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Trump orders blockade on sanctioned oil tankers entering or leaving Venezuela
U.S. president Donald Trump on?Tuesday?ordered the blockade of sanctioned oil tankers that enter and leave Venezuela. He also?added?that he now regards the nation's leaders as a terrorist foreign organization. Trump said on Truth Social that the Venezuelan regime has been designated a FOREIGN TERRORIST?ORGANIZATION for terrorism, drug smuggling and human?trafficking. "Therefore today, I am ordering a TOTAL AND COMPLETE BLOCKING OF ALL SANCTIONED OIL TANNKS going into and out of Venezuela." Trump's remarks came just a week after the U.S. The United States seized an oil tanker sanctioned by the U.N. off the coasts of Venezuela. This was the latest in a campaign to pressure the Venezuelan government led by Nicolas Maduro whom Trump blamed for 'drugs entering the U.S. At an event held on Tuesday night, before Trump's post, Trump's campaign included an increased military presence in the region, and over two dozen military attacks on vessels in the Pacific Ocean and Caribbean Sea near Venezuela that have killed at least ninety people. Trump has also said that U.S. land attacks on South American countries will occur. Soon start . (Reporting from Washington by Jasper Ward, with additional reporting by Julia Symmes Cobb. Editing by Scott Malone.
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The UK will provide financial assistance to help save the last ethylene plant in Nigeria
In a partnership with chemicals group INEOS, the British government announced on Wednesday that it would provide financial assistance to Grangemouth, which is the last ethylene production plant in Britain, so as to protect chemical production and hundreds?of jobs. Ethylene can be found in plastics of a?medical grade? and other chemical products, such as water treatment and key industries like advanced manufacturing, aerospace and automotive. Grangemouth in Scotland was Britain's first oil refinery. But crude oil processing ended there in April. The operator Petroineos stated that the facility was closed because it lost about $500,000 per day and became uncompetitive against larger, "more modern" refineries in Africa, the Middle East and Asia. The plant's main operation changed after the refinery was closed to include the production of chemicals like ethylene. INEOS announced that it would invest 150?million pounds (201.20 millions) at its Grangemouth facility, backed up by a '75-million-pound government loan guarantee - and a 50 million grant. The government says that the package will improve energy efficiency, reduce carbon emissions, and boost productivity. Peter Kyle, the business minister said that "the UK government's decision will protect Grangemouth and its strategic national importance as well as secure 500 vital jobs for the area." He added, "By partnering up with INEOS, we're backing the plant and its future for the long term. We give certainty to the workers as well as the supply chain moving forward." In recent years the chemicals industry in Europe has been facing significant challenges, including high energy prices, with around 40% of European ethylene capacity recently having?closed? or being at risk. The government announced in August that it was not going to provide financial assistance to the struggling bioethanol sector. This left a sector already battered from the UK's tariff agreement with U.S. president Donald Trump, facing imminent collapse.
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Brazil asks regulator to terminate Enel's Sao Paulo power contract
Brazilian Mines and Energy minister Alexandre Silveira announced?on?Tuesday that the government will urge the power regulator Aneel to begin the process of terminating the?contract?with local unit of Italian company Enel?in Sao Paulo. Silveira said that Enel had lost the right to provide services in Sao Paulo after meeting with Mayor Ricardo Nunes of Sao Paulo and Governor Tarcisio de Freitas. Last week, strong winds caused by an 'extratropical storm' disrupted the power supply to over 2 million customers?in the Sao Paulo metro area. Among them were 1.4 million in the city of Sao Paulo. Enel declined to respond immediately to a request for comment. Aneel also declined to comment. After severe weather events in recent years, which left millions of customers without power for several days in the city, the utility company has been harshly criticized. Implications of the announcement weren't immediately clear. Silveira's statement was similar to one he made last year after another major outage of power in Sao Paulo. Termination is a decision that is made only after the company has been subpoenaed to appear before regulators. This process guarantees that it will be able to defend itself. Aneel had previously served Enel with a subpoena for previous actions that were?considered inadequate to restore power after extreme weather events. Aneel’s board began to evaluate a new subpoena last month. However, a decision had to be postponed because of a review request. Reporting by Isabel Teles, Leticia Fucuchima and Fernando Cardoso. Editing by Kylie Madry, Jamie Freed and Kylie Madry.
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Quotations-EU unveils plans for reversing the 2035 ban on combustion engines
On Tuesday, the European Commission made public proposals to reverse an effective prohibition on the sale of new cars with internal combustion engines from 2035. This was in response to pressure from Germany and other major automakers. The package proposes to reduce the 2035 target to 90% of the 2021 tailpipe emissions, while also introducing measures to speed up the transition to electric vehicles and give manufacturers more flexibility. The major reactions to the decision are: BMW GERMAN LUXURY CREAMAKER It is a first important step that the EU Commission does not pursue technology bans anymore as a "guiding" principle, but acknowledges the viability of combustion engines in the future." STEFFEN KAWOHL IS A POLICY ADVISOR FOR THE GERMAN MITTELSTAND (DMB). The automotive industry will still undergo a transformation, even if the combustion engine ban is lifted. This would only be justified if the German economy used the extra time to accelerate the transition to fossil free mobility. STELLANTIS IS A FIAT TO JEEP MAKER. The proposals don't address the current issues facing the industry. The package does not provide a viable path for the light commercial vehicle segment, which is currently in a critical state, nor the flexibility requested by the industry to be implemented for passenger cars in 2030. DOMINIC PHINN HEAD OF TRANSPORTATION AT CLIMATE GROUP The watering-down of the phase-out of petrol and diesel engines is a slap in the face to leading companies in Europe who have invested billions of dollars in electric fleets, and need the stability that it offers. MERCEDES BENZ GERMAN CARMAKER "The EU Commission took a positive step towards more flexibility and neutrality in technology for us, as manufacturers." The EU has reacted to the stagnant ramp-up of electric mobility in Europe. CHRIS HERON SECRETARY GENERAL OF E-MOBILITY EUROPE "By reopening our doors to plug-ins and non-scalable biofuels we slow down in an extremely competitive global race." The future of transportation is electric. But the question is, will Europe build it or import it? FRIEDRICH MERZ - GERMAN CHANCELLOR It is good that after a clear signal from Germany, the Commission has now opened up the regulation of the automotive industry. It is important to be more open to technology and flexible in order to align climate targets with market realities, businesses, and jobs. JAN DORNOFF RESEARCH LEADER AT THE INTERNATIONAL CONSULTANCIL ON CLEAN TRANSPORTATION The Automotive Package shows that the European Commission is committed to the electrification of cars, as shown by the small and affordable electric car initiatives. "But the proposed changes to CO2 standards will delay the necessary transformations." ANTONIO TAJANI, ITALY'S FOREIGN MINISTER "We have stopped the prohibition on combustion engines by 2035... A choice which protects 70,000 Italian jobs alone." Yes, we must protect the environment. But, at the same time, we must safeguard the dignity of individuals, those who create jobs and do business. BEN NELMES, CEO OF NGO NEW AUTOMOTIVE "The battery industry needs clarity and consistency from Europe. By rewriting the rules, the European Commission undermines trust in their own regulations. They are gambling with Europe's future economic prosperity. JULIEN THOMAS TP ICAP MIDCAP ANALYST "In our opinion, these measures are generally favorable to European manufacturers. Especially those who produce high volumes of light commercial vehicles, where regulatory uncertainty caused sales to drop?this year)." FRENCH CARMAKER RENEUL The Renault Group is pleased that the European Commission has adopted a package of automotive legislation that will address some of the biggest challenges facing the European Industry. "We are particularly impressed by the importance of the acceleration of the adoption of electric cars, both via the introduction of a new category of small electric cars under 4.2 meters and through an initiative in Europe to green fleets." GERMAN CARMAKER VOLKSWAGEN The European Commission's pragmatic proposal for "new CO2 goals" is economic sound in general. The fact that electric small vehicles will receive special assistance in the future is a very positive thing. It is pragmatic to open the market up to vehicles with combustion engines and compensate for their emissions. This is in line with current market conditions. VOLVO CAR "Asserting short-term gains at the expense of long-term commitments risks undermining Europe’s competitiveness in years to come." Investments in public infrastructure and a consistent, ambitious policy framework will bring real benefits to customers, the climate and Europe's industrial strength. "Volvo Cars is ready to make the switch from hybrids to all-electric vehicles with a bridge that spans long ranges. "If we can do this, so can others." THOMAS PECKRUHN PRESIDENT ZDK, GERMANY ASSOCIATION OF MOTOR VEHICLE TRADE "Our businesses are faced with the same problems that European regulations fail to address: high costs of charging, a lack of infrastructure, and a suitability for consumers' everyday use. Climate-neutral transportation only works when it's affordable, reliable and practical for the people. "Anything else is just a theory." The article was written by Mathias de Rozario, Gdansk. Matt Scuffham edited the piece.
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16 US states sue federal government after Trump suspends EV charging programs
On Tuesday, a group of 16 states plus?the _District of Columbia? sued the U.S. Government after the Trump administration suspended two grant programmes for electric vehicle charging facilities. California Attorney General Rob Bonta stated that Trump's Department of Transportation refused to approve new funding for two electric vehicle charging infrastructure programs created by Congress in 2022 as part of the $1 trillion infrastructure law. In June, an?U.S. In June, a?U.S. Bonta stated that "this is just another reckless attempt to stall the fight for air pollution and climate changes, slow innovation, and thwart creation of green jobs, leaving communities without affordable, clean transportation." One program provides $2.5 billion to cities and states for infrastructure such as EV charging stations and hydrogen fueling. California, Washington, and Colorado filed the suit, claiming that Trump's actions "have placed $1.8 billion of federal awards to dozens state and local governments in danger and made the majority of these funds inaccessible." USDOT declined to comment immediately. Trump has attacked?electric cars on several fronts. The Republican president signed a'resolution of disapproval' under the Congressional Review Act in June to block California’s landmark plan to stop the sale of gasoline only vehicles by 2035 - and two other vehicle regulations. Trump signed legislation to end the $7,500 electric vehicle tax credit. In an effort to encourage automakers to sell gasoline powered cars, Trump proposed this month to slash fuel economy standards set by former President Joe Biden last year. USDOT suspended in February the $5 billion EV Charging Program, which was part of Biden’s Inflation Reduction Act. They also revoked approvals of state spending plans. David Shepardson, Washington; David Gregorio, editing.
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Constellation Energy extends licenses for two nuclear reactors by 20 years
Constellation Energy announced on Tuesday that the U.S. nuclear regulator had approved a?20-year renewal of licenses for its Clinton clean energy center and?Dresden?clean energy center. The U.S. power company will invest over $370 million in relicensing the nuclear plants, to increase efficiency and reliability. The company stated that the approvals would allow Clinton to "operate until 2047" and Dresden reactors through 2049 and 2051. After decades of stagnation in the U.S., nuclear power has experienced a surge. This is due to data centers that are used for artificial intelligence and electrification. In May, President Donald Trump signed executive orders directing U.S. Nuclear Regulatory Commission (NRC) to reduce regulations and expedite new licenses for power plants?and reactors. Constellation Energy's Chief Generation Officer Bryan Hanson said, "These license extension will allow Clinton and Dresden stay online for another two decades. This will preserve more than 2,200 jobs that support families and $8.1 billion in federal, local and state tax dollars." The Big Tech company struck its first nuclear power plant deal in June, when it signed a contract with Meta that would keep one of the utility's Illinois reactors operational for 20 years. (Reporting from Katha Kalia, Bengaluru).
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Gold prices rise as US unemployment rates increase in November
The dollar index fell on Tuesday after the U.S. jobs data showed that the unemployment rate rose from September to October. This boosted bets for rate cuts by the U.S. Federal Reserve. As of 01:48 pm, spot gold rose 0.2%, to $4,310.21 an ounce. ET (18:48 GMT). U.S. Gold futures ended the day 0.1% lower, at $4332.3. The U.S. Dollar fell to a two-month low. This made greenback-priced gold more affordable for buyers overseas. Benchmark yields on 10-year U.S. Treasury notes also?edged down. "The data give the Fed more reasons to cut rates. If they do, it's 'bullish' for gold... That's how the market is interpreting the situation right now," explained RJO Futures Senior Market Strategist Bob?Haberkorn. The U.S. unemployment rate reached 4.6% in November. This was despite the fact that job growth had rebounded. An economist survey estimated that the unemployment rate was 4.4%. The Federal Open Market Committee announced a quarter point rate cut last week. Chair Jerome Powell’s comments accompanying the announcement were perceived to be less hawkish that expected. U.S. Rate Futures still 'expect?two cuts of 25 basis point each in 2026. Pricing in 59bps of easing in 2019 Gold that does not yield tends to do well in a low interest rate environment. Investors are awaiting the Consumer Price Index for November, which is due Thursday, and the Personal Consumption Expenditures Index, due Friday. Alex?Ebkarian said that if gold finishes 2025 over $4,400 then it could reach $4,859 to $5,590 in 2026. Alex?Ebkarian also added that silver may retest $50/oz next year. Silver spot fell by 0.3%, to $63.75 per ounce. This is a retreat from the record high of $64.65 reached on Friday. Palladium rose 2.5% to $1.606.41, a new two-month record. Platinum rose 4% to $1.854.95, the highest level since September 2011. Ebkarian said that "Platinum Group Metals are breaking out due to tightening supply and expanding demand."
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Europe searches for alternatives to Mozal aluminium in the face of its shutdown
Analysts say that a smelter closure in Mozambique will have a negative impact on global aluminum supplies next year. The plant's "core European Union" customers may be forced to look for alternative suppliers. South32 confirmed Tuesday that it would place the Mozal smelter, which has a capacity of 560,000 metric tons per year, on care and maintenance from mid-March. This was after discussions with Mozambique’s government and utilities failed to produce a new deal. Trade Data Monitor figures show that the plant exported almost 430,000 tonnes of aluminium to Europe in the first ten months of 2025. This makes Mozambique a top primary metal supplier to the EU, with nearly a fifth of the region's imports. Ewa Mannthey, a?ING analyst, said via email that "we are expecting a shortfall of about 600,000." ING saw a 200,000 ton deficit on the global aluminum market in 2025, after a half-size deficit. Manthey said that Europe is likely to fill in the Mozal Gap primarily by increasing imports from Canada, and?the Middle East. According to estimates by the Brussels-based European Aluminium industry group, Europe's primary aluminium demand is approximately 9 million tonnes per year. The impending closure of Mozal coincides with a power failure at Century Aluminum's Icelandic smelter, which has reduced output by two thirds. Iceland was the EU's 2nd-largest aluminium supplier in 2018. Prices have also been pushed higher by the EU's Carbon Border Adjustment mechanism, which will impose a carbon-based tax on aluminum imports starting in January. The amount of Russian metal that can enter the EU from February 26 until December 31 will be reduced to 50,000 tonnes. At 1602 GMT the benchmark three-month aluminum on the London Metal Exchange traded up 0.5% to around $2,880, which is not far from the three-year-high of $2,920 that was reached on November 3 and December 5. The European Aluminium Duty-paid Premium, which buyers add to the LME price of physical metal in order to cover taxes, shipping costs and handling, reached a 10-month peak of $340 per ton, at the beginning of December. It was previously at $326. Ross Strachan is the head of raw materials for aluminium at CRU. He believes that the Mideast Gulf will make up the volume lost if Mozal were to close. Strachan stated that "there are certain exporters from the region who are more likely to increase their shipments to Europe due the higher premiums." (Reporting and editing by Alexander Smith; Pratima Dasai, Tom Daly)
Swift Anglo-Teck merger approval shows Canada's pro-business shift, dealmakers say
Dealmakers said that Canada's approval of the merger between British miner Anglo American, and Canada's Teck Resources for $53 billion signals an effort to 'attract investment' to offset the impact on U.S. Tariffs.
Melanie Joly, Canada’s Innovation, Science, and Economic Development minister, announced late Monday night that Canada had approved the buyout of Teck Resources, in its entirety, by Anglo American, under the Investment Canada Act. This cleared a regulatory obstacle to create a global heavyweight for copper. Joly stated in a press release that the deal is beneficial to Canada. Her office has not responded to any further comments. Canada approved the deal in just three months. This is much quicker than usual for mergers in this sector. Ottawa's?rapid decision signals a major shift in its approach to foreign takeovers in sensitive sectors like critical minerals. Analysts claim that the government prioritizes attracting capital to deal with the difficult trade environment created by U.S. president Donald Trump.
Anglo-Teck has said that it made "a series of concessions" to the government. This included a commitment to invest C$4.5 billion (about $4.5 billion) in Canada over a period of five years.
Canadian lawyers have said that the "faster approval" is part of the efforts by Prime Minister Mark Carney to show the rest of the world that Canada welcomes business.
Calvin Goldman, former head of Canada’s Competition Bureau and now running his own consulting firm for national security reviews, foreign investment, and Canadian investments, said that business investments are based on one principle: minimising uncertainty. Goldman said that the Canadian government was trying to send a message with this report, which is that it would?reduce uncertainties; it is a positive message. Investment Canada Act which governs mergers and acquisitions within the country has set a high standard for approval of deals that involve critical minerals. In 2024, Canada approved Glencore's $7 Billion acquisition of Teck Resources' Steelmaking Coal Unit with strict conditions in order to maintain jobs.
Joly's predecessor said that Canada would only approve deals involving vital minerals under "exceptional conditions." Sandy Walker, partner with Dentons Canada, said that the statements made by the previous minister were made before Canada was faced with the economic challenges resulting from 'the tariff war.
Walker continued, "This government seems to be highly motivated now to encourage economic activity and investment." In Canada, however, there is still a lot of controversy about foreign ownership in mining companies.
Ipsos conducted a poll in October of this year that found the majority of Canadians believe that the federal government must prevent foreigners from buying Canadian companies that are in the natural resource sector. This includes mining, oil, and gas. (Divyarajagopal, Toronto; Editing done by Caroline Stauffer and Lisa Shumaker).
(source: Reuters)