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California Senator calls on NOAA restore "billion-dollar" disaster database
Adam Schiff, a Democratic Senator from California, urged Commerce Secretary Howard Lutnick and acting National Oceanic and Atmospheric Administration secretary on Tuesday to restore a disaster database tracking U.S. disasters worth billions of dollars. He said that its removal prevented legislators, insurance companies and tax payers from seeing the rising cost of natural disasters as well as planning for future extreme events. NOAA announced that it would remove the "billion dollar weather and climate catastrophes" database "in line with evolving priorities", the latest example of how the agency has ended ongoing scientific datasets. Schiff, who represents California in the Senate, warned that the NOAA is understaffed for the hurricane season that begins on June 1. He said that 30 out of 122 National Weather Service offices lack chief meteorologists. Why it's important The database revealed that billion-dollar catastrophes increased from a few per annum in the 1980s, to 23 on average per year during the last four years. Climate scientists attribute this to the rise in global temperatures. The database revealed that in 2024 there were 27 disasters with losses exceeding $1 billion. CONTEXT As part of its efforts to boost oil, gas, and mining operations the Trump administration has acted quickly to reverse all federal spending on climate change. It also removed any regulations aimed at addressing emissions of greenhouse gases. KEY QUOTE In a statement, Schiff stated that the termination of this database "suggests this program was targeted" because it showed Americans how climate change is fueling more frequent weather disasters worth billions of dollars. If this is true, it's disturbing that the government would rather keep the public in darkness about climate change, hindering the country's capability to prevent and reduce the human, environmental, and economic costs of extreme weather. (Reporting and Editing by Rod Nickel.)
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UK Trade remedies body recommends country specific quota caps for steel imports
The Trade Remedies Authority of Britain (TRA) suggested on Tuesday that country specific quotas should be imposed for certain categories steel imports in order to protect its domestic industry. Since the beginning of the year, Britain has tried to protect its domestic steel industry from an oversupply in the world. It has also extended safeguards on the domestic market and has maintained anti-dumping restrictions for some imports. According to the latest recommendation of TRA, quotas will be implemented in October 2010 and limit how much steel certain countries can import duty-free. Nick Baird, TRA Chair said that the recommendations will "protect the UK steel industry against the destabilising effects of global overcapacity". In March, the TRA expanded its review of steel after U.S. president Donald Trump announced a 25 percent tariff on this sector. Last week, Britain reached an agreement to eliminate these tariffs. However, the two parties must still formalise their agreement. Sector representatives are unsure when the levies will be removed. The U.S. Steel Tariffs are still in place for other countries. This means that there is more available steel on the market, which could end up being diverted towards Britain. Last month, the UK government intervened in order to take control of the last producer of virgin steel in the country. According to Thursday's recommendation, each country will only be able to supply 40% of the remaining quota for three categories of steel, whose UK imports are dominated respectively by Vietnam, South Korea, and Algeria. Imports above that amount will be subjected to a 25% duty. The TRA recommended that the "carry-over" of quotas unused for a quarter into the following quarter be abolished from July. The recommendations will be subject to a further review and approval by the government. UK Steel, however, said that the measures "did little to effectively protect the UK steel industry against the vast quantities of surplus steel seeking to be dumped on our shores". Gareth Stace, UK Steel's Director General, said: "It is time for the government to take action and replace the ineffective steel protections with a robust mechanism of trade defense based on quotas that are designed to fit the realities of the market today and the rest of the world." Reporting by Muvija, Alistair Smout, and Catarina demony. Mark Potter (Editing)
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US sanctions companies that it claims sent Iranian oil to China
The U.S. Treasury Department imposed sanctions Tuesday on more than twenty companies that are part of a network it claims has been sending Iranian oil to China for years. This comes days after Iran and the United States completed a fourth round nuclear talks. Treasury reported that the network was responsible for shipping oil worth billions to China, on behalf of Iran’s Armed Forces General Staff, and Sepehr Energy (the front company of Sepehr Energy), Treasury stated. The department sanctioned CCIC Singapore PTE and other companies, including CCIC Singapore PTE. It said that CCIC Singapore PTE helped Sepehr conceal the oil's Iranian source. They also carried out the pre-delivery checks required before oil could be transferred to China. Huangdao Inspection and Certification Co Ltd was also sanctioned for assisting Sepehr. Treasury sanctioned Qingdao Linkrich International Shipping Agency Co Ltd, which they said assisted Sepehr Energy chartered vessels with their arrival at Qingdao Port and their discharge as its designated agent. According to Tammy Bruce, State Department spokesperson, the sale of oil funded the development of Iranian missiles and drones as well as nuclear proliferation and attacks on the U.S. Navy, Israel and ships in the Red Sea by the Houthi militants group. Bruce stated, "We will continue using all tools available to us to hold the regime responsible." The sanctions imposed on Tuesday are the latest to be imposed since U.S. president Donald Trump re-instituted his "maximum press" campaign against Iran. Prior to Tuesday's sanctions, China's "teapots" of independent oil refineries were targeted. Analysts said that the measures had increased pressure on Iran and China. However, Washington would need to impose sanctions against China's state owned enterprises in order to have a broader impact. Tehran and Washington both say they prefer diplomacy in resolving the decades-old nuclear dispute. However, they are deeply divided over several redlines including Iran's enrichment of uranium. (Reporting and editing by Nick Zieminski, Matthew Lewis and Timothy Gardner in Washington)
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Copec warns that the China pulp market may be challenged by US tariffs
Empresas Copec, a Chilean conglomerate of industrial companies, said that the Chinese market could be more difficult for its forestry product if paper manufacturers struggle to increase sales due to uncertainty about U.S. Tariff policies. In a recent presentation, Cristian Infante, the head of Copec’s forestry division Arauco, said that most of the customers who export to the U.S. don’t really know the price at which their goods will be sold. "They're trying as hard as they can to buy as little." Arauco sells wood panels and pulp worldwide and contributes to the majority of Copec’s earnings. However, its core earnings fell by over 22% during the first quarter of 2025 due to lower pulp prices and smaller volume shipped. Infante warns that prices may continue to fall in May. When Chinese customers start to feel that prices are near the bottom of the market, they'll start talking. "When that will happen, is a good question," he said, noting recent news about Talks between the U.S. had made futures markets jump. Infante, Copec's U.S. Market Director, said that he viewed the market as stable at the moment, despite the fact that costs for resins used to make wood panels had increased due to the volatility of new import tax policies. He said, "I wouldn’t say that it’s booming." "This volatility we've experienced due to the tariff problem has affected the market." Copec, however, said that in Europe, uncertainty and concern are increasing due to the potential implementation of new U.S. Tariffs and possible trade conflicts with other nations. (Reporting and editing by Kyra Madry; Sarah Morland is the reporter)
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Petrobras revises strategic plan in response to falling oil prices
Magda Chabriard, the chief executive of Brazil's state-run oil firm Petrobras, told analysts on Tuesday that it would be revising its five-year strategy plan because Brent crude oil is now cheaper. Chambriard stated that a Brent price of $65 would force the company to simplify its projects. The firm added that now was the time for cost-cutting measures and austerity. When the price increases, we are more willing to share ideas. Chambriard said that when the price drops, it's time to tighten up. Petrobras will unveil its new strategic plan by the end of this year. Fernando Melgarejo, the Chief Financial Officer of the oil giant, said that it is also taking cost-cutting steps, while maintaining the $18.5 billion capital expenditure estimate for 2025. Petrobras will first focus on reducing costs, simplifying projects, and prioritizing those projects that generate positive cash flow on a short-term basis. Melgarejo said, "We will continue to study (cost-cutting measures)." Fabio Teixeira, Gabriel Araujo (Reporting)
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British stocks fluctuate as investors evaluate US inflation and UK labour market reports
British stocks finished mixed on Tuesday as investors weighed a slight increase in U.S. Inflation data while signs of a slowing UK labour market fueled speculation about the Bank of England’s future rate decisions. The blue-chip FTSE 100 index was almost flat, but the domestically focused midcaps index rose 0.6%. Consumer prices in the United States rebounded modestly in April. They rose 0.2%, after a dip of 0.1% in March. The inflation rate is expected to increase in the coming months, as tariffs will raise import costs. After the report, traders bet that the Federal Reserve will delay lowering interest rates till September. Britain's job market also showed signs of slowing down, as both employment and wage growth slowed. This will likely reassure the BoE about the waning inflation pressures. Last week, the central banks cut rates by 25 basis point to prepare for the anticipated impact of U.S. President Donald Trump’s tariffs. However, a surprising three-way split between policymakers dampened expectations that future actions would be accelerated. Industrial metal miners, which are a component of the stock market indexes gained 1.4% in line with increases in copper prices. The energy sector gained 1.1% after crude oil futures rose more than $1 per barrel. Shell, the heavyweight in the FTSE 100 index, led the way with a 1.2% increase. DCC, a provider of sales and marketing services, fell 6.5% to the bottom blue-chip index following a 2025 adjusted operating income below estimates. GSK's stock fell by nearly 3% following the announcement that it and its partner iTeos Therapeutics would be discontinuing lung cancer drug development. Global stocks rose on Monday after the U.S. announced that it would suspend its trade war with China for 90 days. They will also remove other measures and reduce reciprocal duties while they negotiate an agreement more permanent. Sanchayaita, Ragini and Twesha in Bengaluru. Edited by Shreya biswas and David Gregorio.
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China allows Brazil's ethanol-by-product in the wake of Lula visit and US-China trade dispute
Brazil signed protocols on Tuesday with China to allow the export of an ethanol-by-product used as animal feed. This is a challenge to the U.S. market dominance amid the ongoing China/U.S. Trade Standoff. This deal is outlined in an official document from the Brazilian government. Animal feed is highly valued for distillers dried grains, especially for pigs and cattle. In an interview on Monday, the president of Brazil's National Corn Ethanol Union said that Brazil and China had been working together since 2022 to reach a sanitary accord for DDG exports. He added that current "broad political shifts" are a good time to close the deal. "It gives Brazil the opportunity to be a supplier of animal nutrition products to China. Guilherme added, "For us, this means reestablishing and strengthening our relationship with the Brazilian and Chinese markets which share many mutual interests." The Chinese data on customs showed that in 2024 the United States would be the only supplier of DDGs for China. They would dominate the market, with 99.6% by volume and a value of $65.7 million. Nolasco reports that over 10 new plants for corn ethanol, DDG and DDG are currently under construction, and will begin production in the next two or three years, coincident with the opening of China's market. UNEM stated that Brazilian DDG exports last year totaled $190.65 millions. Their main destinations included Vietnam, Turkey New Zealand, Spain, and Thailand. Nolasco anticipates that DDG production could reach 5 million tonnes in Brazil in 2025/26. In April, Agriculture Minister Carlos Favaro announced that Brazil and China were close to a deal allowing DDG exports. According to a Brazilian Agriculture Ministry statement, Beijing has agreed to allow Brazilian exports of DDG as well as duck meat, turkey, chicken giblets, and peanut meal. Favaro's statement on the success of the trade talks said: "Under President Lula's leadership, Brazil has achieved an historic feat." (Reporting from Ella Cao in Beijing and Eduardo Baptista, Additional reporting by Ana Mano at Sao Paulo. Editing by David Evans.)
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The European First-Quarter Corporate Profits are expected to rise 1.9% from the last estimate
The latest earnings estimates showed that the outlook for European corporate health is improving. According to data from LSEG, European companies will report an average increase of 1.9% for their first quarter earnings. This is better than the 0.4% analysts had predicted a week earlier. This improvement comes after 59.6% STOXX600 companies have already exceeded analyst expectations in the first quarter. LSEG data shows that at the time of Donald Trump's inauguration, in January, forecasts called for a 3.5% rise in earnings for the first quarter. However, this was reversed following Trump's announcements on tariffs in April, with expectations of a drop as high as 3.5%. The global stock market rallied on the news that the U.S.-China trade war would be temporarily deescalated for 90 days. The consensus forecasts of first-quarter revenue have also increased from last week. A 2.3% rise is now expected, compared to a 1.9% increase expected last week. The data revealed that earnings had fallen by 3.3% and revenues dropped by 4.6% compared to a year earlier. Reporting by Marleen Kasebier. Mark Potter edited the story.
EU set to select firm for important minerals joint purchasing platform
The European Union, rushing to develop a 9 million euro joint getting mechanism for important minerals and energy, is choosing between 8 bidders competing to develop a platform, documents revealed and sources with direct understanding told Reuters.
The bloc's reasoning for pooling together buying orders is that it would hand individuals more take advantage of to attain more beneficial deals and rates for crucial minerals necessary for the green shift that sell thin and nontransparent markets frequently controlled by China.
The EU aims to sign an agreement by the end of the year and begin establishing areas of the platform for person products early next year, an EU source who decreased to be called told Reuters.
The winner of the tender would be paid about 9 million euros to establish and hand over a platform to the EU, files seen by Reuters showed.
The eight bidders consist of significant consulting groups Deloitte and PricewaterhouseCoopers (PwC), both of which declined to comment.
Germany's Metalshub and Enmacc submitted a joint bid, informing Reuters they propose to use their existing trading platforms for metals and energy for the EU job.
EU Commission representative Johanna Bernsel stated an online assessment with 66 actions showed industry support for the initiative.
In general, the survey exposed wide assistance for establishing a. demand aggregation and matchmaking platform for strategic raw. materials.
EU officials are rushing to develop the effort, a key. aspect in the EU's Crucial Raw Products Act (CRMA), on a. mandate of Commission President Ursula von der Leyen, another. source stated.
The important comes from the really top. Von der Leyen ... wants individuals to move quickly, said the source, who likewise. declined to be called as they were not authorised to speak. openly.
The CRMA, which came into force in May, aims to boost. domestic production and processing of important minerals, whilst. weaning off dependence on China.
SUPPLY CHAINS IN PLACE
Some possible users, nevertheless, state they currently have supply. chains in place for key inputs such as lithium and cobalt for. electric car batteries.
Larger companies that have already developed their supply. chains for crucial raw materials, such as battery raw. products, are not likely to utilize this platform, stated Karol. Bednarek, raw materials specialist with the German car industry. association VDA.
The platform may work, nevertheless, for sourcing materials. certified as sustainable or specific niche materials such as germanium. and gallium, he included.
The EU initiative is positive, but also has prospective. pitfalls, stated the Spanish Association of Automotive Suppliers.
Automotive suppliers usually source processed raw. materials of really specific grades that need certification,. which makes bundling need more challenging, Carolina López,. head of sustainability for the group, told Reuters.
CEO Vincent Yang of Taiwanese battery maker ProLogium. Technology Co said its cathode product providers have currently. signed procurement arrangements with mineral manufacturers.
ProLogium, in which Mercedes-Benz is an investor,. strategies to introduce a 5.2 billion euro gigafactory in France in 2027. to produce its next-generation EV batteries.
Any platform needs to safeguard information regarding the specifics of. what each buyer is requesting, which might expose trade secrets,. Yang and other market sources said.
MINERALS AND ENERGY?
The EU has targeted vital minerals - important for the energy. transition for EVs and wind turbines - as an essential sector to. enhance as the bloc seeks to attain net no carbon. emissions by 2050.
But integrating 17 critical minerals plus gas and. hydrogen in the same platform would not work because the marketplaces. are really different, a number of industry sources said.
The new system is being patterned after an existing platform. for joint purchasing of gas, AggregateEU, which was launched during. the energy crisis in 2022.
The EU states it has been a success, however a report by the. European Court of Auditors questioned the efficiency of the. platform.
(source: Reuters)