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Trump promises to end the Iran war quickly while campaigning in Wisconsin for Republicans
U.S. president Donald 'Trump' on Friday pledged to end the Iran War quickly and remove an alleged source of high prices while campaigning in rural central Wisconsin. He was doing so in a bid for Republicans to keep control of Congress in midterm elections. The visit to Chippewa Falls highlighted the Republican strategy to retain control of the U.S.?House of Representatives. He said that progress could be made in the negotiations with Iran, but a deal to end this conflict is still elusive. He encouraged Wisconsin voters to be energized in preparation for the election. Trump stated at a roundtable in Chippewa Falls that "we're going out of Iran very soon and it's gonna be strong one way, or another." "Your fertilizer costs will go down dramatically, just as they did four months ago." Rain poured down on a line of people waiting outside to enter a smoky?farmbuilding. Some attendees were Trump fans while others viewed Trump's recent policy on Iran with more skepticism. Tom Paff, who is a data analyst from Boyd in Wisconsin, said he was "definitely a Trump fan" but added that he wasn't happy with the high gas prices. He said, "I don't believe we belong in the Middle East." Derrick Van Orden is the district's representative and closely aligns himself with President Trump. He touts the "Trump administration"s focus on rural America, as a "benefit". His narrow victory in the 2024 reelection has made him one of the top targets for national Democrats hoping to overturn the 217-212 Republican House Majority. Van Orden told the crowd at the rally, while standing in front of farm equipment, that Trump cares for farmers in America. If anyone disagrees with him, "you can look them in the eyes and tell them this is a pile manure." Rebecca Cooke, Van Orden’s Democratic opponent, said at the farm of her family in Eau Claire, Wisconsin that she believed?Republicans had brought Trump to her District because they saw her race as being tight. She also noted that Health and Human Services secretary Robert F. Kennedy Jr. was in the district last week. Cooke says that Trump's policies hurt farmers. She said: "I believe that if you look at the farmers who Republicans see as an important part of their base, then they are being squeezed by tariffs. They're also getting squeezed because they have to pay for healthcare and inputs due to the war in Iran." Trump promised to reduce inflation during his presidential campaign in 2024, but the prices have increased since Trump's tariffs were implemented last year. Energy prices have risen since the Iran War began. According to the American Automobile Association, Wisconsin's average gasoline price this week of $4.04 is $1.08 higher than it was a year earlier. Trump said that the political implications of rising energy prices do not increase pressure on Iran to reach a deal. Many of Trump's Republican allies, however, are eager to focus on other issues than Iran. They want to prevent a Democratic takeover of Congress which would likely stymie Trump. Trump's Wisconsin visit is the fourth top-level administration official to have visited this district in the past year. The others were Vice President JDVance's visits in August and in February and Kennedy's most recent stop. Steve Holland, Renee Hickman and Nandita Bose; Steve Holland, Cynthia Osterman, David Gregorio and Sergio Non edited the article.
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The US IPO of Sinda by billionaire Kaplan is a way to mine the market recovery
The mining firm Sinda filed for a U.S. IPO on Friday, marking billionaire Thomas Kaplan's'second attempt' to enter the public markets, following Sunshine Silver's listing a 'day earlier', as 'interest in IPOs' rebounded. The filing did not reveal the terms of?the?offering. The U.S. IPO Market exploded in 2026. A variety of sectors were eager to list and take advantage of the excitement among investors for new listings. Elon Musk’s SpaceX will?start trading in New York in what is expected to be the largest IPO ever. Anthropic, a leading AI company, also filed a confidential application to go public last week. CopperTech Metals, a mining company, filed for a New?York?listing on Tuesday. Sunshine Silver Mining listed on the New York Stock Exchange (NYSE) on Thursday. The Electrum Group is a natural resource-focused investment company. Thomas Kaplan is the founder and chairman of the company. He is a prominent investor who specializes in precious metals, natural resources and other assets. Sinda has exploration and exploitation rights over?five adjacent mining concessions located in Mexico's historic Guanajuato Silver Belt, according to its filing. The project is described by the company as a large-scale, high-grade silver-gold discovery that has the potential to be of global significance. The IPO proceeds will be used for underground exploration, for?other project costs and for ongoing exploration. As exploration costs increased, the mining company's net loss was $11.6 million for the three-month period ended March 31. This is compared to a $2.6 million loss in 2013. Morgan Stanley, Scotiabank, and BMO Capital Markets are joint book-running managers for Sinda's offering. The company plans to list its shares under the ticker "SIND" on the NYSE. Reporting by Pritam Biwas in Bengaluru
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Texas ranchers are on alert after a screwworm parasite is detected in a calf
La Pryor, a quiet Texas cattle town, has become the center of the screwworm battle after the first U.S. instance in decades was discovered there. This prompted a?quarantine on livestock and put ranchers and pet-owners on edge. On Wednesday, a calf in a ranch was found to have?the meat-eating?parasite. It had a large hole around its umbilical chord. Since more than a decade, ranchers in South Texas are preparing for the arrival screwworm. The flies have moved from Colombia, through Central America and closer to the U.S. Border. The parasite can decimate local wildlife and cattle herds. U.S. Department of Agriculture secretary Brooke Rollins said that only one confirmed case had been reported, and the agency was working to prevent a spread of the parasite that threatens Texas' multi-billion dollar cattle industry. Rollins said that she would be traveling to Texas 'next week. She gave a speech at a rally on Friday with President Donald Trump, in Wisconsin's 3rd Congressional District. This is an agricultural district where a race for the November midterm elections has become competitive. Rollins did not mention screwworm. USDA WORKERS LEADER CONTROL EFFORTS The USDA sent 28 workers to Zavala County in Mexico, near the border with Coahuila, on Friday. They set fly traps and released sterile flies?to stop their reproduction, as well as talking to ranchers. Rear Admiral Michael Schmoyer said that four more workers would be arriving soon. The major roads leading out of La Pryor are marked with?blinking-orange signs that urge vehicles with livestock to pull up to a checkpoint with state and sheriff's personnel who will inspect the animals to look for signs of screwworm. Marcel?Valdez is a retired educator and Texas A&M University extension agent. He recalled when screwworm was last seen in South Texas in the 1960s, as a young boy. He recalled the screwworm infested calves kicking and licking at their open wounds. The smell of rotting meat as hundreds of larvae devoured the animals alive. And the sharp smell from the black, tarlike medicine he had used to treat them. He is now most concerned about the younger cattle ranchers, who do not have experience in treating this pest. Also, he is worried about the large number of wild animals which could be vectors of the disease and the limited production of sterile flys. He said that the screwworm can quickly get out of control. TEXAS DECLARES A STATE OF DISASTER Greg Abbott, the Republican governor of Texas, declared Friday a disaster and asked that the federal government speed up completion of an sterile flies production facility. The plant was supposed to be operational by November 2027, after breaking ground in April. Abbott proposed that Texas pay for additional costs to speed up construction. Abbott stated at a recent press conference that "we need to get the large volume of sterile fly as soon as possible." It's crucial that the new facility, which is currently being built in Texas, be completed even quicker. The sterile male flies mate wild female screwworms in order to produce unfertile eggs. Abbott stated that the facility must be finished before summer 2027, because pests are more likely to spread in summer than winter. He said, "We can't make it through another summer." Some Texas politicians and ranchers, including some in Trump's Republican Party of Texas, have lambasted USDA efforts. Brent Smith, an attorney from Kinney County (near Zavala County) wrote in X: "The USDA had plenty of time to prepare, but they failed." Rollins stated on Thursday that it was predicted that screwworm would cross the border into the U.S. last year. The Trump administration's actions prevented this, giving time for the USDA to launch a rapid response. Fears of more infestations continued on Friday to shake markets, and extended a rally in U.S. Cattle Futures.
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Prices of oil fall amid rising hopes for a de-escalation of the US-Iran War
Oil prices dropped on Friday, as traders grew more confident that a renewed conflict between the U.S.A. and Iran is less likely. Brent crude futures fell $2.08 or 2.18% to $92.95 per barrel at 11:37 CST . Brent closed the previous session 2.84% down. U.S. West Texas Intermediate Crude was $89.93 per barrel, down $3.11 or 3.34% after a loss of 3.1% on Thursday. Phil Flynn is a senior analyst with Price Futures Group. He said that the market does not see an escalation of tensions between the parties. Even though we haven't reached a deal, the market seems to be de-escalating. Petroleum Development Oman confirmed that operations at Mina al Fahal were not affected after three sources reported that oil loading was suspended due to an explosion near the port's mooring berths. Oman exports between 800,000 and 900,000 barrels of crude oil per day from its terminal. Brent was up 1.25 % and WTI by around 3.1%. Contracts rose earlier this week as fighting flared up in the Middle East, while U.S. and Iran war peace talks continued to drag on, while the Strait of Hormuz remained restricted, through which a fifth of world oil flows. Commerzbank analysts stated on Friday that "as hopes for a deal between the U.S.A. and Iran have been dashed yet again, the prices of Brent crude oil and European natural gases rose this week." Commerzbank said that Brent's gains were capped due to oil inventories remaining longer than expected, rerouted imports, and a falling demand. Hezbollah's leader Naim Qassem rejected a U.S. mediated agreement between Israel and Lebanon to stop the fighting on Thursday. Iran has demanded a ceasefire between Israel and the Lebanese government in Lebanon as a precondition for any deal with Washington. Donald Trump, the U.S. president, said that he thought progress was being made in the relationship between Israel and Lebanon. He also stated on Thursday that Lebanon deserved peace. Tony Sycamore, IG's market analyst, said in a?"note" that "any optimism is heavily clouded due to a tangled net of headlines and anti-headlines." Haitham al Ghais, the Secretary General of OPEC, said that despite the Middle East conflict, and the closure of the Strait of Hormuz, the oil demand forecast for this year is 1.2 million barrels of oil per day. According to shipping data the U.S. naval blockade has largely been responsible for the decline in Iranian oil exports. However, weak demand from China has also contributed to the lower prices. Reporting by Erwin Seba, Robert Harvey, and Ahmad Ghaddar, in London; Florence Tan, and Sam Li, in Singapore. Editing by Sonali, Kim Coghill and Elaine Hardcastle.
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Sources: Cargill is in talks with Macquarie to sell its metals unit.
Five sources familiar with the matter have confirmed that 'Cargill' is in discussions to sell its metals division to Macquarie Group, as a global trading house wants to concentrate on its core operations of food and agriculture. The five sources all spoke under condition of anonymity as the sale had not yet been announced. They were also not authorized to speak to media. They didn't disclose any further details about the discussions, which may not result in a deal. Cargill did not respond to requests for comments via phone and email. Macquarie has declined to comment. Cargill's metals unit in Singapore trades between 60 and 70 million metric tonnes of iron ore each year, with 130 employees. The spin-off could occur at a time of uncertain outlook for iron ore due to the falling demand in China, the world's largest consumer. In addition, the state buyer China Mineral Resources Group reduces the volatility that traders can profit from. Cargill stopped physical steel trading in China by 2024, as the 'demand for the material slowed down in the top consumer and producer of the material in China due to the long-term slowdown in the property sector. In the same year,?the company streamlined its operations from five to three:?Food and Agriculture?,?Trading? and a specialized Portfolio. In a memo sent to employees in 2024, Brian Sikes, the chief executive officer of?Cargill, said: "At heart, we are a food and agriculture company." This would not be the first time Cargill has sold to Macquarie. Cargill sold the petroleum business in 2017, which included crude oil and oil products to an 'Australian investment bank.
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A study warns that biodiversity loss may trigger a wave of debt crises
Financial markets underestimate the economic risks associated with biodiversity loss. This could expose countries to debt crises and higher borrowing costs. The study, ?led ?by economists from the Universities of Sussex, Sheffield and Heriot-Watt, presented what they described as the world's first biodiversity-adjusted sovereign credit ratings model. The report said that existing rating frameworks do not take into account environmental degradation and leave $83 trillion worth of global assets susceptible to mispricing. Researchers estimated that a partial collapse in key ecosystems, such as marine fisheries, tropical forests, and wild pollinators, could result in an increase of $162 billion annually for global sovereign debt interest. Matthew Agarwala, from the University of Sussex, said that financial markets are blind to nature-related risks. As biodiversity loss undermines economies, it becomes more difficult for countries to service debt. The global economy is supported by ecosystem services such as crop pollination, and the production of seafood. These ecosystems could be disrupted in part, reducing global GDP by around $2 trillion per annum. Creditworthiness of vulnerable nations could suffer severe consequences. India's sovereign credit rating could be affected by four notches in such a scenario. China's could also drop more than five points on a scale of 20. Lower credit ratings force governments to pay higher interest rates on debt. This could result in India paying $50 billion and China $70 billion more annually. Overlooked Risks The study concluded that sovereign downgrades can have a ripple effect on the domestic economy, impacting businesses, financial institutions, and pension funds. Pati Klusak, from Edinburgh Business School, said that the findings echo previous financial crises. She said that the 2008 global financial crises showed what happens when emerging threats are ignored by markets. We risk making the same mistake again if we exclude ecological risks from credit assessment. According to the research, Indonesia, Bangladesh, and Malaysia may also face ratings downgrades ranging from four to six notches. In 23 countries, with a combined population of 5.5 billion, the biodiversity-related downgrades may push some closer to sovereign default. The debt servicing costs represent nearly three-quarters the global?annual aid for overseas development and a significant portion of the UN Global Biodiversity Framework?s target of mobilizing $200 billion per year across 196 nations. The authors called on regulators, central bankers and rating agencies, to incorporate nature-related risk into financial models. They said that the cost of?protecting biodiversity' is much lower than its economic consequences. Moritz Kraemer is a former sovereign analyst for S&P Global, who was involved in the study. He said that rating agencies were particularly failing. Kraemer stated that by the time these bonds reach maturity in 30 or 50 years, they may be 3-4 notch lower. "That's a problem."
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Energy secretary: Companies will add 40 million barrels to US SPR when the Iran war ends.
After the war in Iran, companies that have borrowed oil from the U.S. Strategic Petroleum Reserve will receive an 'extra 40 mln barrels - of crude as premiums. Fuel prices have risen since the U.S. and Israel war against Iran began in early February. Wright, however, said that he was not concerned about low stock levels at?the SPR. Wright told Fox Business's "Varney & Company," "I am not concerned because we are not'selling' any barrels of crude oil. We're supplying oil 'to the market 'in the short-term when it is needed, and we trade those barrels." "For every barrel we use, we get 1.25 barrels next year." He said that we would add 40 million barrels after the conflict, and at no cost to taxpayers, to the SPR. The DOE is lending 133 million barrels from the SPR (which is held in underground caverns located in Texas and Louisiana) to companies who will pay back in crude oil, with premiums up to 24 percent. The Department of Energy says the system will help stabilize markets without costing U.S. tax payers. (Reporting and editing by David Ljunggren, Andrea Ricci and Katharine Jackson)
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A Russian billionaire sanctioned by the US says that high interest rates are a 'trap' in the economy
The central bank's strict monetary policy was criticized by some of Russia's wealthiest businessmen on Friday. One said that it had created "a trap" for the Russian economy. This is the most public criticism of the financial authorities?since a?rate increase in 2024. The economic growth will slow down to 0.4% this year from 4.9% last year due to high rates, an overvalued ruble, and Western sanctions. Government measures are unlikely to have a significant impact on growth. Since 2022, most of Russia's billionaires supported President Vladimir Putin in his war against Ukraine despite Western sanctions that prevented them from accessing their luxury yachts and properties in Europe and North America. The war is now in its fifth year and there's no end in sight. Profits are down, taxes are up, access to Western markets is still blocked, and private assets have been nationalized. Roman Trotsenko is a billionaire who owns companies in the transport, fertilizer, and real estate industries. He compared the central bank’s monetary policies to a “Volcker shock,” referring to aggressive rate increases by the U.S. Federal Reserve under Chairman Paul Volcker from 1979 to 1982. He told a group of businessmen, government officials and bankers at the largest economic conference in Russia, held by Sberbank. "This was an?big experiment. No one else has done it." The key interest rate in Russia is 14.5%. It is down from 22% but still considered too high by businesses, even though inflation has dropped to 5.6%, from 10%. In his address to the main plenary of the conference, Putin expressed that he understood the "deep sorrow" and "cries of concern" of businessmen over high borrowing costs. However, he said the economic foundations of Russia were solid. "ALREADY A Miracle" Trotsenko claimed that economic history books will describe the wartime policy of the rate as "Zabotkin’s trap into which Russia fell mistakenly," referring the First Deputy Chairperson Alexei Zabotkin who is the architect of the current policy. Zabotkin applauded Trotsenko’s speech, but told reporters later that the central banks was "fully aware" of Russian business's woes. Dmitry Mazepin of Uralchem, the owner of the fertiliser manufacturer, compared the actions taken by the central bank to cool the economy with hostile Western powers. What is the external challenge? They want to slow down our progress, but they also, as the President said, 'want to inflict strategic defeat. What's going on internally? What does the central bank mean when they say "it wants to cool the economy?" Mazepin spoke. According to Forbes, Russia's richest person, Alexei Mordashov is the owner of Severstal. He said that domestic steel demand had dropped by 30% over the past three years, which led the company to cut 24% of its portfolio and its cash flow was negative. "I'm sure that almost everyone in this room has seriously re-evaluated their investment program." With such volatility and instability, it is obvious that we will see a further decline in investment and a?further fall in GDP." Russian billionaires are usually'refrained from making public statements on the conflict in Ukraine. Many Russian billionaires have ceded their control over their companies in writing and are now fighting in courts for the lifting Western sanctions. German Gref, CEO at Sberbank who wrote Putin's economic program in the early 2000s which led to spectacular rates of growth for several years, said after the panel, that Russia's meagre rate of growth under current conditions is "already an miracle". (Additional reporting and editing by Darya Corsunskaya, Elena Fabrichnaya)
China biofuel makers bet on sustainable air travel fuel
Biofuel companies are putting more than $1 billion into structure China's first plants to turn waste cooking oil into air travel fuel for export and meet domestic demand, when Beijing mandates the fuel's use on aircrafts to cut emissions.
Here are details of the investors. Capability figures describe feedstock volumes, with SAF yield estimated at 50% to 60%.
Junheng Industry Group Biotechnology Co Ltd
It started producing first SAF last December at a 400,000 tpy plant in the central city of Puyang at an expense of 1.3 billion yuan ($ 180 million), ending up being the 2nd SAF maker to win airworthiness certification from domestic civil aviation authorities after Sinopec's Zhenhai.
It plans output of 150,000 metric tons of SAF this year, following its first export last December to Europe.
Zhejiang Jiaao Enprotech Co
Establish in 2003 as a manufacturer of bio-based plasticizer, Jiaao became a biodiesel producer and exporter around 2016. As one of China's largest biodiesel producers, it counts worldwide oil majors Shell, ExxonMobil and TotalEnergies among its customers.
In 2022 it chose to enter the SAF business and is building a 500,000 tpy plant costing 4 billion yuan in the port city of Lianyungang, with strategies to broaden to one million tpy. The government of Lianyungang owns a 30% stake in the endeavor.
Tianzhou New Energy
The group is set to start up a 200,000-tpy SAF center towards the end of 2024 at a cost of one billion yuan in Weiyuan in the southwestern province of Sichuan, with plans to expand it to 500,000 tpy.
The company started as an aviation fuel manufacturer and has long worked with China National Air Travel Fuel Corp.
. Sichuan Jinshang Environmental Management Tech Co Ltd
A collector of utilized cooking oil (UCO) given that 2012, Jinshang started exporting UCO in 2015 to Europe, varying from 200,000 to 300,000 tons a year to business such as Neste, EcoCeres, Shell and PetroChina. It plans to begin building a 400,000-tpy SAF plant in Sichuan in July targeted for conclusion by end-2025, at a cost of more than 1 billion yuan.
Shandong Haike Chemical Co Ltd
The independent oil refiner based in the eastern province of Shandong strategies to revamp an existing refining system into a. 500,000-tpy SAF manufacturer by the end of this year.
Sinopec Zhenhai
China's very first SAF maker, Sinopec Corp won certification in. 2022 from the Roundtable on Sustainable Biomaterials (RSB), the. world's most extensive standard for sustainable fuels, for its. trial SAF production from a 100,000-tpy facility.
Nevertheless, the center in eastern Zhejiang province has not. entered industrial production.
Qinzhou Hongkun
Begun as a lube manufacturer, the business prepares to develop. a 300,000-tpy SAF plant in Qinzhou in the southern province of. Guangxi, at a cost of 1.68 billion yuan. Sinchuan Jinshang owns. a 20% stake of the plant, set to launch in the first quarter. of 2026.
State Power Investment Corp (SPIC)
Last December, SPIC announced a plan to invest 42 billion. yuan in northeast China to produce fuel from hydrogen derived. from wind power.
The jobs, to be built in the city of Qiqihar in. northeastern Heilongjiang province, include a 3.5 gigawatt wind. power plant, a 164,000 tpy hydrogen-making facility and two. 400,000 tpy plants, one each to make SAF and methanol.
SPIC will initially develop a 10,000-tpy pilot plant making SAF. from wind power-based hydrogen, applying technology from Tsing. Energy Advancement Co, the first plant of its kind in China.
(source: Reuters)