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Gas prices are forcing Americans to be creative, from toy cars to bus rides.
Mali?Hightower found a toy in someone's garbage to solve the problem of high gas prices. The handyman, 30, from Ellenwood in?Georgia, stuck a broken pink Power Wheels Barbie Dream Camper, a battery operated toy car that was less than four feet high, with a two gallon, one piston engine. The handyman, 30, from Ellenwood,?Georgia, stuck a two-gallon, one-piston engine from a power washer into 'a broken pink Power Wheels Barbie Dream Camper -............... he was off to the store, with his knees up at his ears and....... Filling up his Mercedes-Benz convertible 1996 costs him about $90. Hightower said, "That's way too expensive." He also added a rack for groceries on the top. "I drive it when I can." The soaring price of gasoline has influenced the way Americans make decisions. Americans, who have been enamored of their cars for years, especially less fuel-efficient SUVs, are now looking at alternatives, such as public transportation or staying near home. According to AAA, Americans were paying an average of $4.52 per gallon of regular gasoline as of May 18. This is up from $3 before the Iran War began. According to a Washington Post/ABC News poll conducted by Ipsos in April 28, 44% of Americans had reduced their driving. Others are finding ways to make the most of economic hardship. Renee Tocci of Camp Farley, Mashpee Massachusetts, came up with an idea after spending $40 more to fill her Buick Enclave than normal. She would promote sleep-away camps as a way for parents to save money on the cost of schlepping around their children all summer. Tocci said that her colleague thought it was hilarious. "And I said, seriously, I will post it on social media." She started referencing fuel prices online and in email marketing to increase enrollment. One of her posts stated, "Here's an inexpensive tip that no one mentions: Send your children to overnight camp." "EVERY WALK IN LIFE" Dafne Flowers, a content creator from Silverdale, Washington, drives to Los Angeles several times per year to visit her friends. During her most recent two-month visit, Dafne Flores parked in Glendale to use public transportation. Flores (28), said, "We are used to high gas prices but not this high." Filling up her Toyota Highlander costs at least $95. She avoids stations near freeways where prices are as high as $9 per gallon. She can edit videos on the bus and save money by not parking. Flores claims that more Americans of her age are making similar choices online: "I see a lot videos of people taking public transportation." From coast to coast, the trend is clear. According to transit administrator Laurie Linscott in Maine, the number of passengers using Bangor's bus system rose 21% from January. The majority of this growth occurred during peak commuter hours. Linscott said, "I began watching people to try and get a demographic." "It was from every walk of life." GIVEAWAYS OF GAS CARDS A recent Thursday saw drivers waiting for more than an hour in a gas station at El Segundo in California. The tourism agency Visit Vegas offered up to $100 worth of gas to the 100 first drivers to get in line. Few people who attended the event were planning a vacation. Robert Jackson, of El Segundo, said that the fuel would last only a few days. He said, "I'm going to have to walk now and take the train." "It's tough. "It's really tough." Segette Frank, a Los Angeles resident, used to shop all over the city. She said, "I don't go far because I do not want to run out gas." In Chicago, the CityPoint Community church plans to give away $25 gas cards worth $5,000 in the next few weeks. Pastor Demetrius Davis stated that they distributed over 70 cards following Mother's Day service. He said that "Transportation is not a luxury to many families." "It's survival." The crunch so far hasn't caused an increase in electric vehicle sales, but it's vindicated existing EV owners, especially Tesla owners, who were caught up in the political backlash last year against CEO Elon Musk. John Stringer is the president of Tesla Owners of Silicon Valley, an organization of Tesla enthusiasts. He recently posted a TikTok clip showing a sign at a gas station with sky-high pricing. Stringer, a bit cheekily, says, "Oh man, I wish that was something that I had deal with," before turning the camera to his Cybertruck. Stringer's relief, while a joke at first, is not a joke. I don't remember the last time that I checked gas prices. Except for that video.
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Russian seaborne oil product exports rose 10% m/m between May 1-15, according to industry data.
According to LSEG data and other market sources, Russia's seaborne exports of oil products rose 10% a month on average in the first fifteen days of May as key ports re-established fuel loadings. The release of fuel inventories accumulated during previous disruptions due to drone attacks was the main driver for fuel export growth, traders reported. However, May shipments were still limited by unplanned and seasonally-related refinery maintenance as well as rising domestic demand. Primorsk is the largest port in Russia for the export of ultra-low sulphur (ULSD) diesel. In the first half, it loaded 710,000 tons of ULSD, which was essentially the same as the previous month. Ukraine has increased drone attacks on Russia's energy sector, targeting twice as many oil refineries since the beginning of the year. The major plants in Kirishi, western Russia, Nizhny Novgorod along the Volga and Perm near the Urals mountains were all targeted. Drone strikes in late March on the Baltic ports Primorsk & Ust-Luga caused fires to fuel tanks. Terminals were unable to handle oil products for several weeks. Market sources said that in May, fuel loadings at Baltic ports were gradually resumed, but not yet to full capacity. Ukrainian drones repeatedly attacked Russia's Black Sea Port of Tuapse, as well as the nearby Rosneft owned Tuapse Refinery last month. This forced a halt to oil processing and fuel-loading operations. The traders said that some exports had been rerouted into other Russian ports.
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Officials say that Russian drones and missiles have killed four people in the northern regions of Ukraine.
Ukrainian officials reported that Russian missiles and drone strikes in the northern Chernihiv and Sumy regions of Ukraine killed?four people? and injured several others on Tuesday. The regional governor said that a ballistic missile attack in the middle of Pryluky, in the Chernihiv Region, killed two people, and injured at least 17 others. One of them was a 14-year old. The attack damaged a business and also a nearby shopping centre and supermarket, said Governor Viacheslav Chaus on Telegram. Chaus shared photos of a metal structure damaged and a building whose windows were shattered on Telegram. The regional governor said that a separate Russian drone strike targeted civil?infrastructure in the neighbouring Sumy Region on Tuesday, without revealing any further information about the targets. Oleh Hryhorov, the governor of Oleh's?Hryhorov, said that two men aged 52 and 58 were killed and four others injured. Both?regions? border Russia and have been the target of frequent attacks during the war. Reporting by Anna Pruchnicka, Editing by Alison Williams & Peter Graff
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India's leading copper producers are against scrap-based rods being included in standards
Adani, Vedanta, and Hindalco are among the top copper producers in India. They oppose plans to make copper wire produced by secondary refiners meet government standards. A dispute over copper rods with high conductivity that are fire-refined has led to a standoff lasting months between primary producers and refiners. These rods are used primarily in electrical applications, such as transformers and power cables. Copper rods produced by smaller refiners that mainly use scrap as a raw material are not subject to the same standards, because they may not meet the required purity levels for electrical applications. The?large producers claimed that Indian fire (secondary refiners) may not possess the requisite technology, and are therefore unable to manufacture the FRHC-grade consistently. This was according to the minutes of a meeting of the Bureau of Indian Standards on March 23, which were reviewed by?. BIS, the state-run agency that oversees quality standards for Indian products. The minutes of the Indian Primary Copper Association (IPCPA) stated that "many manufacturers are not refining?and only re-melting?scrap to make?substandard products." IPCPA partners include Adani Vedanta Hindalco Hindustan Copper. In the minutes secondary producers defended the production method they use, stating that fire refining allows them to control the chemical composition and conductivity of copper, which is required internationally for cable manufacture. The BIS has not responded to any requests for comment from? The BIS did not respond to requests for comment. IPCPA Rohit Pathak stated that the industry group was seeking separate standards to be set for FRHC Copper because "fire refining, which uses scrap copper as its primary input cannot remove?impurities in order to achieve the 99.99% purity needed for electrical applications." Lower purity will increase the risk of overheating, and even fire. Pathak, also the CEO of Hindalco’s copper business, said in a press release that a separate?standard would help ensure safe use. Industry estimates estimate India's total demand of?copper bars in the fiscal period ending March 2025 at 1.2?million metric tonnes, with imports accounting for 0.1?million tons. FRHC copper bar production was at 0.4?million tons. The Middle East conflict has disrupted supplies this year, but imports are still largely sourced from the United Arab Emirates. A source in the industry said that as a result, around 400,000 tons copper wire rod are currently traded outside of the quality control regime. (Reporting and editing by Mayank Bhadwaj, Raju Gopalakrishnan).
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South Korea and Japan agree to strengthen security ties, as well as energy cooperation
Their leaders said that?South?Korea? and Japan?have agreed to expand their cooperation in the areas of LNG and crude oil supplies, including stockpiling, and swapping petroleum products. After a meeting held in Lee Jae Myung's hometown, Andong, the President and Prime Minister said they would intensify coordination to stabilize?energy supply and expand their cooperation with other Asian countries as disruptions in supply due to war in the Gulf are straining their import-dependent economy. In a joint press statement, Lee stated that "recent instability in energy markets and supply chains stemming from Middle East situation has further highlighted the need for closer cooperation between our countries." Takaichi also said that they launched a bilateral project focusing on strengthening the energy supply resilience. This included enhancing reserves in the Indo-Pacific and "assessing energy safety through measures such a mutual swap transactions for crude, petroleum products, and LNG." They also reaffirmed a stronger coordination in security, including trilateral co-operation with the United States as they face shared challenges, such as North Korea and wider regional tensions. Lee stated that the recent upgrade of vice ministerial level security talks between?two countries represented "meaningful progress" towards institutionalising defence dialog. The Andong summit was the sixth time the two leaders met since Lee came into office, and the second meeting this year within their "shuttle diplomatic" framework. Both leaders agreed that the rapid succession of meetings, including reciprocal visits to each other's hometowns, showed the level of trust between their countries. They also said it demonstrated a growing cooperation outside of capitals and into regional and economic ties. South Korea and Japan are attempting to strengthen their coordination, despite a long history of disagreements. Both governments have a greater focus on regional stability, economic security, technology cooperation, including artificial intelligence, and advanced technology. The leaders will attend a banquet in Andong that features a mix of Korean and Japanese cuisines, as a symbol of bilateral friendship. The leaders will also enjoy cultural performances, including a pansori and firework show along the river. (Reporting and editing by Bernadettebaum, Peter Graff, Kaneko Kaori)
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Shooting in southern Spain leaves at least two dead and four injured
Spanish police announced on Tuesday that they had arrested a 25 year old?man accused of?killing his two parents?and injuring four others including his son in an overnight shooting in the southern city El Ejido in Almeria Province. Guardia Civil said that the four injured are hospitalized and in "serious condition". The suspect's child was not the only injured person. A woman, a man and a minor were also hurt. The statement said that the shooting was reported for the first time after?11 pm (2100 GMT) Monday. The suspect was arrested by specialist units at 4 am on Tuesday. The police were looking into the motive of the shooting. They initially thought it was domestic violence. Also, they wanted to know the origin?of the gun that he used as he did not have a gun licence. Spain is relatively free of shootings, as firearms and gun ownership are strictly regulated. According to the United Nations Office on Drugs and?Crime (UNODC), Spain recorded 53 firearm homicides?in?2023. That's 0.1 deaths for every 100,000 people - the lowest rate anywhere in Europe and the entire world. (Reporting and editing by Jacqueline Wong; Andrew Heavens, Sharon Singleton, and Jacqueline Wong)
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Oil prices drop after Trump's Iran remarks, but shares and bonds remain steady
The global stock and bond market stabilized on Tuesday after U.S. president Donald Trump postponed an attack against Iran and stated that there was a high chance of a nuclear agreement, which sent oil prices lower. Trump announced on Monday that he has halted the?planned? resumption? of attacks against Iran in order to give time to negotiate a peace deal. This comes after Tehran sent Washington a new proposal for peace. The U.S. has a "very high chance" of reaching an agreement with Iran that would prevent Tehran from getting a nuclear bomb. Investors were cautious after a drone strike on the weekend in the United Arab Emirates had roiled them in the previous session. Early trading in Europe saw stocks rise 0.7%, regaining ground lost on Friday. They had fallen 1.5% after bond market volatility spread to equity markets. The futures for the U.S. S&P 500 index were not much changed on Monday after the index had flattened?after a 1.2% decline on Friday. "We have seen a lot back and forth," said Fabien Yips, a IG analyst. "Until we see real action (in the Strait of Hormuz) whereby ships pass through safely and see a material resurgence in traffic through the Strait, the market is ignoring the comments from both sides." Brent crude futures dropped 1.4% to $105.50 per barrel, while U.S. crude remained flat at $108.70 a barrel. Both were?more that 50% higher than their pre-war level. The broadest MSCI index of Asia-Pacific stocks outside Japan fell more than 1% while Japan's Nikkei Index eased by 0.4%. Earnings from Nvidia, the world's largest chipmaker, are expected to be released on Wednesday. Expectations for this company are sky-high. Richard Reyle is chief investment officer of Questar Capital Partners. He said that "Nvidia has become the market's shorthand term for all things AI. This market's gains over the last few years have been driven largely by AI." BOND SELLOFF ABITES The drop in oil prices helped to stop a massive sell-off of global bonds on Monday, but concerns remain over any inflationary shock that may result from the Iran War. The yields on the benchmark U.S. Treasury 10-year note have fallen from a high of more than 4.63% to 4.597%, a drop of over one year. British government bond yields dropped the most, followed by those of European and Japanese bonds. Prices and yields are inversely related. As they met in Paris, the G7 Finance Ministers expressed their concern about rising public debt and volatility on the bond markets. The markets are pricing in major central bank rate increases this year based on the expectation that policymakers will tighten their policy to combat an inflation resurgence driven by high energy prices for longer. Florian Ielpo is the head of macro for Lombard Odier Investment Managers. He said that the micro story was still strong and AI was still acting as a main support for US equity markets. However, "the macro story" is less forgiving, referring to rising oil prices, bond yields, and other factors. The?dollar, which has been a safe-haven since the start of the war, was up by 0.1% to 159.04yen. This puts traders on high alert for any Tokyo intervention in order to support its currency. The euro fell 0.2% to $1.16. The pound also fell by 0.2%, to $1.34. Rae Wee and Harry Robertson reported from Singapore, and Jamie Freed and Tom Hogue edited the article.
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Minister: Italy will extend the fuel excise tax cut that expires this week
A top government minister announced on Tuesday that Italy would extend a 'cut in fuel excise duty due to expire May 22 as part of efforts to curb the soaring energy prices caused by the Middle East conflict. Matteo Salvini, Deputy Prime minister and Transport & Infrastructure Minister, said during an interview with RTL 102.5 that "we will definitely have to extend the excise reduction." It has spent about?1 billion Euros ($1.16 billion), so far, to reduce?excise duty on?petrol or diesel pump prices. The measure was first introduced in March, and then extended for the first time in late April. Italy, which is highly dependent on imported oil and gas, is especially vulnerable to disruptions in supply linked to the U.S./Israeli conflict against Iran. Salvini claimed that the excise discount was not enough to satisfy truck drivers who are planning a strike across the country next week. He said that the government would meet with freight transport associations on Friday in order to revive the tax credit measure. Salvini stated that the strike was justified. ($1 = 0.8596 euro) (Reporting and editing by Alvise Armillini, Francesca Piscioneri)
Japan's Sumitomo increases annual profit forecast despite Ambatovy losses
Sumitomo Corporation, a Japanese company, raised its net profit estimate for the fiscal period through March by 6% as higher earnings from overseas power generation and aluminium prices compensated for a loss on its nickel project in Madagascar.
The trading house has now increased its guidance to 560 billion yen for the current fiscal year. This is up from the previous guidance of only 530 billion, despite the 6 billion yen losses from the Ambatovy Nickel project, due to unrecoverable investor loans.
The net profit for April to December rose by 3% compared with the same period last year, reaching 416.5 billion yen.
Sumitomo is struggling to improve profitability and stabilise the production at Ambatovy, a project launched in 2005. The project's value was written down to zero during the fiscal year ending March 31, 2024. This resulted in an impairment loss of 89 billion yen.
It warned that if the company needed to raise additional funds to continue operations, it could lead to further impairments if they were deemed to be unrecoverable.
Sumitomo holds a 54.17% share in Ambatovy Minerals (a mining company) and Dynatec Madagascar (a refining firm). Korea Mine Rehabilitation and Mineral Resources owns the rest.
Ambatovy Project companies have completed all their work.
Debt restructuring
In December, the debt of lenders was eliminated by a London Court.
A spokesperson for the company said that Sumitomo continues to consider all options, including selling Ambatovy.
Sumitomo reported that Ambatovy produced approximately 20,000 metric tonnes of nickel from April to December. However, it did not reveal production plans. Instead, the company said it would assess plans following a thorough inspection of the damaged pipeline in September.
(source: Reuters)