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Coal India reports lower revenue for the quarter as demand for power declines
Coal India, the company that produces more than 75% of India's coal, announced a decline in revenue for the fourth quarter on Wednesday. The drop was attributed to a lower demand for electricity. The company, which produces mainly thermal coal for industries and power generation, reported a 1% decline in revenue from operations to 378.25 trillion rupees (4.47 billion dollars) during the quarter ending March 31. India's coal consumption remained low from January to March due to a slowdown of manufacturing, which led to a lower demand for electricity. The coal production of the company fell by 2% during the quarter while the offtake or volume of coal sent from the mines was almost flat. The company's profit increased 12%, to 96.04 trillion rupees. This was due to an increase of 75% in interest income on a refund of income tax and flat expenses. The average price realized by the company from its e-auctions rose to 2,614.94 Rupees. This helped to lift the overall average coal price. Coal India sells the majority of its coal to domestic customers under long-term agreements. About 10% of sales are made through e-auctions, at prices close to market rates. The company reported a final share dividend of 5.15 Indian rupees. ($1 = 84.6950 Indian rupees) (Reporting by Anuran Sadhu in Bengaluru; Editing by Savio D'Souza)
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Greece and Bulgaria reach long-awaited deal on water before summer
The Bulgarian Foreign Ministry confirmed Wednesday that Bulgaria and Greece had signed a 5-year water agreement after months of negotiations. This decision brought relief to Greek farmers worried about their crops. This agreement replaces an earlier 60-year deal that expired in July last year, highlighting how vulnerable water resources are becoming due to climate changes. Farmers in northern Greece's Evros region were alarmed by the impasse surrounding a deal and staged tractor blocksades to demand a solution in January. In Bulgaria, opposition parties accused the government for giving away an important resource at no cost. According to a declaration signed on May 2 by the foreign ministers of both neighbours, Bulgaria will release the water flowing down the River Arda from its mountains onto 20,000 hectares (50,000 acres) of the Evros Plain in northern Greece. The Bulgarian Foreign Ministry said that the amount would be determined annually, after assessing Bulgarian needs. The ministry stated that "the two sides stressed the importance of water and the need to protect this resource in light of the climate change risks." It did not provide any additional details. The Greek farmers had expected a deal with a longer term but were happy to see the new agreement. Dimitris Drakoudis is the head of an association of local farmers. He said that the farmers are still waiting on more information about the terms of the agreement. "We were concerned because the irrigation seasons has begun," he added. The deal that expired was part of the World War Two reparations agreements signed in 1964, and Bulgaria had been required to release 186 millions cubic metres of water each year from May to Septembre from hydroelectric dams into Evros. Bulgaria stated that Greece does not have any functioning reservoirs to store water in the area and will be required to upgrade existing water storage facilities or build new ones under the terms of the agreement. (Reporting and editing by Gareth Jones, Karolina Slavov and Georgi Tagaris)
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LSEG data indicates that Freeport LNG export facility in Texas is on schedule to end its outage by Wed.
According to data provided by financial firm LSEG, the U.S. liquefied gas (LNG), Freeport LNG, export plant in Texas is on track to receive more natural gas after closing on Tuesday. This indicates that the plant has recovered from an outage. Freeport LNG officials were not available to comment immediately. Freeport reported to Texas environmental regulators on Tuesday night that the three liquefaction train at the export facility had been shut down Tuesday morning because of an interruption in the power supply. Freeport has been shut down by power problems in the past. Freeport is more vulnerable to power outages because it uses electric motors rather than gas turbines for liquefaction compression. Freeport is one the most closely monitored LNG export plants around the world, as the start and end of its operations can cause large price swings on global gas markets. Gas prices in the U.S. typically drop when flows to Freeport decrease due to a lower demand for fuel from the export facility. Prices in Europe are usually higher due to the drop in LNG supply available from the plant to global markets. Gas prices in the U.S. are up about 3% on Wednesday, a change that was seen on Tuesday. LSEG reported that the amount of natural gas flowing into Freeport on Wednesday was expected to reach 1.8 billion cubic feet per day. This is up from 0.3 bcfd Tuesday, and averaging 1.9 bcfd for the previous seven days. Three liquefaction plants at Freeport can convert about 2.1 billion cubic feet per day of gas to LNG. A billion cubic feet of natural gas can supply 5 million U.S. households for one day.
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Lead contamination is a threat to residents after the LA wildfires
Residents of LA are tested for lead poisoning following wildfires Lead levels in samples exceed the state's acceptable limits Who pays for soil remediation? Rachel Parsons Michelle, Darcy, and their children were rescued in the middle of the night by a wildfire northeast Los Angeles. They returned home to find that they still owned a house. They and the thousands of residents who live near the burn scar from the Eaton Fire, whose homes have been spared, now face a new threat - elevated and invisible levels of lead that could be lethal. Last week, the Fenwicks waited in line along with hundreds of others to get their blood lead tested at a mobile site set up by the Los Angeles County Department of Public Health. Michelle Fenwick said that her main concern was lead poisoning. She is at a stage where she is putting everything into her mouth. Her husband Darcy, who held their five-year-old boy, also held the 18-month old. The tests come after the Federal Emergency Management Agency, (FEMA), in February refused follow-up soil analysis on properties that were destroyed and cleaned. FEMA has also stated that it does not plan to test any intact property. The county, however, announced in April that the soil samples it had ordered showed that a large percentage of the samples tested exceeded the state's accepted levels of lead. This was on land that was outside the Eaton Fire boundaries but adjacent. According to the U.S. Centers for Disease Control and Prevention, lead contamination can cause organ damage and neurotoxicity with prolonged exposure. Experts say that the most common cause of lead buildup in children is hand-to-mouth transfers. This can cause behavioral problems, learning issues, developmental delays, and behavioral issues. In an online town-hall meeting held on April 10, Dr. Nichole Q. Quick, chief medical advisor at the DPH, said that lead is a neurotoxin and even low amounts in the body can cause lasting harm, particularly in children. Quick stated that blood tests conducted on residents prior to early April revealed no abnormalities. However, "no level of lead is safe," he said. Lead can accumulate in the blood for weeks or months before it becomes visible. DPH stated that "given the timing and the current test results we would expect to see elevated levels if there had been significant exposure by now." The continuous testing of blood lead ensures that we do not miss any exposures which are delayed or ongoing. DPH stated that anyone who tests positive for lead will be contacted within three days. All other results will be mailed to everyone else. Impact on Property Prices The Fenwicks followed all the steps recommended to protect their child. Michelle Fenwick stated, "We have done all the cleaning, put down AstroTurf, and covered dirt with mulch in order to prevent exposure." She said that depending on the results of the tests, they might consider a permanent solution: moving. What price would they get for their house after the devastating Eaton & Palisades Fires, which destroyed more than 12000 structures and burned over 40,000 acres? At least 27 people died. Land contamination can be of any kind and "significantly reduce property values," says LandApp, an online real estate data provider. Lead from the Eaton Fire is primarily attributed to older housing in the area, which dates back more than a century. Homes built before 1978 are almost certain to have been painted with lead-based paint, and many of them had lead pipes. Moving isn't an option for many people. The initial rise in rental rates after the fires raised concerns over price gouging, but prices have since fallen. The housing stock in the area is not enough to accommodate the thousands of displaced people. Patricia Roach, who is also a retired probationary officer standing in line to take a blood sample, stated that she would not be moving. She asked. She asked. She asked. The county hired environmental consultancy firm Roux Inc. for soil testing of 367 intact properties within one mile of the burn zone. The majority of the samples in Roach and Fenwick's neighborhoods exceeded the state's acceptable lead levels. COSTLY CLEANING A second question is if home owners are responsible for the cost of soil remediation, if necessary. The U.S. Army Corps of Engineers is required to test and remove the top six inches of soil contaminated by FEMA. Those with unharmed homes, however, may not be eligible for compensation. FEMA has been asked to help with the assessment of fire effects by the DPH, but due to federal funding cuts it is unclear if the agency will offer any assistance. Adam Love, principal researcher at Roux, stated at the townhall that a chemical accumulation that exceeds state-recommended levels "doesn’t mean that a cleanup must occur." He said that it could mean that additional scrutiny was needed. According to county officials, if the blood test shows a high amount of lead, that person might want their soil tested and removed. The parents of Lily Fenwick were inconsolable as the nurses inserted a needle into her tiny arm. She let out a guttural cry. Parents encourage others to do the tests despite the pain.
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Equinix Malaysia looks for alternative energy sources amid anticipated electricity tariff hike
The Malaysian data centre company Equinix announced on Wednesday that it was looking into alternative sources of energy, as it anticipates an increase in domestic electricity rates to raise its costs. The Malaysian government announced previously that it would increase electricity rates by 14.2% this July. Equinix Malaysia's managing director Cheam Tat Inn said that the company was looking into a variety of renewable energy service providers during a tour of the completed second phase of their data center in Cyberjaya. Cheam didn't specify the renewable sources used or a time frame. Equinix Malaysia operates two data centers, Cyberjaya, and Johor. They have a combined capacity of 4.8 Megawatts (MW) and 2.4MW. Malaysia recently saw a boom in its data centers. The country's facilities are expected to quadruple in the next decade, from 18. These data centers have an electrical demand of 800MW. Since last year, technology giants such as Microsoft, Nvidia Alphabet’s Google, China’s ByteDance, and Oracle announced digital investments worth billions of dollars in Malaysia, mainly in cloud services and information centres. This has fueled an infrastructure boom that is driven by the growing demand for artificial intelligent. Cheam stated that the Equinix data centre in Johor was fully subscribed since its launch in May of last year. He said that the Cyberjaya Data Centre is already full, and customers have already moved in. Equinix is expanding its presence in Southeast Asia in order to tap into the growth potential of the region. Last year, it acquired three data centres located in the Philippines, in addition to operations in Indonesia Malaysia and Singapore.
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Copper prices drop due to caution about US-China talks
The copper price fell in London Wednesday, as the market was not expecting a quick outcome from upcoming talks between U.S. officials and Chinese officials after months of increasing trade tensions. The benchmark three-month copper price on the London Metal Exchange shed 0.9% at $9,456 per metric ton as of 0955 GMT, after reaching $9,582 in the early Asian trading hours. This weekend, U.S. representatives and Chinese representatives are expected to meet for discussions that could be a first step in resolving the trade war between the two world's largest economies. Import duties have risen above 100%. "Any sign that the situation is deescalating would be beneficial, and these talks are an attempt to calm the market down." "Making statements without lowering tariffs is not helpful," said Nitesh Sha, commodity strategist at WisdomTree. We are still in a period of uncertainty about the future of trade policy. The trade spat, and an investigation into copper in the U.S. that is separate from the trade spat, are reducing the availability of copper in the Shanghai Futures Exchange system (SHFE), and the LME. Since several months, the premium between the COMEX and LME copper futures has been higher as Washington continues to investigate whether or not it should impose new tariffs on copper imports. COMEX warehouses saw a rise in inventory as traders shifted copper away from the traditional Asian markets and towards the U.S. The price of a litre of milk has risen by 61% since the end March. Despite the high levels of supplies to the U.S. the inventories at the LME registered warehouses have increased. The SHFE monitored warehouses have seen a steady outflow of stock and continued outflows. The sharp drop in sales is a sign of a robust Chinese market. Yangshan Copper Premium It is the highest level since December 2023. The price has increased by 43% since the end of March. The traders were cautious as well, ahead of the Federal Reserve's interest rate announcement later that day. The markets are indicating that there is little chance of a change in interest rates. LME aluminium fell 1.2%, to $2 398 per ton. Zinc dropped 0.3%, to $2 625, lead increased 0.5%, to $1 931.50, tin rose 0.1%, to $31,990, and nickel declined 0.4%, to $15,620. (Reporting and editing by Emelia Sithole Matarise; Reporting by Polina Devitt)
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In April, Russia's oil and natural gas revenues were down by 12% year-on-year.
The Russian budget revenue from oil and natural gas sales dropped by around 12% compared to April last year. The Ministry of Finance blamed the sharp fall in oil prices. The Kremlin's most important cash source has been oil and gas revenue, which accounts for between a third and a half the total federal budget revenues over the last decade. According to the Finance Ministry, revenues reached 1.09 trillion Russian roubles (13.49 billion dollars) in April, down from 1.23 in April 2024, but slightly up from March's 1.08 trillion. This was more than the 0.96 trillion roubles that. In January-April, revenue fell 10.3% on an annual basis to 3.73 trillion Russian roubles. The impact of lower oil costs could be mitigated by tax increases or spending cuts in the short-term. According to data, the average Russian oil price per barrel in roubles continued to fall in recent months. It was 5,079 in March and 4,562 in April. The budget for this year was initially set at 10.94 trillion Russian roubles. Last month, it revised down the expected proceeds to 8.32 trillion Russian roubles due to falling oil prices.
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Sources: Mali mining convoy attacked on the road to Allied Gold Sadiola mine
Two people who were familiar with the incident said that the attack took place over the weekend in the Kayes area. The convoy was transporting heavy equipment from Bamako, the capital of Mali, to Allied Gold Sadiola Mine. The attack highlights the increased security risks and costs that mining companies in Sahel-led states, which are struggling to contain Islamist militants groups, face. Attacks on mining equipment are rarer than attacks on government or military convoys in Mali. Fortuna, a Canadian gold mining company, announced this month that it had recently decided to leave Burkina Faso's neighbor Mali due to increased security concerns arising from jihadist threats. One source familiar with the incident reported that two large trucks had been set on fire, an excavator damaged, and two pickup trucks stolen in the attack of Sunday. The attack has not yet been claimed by any group. Sources said that the equipment belonged to local Caterpillar dealer Neemba, and was leased by Mota-Engil to operate at Sadiola's quarries. Sources say that eight people, all employees of Neemba, were not injured in the attack. The Malian soldiers who were nearby disrupted the attack. Sources said that the incident occurred between Diema, and Sandare. Separately, a security source confirmed that an attack took place at the same location on Sunday but could not provide any further details. A spokesperson for Allied Gold and Mota Engil, as well as a representative of the Mali army, did not respond immediately to comments. Mali, Africa's leading gold producer, is home to mining companies such as Barrick Gold, B2GOLD Resolute Mining Endeavour Mining and Hummingbird Resources, which are active in its gold-rich west and south regions. The company reported that in February 2024 three employees of B2Gold, a Canadian mining company, were killed during an attack against a convoy carrying them from Fekola, a gold mine located in southwest Mali, to Bamako. Two sources who were familiar with the incident said that two buses had been mistakenly viewed as a military consignment. In recent years, Mali, Burkina Faso, and Niger all experienced military coups carried out by officers who vowed that they would push back jihadists groups affiliated with Al Qaeda or the Islamic State. However, insecurity remains rampant in each of these countries. (Reporting and editing by Robbie Corey Boulet and Jan Harvey; Portia Crowe, Dakar)
METI predicts that the crude steel production in Japan will fall by 4.9% year-on-year between April and June.
The industry ministry announced on Thursday that Japan's crude output of steel, without considering the impact of U.S. Tariffs, will fall to its lowest point in five years between April and June due to weak construction and manufacturing demand.
The 4.9% drop in the forecast to 20.2 million metric tonnes represents a 6. consecutive quarterly decrease and a 2.1% decline from the previous quarter.
The COVID-19 pandemic in 2020 eroded the demand for steel, and the third largest producer of steel worldwide saw its quarterly output drop to 20.2 million tonnes.
The Ministry of Economy, Trade and Industry said that a survey of the industry showed that steel product demand, which includes exports, will fall by 4.0%, to 18.04 millions tons.
Exports are expected to drop by 6.5%.
Manabu Naboshima of METI’s Metal Industries Division told a press conference that the construction industry is likely to see a decline in demand due to delays caused by rising costs for materials and labour shortages.
He added that "in manufacturing, auto demand is weak, and industrial machinery for construction in particular, is slow."
Exports were also affected by the declining market share of Japanese automobile manufacturers in China, as well as economic slowdowns across Southeast Asia and Europe.
He said that the cloudy forecast did not reflect the full impact of the new U.S. Tariffs. This could mean a further fall in prices.
Tadashi Imai, chairman of the Japan Iron and Steel Federation, warned last month that Japan's annual crude output could drop below 80 million tonnes as U.S. steel and auto tariffs could cause a reduction in annual steel production by several millions tons.
Japan will produce 84 million tonnes in 2024.
Nabeshima stated that the government would consider taking action against Chinese steel imports under World Trade Organization regulations if unfair practices were found. The U.S. will continue to be pressed for an exemption from tariffs on steel and aluminum, he added. (Reporting and editing by Yuka Kaneko and Kaori Obayashi)
(source: Reuters)