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Whitehaven Coal's second-quarter production in Australia rises by 92.7% and beats estimates
Whitehaven Coal, Australia's largest coal producer, posted a 92.7% increase in production for the second quarter on Wednesday. This was largely due to strong contributions from its New South Wales mines as well as its newly acquired Queensland mines. The New South Wales operations of the miner, which includes Maules Creek and Narrabri, saw a 1.3% increase in their managed run-of mine (ROM) production. Whitehaven, who purchased the Blackwater and Daunia coal mines from BHP Group in December for $4.1 billion, produced a total of 4.6 millions metric tons of ROM coal for the three-month period ended December. This was however 14% less than the previous quarter due to expected weather disruptions. The Daunia Mine of the miner posted a strong volume of sales of 1.5 million tonnes in the December quarter. This was up 34% from the previous quarter due to the availability of coal, the strong demand, and the improved accessibility of rail paths along the Goonyella Line. The company made A$226 for every ton of coal it sold during the third quarter. This compares to an average realized price of A$216 a year ago. The top independent coal mining company in the country reported that its managed ROM production for the quarter ended December was 9,7 million tonnes, compared to 5 million tons produced one year ago. This is slightly higher than the Visible Alpha consensus estimation of 9.5 millions tons. Sherin Sunny, Bengaluru. Alan Barona, editing.
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Vale's iron ore production fell 4.6% in the fourth quarter
The company Vale reported that iron ore production fell by 4.6% in the fourth quarter of last year compared with the same period the year before. Vale, one of the largest iron ore producers in the world, reported a decline in production of 85.3 millions metric tons for the three-month period ended December. The company said the decrease was due to its decision of prioritizing the production of iron ore products with higher margins. The firm produced almost 328 millions tons of steel in 2024. This is a 2% increase from the year before. It is expected to produce 325-335 millions tons by 2025. Vale reported that iron ore sales dropped 10% from the previous year to 81.2 millions tons in the fourth quarter. It also said it had decided to reduce the sale of products with high silica in the quarter in order to increase the all-in premium. Vale's average realized iron ore price was $93 per ton during the quarter. This is down 21% from last year, but up close to 3% compared to the third quarter. Reporting by Andre Romani, Sao Paulo; Editing by Aida Pelaez-Fernandez
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Lucid, a maker of electric vehicles, names Taoufiq Bossaid CFO
Lucid Group announced on Tuesday that it had appointed Taoufiq Bossaid, a veteran finance professional, as its Chief Financial Officer. This comes more than a full year after Sherry House left the position. Lucid stated that Boussaid had been the group CFO at NV Bekaert SA, a steel and coatings company listed in Belgium. He was responsible for reducing the debt load between July 2019 and October 2024. Lucid is ramping up production to increase its customer base. Lucid said interim Chief Financial Officer Gagan Dhingra would continue in his role as Chief Accounting Officer and will be promoted to Senior Vice President, Finance and Accounting. When the new CFO takes over the position, on February 25, he will report to Boussaid. The EV manufacturer, backed Saudi Arabia's sovereign fund, will report its quarterly results on February 25. Boussaid's annual salary will be $575,000 while Dhingra gets a raise to $475,000. This was revealed in a U.S. filing. Ford Motor's Vice President of Finance, House, a former Alphabet executive who was Lucid CFO from 2021 to December 2023 will take on the CFO position in early 2019. Earlier this month Lucid beat estimates Quarterly vehicle deliveries are up thanks to lower prices, and financing deals that aim to drive demand. (Reporting and editing by Sriraj Kalluvila, Maju Samuel, and Akash Sriram from Bengaluru)
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Trump's executive orders on immigration, DEI and abortion
Since he took office on January 20, Donald Trump, the U.S. president, has taken a number of executive orders as well as other actions that have a rapid impact on Americans. The White House reported that the executive orders totaled over 300. They aim to fulfill the Republican campaign promises regarding illegal immigration, federal employment size, energy, environment, gender, diversity, and abortion policies. Orders The law has the force of law But it can be revoked or blocked by future presidents. Here are some early Trump policy moves. IMMIGRATION Trump declared a state of national emergency at the U.S. Mexico border, and issued a ban on asylum to migrants who "engaged in invasion across the southern borders." He told the Defense Department that it was a top priority to seal the borders and support the construction of border walls, detention spaces and transportation for migrants. He gave the Defense Secretary the authority to send troops along the border. The White House also announced the deployment of 1,500 more troops. Trump has ordered the suspension for refugee admissions to the U.S. This includes the nearly 1,660 Afghans who were cleared to settle in America. He reinstated his "Remain in Mexico policy", which forces non-Mexicans seeking asylum to wait in Mexico until their U.S. cases are resolved. He ordered the Attorney General to pursue capital punishment for immigrants who are not legally recognized and commit crimes like murder, which could be punishable by death. He signed an order ending birthright citizenship for children born in the U.S., if either their mother or father are not U.S. citizens or legal permanent residents. According to the U.S. Constitution, people born in America are entitled to citizenship. Democratic state attorneys and advocates filed lawsuits on the issue, and Ronald Reagan's Republican president appointed a judge to block the order. He called it "blatantly illegal." Trump has also started a process of designating criminal cartels to be foreign terrorist groups and to use a 1798 law called the Alien Enemies Act to target foreign gangs. ABORTION Restored U.S. Participation In two international antiabortion agreements, including one which cuts off U.S. funds to foreign organizations that provide or promote abortions. He reinstated Mexico City Policy which his opponents refer to as the "global gag rule" for the way it has silenced abortion advocates. It was established by Reagan in 1984 and has been repealed or rescinded each Democratic President since then. TRANSGENDER TROOPS AND COVID IN THE MILITARY Trump signed executive orders that were aimed at The military The reintroduction of thousands of troops expelled for refusing COVID-19 vaccinations during the pandemic; the removal diversity, equity, and inclusion requirements; and the targeting of transgender members. In one order, it was stated that expressing a transgender identity would violate military standards. However, the order did not specify whether or not current transgender military personnel would be allowed stay in service. Trump has rescinded a former Democratic president Joe Biden's order that allowed transgender individuals to serve in military. GRANTS and LOANS The White House of Donald Trump ordered the a All federal grants and loans will be halted This could affect education and healthcare, housing assistance and disaster relief, as well as a number of other initiatives that rely on billions of dollars from the federal government. The money will be held while the Trump Administration reviews the programs and ensures they align with the Republican President's priorities. Slashing the size of the federal workforce Trump has ordered federal employees to return to work full-time in the office and that agencies take action to stop remote working arrangements. He announced a hiring freeze for federal jobs, with the exception of military, immigration enforcement and national security, as well as public safety. He reinstated the Schedule F executive orders he issued during his first term. These would have stripped tens or thousands of federal workers of their employment protections, and made them more easily fired. GOVERNMENT DIVERSITY AND GENDER ISSUES Trump signed an executive order calling for the elimination government diversity programs. This includes all federal jobs and offices related to diversity and equity. All federal DEI offices were facing closure, so the Trump administration paid all staff in their offices a leave of absence. The order instructs the administration review which federal contractors provided DEI materials to government agencies, and revokes Equal Employment Opportunity order that was signed by President Lyndon B. Johnson in 1965. He signed an official order that "recognizes two sexes - male and female" in documents. The order said that "these sexes cannot be changed and are based on fundamental and undisputed reality." Trump ordered agencies to stop using pronouns based on gender identity or preferred pronouns. STEPS TOWARDS A TRAVEL BANN? Trump signed an executive order setting a 60-day period for State, Justice and Homeland Security officials to identify countries with screening and vetting processes "so inadequate as to warrant partial or complete suspension of admissions to nationals from these countries." U.S. civil right groups You can also read about the warnings below. The order lays down the foundation for a reinstatement of the ban on travel from countries with a majority of Muslims or Arabs. EXPANDING Energy Production Trump declared an energy emergency in order to increase energy production, eliminate regulations and to end rules that were aimed at accelerating the transition to electric cars. He signed an order promoting oil and natural gas development in Alaska. This reversed Biden's attempts to protect Arctic lands, U.S. coast waters, and offshore wind lease sales. It also lifted a ban on the export of liquid natural gas. PARIS CLIMATE PACT Trump ordered that the U.S. withdraw from the Paris Climate Agreement, putting the U.S. outside of the global pact intended to push nations to combat climate change. Trump had taken the same step in his first term. Biden then reversed that decision. Withdrawal from the World Health Organization Trump has ordered his administration begin the withdrawal process from the World Health Organization. He said the global health agency mishandled COVID-19 and other international health emergencies. JAN. 6 PARDONS Trump pardoned around 1,500 of his followers who attacked the U.S. Capitol in 2004. The vast majority of those convicted were involved in the riot. The pardoned individuals included the leaders of far-right groups Oath Keepers, and Proud Boys. TIKTOK AND DOG Trump signed an executive directive to delay for 75 days the implementation of a ban on popular short-video application TikTok, which was scheduled to close down on January 19. The Department of Government Efficiency was created by him to make drastic cuts in the U.S. Government. This group immediately drew lawsuits against its operation. (Reporting and editing by Tim Reid in Washington and Jeff Mason; Deepa Babington, Ross Colvin and Colleen Jenkins)
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US Senate Judiciary Committee requests Trump to explain the rationale behind firing 18 IGs
The Republican Chair of the Senate Judiciary Committee, and the top Democrat on the panel, asked U.S. president Donald Trump for his reasoning behind firing 18 inspectors who provide oversight to U.S. federal agencies. Senators Chuck Grassley, and Dick Durbin asked Trump to "immediately provide" the legally required substantive justification. They also requested that Trump share the names of all officials who would serve in an interim role. The law must be obeyed. The senators wrote that "the communication to Congress should contain more than vague and general statements, but instead include enough facts and details so as to assure Congress and public that the termination was due to genuine concerns about the ability of the Inspector General to perform their mission." The group also urged Trump to "move quickly to nominate non-partisan and qualified individuals to fill these vacant positions." Trump has fired the IGs of the Departments of State, Defense, Transportation, Labor, Health and Human Services, Veterans Affairs and others. The White House has not yet commented. Inspectors General are independent watchdogs who have the task of rooting out fraud, waste and abuse. Inspectors general are independent watchdogs who investigate a range of issues, from the oversight of Boeing 737 MAX production to military aid for Ukraine. Inspectors general were Unexpectedly fired On Friday evening, agencies like the Department of Defense or Department of State removed their inspectors generals despite the legal requirement that the president notify Congress 30 day in advance. He also had to provide a thorough explanation of the removal. Democrats and other inspectors general have expressed concern over their removal, as they fear that Trump might try to replace them.
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Donald Trump's Tariff Threats
Donald Trump, the U.S. president, has issued numerous tariff threats since he returned to office. The tariffs range from broad to specific - such as a universal tax on imported goods - or targeted at certain sectors, countries, or regions. Trump's trade-related threats have evolved over time. They range from small levies up to those exceeding 200%. This has left other countries and businesses unsure of what will happen next. Here's a list of Trump's threats related to trade. BROAD TARIFF TREAKS Trump's vision is based on a gradual rollout of tariffs that will apply to all U.S. imported goods. According to the Financial Times, Trump's newly confirmed Treasury Secretary Scott Bessent is pushing for a 2.5% tariff that will increase each month. Trump, however, has said that tariffs may be higher. In the past, tariffs were the primary source of U.S. taxes. However, they have been reduced to a small fraction in recent years. Economists claim that Trump's policies are inflationary, as businesses who import goods and pay tariffs will pass on the additional costs to consumers. Global trading partners may impose counter-tariffs on U.S. products like energy, agricultural products, and machinery. This could lead to a trade conflict, creating uncertainty for investors and businesses. THREATS TO SPECIFIC COUNTRIES Trump's tariff proposals are aimed at several key trading partners. MEXICO AND CANADA : Mexico and Canada were the two largest trading partners of the U.S. from 2024 to November. Trump said that he would consider imposing 25% tariffs on imports from Mexico or Canada on February 1, citing the need to retaliate for migration and drug trafficking. He didn't immediately impose tariffs, as he promised during his campaign. Canada exports primarily crude oil, other energy products and cars and car components as part of North American auto manufacturing. Mexico exports a variety of goods to the U.S., including industrial and automotive products. CHINA: Trump has called a discussion he had with Chinese president Xi Jinping 'friendly,' but continues to threaten tariffs on China. In Trump's initial term, both countries were involved in a lengthy trade war which hurt their economies. Trump has said that the EU, and other countries, have alarming trade surpluses. He said that the products of the other countries will be subject to tariffs, or he would demand that they purchase more oil and natural gas from the U.S. despite the fact that U.S. export capacity for gas is close to its limit. RUSSIA: Trump threatened to hit Russia and "other participating countries" with tariffs, taxes and sanctions if an agreement to end the conflict in Ukraine was not reached soon. INDIA/BRICS NATIONS During his election campaign, Trump called India a “very big abuser” on trade and vowed that tariffs would be used to correct imbalances in trade. He also threatened to impose tariffs on the BRICS nations if they refused to agree with his demand that they not create a currency. COLOMBIA - Trump said he was going to impose 25% tariffs on Colombian products after that country refused to accept flights with migrants who were to be deported by the U.S. The two sides reached an agreement. THREATS TO PRODUCTS SEMICONDUCTORS : Trump said that he wanted to impose tariffs against imported computer chips. He pointed to Taiwan where Taiwan Semiconductor Manufacturing Co., the world's biggest contract chipmaker, produces semiconductors for Nvidia and Apple, among other U.S. customers. TSMC will generate 70% of its revenue by 2024, from North American customers. Trump has proposed tariffs on pharmaceutical products, including medicines. This would be a significant change. In the past few decades, pharmaceuticals were generally exempted from tariffs. Trump said that he would also impose tariffs for aluminum, copper and steel - metals required to manufacture U.S. Military Hardware - to encourage producers to produce them in the United States. This could increase costs for automakers, and other manufacturers that use these raw materials. The U.S. imports about 38% of the copper it needs, and is heavily dependent on aluminum imports. AUTOMOBILES: Trump has proposed 25% tariffs for imports from Canada or Mexico, and he's also suggested 100% or higher tariffs on some other vehicles. This could include EVs. In 2024, the automobile industry will account for more than $200 billion in imports from Canada and Mexico. (Reporting by Anjana Anil and Puyaan Singh in Bengaluru; Editing by Maju Samuel)
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Talen takes FERC to court for rejecting Amazon's co-located data centers
Talen Energy has asked a U.S. court of appeals to review a federal regulator's decision last year to reject an Amazon power agreement that would have connected the data center directly to Talen’s Pennsylvania nuclear facility. According to court documents filed this week, Talen Energy wants to know what the court thinks about the decision. Co-location, also known as colocation, is a popular option for industries that need to obtain large amounts of electricity quickly. Talen sold Amazon its data center campus located at the Susquehanna Nuclear Generating Facility in early last year. The deal would allow the center eventually to receive almost 1 gigawatts of electricity. This is about enough to power the entire Philadelphia area. Talen was denied an amended interconnection contract by the Federal Energy Regulatory Commission (FERC) in December, which would have permitted it to increase its electricity supply to the data centre. There are many ways to co-locate your energy supply. The Talen deal, however, would redirect electricity away from the regional grid. FERC warned that this could worsen the imbalance between the demand and supply of certain parts of the electric system in the United States. Talen has now filed a petition for a review of FERC’s rejection. This includes a rejected rehearing application, by the United States Court of Appeals Fifth Circuit. If the court decides to review the request, the court's decision could be overturned by FERC or sent back to regulators for review. The court could also uphold the regulator's decisions. (Reporting and editing by Chris Reese; Laila Kearney)
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UK carbon costs close 13.5% higher on EU linking talks report
Standard prices in Britain's. Emissions Trading System surrounded 13.5% greater on Tuesday. after a paper reported that Britain is seeking talks on. connecting its carbon market with that of the European Union. Britain gave up Europe's ETS at the end of 2020 as part of its. exit from the EU and introduced its own carbon market in 2021. The Financial Times, in a report on Tuesday, stated sources. stated UK has asked for that ETS linkage and carbon border taxes. are included on the agenda for talks with the EU in spring. The benchmark UK Allowance contract closed at. 40.16 pounds ($ 49.91)/ metric lot, up from 35.39 pounds the. previous day, after touching an intra-day high of 40.94. pounds/ton on Tuesday, its highest level given that November 2024. Both the EU and UK ETS charge power plants and other. commercial entities for each tonne of co2 they emit. as part of larger efforts to cut emissions and reach climate. targets. Presently, costs in the UK scheme are lower than in the EU,. where the equivalent benchmark contract trades around. 80 euros ($ 83.40)/ load. Provided the significant discount rate of UKAs compared to EUAs,. ETS linkage would imply rate convergence in between the two. systems, said ICIS expert Lewis Unstead. This possibility has actually driven bullish belief for UKAs, as. participants start to price in a greater possibility of a linkage. circumstance, he said. A representative for Britain's Department for Energy Security and. Net Absolutely no stated the UK and EU agreed to think about linking the. schemes under their post-Brexit Trade and Cooperation Arrangement. They did not discuss whether any talks are set up.
Copper retreats as China sells ahead of Lunar holiday
Copper costs slipped on Monday as weak manufacturing data from leading consumer China suggested weakening demand prospects while Chinese gamers cut long positions ahead of the Lunar New Year holiday.
China's production activity contracted unexpectedly in January, a main factory survey showed, and revenues at industrial business succumbed to a 3rd consecutive year in 2024.
Unfavorable sentiment has actually also been reinforced by U.S. President Donald Trump's risk to enforce a 10% punitive responsibility on Chinese imports on Feb. 1, which would undermine trade and development.
Standard copper on the London Metal Exchange (LME). was down 1.1% at $9,171 a metric ton by 1124 GMT. It touched. $ 9,355.50 a heap on Friday for its highest given that Nov. 12.
China has actually been lowering danger (selling) ahead of their exit. today ... We are in a market that isn't going to break. greater, stated Alastair Munro at broker Marex.
Nevertheless, considerably lower copper costs might attract. Chinese buyers, Munro said, adding that they have previously. engaged around the $8,800 level.
Elsewhere, the discount rate for the cash aluminium contract over. the three-month forward has actually narrowed to about $7 a load,. its most affordable since last September, driven by concern over stocks. on the LME market. The discount rate was above $40 in December.
Aluminium stocks in LME warehouses << MALSTX-TOTAL > have. nearly halved to 592,625 lots since last May. Cancelled warrants. - metal allocated for shipment - at 59% recommend more will leave. the system over coming days and weeks.
Traders stated that many customers were needing to go to the. LME for materials due to the fact that they had destocked and did not wish to. hold metal they might not require since funding costs have gone. up together with rate of interest.
Three-month aluminium was down 0.6% at $2,623 a heap.
In general, a softer U.S. currency is expected to provide support. for industrial metals priced in dollars.
Zinc was up 0.3% at $2,836 a lot, lead. acquired 0.5% to $1,949, tin pulled away 0.8% to $29,915 and. nickel was up 0.6% at $15,765.
(source: Reuters)