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Fugro Cuts Jobs and Scales Back US Operations
Dutch geodata firm Fugro on Tuesday said it started reducing its U.S. workforce and scaling back operations there after warning its sales and earnings would miss earlier forecasts because of volatile markets and lack of new U.S offshore wind projects.The company, which provides geotechnical, survey, subsea and geosciences services, said it has already divested assets and cut more than 100 jobs in the United States because of deteriorating market environment, group CEO Mark Heine told reporters."The shift in the U.S. political landscape has led to a pause in new offshore wind projects. Furthermore, the highly volatile market environment is now impacting Fugro’s business in other regions as well," the company said in a statement."We see some scope reductions of projects and award decisions taking longer, exacerbating the typically slow start to the year," it said.(Reuters - Reporting by Alban Kacher and Anna Peverieri; Editing by Tomasz Janowski)
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Spat Delays Dismantling of FPSO in Brazil
A dispute between state-run oil company Petrobras and steelmaker Gerdau will delay the first dismantling of an oil production vessel in Brazil by at least a year, people familiar with the matter said, in a setback for local shipyards.The operation had been hailed as a chance to reinvent Brazil's struggling shipbuilders as industrial recyclers, generating jobs as Petrobras plans to spend $9.9 billion in the next five years to retire another 10 ships of the same kind.The 45,000 ton FPSO, called P-32, was set to wrap up its decommissioning by December 2024 under a new Petrobras sustainability program.Instead, the work began only last month, according to the head of a local metalworker's union in Rio Grande do Sul state Benito de Oliveira Goncalves. He said a dispute between Petrobras and Gerdau over removing petroleum residues from the vessel had stalled work for more than a year.Another person familiar with the matter, who asked not to be named, said the ship arrived in the yard with 30 million liters of oily water and 270,000 liters of marine diesel on board, without a consensus on how to pay for its removal.The marine diesel has been pumped out and sold to a local refinery, Goncalves said, but the oily water still needs to be cleaned out before the hull can be broken down. By next month a firm should be hired for that work, the other person said.A Petrobras executive, who also requested anonymity, said the oil company and steelmaker were in talks without an agreement on how to split the additional costs. It was not clear who had paid for the extra services so far.Asked about the dispute, Petrobras said any contractual issues are discussed privately between the parties. Gerdau said the dismantling operation is under way, with all necessary procedures being conducted "responsibly".Ecovix, which runs the Rio Grande shipyard, declined to comment.Gerdau acquired the P-32 and a second vessel, P-33, for an undisclosed amount in 2023, in a deal giving it the right to dismantle and recycle scrap metal from the vessel.It was a landmark contract, introducing a new business model for Brazilian shipyards that have been struggling for years. President Luiz Inacio Lula da Silva, a former metalworker, has made it a priority to generate jobs at the shipyards with Petrobras, which has also commissioned several new ships.However, the dispute over P-32 means that the Rio Grande shipyard in southern Brazil has yet to benefit from the new decommissioning work. The costs with the vessel at the shipyard have already exceeded the value of the dismantling contract signed between Gerdau and Ecovix, around 30 million reais ($5.13 million), one source said.The delay in dismantling P-32 also means that the shipyard may lose the contract to break down P-33, the source said, as it has other work lined up, including four vessels for Petrobras.(Reuters - Reporting by Fabio Teixeira and Marta Nogueira; Additional reporting by Rodrigo Viga Gaier; Editing by Brad Haynes and Chizu Nomiyama)
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Ampol's refinery profit for the first quarter of 2009 has been cut in half amid a global recession
Ampol, Australia's largest fuel retailer, reported on Wednesday a drop of 49% in its first-quarter refinery margins at its Lytton Refinery in Queensland. The company cited a decline in Singapore refining profits -- a key indicator for Asia. The company reported that its Lytton Refinery margin dropped to $6.07 a barrel in the first three months, from $11.80 a barrel last year. The Lytton Refinery's quarterly production dropped by 5.7%, to 1.30 billion, due to the ten-day delay in production to prepare for Cyclone Alfred. The oil refineries have seen their profitability fall due to the slowing of economic growth in China and the increasing penetration of electric cars. New refineries opening in Africa, the Middle East, and Asia have also put downward pressure on profit margins. Ampol, a Sydney-based company, said that if the decline in refinery margins continued for the entire second quarter, it would be eligible to receive payment under Australia's Fuel Security Services Payment Program, "providing a downside protection during a period of weakness in the global refining markets". Fuel retailer Ampol reported damage in March to a crude tank as a result from the cyclone. Ampol said that the immediate costs of this damage also affected its refinery margin.
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US judge blocks Trump’s freeze on climate and infrastructure grants
The U.S. Judge who blocked President Donald Trump On Tuesday, the administration of former president Joe Biden froze billions of dollars of grants that Congress had authorized in two landmark climate investment and infrastructure bills. U.S. District Court Judge Mary McElroy issued an injunction in Providence, Rhode Island at the request of environmental groups. They argued that the Trump administration unlawfully frozen funding already awarded for projects to fight climate change, reduce pollutants and modernize U.S. Infrastructure. The funding was authorized by Congress in accordance with Biden's $1 trillion bill, known as the Infrastructure Investment and Jobs Act 2021 and the Inflation Reduction Act 2022, his signature climate investment law. The funding was frozen on Trump's first day in office, January 20, when he signed an executive directive directing agencies not to approve funding under these two laws until a review had been conducted to determine whether the spending supported Trump's policies. In response to this order, both the Environmental Protection Agency (EPA) and the U.S. The Departments of Agriculture, Energy, Interior, and Housing and Urban Development all halted grant funding. In a lawsuit filed on March 13, the Woonasquatucket River Watershed Council, National Council of Nonprofits, Eastern Rhode Island Conservation District and Green Infrastructure Center argued the agencies lacked authority to unilaterally withhold already-awarded congressionally-authorized funds. The agencies said they froze the funds despite rulings made by a judge in Rhode Island who, at the request of a group led by Democratic states, had frozen the money. Blockage The administration should refrain from implementing a blanket, sweeping freeze on federal grants, loans, and other financial aid totaling $3 trillion. The Trump administration countered that it had the right to temporarily pause the funding of those who were currently receiving grants in order to decide if they should redirect the funding to another recipient, and the Rhode Island judge did not have jurisdiction to hear the matter. The U.S. Department of Justice stated that its position had been bolstered following the U.S. Supreme Court's decision in A 5-4 ruling On April 4, the Trump administration cleared the way to end millions of dollars of teacher training grants in its crackdown on diversity equity and inclusion initiatives.
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Vale's iron ore production in Brazil fell 4.5% during the first quarter
The Brazilian miner Vale reported that it produced 67.7 millions metric tons (tonnage) of iron during the first quarter 2025. This is a 4.5% decrease from the year before, according to its report on sales and production. Vale, one of the largest iron ore producers in the world, said that high rainfall levels affected its Brazilian Northern System mining complex. However, the company added that the performance was within its plans, and adhered to its 2025 output guidance. Vale confirmed its forecast of producing between 325 and 335 millions tons of iron ore by 2025. The report shows that sales of the ingredient used in steelmaking rose by 3.6% year-on-year, to 66.1 millions tons. Vale attributes the growth to "supply-chain flexibility utilizing advanced inventories." Vale's average realized iron ore price was $90.8 per ton for the March quarter, down nearly 10% from last year and 2.4% from the previous quarter. Vale's base metals business saw its copper production increase by 11% quarter-on-quarter to 90,900 tonnes. Nickel production also increased by 11% to 43,900 tonnes in the same period. Reporting by Andre Romani and Marta Nogueira from Sao Paulo, editing by Natalia Siniawski
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Impossible Metals, a deep-sea mining company, seeks a mining lease near American Samoa
Impossible Metals, a deep-sea miner, said Tuesday that it had asked U.S. Federal officials to launch an auction to gain access to nickel, cobalt and critical minerals offshore of American Samoa. Estimates suggest that the waters surrounding the Pacific Ocean contain large quantities of polymetallic nodules, or potato-shaped rocks filled with building blocks for electronic vehicles and electronics. Impossible Metals, a privately-held company, has asked the U.S. Department of Interior's Bureau of Ocean Energy Management (which oversees federal waters for mineral deposits) to launch a lease process that is competitive for the American Samoa Nodules. A BOEM spokesperson confirmed that the request was made and stated the agency would decide "by May 23 whether to initiate steps which could lead to a leasing sale." Since 1991, the agency hasn't held a lease sale. Before any auction, if the BOEM decides that it will move forward, a request for public comments would be made. Deep-sea miner supporters say that it will reduce the need for large land-based mining operations, which are not always popular with local communities. Detractors claim that more research is required to determine the impact of deep-sea mining on ecosystems. Impossible Metals, based in California, has developed a robotic claw with artificial intelligence that can distinguish between nodules (mineral deposits) and aquatic life. Deep-sea mining is allowed in any country's territorial waters up to approximately 200 nautical miles away from the shore. The California-based Impossible Metals doesn't need to ask permission from the International Seabed Authority, created by the United Nations Convention on the Law of the Sea which the U.S. does not ratify. Last month, it was reported that the White House has been considering an executive order that would allow mining companies to bypass the ISA if they wanted to mine in international waters.
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White House: China is the main player in trade negotiations
Karoline L. Leavitt, White House Press Secretary, said that President Donald Trump was open to a deal with China. However Beijing must make the first move. Leavitt said that Trump gave her the statement in an Oval Office discussion to use. Leavitt stated that "China wants to have what we do... our American consumers, or, put another way, the need for our money." China increased its tariffs against imports of U.S. products to 125% in retaliation to Trump who raised U.S. duties on Chinese goods by 145% while pausing planned levies on other countries' goods. Trump has described Chinese president Xi Jinping with admiration, but neither man is backing down in the escalating trading war between their countries. "The President, again, made it clear that he is open to a China deal." Leavitt stated that China must make a deal to the United States of America. Trump said that he hopes the trade tensions will lead to a positive outcome. Beijing, however, has not engaged in talks and instead raised its own tariffs against U.S. products. This is unlike other countries who have sought to negotiate with Washington after Trump's plans for new tariffs. (Reporting and editing by Deepababington: Additional reporting by Nandita Jackson, Katharine Bose, and Nandita Mason)
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Trump exempts coal plants from mercury and air toxics limitations
According to the Environmental Protection Agency's list published on Tuesday, the Trump administration has granted exemptions to 47 companies for two years from regulations that limit mercury and air pollutants in their coal-fired plants. The list of exemptions is the latest attempt by the administration to use emergency or executive orders to shield polluting plants from immediate compliance with the air and water standards that were tightened by Biden's administration, as the EPA embarks on a longer process to rollback those rules. The Mercury and Air Toxics Standard of the Biden era is still in effect after the Supreme Court refused to suspend the rules in October after a group mainly Republican states and industrial groups brought a legal challenge against it. Last week, U.S. president Donald Trump announced that certain stationary sources covered by MATS were exempted from compliance. This was done to revitalize the coal industry and extend the life expectancy of coal power plants. According to the Energy Information Administration (EIA), coal-burning power plants now generate less than 20 percent of U.S. electricty, down from 50 percent in 2000. This is because fracking, and other drilling methods, have increased natural gas production. Solar and wind energy have also reduced coal consumption. The American Lung Association has stated that mercury is a powerful neurotoxin which could cause serious developmental harm. Mercury and other air pollutants associated with coal combustion increase the risk of lung cancer, asthma attacks, heart attacks, and strokes. The Biden era rule required constant emissions monitoring. The exemption was supported by those who said that the MATS rule imposed severe burdens on U.S. coal power plants, and the future viability of this sector. Troy Downing, Montana Republican Congressman, applauded that two units at the Colstrip Coal Plant were included on the exemption list. He added that this "will bring clarity and certainty to operations moving forward." Reporting by Valerie Volcovici, Editing by Mark Porter
Trump's trade tariffs and threats
The global trade war sparked by U.S. president Donald Trump has intensified. He increased tariffs against China, while reversing sweeping duties on most trading partners. This stoked fears of a global recession, sent jitters through global financial markets, and drew condemnation from world leaders.
Trump announced tariffs on imports of semiconductors, which could take effect this week. He also hinted that some companies within the sector might be exempted.
The word "move" means to move.
Exclusion of Smartphones and Computers
The impact of his reciprocal tariffs against China will likely be short-lived.
Trump announced on Wednesday that he would be announcing a new policy.
Temporary reprieve
Tariffs on Chinese Imports are now effectively 145%.
The first initial is
Tariffs starting at 10%
On April 5, a ban on imports from numerous countries was imposed at U.S. ports, airports and Customs.
While Trump's tariff threat has changed over time, other nations and businesses are unsure of what will happen next, and consumer and business confidence is shaken.
Here's a summary of Trump’s threats and actions in relation to trade.
BROAD TARIFFS
Trump's vision is based on a gradual roll-out of tariffs that will apply to all U.S. imported goods.
Trump's economics team was tasked with developing plans to impose reciprocal tariffs against every country that taxes U.S. Imports. They also had to address non-tariff barriers, such as vehicle safety regulations that exclude U.S. automobiles and value added taxes that raise their price.
Trump said that the reciprocal tariffs were a response to the barriers placed on U.S. products. Administration officials, however, stated that the tariffs will create manufacturing jobs in the United States and open export markets abroad.
In recent decades, tariffs have been reduced to a small fraction of U.S. taxes. Economists claim that Trump's policies are inflationary, as businesses who import goods and pay tariffs will pass on the additional costs to consumers.
Specific COUNTRIES
Trump's tariff proposal targets several key trading partners.
MEXICO AND CANADA : Mexico and Canada were the two largest trading partners of the U.S. from 2024 to November. Trump's new tariffs of 25% on imports from Mexico, Canada and the European Union took effect on 4 March as a response to migration and fentanyl.
Tariffs were imposed on energy imports from Canada and Mexico, as well as on the majority of goods imported. Canada exports mainly crude oil, other energy products and cars and auto components within the North American automotive manufacturing chain. Mexico exports a variety of goods to the U.S., including industrial and automotive products.
Canada retaliated with a 25% tariff on C$30 billion (21,13 billion dollars) of U.S. imported goods, including oranges juice, peanuts butter, beer and coffee, as well as appliances, motorcycles, and appliances.
The Canadian government said that it will impose additional duties on C$125billion of U.S. products if Trump's Tariffs are still in effect in 21 days. This could include vehicles, steel and aircraft, as well as beef and pork.
U.S. commerce secretary Howard Lutnick stated that U.S. officials could still work out a partial solution with the two neighboring countries, and added that they need to do more in the fentanyl arena.
Canada, which is the largest foreign supplier of aluminum and steel to the United States (C$29.8billion), announced on March 12 that it would impose retaliatory duties on U.S. imports worth C$29.8billion ($20billion) as a response to Trump’s steel and aluminium tariffs.
The two countries are exempted from the "Liberation Day", announced on April 2 tariffs, but they face a separate 25% tariff on auto imports.
Canada has asked the WTO to consult with the U.S. about its import duties on steel and aluminum products as well as levies placed on Canadian cars and parts.
CHINA: Trump imposed 10% tariffs on all Chinese imports to the U.S. effective February 4, after repeatedly warning Beijing that it was not taking enough measures to stop the flow of illicit drug into the U.S.
On March 4, he imposed another 10% tariff on Chinese products.
China announced additional tariffs between 10% and 15% on some U.S. exports starting March 10, as well as a number of new restrictions for certain U.S. entities. It then complained to the WTO about the U.S. Tariffs.
Trump increased the tariffs on China by 34% in April, making the total to 54%. China responded with a 34% duty on all U.S. products.
Trump replied that the U.S. will impose a 50% additional tariff on China if Beijing doesn't withdraw its retaliatory duties on the U.S. and said, "all discussions with China regarding their requested meetings with the us will be terminated."
Washington's new round of tariffs raised duties on China to 145%. Beijing then increased levies against U.S. products by 125% as a result.
Trump has said that the EU, and other countries, have alarming trade surpluses against the U.S. He said that the products of the other countries will be subject to tariffs, or he would demand that they purchase more oil and natural gas from the U.S.
Steel, aluminum and cars will be subject to import tariffs of 25%, while other goods will face tariffs of up to 20%, starting April 9. Pharmaceuticals are among the most vulnerable industries, since U.S. companies such as Johnson & Johnson, Pfizer, and others have large facilities in Ireland. Ireland is also a leading exporter of medical equipment.
The European Union announced on April 7 that it had offered to offer a "zero for zero" tariff deal in order to avoid a trade conflict. EU ministers agreed to give priority to negotiations, while retaliating with targeted countermeasures the following week.
In response to Trump's metals duties, the EU announced on March 12 that it would begin imposing counter-tariffs next month on goods worth 26 billion euros (28 billion dollars) from the United States. As a result of the U.S. auto and wider tariffs, the EU is expected to release a more comprehensive package of countermeasures at the end of April.
Trump announced on March 13 that he would slap 200% tariffs on European wines and spirits as a response to EU plans to impose tariffs next month on American whiskey, among other products.
PRODUCTS
AUTOS: Trump announced a 25% tariff for imported cars and light truck on March 26. The 25% tax would be added to previous duties on imported finished vehicles beginning on April 3.
Trump's directive includes temporary exemptions for auto components that comply with the U.S. Mexico Canada Agreement (USMCA), a trade agreement that Trump negotiated in his first term.
The tariffs will apply to other major imports of automotive parts. These are identified by Trump as "engines, engine parts, transmissions, powertrain components, and electrical component" and they will be imposed on a specific date, which is to be announced in the Federal Register, but no later than "May 3, 2025."
Metals: On March 12th, Trump raised tariffs for all imports of steel and aluminum to 25% and extended duties to hundreds downstream products ranging from nuts and bolts, to bulldozers blades, to soda cans.
More than half of the U.S.'s aluminum and steel imports come from Canada, Mexico, and Brazil.
Trump ordered on February 25, a new investigation into the possibility of new tariffs on imports of copper to rebuild U.S. manufacturing of this metal, which is critical for electric vehicles, military equipment, semiconductors, and a variety of consumer goods.
Just over half of the refined copper that America consumes every year is produced domestically.
SEMICONDUCTORS : Trump stated that tariffs would start at "25% or higher" and increase substantially over the course a year. He did not specify when they will be implemented.
Taiwan Semiconductor Manufacturing Co., the largest contract chipmaker in the world, produces semiconductors for Nvidia and Apple, among other U.S. customers. In 2024, it will generate 70% of its revenues from North American clients.
LUMBER: On March 1, Trump ordered a new investigation into trade that could add more tariffs to imported lumber. This would be in addition to the existing duties on Canadian Softwood Lumber and 25% tariffs for all Canadian and Mexican products.
ALCOHOL: Trump threatened on March 13 to slap 200% tariffs on wine, cognac, and other alcohol imported from Europe in response to an EU plan to impose tariffs next month on American whiskey, and other products -- which is itself a retaliation for Trump's 25% tariffs that went into effect on steel and aluminium imports the day before.
PHARMACEUTICALS - While Trump's "Liberation Day' announcement spared the pharmaceutical sector from reciprocal duties, the president said that duties were "under review." He warned that the tariffs could be "at a new level you haven't seen before."
Trump
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Smartphones, computers, and other electronics, largely imported from China, are exempt from high tariffs. This is a relief for major technology companies such as Apple, Dell Technologies, and other importers.
This move exempts certain electronics from Trump's baseline 10% tariffs on most goods imported from countries other than China.
(source: Reuters)