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Berkshire CEO Abel: 'We're back at first base'
Greg Abel, CEO of Berkshire Hathaway, welcomed on Saturday a recent court ruling that could limit liability at its PacifiCorp Utility business. The company is defending against lawsuits related to wildfires in Oregon and northern California. Abel, speaking at Berkshire Hathaway's annual shareholders meeting in Omaha Nebraska, said that the Oregon state court decision on April 8, stating that a major wildfire case cannot proceed as a mass action, relieves PacifiCorp of pressure as it attempts to convince regulators to allow it to charge enough for power. He said that the threat had been reduced. PacifiCorp is defending itself against a lawsuit over a number of?wildfires? in Oregon and California. Among them, several victims have blamed the company for failing to turn off power lines at a windstorm that occurred during Labor Day weekend 2020. A 2023 Oregon jury found PacifiCorp grossly negligence, potentially exposing the Portland utility to liability of tens or even hundreds of millions of dollars in future damages trials. PacifiCorp said that it faced claims of up to $55 billion in the past. The Oregon appeals court ruled that the trial judge had erred by instructing the jury to assume that PacifiCorp was guilty of wrongful conduct for all fire victims. Prior to that decision, 171 Plaintiffs were awarded approximately $1.1 billion during a series "mini-trials", which began in January 2024. The trials were expected to continue until 2028. Abel said: "They told me to go back to the beginning and start again." PacifiCorp is working with several Western?U.S. States should cap their liability for wildfires and create state-administered funds to compensate victims. Utility companies like PacifiCorp believe that this arrangement offers them a safety net, allowing them to invest in grid infrastructure and maintenance without worrying about indeterminate litigation straining their liquidity. Abel stated that PacifiCorp wants to create a "regulatory contract" in which it could charge enough for customers to justify spending on infrastructure without taking excessive risks, but is met with resistance from politicians and regulators who don't want to see rates go up. California has increased its wildfire fund to $18 billion after multiple fires ravaged parts of the Los Angeles region in January 2025. Abel called Utah's protections that allow large utilities to surcharge their customers and limit liability for some claims the "gold standards." Oregon, in particular, has not yet followed. Berkshire Hathaway Energy is the immediate parent of PacifiCorp. Berkshire purchased the utility in 2006 for $5.1 billion. Reporting by Jonathan Stempel, Omaha, Nebraska. Editing by Colin Barr and Sharon Singleton.
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Thyssenkrupp and Jindal agree on a halt to the sale of a steel unit
Thyssenkrupp announced on Saturday that it had 'paused' talks with India's Jindal Steel International about a potential'sale' of the 'German industrial group's' steel unit. This is a setback to CEO Miguel Lopez’s restructuring efforts. Reports in March indicated that discussions may be canceled due to disagreements over pension liabilities, investments, and energy costs. Four people who are familiar with the issue were cited. Jindal Steel International made a bid indicative?for Thyssenkrupp Steel Europe in the past year. This led to months of due diligence, and negotiations on a possible purchase of Europe's?second-largest steelmaker. Thyssenkrupp stated that "the?original assumptions, and prerequisites of a possible sale of Thyssenkrupp Steel... have changed significantly in recent months," adding that it was a mutual decision to stop the talks. The EU's safeguard measures have boosted Europe's steel industry, protecting it from cheap Asian imports. Analysts say that the steel industry is set to rebound, and the first quarter 2026 may'represent an inflection-point,' pointing out a rise in the price of steel on the continent. (Reporting and Editing by William Maclean, Keith Weir and Keith Maclean)
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China's Commerce Ministry blocks US Sanctions against Five Refineries
According to Xinhua, the Chinese Ministry of Commerce announced on 'Saturday that it had issued a?injunction against U.S. sanctions imposed upon?five Chinese refining companies accused of allegedly buying Iranian oil. The Ministry named the five refineries as Hengli Petrochemical Refinery (Dalian), and so-called 'teapots' Shandong Jincheng Petrochemical Group Hebei Xinhai Chemical Group Shouguang Luqing Petrochemical, and Shandong Shengxing Chemical. The U.S. Treasury imposed sanctions in April on Hengli Petrochemical accusing the company of purchasing?billions in dollars of Iranian oil. This was an increase in Washington's ongoing effort to 'curb Tehran's revenue from oil. The Trump administration,?last year, imposed?sanctions against the other four refineries that were named by the Ministry. The ministry stated that the U.S. sanctions are in violation of "international law and basic norms" of international relations. The ministry said that it had issued an injunction as a result. The Ministry of Foreign Affairs stated that "the injunction specifies that the United States can't recognize, implement or comply with sanctions imposed on?the above?five Chinese firms." The sanctions caused some difficulties for the refiners, such as difficulty receiving crude oil and having to sell refined products with different names. Teapots make up a quarter of Chinese refinery capacity, but they operate at narrow margins - and sometimes even negative ones - due to a tepid demand.
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Washington Hilton attack highlights hotel industry's costly and nagging security issue
The suspect accused of storming a checkpoint on Saturday and firing a gun near the White House Correspondents' Association Dinner mocked the security measures at Washington Hilton that allowed him to be so close to Donald Trump. In a manifesto written before the attack, the hotel guest Cole Allen, identified by law as a 31-year-old man, wrote: "I expected surveillance cameras everywhere, bugged rooms, armed officers every 10 feet and metal detectors to the roof." "What I got," Allen added, "is absolutely nothing." Allen's attack has 'heightened a problem that the hotel industry has been facing for decades: how to maintain a warm and welcoming atmosphere while tightening security. Some security companies are now offering AI-powered monitoring systems, but hotels are reluctant to use anything that might increase costs or invade the privacy of their guests. Security will continue to improve as technology continues to identify strange behavior. "At the end of it all, this is a hospitality industry where the customers must feel welcomed," said Nicolas Graf a professor at New York University. Allen then moved up the building, before charging the checkpoint located on the floor above the dining room where Trump and 2,600 journalists were having dinner with government officials. Trump and his guests were able to escape safely, but this breach shows that the real risks at events like these are inside the hotels. Hotel attackers exploit the same vulnerabilities repeatedly: multiple entry points, guests arriving all hours of the day, uneven screening and blurred boundaries between public and protected areas. Morgan Stevens is the senior vice president of global security operations for Crisis24. She noted that not every guest is screened in the same way. Hotels need to increase security in order to save lives but they also have to be careful with their expenditure. The top nine hotels, casinos and resorts by revenue are expected to generate about $102 billion between 2025 and 2025. However, margins have been squeezed in recent years. Washington Hilton Hotel said that it operated under "stringent Secret Service protocols" after the attack. Hilton Worldwide Holdings refused to comment on this story. However, the steps taken after the attack Saturday were familiar. The hotel was sealed off by law enforcement. Investigators traced the suspect’s steps. Experts in security debated whether anything could have been done better. Allen was accused of attempted assassination and discharging a gun during a violent crime, and illegally transporting firearms and ammunition across state lines. He had taken a train to his hometown in California. He hasn't yet entered a guilty plea. Hard to Secure Hotel rooms are rarely closed for major events, but access is restricted by separate elevators and restricted floors. Experts say that it usually takes a few days or a week to prepare a hotel for a big event. Security teams carry out site surveys, create credential systems and divide the hotel into controlled zones. Other guests can still enter the lobbies and restaurants, as well as the guest floors, alongside those who have been screened. They said that this creates insurmountable security gaps. A spokesperson for the American Hotel and Lodging Association said that hotels employ a multi-layered approach to safety and protection. The spokesperson stated that precautions include trained personnel, surveillance systems and access control, as well as coordination with law enforcement. Robert McDonald, assistant Professor at the University of New Haven, and retired supervisory Secret Service Agent, said that the agency usually works with hotel security, the local police, and the White House administration in order to develop a plan for security rather than shutting down hotels outright. The latest incident has shaken confidence in this model. Trump claimed that the hotel "was not a particularly safe building." Reports said that U.S. officials were reassessing the security of the Washington Hilton. President Ronald Reagan had been shot outside the hotel by John Hinckley in 1981, prompting some to call it the "Hinckley Hilton." McDonald stated that after the shooting, the Hilton installed a garage that allowed presidential motorcades access to the building. It also increased the use of magnetometers, as well as tightened press controls. Other major hotel attacks around the world have led to a change in security. The 2008 attack on the Taj Mahal Palace Hotel, Mumbai, that left 31 people dead in the hotel was a turning point. Graf, from NYU, said that "the industry has improved significantly" since the Mumbai attacks. A man who shot out of the window from a 32nd floor suite in the Mandalay Bay Hotel in Las Vegas in 2017 killed 58 people at a concert nearby. It was the deadliest mass killing in U.S. History. Many more people were injured. Costly Security Upgrades Experts say that implementing AI-powered weapon detection in hotels would be expensive and complex. In December 2024, shortly before the murder of UnitedHealthcare CEO Brian Thompson in front of a Hilton hotel in Midtown Manhattan by a gang of terrorists, AI security company Xtract One received a request from the chief security officer for a major hotel 'chain regarding its weapons detection system. No rollout has yet taken place. Peter Evans, CEO of?XtractOne, said that the problem is complex and cannot be solved by a single device. He noted the large number of people, the multiple entrances and the wide variety of luggage that moved through large hotels. Evans noted that interest has increased in certain international markets. This is especially true in Mexico, where cartel violence and fear of travel have hurt revenues. Anthony Varchetto said that hotels allocate resources to external threats, while underestimating the risks posed by guests. He said that this is a common mistake. "People become complacent and understaff. A lot of this comes down to the budget."
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Mainichi reports that Japan's Taiyo Oil will receive cargoes of oil from Russia’s Sakhalin-2.
The Mainichi?daily?reported?on?Saturday, citing Japan’s Ministry of Economy, Trade and Industry. After the invasion of Ukraine by Russia in 2022, Japan has stopped buying oil from Russia. A?U.S. The Sakhalin-2 Project, which produces?mostly liquefied gas, is exempt from U.S. Tokyo is looking for alternative oil sources after the U.S. Israel war against Iran has largely cut off imports from the Gulf. The Gulf was Tokyo's primary oil source until the Middle East conflict began in late February. Gazprom, the Russian state-owned gas company, is the controlling shareholder of?Sakhalin-2 Oil and Gas Project. Mitsui & Mitsubishi are also shareholders. Mainichi, citing an official from METI, reported that cargo is set to arrive in the Ehime Prefecture, located in western Japan. Japan has also obtained supplies from the U.S., and other destinations that bypassed the Strait of Hormuz. METI and Taiyo Oil did not respond to a request for comment immediately.
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Japan and Vietnam look to deepen partnership in energy and minerals
Sanae Takaichi, the Japanese Prime Minister, pledged on Saturday to strengthen bilateral relations with Vietnam. Energy?cooperation, and vital minerals were at the forefront of his commitments, during a?meeting with Vietnamese Prime Minister Le Minh Hung. According to Vietnamese government data and customs, the pledge was made as "new" Japanese investment in Vietnam dropped 75% on an annual basis to $233 millions in the first three months, while bilateral trade grew 12.3%, to $13.7 billion, over the same time period. The two leaders discussed how to deepen the Comprehensive Strategic Partnership, established in?2023, with a focus on energy, critical mineral, artificial intelligence and semiconductors, as well as space. After the meeting, Takaichi informed reporters that "the two sides have identified economic security as a priority area of bilateral cooperation". She added, "With regards to critical minerals... both parties agreed to strengthen their close coordination in order to ensure stable supply and strengthen supply chains." Vietnam and Japan have signed six agreements in a joint effort that covers infrastructure, agriculture, digitalisation, technology and climate action. Japan is still one of Vietnam's biggest foreign investors. Many Japanese multinationals have large manufacturing plants in the country. Vietnam is seeking assistance from Japan and other nations for oil supply as conflict in the Middle East drives prices up and disrupts supply chain. Hung stated that under the Power Asia Initiative, which is a $10 billion initiative to "support Asian countries in their energy independence", Japan will help arrange crude oil supplies for Vietnam’s Nghi Son Petrochemical Complex and Refinery. Takaichi is also scheduled to meet Vietnam’s Party Secretary and president To Lam on Saturday afternoon. He will also deliver a key note speech at Vietnam National University. This marks a decade since Shinzo Abe, Japan's former prime minister, introduced the "Free and Open Indo-Pacific Strategy". Her speech is expected to focus on?autonomy for regional nations and resilience. Hung stated that Vietnam supported Japan's regional initiative, the Free and Open Indo-Pacific Vision. This vision is aligned to?the ASEAN Outlook for the Indo-Pacific?, and is in accordance with international laws. It also "contributes positively" to peace, stability and cooperation, as well as development, throughout the Indo-Pacific region.
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Takaichi, the Japanese PM, will meet with Vietnamese leaders in Hanoi
Sanae Takaichi, the Japanese prime minister, will meet To Lam, the leader of Vietnam in Hanoi on Saturday. The two countries are trying to strengthen ties in light of a sharp decline in Japanese investment in Vietnam. A Japanese official in the foreign ministry said that both sides will discuss ways to strengthen a Comprehensive Strategic Partnership, established in 2023. The focus of their discussion is on energy, technology and critical minerals, as well as regional stability. Japan is still one of Vietnam's biggest foreign investors.?Many Japanese multinationals operate large manufacturing facilities throughout the country. According to data from the Vietnamese government, new Japanese investment pledges fell by 75% in the first three months of this year, falling to $233 millions. The official stated that Takaichi will discuss with Vietnamese companies the difficulties they face, such as delayed payments for completed work and difficulty gaining access to major infrastructure projects. Last year, Japan announced that it was withdrawing from a nuclear project in?Vietnam due to an excessively strict construction schedule. Days before the trip, Hanoi announced that it would reconsider a ban of?petrol powered motorcycles within its city center, a policy which had been criticized by Honda. According to Vietnamese customs data, despite investment concerns, the bilateral trade has been strong. It grew 12.3% compared to a year ago to $13.7 billion in the first three months. Takaichi will also meet with her Vietnamese counterpart Le Minh Hung and deliver a speech on 'the evolution of Japan's 'Free and Open Indo-Pacific Strategy" at the Vietnam National University before heading to Australia. Reporting by Khanh Vu and Tamiyuki in Tokyo, editing by Tom Hogue.
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IMF: Angola's debt will reach ceiling in the medium term
The International Monetary Fund (IMF) projected on Friday that Angola’s public debt will reach its maximum in the'medium term. They urged the government to use any windfall oil revenues to reduce debt and build buffers, as declining oil production is weighing on its fiscal situation. The recent rise in oil prices improved Angola’s access to the international market and is expected to provide a temporary counterbalance to Angola’s declining oil revenue. The IMF stated that gross financing needs are projected to increase, with the public debt exceeding the limit set by the Fiscal Sustainability Law on the medium-term. The fund concluded its "Article 4" review by saying that Angola must continue to consolidate its finances and manage its debt prudently as the declining oil revenues weigh on the medium-term economic outlook of the country. Due to the U.S. and Israeli war against Iran, Southern Africa will benefit from higher oil prices. Brent crude currently trades above $100 per barrel, despite the fact that its budget for 2026 used a reference oil price of $61. IMF said that Angola’s future growth would depend on its ability to diversify, because a'structurally low oil revenue continues to constrain the public finances and the external balances. Angola does not seek a lending program from the IMF, but it receives 'technical support to improve tax revenues, analyse expenditures, and determine other reforms necessary. The African Development Bank is one of the?sources that could help. Reporting by Abu Sultan from Bengaluru, and Mrinmay dey from Mexico City. Additional reporting by Nilutpal Timsina, Sfundo Parakozov and William Mallard. Editing by Tom Hogue and William Mallard.
Why one Eastern European nation won't give up its Russian oil addiction: Vladimirov
By Martin Vladimirov
Czechia, on April 7, has the infrastructure, reserves and access to other suppliers that it needs to stop importing Russian oil. Three years after Russia's invasion of Ukraine on a large scale, the Czech Republic still delays this strategic change, despite having viable alternatives.
According to a Center for the Study of Democracy analysis, Czechia will import 2.7 million tonnes of Russian oil in 2024. This is estimated at 1.5 billion euros. This is a 30 percent decrease in volume from 2023. However, this was not the result of a proactive policy aimed at phasing out Russian crude oil. Instead, it was primarily the result three major disruptions on the Druzhba Pipeline.
By the end of 2024, the completion of the Trans-Alpine pipeline expansion should have allowed Czechia to replace Russian crude. The state-owned MERO CR pipeline operator and Orlen Unipetrol, the dominant refiner, have not yet fully utilized this new resource. More than 100 millions of euros are still flowing to the Kremlin every month.
This is not a technical problem. MERO CR had confirmed, even before the final certification of TAL-plus was granted, that the spare capacity in pipelines would be sufficient to meet Czechia’s entire annual crude oil demand.
The country's strategic reserve of 3.6 millions tonnes could also cover almost half its annual consumption. The volume of Russian oil imported in 2024's final quarter increased by 30% compared to the previous year, and reached 970,000 tonnes. This was the highest quarterly level since the European Union oil embargo came into effect in 2022. In 2025, Czechia purchased an additional 220,000 tons of Russian crude.
Orlen Unipetrol claims that Rosneft's long-term contract obligations, which expire in mid-2025 prevent a sudden withdrawal from Russian supplies. It is not certain that this is the case. Take-or-pay provisions - which are often used as a justification – are uncommon in the global oil trade where flexibility of supply is the norm.
Orlen appears to be reluctant primarily due to financial concerns. In 2023 and 2024, Russian crude was on average 20% cheaper than Azeri oil. Retail fuel prices were stable, averaging 1,500 euros for gasoline and 1,360 euro per tonne of diesel. Orlen Unipetrol, which relied heavily on Russian crude oil during its peak years, was able to take advantage of the cost difference and report EBITDA in excess of 600 million euros per year.
The discount on Russian crude could increase in the future, as tariffs imposed recently by the U.S. government may dampen demand for oil globally, forcing Russia lower its prices.
REPERCUSSIONS
This passive attitude has had important geopolitical consequences. Since the beginning of the war, Czechia has contributed almost 3 billion euros to the Russian government in the form of tax revenue. Czechia spent 8.4 billion euro on Russian gas and oil since February 2022. This is more than six-times the amount of money it gave to Ukraine in aid.
Czechia also continues to import refined petroleum products from Slovakia, Hungary and other EU-exempt countries, whose refineries process Russian crude oil. This exemption is extended until June 2025. Slovakia exported 710,000 tons of fuel worth 520 millions euros to Czechia in 2024 despite alternatives being available. Germany, for example, only charges a 6-7% higher price than Slovak suppliers on gasoline and diesel.
Czechia also follows a similar pattern in its natural gas imports. Czechia's Russian gas purchases increased by almost 400% in 2024 in anticipation of Ukraine terminating its Russian transit in January 2025. Imports of Russian gas in the last quarter of 2024 were 62% more than average.
The Czech government can unilaterally ban Russian crude imports. It can also stop purchases of fuels refined using Russian oil in Slovakia or Hungary. And it can make full use both of the TAL pipeline as well as its own reserves.
Bulgaria has shown that a complete phase-out of Russian oil is possible. Sofia ended its exemption early in 2024 by invoking the force majeure clause, and cut off Russian crude over night. The result was neither an increase in fuel prices nor a threat to the security of oil supplies, despite Bulgaria relying on Russian crude for 90% of its crude imports.
Czechia may find it increasingly difficult to justify its refusal to align with European energy security imperatives.
(source: Reuters)