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After radioactive contamination, the US FDA has imposed new restrictions on Indonesian shrimp and spices
The U.S. Food and Drug Administration announced new guidelines for the FDA. Import certification After radioactive contamination was detected, there are now restrictions on the importation of shrimp and spices from Indonesia. The agency announced on its website, Saturday morning, Indonesian Time, that the certification requirements for imports from certain areas of Indonesia will be implemented starting October 31, 2025. A third-party accredited auditor must verify that the firms listed on the Red List with Caesium137 contamination are in compliance. The firms will continue to be restricted and must provide the information listed under the yellow list. The FDA requires that all companies on the yellow list, which covers certain foods contaminated with Caesium-137, obtain a shipment certification from a designated entity. This must be an Indonesian agency or representative. According to the FDA website, Caesium-137 is a radionuclide that has been found in the environment as a result of nuclear accidents and testing such as Chernobyl. Indonesia has no nuclear weapons nor nuclear power plants. In August, the FDA issued an advisory informing consumers, sellers, and distributors in the U.S. that frozen shrimp produced by PT Bahari Makmur Sejati was contaminated with Caesium 137. The shrimp were processed in an industrial estate close to Jakarta, which was later found contaminated by the radioactive element. Indonesia's Nuclear Agency is now seeking to clean up this area. The size of the affected area. Bara Hasibuan is a spokesperson in charge of the investigation. She said: "We only received the report a few hours ago. We need time to determine what actions are needed.
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SHI’s 15MW Floating Wind Platform Gets ABS Approval
American Bureau of Shipping (ABS) has issued an approval in principle (AIP) to Samsung Heavy Industries (SHI) for its SnapWind Float, a new design of a semi-submersible-type floating offshore wind turbine.The SnapWind Float is designed for next-generation 15 MW offshore wind turbines. It incorporates a passive ballast system and optimized mooring lines to support stable performance in harsh offshore conditions while minimizing operational risks.The concept features an execution-oriented design optimized for the development of floating offshore wind farms in regions with limited skilled labor, heavy lifting equipment and workspace. ABS completed design reviews based on class and industry requirements.“Floating offshore wind platforms represent a significant opportunity in renewable offshore energy development in various parts of the world. ABS is actively at the forefront of this sector, bringing global expertise in certifying and verifying new designs,” said Miguel Hernandez, ABS Senior Vice President, Global Offshore.“The SnapWind Float, which obtained AIP from ABS, is a next-generation solution developed by combining SHI’s EPC capabilities with innovative design. Moreover, it addresses both technical and commercial challenges faced by offshore wind developers seeking efficient and commercially viable solutions,” added Hae-Ki Jang, SHI’s Chief Technology Officer.
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Trump Administration eyes stake in Greenland Rare Earths Mine Company
Four people with knowledge of the talks said that Trump administration officials had discussed taking a stake Critical Metals Corp. This would give Washington an interest in the biggest rare earths project on Greenland - the Arctic territory President Donald Trump suggested purchasing. The deal, if finalized, would be the latest political twist in the Tanbreez rare-earths deposit. Former President Joe Biden successfully lobbyed for it to be sold to New York based Critical Metals at a much lower price than the Chinese firm offered. Washington recently acquired stakes in Lithium American and MP Materials. This shows Trump's desire to see the U.S. benefit from the growing production of minerals that are used throughout the global economy. Washington's interest to own a stake in Critical Metals has not been previously reported. Four sources declined to give their names, citing that the negotiations were sensitive. In response to a comment request, a senior Trump Administration official said: "Hundreds of businesses are approaching us to try to get the government to invest in their crucial minerals projects." "At this point, there is nothing imminent with this company." Critical Metals has not responded to multiple requests for comments via phone and email. Greenland is part of Denmark, but it has a semi-autonomous status. The Danish Embassy in Washington didn't immediately respond to an inquiry for comment. Rare earths are used in high-tech industries, from electric cars to missile systems. They have strong magnetic properties. Western countries are clamoring for new supplies to reduce their dependency on China, which controls the extraction and processing of rare earths. Critical Metals applied for a grant of $50 million through the Defense Production Act in June. The Defense Production Act is a Cold War legislation that aims to boost production of goods and services for national security. Three sources confirmed that the administration began discussions with the company in the last six-weeks about converting the grant to an equity stake. The same sources stated that if the deal is completed, a $50m conversion would represent a roughly 8.0% stake in the company. However, negotiations are still ongoing and the stake size could end up being higher, or the entire deal could fall through. Reports in August stated that administration officials were considering reallocating $2 billion of the CHIPS Act for funding critical mineral projects. The CHIPS and Science Act was signed by President Joe Biden into law in 2022. Its goal is to divert chip production from Asia. Two sources reported that the recent negotiations by the Administration for a 5% share in Lithium Americas delayed the Critical Metals Investment discussions. Two sources stated that the U.S. shutdown will not affect negotiations because the high-level government employees involved in the talks are considered essential workers. One source said that part of the discussion revolves around how warrants will be issued in order to give Washington its stake. Warrants allow their holders to purchase stock at a predetermined price. According to two sources, the equity stake is separate from a $120,000,000 loan that the U.S. Export-Import Bank will consider to assist Tanbreez in developing its product. A spokesperson for EXIM was not available to comment immediately. GREENLANDS APPEAL Washington's economic interests in Greenland predated Trump's interest. Biden officials visited Greenland’s capital Nuuk in November last year to try and entice additional private investment into the island’s mining sector. Trump sent JD Vance, Vice President of the United States, to Greenland in March. In northern Greenland, the U.S. Air Force has one of its largest bases. Tanbreez's commercialization is estimated to cost $290 Million, according to the company. The EXIM loan will be used to fund the technical work to get the mine up and running by 2026. The mine will produce 85,000 tons of rare earths per year once it is fully operational. Site also contains tantalum and gallium, both of which China restricted exports last year. Greenland’s mining industry has grown slowly over the past few years due to a lack of investor interest, bureaucratic issues and environmental concerns. At the moment, there are only two small mining operations. Tanbreez's remote and cold location is proving to be a challenge for its development, despite the fact that it is near a major river. (Reporting and writing by Jarrett Renshaw and Ernest Scheyder, and editing by Veronica Brown and Jason Neely; Edmund Klamann, Jason Neely, and Edmund Klamann.)
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BlackRock's infrastructure bet gets a boost after Minnesota approves the buyout
Minnesota power regulators approved on Friday a $6.2 billion deal for a BlackRock subsidiary and Canada Pension Plan (CPP) to purchase utility owner Allete - parent of Minnesota Power - saying that recent modifications made by the parties will address concerns over rates and clean energy investments. The Minnesota Public Utilities Commission's 5-0 vote may assure investors that BlackRock can address regulatory and antitrust issues as it pushes its Global Infrastructure Partners division, which was purchased last year, to pursue more deals. People familiar with the situation said earlier this week that the infrastructure unit is in negotiations to purchase utility group AES. Separately, two people told me on Friday that the unit is in talks to purchase a Macquarie-backed data center business. Allete's executives have said that the Minnesota deal announced in 2011 will help Allete transition to clean energy. The environmental group Sierra Club and business customers, as well as State Attorney General Keith Ellison had expressed concern that the agreement would lead to higher prices and not guarantee Minnesota Power's ability to meet the state requirement to have carbon-free electricity by 2040. In a webcast meeting on Friday, the commissioners stated that recent changes had helped them to overcome their skepticism about the deal. According to a filing by the companies, recent changes in terms will result in benefits of up to $258,000,000 for utility stakeholders. This includes bill credits and a clean-technology fund. In comments before the decision was made, Commissioner Hwikwon said that these modifications had given him confidence in this agreement. He also stated that the commission would review the company rates "if the companies misbehave." Commission Chair Katie Sieben stated that Minnesota Power requires massive new investments in order to fund projects like a new transmission pipeline to bring hydropower from Manitoba. Leaders of BlackRock, Canada Pension Plan Investment Board and other companies praised this decision in a filing with the Securities and Exchange Commission. They also stated that the transition should be completed by the end of 2025, as all regulatory approvals have been obtained. In the filing, Global Infrastructure Partners founding partner Jonathan Bram stated that "We are dedicated to preserving Allete’s legacy of intense focus on community as it continues to offer safe, reliable and affordable energy, which is increasingly free from carbon, for Northeastern Minnesota." Allete CEO Bethany Owen stated that the agreement allows the company to "meet the significant infrastructure needs of the clean energy transition" without compromising on service, reliability or affordability. The Private Equity Stakeholder Project, the Sierra Club and other groups have all expressed their disapproval of the decision. They are concerned with the rates and doubt that investors will provide the capital to invest in less polluting energy. (Reporting and editing by Edmund Klamann; Reporting by Ross Kerber)
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UN nuclear chief wants to restore power at Ukraine's Zaporizhzhia Plant
The U.N. nuclear watchdog's head said that he is discussing with Russia and Ukraine proposals to restore power off-site to the Russian Zaporizhzhia Nuclear Power Plant, and to reduce the risk of meltdown. In the first weeks after Moscow invaded Ukraine, Russian forces seized Europe's biggest nuclear plant with six reactors. Since September 23, the facility has not been able to access external power. This is the 10th time that the line has failed. The plant does not produce electricity but the fuel in its nuclear reactors are cooled using emergency diesel generators. Rafael Grossi said that the external line must be restored. Both sides have said they are ready to make the repairs needed on their respective frontlines. For this to occur, the security situation must be improved so that technicians can perform their vital work safely," Grossi said. Both sides accuse the other of compromising nuclear security. Vladimir Putin, the Russian president, warned Ukraine on Thursday that it was playing an unsafe game by striking near the plant. Andrii Sybiha, Ukrainian Foreign Minister, accused Moscow of intentionally cutting the link to connect the station with its own grid. Grossi said in his statement that the external power cutoff at the decommissioned Chornobyl Nuclear Power Plant -- the site of the worst civil nuclear disaster ever to occur, which occurred in 1986 -- lasted for 16 hours. He said that the containment vessel, which was erected to prevent contamination in 2016, had experienced a partial power outage and no reserve power for 3 hours after a powerline to the nearby Slavutych town fell. Volodymyr Zelenskiy, the Ukrainian president, said that Russia had deliberately staged an attack to cut the power at the station. (Reporting and editing by Ron Popeski, Chris Reese, and Rishabh J. Jaiswal from Bengaluru)
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Austria's OMV amends its dividend policy in light of Borouge Chemicals deal
The Austrian oil-and-gas group OMV has amended its dividend policy in order to include payouts resulting from its stakes in the merged chemicals company Borouge, which is expected to be formed by next year. Abu Dhabi National Oil Company (ADNOC) and OMV announced in March that they would merge their polyolefin business to form Borouge Group, an international chemicals giant with a $60 billion enterprise value. The first dividend will be paid in 2027 under the new formula. The company announced that it will distribute 50% of BGI Dividends attributable OMV, plus 20-30% Operating Cash Flow, excluding BGI Dividends attributable OMV. If the formula had been applied to the payout for this year, it would have increased the amount by 6%, on a similar basis. The Borouge transaction is expected to be completed in the first quarter 2026. Alfred Stern, OMV CEO, said that by linking the dividend with the performance of BGI we ensure that our shareholders directly participate in the success BGI while maintaining our commitment of attractive and reliable returns. This statement was released ahead of OMV’s capital markets event on Monday. (Reporting and editing by Alexandra Schwarz Goerlich and Francois Murphey; Lisa Shumaker, editor)
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BlackRock's infrastructure bet gets a boost after Minnesota approves the buyout
Minnesota power regulators approved on Friday a $6.2 billion deal for a BlackRock subsidiary and Canada Pension Plan (CPP) to purchase utility owner Allete - parent of Minnesota Power - saying that recent modifications made by the parties will address concerns over rates and clean energy investments. The Minnesota Public Utility Commission's 5-0 vote may assure investors that BlackRock can address concerns about regulatory and antitrust issues as it pushes its Global Infrastructure Partners division, which was purchased last year, to pursue more deals. People familiar with the situation said earlier this week that the infrastructure unit is in negotiations to purchase utility group AES. Separately, two people told me on Friday that the unit is in talks to purchase a Macquarie-backed data center business. Allete's executives have said that the Minnesota deal announced in 2011 will help Allete transition to clean energy. The environmental group Sierra Club and business customers, as well as State Attorney General Keith Ellison had expressed concern that the agreement would lead to higher prices and not guarantee Minnesota Power's ability to meet the state requirement to have carbon-free electricity by 2040. In a webcast meeting on Friday, the commissioners stated that recent changes had helped them to overcome their skepticism about the deal. According to a filing by the companies, recent changes in terms will result in benefits of up to $258,000,000 for utility stakeholders. This includes bill credits and a clean-technology fund. In comments before the decision was made, Commissioner Hwikwon said that these modifications had given him confidence in this agreement. He also stated that the commission would review the company rates "if the companies misbehave." Commission Chair Katie Sieben stated that Minnesota Power requires massive new investments in order to fund projects like a new transmission pipeline to bring hydropower from Manitoba. Leaders of BlackRock, Canada Pension Plan Investment Board and other companies praised this decision in a filing with the Securities and Exchange Commission. They also stated that the transition should be completed by the end of 2025, as all regulatory approvals have been obtained. In the filing, Global Infrastructure Partners founding partner Jonathan Bram stated that "We are dedicated to preserving Allete’s legacy of intense focus on community as it continues to offer safe, reliable and affordable energy, which is increasingly free from carbon, for Northeastern Minnesota." The Private Equity Stakeholder Project, the Sierra Club and other groups have all expressed their disapproval of the decision. They are concerned with the rates and doubt that investors will provide the capital to invest in less polluting energy. (Reporting and editing by Edmund Klamann; Reporting by Ross Kerber)
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US crude exports reach a 1.5-year high due to strong Asian demand and US refinery maintenance
Ship tracking data revealed that U.S. crude exports reached their highest level since over a year-and-a-half in September as U.S. refining plants began seasonal maintenance, and Asian demand increased. According to Kpler, a ship tracking company, U.S. crude oil exports increased to an average 4.2 million barrels a day in September. This is the highest level since February 2024. Exports in July had fallen to their lowest level in almost four years due to low domestic supplies, and Asian and European buyers finding cheaper alternatives. The spread between Brent crude, the global benchmark, and U.S. West Texas Intermediate oil futures, which is the most widely traded in the world, increased in August when the majority of trades were made for September. It averaged minus $3.79 - the largest in the last four months. It is more economical to ship barrels over the Atlantic with a wider spread. Exports to South Korea reached a record high of 690,000 barrels a day in September. South Korea has committed to buying liquefied gas and other energy products worth $100 billion from the U.S. First US crude export to Pakistan was made in September after a landmark deal. After determining that the first purchase was commercially viable, Pakistan ordered a second shipment in September. Overall, the country received 1.9 billion barrels of oil, or 62,000 barrels per day. Indian refiners bought more U.S. crude, attracted by competitive prices and the pressure from the U.S., which doubled tariffs on Indian imports, citing New Delhi’s purchase of Russian oil. Exports to Australia reached 79,000 bpd - their highest level since March 2024 - while exports to Europe fell 11% from August to 1.7million bpd. Kpler, citing data from fixtures, said that after seven months without shipments to China, volumes were expected to reach up to 335,000 bpd. China, which is the largest oil consumer in the world, had stopped purchasing oil after February due to rising trade tensions. Donald Trump, the U.S. president, said last month that China's President Xi Jinping had agreed to meet in person with him to discuss trade issues during a phone call. Kpler wrote in a blog post on X that "the renewed flows come amid signs easing tensions" between Washington and Beijing. Although trade deals may contribute to increased shipments, shipping costs and the relatively high price of West Texas Intermediate crude could shut down the U.S. - Asia oil arbitrage in November. Analysts with Energy Aspects wrote in a report that domestic demand will also rise after the turnaround period, which is when refineries perform maintenance on their plants and equipment. This reduces the barrels available for export. Reporting by Arathy S. Somasekhar, Houston; Editing and proofreading by Liz Hampton and Barbara Lewis
Trump's 25% auto tariff sparks international criticism
Donald Trump, the U.S. president, announced on Wednesday a 25% tariff for imported cars and light vehicles starting next week. This move will likely increase prices and slow production. Here are some reactions from around the world.
ELON MUSK is the CEO of TESLA
It is important to note that Tesla has not been left untouched in this situation. Tesla's tariff impact is still substantial.
The price of Tesla parts that are imported from other countries will be affected. "The cost impact is not insignificant."
SHIGERU ISHIBA IS JAPAN'S PRIME MINISTER
"Japan makes the most investment in the United States. We wonder, therefore, if (Washington's) application of uniform tariffs across all countries is justified. We have been arguing this point for a long time and will continue doing so.
We need to think about what is best for Japan's interests. "We're considering all the options to determine the best response."
PRESIDENTE DE LA COMMISSION EUROPÉENNE URSULA VON DER LEE
"Bad news for business, bad news for consumers."
CANADIAN PREMIER MINISTER MARK CAARNEY
"We will defend workers, companies, our country and together we will defend them."
CHINESE FOREIGN MINISTRY SPOKESPERSON GUO JIAKUN
Tariffs are not the way to achieve a country's prosperity and development.
GERMAN ECONOMY MINISTER ROBERT HABECK
What is important now is that the EU responds to these tariffs with a strong response. We must be very clear about our stance.
"The EU has to now respond firmly to the tariffs. It must be clear that the EU will not give in when faced with the USA."
U.K. Finance Minister RACHEL Reeves
Trade wars are bad for everyone.
"We will be working hard in the next few days to secure a fair deal for Britain." "I understand how important this issue is."
TIFFANY SMITE, VP, of the NATIONAL FOREIGN TRADE COUNCIL (which represents many U.S. companies)
"Tariffs on auto imports could harm the competitiveness of an industry that depends on international markets and supply chains for its success.
We urge the administration, to prioritize the market opening opportunities of auto companies that manufacture vehicles for export from the United States.
SHAWN FAITH, PRESIDENT OF THE UNITED AUTO WORKERS UNION
We applaud the Trump Administration for taking action to stop the free-trade disaster that has devastated communities of working class for decades. The tariffs are a big step forward for blue-collar workers and autoworkers across the nation. It is now up to automakers to bring good union jobs back to the U.S.
The tariffs may also cause supply chain disruption, discourage investments and raise consumer prices significantly, while provoking trade disputes with Europe and Japan.
"We expect significant tariff increases, which could lead to a cycle escalation of tit for tat and an increase in market volatility over the coming weeks."
JP MORGAN
The steep and broad-based tax increases are likely to disrupt supply chains globally. This will likely be more severe than the short-term impact on demand, and drive inventory and days' supply down.
WEDBUSH
The initial tariffs, if they remain in their current form, would create a "hurricane-like" headwind for foreign automakers (and many U.S. automakers) and eventually push up the average price of automobiles by $5,000 to $10,000.
CAPITAL.COM MARKET ANALYST KYLE RODDA
"I'm concerned that these tariffs will not only be disruptive, but also economically damaging. They show that the Trump administration isn't going to stop with the announcement next week."
This could prolong the trade uncertainty and raise the question as to how radical of a change Trump is trying to make to the global trading order.
A trade war between these two economic regions (the European Union and the United States) would be of no benefit.
Both sides must therefore quickly find a transatlantic agreement that promotes growth and avoids a spiraling of isolation and trade barriers.
FRENCH CAR PARTS SUPPLIER VALEO
We will need to increase our prices.
SAM FIORANI, ANALYST FOR AUTOFORECAST SOLUTIONS
"Clearly, there will be winners and losers... companies that have spent hundreds of millions or billions of dollars in plants in Canada and Mexico are likely to see their profits drop dramatically over the next couple of quarters, if they don't even into the next two years. We will adjust our production and sales forecasts, because it could cause chaos.
JESSICA CALLWELL, EDMUNDS Analyst
Many vehicle parts are imported from around the world, which will increase repair costs and reconditioning fees for car dealers. As accidents that involve new parts are more expensive, insurance premiums may also increase.
ONTARIO Premier DOUG FORD
"President Trump has done it again." The 25 percent tariffs on light trucks and cars will only increase the costs of hard-working American families. The U.S. market is already in decline, as the president creates more chaos and unrest. He puts American jobs in danger. I spoke with Prime Minister Carney. We both agree that Canada must be united, strong, and steadfast. "I fully support the federal Government preparing retaliatory Tariffs to demonstrate that we won't back down."
HILDEGARD MUELLER, PRESIDENT OF THE VDA GERMAN CAR INDUSTRY INDUSTRY ASSOCIATION
"The additional US tariffs announced of 25% on passenger cars and light trucks that are not made in the US are a death knell for free and rule-based trade. German automakers are calling for negotiations to begin immediately between the U.S.A. and EU on a bilateral deal."
UK'S SOCIETY of MOTOR MANUFACTURERS and TRADERS CEO MIKE HAWEES: "Today's President Trump announcement is not surprising, but it's disappointing if additional tariffs will be applied to UK-made vehicles, which seems to be the case.... Rather, than imposing more tariffs, we need to explore ways to create opportunities for both British manufacturers and American ones as part a mutually advantageous relationship."
CHUCK CARLSON CHIEF EXECUTIVE OFFICER HORIZON INVESTMENT SERVICE, HAMMOND (INDIANA)
"I have been a little suspicious about all the tariff discussions in terms of how long they will last, whether it is a real negotiation or if something is being pulled at the very last minute. "My initial reaction was that this tariff could have legs."
There will probably be exemptions or modifications made for some U.S. automobile manufacturers... I can see that the U.S. automobile manufacturers could get some exemptions because of their supply chains. "I think he would rather see how it goes than stop in two or three weeks."
(source: Reuters)