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Southern California Edison pays $82.5 million in settlement claims for 2020 Bobcat Fire damage
Southern California Edison, a division of Edison International, has agreed to pay $82.5 Million to the U.S. Forest Service to settle claims for damages and costs resulting from Bobcat Fire 2020. In 2023, the U.S. Government filed a lawsuit against SCE, alleging that negligence caused the wildfire. The fire burned almost 180 square miles (466,2 square kilometers), making it one of the biggest wildfires to ever occur in Los Angeles County. The government claimed in a complaint filed at the federal court of Los Angeles that the wildfire started on September 6, 2020 when a tree poorly maintained contacted powerlines, igniting the vegetation on a limb, which fell to the floor and spread the flames. Bill Essayli, United States Attorney, said: "This settlement is a record for Southern California Edison and provides taxpayers with a meaningful amount of compensation for the costs incurred in fighting the Bobcat Fire as well as for damage done to public lands." According to the U.S. Attorney's Office in Los Angeles, the company has agreed that it will pay the settlement within sixty days from the date the settlement agreement became effective, which is May 14. The company did not admit any wrongdoing. The utility did respond immediately to a comment request. (Reporting and editing by Mohammed Safi Shamsi in Bengaluru)
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Canada's new Energy Minister vows to accelerate permitting and reset industry relations
In a speech Friday, Canada's new Natural Resources minister Tim Hodgson promised to speed up the approval process for major energy projects. The announcement was welcomed by oil and natural gas executives who wanted to see Ottawa rethink its regulatory approach towards energy development. Hodgson gave his first speech since joining the new Cabinet of Prime Minister Mark Carney in Calgary, Alberta. Carney, Canada's top exporter of energy, has promised to diversify markets for the sector amid a dispute over trade with Canada. The United States is Canada's No. 1 customer. Hodgson, speaking at an event organized by the Calgary Chamber of Commerce, said, "In the new economic system we are creating, Canada won't be defined anymore by delays, but by delivery." Hodgson, a former Goldman Sachs Banker elected to a Toronto riding in 2010, pledged to speak for Western Canada and improve the relationship between Ottawa and Canada's energy industry. He stated that he would work to identify projects of national importance and accelerate them in order to help the country become a superpower for conventional and clean energy. Canada is the fourth largest oil producer in the world. "No more 5-year reviews." Hodgson stated that decisions will be made in two years on all projects. Hodgson stated that responsibly produced Canadian oil can replace oil produced by authoritarian regimes. However, the country needs infrastructure to transport its energy to ports to export it to markets outside the U.S. Recently, the major Canadian oil pipelines faced regulatory delays and legal challenges that led to cancellations of some projects, and spiraling costs in others like the Trans Mountain Expansion. Hodgson’s finance background and the tone of his remarks, which were pro-development, encouraged many of Canada’s largest oil and gas companies. After the speech, John Whelan said, "The renewed spirit of collaboration is welcome and truly appreciated." Hodgson said that the Alberta government, the federal government and the industry leaders need to work together in order to develop a proposed project for oil sands CO2 capture and storage. Negotiations with the two levels of government are stalling. Six of Canada's biggest oil sands firms have proposed a C$16-billion carbon capture network in order to reduce emissions. Kendall Dilling is the president of the Pathways Alliance consortium, which is behind the proposed project. He said that he was optimistic about the project's progress under the new Canadian government. Dilling stated, "I think it's time."
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Trump wants to speed up the process of obtaining new nuclear licenses and overhaul regulatory agencies
Donald Trump, the U.S. president, ordered on Friday that the independent nuclear regulatory agency of his country reduce regulations and expedite new licenses for power plants and reactors. He hoped to shorten a lengthy process to just 18 months. This requirement is part of an executive order signed by Trump last Friday to increase U.S. production of nuclear energy amid a surge in demand for data centers and artificial intelligent. The licensing process for nuclear reactors can sometimes take more than a decade in the U.S. This is a system designed to prioritise safety, but has also discouraged new projects. Michael Kratsios is the director of the White House Office of Science and Technology Policy. He said that President Trump's actions are a message to the world, letting them know that America will rebuild and that the American nuclear revolution can begin. A senior White House official revealed that the moves included a major overhaul of the Nuclear Regulatory Commission, which includes a look at the staffing levels and directing Energy and Defense departments work together to build nukes on federal lands. The administration envisages that the Department of Defense will play a major role in ordering and installing reactors on military bases. Senior White House officials said that the orders are also intended to revitalize uranium enrichment and production in the United States. Trump declared an energy emergency as his first act in office in January, stating that the U.S. lacked enough electricity to meet its growing needs, especially for data centers running artificial intelligence systems. Trump has focused his actions on fossil fuels such as coal, oil, and natural gas. However, administration officials are also in favor of nuclear energy, which is gaining bipartisan support. Despite environmentalists' concerns over radioactive waste, some Democrats support nuclear power because it does not emit greenhouse gases that are harmful to the planet. Republicans who are not as concerned with global warming support nuclear power because they believe it could improve the energy security of the United States. (Reporting by Jarrett Renshaw, Washington; Editing and proofreading by Nill Williams)
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Top EU exports most at risk from Trump's new duties
U.S. president Donald Trump threatened again on Friday to intensify his trade war. He recommended a 50% tariff for goods from the European Union starting on June 1, sending European stock prices crashing. Eurostat reports that the United States will be the bloc's largest export partner by 2024, accounting for 20,6% of all exports. According to data, the most important export group of the EU to the U.S. in 2024 was pharmaceuticals, followed by motor cars, aircrafts, and related equipment. Germany was the third largest exporter to the United States of the EU, with 161 billion euro worth of goods. Ireland came in second at 72 billion euros and Italy at 65 billion. Here is a breakdown of the largest EU exports by sector to the U.S. MEDICATION and PHARMACEUTICALS Eurostat data shows that the EU will export pharmaceuticals and medicines worth 120 billion euros to the U.S. by 2024. After Trump's Friday statement, it wasn't immediately clear whether the industry will continue to be protected from the reciprocal tariffs. Some of the EU’s leading pharmaceutical companies are - Novo Nordisk Bayer - Roche Novartis AUTOMAKERS According to figures released by the auto industry group ACEA, according in 2024, the U.S. will be the second-largest market for EU vehicle exports. Mercedes-Benz and Volvo Cars, among others, have withdrawn their financial guidance for 2025, citing uncertainty caused by U.S. Trade Policy. The German Volkswagen Group faces a high level of tariff exposure, since its premium brand Audi is not manufactured in the U.S. AIRCRAFT AND EQUIPMENT FOR AIRCRAFT Cirium data shows that Airbus, based in Toulouse, is France's number two exporter. It delivers 12% of its jets, including some assembled locally, to the United States. CFM International is the largest supplier of engines to Airbus and Boeing. It's owned by France's Safran and GE Aerospace. ENGINES AND MOTORS FOR MOTOR VEHICLES MTU Aero Engines is one of the companies that could be affected by tariffs. They manufacture military aircraft engines and also repair and maintain commercial engines. Some European car manufacturers, including those who manufacture engines and motors include: Steyr Motors - MTU Aero Engines DEUTZ ALCOHOL According to spiritsEurope, of the 9 billion euros in alcoholic beverages the EU exports to the U.S. by 2024, European spirits will make up 2.9 billion euro. SpiritsEurope, a group that represents the European spirits industry, had warned in March that it was dangerous to harm U.S. companies because they are invested throughout Europe and in all sectors of its supply chain. Some of the largest European alcohol producers include - Dutch brewer Heineken Diageo is a British spirit maker and owner of several European brands - Beer maker Carlsberg COSMETICS According to the United Nations Comtrade Database, the exports of toiletries, cosmetics and essential oils to the United States will be $10.47 billion by 2024. Exports of French cosmetics from L'Oreal to the U.S. are about 2.5 billion euros a year. LUXURY Sector's largest groups are selling roughly a quarter to U.S. customers, while exposure for smaller brands can vary, from 14% in the case of outerwear maker Moncler, to 46% with sandals manufacturer Birkenstock. The economy ministry has revealed that France's luxury sector, the largest in the world, employs more than 600,000 workers. Both countries are major exporters of luxury goods to the United States. In a recent report, S&P analysts identified the luxury sector as one of the most vulnerable to U.S. Tariffs due to companies' limited ability to shift production to the United States. ($1 = 0.8816 euros)
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OBITUARY-Brazilian photographer Sebastiao Salgado dead at 81
The nonprofit that he founded announced on Friday that Sebastiao Salagado had died at age 81. His black-and white images of migrants, workers and the conflicted relationship between humanity and nature captured the attention of the world. Salgado, born in Aimores in Minas Gerais state in Brazil in 1944, is a photographer. He was originally an economist, but he turned into a photographer during the 1970s, while living in Paris. His wife Lelia Wanick and he fled the military regime which ruled Brazil at the time. He travelled the world with his camera, and rose quickly through the ranks of Magnum. The landmark Workers series included a 1987 photo essay that showed thousands of men in their underwear digging in the vast mine of Serra Pelada in northern Brazil. He also photographed oil workers in Kuwait, and coal miners from India. In a British Journal of Photography essay published in 2019, his agent Neil Burgess said, "It was a madly ambitious project and I had hardly any idea how to begin to pitch the idea to London editors." After seeing his portrayal of gold miners, many top magazines around the world wanted to fund this project, he said. Salgado has published a number ambitious and epic projects. He spent many years documenting the difficult journeys of migrants all over the world in Exodus. In Genesis in the 2010s he photographed monumental scenes of animals, nature and Indigenous people. In his latest project, Amazonia - a journey through the largest rainforest in the world - he traveled for years to capture the most remote treasures of the planet and the communities who protect them. Critics accused him of exploiting a "synthetic of misery", as he captured some of the poorest people in their most vulnerable moments. "They say I tried to impose beauty upon the poor world and was called an "aesthete for misery". Why should the poorer world be more ugly than the wealthy world? The light is the same here as it was there. The dignity is the same here as it was there", he told The Guardian during a 2024 Interview. Burgess did the exact opposite. He captured the dignity of the subjects in their time of need. He wrote: "This may well have been enhanced by the use of black and white as a medium. But it has more to do two other qualities Salgado possesses in large measures: patience, and curiosity." Salgado, his wife and their family founded Instituto Terra in 1998 to restore the Atlantic Forest on their farm, which is one of Brazil's most endangered forests. On Friday, President Luiz Inacio Lula da Silva gifted a Salgado photo to Angolan President Joao Lourenco, in Brasilia for a state visit. Lula claimed that it was just a coincidence. Lula stated in a press release that "his discontent at the unequal world and his talent for portraying the reality faced by the oppressed has always served to awaken the conscience of humanity." "His work will remain a cry of solidarity for this reason." "And a reminder that all of us are equal in our differences."
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BlackRock: US energy independence at risk from coal competition case
BlackRock, BlackRock is the largest asset manager in the world. It said that the U.S. support of a "baseless case" alleging asset management conspired to decrease competition in the coal industry risks undermining the goal of energy independence. The U.S. Department of Justice (DOJ) and Federal Trade Commission (FTC) filed a Statement of Interest on Thursday in the case brought by Texas and twelve other states against BlackRock, Vanguard and State Street Global Advisors. The states claim that the companies used their significant holdings in U.S. companies of coal to discourage competition. BlackRock stated in a press release that "DOJ's and FTC's backing of this baseless lawsuit undermines the Trump Administration’s goal of American Energy Independence." It said: "As we stated in our earlier motion for dismissal, this case is an attempt to rewrite antitrust laws and is based upon the absurd theory that coal company conspired with shareholders to reduce coal output." Asset managers will be unable to invest in their business and their employees if they are forced to divest their assets from coal companies. This could lead to higher energy costs. In a separate press release, SSGA called the case "baseless", adding that "we look forward" to presenting facts in the legal process. Additional filings do not change our assessment". Vanguard's own statement said that while it was "concerned" with "many of the legal interpretations that were promoted by the agencies", it "appreciated" their support for investing in passive funds, for shareholder advocacy to improve corporate governance, and for active investing which doesn't hurt competition. The facts showed that Vanguard had stayed within the framework of this concept, it stated. (Reporting and editing by Conor Humphries; Simon Jessop)
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Holiday schedule for US economic and other data
The Memorial Day federal holiday, which falls on May 26, will impact the release of major economic, energy, and commodity reports during the week ending May 25, due to the fact that Washington will be closed. The schedule is below. The times are in EDT/GMT. Some Treasury announcements may be subject to change. Monday, May 26, Memorial Day Holiday Closed federal government offices, Federal Reserve and International Monetary Fund. Stock and bond markets also closed. Tuesday, May 27, Commerce Dept. Commerce Dept. Federal Housing Finance Agency releases U.S. House Price Index, March 2009, 9am/1300 The U.S. Department of Agriculture releases weekly U.S. Export Inspections for Grains, Oilseeds at 1100 and 1500. Note: this week's inspections are delayed due to the holiday. Treasury Dept. Treasury Dept. Treasury Dept. weekly sale of 3-month and 6-month bills 1130/1530. Due to the holiday, this sale is delayed. Treasury Dept. Treasury Dept. USDA releases weekly Crop Progress for 1600/2000. NOTE: This is a delayed release from Monday, due to the holiday. Wednesday, May 28 Mortgage Bankers Association releases weekly Mortgage Application Survey, 0700-1100 Redbook releases weekly retail sales index 0855/1255. Note: Tuesday's publication has been delayed due to the holiday. Treasury Dept. Treasury Dept. Treasury Dept. Treasury Dept. Federal Open Market Committee releases minutes of its meeting on May 6, 1400-1800 The American Petroleum Institute releases the weekly National Petroleum Report, 1630/2030. Due to the holiday, Tuesday's report has been delayed. Thursday, May 29, Weekly Jobless Claims Reports by the Labor Dept. Labor Dept. Commerce Dept. Commerce Dept. National Association of Realtors releases Pending Home Sales for the Month of April, 1000/1400 Energy Information Administration (EIA), Weekly U.S. Underground Natural Gas Stocks, 1030/1430. Schedule is not affected by holidays Treasury Dept. Treasury Dept. Treasury Dept. Treasury Dept. EIA releases weekly petroleum stock and output data at 1200/1600. Note: time change on Wednesday. Freddie Mac issues weekly U.S. mortgage rates, 1200/1600 Treasury Dept. Treasury Dept. Federal Reserve Weekly Balance Sheet, 1630/2030 Friday, May 30, USDA releases weekly export sales, 0830/1230. Due to the holiday, this week's export sales are delayed. Commerce Dept. Commerce Dept.
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Perpetua requests up to $2 billion in loan from US EXIM to fund antimony project
Perpetua Resources announced on Friday that it had filed a formal request with the U.S. Export-Import Bank to receive potential debt financing up to $2 billion for its Idaho antimony-and-gold Stibnite Project. The project was approved for a loan of up to $1.8billion by the EXIM bank in 2024. Perpetua stated that the increase in application amounts reflects an estimated rise in job-years as indicated by the financial updates and basic engineering works completed in the first three months. In afternoon trading, the company's stock was up by nearly 4%. The Pentagon-backed project would be the first antimony mine in the country. Its estimated reserves are 148 million pounds, and the metal is used to make bullets, tanks, alloys, and batteries for electric vehicles. The administration of President Donald Trump has increased efforts to boost the production of essential minerals at home and to increase government funding as part of an overall effort to counter China's near total control of this sector. Perpetua has received the federal permit for the Clean Water Act Section 404 from the U.S. Army Corps of Engineers. (Reporting and editing by Shilpi Mahumdar in Bengaluru)
Wood Group's UK chair is planning to leave the UK pending a clearer strategic direction
Wood Group, a British oilfield service company, announced on Friday that its chairman Roy Franklin will run for reelection at the annual general meeting. Franklin plans to step down when it becomes clear what direction the company is going in.
Wood Group, the target of Sidara, a Dubai-based takeover company, launched an independent review into its accounting in November for certain unusual charges in its interim financial results.
Wood missed the deadline for filing annual results in 2024 by late April. The company cited the pending conclusion of the audit and the timing of its completion. Since May 1, the firm's stock has been banned from trading.
Wood announced on Friday that its 2024 accounting will not be completed before June 30.
Franklin has been at Wood Group since nearly five years. He was previously the head of M&A for BP Exploration, a division of the energy giant BP.
In the beginning of this month, Sidara extended the deadline to accept the company's takeover bid until June 12.
The annual Wood Group meeting is scheduled for June 18. Reporting by DhanushVigneshbabu in Bengaluru, Editing by Shalesh Kuber
(source: Reuters)