Latest News
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TenneT Begins Drilling Under Dunes for Laying Electricity Cables on Maasvlakte
In the coming years, grid operator TenneT will bring wind energy from the sea to land on the Maasvlakte. To enable the landing of these electricity cables, contractor NRG started six drillings under the dunes May 26. Three more will follow after the summer. In recent days, NRG has made the necessary preparations both inside the dike and on the beach. The electric drill is making a horizontally directional drilling over a distance of approximately 200 meters towards the beach. An empty plastic casing will be placed in that borehole, into which the electricity cable will later be pulled.In order to connect such an unmanned platform at sea to the high-voltage grid on land, a 525,000 volt cable system is buried in the seabed.NRG carries out the horizontal (via GPS) directional drilling in three steps. “First, they use the electric drill to make a so-called pilot drilling from the work area behind the dunes to the beach," said Robert Wijnholds, on behalf of TenneT. "The drilling team then pulls a reamer through the drilling to make the hole bigger. During the third and final step, the reamer is connected to a casing pipe with a diameter of almost half a meter and then pulled back.”The sea cables will be installed next year and will be laid meters deep in the beach. Behind the dunes, they will be connected underground to the electricity cables that are currently being laid in the ground on land. TenneT has placed an information point on the Noordzeeboulevard—within walking distance of car park P3—near the drill. From the roof, visitors have a perfect view of the work.
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US authorities arrest Mexican immigrant accused of threatening to shoot Trump
The U.S. Department of Homeland Security announced on Wednesday that U.S. Immigration authorities arrested an immigrant from Mexico who had allegedly threatened President Donald Trump with a gun. According to DHS which published a picture of the letter, Ramon Morales Reyes (54), allegedly wrote a letter to a U.S. Immigration and Customs Enforcement agent stating that he was going to "shoot [your precious] president in the head" at a rally. Morales stated in his letter that ICE was deporting members of his family, although he didn't mention anyone by name. The letter states: "We are tired that this president is messing with us Mexicans. We have done more to help this country than white people." Trump was the target of two assassination efforts during his presidential campaign in 2024, including a shooting at a rally held in Butler, Pennsylvania. Both of the suspects were U.S. Citizens. In a recent statement, Homeland Security Secretary Kristi Nöem stated that "all politicians and media members should take note of these repeated attacks on President Trump's lives and tone down their language." DHS reports that Morales illegally entered the U.S. at least nine different times between 1998 and 2005. DHS reported that he had been arrested for a hit-and run felony and other crimes. DHS reported that he is being held in Wisconsin by ICE and awaiting his deportation. (Reporting and editing by Mary Milliken, Deepa Babington and Ted Hesson)
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Why the Peruvian farmer’s loss in court may have been a victory for climate justice
The ten-year court battle between an Peruvian farmer, and German energy giant RWE regarding the global emissions of RWE and their impact on his home town finally ended on Wednesday. The court dismissed the case without allowing for an appeal. The farmer, his attorneys and environmentalists hail the ruling as a historic victory in climate cases, which could lead to similar lawsuits. What was the case about? Huaraz, located in the highlands of Peru, is threatened by a flood caused by a glacial outburst lake. Since 1970 the volume of Lake Palcacocha has increased at least 34-fold. This requires investment in drainage and dam structures. Saul Luciano Lliuya, a Peruvian farmer, sued the German energy giant RWE claiming that it should pay 0.5% of flood defenses because the company has emitted 0.5% global emissions since industrial revolution even though they do not have a physical presence on the Peruvian soil. It would have been about $17500. Why did the court rule against the farmer? The court's decision was based upon calculating the flood risk that Lliuya faced. A 30-year damage estimate for the plaintiff's home was found to be 1% by an expert. The court decided that this was not sufficient to continue the case. How does the court's ruling make companies liable for similar lawsuits? The court found that while the risk to Lliuya’s home did not meet the threshold, companies can be held responsible for their emissions. In a press conference held after the verdict, Noah Walker-Crawford said, "They established a duty of care, a principle of legal liability for corporate climate, which no other court in the world has done." This is a truly, really historic verdict. The ruling states that German civil code overseeing property rights is applicable across borders, and that it can be used by litigants from around the globe to file transnational lawsuits against German companies. The court stated that RWE’s permits did not exempt them from responsibility when they violated the rights of other people and their global emissions made it responsible for the consequences of climate change. The fact that a company is one of several emitters doesn't shield it from liability. WHAT DIDN'T THE COURT SAY IN REGARD TO CLIMATE SCIENCES? The court stated that the link between carbon dioxide emissions and risk dates back to 1958 when U.S. scientist Charles Keeling first published a graph showing the annual variation of carbon dioxide and its accumulation in Earth's atmospheric. The report of the Presidential SAC from 1965, which found that burning fossil fuels increased atmospheric CO2, also provided companies with enough information to anticipate harmful effects and be legally responsible for them. The complexity of the science behind climate change does not excuse liability. What does RWE say about the case? A spokesperson for RWE told a reporter that the ruling was not a precedent in the UK legal system. Three other regional courts had also taken a different view. The statement stated that since the case had been thrown out the court has not ruled on whether or to what extent RWE can be held accountable. It also added that the company operated in compliance with the applicable laws, and the climate policy issue should be decided at the political level. (Reporting and editing by Aurora Ellis; Alexander Villegas)
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Brazilian police arrest members from a gang that was created to spy and kill lawmakers, judges
The Federal Police of Brazil announced on Wednesday that it had arrested five suspects suspected of involvement in a group formed to assassinate and spy on high-ranking politicians and judges. One source familiar with the investigation stated that the gang was formed by both a civilian and a military officer. The document, which was seized by police and seen by, reveals that the group went by the acronym C4, which is a reference to the full name Command for Hunting Communists, Corrupt People, and Criminals. Documents also show that the gang targeted high-ranking judges and senators with 250,000 reais. Documents stated that the organization used explosives, rifles, and prostitutes to lure in their victims. The investigation was launched after the police began investigating the murder of a lawyer from the city of Cuiaba in Mato Grosso. According to the news website UOL a retired colonel who has been imprisoned for over a year now, suspected of being involved in the murder of a lawyer, was one of those targeted during Wednesday's raid. As part of this investigation, Federal Police officers executed six search warrants in three states across Brazil. (Reporting and writing by Ricardo Brito, editing by Bill Berkrot).
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Exxon shareholders face no stockholder proposals when Chevron rejects them.
Chevron shareholders rejected three shareholder proposals at the annual meeting of the U.S. Oil Producer on Wednesday. One proposal called for a human rights report, and the other one demanded a company report. Exxon Mobil, the larger competitor, faced no resolutions from investors for the first times in decades. Due to a lack of interest from investors, there have been fewer ESG resolutions this year than in 2024 or 2023. Investors have shifted their focus to oil and natural gas due to lower-than-expected returns on renewable energy projects. Investors in Chevron rejected a proposal that would have permitted holders of at least 10 percent of the common stock of the company to call special meetings. According to preliminary voting results, they also rejected a proposal for a report on whether investments in renewable energies could lead to so-called "stranded assets" or projects that lose their value prematurely. Exxon held its annual shareholder meeting on Wednesday with no resolutions qualifying as shareholder resolutions. This was the first time in 1958 that this had happened. Exxon CEO Darren Woods attributed this to Exxon’s outperforming competitors and its willingness to fight against proposals he deemed detrimental to the business. Investors approved the compensation plans and director nominations for both companies. Reporting by Sheila Dang and Tanay dhumal from Houston, Bengaluru respectively; editing by David Gregorio
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West Africa ECOWAS at 50: Jihadist violence, coups and more
The Economic Community of West African States faces growing threats from terrorism, climate changes, military coups and poverty, said its most senior official on Wednesday, as leaders celebrated 50 years since the formation of the bloc in Nigeria. This year, jihadist violence in Nigeria, the Sahel, Burkina Faso and Mali has increased. These nations recently left ECOWAS to protest sanctions after military coups. Omar Alieu Touray, President of the ECOWAS Commission, said: "We face the biggest challenges today, terrorism and climate change, unconstitutional changes in government, poverty, and economic disparities." He expressed confidence that the challenges would be overcome. ECOWAS was founded on May 28th 1975 with the aim of promoting regional economic integration, cooperation in security, human rights and democratic governance. Five decades after the founding of the group, Burkina Faso and Mali have both disassociated themselves from it, claiming that their interests are no longer served. These countries have created their own Alliance of Sahel States, a confederation and cut diplomatic and military ties with Western powers. They also sought to work more closely with Russia. Touray stated that ECOWAS will continue to try and cooperate with the three nations. Analysts in the security and political fields said that curbing insecurity is crucial to ECOWAS' ability to achieve its prosperity promises and lift millions out of poverty. Beverly Ochieng is a senior analyst with Control Risk, based in Dakar, Senegal. She said: "If there's no security, you can't guarantee a robust economic environment in the region." Analysts also criticized ECOWAS's silence when leaders amend constitutions in controversial ways to extend their ruling, leading citizens to applaud military coups. The opposition parties pointed to the example of Togo’s leader Faure gnassingbe who, after being granted the powerful new role of president of the Council of Ministers without a fixed term limit, was able to extend his rule indefinitely. MacDonald Dzirutwe reported from Lagos, Ope Adetayo from Abuja and Bate Felix edited the article.
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BTG sells Eletronuclear stake to Brazil utility Eletrobras
Three sources familiar with this deal said that Brazilian electric company Eletrobras tapped investment firm BTG Pactual for advice on the sale its remaining stake in the state-run nuclear energy generator Eletronuclear. After its privatization in 2020, Eletrobras no longer controlled Eletronuclear. However, it remained as a minority shareholder with 36% voting shares and 68% total capital. Eletrobras et BTG have declined to comment. The proposed sale was part of an agreement reached last month that increased the government's presence on Eletrobras' board, and allowed the utility to reduce their exposure to nuclear business. Eletronuclear is responsible for the operation of Brazil's nuclear power plants in Angra dos Reis, Rio de Janeiro. The two reactors have a combined capacity of 1,990 Megawatts. The Angra 3 Project, a 1,405MW new unit, has also been stalled by difficulties in obtaining government approval. Eletronuclear faces economic and financial difficulties, since the revenue generated by its plants is not enough to cover its high costs. Specialists have also said that the national nuclear chain is also affected by a lack of planning. Globally, nuclear energy is gaining popularity as a cleaner and more reliable alternative to fossil fuels. The U.S., Europe and other markets are looking to restart or launch nuclear power projects in order to meet the increasing energy demand of artificial intelligence data centres. (Reporting and editing by Richard Chang; Luciana Magnhaes)
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Cummins India's quarterly profit drops as rising costs offset the price increases
Cummins India announced a lower profit for the fourth quarter on Wednesday as rising costs offset price increases it made to some of its generators. The company is a subsidiary of U.S. truck-engine maker Cummins Inc. Its profit was 5.30 billion rupees (about $62.1 million), which is 1.7% less than the 5.39 billion rupees it made a year earlier. Analysts attribute the company's increased sales of 6.4%, to 24.14 billion rupies, to higher prices during the quarter. This is especially true for its CPCB generator sets. About 40% of the sales are CPCB4+ generators, which comply with India's Federal Pollution Control Board's latest emission standards. Cummins India’s total expenses increased 9.2%, to 19.88 billion Rupees. This was primarily due to an increase of 16.8% in raw material prices. In February, the company said that it expects demand to grow in all sectors including power cars and tower cars for railways as well as construction. Cummins Inc, the parent company, has also withdrawn its annual forecast. This is in line with other automakers who are reevaluating their expectations due to the uncertainty created by President Donald Trump's new tariffs. The shares of Cummins India were flat on Wednesday, ahead of the results.
Australian shares end flat after steady inflation report
Australian shares finished slightly lower on Tuesday, after easing from their five-month-high. Inflation data was a little hotter than anticipated but still kept the rate-cutting hopes alive.
The S&P/ASX 200 Index closed at 8,396.9, a slight decrease from its previous close. It was up 0.5% Tuesday.
After the CPI data at 1230 local was released, the benchmark began to pull back. The heavy banking and mining sector led the losses.
The data showed that the monthly consumer price index (CPI), which is a measure of prices, rose by 2.4% in April when compared to a year ago. This was unchanged from March. The print, though slightly higher than the median expectations of 2.3% but still within the target range of the central bank of 2-3%, was within the marginal forecasts.
Luke Laretive is CEO and investment advisor at Seneca Financial Solutions. He forecasted a 25 basis point cut in July.
The banking sector has been hit hardest by the softening of bullishness... and most investors are now aware that interest rates in Australia have likely reached their peak.
All four "Big Four" banks fell between 0.5% to 0.9%.
BHP Group, the sector's largest company, fell 0.4% as iron ore prices dropped. Mineral Resources, a lithium miner, lost 5.3% following a reduction in its Onslow annual iron volume forecast.
Energy stocks, which are a good indicator of oil prices, have risen 2.2%.
Brad Smoling is the managing director of Smoling Stockbroking. He said, "Energy stock prices have fallen recently, and bargain hunters are now moving in to some of these shares."
IT stocks rose in line with their U.S. counterparts by 1.2%. WiseTech, a tech giant, added 0.4% to its gains for the fourth straight session.
The S&P/NZX 50 index in New Zealand fell by 1.7%, ending at 12,362.26. This was not affected much by the expected rate cut from the central bank. (Reporting by Rajasik Mukherjee in Bengaluru; Editing by Nivedita Bhattacharjee)
(source: Reuters)