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Phillips, a Democrat, resigns as a member of the US Energy Regulatory Panel
Willie Phillips resigned as a Democratic Commissioner on the U.S. Federal Energy Regulatory Commission on Tuesday. This opened the door for Donald Trump to nominate a new member, giving the five-member commission a Republican majority. The resignation of Phillips, whose term had been set to go through June 30, 2026, allows Trump to nominate a Republican who would likely be easily confirmed by the Republican-controlled Senate. Trump's focus is on increasing oil and gas production and opening pipelines that will bring gas from Pennsylvania into the U.S. Northeast. New York politicians blocked the Constitution Pipeline, which would have transported gas from Pennsylvania. It's unclear what Trump can do to make the pipeline work. Politico reported Phillips' resignation plans before the White House even asked him. Phillips served as chairman under former president Joe Biden. The White House didn't immediately respond to an inquiry for comment. In a press statement, Mark Christie, the Republican Trump appointed as FERC chairman on his first day of office in his second-term, said: "We will miss his presence here at FERC." "I wish him, his family and future success. I'm confident that he will be successful no matter what career path he chooses." Phillips stated in a press release that the grid is facing increasing challenges due to the surge in demand from data centers and a lack of construction for new power plants. Phillips stated, "These complex problems demand bold, creative solutions and I look to continue working on them in my next chapter." (Reporting and editing by Alistair Bell; Timothy Gardner)
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US pays part of the loan to Michigan nuclear plant for restart
The Energy Department announced on Tuesday that a Michigan nuclear reactor, which hopes to be the United States' first to restart after permanent shutdown, has received approximately 10% of the $1.52 billion U.S. funding approved during former president Joe Biden’s term. The Department's Loan Programs Office approved the disbursement of nearly $47 Million of the loan guarantee for the Palisades Nuclear Plant Holtec Inc hopes will reopen this year. The loan guarantee, which was approved by Biden's administration, was a conditional loan that was made to Palisades. This was the second time the Trump administration has disbursed money. The original loan guarantee of more than $150 million has already been paid out. Energy Secretary Chris Wright stated in a press release that the Energy Department was working to ensure America’s nuclear renaissance would be just around the corner. Many politicians, from both major political parties, support nuclear energy as electricity demand is on the rise for the first two decades. This is due to artificial intelligence, cryptocurrency and electric vehicles. Entergy, a Michigan-based power company, closed its 800-megawatt Palisades nuclear reactor in 2022 after it had produced electricity for over 50 years. The plant shut down two weeks earlier than planned due to a problem with a control bar, despite the $6 billion federal program designed to save nuclear power plants from increasing costs. Holtec needs to get permits from the Nuclear Regulatory Commission before they can reopen Palisades. Holtec is currently repairing the steam generators in the reactor, as the standard maintenance procedure was not followed during the shutdown. A source stated that the LPO had hundreds of billions of dollars in available financing. However, the Trump administration will likely use this financing more narrowly than did the Biden administration, and approve loans mainly for nuclear power and the development of critical minerals. About 100 of the 220 employees who worked at LPO have left since Trump's administration.
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United Steelworkers union remains 'unalterably against' US Steel-Nippon agreement
The United Steelworkers told Treasury Secretary Scott Bessent that it is "unalterably opposed" to a $15-billion bid from Japan's Nippon Steel for U.S. Steel or any deal which would give Nippon power over the company. USW President David McCall wrote to Bessent late on Monday, saying that the union didn't believe any of the mitigations proposed during the initial Committee on Foreign Investment in the United States review (CFIUS), which was conducted on the deal. McCall's letter to Nippon Steel Corporation, which was seen by McCall in its entirety, stated that "we remain unalterably against the acquisition of United States Steel by Nippon Steel Corporation." Treasury Department did not immediately respond to a request for comment. McCall stated that the union's concern had grown since former president Joe Biden blocked this deal in January. He noted that Nippon was continuing to engage in practices which fueled global overcapacity, including by holding 1 million tons in China via joint ventures. He said that in a previous administrative review of Non-Oriented Electric Steel from Japan, the U.S. Commerce Department assigned Nippon a preliminary tariff rate of 205% this month. McCall stated that Nippon appeared to be preparing to divest certain U.S. Steel Assets and failed to commit in multiple meetings to maintain production at plants located in Pennsylvania's Mon Valley and elsewhere. Donald Trump, the U.S. president who assumed office for the second term on January 20, stated that he "wouldn’t mind" Nippon Steel taking a minority stake U.S. Steel. This implied he would want to overhaul the deal structure. Last month, he asked CFIUS to review the U.S. Steel all-cash offer to determine whether "further actions" were appropriate. Trump has said repeatedly that he doesn't think a foreign firm should control U.S. Steel. The two companies say they are working with his administration closely to "secure an important investment." (Reporting and editing by Andrea Shalal)
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Investors assess Trump's comments about Fed chief as stocks jump and dollar inch up
The dollar edged up on Tuesday, even as investors assessed U.S. president Donald Trump's criticisms of Federal Reserve Chair Janet Yellen. The yields on U.S. Treasury Long-Term Bonds fell after rising on Monday. Investors were also closely watching the first-quarter results of U.S. firms. The shares of 3M Co, an industrial conglomerate, rose 8% following the company's first-quarter earnings beating expectations. However, it also noted that tariffs would likely affect its 2025 profits. Bloomberg reported that U.S. Treasury secretary Scott Bessent said that a tariff standoff between the United States and China is unsustainable. He expects that the situation will de-escalate. Trump intensified his criticism of Fed chair Jerome Powell, calling him a'major loser' in a Monday social media post. This raised concerns over Trump’s influence on the central bank, and increased concerns about U.S. financial stability. Investors are concerned that the White House may try to replace Powell by someone who will lower rates. Trump stated last week that he believed Powell would leave his position if Trump asked him to, despite Powell's own statement. Although it is not clear whether Trump has the power to fire Powell. However, lawsuits filed by Trump over other firings are being monitored as possible proxy. Stocks are down overall, but this is not a "fire sale" where you should get rid of all your stocks. Oliver Pursche is senior vice president and adviser at Wealthspire Advisors, Westport, Connecticut. All of the soft data (economic data) are declining, but the hard data continue to be strong. Investors are struggling with this, he said. Investor confidence is already shaken by Trump’s constant back and forth announcements about tariffs. They are worried that this could cause a severe disruption to world trade, as well as hurting the economy. The International Monetary Fund slashed their growth forecasts on Tuesday for the United States and China, citing U.S. Tariffs that are now at 100-year levels. The Dow Jones Industrial Average rose by 882.96, or 2.32 %, to 39,053.37. The S&P 500 gained 118.58, or 2.30 %, to 5,279.14. And the Nasdaq Composite gained 425.76, or 2.58%, at 16,296.66. Tesla shares, which are due to announce quarterly results after closing bell, have risen by 5.8%. Apple and other mega-caps were also up, with Apple gaining 3.6%. Coinbase Global shares rose 8.3%, as bitcoin continued its recent gains. Bitcoin's last gain was 4.07%, at $90 887 19. The MSCI index of global stocks rose by 11.73 points or 1.50% to 794.84. The pan-European STOXX 600 ended the day up 0.25%. The dollar has recovered slightly, but is still near its multi-year lows against the euro and Swiss franc. The dollar index (which measures the greenback versus a basket including the yen, the euro and others) rose by 0.49%, to 98.83. However, the euro fell 0.68%, to $1.1435. The dollar gained 0.28% against the Japanese yen to reach 141.24. The dollar and yen had earlier reached a seven-month peak. The dollar gained 1.01% against the Swiss Franc, a safe-haven currency. Analysts noted that the dollar is still fragile, despite concerns about the U.S. tariffs. Gold reached a new all-time record of $3,500.05 in the morning, due to the recent weakness of the dollar and the demand for safe havens. Gold spot was down last by 0.83%, at $3396.43 per ounce. Oil prices rose as a result of new U.S. Sanctions against Iran, and rising stock market. U.S. crude oil rose by 2.85% to $64.88 per barrel. Brent increased to $67.77 a barrel, an increase of 2.28%. The yield on the benchmark 10-year U.S. notes dropped 1.4 basis points from late Monday to 4.391%.
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Phillips, a Democrat, resigns as a member of the US Energy Regulatory Panel
Willie Phillips resigned as a Democratic Commissioner on the U.S. Federal Energy Regulatory Commission on Monday. This opened the door for Donald Trump to nominate a new member, giving the five-member commission a Republican majority. The resignation of Phillips, whose term had been set to go through June 30, 2026, allows Trump to nominate a Republican who would likely be easily confirmed by the Republican-controlled Senate. Trump's focus is on increasing oil and gas production and opening pipelines that will bring gas from Pennsylvania into the U.S. Northeast. New York politicians blocked the Constitution Pipeline, which would have transported gas from Pennsylvania. It's unclear what Trump can do to make the pipeline work. Politico reported Monday that Phillips had told the publication that he was already planning to resign even before the White House requested him to do so. The White House didn't immediately respond to an inquiry for comment. In a press statement, Mark Christie, the Republican Trump appointed as FERC chairman on his first day of office in his second-term, said: "We will miss his presence here at FERC." "I wish him, his family and future success. I'm confident that he will be successful no matter what career path he chooses." (Reporting and editing by Alistair Bell; Timothy Gardner)
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Chile advances lithium projects on three salt flats
The mining ministry announced on Tuesday that the Chilean government is moving ahead with a simplified procedure to award contracts for lithium in three salt flats. The agency announced that it had accepted applications from Eramet for the Agua-Amarga salt plain; Eramet, Quiborax and the state-copper giant Codelco for the Ascotan Salt Flat; and the Caliche Kairos Consortium for the Coipasa Salt flat. The leftist president Gabriel Boric has introduced a plan that will increase state control of lithium, which is a key metal in electric vehicles and energy transition in 2023, and create public-private partnerships in order to expand this industry. Plan included state-controlled joint enterprise between Codelco, the largest lithium miner in the country, and SQM. It also included opening up of other salt flats to development. The mining ministry announced on Tuesday that if the applicants are in agreement, the contract would be signed once the indigenous consultations have been completed and all other conditions of the CEOL (a special permit for lithium mining) are met. The statement stated that "public bidding processes would be initiated if this is not the case, as it was with the Ollague Salt Flat in the Antofagasta Region, Piedra Parada, and Laguna Verde, in the Atacama Region." To qualify for an expedited process, the parties must demonstrate ownership of a mining concession, financial capability, and experience in the mining industry or value chain. A statement noted also that Codelco's dialogue with indigenous communities to modify an CEOL on the Maricunga Salt Flat had ended. The statement stated that "all that is left to do is publish the closing resolution which will include all 11 agreements that were reached with the six community participants in the process." (Reporting and editing by Alexander Villegas, Alistair Bell and Fabian Andres Cambero)
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US defense contractors largely maintain forecasts despite Trump Tariffs
The major U.S. defence contractors have mostly maintained their financial forecasts through 2025. They say it's too early to know the impact of U.S. president Donald Trump's tariffs. Lockheed Martin, America's largest defense company, confirmed its projections for the coming year, thanks to a resilient demand for fighter jets and missile systems. Northrop Grumman, on the other hand, said that its profit margins could shrink, but it stuck to its sales forecast, showing some confidence in spite of trade tensions. Northrop CEO Kathy Warden said to analysts that she did not believe there was a significant risk for the company at this time. We're going monitor that closely, and we're taking action now to account for and minimize the risks we do see. RTX Corp (formerly Raytheon Technologies) broke ranks and expressed concern over the potential loss of $850 million due to new tariffs on metals, China, and other countries. This divergence shows the different impacts of trade policy across the commercial and defense aerospace sectors. RTX is a large aerospace company that manufactures jet engines and interiors. As with other industries with complex manufacturing, the defense industry is also grappling with potential trade war effects. This situation has put pressure on an already stressed supply chain and forced companies to reassess strategies and cost structures. Despite these challenges the sector continues benefiting from an increase in global demand for weaponry, fuelled by the Russian War in Ukraine and the conflict in the Middle East. This increased demand has helped to offset some of trade dispute uncertainties. RTX's concern shows that the industry isn't immune to trade pressures. It also highlights the interplay complex between economic policies, international relations and defense spending. Defense Secretary Pete Hegseth suggested in a social media post on April 7, that a higher U.S. Defense budget would benefit contractor revenues and provide some stability and growth despite an uncertain economic outlook. Trump's review, which aims to ease restrictions on military equipment export, could boost revenue for U.S. contractors. This comes at a time when some allies are reconsidering the reliance they have on U.S. military equipment because of trade tensions and changing geopolitical relationships. The European Union is planning to strengthen its own defense capabilities by 2030 to reduce its reliance on the U.S., which could mean that companies outside of the bloc will have a smaller role. Northrop Grumman reported a 49% decline in its first-quarter profits and missed sales targets. The U.S. contractor also booked losses on the B-21 stealth aircraft program due to increased manufacturing costs. This sent its shares down by 12%. Lockheed's first-quarter profits were higher, which boosted shares by more than 2%. Lockheed's quarterly earnings per share, which came in at $7.28, beat Wall Street analysts' expectations of $6.34. Collins Aerospace (RTX's aerospace and avionics division) posted an 8% increase in revenue, reaching $7.22 billion, in the third quarter. Meanwhile, Pratt and Whitney, which produces engines for Airbus A320neo aircraft, saw sales grow 14%. Raytheon's defense division, RTX, reported a 5% drop in sales from the previous year, mainly due to its divestiture of cybersecurity, intelligence, and services businesses completed last year. (Reporting and editing by Rod Nickel in Washington)
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Bank of America shareholders approve executive compensation and elect directors
Bank of America shareholders approved pay packages for CEO Brian Moynihan, the lender's top executive and elected 14 directors to the board on Tuesday. Institutional Shareholder Services, a proxy adviser, had advised investors to vote against the payouts. They expressed concerns over the process that was used to determine the compensation. Moynihan's earnings for the last year increased by about 21%, to $35 million. The board of directors credited him for increasing the company's net income by 2.3% and revenue by 3.4% last year. Moynihan stated that any impact the tariffs will have on the bank is indirect, depending on the effects of a trade conflict on the economy. He said: "The impact on our Bank will be the economic impact of trade war... so, if you think that consumption drops and that results in a reduction in force of employees that would increase unemployment rate." Earlier this month, the administration of Donald Trump announced, and then paused, tariffs on dozens countries, throwing global economic uncertainty. Moynihan said that his bank's economists do not expect a recession in this year. However, they believe the Federal Reserve won't cut rates due to the sticky inflation. A question regarding the Trump risk Sacked Fed Chair Jerome Powell said that an independent central banks is important to U.S. consistency. Trump intensified his criticism of Fed chair Powell, calling him a'major loser', in a post on social media made Monday. This raised concerns over the president’s influence over central bank. BofA shareholders voted also on other management-related proposals but rejected each individual shareholder proposal. The board was asked to report annually on its lobbying activities and its efforts to influence policy in relation to its 2030 targets for sectoral emission reductions and its 2050 target of net zero emissions. BofA has Joined other major U.S. Banks In recent months, the Net Zero Banking Alliance has been one of the top climate coalitions for the banking sector in the world. BofA's first-quarter profits surpassed expectations as its interest income increased and volatile stock markets helped their traders make a record haul. (Reporting and editing by Margueritachoy, Saeed Azhar, Arasu Kanagi Basil)
UPDATE 21-Lebanon states Israeli airstrikes eliminate a minimum of 492, locals flee from south
Israel's military said it released airstrikes against Hezbollah websites in Lebanon on Monday, which Lebanese authorities said had killed 492 people and sent tens of thousands fleeing for safety in the country's. deadliest day in decades.
After some of the heaviest cross-border exchanges of fire. because hostilities flared in October, Israel alerted people in. Lebanon to evacuate locations where it stated the armed motion was. saving weapons.
Israeli Prime Minister Benjamin Netanyahu sent a brief video. declaration addressed to the Lebanese people.
Israel's war is not with you, it's with Hezbollah. For too. long Hezbollah has been utilizing you as human shields, he said.
Households from south Lebanon packed vehicles, vans and trucks. with possessions and individuals, sometimes multiple generations in. one automobile. As bombs rained down, kids packed onto. parents' laps and suitcases were tied to car roofings.
Highways north were gridlocked. I got all the essential. papers and we went out. Strikes all around us. It was. terrifying, stated Abed Afou, who was with his household, consisting of. 3 children aged 6 to 13 and numerous other loved ones. They sat in. traffic as it crawled north.
They did not know where they would remain, he stated, but. just wished to reach Beirut.
Some individuals escaped on foot. People carrying small. bundles of belongings trekked northward on the beach near the. Lebanese town of Tire.
Nasser Yassin, the Lebanese minister coordinating the. crisis response, told Reuters 89 short-term shelters in schools. and other facilities had actually been triggered, with capability for more. than 26,000 individuals as civilians fled Israeli atrocities.
After practically a year of war against Hamas in Gaza on its. southern border, Israel is shifting its focus to the northern. frontier, where Iran-backed Hezbollah has been shooting rockets. into Israel in assistance of Hamas, likewise backed by Iran.
Israel's military stated it struck Hezbollah in Lebanon's. south, east and north, including launchers, command posts and. terrorist facilities. The Israeli Flying force struck. around 1,600 Hezbollah targets in southern Lebanon and. the Bekaa Valley, it said.
Lebanon's health ministry stated at least 492 people had been. eliminated, including 35 children, and 1,645 injured. One Lebanese. official said it was Lebanon's greatest everyday death toll from. violence given that the 1975-1990 civil war.
The fighting has raised fears that the U.S., Israel's close. ally, and Iran will be drawn into a wider war.
Saudi Arabia expressed deep issue on Monday and advised all. parties to exercise restraint, state news company health spa reported.
A senior U.S. State Department official said the United. States does not support a cross-border escalation between Israel. and Hezbollah which Washington was going to discuss concrete. concepts with allies and partners to avoid the war from. expanding.
Israeli authorities have stated the current uptick in airstrikes. on Hezbollah targets in Lebanon is designed to require the. Iran-aligned group to agree to a diplomatic service.
The U.S. official, instruction press reporters in New York on. condition of anonymity, pushed back on the Israeli position,. stating the Biden administration was focused on decreasing. stress ... and breaking the cycle of strike-counterstrike.
DISPUTE 'PEAK'
Israeli Defence Minister Yoav Gallant stated Monday marked a. substantial peak in the nearly year-long dispute.
On this day we have actually secured of order tens of countless. rockets and accurate munition. What Hezbollah has actually built over a. duration of 20 years given that the 2nd Lebanon War is in fact being. damaged by the IDF, he said in a declaration, referring to the. Israel Defense Forces.
On Monday evening Israel introduced a strike on Beirut's. southern residential areas targeted at senior Hezbollah leader Ali Karaki,. the head of the southern front. Hezbollah later said he was safe. and had moved to a safe and secure place.
However Hamas' armed wing said its field leader in southern. Lebanon, Mahmoud al Nader, was eliminated in an Israeli air campaign.
Rear Admiral Daniel Hagari said in a declaration that Israeli. strikes had actually hit long-range cruise missiles, heavyweight rockets,. short-range rockets and explosive drones.
In reaction, Hezbollah stated it launched dozens of rockets. at a military base in northern Israel.
Sirens alerting of Hezbollah rocket fire sounded throughout. northern Israel, consisting of in the port city of Haifa, and in the. northern part of the occupied West Bank, the armed force stated.
About 60,000 people have been left from northern Israel. since of the cross-border combating. Gallant said the project. would continue until the citizens had actually returned to their homes. Hezbollah for its part has vowed to combat until there is a. ceasefire in Gaza.
Hagari said Hezbollah put weapons within Lebanese towns. and civilian homes, and intended to fire them towards civilians. in Israel while threatening the Lebanese civilian population.
Hezbollah has actually not discussed the assertion that it has. covert weapons in homes, which Reuters might not separately. confirm, but it has said it does not put military. facilities near civilians.
The strikes have redoubled the pressure on the group, which. last week suffered heavy losses when countless pagers and. walkie-talkies utilized by its members exploded.
The operation was commonly blamed on Israel, which has not. confirmed nor rejected responsibility.
In New York, Iranian President Masoud Pezeshkian stated Israel. wished to drag the Middle East into a full-blown war by. provoking Iran to sign up with the Israel-Hezbollah dispute.
It is Israel that seeks to produce this full-blown conflict,. he informed reporters after his arrival in New york city to attend the. U.N. General Assembly, stating the effects of such. instability would be permanent.
(source: Reuters)