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Britain invests $838 Million on Public Building Energy Upgrades
The government announced on Thursday that it would invest 630 millions pounds ($838million) in the installation of solar panels, heat pumps, and other clean energy technologies on public buildings such as schools, community centers, and care homes. The government announced the move as many sectors struggle with high energy costs and to reach climate targets. In a press statement, the Department for Energy Security and Net Zero stated that the investments would lead to energy cost savings of approximately 650 million pounds per year in the average over the next twelve years. In a government press release, Louise Shooter said, "High energy costs have been a major headache for schools and hospitals in recent years. It's wonderful to see that they are being assisted to install energy-saving measures and green technology to reduce energy costs." Northumbria Foundation Trust will receive over 14 million pounds for the replacement of fossil fuel heating on two sites. The National Portrait Gallery, in London, has received 5 million pounds towards the installation of heat pumps.
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As the US dollar stabilizes after its recent sharp plunge, global shares gain
On Wednesday, global shares rose and Wall Street's major indexes mixed as trade tensions between the two world's largest economies eased and the U.S. Dollar stabilized after recent losses. The gold price fell to its lowest level in more than a month as the U.S. - China trade truce weakened bullion's appeal as a safe haven. Investors have driven global equity markets higher as the trade spat between China, the United States, and other countries appears to be easing. Lars Skovgaard is a senior investment strategist with Danske Bank. He added, "I find it hard to believe that we will return to the extreme political noise." The MSCI index of global stocks rose by 2.04 points or 0.23% to 873.24. Wall Street saw the S&P500 rise 6.03 points or 0.10% to 5,892.58. The Nasdaq Composite rose by 136.72 or 0.72% to 19,146.81. The Dow Jones Industrial Average dropped 89.37 point, or 0.21% to 42,051.06. The STOXX 600 Index closed down 0.24%, the first time in five sessions that it has lost ground. Investors who were worried about inflationary effects of U.S. Tariff Policies, which severely undermined expectations of Fed rate reductions in the near term, also found some relief from data on Tuesday that showed softer than expected U.S. Consumer inflation. Although traders expect the inflation rate to rise as tariffs increase import costs, there is still uncertainty about the future as Washington continues to negotiate with its trading partners. Wei He is a China economist with Gavekal. He said that the U.S. tariffs against Chinese products are still higher than they used to be a few months ago. There's still a lot of uncertainty in the future. Assessing Tariff Impact The Fed warned of increasing economic uncertainty and indicated that it was prepared to wait until the U.S. Tariffs are fully assessed before reducing interest rates. Jerome Powell, the Fed chair, is set to make remarks on Thursday. Fed Vice-Chair Philip Jefferson stated in remarks on Wednesday that recent inflation data indicate continued progress towards meeting the Federal Reserve’s 2% goal for inflation. However, the outlook has become uncertain because of the possibility that import taxes could drive prices up. The U.S. Dollar, which had been beaten by the uncertainty in the economy and on policy, has extended its gains. It is now up 0.14% versus a basket including the yen, the euro and other currencies. Bank of America’s Global Fund Manager Survey (FMS) revealed on Tuesday that global asset managers had their largest underweight position against the dollar in nearly 19 years as Trump’s trade policy reduced investor appetite for U.S.-based assets. The euro fell 0.15% to $1.1167 and the pound fell 0.38%, falling to $1.3253. Markets were waiting for new economic data and a better picture of the future deficits in the U.S. Congress. The yields on euro zone bonds remained stable after a slight increase to multi-week highs due to easing trade tensions. Retail sales data for the month of April, due Thursday, will be a major indicator for U.S. economy health. On the same day, Russia and Ukraine will hold talks in Istanbul in hopes of reaching a ceasefire after three years in Europe's deadliest conflict since World War Two. The rising U.S. stockpile of crude oil has pushed down prices in commodities. Brent crude futures ended the day 54 cents or 0.81% lower at $66.09 per barrel. U.S. West Texas Intermediate Crude fell 52 cents or 0.82% to $63.15. U.S. Gold Futures closed 1.8% lower, at $3,188.3, while spot gold dropped 2.07%, to $3180.07 per ounce. The MSCI broadest Asia-Pacific share index outside Japan closed up 1.56% to 614.33, while Japan's Nikkei dropped 55.13 points or 0.14% to 38,128.13. Hong Kong's Hang Seng Index jumped.
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Minister says Nigeria is in talks with Petrobras about deep-water acreage
Yusuf Tuggar, Nigeria's foreign minister, said that the country is in talks with Petrobras about exploring its deep-water oil acreage, after years of the Brazilian oil giant leaving the nation. Petrobras has ceased operations in Nigeria but is keen to return. "They said they wanted frontier acreage on deep water," Tuggar, a vice president's statement quoted as saying. Brazil will host both the BRICS Summit and the COP30 meeting this year, after hosting the G20 last year. Nigeria will promote investment during these summits, as it seeks to strengthen ties with Brazil, particularly in the areas of energy, culture, health and agriculture. In February, the Brazilian state energy company said it was in discussions with existing partners ExxonMobil, Shell and TotalEnergies to purchase a portion of their African assets. Petrobras started operations in Nigeria in deep waters near the coast of Niger Delta in 1998. It sold its stakes over 10 years ago in order to raise money for domestic projects. (Written by Chijioke Ahuocha, edited by Cynthia Osterman).
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As the US dollar stabilizes after a steep drop, global shares are rising
The U.S. Dollar recovered from its recent losses as trade tensions between the two world's largest economies eased. Global shares and Wall Street indexes also rose on Wednesday. The gold price fell to its lowest level in more than a month as the U.S. - China trade truce weakened bullion's appeal as a safe haven. Investors have driven global equity markets higher as the trade spat between China, the United States, and other countries appears to be easing. Lars Skovgaard is a senior investment strategist with Danske Bank. He added, "I find it hard to believe that we will return to this extreme political clamor." The MSCI index of global stocks rose by 1.75 points or 0.2% to 872.95. Wall Street saw the S&P 500 rise 2.36 points or 0.04% to 5,888.96, and the Nasdaq Composite gain 106.10 or 0.56% to 19,117.04. The Dow Jones Industrial Average dropped 80.23 points or 0.19% to 42,060.84. The STOXX 600 Index closed down 0.24%, the first time in five sessions that it has lost ground. Investors who were worried about inflationary effects of U.S. Tariff Policies, which severely undermined expectations of Fed rate reductions in the near term, also found some relief from data on Tuesday that showed softer than expected U.S. Consumer inflation. Although traders expect the inflation rate to rise as tariffs increase import costs, there is still uncertainty about the future as Washington continues to negotiate with its trading partners. Wei He is a China economist with Gavekal. He said that the U.S. tariffs against Chinese products are still higher than they used to be a few months ago. There's still a lot of uncertainty in the future. Assessing Tariff Impact The Fed warned of increasing economic uncertainty and indicated that it was prepared to wait until the U.S. Tariffs are fully assessed before reducing interest rates. Jerome Powell, the Fed chair, is set to make remarks on Thursday. Fed Vice-Chair Philip Jefferson stated in remarks on Wednesday that recent inflation data indicate continued progress towards meeting the Federal Reserve’s 2% goal for inflation. However, the outlook has become uncertain because of the possibility that new import taxes could drive prices up. The U.S. Dollar, which has been battered by the uncertainty in the economy and on policy, gained 0.05% versus a basket including the yen, the euro and other currencies. Bank of America’s Global Fund Manager Survey (FMS) revealed on Tuesday that global asset managers had their largest underweight position against the dollar in nearly 19 years as Trump’s trade policy reduced investor appetite for U.S.-based assets. The euro has lost some of its earlier gains and is now down 0.04%. In a subdued trading environment, yields on U.S. Treasuries increased as markets awaited the release of new economic data and a more accurate picture of future deficits in government from discussions in Congress. The yields on euro zone bonds remained stable after a slight increase to multi-week peaks amid eased trade tensions. Retail sales data for the month of April, due Thursday, will be a major indicator for U.S. economy health. On the same day, Russia and Ukraine will hold talks in Istanbul in hopes of reaching a ceasefire after three years in Europe's deadliest conflict since World War Two. The rising U.S. crude stocks have pushed up prices in commodities. U.S. crude dropped 0.79% to $63.17 per barrel. Brent was down 0.77% to $66.12 a barrel. U.S. Gold Futures GCcv1 closed 1.8% lower, at $3,188.3, while spot gold dropped 2.14%, to $3,178.03 per ounce. The MSCI broadest Asia-Pacific share index outside Japan closed up 1.56% to 614.33, while Japan's Nikkei dropped 55.13 points or 0.14% to 38,128.13. Hong Kong's Hang Seng Index jumped.
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Sources say that a Mali judge is expected to order the reopening Barrick mine with new management.
Three people with knowledge of the matter say that a Malian judge will likely order the reopening on Thursday of Barrick Mining’s Loulo-Gounkoto mine under a new management, at the request from Mali’s government. The order would be a significant escalation in a dispute that has been raging between Canada and a Canadian miner whose operations have been suspended since January. Barrick and Mali’s military-led Government have been at odds over the implementation a new mining codes that increases taxes, and gives Mali’s government a larger share of the gold mine since 2023. The government stopped operations after it seized 3 metric tonnes of gold, worth $317 millions at the price of last week. It accused the company of failing to meet its tax obligations. Barrick's exports of gold had been blocked by the government since early November. Two people confirmed that the West African nation, as a shareholder holding a 20% stake, requested the reopening at the Tribunal de Commerce de Bamako Court. The two added that if the judge agreed, a new management group would be appointed to run and reopen the mines. Two sides are currently negotiating a new memorandum. The deadline to pay value added tax in Mali is Thursday. Barrick's mine appears in Mali's VAT system as a tax payer. Barrick's spokesperson and Mali Mines Ministry didn't immediately respond to comments. Reporting by Portia Crowe in Dakar, and Divya Raagagopal in Toronto. Editing by Veronica Brown and David Goodman.
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Pirelli: Talks over dispute with major shareholder ended without agreement
The Italian tyremaker Pirelli announced on Wednesday that the talks to repair relations with Sinochem, its largest shareholder in China, ended without any breakthrough. Pirelli, and its second-largest shareholder, Italy's Camfin have claimed that Sinochem's stake in the company is hindering Pirelli's ambitions for expansion in the United States. Some lawmakers there are against projects backed by Chinese firms. Pirelli stated in April that Sinochem no longer controls the company because of the Italian government's decision to "golden power" the company by 2023. Sinochem, however, denied this claim. Pirelli announced on Wednesday that "the proposals extended to Sinochem by Pirelli have in fact been rejected" following negotiations. The proposal was not detailed. Camfin supported the firm's strategic decision in a Wednesday statement, adding that, "should the situation with Sinochem continue to be unresolved, Camfin will be forced to evaluate the impact of such behavior on Pirelli and shareholders' agreement." Pirelli generates over 20% of its revenue in North America. The company reported a profit of 313.4 million euros for the first quarter, up 6.5% on last year. This was higher than analysts' expectations of 270 millions euros. Pirelli, which is the sole supplier of Formula One tyres, confirmed its guidance for 2025, but warned that, if current U.S. tariff policies continue, it's adjusted EBIT would likely be at the lower end.
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Enel, Leonardo and Ansaldo Energia join forces on nuclear energy research
They announced on Wednesday that Enel, Leonardo, and Ansaldo Energia, all of which are part of the Italian power group, have formed a new company to research nuclear technologies for the next generation. Enel holds a 51% share in Nuclitalia. Ansaldo Energia has 39%, and Leonardo 10%. The three partners released a joint press release that said: "Nuclitalia is responsible for assessing the most innovative designs and mature designs in new sustainable nuclear energy, with an initial emphasis on water-cooled modular small reactors." Gilberto Pichetto Fratin, the Italian Energy Minister, said that nuclear power, as well as renewable sources, could help reduce energy costs for the country. In February, the Italian government approved a law allowing a return to nuclear power almost 40 years after its ban by referendum. Analysts believe it will take at least a decade for atomic energy to return. Nuclitalia's chairman will be Ferruccio Resta, former head of Milan’s Politecnico technical university, and Enel’s Luca Mastrantonio will serve as its chief executive. Mastrantonio is Enel’s head of nuclear innovations. (Reporting and editing by Gavin Jones, Barbara Lewis, and Francesca Landini)
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Pirelli: Talks over dispute with major shareholder ended without agreement
The Italian tyremaker Pirelli announced on Wednesday that the talks to repair relations with Sinochem, its largest shareholder in China, ended without any breakthrough. Pirelli, and its second-largest shareholder, Italy's Camfin have claimed that Sinochem's stake in the company is hindering Pirelli's ambitions for expansion in the United States. Some lawmakers there are against projects backed by Chinese firms. Pirelli stated in April that Sinochem no longer controls the company because of the Italian government's decision to "golden power" the company by 2023. Sinochem, however, denied this claim. Pirelli announced on Wednesday that "the proposals extended to Sinochem by Pirelli have in fact been rejected" following negotiations. The proposal was not detailed. Pirelli generates over 20% of its revenue in North America. The company reported a profit of 313.4 million euros for the first quarter, up 6.5% on last year. This was higher than analysts' expectations of 270 millions euros. Pirelli, which is the sole supplier of Formula One tyres, confirmed its guidance for 2025, but warned that, if current U.S. tariff policies continue, it's adjusted EBIT would likely be at the lower end.
India, US sign pact to work together on vital battery mineral supply chains
Indian Trade Minister Piyush Goyal and U.S. Commerce Secretary Gina Raimondo signed an agreement on Thursday to work together on enhancing supply chains in the two countries for lithium, cobalt and other crucial minerals utilized in electrical cars and clean energy applications.
The Commerce Department said in a statement that the memorandum of understanding (MOU), signed throughout Goyal's check out to Washington, was targeted at constructing resilience in the sector for each country.
Concern locations of focus include recognizing equipment, services, policies and best practices to facilitate the equally useful commercial development of U.S. and Indian vital minerals expedition, extraction, processing and refining, recycling and recovery, Commerce said.
Goyal, speaking at a Center for Strategic and International Researches in Washington after the signing, described the MOU as a multi-dimensional partnership that would consist of open supply chains for materials, innovation advancement and financial investment streams to promote green energy.
He said the U.S. and India would also require to consist of 3rd countries in their engagement, including mineral-rich nations in Africa and South America.
The MOU, which Reuters
initially reported
was in the deal with Monday, falls far short of a complete critical minerals trade deal that would permit India to benefit from the $7,500 U.S. electric vehicle tax credit.
Japan in 2015
signed a deal
with the U.S. Trade Representative's office that enables Japanese car manufacturers to more totally take part in the credit, aiming to decrease U.S.-Japanese mineral dependence on China and prohibiting bilateral export controls on lithium, nickel, cobalt, graphite, manganese and other minerals.
(source: Reuters)