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Operation to recover 11 people believed dead after chemical vat explosion in Washington state
Authorities said that the search for nine people who went missing in Washington State after a chemical storage tank ruptured and imploded has now moved from being a rescue effort to one of recovery. This will likely bring the death toll up to eleven. Two deaths had been confirmed by officials. Eight other people, including some who were critically injured, were also injured. Washington Governor Bob Ferguson told a press conference on Wednesday with local authorities that "we're bracing for the worst industrial disaster in modern Washington State history." Authorities have said that they do not yet know the cause of a 900000 gallon vat imploding at Nippon Dynawave Packaging's facility early Tuesday morning. The container contained "white liquor", a chemical mixture of sodium hydroxide (salt) and sodium sulfide (sulfur), used to make paper pulp. It can cause severe skin burns. Matt Amos, the Longview Fire Department's Battalion Chief, said during the press conference that recovery efforts would be slow in an "extremely dangerous" environment. Cowlitz 2 Fire chief Scott Goldstein stated that it was not clear where the nine missing persons were located in the facility. He added that they had searched all the areas that could be searched. He said, "As from this morning, this incident is transitioning from rescue to recovery." At a press conference, officials confirmed that tests had shown contamination in the Columbia River. Testing of water samples confirmed contamination entering the Columbia River yesterday. Goldstein stated that additional evaluations were underway to better determine the extent and scope of this environmental impact. At this time, there are no known negative health effects on... the air quality in the area or the drinking water system of the city Longview. Goldstein stated that it is fair to estimate approximately 550,000-570,000 gallon left the tank. Some material remains in tank and continues to slowly leak. Officials warned people to avoid certain areas and reported that about a dozen carps had died. Nippon Paper Industries 3863.T is Japan's second largest paper manufacturer by sales. It acquired the Longview Plant from Seattle-based Weyerhaeuser WY.N timber company for $225 millions and created the wholly owned subsidiary Nippon Dynamics Packaging in 2016. Authorities in southern California who were monitoring a tank that was overheating and contained?highly explosive methyl methacrylate announced late Tuesday that GKN Aerospace's facility in Garden Grove, California no longer posed an explosion risk. On 'Thursday, thousands of residents were ordered to evacuate after it was discovered that the chemical inside the tank had overheated. TJ McGovern said, "After an intensive operation, we're pleased to report that residents have begun to return home", TJ McGovern interim chief of Orange County Fire Authority.
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Trump dismisses the midterm elections pressure and says he will outwait Iran
Donald Trump, the U.S. president, said that he is not concerned about the political fallout from an extended conflict with Iran. He also stated that the Iranian leaders miscalculated when they thought the November midterm elections would compel him to a 'deal. Trump, speaking of Iran's leaders at a cabinet meeting in the White House, said: "They thought that they would outwait me." You know, "We'll be able to outwait him. He has the midterms. "I don't really care about the midterms." Trump made these comments while he was discussing how to end conflict. Many of Trump's Republican allies had already been uneasy about his dismissive remarks earlier regarding the "economic impact" of the war for Americans. The President initially stated that the war would last between four and six weeks. It is now approaching its fourth months. He has said that the war could be over in a matter of days, only to say later that it could last for some time. The growing discontent of voters, particularly about gasoline prices, has increased political pressures on Trump's Republican Party. It is expected that the party will struggle to maintain control of the House of Representatives, and perhaps the Senate. This disquiet was heightened by Trump's endorsement of Ken Paxton over John Cornyn, the incumbent Republican senator from Texas. Paxton, whose wife is divorcing him on biblical grounds after being indicted by the FBI for felony fraud, easily defeated Cornyn at a Tuesday party primary, despite having received the endorsement of President Obama. Democrats see the 'Senate seat, in a largely Republican state, as a competitive race in November. Trump said: "Look what happened last evening," referring to Paxton’s victory. "That was?a prelude for the midterms." Trump also mentioned his construction projects that he has been working on in Washington, D.C. Republicans have said that these projects are a distraction from other economic concerns. A? A? Reporting by Trevor Hunnictt, Gram Slattery and Ross Colvin. Editing by David Gregorio and Ross Colvin.
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Moody's changes outlook for Republic of Congo to "positive" on the ease of default risks
Moody's changed its outlook on the Republic of Congo from "stable" to "positive" on Wednesday. The company said that the country's increased access to the international capital markets, as well as a potential IMF program had reduced the near-term risk of default. The 'positive outlook' reflects RoC’s potential reversal of its credit trend following defaults in the regional market between 2024 and 2025, according to a statement from?global rating agency. The Congo finance ministry announced earlier this month that it had requested to speak with the IMF about a new financing program. A technical mission will be arriving in central Africa. In an April assessment, the IMF said that Congo's economy and outlook remained fragile. Moody's says that higher oil prices, and the planned increase in oil and gas production will likely boost the growth of a?African nation's fiscal revenues and its ability to service debt. The'sovereign rating' was rated in the junk category at "Caa2" due to its high debt load, persistent arrears with official creditors and domestic arrears with?services and goods providers.?Alongside this, it has a history of poor fiscal governance. (Reporting and editing by Shilpi Mahumdar in Bengaluru)
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CME LIVESTOCK cattle futures rise on expectations of US beef demand
Analysts said that the Chicago Mercantile Exchange futures for live cattle and feeder calves? climbed on Wednesday, as fears about high prices? affecting demand for U.S. Beef eased. Prices rose a week after falling by more than 3% and reaching their lowest levels since March. Last month, the live cattle futures contract reached a new high. Consumer demand for beef has been strong and the U.S. herd is at its lowest level in 75 years. The high price of beef, gasoline, and other goods has recently caused consumers to worry that they may reduce their spending. On Wednesday, oil prices fell by 4% after Iranian state TV reported that it had seen an unofficial draft of a framework for an agreement between Iran & the United States to end their conflict and reopen the Strait of Hormuz. Dan Norcini is an independent livestock trader. He said that if it looks like energy prices are going down, combined with the record high stock market levels, this will take away some of the worries about consumer demand for?beef falling. The August futures for live cattle rose 3.35 cents, to 242.500 cents/pound. August feeder cattle futures also soared 5.17 cents, to 354.625 cents/pound. The U.S. Department of Agriculture has reported that the value of boxed beef's choice cuts increased on Tuesday by $2.63 per hundredweight to $392.90, and select cuts by $5.30, to $390.30. The high cost of scarce cattle supplies continues to put pressure on meatpackers, even though beef prices are sky-high. According to HedgersEdge.com, on Wednesday, packers?lost about $299 for each head of cattle that they slaughtered. Pork processors earned about $4.40 per hog. CME's lean-hog futures rose 2 cents to 102.125cents per pound. On Friday, the contract reached a new low for December. Norcini stated, "Hogs seem to be trying to 'forge a bottom. The key to them continuing to push higher is the additional strength in pork cutout. According to USDA, the wholesale price of pork carcass cutouts on Tuesday increased $2.59 per cwt to $98.85.
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Gold falls to a two-month low amid inflation-fueled rate hikes
Gold prices fell to their lowest level in two months on Wednesday. This was due to expectations of a tighter monetary policy, which would help to curb inflation. The U.S.-backed conflict with Iran is not expected to end any time soon. As of 2:08 pm EDT (1808 GMT), spot gold was down by 1.3% to $4,447.71 an ounce. It had fallen earlier in the day to its lowest price since March 27. U.S. Gold futures for delivery in June settled at $4,448.40, a?1.2% decrease. The Middle East continues to have the biggest impact. Peter Grant, senior metals analyst at Zaner Metals, said that there was a lingering optimism but that it is fading as the conflict continues. He added that inflation fears are increasing due to this ongoing conflict. Since the beginning of the U.S. - Israel war with 'Iran, the price of gold has been on the rise. Brent crude prices have risen due to the effective closure of Strait of Hormuz, causing inflation worries and raising expectations of rate increases. Iranian state TV reported Wednesday that Tehran would restore shipping in the Strait to its pre-war level within a month as part of a framework agreement with the U.S. The deal also included the withdrawal by the U.S. military from the vicinity of Iran. The gold price briefly recovered some of its losses following this report. The market is still predicting energy-driven inflation, which will lead the U.S. Federal Reserve will increase its overnight benchmark interest rate by 25 basis point by the end this year. Gold, despite being a hedge against inflation, is not yielding in high-rate environments. Neel Kazhkari, the Minneapolis Fed president, said that it is "far too early" to predict whether or not it will change its current policy rate. Investors are awaiting the release of U.S. Data on Personal Consumption Spending (PCS) can provide clues about the direction of monetary policy. Spot silver dropped 3.2% to $74.46 an ounce. Bank of America said in a Tuesday note that while a gold rally could boost silver to $100/oz again in the next few months, it is unlikely to be sustained due to an easing of fundamental demand. Platinum fell 2.1% to $1.916.90, while palladium rose 0.1% to $1.386.47.
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Trump: US still not satisfied with Iran deal
Donald Trump, the U.S. president, said on Wednesday that he is 'not yet satisfied with a deal reached with Iran.' He also added that the U.S. The United States is not 'discussing' easing sanctions against Iran. Trump told reporters that Iran is open to a deal at a White House cabinet meeting. "Iran has a very strong desire to reach a deal. They haven't reached a deal yet... but we won't be. Trump said that we?will either be that or finish the job. He said that under the potential framework agreement?with Tehran that the Strait?of?Hormuz will open immediately, but it won't be controlled by anyone. "We will watch it, but no one is going to control it." This is part of our negotiation. They want to control it. No one is going to be able to control it. Trump said that it was international waters, and Oman would behave like "everyone else" or we'd have to blow up the'ships'. The White House didn't immediately respond to an inquiry for a comment about Trump's "comment" on Oman. The embassy of Oman in Washington did not respond immediately to a comment request. Trump said that he is not comfortable with Russia or China taking Iran's highly enriched uranium stockpile.
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Minas Gerais, Brazil, is forced to re-examine the sale of Copasa utility shares
Sources told us that the state of Minas Gerais in Brazil's southeast will need to review its privatization process for water and sewage utility Copasa after bids by potential anchor investors were below the government's asking price. The source, who asked to remain anonymous because the process was private, said that "it didn't achieve the price and there will be a rebid." Copasa has confirmed that the Minas Gerais government, which is the selling shareholder, will amend its secondary share offering registered last week. The parties did not disclose the nature of the changes. Originally, the announcement of a possible anchor investor was scheduled for Wednesday. Copasa shares fell 5% early in the afternoon, leading losses on Brazil's Bovespa index. The bidders were a consortium Itausa and Singapore's sovereign fund,?GIC. Also, the investment platform Equipav specialized in concessions, submitted an offer through a vehicle named Livorno. According to the original plan Minas Gerais would retain a 5% stake and sell a 30% stake to an anchor for approximately 6 billion reais. It would also offer 15% of its Copasa shares to other investors for an additional 3 billion reais. (Reporting and editing by Paul Simao; Alberto Alerigi Jr., Luciana magalhaes)
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Carney's government shrinks after former Canadian minister Carney resigns over environmental concerns
Steven Guilbeault, former Canadian cabinet minister, announced on Wednesday that he will'step down' from his seat in the?parliament. He cited his desire to fight for?environmental?protections following his objections to the decisions of Prime Minister Mark Carney’s government. Guilbeault’s departure will reduce Liberal Party’s slim majority in the parliamentary to one seat. Guilbeault announced on X that he would resign from his position representing downtown Montreal in the summer of this year, but would continue to be a Liberal member until then. He said, "It's time to change the way I fight for climate protection and environmental protection." "I want to continue this fight for generations that will inherit our unique and precious blue planet." Carney had thanked Guilbeault earlier on Wednesday for his contribution, saying that they worked together while Carney was the United Nations Special Representative for Climate. Carney stated that it was up to him to decide his own career. "I wish him all the best, and I am sure that we will have a chance to continue working together in some shape or form on issues of interest." Quit Cabinet Over Climate Rule Rollback In November, Guilbeault resigned from Carney's Cabinet over his opposition to an agreement Ottawa had made with Alberta, a province that produces oil, to rollback certain climate regulations to encourage investment in energy production. Guilbeault was an activist for Greenpeace before he ran for office. He served as the environment minister to former Prime Minister Justin Trudeau. Carney's Government secured a Majority in April after the Liberal Party won 174 seats at three special elections held in Ontario and Quebec. Carney said that a majority would allow him to deal with the trade conflict started by U.S. President Donald Trump more effectively, and also save him from having to run for another election in years. It would also make it easier for legislation. For a simple majority, the Liberals only need 172 votes. Laura Stephenson, professor of political sciences at the University of Western Ontario said Guilbeault?s resignation showed that some Liberal Party members are not in agreement with Carney?s economic-focused policies. She claimed that several other Liberal legislators have?suggested that they may also resign, potentially leaving?Carney in another minority government. "It's tricky to balance ?concerns from the West that deal with energy while also supporting those who like the party's more leftist-environmental bent," she said. "Carney has a clear vision but it's not clear whether his party will always unite behind him."
Reporting shows that oil-price wagers before the Iran war news totaled $7 billion.
According to traders, analysts and exchange data, there were a series of well-timed bets made on the falling oil price in March and April, totaling up to $7 billion. These bets were spread over multiple exchanges, types of fuel, and derivatives, just before Donald Trump's major announcements about Iran policy.
The amount exceeds the $2.6 billion in?bets that were previously reported, and has already led to the U.S. Administration?warning staff not to use nonpublic information as a means of financial gain. A?person with knowledge of the matter said in April that the U.S. Commodity Futures Trading Commission is investigating. However, the CFTC still hasn't confirmed the investigation.
They could not determine who made the bets or if they originated in America or elsewhere. These included short positions or bets on falling prices for derivatives such as ICE and CME crude oil, diesel, and gasoline futures.
Bets were placed on the Intercontinental Exchange and Chicago Mercantile Exchange, two major exchanges which host benchmark futures trading for global oil and fuels. Both exchanges declined comment. A source with knowledge of the situation said that the CME is looking into the trades.
Legal experts and legislators have called for the regulators to investigate if these well-timed transactions were based on leaks or inside information.
The first unusual trades were noticed by traders on 23?March. The trades were made just minutes before Trump announced that he would delay his threatened attack on Iranian power infrastructure. This triggered a drop in oil prices.
On April 7, Trump announced a truce with Iran, which caused a drop of up to 15% in benchmark ICE Brent Futures. The same pattern repeated on April 17 when Iranian officials and Trump discussed reopening Strait of Hormuz. And again on the 21st of April when Trump extended his ceasefire.
Other media reported these trades in the front-month contracts of the two benchmark global crudes Brent and West Texas Intermediate. Initial calculations put the value of these bets at $2.6 billion on four days between March and April.
The U.S. Justice Department, as well as the CFTC, did not respond immediately to requests for comments. White House spokesperson: "All federal employees are subject to government ethical guidelines that prohibit using non-public information in order to gain financial benefit."
A further analysis of the trading data across exchanges showed that traders placed similar bets exactly at the same times and dates?for European Diesel and U.S. Gasoline Futures, as well as for longer-dated contracts for Brent and WTI. Calculations show the total was around $7 billion.
Short selling or a sell bet is when the trader borrows a derivative from the counterparty and sells it, then buys it cheaper later on when the price drops, keeping any remaining profit.
The oil price dropped by more than 10% on March 23, April 7, 17, and 21. Calculations show that, depending on when the bets were made, a $7 billion short seller could have made millions in profit.
Adi Imsirovic from the Center for Strategic and International Studies and an oil trader veteran said that these trades looked "well-informed" because they were made before major announcements. He added that U.S. authorities such as the CFTC can access exchange data in order to track who made the trades, and to investigate if they choose to.
ABC reported on Thursday that the U.S. The Department of Justice is investigating oil transactions worth $2.6 billion that are related to the Iran War. The DOJ did not respond to a request for comment.
In March, the CFTC's Enforcement Director said that his agency was "watching" speculation about insider trading on CFTC-regulated market.
BILLIONS OF DOLLARS
Let's stick to the facts. The volume was unusual. The volumes were unusually high. They were in advance of important announcements", said Jorge?Montepeque, from Onyx Capital Group. He helped design the modern oil price setting system at Platts pricing agency back in the 90s.
Brent crude, low-sulphur gasoline, and West Texas Intermediate crude are traded on the Intercontinental Exchange. The New York Mercantile Exchange is owned by CME Group.
Trump announced at 1105 GMT on March 23 that he would delay the threatened attack against Iranian power infrastructure. LSEG data indicates that traders bet on 20,000 Brent and WTI Futures between 1049 and1050 GMT. The sales were spread over the first, second, and third month contracts. They totaled $1.35 billion. In addition, $122 million was spent on ICE Gasoil - Diesel - Futures, and $81 million was spent on U.S. gas futures.
Robert Frenchman, a New York lawyer who previously worked in white-collar crimes and insider trading, said that "those quantities will not escape scrutiny."
Trump's ceasefire announcement on March 23 triggered a drop in crude futures as high as 15%. This was one of the biggest intraday drops ever recorded. This announcement sent futures for gasoline and gasoil down by around 12%.
Between 1944 and 1945 GMT on April 7, sell orders for oil and gasoline worth $2,12 billion were placed. This was well after the markets settled and at a time of low volumes. Trump announced minutes later a ceasefire of two weeks with Iran.
Nearly $2 billion worth of Brent, WTI and gasoil futures, as well as gasoline, were sold on April 17 at 1224-1225 GMT. This was just minutes before Iranian Foreign Ministry Abbas Araqchi announced that Hormuz will reopen. Trump and U.S. officials then posted multiple posts to social media. On April 21, about $830 million in Brent and WTI futures contracts were sold only 15 minutes before Trump extended his ceasefire. (Alun John, Alex Lawler, Robert Harvey and Michelle Price contributed additional reporting from London and Washington. Editing was done by Simon Webb and David Gregorio.
(source: Reuters)