also cause power outages. Southern California Edison, a subsidiary of Edison International, faces multiple lawsuits alleging that its electrical equipment caused the Eaton Fire, one of the most significant wildfires to occur in the Los Angeles region. While investigations are underway into the cause of Eaton Fire, lawsuits point to SCE transmission equipment in the hills above Altadena for starting the fire. Edison CEO Pedro Pizarro stated on a earnings call that "SCE does not have any evidence pointing towards another possible ignition source." "In the absence of additional evidence, it is possible that SCE equipment was involved in the ignition," Edison CEO Pedro Pizarro said on a company earnings call. The company attributes the decline in earnings primarily to the higher operating and maintenance costs and the net effect of regulatory decisions made by Southern California Edison (SCE). The decrease was also attributed to higher interest costs at the parent company. SCE has said that it will invest $6,2 billion to stop wildfires from being caused or affected by its system. The company plans to also launch a compensation program for wildfires. California has a wildfire insurance fund to protect utilities such as SCE against wildfire liabilities. Bloomberg News reported on Wednesday that California Governor Gavin Newsom proposed legislation to boost the state's wildfire fund with an extra $18 billion. The report stated that electricity ratepayers will contribute half of the money via a monthly charge, while the remaining half will be funded by utility firms who benefit from the fund. This includes Edison International. The company confirmed its forecast of adjusted earnings between $5.94 and $6.34 for 2025. Analysts expect $6.06 per share. The Rosemead-based California company reported a second-quarter net profit of $343m, or 89c per share. This compares to $385m, or $1.14 a share, one year ago. Reporting by Khusbu Jennifer in Bengaluru, and Laila Kerney in New York. Editing by Leroy Leo.
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AES Corp beats second-quarter profit estimates on renewables strength
Utility AES Corporation beat Wall Street expectations for its second-quarter profits on Thursday. This was largely due to higher earnings in the renewables segment, and a reduced tax rate. A global push to find cleaner power sources is driving the company's renewables unit, which has grown significantly since last year. This comes at a time of record-breaking U.S. electricity consumption. According to the U.S. Energy Information Administration, power consumption in 2025-2026 will reach record levels, largely due to Big Tech's increasing investment in artificial-intelligence technologies that are dependent on energy-intensive, data center facilities. The backlog of power purchase agreements, which includes projects that have signed contracts, but are not yet operational, increased to 12 gigawatts from 11.7 GW the previous quarter. Andres Gluski, CEO of Gluski Group, said: "With 1.6 GW signed PPAs for data centers since May's first quarter results, we are a market leader in the segment that is growing the fastest." AES Corp. has signed two long term power purchase agreements to provide 650 megawatts of solar capacity for Meta Platforms' data centers in Texas & Kansas. The renewables unit saw a 4% increase in revenue to $644m, while utilities reported a nearly 6% rise to $954m. The lower margins in energy infrastructure led to a 3% decline in the utility's revenue total, which was $2.9 billion in the second quarter. According to LSEG, the Virginia-based firm posted an adjusted profit per share of 51 cents in the second quarter. This was compared with analysts' estimates of 40 cents. Reporting by Pooja menon, Arunima kumar and Vallari srivastava in Bengaluru. Editing by Anil d'Silva
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Texas Mayor calls for flash flooding warning system to reduce future fatalities
The mayor of the city in Texas that was at the heart of the flash floods earlier this month, which killed more than 130 people, asked state legislators on Thursday for help to get a warning systems in place within one year. Kerrville mayor Joe Herring said to a joint Senate and House committee meeting in his town, northwest of San Antonio, that he wants a flood warning system designed and installed before next summer. Herring stated, "We must find solutions that will protect the public as well as save lives." We will need your assistance to achieve this goal. A special session of the Texas legislature was called by Governor Greg Abbott to address the flooding. Early on July 4, the flooding washed away children's camps and people who were enjoying the Fourth of July holiday in Texas Hill Country. Following a committee meeting in the capital last week, lawmakers visited the area affected by the flooding to hear Herring and other local leaders as well as local residents. Kerr County Sheriff Larry Leitha asked if a warning system had been beneficial. Leitha, a member of the legislature, said that "the water came too quickly". Speaker Dustin Burrows stated that lawmakers will come up with "some solution" during the 30-day special session but it would take some time. Burrows stated, "Our commitment will continue beyond this session, these hearings and into the next and subsequent sessions." The number of casualties is one of the highest in recent years in the United States. This raises questions about the absence of flash flood warning sirens, especially in the hardest-hit Kerr County. Many people have expressed concerns about the vacancies in National Weather Service offices as a result of staffing reductions under President Donald Trump. Residents who were affected by the flooding spoke before the committee. Many said they felt abandoned by their city, county, and state governments. (Reporting and editing by Donna Bryson, Sandra Maler and Brad Brooks from Colorado)
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Edison International's quarterly profits fall as wildfire investigations continue
Edison International announced a decline in its second-quarter profits on Thursday as it struggled to deal with increased operating costs and ongoing investigations related the Los Angeles fires that occurred earlier this year. The wildfires that ravaged Los Angeles are expected to be one of the most expensive natural disasters in U.S. History. Electric utilities in the area have been under increased scrutiny. Wildfires are a major cause of power outages, and can be caused by damage to power lines or infrastructure. However, these fires can also start from power lines that have not been properly maintained. Southern California Edison, a subsidiary of Edison International, faces multiple lawsuits alleging that its electrical equipment caused the Eaton Fire, one of the most significant wildfires to occur in the Los Angeles region. A report from June stated that SCE's internal wildfire predictions underestimated the size of the Eaton Canyon Fire in Los Angeles in the days before a deadly conflagration occurred in January by a factor ten. The company attributes the decline in earnings primarily to the higher operating and maintenance costs and the net effect of regulatory decisions made by Southern California Edison (SCE). The decrease was also attributed to higher interest costs at the parent company. The company plans to also launch A wildfire recovery program. The company confirmed its forecast of adjusted earnings between $5.94 and $6.34 for 2025. Analysts estimate them at $6.06 a share. Edison CEO Pedro Pizarro stated in a press release that he was confident policymakers would act to restore confidence and strengthen California's wildfire framework in the current legislative session. The Rosemead-based California company reported a second quarter net income of $343m, or 89c per share, down from $385m, or $1.14 a share, one year ago. Reporting by Khusbu Jennifer in Bengaluru, Editing by Leroy Leo
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Emergency declarations made in New York and New Jersey due to flash flood danger
New York Governor Kathy Hochul, and her acting counterpart from New Jersey have declared states of emergency in areas that are at risk of flash floods. These extreme flooding is forecast for Thursday along the Eastern Seaboard. The National Weather Service issued flash flood warnings in parts of the Northeast urban area stretching from Washington-Baltimore to Philadelphia, Wilmington and Delaware. It also included the New York City metropolis. The Interstate-95 corridor was also under severe thunderstorm warnings. Hochul said that the most intense bands of showers could bring up to 5 inches (12 cm) of rainfall across New York City and Long Island, as well as the Hudson River Valley. The rainfall rate may exceed 2 inches an hour. Hochul urged New Yorkers to be vigilant, informed and cautious as they expect heavy rains with flash floods. In a declaration, Tahesha Wadway, the acting Governor of New Jersey, said that New Jersey should expect rainfall totals between 1 and 3 inches in general with localized downpours causing 5 to 7 inches. She warned that extreme rainfall in New Jersey could cause landslides and rock slides, as well as flash flooding on roadways. The damaging winds of thunderstorms would also pose additional dangers. Way, lieutenant-governor, issued a statement saying that residents should stay off the roads, and inside, unless it is absolutely necessary. She temporarily serves as the chief executive of the state while Governor Phil Murphy is on vacation. The Weather Service said that the storm threat was due to a frontal cold air mass that brought a combination unstable air mass with exceptional amounts of moisture in the atmosphere to the area. (Reporting and writing by Joseph Ax, Los Angeles; Additional reporting by Steve Gorman; Editing by Sandra Maler).
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EIA: US gasoline demand in may hits lowest seasonal level since 202020
The Energy Information Administration reported on Thursday that the U.S. gas demand for May was the lowest since the coronavirus outbreak of 2020. This indicates consumers are cutting back on fuel purchases, despite the lower price. The EIA proxy for demand is the product supplied of finished motor gas, which averaged 9.06 million barrels per day in May. This represents a 3.6% decrease from last year. Donald Trump, the U.S. president, has claimed credit for lowering gas prices. They had risen to a record-high in 2022 because of supply disruptions due to Russia's invasion. Analysts have stated that the decline is partly due to the economic uncertainty caused by Trump's policies. The latest figures show that gasoline prices have fallen 8.3% in the 12 months ending June. Consumer Price Index Report The U.S. crude oil prices fell more than 20% as a result of concerns about a lackluster demand, and the trade war between China and the United States. Patrick De Haan is head of petroleum analyses at GasBuddy. He said, "Uncertainty to me, is the bigger issue." He said that the tariff/trade situation had left consumers feeling pessimistic. "Look for the figures from May to rebound in June/July, but I doubt that they will be any better than 2024." The EIA reported that the average gasoline demand in May of last year was 9.40 million barrels per day, the highest since the pandemic. Shariq Khan, New York (Reporting and Editing by Marguerita Chôy)
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Eversource's quarterly profits rise on the strength of transmission and distribution
Eversource Energy announced a higher second-quarter profit Thursday as continued investments in its electric transmission systems and rate increases throughout its New England service area helped offset higher operating expenses. The utility's earnings for the quarter ended 30 June were $352.7 million or 96 cents a share. This is up from $335.3 millions or 95 cents a share compared to a year ago. Segmentally, Eversource’s electric transmission business saw a 10% increase in profit, reaching $208 million, in the second quarter. This was largely due to ongoing upgrades of its network in New England. Electric distribution unit's earnings were up $161.5 millions in the quarter reported, compared to $149.7 in the previous year, due to base rate increases in Massachusetts and New Hampshire, which helped offset rising interest, property taxes and depreciation costs. The natural gas segment's profit jumped 30% to $35.3 Million, mostly due to distribution rate increases which took place in late 2024 in order to recover infrastructure investment. The water distribution income rose from $8 to $14.4 millions, thanks to higher revenues and reduced interest costs. The company confirmed its earnings forecast for 2025, which ranges between $4.67 and $4.82 a share. (Reporting and editing by Alan Barona in Bengaluru, Sumit Saha from Bengaluru)
Sea drone warfare has gotten here. The U.S. is floundering.
The U.S. Navy's efforts to develop a. fleet of unmanned vessels are failing because the Pentagon. remains wedded to big shipbuilding tasks, according to some. officials and company executives, exposing a weakness as sea. drones reshape naval warfare.
The lethal efficiency of sea drones has actually been shown. in the Black Sea where Ukraine has actually released remote-controlled. speed boats packed with dynamites to sink Russian frigates and. minesweepers because late 2022.
Yemeni-backed Houthi rebels have actually used similar vessels. against commercial shipping in the Red Sea in recent months,. albeit without success.
These strategies have actually captured the attention of the Pentagon,. which is including lessons from Ukraine and the Red Sea into. its plans to counter China's increasing marine power in the Pacific,. Pentagon Spokesman Eric Pahon told .
In a signal of the Pentagon's intent, Deputy Secretary of. Defense Kathleen Hicks announced an initiative in August - named. Replicator - to deploy hundreds of small, reasonably cheap air. and sea drones within the next 18-24 months to match China's. growing military hazard.
This public show of commitment masks years of hesitation by. the U.S. Navy to construct a fleet of unmanned vessels in spite of. duplicated warnings this was the future of maritime warfare,. according to interviews with a dozen people with direct. knowledge of the U.S. sea drone plans, consisting of Navy officers,. Pentagon authorities, and sea drone business executives.
Two Navy sources and 3 executives at sea drone. makers stated the biggest obstacle to advance has actually been a. Department of Defense (DoD) budget plan process that prioritizes big. ships and submarines developed by legacy defense professionals.
Eventually, you struck the D.C. problem, said Philipp. Stratmann, CEO at Ocean Power Technologies (OPT), a New. Jersey-based firm that provides the U.S. Navy with the WAM-V, an. self-governing surface drone.
You struck the fact that there is a military commercial. complex that has the very best lobbyists and knows precisely how the. money circulations and contracting works in the DOD.
A Navy spokesperson said it acquires capabilities based on. fleet need signals, referring to the messages headquarters. get from commanders at sea.
The Navy has a budget of $172 million this year for little. and medium-sized underwater sea drones, falling to $101.8. million in 2025, the representative said. That's a tiny portion. of the $63 billion Navy procurement budget plan proposed by President. Joe Biden's administration for 2025.
Military sea drones can range from missile-armed speed boats. to minehunting miniature submarines and solar-powered sailboats. geared up with high-definition spy cams, underwater sensors. and speakers utilized to holler warnings at enemy ships.
But when the Navy has released sea drones on reconnaissance. objectives in the last few years, it hasn't always had the fleet. know-how to utilize them, the 2 Navy sources stated, asking not to. be named due to the level of sensitivity of the matter.
There aren't enough Navy sailors trained to pilot drones or. to evaluate large swathes of information returned from the craft's. cameras and sensing units, the sources said.
The spokesperson stated the Navy was in the procedure of. enhancing its data collection and analysis from sensors.
Pentagon representative Pahon said the DoD has actually been. laser-focused on speeding up innovation over the last 3. years, including the use of sea drones.
Acknowledging spending plan obstacles, Pahon stated the Pentagon was. utilizing ingenious methods to cross the valley of death, a term. utilized to explain the excruciating approval procedure brand-new developments. travel through to be purchased in big amounts.
REPLICATOR
One example Pahon pointed out was the Replicator program: the. short-term, $500 million-a-year task is created to cut. through bureaucracy and fast lane the deployment of thousands. of inexpensive aerial and sea drones.
These drones will be utilized to match China's rapidly-growing. air and naval power in the Asia-Pacific region, the Pentagon's. Hicks stated at the job's launch in August. She said. Replicator is being funded mainly by reallocating funds from the. existing Pentagon budget.
As part of the effort, the Pentagon in January provided a. solicitation for personal business to provide small sea drones. to the Navy, demanding production capability of 120 vessels per. year, with implementation beginning in April 2025.
Duane Fotheringham, president of unmanned systems at. Huntington Ingalls Industries (HII), the largest U.S. military shipbuilder, acknowledged the Pentagon and Navy had. shown their intent to speed up the implementation of sea drones. however he said the market wanted to see long-term funding in the. defense budget.
We hear the demand signal ... however all of us have to work. together really carefully to comprehend what that need is and when. it will be readily available, Fotheringham informed .
At a cost ranging in between $1 million and $3 million apiece,. according to Navy and defense specialist sources, drones provide a. reasonably cheap and fast way to broaden the Navy's fleet,. especially as numerous big traditional shipbuilding projects -. like a new class of frigate warships - are running years behind. schedule.
The U.S. is evaluating using robot ships in active combat. situations. However their more instant use is for missions that are. too costly and various for manned marine fleets.
This consists of maritime security, minehunting, and. protecting vital undersea infrastructure, like gas pipelines. and fiber-optic cables, four drone companies told .
Swarms of little sea drones could likewise serve as a shield for. important crewed properties like aircraft carriers and submarines,. and tangle up troop-carrying ships in case China tries to. attack Taiwan, stated Bryan Clark, an advisor to the Navy on. self-governing craft and a senior fellow at the Hudson Institute - a. believe tank headquartered in Washington.
Clark approximates the Navy has around 100 little drones for use. on the ocean surface and another 100 underwater drones, while. China has a similar-sized self-governing force that is growing quick. The Navy spokesperson decreased to talk about the number of drones it. has in operation.
Ukraine has actually shown how efficient they can be and how they. can be used in present operations, Clark stated. The U.S. Navy requires to accept that lesson and field battle (sea drones). immediately.
The Navy's 5th fleet, which runs out of Bahrain, has. been checking unmanned vessels for three years, led by its Job. Force 59 unit.
The job has released monitoring drones built by. personal companies, consisting of startups, along with those backed by. defense heavyweights like Lockheed Martin and HII.
The circumstance in the Red Sea provides the work of Task Force. 59 added urgency and we anticipate fielding services to. assistance counter Houthi malign behaviour, Colin Corridan, commander. of the task force, told .
MISSILE TEST
In October, the Navy carried out its first live missile test. from an unmanned speedboat in the Arabian Peninsula.
The T38 Devil Ray, constructed by Florida-based sea drone firm. MARTAC, effectively released a miniature missile system to. ruin a target boat, with a human operator ashore offering the. order, according to a Navy announcement and video.
MARTAC's Chief Marketing Officer, Stephen Ferretti, referred. concerns about the operation to the Navy.
Making use of unmanned vessels was broadened to the Navy's fourth. Fleet in central America last year where they have actually been used to. punish human smuggling off the northern coast of Haiti.
Among the business running there is Saildrone, a. California-based firm that makes wind-, solar- and. diesel-powered autonomous vessels that gather images and data. with cams and sensors.
Saildrone has actually circumnavigated Washington's funding politics. Because the company runs and maintains its own vessels, and. charges a service fee for the information they collect, the Navy can. pay to use the drones out of its operating costs instead of. procurement spending plan.
Saildrone introduced the Property surveyor, its biggest vessel, which. has actually been customized for the military, at an event in March. gone to by Chief of Naval Operations Lisa Franchetti.
The drone company, which also supplies coast guards and ocean. study departments, has a fleet of 130 vessels and is developing. a number of more every month, said Richard Jenkins, the business's. founder.
Today, we are struggling to stay up to date with need,. Jenkins informed in an interview. He decreased to talk about. just how much Saildrone charges the Navy.
Ocean Aero develops the autonomous Triton vessel, which can. move on the surface area or underwater to collect data and hunt for. mines using sensors. The business, which is backed by Lockheed. Martin, opened a 63,000 feet making center in Gulfport,. Mississippi last October that is capable of producing 150. Tritons a year.
Lockheed Martin did not respond to an ask for remark.
HII was granted a contract last October to construct nine small. underwater drones for the U.S. Navy's Lionfish program, with the. possible for this to increase to 200 lorries over the next five. years. The agreement might total $347 million, although that is. far from ensured.
The Lionfish program - which is concentrated on the Indo-Pacific. where the U.S. is vying for control with China - is based upon. HII's Remus 300, a minehunting drone that can be launched like a. torpedo from a crewed ship or submarine.
These programs are evidence that the Pentagon is attempting to move. faster to deploy sea drones, representative Pahon informed .
We know we need to keep pushing to remain ahead, he stated.
(source: Reuters)