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The Trump cuts in funding force the US Renewable Energy Research Lab to lay off staff
The National Renewable Energy Laboratory, a research division of U.S. Department of Energy, which focuses on renewable energy sources such as wind and solar, announced on Tuesday it had laid off 114 workers due to federal budget reductions, stop work orders, and new directives. Why it's important The reduction in staff at NREL in Golden, Colorado, reflects a broader trend of cuts to the Department of Energy's workforce under President Donald Trump. According to NREL's website, the staff reduction is about 3% of its 3,675 employees. KEY QUOTE "NREL's Mission continues to be crucial for achieving an affordable and secured energy future." The lab expressed its gratitude for the commitment and dedication of their staff in continuing to advance the work of the laboratory. CONTEXT The layoffs are part of a larger downsizing by the federal government, under Trump. NREL falls under the DOE's Office of Energy Efficiency and Renewable Energy. Last week, a White House budget proposal sought to cut $2.6 billion from EERE. This is in line with Trump’s desire to increase fossil fuels while shunning clean energy technologies. NREL is a part of DOE's 17 national laboratories. The majority are managed by contractors. NREL's management is shared by Battelle, MRIGlobal and MRI. (Reporting and editing by Edward Tobin; Nichola Groom)
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ArcelorMittal views May as critical to new Brazil investment decisions
As it nears the end of the current investment cycle, the month of May is crucial for ArcelorMittal in deciding whether or not it will make new investments in Brazil. ArcelorMittal is considering its next move in light of the approaching deadline for the extension trade protection measures implemented by the Brazilian Government and the import tariffs imposed by U.S. president Donald Trump. Steelmakers have complained for years about unfair competition in Latin America’s largest economy. They claim that China floods their market with cheap materials and call on the government to take more action to limit these imports. In April 2024, the Brazilian government raised the import tariff for some steel products from 10% to 25%, and adopted some import quotas that are free of surcharge. This measure is set to be renewed by the end this month. Steelmakers criticized the increase as being insufficient. "We will finish an investment cycle worth 25 billion reais in this year, and we have ambitions for at least 10 billion more in the next few years," said ArcelorMittal Brazil's head, Jorge Oliveira. He was referring to two cycles, one which began in 2022, and another that would last until 2029. The impact of imports runs contrary to any group's investment appetite. Oliveira stated that ArcelorMittal could postpone, or even cancel, investments up to 4 billion Reais announced in February for the Tubarao steel plant in Espirito Santo. The project would have two effects: a postponement of the start date and an even worse outcome, the cancellation. Oliveira stated that we are in a critical period, citing possible consequences of not extending the measures approved last summer. The executive stated that they expect the government to extend these measures "at least", but have been discussing alternative ways to strengthen them, as the existing ones "were insufficient". Gerdau, Usiminas, and CSN are also large steelmakers in Brazil. (Reporting and writing by Alberto Alerigi Jr., Gabriel Araujo, Edward Tobin).
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Devon Energy misses its first-quarter profit forecast due to lower oil prices
Devon Energy's first-quarter profits missed Wall Street expectations on Tuesday as lower oil prices offset increased production. In extended trading, shares were down about 1 % at $30.29. Brent crude futures averages have fallen on average by a year in the first quarter on fears of U.S. trade tariffs and the ensuing war on energy. OPEC+ is also ramping up production. Devon reported that the realized price of oil, including cash settlements during the quarter, was down by 8% compared to last year at $69.15 per barrel. Devon, based in Oklahoma City, increased its total quarterly production by 22.7% compared to a year ago. This was boosted by recent acquisitions. In a $5 billion cash-and stock deal, Grayson Mill Energy owned by EnCap acquired some assets from the Bakken-focused energy company Grayson Mill Energy. The company has also increased its forecast for current-year oil output by 1%, to between 382,000 barrels and 388,000 per day. a time when the business optimization plan was achieving early success, the capital expenditure plan was cut by $100 millions to $3.7-3.9 billion. Last month, U.S. Oil and Gas Producer said that it intends to increase its annual free cashflow by $1 billion before the end of 2026. This will be achieved by reducing the drilling and completion costs as well as improving the operating margins. According to LSEG, the U.S. oil producer reported a profit adjusted of $1.21 for the quarter ending March 31. This compares with an average analyst estimate of $1.25. Reporting by Tanay in Bengaluru, Editing by Leroy Leo
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SpaceX receives FAA approval for increased Starship launches in Texas
SpaceX has received approval from the U.S. government to increase its annual rate of Starship launches and booster landings. This will allow Elon Musk’s space company a significant expansion of development for its giant Mars rocket. After a year-long study, the Federal Aviation Administration concluded that SpaceX's plan to increase the number of Texas Starship launch from five to twenty-five would have no major impact on the environment. Neither would booster landings, or possible rocket explosions above the Gulf of Mexico, and certain international waters. The FAA said that it had determined that changing SpaceX Starship's license to allow for increased rocket activity would not "significantly impact the quality human environment", as per the National Environmental Policy Act. This is a fundamental environmental protection law which required FAA review. The regulatory greenlight is a boon to a massive rocket that will play a major role in the U.S. Space Program, particularly under President Donald Trump. Musk, who spent more than a quarter billion dollars to support Trump's campaign for president, had a significant influence on the space agenda of the Trump administration to align it to his vision of sending people to Mars, which is where Starship was designed. The FAA's decision comes just days after SpaceX's employees, contractors, and residents near Starbase in Texas voted to incorporate the area into a municipality. This gives SpaceX greater control over the site's sprawling growth, and new powers for its launch operations. SpaceX has been expanding its Boca Chica campus in Texas since 2017. The expansion is to create prototypes for Starship, the 40-story rocket that has won over supporters with its thunderous launches, explosive testing and innovative landings. They have also upset environmentalists and residents who are concerned about noise and the impact on migratory birds and nature reserves. The rocket system, which consists of a 171-foot-tall Starship atop the 232-foot-high Super Heavy booster and launches from Earth, has eight integrated test flight since 2023. Each launch demonstrated a variety of milestones or explosive mishaps, embodying SpaceX's risky development playbook. In a document outlining the FAA decision, it is stated that SpaceX must, in order to increase its launch activity and offset its environmental impact, perform a variety of community services. This includes quarterly beach clean-ups, donations to environmental groups, water testing nearby, and minimizing lighting at launch sites to prevent disruption of nesting sea turtles. The company has yet to announce when it will test-launch Starship again following two consecutive explosions. The rocket, which was launched from Texas in a suborbital trajectory, has been able to reach the Indian Ocean during some tests. Starship's two last test flights were cut short by in-flight explosives. This has raised engineering challenges and slowed down the program, at a time when Musk is trying to accelerate it. One of the test explosions washed debris over the Turks and Caicos Islands. This British territory is where residents reported that the event felt similar to an earthquake. SpaceX is the most active launcher in the world. It also wants to expand in California where it seeks regulatory approval to double the Falcon 9 launch rate and in Florida where it wants access a third launchpad in the state. (Reporting and editing by Chris Reese; Mark Porter, Rod Nickel and Joey Roulette)
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Trump to terminate Energy Star program for home appliances amid EPA reorganization
Two sources familiar with the reorganization said that the U.S. Environmental Protection Agency (EPA) plans to discontinue Energy Star. This program, which has been certifying the energy efficiency in home appliances since more than 30 years, will be discontinued as part of the reorganization. As part of Friday's announcement of agency reorganization, the EPA Office of Atmospheric Protection and Office of Air Quality Planning and Standards will be dissolved. After a Monday staff meeting, OAP announced that it would be closing the Energy Star program. This news was first reported by CNN & Washington Post. The EPA declined to comment on Energy Star on Tuesday, but stated that "EPA is delivering organization improvements to the staff structure which will directly benefit American citizens." In March, almost three dozen appliance and trade groups, including the Chamber of Commerce, Bosch, Carrier, and the Air-Conditioning, Heating, & Refrigeration Institute, sent a message to EPA Administrator Lee Zeldin urging that he not end Energy Star, as it was a great "non-regulatory collaboration" between the federal government and private sector. Eliminating it would not be in the best interest of Americans. The letter stated that because the ENERGY STAR program is so well-known to consumers, its elimination would likely be replaced by initiatives that produce results that are contrary to the administration's goals, such as reduced features, decreased functionality, increased performance or increased costs. The future of other OAP programs is uncertain due to the reorganization. This includes the voluntary reporting program for oil and gas. Jeanne Shaheen, a New Hampshire Democrat senator, said that ending the program would increase costs for consumers. She said, "Let's not be confused: cutting the Energy Star program would mark yet another rash effort by this administration to line billionaires' pockets and utility companies on the backs of hardworking Americans." Reporting by Valerie Volcovici and Ismail Shakil, both in Washington; editing by Andrea Ricci
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Attenborough's film on ocean resilience attracts King Charles II to premiere
In his new film, which was premiered Tuesday night with King Charles present, British naturalist David Attenborough said that there is still hope for the oceans of our planet despite their massive damage. Attenborough's latest work, "Ocean", charts the challenges that the seas have faced over the course of his career, from industrial fishing practices and coral bleaching to destructive industrial fishing. In a trailer for the film, he says, "After nearly 100 years on Earth, I now know that the most important place is not on Earth, but at sea." The release of the film in its entirety coincides with Attenborough’s 99th Birthday. "When David Attenborough began, there were only two TV channels. Everyone knew him as the voice for nature. In an interview, Enric Sala, a National Geographic Pristine Seas co-founder and executive producer for the film, stated that there are now hundreds of channels. The evening premiere, attended by John Kerry, former U.S. climate ambassador, and Cara Delevingne as well, took place in London on Tuesday, following a screening of the film for teachers and students that was also seen by Prince William. In 2020, the heir to the throne will launch his Earthshot Prize worth millions of dollars, which will help inspire innovative environmental solutions. Attenborough also has a close relationship with the Royal Family. He is a big supporter of Earthshot and in 2018, he filmed "The Queen's Green Planet" with the late Queen Elizabeth. Sala said that it is important to show Attenborough's films to younger audiences. Sala stated that she hoped that the young generations who attend the screening will be so inspired by the film that they would want to become the David Attenboroughs of the future. The discovery of restored seabeds while filming offers hope despite depicting a bleak state of ocean health. Attenborough, in the film, says that "the ocean can recover quicker than we imagined. It can bounce back to its life." "If we can save the ocean, we will save our planet." "After a lifetime spent filming our planet, I'm certain that nothing is more vital." The release of the film comes before the United Nations Ocean Conference in June, where it is hoped that more countries will ratify an agreement for 2023 to protect ocean biodiversity. This agreement currently lacks enough signatories to become effective. (Reporting by Susanna Twidale, Editing by Hugh Lawson & Tomaszjanowski)
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Argentina's soy harvest stalls after rains, meteorologist says
A meteorologist reported on Tuesday that Argentina's soy harvest, already delayed, has been further slowed down by heavy rains and humidity in Argentina's major agricultural regions. Rains in early April and March had caused Argentina's harvest to be behind schedule. The country is the world's biggest exporter of soy oil and meal. In an interview, German Heinzenknecht said, "The harvest is over." Heinzenknecht is a consultant at Applied Climatology Consulting. Experts and the data of the national weather service report that Argentina's grain belt has received between 30 millimeters and 50 millimeters (1.1 inches to 1.18 inches) of rain in the last few days. This is the end of a string of sunny days that had allowed farmers to use their combine harvesters for the first time of the season. High moisture levels can cause fungus to grow, causing the delay. Heinzenknecht stated that the harvest may restart on Saturday. Latest data from the Ministry of Agriculture showed that the harvest pace is nine percentage points slower than last year's, with 25 percent of the harvested area. SALES REBOUND Rains and the uncertainty in the industry following the lifting capital controls that affected the exchange rate caused the sales of the crop to fall in April at their lowest pace in over 11 years. The government reported on Tuesday that they had recovered by the end the month and reached their highest weekly sales pace of the year with 1,21 million metric tonnes of the crop. Farmers needing funds to plant wheat, sales are usually high at this time of the year. This is good news for President Javier Milei's libertarian government, which has been pushing farmers to export their crops. Argentina charges high prices for soy and its products sold abroad. The country relies on the foreign exchange they generate to support the economy. Even so, the sales are still behind schedule. Just over 26 percent of estimated 49 million tonnes have been sold. Maximilian Heath, Brendan O'Boyle, and Nia William edited the report.
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Pharma imports into the US increased in March, as drugmakers sought to avoid tariffs
Imports of pharmaceuticals into the U.S. soared in March, as drugmakers stockpiled ahead of possible U.S. tariffs. Their products have been historically exempted from such fees. The U.S. Commerce Department reported on Tuesday that total imports of pharmaceuticals products in August exceeded $50 billion. This is the equivalent of 20 percent of all pharmaceutical imports by 2024. Ireland, which is the largest drug exporter in the U.S., saw a significant increase in imports. In March, the country's trade surplus with the U.S. was greater than China for the first. Drugs accounted for the majority of the increase in imports from Ireland, which rose to $15.5 billion between February and March. Matthew Martin, senior U.S. economic analyst at Oxford Economics wrote that the report revealed pharmaceutical products to be $20 billion more expensive. "Almost all of these were imported from Ireland", he added. As part of his trade policy, President Donald Trump is threatening to increase tariffs on medicines. The Trump administration began a probe last month into the imports of pharmaceuticals in anticipation of possible tariffs based on the argument that a heavy reliance on foreign medicine production is a threat to national security. Trump announced on Monday that he will make an announcement about the tariffs within the next two week. Trump also issued an Executive Order aimed at lessening the regulatory burden for drug production in the U.S. Drugmakers have taken unusual steps to prepare for tariffs, including increasing their efforts to stock up on medicines. On a conference call, Pfizer CEO Albert Bourla stated, "You can imagine that we've done everything we could to mitigate the risk, which includes inventory and many other things." He said that the company increased its inventory every month to ensure "we are well-positioned." Merck's main exposure comes from the blockbuster cancer medicine Keytruda. It is the world's most popular prescription drug, and is manufactured in Ireland. Last month, the company announced that it had shipped enough inventory to America to cover it until year's end. Oxford's Martin says that in addition to Ireland and the other European Union nations, Singapore and Switzerland are also at high risk of the proposed drug import levies.
Iron ore gains on firm near-term need, more China rate cuts
Prices of iron ore futures rose on Monday as nearterm need stayed firm and the most recent rate cut in top customer China lifted belief, however gains were capped by a remaining caution on exactly how much increase the steel market will have.
The most-traded January iron ore agreement on China's Dalian Commodity Exchange (DCE) traded 1.52% higher at 770 yuan ($ 108.40) a metric lot, as of 0207 GMT.
The benchmark November iron ore on the Singapore Exchange climbed up 0.95% to $102.65 a ton.
Near-term need for the essential steelmaking basic material held firm thanks to enhanced steel margins, stated analysts.
The everyday average hot metal output among steelmakers surveyed gotten for a seventh straight week, increasing 0.5% on the week to 2.34 million loads since Oct. 18, the greatest considering that early August, while success climbed for the 8th successive week to 74.46%, information from consultancy Mysteel showed.
Meanwhile, China cut benchmark lending rates at the month-to-month repairing on Monday, boosting the marketplace, after cutting other policy rates last month as part of a bundle of stimulus measures to restore the economy.
Rate gains, however, were topped by remaining doubts on any fast boost in iron ore and steel demand from the raft of stimulus procedures on the planet's second-largest economy since late September.
While the concentrate on lowering stock is most likely to speed up the recovery, it will have little influence on steel and iron need in the short-term, analysts at ANZ said in a note.
Other steelmaking components on the DCE made headway, with coking coal and coke adding 0.56% and 0.53%,. respectively.
Steel criteria on the Shanghai Futures Exchange advanced. Rebar increased 1.08%, hot-rolled coil added. 1.06%, wire rod climbed 1.1% and stainless steel. edged up 0.65%.
(source: Reuters)