Latest News
-
Minister says Nigeria is in talks with Petrobras about deep-water acreage
Yusuf Tuggar, Nigeria's foreign minister, said that the country is in talks with Petrobras about exploring its deep-water oil acreage, after years of the Brazilian oil giant leaving the nation. Petrobras has ceased operations in Nigeria but is keen to return. "They said they wanted frontier acreage on deep water," Tuggar, a vice president's statement quoted as saying. Brazil will host both the BRICS Summit and the COP30 meeting this year, after hosting the G20 last year. Nigeria will promote investment during these summits, as it seeks to strengthen ties with Brazil, particularly in the areas of energy, culture, health and agriculture. In February, the Brazilian state energy company said it was in discussions with existing partners ExxonMobil, Shell and TotalEnergies to purchase a portion of their African assets. Petrobras started operations in Nigeria in deep waters near the coast of Niger Delta in 1998. It sold its stakes over 10 years ago in order to raise money for domestic projects. (Written by Chijioke Ahuocha, edited by Cynthia Osterman).
-
As the US dollar stabilizes after a steep drop, global shares are rising
The U.S. Dollar recovered from its recent losses as trade tensions between the two world's largest economies eased. Global shares and Wall Street indexes also rose on Wednesday. The gold price fell to its lowest level in more than a month as the U.S. - China trade truce weakened bullion's appeal as a safe haven. Investors have driven global equity markets higher as the trade spat between China, the United States, and other countries appears to be easing. Lars Skovgaard is a senior investment strategist with Danske Bank. He added, "I find it hard to believe that we will return to this extreme political clamor." The MSCI index of global stocks rose by 1.75 points or 0.2% to 872.95. Wall Street saw the S&P 500 rise 2.36 points or 0.04% to 5,888.96, and the Nasdaq Composite gain 106.10 or 0.56% to 19,117.04. The Dow Jones Industrial Average dropped 80.23 points or 0.19% to 42,060.84. The STOXX 600 Index closed down 0.24%, the first time in five sessions that it has lost ground. Investors who were worried about inflationary effects of U.S. Tariff Policies, which severely undermined expectations of Fed rate reductions in the near term, also found some relief from data on Tuesday that showed softer than expected U.S. Consumer inflation. Although traders expect the inflation rate to rise as tariffs increase import costs, there is still uncertainty about the future as Washington continues to negotiate with its trading partners. Wei He is a China economist with Gavekal. He said that the U.S. tariffs against Chinese products are still higher than they used to be a few months ago. There's still a lot of uncertainty in the future. Assessing Tariff Impact The Fed warned of increasing economic uncertainty and indicated that it was prepared to wait until the U.S. Tariffs are fully assessed before reducing interest rates. Jerome Powell, the Fed chair, is set to make remarks on Thursday. Fed Vice-Chair Philip Jefferson stated in remarks on Wednesday that recent inflation data indicate continued progress towards meeting the Federal Reserve’s 2% goal for inflation. However, the outlook has become uncertain because of the possibility that new import taxes could drive prices up. The U.S. Dollar, which has been battered by the uncertainty in the economy and on policy, gained 0.05% versus a basket including the yen, the euro and other currencies. Bank of America’s Global Fund Manager Survey (FMS) revealed on Tuesday that global asset managers had their largest underweight position against the dollar in nearly 19 years as Trump’s trade policy reduced investor appetite for U.S.-based assets. The euro has lost some of its earlier gains and is now down 0.04%. In a subdued trading environment, yields on U.S. Treasuries increased as markets awaited the release of new economic data and a more accurate picture of future deficits in government from discussions in Congress. The yields on euro zone bonds remained stable after a slight increase to multi-week peaks amid eased trade tensions. Retail sales data for the month of April, due Thursday, will be a major indicator for U.S. economy health. On the same day, Russia and Ukraine will hold talks in Istanbul in hopes of reaching a ceasefire after three years in Europe's deadliest conflict since World War Two. The rising U.S. crude stocks have pushed up prices in commodities. U.S. crude dropped 0.79% to $63.17 per barrel. Brent was down 0.77% to $66.12 a barrel. U.S. Gold Futures GCcv1 closed 1.8% lower, at $3,188.3, while spot gold dropped 2.14%, to $3,178.03 per ounce. The MSCI broadest Asia-Pacific share index outside Japan closed up 1.56% to 614.33, while Japan's Nikkei dropped 55.13 points or 0.14% to 38,128.13. Hong Kong's Hang Seng Index jumped.
-
Sources say that a Mali judge is expected to order the reopening Barrick mine with new management.
Three people with knowledge of the matter say that a Malian judge will likely order the reopening on Thursday of Barrick Mining’s Loulo-Gounkoto mine under a new management, at the request from Mali’s government. The order would be a significant escalation in a dispute that has been raging between Canada and a Canadian miner whose operations have been suspended since January. Barrick and Mali’s military-led Government have been at odds over the implementation a new mining codes that increases taxes, and gives Mali’s government a larger share of the gold mine since 2023. The government stopped operations after it seized 3 metric tonnes of gold, worth $317 millions at the price of last week. It accused the company of failing to meet its tax obligations. Barrick's exports of gold had been blocked by the government since early November. Two people confirmed that the West African nation, as a shareholder holding a 20% stake, requested the reopening at the Tribunal de Commerce de Bamako Court. The two added that if the judge agreed, a new management group would be appointed to run and reopen the mines. Two sides are currently negotiating a new memorandum. The deadline to pay value added tax in Mali is Thursday. Barrick's mine appears in Mali's VAT system as a tax payer. Barrick's spokesperson and Mali Mines Ministry didn't immediately respond to comments. Reporting by Portia Crowe in Dakar, and Divya Raagagopal in Toronto. Editing by Veronica Brown and David Goodman.
-
Pirelli: Talks over dispute with major shareholder ended without agreement
The Italian tyremaker Pirelli announced on Wednesday that the talks to repair relations with Sinochem, its largest shareholder in China, ended without any breakthrough. Pirelli, and its second-largest shareholder, Italy's Camfin have claimed that Sinochem's stake in the company is hindering Pirelli's ambitions for expansion in the United States. Some lawmakers there are against projects backed by Chinese firms. Pirelli stated in April that Sinochem no longer controls the company because of the Italian government's decision to "golden power" the company by 2023. Sinochem, however, denied this claim. Pirelli announced on Wednesday that "the proposals extended to Sinochem by Pirelli have in fact been rejected" following negotiations. The proposal was not detailed. Camfin supported the firm's strategic decision in a Wednesday statement, adding that, "should the situation with Sinochem continue to be unresolved, Camfin will be forced to evaluate the impact of such behavior on Pirelli and shareholders' agreement." Pirelli generates over 20% of its revenue in North America. The company reported a profit of 313.4 million euros for the first quarter, up 6.5% on last year. This was higher than analysts' expectations of 270 millions euros. Pirelli, which is the sole supplier of Formula One tyres, confirmed its guidance for 2025, but warned that, if current U.S. tariff policies continue, it's adjusted EBIT would likely be at the lower end.
-
Enel, Leonardo and Ansaldo Energia join forces on nuclear energy research
They announced on Wednesday that Enel, Leonardo, and Ansaldo Energia, all of which are part of the Italian power group, have formed a new company to research nuclear technologies for the next generation. Enel holds a 51% share in Nuclitalia. Ansaldo Energia has 39%, and Leonardo 10%. The three partners released a joint press release that said: "Nuclitalia is responsible for assessing the most innovative designs and mature designs in new sustainable nuclear energy, with an initial emphasis on water-cooled modular small reactors." Gilberto Pichetto Fratin, the Italian Energy Minister, said that nuclear power, as well as renewable sources, could help reduce energy costs for the country. In February, the Italian government approved a law allowing a return to nuclear power almost 40 years after its ban by referendum. Analysts believe it will take at least a decade for atomic energy to return. Nuclitalia's chairman will be Ferruccio Resta, former head of Milan’s Politecnico technical university, and Enel’s Luca Mastrantonio will serve as its chief executive. Mastrantonio is Enel’s head of nuclear innovations. (Reporting and editing by Gavin Jones, Barbara Lewis, and Francesca Landini)
-
Pirelli: Talks over dispute with major shareholder ended without agreement
The Italian tyremaker Pirelli announced on Wednesday that the talks to repair relations with Sinochem, its largest shareholder in China, ended without any breakthrough. Pirelli, and its second-largest shareholder, Italy's Camfin have claimed that Sinochem's stake in the company is hindering Pirelli's ambitions for expansion in the United States. Some lawmakers there are against projects backed by Chinese firms. Pirelli stated in April that Sinochem no longer controls the company because of the Italian government's decision to "golden power" the company by 2023. Sinochem, however, denied this claim. Pirelli announced on Wednesday that "the proposals extended to Sinochem by Pirelli have in fact been rejected" following negotiations. The proposal was not detailed. Pirelli generates over 20% of its revenue in North America. The company reported a profit of 313.4 million euros for the first quarter, up 6.5% on last year. This was higher than analysts' expectations of 270 millions euros. Pirelli, which is the sole supplier of Formula One tyres, confirmed its guidance for 2025, but warned that, if current U.S. tariff policies continue, it's adjusted EBIT would likely be at the lower end.
-
World hunger monitor faces 'large gap' after US aid cuts
FEWS NET, a global hunger monitor backed by the US, provided crucial data FEWS NET is now operating with reduced capacity Early warning alerts from FEWS NET helped to direct targeted aid Nelson Renteria & Nita Bhalla Treminio, armed with the public bulletins as well as regular alerts on food security produced by the Famine-Early Warning Systems Network (FEWS NET), would pass the crucial data to farmers. It was funded by USAID, the United States Agency for International Development. Since President Donald Trump's January order to freeze USAID spending, it has operated at a drastically reduced capacity. It's a vital early warning tool," said Treminio. He is the head of the Salvadorian Chamber of Small and Medium Agricultural Producers (SMAAP), an association of 125,000 growers of corn, beans sorghum and riz. He said: "I think that producers would suffer worse losses if the early warning alerts of the program were to disappear." FEWS NET provides weather and drought monitoring six to twelve months ahead to help farmers plan their planting schedules. The FEWS NET Program has been moved to a new site under the U.S. Geological Survey. However, the information is limited. This is a blow for those who depended on this service. From local farming associations to international aid groups and governments to policymakers and government officials. 'LARGE GAP' USAID's cuts have had a significant impact on humanitarian organizations working in the field, from HIV/AIDS health care and land demining to food aid. FEWS NET, created by the U.S. Government in 1985 in response to devastating famines that ravaged East and West Africa in 1985, has been a valuable resource for humanitarian organizations deciding how and where to distribute aid. Chemonics International (which manages FEWS NET) received a stop work order from USAID on January 27. Two days later the original FEWS NET website was offline. Mike Budde is the USGS FEWS NET Program Manager. He says that work is in progress to make sure the website is fully functional, but this will take time. He said that the website's resources were lacking. We are currently coordinating with our entire science team in order to make some of the previously published information available on this site. Early Warning Reports Food security experts in Africa and humanitarian workers say FEWS NET is indispensable for humanitarian and development work, providing data-driven insight into food security, climate impact and emerging crises. They said that the regular assessments and early-warning reports enable aid workers to anticipate acute food insecurity and respond accordingly, particularly in areas of East and West Africa affected with drought, conflict, and economic shocks. FEWS NET, for example, has been able to identify and prioritize interventions in vulnerable communities during times of drought and conflict by integrating data on climate, crop conditions, and market analysis into its monthly and seasonal forecasts. It ensured that the most vulnerable people received assistance before the situation escalated to a full-blown emergency. Tinebeb Berhane is ActionAid's Country Director for Ethiopia. She said: "FEWS NET has a comprehensive approach... that supports ActionAid Ethiopia in developing holistic responses to crises." The network's recommendations are used by many NGOs, government agencies and international agencies to coordinate humanitarian planning and policy actions. Berhane stated that by leveraging FEWS NET’s robust early-warning systems and localized information, her organization was able to strengthen its anticipatory actions and contribute to effective, focused and lifesaving assistance for vulnerable population. Erin Lentz is an associate professor at The University of Texas at Austin's LBJ School of Public Affairs and an expert in international food security. She said FEWS NET "is trying to do better early alert, how to think holistically about these things." She said, "That is hard and requires a lot training. Understanding global economic factors and the ability to think of how these things directly affect people's lives, and livelihoods, are required." Lentz says that FEWS NET's early warnings and analyses of food insecurity helped to address a famine which occurred in Somalia in 2011. They also contributed to averting a second famine, which took place in Somalia in 2017. "One of the problems is that trend analysis is one of the most valuable aspects of early warning - is it getting better or worse?" Lentz said. She said, "It is difficult to reconstruct data retrospectively."
-
Dollar softens as global shares rise amid tariff truce
Global shares and Wall Street rose on an ease in trade tensions, while the U.S. Dollar extended its losses after benign U.S. Inflation data kept Federal Reserve rates on hold. The U.S. China trade truce has dimmed the appeal of gold as a safe-haven. After four sessions of gains, European shares slowed down. Asian shares gained. The MSCI index of global stocks rose by 2.24 points or 0.26 percent to 873.44. Investors have driven global equity markets higher as a truce between China and the United States in their tariff spat appears to be putting a pause on the global trade conflict, even though European shares took a break on Wednesday. Lars Skovgaard is a senior investment strategist with Danske Bank. He added, "I find it hard to believe that we will return to the extreme political noise." Wall Street saw the Dow Jones Industrial Average rise 64.35 points or 0.15% to 42,204.78. The S&P 500 rose 0.04 points or 0.04% to 5,888.81, and the Nasdaq Composite climbed 72.27 points or 0.38% to 19,082.35. The STOXX Europe 600 Index has retreated, after it had risen over 17% from its low on April 9, when U.S. president Donald Trump announced that he would suspend most reciprocal tariffs against U.S. trading partner. The MSCI broadest Asia-Pacific share index outside Japan closed up 1.56% to 614.33, while Japan's Nikkei dropped 55.13 points or 0.14% to 38,128.13. The Topix broader index snapped its longest winning streak in 16 years, a run of 13 days. Hong Kong's Hang Seng index rose, lifted by technology stocks after Chinese online retailer JD.com announced strong results. Tencent, China’s largest tech company, reported a 13% increase in revenue for the first quarter on Wednesday. This week, the focus will be on Alibaba's earnings on Thursday. Investors who were worried about inflationary effects of U.S. Tariff Policies, which severely undermined expectations of Fed rate reductions in the near term, also found some relief from data on Tuesday that showed softer than expected U.S. Consumer inflation. Although traders expect the inflation rate to rise as tariffs increase import costs, there is still uncertainty about the future as Washington continues to negotiate with its trading partners. Wei He is a China economist with Gavekal. He said that the U.S. tariffs against Chinese products are still higher than a few months ago. There's still a lot of uncertainty in the future. In an interview with CNN on Tuesday, Trump said he would be willing to deal directly with Chinese President Xi Jinping over the details of a new trade agreement. The "potential" deals that Trump has been touting with India, Japan, and South Korea have not yet materialized. Assessing Tariff Impact The Fed warned of increasing economic uncertainty and indicated that it was prepared to wait until the U.S. Tariffs are fully assessed before reducing interest rates. Jerome Powell, the Fed chair, is set to make remarks on Thursday. The U.S. Dollar, which has been beaten recently by the uncertainty in the economy and policies, dropped 0.24% versus a basket including the yen, the euro and other currencies. Bank of America’s Global Fund Manager Survey (FMS) revealed on Tuesday that global asset managers had their largest underweight position against the dollar in nearly 19 years as Trump’s trade policy reduced investor appetite for U.S.-based assets. The euro rose 0.25% to $1.1212. Investors weighed the April inflation data, which was lower than expected, against expectations of higher tariffs in the future months. Euro zone yields Then retreated. Retail sales data for the month of April, due Thursday, will be a major indicator for U.S. economy health. On the same day, Russia and Ukraine will hold talks in Istanbul in hopes of reaching a ceasefire after three years in Europe's deadliest conflict since World War Two. The rising U.S. stockpiles of crude oil have pushed down prices in commodities. Brent crude futures dropped to $66.07 a barrel, a drop of 0.84% for the day. U.S. crude oil fell by 0.91%, to $63.09 per barrel Spot gold dropped 1.96%, to $3.183.69 per ounce.
Senator says that the US Department of Health will reverse the federal layoffs for coal safety workers
Shelley Moore Capito, West Virginia Republican senator and former federal employee who screens coal miners for black lungs disease and conducts research on other respiratory diseases who were terminated in a sweeping government layoff have their jobs permanently restored.
According to an email sent to employees by the Department of Health and Human Services on Wednesday, they make up a significant percentage of 313 workers who were notified by the Department that their layoff notifications were rescinded.
NIOSH has nearly 1,500 full-time employees in eight offices throughout the world.
United States
Capito stated in a press release that Robert F. Kennedy Jr., the Secretary of Health and Human Services, had assured her that HHS reversed terminations at the NIOSH facility located in Morgantown West Virginia.
In a press release, she stated that "my understanding is from Secretary Kennedy that over 100 Morgantown workers will return to their jobs permanently."
NIOSH operates a coal mine surveillance unit, which has been effectively closed since February due to sweeping layoffs by Elon Musk’s Department of Government Efficiency. This is despite the fact that black lung disease, a deadly respiratory condition affecting coal miners of all ages - including those in their 30s - continues to recur.
Reports had stated that these potential job cuts as well as the cuts made at the Mine Health Safety Administration put miners in danger, even though President Donald Trump was calling for a revival of coal.
Status of NIOSH employees has been changing. Some workers were brought back from administrative leave in the beginning of this month, only to find out a few days later that their employment was terminated permanently.
Capito stated that she spoke with Kennedy several times, urging him to keep the coal worker surveillance program.
According to internal emails, the agency intends to continue with the majority of its planned layoffs despite the return of some NIOSH workers to full-time employment.
John Howard's director sent a letter to NIOSH staff on Tuesday, stating that he was calling back some terminated employees. This included employees from the Respiratory Health Division, which includes the coal mine monitoring unit, the National Personal Protective Technology Laboratory, the Division of Safety Research, and the Division of Compensation and Analysis Support.
The World Trade Center Health Program also employs 15 full-time staff to provide support for 9/11 first responders who are ill.
Two sources familiar with the story said that 18 of 28 DECA staffers who handle compensation claims for former nuclear workers who have cancer were also brought back.
Kennedy will appear before Congress on Tuesday, and he's likely to be asked about the mass layoffs that occurred at HHS.
(source: Reuters)