Latest News
-
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.
-
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.
-
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.)
-
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)
-
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)
-
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)
-
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)
-
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
US auto tariffs threaten global industry with higher prices and job losses
The announcement by Donald Trump of a 25% auto import tariff sent shockwaves around the globe on Thursday. Global carmakers warned that prices would rise immediately, and dealers expressed concern about job losses in large auto-exporting nations, including many U.S. allies.
The new tariffs are expected to lead to a second round of large-scale U.S. duties that will be imposed next week. The auto tariffs could increase the cost of an average vehicle by thousands of dollars in the U.S., and dampen demand further at a moment when the industry is already struggling with the transition to electric vehicles. The majority of auto stocks fell on Thursday. Tesla, the U.S. electric vehicle maker, was an exception.
Volkswagen, a German company, said in a press release that "the entire automotive industry will be affected by the consequences. This includes global supply chains as well as companies and customers."
According to GlobalData, the United States imports more cars than any other country in the world, including Canada and Mexico. GlobalData, a research firm, estimates that nearly half of the cars sold in America last year were imported. General Motors shares fell by nearly 7% Thursday afternoon. Ford Motors and Stellantis, which is listed in the United States, also saw a decline of about 3%. Tesla's shares rose by about 5% as Elon Musk’s company is more exposed to tariffs.
Barclays analysts wrote in a report that Trump's tariffs would have a more draconian impact than expected.
The U.S. United Auto Workers and other supporters of Trump's initiatives say that the United States should focus on increasing domestic production. However, the process of moving the facilities could take many years during which time costs would rise and production might drop. The American Automotive Policy Council (which represents the Detroit Three automobile manufacturers) said late Wednesday that the "U.S. Automakers" are committed to Trump's vision to increase automotive production and create jobs in the U.S., and that they will continue to collaborate with the Administration to develop durable policies that benefit Americans.
The AAPC said that it was "critical" to implement the tariffs in a manner that avoided price increases for consumers.
Dealers and consumers may not see any major shortages for some time. Cox Automotive's data shows that dealers had 89 days worth of inventory on their lots at the beginning of March. Some consumers are trying to get their purchases in before the prices begin to increase.
TURMOIL FOR GLOBAL AUTO COMPANIES Europe’s auto industry has called for a deal across the Atlantic to avoid tariffs. Volkswagen, BMW Mercedes-Benz Porsche and Continental all lost $5.93 billion in market value combined on Thursday. The automakers will have to decide whether they want to move more production to the U.S. or absorb the tariff costs. Volvo Cars and Mercedes-Benz, as well as Volkswagen's Audi, Hyundai, and Mercedes-Benz, have all already announced that they would move production. Ferrari, which produces all its cars in Italy will raise prices by up to 10% for some models. Valeo, a French auto parts supplier, said that it had no choice but to raise prices.
BLG Group in Germany, the port logistics provider of one of the busiest auto shipping ports in the world in Bremerhaven said that it planned for a 15% decrease in traffic due to the tariffs. The tariffs will be implemented on April 3 for cars and auto parts, respectively.
HITS TO U.S. MANUFACTURING
Since the 1994 North American Free Trade Agreement that encouraged the development a highly integrated automotive supply chain between U.S.A., Canada, and Mexico, automakers in North America enjoy free trade status. Trump's revised U.S. Mexico-Canada Agreement 2020 imposed new rules in order to encourage regional content production.
Cox Automotive stated that the tariffs would have an immediate effect on production. Cox Automotive expects to see disruption in "virtually" all North American vehicle production by mid-April. This will result in a reduction of roughly 20,000 vehicles per day or 30%.
The White House stated that Trump's tariffs will "protect and strengthen" the U.S. auto industry more than previous deals. Trump imposed 25% tariffs on Mexico and Canada early in March. He then granted a one-month respite for vehicles that met the USMCA's terms. However, the new rules don't extend this.
The White House announced that importers of vehicles made in North America will be able to certify the U.S. component of their vehicle to avoid paying taxes on these components.
Some CEOs privately express a reluctance in making long-term decisions based on a policy that could be short-term, stating a market decline could make Trump change his mind.
Analysts at Bernstein Research stated that "we know the president views the Dow Jones as a barometer of success." It is difficult to gauge the duration of these policies, if they cause a market crash that doesn't appear to be temporary.
(source: Reuters)