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Ottawa pushes Trump back on his claim that tariffs should be included in any Canada-related deal
U.S. president Donald Trump said Monday that a new deal could be reached with Canada, but he stressed the importance of tariffs. The Canadian government is strongly opposed to this position. Mark Carney, the Canadian Prime Minister who won the election in April on the promise to combat Trump's tariffs is now pushing for a "new economic and security relationship" with the United States. "I have an idea about tariffs." Mark has a completely different idea... We'll see if it can be resolved," Trump told Carney when they met on the sidelines a G7 Summit in Alberta. "I'm a tariff person." When asked if a deal could be reached within a few weeks, Trump responded: "Yes. It's possible." Canada, which is the United States' top supplier of aluminum and steel, will face tariffs on both metals, as well as auto exports, imposed by Trump. Carney stated last week that the two countries were engaged in intensive negotiations regarding the tariffs, and that Canada would prepare retaliatory measures if the negotiations failed. Over the last 10 days, the optimism that a deal would be reached quickly has waned. Canadian officials have privately stated that the United States does not appear to be in a hurry. "We're still in the middle of this discussion. We aren't at the end." Kirsten Hillman said that Canada should not impose tariffs on exports to the United States. She told reporters that they would continue to speak until the best possible deal was reached for Canada. Reporting by David Ljunggren Editing Rod Nickel
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Lawyers say that the US golden share of U.S. Steel may scare away investors.
National security lawyers warned on Monday that the unusual move made by the Trump Administration to grant itself a golden stake in U.S. Steel, as part of an agreement to approve Nippon Steel’s takeover of this well-known U.S. firm, could scare away foreign investors. Commerce Secretary Howard Lutnick said on Saturday that "President Trump secured a perpetual Golden Share in Nippon Steel’s acquisition of U.S. Steel." He listed a number of corporate decisions over which the Trump administration will now have veto authority. Investors bet that the Japanese company's $14.9 billion bid to buy the struggling U.S. Steel would reach its conclusion soon. Joshua Gruenspecht is a Wilson Sonsini national security attorney. He says that the Trump administration made an unusual decision by including the golden share as part of the national security agreement. This would have caused foreign investors to be wary. It leads to the question, "Am I going get what I purchased? "Do I have control over this asset?" He said. Nippon Steel declined comment. U.S. Steel, the White House, Commerce and the Treasury Department, who lead the Committee on Foreign Investment in the U.S., which examines foreign investments to determine if they pose a national security risk, did not respond immediately to requests for comments. 'RISKY' AND 'UNPRECEDENTED" On Friday, the Trump administration approved the merger via an executive agreement and an order to ease national security concerns. This culminated a turbulent 18-month process. Questions had been raised about the golden stake that President Donald Trump suggested would give the American people 51% of the struggling U.S. company as part the acquisition. Lutnick wrote in his post on Saturday that the share would stop companies from delaying or canceling investments worth $14 billion, moving production or jobs overseas, or shutting down or idleing plants before a certain date, without the consent of the president. The government also has a veto on a possible relocation of U.S. Steel headquarters from Pittsburgh, Pennsylvania. This could include a transfer or job overseas. A U.S. official confirmed a New York Times report that this power is granted by a single class of preferred stock called Class G, which stands for "gold." The board member is directly appointed by a president. According to lawyers consulted by, it is not unusual for CFIUS in an NSA to require that certain board members are approved by the committee. It was a novel approach to have a board member with a fiduciary responsibility to the president. Jim Secreto said that a golden share approach was both risky and unheard of. He added that the United States might protest if Beijing demanded something similar in order to approve an American company's investment into a Chinese firm. "Trump’s dealmaking creates uncertainty for investors around the world and sets a precedent which could complicate future deals across borders." Before Trump became involved, these companies offered the U.S. government significant authority. Nippon Steel, in a term sheet for a national-security agreement that was submitted to CFIUS and obtained by the, pledged that the majority of U.S. Steel board members will be American and that CFIUS would approve three of these "independent U.S. directors". The term sheet said that "U.S. Steel can reduce production capacity if and only when it is approved by the majority of Independent U.S. directors." It also stated that the core U.S. management will be U.S. Citizens. Reporting by Alexandra Alper, Steve Holland and Rod Nickel
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Central banks and global markets focus on Iran ceasefire report.
Investors were encouraged by reports that Iran is seeking to end hostilities against Israel and they remained confident about their predictions for the busy week of central banks meetings. The Wall Street Journal reported that Iran is seeking a ceasefire following an attack by Israel on Friday, which sparked fears of a wider conflict and sent oil prices soaring. Stocks also fell as a result. Sources have confirmed that Iran asked regional allies press Donald Trump, the U.S. president, to convince Israel to accept a ceasefire. Geopolitics loomed large, and there were signs of cracks among the Group of Seven leaders who are meeting in Canada. Officials made contradictory statements on whether Trump would sign the draft statement that called for a de-escalation in the Middle East conflict. Peter Cardillo is the Chief Market Economist of Spartan Capital Securities, a New York-based brokerage. The market has rallied on this, I believe. After a wild session on Friday, Brent crude oil futures settled down at $73.23 a barrel, a loss of $1.00 or 1.35 %. The Dow Jones Industrial Average rose 0.75% in afternoon trading. This was just a little bit below the morning highs. The S&P 500 rose 0.90%, while the Nasdaq Composite climbed 1.45%. The 10-year Treasury note yield rose from 4.424% to 4.452% late Friday, after initially falling due to reports about Iran's outreach towards Israel. MSCI's global stock index rose 1.09% after the U.S. opening and continued to rise on the day, closing at 0.85%. The STOXX 600 index in Europe was boosted earlier in the day by a recovery in travel stocks. Gulf stocks were also up. Data showed that retail sales and industrial production were in line with expectations. FED MEETING IN FOCUS - MORE DATA TO COME Emily Roland, Manulife John Hancock Investments' co-chief investment analyst, says that a prolonged increase in oil prices may contribute to inflation. However, the recent movements are unlikely to have a significant impact on the Federal Reserve meeting scheduled for Wednesday. Roland explained that the Fed relies on data and it can take time for oil prices to impact inflation figures (whether they are higher or lower). The Fed is likely to keep the markets on hold with no change in the Fed's view that there will be between 2 and 3 rate cuts of 0.25 percent by the end the year. The bond market still prices in two rate cuts for the year. We will see if we get a different result this week. The U.S. Retail Sales data will be released on Tuesday. It may show that auto sales are down, which could drag the headline figure down, even though core sales have increased. The weekly unemployment claims are released on Wednesday due to a market holiday on Thursday. This week, the central banks of Norway and Sweden will also be meeting. The latter is expected to lower rates. It is expected that the Swiss National Bank will meet on Thursday. The rate cut is likely to be at least one quarter point, if not more. There's a chance the rate could even go down to negative due to the strength of Swiss Franc. Bank of Japan policy meeting is scheduled for Tuesday. Rates are expected to remain at 0.5%. However, the possibility of tightening rates later in the year remains. It is also possible that it will slow down the sale of its government bonds in the next fiscal year. Gold fell 1.24%, to $3389.71 per ounce.
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Texas startup sells fungi that eat plastic to reduce landfill waste
Could baby poop, fungi and landfill waste work together? This is the concept behind a new product from an Austin-based startup, which sells disposable diapers with fungi that are designed to break down plastic. Hiro Technologies MycoDigestible Diapers come with a packet containing fungi that should be placed in the diaper before throwing it away. The fungi will begin biodegrading after a few weeks when they are exposed to moisture in feces and urine. Disposable diapers are a significant contributor to landfill waste. According to the Environmental Protection Agency, approximately 4 million tons worth of diapers was disposed in the United States last year without any significant recycling or composting. It takes hundreds of years for diapers to decompose naturally. The very first disposable diaper is still sitting in a landfill. Hiro Technologies used fungi to combat this problem. These organisms, which include molds, mildew, and yeasts, derive their nutrients from organic matter. Researchers from Yale University discovered in Ecuador in 2011 a fungus that feeds on polyurethane - a polymer commonly found in plastic products. The researchers figured that the fungus Pestalotiopsis could survive in landfills, which are environments without oxygen. Tero Isokauppila is the co-founder of Hiro Technologies, a Finnish entrepreneur and founder of Four Sigmatic. He said that more than 100 species are now known to be able to degrade plastics. "Many moons ago, fungi developed to break down trees. Especially this hard-to -break-down compound called lignin. "Isokauppila explained that the carbon backbone in plastics is similar to its carbon backbone. Hiro Technologies has three sealed jars that show the decomposition stages of a diaper treated over time. Isokauppila says that after nine months the product looks like black soil, which is "just digested and basically earth". The company said it needed to do more research in order to determine how the product would decompose under real-world conditions and in different climates. It hopes to have data available to make "consumer facing claims" by next summer. The company also plans to test plastic-eating mushrooms on adult diapers and feminine care products. For the moment, "diaper packages" are being sold online for $35 per week. Miki Agrawal said that the MycoDigestibleDiapers have been generating excitement among consumers and investors ever since they launched about a year ago. She declined to provide details. Agrawal stated that the company chose to focus on diapers because they are the most common household plastic waste. Agrawal stated that "there is a detrimental lasting effect which we have not really thought about or considered." "Because, when you throw away something, no one asks themselves, "Where is away?"
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Barrick Mining's gold mine placed under state control Mali
A court in Mali on Monday placed the Loulo-Gounkoto Gold Complex under state control, a significant escalation in a dispute about taxes and ownership. The presiding judge announced that former Malian Health Minister Soumana Maadji will be appointed as the provisional administrator. This position is for a period of six months. Barrick has announced that it will appeal this decision. Barrick subsidiaries' gold stock was seized by the Malian government after it blocked gold exports. Barrick said in a press release that it believed these actions, which resulted in the temporary suspension its operations, weren't justified. Issaka K. Keita, a Barrick lawyer, said that justice was not served. Since January, the Loulo-Gounkoto Complex, which represented 14% of company output, was suspended amid a dispute between the company, the government, and over ownership and taxes. In May, the government, as a shareholder of the complex, asked the Bamako Commercial Court for an administrator to be appointed, signaling its desire to reopen it amid record high global gold prices. Barrick shares fell 0.7% on Monday morning in Toronto. The mines ministry of Mali declined to comment. Gold prices are on the rise and if the mine is reopened it could generate revenue of at least $1 billion in the next year. Barrick shares are lagging behind those of its peers, but the standoff risks restraining potential investors from Mali. Since 2023, the two sides have been negotiating over the implementation of the new mining code which increases taxes and gives the Government a larger share in the mines. They are trying their best to come up with a new contract that is in line the new law. According to sources familiar with the situation, Barrick's Mali mining license is due to expire on February 20, 2026. Barrick Gold, the company that used to operate this complex, stopped operations in mid-January, after the authorities confiscated three metric tonnes of its gold stock. The government had banned its exports since November 2024. Barrick has removed the complex's production forecast for 2025. Negotiations between the two parties continue outside of court. Mali has allowed Barrick to repatriate 20 percent of its earnings to an international bank account. This was an exception not granted to other foreign miner, according to two sources familiar with the situation.
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NOPA May US Soy Crush at 192.829 Million Bushels is below most trade estimates
According to data released by the National Oilseed Processors Association on Monday, the U.S. soy bean crush in May was lower than most estimates from the trade but reached its highest total ever for the fifth months of the year. NOPA members, who account for at minimum 95% of all soybeans crushed in America, processed 192.829 millions bushels of oilseeds last month. This is up 1.4% compared to the April crush, 190.226million bushels, and up 5.0% compared to the May 2024 crushing, 183.625million bushels. NOPA data revealed that it was the biggest May crush in history and the eighth largest for any month. U.S. crushing rates have increased as new plants opened and other facilities expanded their capacity to meet the rising demand for biofuels. Analysts said that the pace of processing has slowed in recent months from its maximum capacity due to a glut and narrowing margins at some plants. According to NOPA, the average daily crushing rate dropped to 6.220 millions bushels in may, from 6.341 millions bushels one month earlier. This is the lowest daily rate since September. A poll of 11 analysts found that the May crush was below the average estimate of 193.519 bushels. Estimates ranged between 188.500 and 195.933 millions bushels with a median estimate of 194.200. As of May 31, soyoil stock levels among NOPA member companies dropped to 1.373 bn pounds. This is down 10.1% compared to the 10-month high of 1.527 bn pounds reached at the end April, and down 20.3% compared to the 1.724 bn pounds of stocks one year ago. Seven analysts estimated that stocks would decline on average to 1.451 trillion pounds. The estimates ranged between 1.190 billion and 1.550 billion pounds with a median estimate of 1.482 million pounds.
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U.S. Steel shares rise after golden share details unveiled
U.S. Steel shares rose 5% Monday as the bid of Nippon Steel for the well-known American company neared the finish line. Details of the U.S. Government's golden stake were also revealed over the weekend. U.S. Steel's shares reached $54.86, just shy of the $55 Nippon Steel bid, after the Trump Administration gave the green light on the merger via an executive agreement and a signed order to ease national security concerns. This culminated a turbulent 18-month process. Questions arose about the "golden shares" that President Donald Trump suggested would give the American people 51% of the struggling U.S. company as part the acquisition. Howard Lutnick, Commerce Secretary Howard Lutnick's social media post on Saturday stated that "President Trump secured a perpetual Golden Share in Nippon Steel’s acquisition of U.S. Steel." The share will prevent companies from delaying or canceling investments worth $14 billion, moving production or jobs overseas, or shutting down or idle plants in advance of certain deadlines, without the consent of the president. A U.S. official confirmed a New York Times report that this power could be granted by a single class of preferred stock called Class G, which stands for "gold". Nippon Steel committed that the majority of U.S. Steel board members will be American and that CFIUS would approve three of these "independent U.S. directors". The term sheet said that "U.S. Steel can reduce production capacity if and only when it is approved by the majority of Independent U.S. directors." It also stated that the core U.S. management will be U.S. Citizens.
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Greece firefighters put out a wildfire near Athens
On Monday, both a fire brigade official and a witness said that a Greek fire burning near a small village northeast of Athens seemed to be largely contained. A fire brigade official reported that 140 firefighters, assisted by 38 engines, 18 aircraft, and 18 helicopters, continued to work on bringing the blaze under control. The situation, however, had improved. Residents of Ano Souli village, located about 40 km (25 miles), and Marathonas town, nearby, were forced to evacuate earlier due to the flames. By early afternoon local time, a cameraman reported that the fire did not seem to be spreading. According to the official of the fire brigade, the absence of heavy wind, which can complicate firefighting efforts in Greece during the warmest months, helped contain the blaze. Greece, located at the southernmost tip of Europe, has experienced frequent floods and wildfires over the past few years. Scientists say that this has been made worse by a rapidly changing climate. In order to combat wildfires, the country has spent hundreds millions of Euros to compensate farmers and households for damages caused by extreme weather conditions. It also purchased new modern equipment to fight fires. In anticipation of a challenging fire season, Greece has hired an unprecedented number of firefighters. In 2023, one of Europe's biggest wildfires ever recorded burned for several weeks in northern Greece and killed at least 20 people. A destructive wildfire that spread from a mountain down to the built-up area on the edge Of Athens forced residents to flee. Reporting by Stamos Pausalis, Angeliki Koutantou and Antonis Pohitos. Editing by Gareth Jones & Barbara Lewis
Orsted prefers to invest more in Taiwan and South Korea than in new markets in Asia.
Orsted, world's largest offshore wind developer will increase its investment in Taiwan and South Korea, where it already has projects. Instead of expanding into new markets in Asia a senior official at the company said on Monday.
The Danish company has lost around 80% of the value of its stock market since its peak in 2021 due to rising costs, disruptions in supply chains and a loss of investor trust in offshore wind.
Per Mejnert Kristensen is Orsted's Asia-Pacific President. He spoke on the sidelines at the Energy Asia2025 conference.
Orsted, which is the largest offshore developer in terms of capacity, retracted its 2030 target of 35-38 gigawatts of installed renewable capacity this year. Chief Executive Rasmuserrboe now faces the challenge to revive investor confidence and meet the new realities of offshore wind industry.
The company has 10 gigawatts of offshore capacity worldwide, including 0.9 in Taiwan. The company has also developed projects in South Korea, Australia and other countries.
We know we live in a changing environment. Kristensen added that "we need to see clearly investmentable projects" and he hoped that other Asian countries would follow the policies of Taiwan's government.
They have excellent wind conditions for offshore winds. Because they have shallow water, you can build fixed-bottom offshore wind parks on the ocean. On the political front, they were very ambitious and had a clear vision. They then managed to create offshore wind frameworks which made projects investable," said he.
He said that international investors and local partners could see clearly a path to investment for the next 30-40-50 year.
He said that while the political ambition was there in some countries, it wasn't always translated into commercially viable frameworks. (Reporting and editing by Susan Fenton; Sudarshan Varadhan)
(source: Reuters)