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USDA: Mexico will send water to Texas in order to compensate for the shortfall of the treaty.
U.S. agriculture secretary Brooke Rollins announced on Monday that Mexico will increase its water deliveries to Texas in order to make up for a shortfall in accordance with a 1944 agreement that defines water sharing between the two countries. U.S. officials have claimed that Mexico has failed to fulfill its obligations under the Treaty, which is harming Texas' farmers. Mexico claims that drought conditions have caused the country to strain its water resources. After weeks of negotiations, the Deputy Secretary Christopher Landau and I reached an agreement that will give Texas farmers the water they require to flourish. "While this is an important step forward, Rollins stated that we are grateful for Mexico's continued support of American agriculture." Reports from earlier this month indicated that water was a potential new front for trade negotiations between two countries. According to the water treaty, Mexico must send 1,75 million acres-feet (or acre meters) of water from the Rio Grande to the U.S. every five years. A USDA statement said that Mexico would "transfer water to international reservoirs" and increase U.S. flow in six tributaries of Mexico's Rio Grande through the end the current five-year cycle of water, which ends in October. In a press release, State Department spokesperson Tammy Bruce thanked Mexican president Claudia Sheinbaum for her "personal involvement" in facilitating collaboration across multiple levels of the Mexican government in order to establish a united path in addressing this continuing priority. Mexico's own government issued its own statement on Monday, saying that it would implement "a number of measures to mitigate potential shortages in water delivery" including immediate transfers as well during the upcoming wet season. The statement stated that "all of these actions are based on the fundamental principle of ensuring water supplies for human consumption to the Mexican population who depend on the waters from the Rio Grande." (Reporting from Leah Douglas, Washington; Additional reporting by Cassandra Garrison, Mexico City; Editing done by Leslie Adler Sandra Maler Bill Berkrot
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Email claims that the US has dismissed all authors of National Climate Assessment
According to an email sent on Monday, the administration of President Donald Trump has fired all contributors to a study that provides federal and local governments with information on how to prepare themselves for climate change. After the dismissal of almost 400 contributors for the six National Climate Assessment mandated by Congress in 2018, the future of this report is in question, as the peer-reviewed, multi-year analysis is due to be published in 2028. The email read: "At the moment, the scope of NCA6 is evaluated according to the Global Change Research Act of 1989," referring the legislation which kicked off the assessments and was signed by Republican president George H.W. Bush. Bush. Global Change Research Program was responsible for the climate assessment. Trump dismissed earlier in the month The input of 14 federal agencies as well as hundreds of outside scientists was coordinated. The findings are intended to help federal agencies, lawmakers and other stakeholders make informed decisions about climate policy and funding priorities. In 2023, the last assessment said that climate change would increase costs for Americans as insurance prices and certain foods rise, and medical care will become more expensive due to threats such as extreme heat. The White House didn't immediately respond to an email request for a comment. Trump's administration is cutting government jobs in several areas, including the National Institutes of Health and Environmental Protection Agency, to curb what it considers wasteful spending. Project 2025 was the policy blueprint of the right-wing Heritage Foundation that helped to shape many of Trump's policies. The chapter of Project 2025 on scientific agencies suggested that the National Climate Assessment be reformed to better scrutinize contributors. (Reporting from Valerie Volcovici)
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Rollins, the Ag secretary of the United States, said that US and Mexico reached agreement on screwworm.
U.S. agriculture secretary Brooke Rollins announced on Monday that the United States and Mexico had reached an agreement regarding the management of a destructive pest known as New World screwworm. She had threatened to limit the importation of cattle from south of border. Screwworms can infest animals, wildlife, and, in rare cases even people. Maggots of screwworm flies burrow deep into the skin, often causing severe and fatal damage. Rollins wrote to the Mexican Agriculture Minister Julio Berdegue, on Saturday. He warned that the United States will restrict livestock imports into the United States on April 30, if the Mexican Government does not take any further action. Rollins stated that during a visit to an Ohio egg plant, she had spoken with Berdegue about the issue and they had come to an agreement. In the next few minutes, we will have more information on this. She said that the resolution was good. Claudia Sheinbaum, the President of Mexico, said that Mexico is intensifying its efforts to combat screwworm. Mexico is a major source of cattle for the U.S. The blockade of imports will further reduce U.S. beef supplies, which have fallen to their lowest level in decades. This will drive up the price of beef. U.S. ranchers are increasingly sending cattle to slaughter instead of keeping them for reproduction, due to the drought that has dried out pasture lands in recent years. Washington banned Mexican cattle from late December to February following the discovery of screwworms in Mexico. The U.S. Department of Agriculture eliminated the pest in the United States from 1966 and wants to prevent it from returning. The National Cattlemen's Beef Association met recently with officials from the Embassy of Mexico, Washington, after hearing reports that Mexico was hindering U.S. efforts in fighting screwworm south of border. Buck Wehrbein is the association's president and a Nebraska rancher. He said, "Screwworm can be very destructive. It could cost American cattlemen millions of dollars per year if it gets to us." Reporting by P.J. (Reporting by P.J.
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Nucor, a US steelmaker, exceeds its quarterly forecast on the basis of higher spot prices
Nucor Corp, a U.S.-based steelmaker, beat analyst's estimates for revenue and profit in the first quarter on Monday. This was due to its mills segment operating at a high level. Segment, which produces structural steel, steel plates, steel bars, and steel sheets, has reported an increase of 10% in total shipments. Steelmakers have benefited from an increase in the spot price of hot-rolled steel coils (HRC), which is the most active form of finished steel. This was due to a surge in demand in the domestic market after President Donald Trump increased tariffs on steel and aluminum imports. Nucor's raw materials business saw lower margins and lower prices, which offset the lower sales in Nucor’s products segment. Nucor stated that they expect the earnings to be higher in the second quarter 2025 compared to first quarter 2025. Steel mills, the company's largest segment, is expected to see the most growth due to the higher average selling price at its sheet and plates mills. According to LSEG, the Charlotte-based company posted a quarterly adjusted profit per share of 77 cents, exceeding analysts' expectations of 64 cents. The total revenue exceeded the estimates of $7.23billion. Reporting by Aatreyee dasgupta in Bengaluru and Abhinav parmar; editing by Sriraj Kalluvila
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Eletrobras filed a filing showing that it has the necessary shareholder votes to approve the deal with Brazil.
A filing on Monday with votes cast remotely revealed that the Brazilian power company Eletrobras had enough votes to accept a proposed agreement to end a dispute with the government over voting rights in the company. The approval is not final until the shareholders' meeting on Tuesday. Voters who voted remotely can change their votes before that date. Eletrobras and the government reached an agreement last month that allows the government to nominate up to three board members of Eletrobras, from the current zero. Eletrobras shareholders will elect a new board of directors on Tuesday. Eletrobras is freed from its planned investment in the controversial Angra 3 Nuclear Plant as a result of the agreement with the government. In 2023, the government of President Luiz inacio Lula da Silveira pushed to gain influence at Eletrobras to better reflect their 46% share of common shares. A mediation process lasted over an year. Eletrobras, the Brazilian energy company, was privatized by Jair Bolsonaro in 2022. Under its bylaws, no shareholder can hold more than 10% stake to vote on company decisions. Leticia Fucuchima reported from Sao Paulo. Additional reporting and writing was done by Andre Romani. Editing was done by Aida Pelaez Fernandez and Brendan O'Boyle.
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Cemex shares in Mexico are up as Dominican assets sale boosts profits
The shares of Mexican cement maker Cemex rose on Monday, as the sale in Dominican Republic nearly tripled its net profit in the first quarter of 2025. This was despite the fact that the company's core earnings fell year-over-year. Cemex shares rose 4.5% on the morning market, becoming the largest gainer in Mexico's main index. The company reported a profit of $734 million for the first quarter, up 189%, thanks to the Dominican Republic deal. Cemex reported that 618 million dollars of its net profits in the quarter were from discontinued operations. It also reported a 18% drop in earnings before interest taxes, depreciation, and amortization, at 601 million dollars, which is in line with LSEG estimates. This was due to a lower peso, and a decline in volume at home. Cemex reported that the peso had caused an EBITDA hit of $65 million, and volumes in Mexico dropped due to the rush to complete government infrastructure projects last year before a presidential elections. Jaime Muguiro, the incoming CEO, said that he expects his EBITDA for 2025 to remain flat, with a value of upwards of $3 billion. Muguiro said during the phone call that he was conducting an extensive review of our organization and costs as part of his transition. This could lead to further savings. Muguiro replaced Fernando Gonzalez, the retiring CEO of Cemex USA at the start of April. Cemex's biggest market in the first quarter was the United States, followed by Europe and the Middle East. Mexico came third. In recent years, the firm has shifted their focus to the U.S. and sold off non-core business, including in Guatemala. The Philippines, Dominican Republic, and the Philippines. Bloomberg News reported in February that Cemex had been gauging interest to sell its Colombian unit. Cemex stated on Monday that it is still interested in small to mid-sized acquisitions within the United States. Analysts viewed the results as mixed. They praised the positive net income but noted the lower-than-expected core earning. (Reporting and editing by Lincoln Feast, Kevin Liffey and Aida Pelaez Fernandez)
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India's Adani says an independent review of the US indictment revealed no irregularities
India's Adani Green said on Monday that it had not found any irregularities or non-compliance in its independent review of U.S. charges against founder Gautam Adani, and other top Adani Green executives who were accused by the U.S. of paying $265,000,000 in bribes to secure power contracts. The U.S. authorities charged Gautam Adani in November along with his nephew, Executive Director Sagar Adani, and Managing Director Vneet S. Jaain. They alleged that the trio paid bribes for Indian power supply contracts, and misled U.S. investor during fund raisings. Adani Group denies the allegations, calling them "baseless." In January, the company hired independent law firms to review the U.S. charges. Adani Green, in a filing on the exchange, said that, after this review, management of the holding firm concluded that, together with its subsidiaries it complied to applicable laws and regulations. The company said it did not expect that the U.S. proceedings would have any material impact on the group. In February, the U.S. Securities and Exchange Commission requested assistance from Indian authorities in its investigation. The company has reappointed Vneet JAIN as its managing director, with effect from July 10, for another five-year term. Adani Green released a statement saying that Jaain "has spearheaded the group's energy and infrastructure strategy and has been instrumental to growing various businesses, from conception to operation." Sethuraman N.R. in Bengaluru, and Tasim Z. Zahid edited the report.
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Trump Administration allows temporary sale of higher-ethanol summertime fuel
The Trump administration issued an emergency waiver on Monday to allow a higher-ethanol blend of gasoline to be sold nationwide this summer. They said it would increase fuel supply and lower costs during the U.S. peak driving season. This move will likely benefit corn farmers and biofuel producers, as the market is expected to grow for their products. Both industries are pushing for year-round nationwide sales of E15 blends, which contain 15% ethanol. U.S. Agriculture Secretary Brooke Rollins stated that the decision to allow summer sales of E15 would provide immediate relief for consumers. It will also provide more choice at the pump and increase demand for corn produced, processed and used in the United States. The government restricts the sale of E15 gas during summer months because it is concerned about smog. However, biofuels say that these concerns are unfounded. The emergency waiver is set to take effect on 1 May. The Environmental Protection Agency (EPA), which issued the waiver said that it expected to extend it until it no longer considered it necessary. In recent years, the EPA issued similar waivers during summer. Geoff Cooper is the president of Renewable Fuels Association. The EPA announced earlier this year that it would support a date of April 28, 2008 for the implementation of a request by governors from Midwestern states to permit year-round E15 sales. The EPA announced Monday that it had waived provisions which would have made E10 gas sold in Illinois, Iowa Minnesota, Missouri Nebraska South Dakota and Wisconsin conform to a stricter standard than conventional fuel in other parts of the country. (Reporting and editing by Alistair Bell; Stephanie Kelly)
Iron ore prices rise as supply disruptions offset Trump tariff threats
Iron ore futures prices extended gains for the second consecutive session on Tuesday as fears over weather-related disruptions to supply in Australia, a major supplier, outweighed discontent with new tariffs announced by U.S. president Donald Trump.
As of 0214 GMT, the most-traded contract for May iron ore on China's Dalian Commodity Exchange was trading 0.79% higher. It was 827.5 Yuan ($113.24), per metric ton.
Earlier in the session, the contract reached its highest level since 10 December at 830.5 Yuan per ton.
As of 0211 GMT the benchmark March iron ore traded on the Singapore Exchange had risen by 0.35% to $107.55 per ton. This was the highest price since October 10, 2024.
After a Bureau of Meteorology weather warning, the operator of Australia's port of iron ore export Port Hedland which is used by BHP Group and Fortescue as well as billionaire Gina Rinehart’s Hancock Prospecting started clearing ships from the Port.
This came after the top supplier Rio Tinto cleared two ports in Western Australia last week. This had led to a sharp drop in shipments over this period, according to traders.
The unrest caused by Trump's new tariff threats has tempered gains.
Trump raised the tariffs on imports of steel and aluminum on Monday from a flat rate of 25% to a 25 percent rate "without any exceptions or exclusions". This was done to help struggling industries, but it also increased the risk for a multi-fronted trade war.
Tariffs will be applied to millions of tonnes of steel and aluminium imports from Canada and Brazil. They also apply to South Korea, Mexico and other countries.
ANZ analysts wrote in a report that the tariffs may weaken demand for ore if China's steel export markets are affected.
Coking coal and coke, which are used to make steel, also fell, by 0.44% each and 1.06% respectively.
The benchmarks for steel on the Shanghai Futures Exchange have lost ground. Rebar fell 0.66%, while hot-rolled coils dropped 0.41%. Wire rod also declined 0.72%, and stainless steel slipped 0.71%.
(source: Reuters)