Latest News
-
Santos’ Barossa Liquefied Natural Gas project is progressing towards its final commissioning plan
Santos announced on Wednesday that it has progressed towards the final commissioning of its Barossa LNG Project following the arrival and deployment of a floating storage, production and offloading vessel (FPSO) at the Barossa Gas Field. The number two independent gas producer in Australia said that five of the six wells have been drilled. The final well is expected to be finished by the third quarter. In a press release, Australia's No. 2 independent gas producer stated that five wells of the six-well programme have been drilled. The final well is expected to be completed in the third quarter. Santos stated that the project remains on schedule for first gas to be produced in the third quarter 2025. The joint venture partners SK E&S, JERA Co and Santos have already invested $3.95billion in this project. Santos said that the Barossa Project, along with the Pikka Phase 1 in Alaska, will deliver a 30 percent increase in production in the next 18-months compared to the year 2024. Santos Darwin LNG, located in Australia's Northern Territory, will receive natural gas from Barossa. This update follows the announcement on Monday of a $18,7 billion all-cash bid by an international consortium led Abu Dhabi's National Oil Company to buy Santos. Santos joining the consortium will give it control over two Australian LNG plants - Gladstone LNG, and Darwin LNG - as well as stakes PNG LNG, and undeveloped Papua LNG. (Reporting from John Biju, Bengaluru. Editing by Rashmi aich)
-
Mexico fines Slim’s Telcel $94 Million for SIM card deal With Oxxo convenience store
Mexico's telecoms regulator fined America Movil subsidiary Telcel 1,78 billion pesos (93.61 millions dollars) on Tuesday for signing exclusive deals with convenience-store chain Oxxo in order to sell its SIM card. America Movil, a telecommunications company controlled by the Mexican billionaire Carlos Slim's family, has denied the findings of the regulator and vowed to contest the investigation and fine. The fine is the result of an investigation that was launched by the Federal Telecommunications Institute in 2021 at the request from a competitor regarding the alleged monopolistic practice by Telcel. IFT fined Oxxo, Mexico’s ubiquitous Femsa convenience chain, as well as IMMEX (another Femsa subordinate) for their roles in the deal. Femsa didn't immediately respond to an inquiry for comment. The IFT stated that "the... monopolistic practices consisted of Telcel giving incentives to Oxxo, IMMEX and IMMEX on condition that they wouldn't sell SIM cards by competitors." Telcel will appeal the decision through "all available legal means," America Movil stated in a press release, calling the IFT investigation "biased" as well as "lacking in evidence." $1 = 19,0150 Mexican Pesos (Reporting and editing by Bill Berkrot, Stephen Coates and Brendan O'Boyle)
-
Russia notes Iran's commitment towards NPT and says Israeli attacks against Iran are illegal
The Russian Foreign Ministry condemned on Tuesday the continued Israeli attacks against Iran and said that a diplomatic solution could only be reached to resolve the conflict regarding Tehran's nuclear program. The ministry posted a statement on Telegram saying that "Israel's continued intensive attacks on Iran’s peaceful nuclear sites violate international law, create unacceptable threats to the international security of the world and lead to a nuclear disaster ...,"." The report said that the widespread condemnation of Israeli action showed that Israel only found support "from states that are actually co-participants, and who act for opportunistic purposes." The Ministry noted Iran's 'clear statements' about its commitment to the Nuclear Non-Proliferation Treaty and its willingness to renew contact with the United States in order to find possible solutions. This removed all doubts regarding Tehran's nuclear program. It said: "Moscow fully supports this position and is convinced that the solution sought can only be achieved reliably through diplomacy, and negotiation." In the statement, Moscow said it was also waiting for an "as quickly as possible" detailed written report from the International Atomic Energy Agency that would include a "objective and unvarnished evaluation of damage" caused to Iran's nucleonic facilities. The Kremlin announced on Monday that Russia is ready to serve as a mediating force in the conflict between Israel & Iran. Its previous proposal of storing Iranian uranium within Russia remains on the table.
-
Brazil's Copersucar predicts sugarcane harvest in 2025/26 to be equal or greater than previous year
Tomas Manzano said that the sugarcane harvest by Brazilian Copersucar partners in the 2025/26 season is expected to be at or above the levels of 2024/25. Manzano, a Copersucar partner, said that the partners would crush 107 millions metric tons sugarcane by 2024/25. He added that the company is expecting similar or even better results for the current cycle due to an increase in the size and quality of the sugarcane harvest, as well as other investments. This forecast contradicts the expectations of the industry as a whole, who expect a decline in production. "Copersucar's area is expanding and shouldn't see a decline, but perhaps stability, or even growth," he stated during a conference call to discuss 2024/25 company results. The company announced earlier that the external sugar sales for the crop reached a record of 13.7 million metric tonnes. Domestic sugar sales, however, declined by 4.8% to 2 million tons during the season. The record sales led to a 43.1% increase in the net profit for the year, which reached 402 million Brazilian Reis ($73.4m) after revenues grew by 15.3% to reach 62.3 billion Reis. Copersucar said that its ethanol sales in the United States where it expanded operations increased by 23.4%, to 9.5 billions liters. Sales from Brazil also rose 1.1%, to 9.6 billions liters. Copersucar anticipates crushing between 590 and 600 millions tons in the center-south area, along with sugar production of 40 to 41 million tonnes, for the 2025/26 harvest, Manzano stated. The company has said that the growing global attention to decarbonizing energy offers opportunities for Copersucar in areas such as sustainable aviation fuel. It also added that it had started to build a trading firm to take advantage of the emerging market.
-
Over 250 agricultural groups call for input from the White House on health initiatives.
After the first report of the Make America Healthy Again Commission pointed out pesticides as possible health risks, more than 250 groups representing farmers and ranchers, as well agrochemical firms, urged the Trump Administration to ask for their input regarding future activities. The agricultural sector has been pressing for greater involvement in the commission's work, which was established by Donald Trump in Feburary and named after the social movement associated with Health Secretary Robert F. Kennedy Jr. Kennedy has cited highly processed foods and chemicals, such as food dyes, as contributing factors to poor health. The MAHA report, released in May, was not produced with adequate input from the farming sector. As a result, it "contained many errors and distortions which have caused unfounded concerns about the safety of the food supply," according to the letter sent Tuesday morning to Kennedy and Agriculture Secretary Brooke Rollins, as well as Environmental Protection Agency Administrator Lee Zeldin. The letter stated that "the MAHA Commission could benefit from inviting the public to comment on any future reports and including formal representatives from food and agricultural in those reports." The American Farm Bureau Federation, as well as trade groups for livestock, corn, soybeans, and other agricultural products, were among the signatories. A spokesperson from the Department of Health and Human Services stated that the agency is open to farmers' suggestions. The spokesperson stated that "their perspective is crucial to the mission and work of the MAHA Commission, and we look to continue dialogue to ensure that our work will Make America Health Again." Rollins, according to a spokesperson from the Department of Agriculture, will ensure that farmers are included in the discussion about solutions for the problems identified by the MAHA report. The EPA has not responded to a comment request. The farm industry had asked the administration to not mention pesticides before the MAHA report was released. Industry groups claim that pesticides are essential tools in maintaining a competitive American agriculture sector. The report contained errors, including the citations of nonexistent studies. It pointed out that crop protection tools such as pesticides and insectsicides could contribute to negative health outcomes. However, it noted that agrochemicals undergo a rigorous EPA review. Trump instructed the MAHA Commission to produce a report in August with a strategy to combat chronic childhood diseases. Rollins, Kennedy and others have worked together to promote other MAHA goals. This includes urging states not to accept junk food or sodas in the largest food aid program of the country and revising dietary guidelines which make recommendations about what Americans should consume. Reporting by Leah Douglas, Washington; Editing and proofreading by Chizu Nimiyama Rod Nickel Bill Berkrot
-
Mitsubishi increases prices on new US cars by an average of 2.1%
Mitsubishi Motors announced on Tuesday that it would be increasing the prices of U.S. cars by an average 2.1%. This is the latest automaker who has passed on cost increases to the consumers due to the Trump Administration's tariffs. In April, President Donald Trump imposed tariffs of 25% on imports of cars from Japan and almost all other countries. This prompted Mitsubishi to suspend its deliveries to U.S. dealerships. The Japanese automaker said that it resumed these deliveries last week. Mitsubishi explained that the 2.1% increase in average weighted prices, effective on Wednesday, "is a result of our ongoing and regular review of pricing to ensure we're in line with segment expectations." Mitsubishi's U.S. Sales in the First Three Months of 2025 are up 11% from the sales in 2024, which were 111,000. This is the best U.S. performance for the brand since 2019. The company informed dealers that price increases on suggested retail prices will not affect vehicles currently in showrooms. The company said that it would also be making "significant investments globally in new vehicles and technologies." The company cited "updates on the new Outlander 2025, recent announcements of a battery EV arriving in the U.S., and the study of joint development with Nissan of a brand new vehicle that will be built in America in the next few years." Trump claimed last week that He may soon raise auto tariffs again Subaru has been announcing new models for the month of September. America increases prices on a number of models According to the "current market conditions", prices range between $750 and $1,055, depending on model and trim. Ford Motor Prices are being raised in May Three models were produced in Mexico
-
China's Xi signss treaty to enhance ties with Central Asia
China's President Xi Jinping has signed a treaty that will strengthen ties with Central Asian countries. Beijing is looking to deepen its cooperation with this resource-rich area in the areas of trade, energy, and infrastructure. Beijing has intensified its efforts since Russia invaded Ukraine to strengthen economic ties with Central Asian countries, which are traditionally in Russia's spheres of influence. This is due to their strategic location and abundant energy resources. Xinhua, the official news agency of China, reported that at a regional summit held in Astana, Kazakhstan's capital, Xi hailed a landmark by signing a treaty establishing "permanent friendship and good neighbourliness" with leaders from Kazakhstan, Kyrgyzstan and Tajikistan. Turkmenistan, Uzbekistan and Turkmenistan also signed the document. This week's summit is the second of its kind, after the pompous inaugural meeting in Northwest China in 2023. Both times, the summits coincided with G7 meetings. "At the moment, the world is undergoing accelerated changes, unseen for a century. We are entering a period of turbulence, and transformation," Xinhua reported Xi saying during a speech to the summit. "Trade Wars and Tariff Warfare Produce No Winners, and Unilateralism, Protectionism, and Hegemonism will harm others as well as oneself," he stated, in an apparent jab at the United States, which had escalated tariffs against Beijing. "China is prepared to work with Central Asian nations to safeguard international justice and oppose hegemony and power politics," Xi stated. He also promised 1.5 billion yuan (208.86 millions) in grant aid to Central Asian countries to support their livelihoods and development projects this year, and called for greater cooperation in areas such as trade, minerals, and agriculture. Beijing is keen to consolidate its relations with regional partners despite a truce in trade with the U.S. China's bilateral trade with five Central Asian nations reached a record of 286.42 billion yuan during the first five month this year. This represents a 10.4% increase year-on year, according to Xinhua, citing Chinese Customs. Turkmenistan is the only Central Asian country with a surplus in trade with China. Turkmenistan is a major natural gas supplier to China. Kazakhstan and Kyrgyzstan have trade deficits in the tens or billions of dollars with China. ENERGY AND MINERAL COOPERATIONS According to the summaries published by the Chinese Foreign Ministry, Xi requested expanded cooperation with regional leaders in the areas of natural gas, minerals and international railway. In meetings with the Uzbek and Kyrgyz presidents on Tuesday, he urged progress on the China-Kyrgyzstan-Uzbekistan railway, an overland route bypassing Russia Since the 1990s, the project has been in the spotlight. However, it gained renewed importance when the sanctions against Russia led to shippers from China and Europe not sending their goods through Russia. In the event that other routes are disrupted, China can use alternative routes to obtain fuel and food. The Central Asia route may help reduce the time it takes to transport freight between China and Europe in the future. In a separate discussion with Turkmen President Serdar Berndymukhamedov Xi stated that "both sides must expand the scope of natural gas collaboration, explore cooperation outside of resource fields, and optimize their trade structure." $1 = 7.1818 Chinese yuan renminbi (Reporting and editing by Alex Richardson, Bill Berkrot and Ellen Zhang)
-
US withdraws from two more bases in Syria, alarming Kurdish forces
Reporters visiting the region found that U.S. troops have now withdrawn from two additional bases in northeastern Syria. This is part of a larger troop withdrawal, which, according to the commander of U.S. backed Syrian Kurdish Forces, has allowed a resurgence by Islamic State. Reporters who visited these two bases last week found that they were mostly deserted. They were both guarded only by a small number of Syrian Democratic Forces, the Kurdish led military group Washington has supported in its fight against Islamic State since a decade. The razor wire that surrounded the perimeters of the bases occupied by a military coalition led by the United States had started to sag. One Kurdish politician, who lives in one of the bases, said that there are no U.S. soldiers there. SDF guards on the second base confirmed that troops had recently left, but refused to specify when. The Pentagon declined comment. Reporters are the first to confirm on the ground that the U.S. retreated from the Al-Wazir base and Tel Baydar in Hasaka Province. The number of bases that U.S. forces have left in Syria since President Donald Trump's election has now reached at least four. The Trump administration announced this month that it would reduce its military presence to just one base in northeastern Syria, which is under the control of SDF. The New York Times reported that in April, troops could be reduced from 2,000 down to 500 as part of the drawdown. The SDF has not responded to questions regarding the number of troops currently in Syria and U.S. bases that are open. SDF commander Mazloum Abdi said that the presence of just a few hundred soldiers on a single base was "not enough" in order to stop the Islamic State threat. He spoke at Al Shadadi U.S. military base. The threat posed by the Islamic State has increased significantly in recent years. This is the plan of the U.S. Military. He said that we have known about the plan for some time. We are working with them so there are no gaps, and that we can continue to put pressure on Islamic State. Abdi spoke with on Friday, just hours after Israel began its air war against Iran. He refused to comment on the impact of the Israel-Iran conflict on Syria. Instead, he said that he was safe at a U.S. military base and hoped that it wouldn't spill over. Two SDF security sources confirmed that within hours of the interview, U.S. defense systems shot down three Iranian-made rockets which were aimed at the Al Shadadi Base. ISIS IS ACTIVE IN SYRIAN CITIES The Islamic State (also known as ISIS or Daesh) ruled large areas of Iraq and Syria between 2014 and 2017 during Syria's Civil War. It imposed a vision for Islamic rule, which saw locals beheaded in city squares and Yazidi minorities sex-trafficked. Foreign journalists and aid workers were also executed. From its strongholds of Raqqa, Syria, and Mosul, Iraq, the group launched deadly attacks on European and Middle Eastern nations. More than 80 countries, led by the United States, waged an extensive campaign for years to end the control of the group on the territory and defeat it. They supported the Iraqi forces as well as the SDF. Since the December ouster of Bashar al Assad, the Syrian dictator, by a group of islamist rebels. Abdi claimed that ISIS cells were active in several Syrian towns, including Damascus. He also said a group foreign jihadists, who had previously fought against the Syrian regime, had joined ISIS. He did not go into detail. He claimed that ISIS had seized arms and ammunition from Syrian government depots during the chaos following Assad's downfall. Kurdish officials reported that Islamic State has already started moving around U.S. military bases, which were recently shuttered. This includes near Deir Ezzor, and Raqqa. These cities used to be strongholds of the extremist group. Abdi stated that ISIS had launched a series attacks in areas controlled by the SDF east of the Euphrates River. At least 10 SDF soldiers and fighters were killed. Abdi said that a roadside explosion targeted a convoy near a U.S. military base, where he conducted the interview. Reporting by John Davison, Orhan Qereman and Peter Graff.
European truckmakers address rare-earths shortage with stockpiling and supply chain changes
Daimler Trucks is building up inventory to address supply problems linked to Chinese export restrictions. Daimler Trucks says it has learned lessons from the chip crisis.
Recent export regulations in China are causing concern for the automotive industry. They fear that this will affect supply of rare Earths which is needed to make magnets. Exporters are required to apply for new licenses since April. These licences are being granted slowly.
China is the dominant market for raw materials used in various components, from electric motors to the window mechanisms of cars and trucks.
Karin Radstrom, CEO of Daimler Truck, told reporters Tuesday, on the sidelines a conference held in Gothenburg, that the group, like during the COVID-19 epidemic, was increasing inventory levels and not relying on a "just-in-time" strategy.
Radstrom stated that "with everything going on around the world, this strategy seems like a good one and necessary."
She stated that Daimler is closely monitoring the situation. She added that "so far, it seems we are getting what we require", saying there has been no production interruptions so far.
Volvo Group CTO Lars Stenqvist noted that there was "a little bit" of turmoil around the rare earth supply and stated in the long-term, "there had been a clear movement" to become less dependent on these minerals.
Stenqvist also stated that the group's production had not been affected. He added, like Radstrom, that many lessons had been learned from the crisis. He said that during the chip crisis, a few year ago, we learned that maybe we had worked too much with tier one suppliers. "We will never hesitate to move down the value chain to tier 2, 3 or 4 if needed." Stenqvist said, "During the (chip) crises we learned to navigate to the mines. And that's what we need to do in regards to rare earth minerals and metals." Reporting by OzanErgenay, Marie Mannes, and IlonaKnowledgebach; editing by Jan Harvey
(source: Reuters)