Latest News
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The worst of New Zealand's extreme weather has passed, and cleanup is underway
Metservice, the New Zealand government's weather forecaster, said that most severe weather warnings in New Zealand had been lifted by Friday. Wellington, New Zealand's capital, was hit with the strongest winds it has seen in over a decade. Schools and offices were closed and flights cancelled. In the Canterbury region in the middle South Island, heavy rainfall caused flooding and landslides. A few people were forced to evacuate. As there is still flooding on the surface and road closures, both Christchurch City and Selwyn District are in a state of emergency. Selwyn District Council stated in a post on Facebook that the worst weather is over. Wellington International Airport has reopened. However, local news organisation Stuff reported that some planes have not been able to land. Images posted on local news websites showed debris and rocks littering the road near the south coast of the city and the waves breaking over the seawalls. Wellington Region Emergency Management Office posted on Facebook that they continue to urge people to avoid travel unless absolutely necessary. (Reporting and editing by Matthew Lewis in Wellington)
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Consolidated Edison to invest $72 billion over the next decade
Consolidated Edison, a utility firm, announced on Thursday that it will invest roughly $72 billion in capital over the next ten years to increase its capacity, improve grid safety, and maintain reliability. U.S. Electric utilities are investing more in infrastructure as a result of extreme weather and a growing demand. This is to meet the increased demand, but also to improve resilience. Utility companies have been facing lawsuits for billions of dollars in damages over the last few years because of their role in wildfires. Consolidated Edison announced that $66 billion would go to core services, which support safety and reliability. The rest of the money will be spent on clean energy, climate resilience, and customer engagement. Separately the New York utility beat its first-quarter profit expectations, thanks to regulatory rate relief. U.S. utilities are seeking to increase customer bills in order to fund infrastructure improvements. This is because the electrical grids of the United States face extreme weather conditions and a growing demand as a result of industry electrification, data center expansions and increased industrial electrification. U.S. utilities have become more popular as a defensive strategy, providing investors with a safe, low-risk investment. Utility companies are a safe haven in turbulent markets because of their regulated revenue models, which shield them from volatility in demand and other risks. Falling interest rates also help to boost their appeal. According to LSEG, the company reported an adjusted profit per share of $2.26 for the quarter ending March 31. This compares to analysts' estimates of $2.20. Reporting by Tanay Kumar and Arunima in Bengaluru, Editing by Shailesh Kuber
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Eversource Energy first-quarter profits rise on higher electricity prices
Eversource Energy announced a higher first-quarter profit Thursday as it benefited from increased electricity rates. Rate case proceedings are used by utilities to increase their rates. They base their appeals on the investments they have made or the expenses incurred when delivering their services. The electric distribution segment's quarterly earnings were up 12.1% from the previous year, at $188.4 millions, and its electric transmission segment earned $199.4million, an increase of 12.8%. Eversource Energy provides electricity and natural gas for about 4,000,000 customers in Connecticut, Massachusetts and New Hampshire. The company's water distribution segment saw a 33.3% decline in earnings to $3.6 millions from the previous year. Eversource, a utility company, agreed in January to sell Aquarion Water, its water division, which it had acquired in 2017, in a $2.4 billion deal. The utility wants to reduce its debt and concentrate on its main businesses, electricity and gas. Eversource reported net income of $550.8 millions for the quarter ending March 31. This is up 5.5% compared to a year ago. (Reporting from Tanay Dhumal, Bengaluru. Editing by Alan Barona.)
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US sanctions fuel theft network in Mexico that it links with CJNG cartel
The U.S. Treasury Department imposed sanctions Thursday on two entities and on three Mexican citizens it claimed are involved in a network of drug trafficking, oil smuggling and gang activity linked to Cartel Jalisco Nueva Generacion. Authorities in the United States say that CJNG, along with Sinaloa Cartel is one of two major Mexican drug cartels responsible for bringing fentanyl to U.S. streets during the last few years. The Treasury Department imposed sanctions against the hazardous materials transport companies Servicios Logisticos Ambientales (SLA) and Grupo Jala Logistica (GJL), claiming that they transported fuel and crude between Mexico and the United States for individuals connected to Mexican cartels. Treasury reported that the network generated hundreds of millions of dollar annually for CJNG through fentanyl, fuel theft and smuggling crude stolen from Mexico across southwest border. Treasury Secretary Scott Bessent said, "Fuel smuggling and crude oil theft are cash cows for CJNG’s narcoterrorism enterprise. They provide a lucrative income stream for the group that allows it to cause havoc in Mexico as well as the United States." He said that the U.S. will use all tools available to target cartels. In February, the administration of President Donald Trump designated CJNG a terrorist organization that is a terrorist group from abroad and deemed terrorism. The companies could not be reached. The sanctions prohibit Americans from transacting with the entities or persons. (Reporting and editing by Rod Nickel. Timothy Gardner)
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Trump threatens secondary sanctions against purchasers of Iranian oil after he says that the purchase must cease.
U.S. president Donald Trump has said that all purchases of Iranian oil and petrochemicals must cease. Any country or individual buying from Iran will be subject to immediate secondary sanctions. He wrote Thursday on Truth Social that "they will not be permitted to do business with United States of America, in any shape or form." Trump's remarks follow the postponement by the U.S. of the latest talks between the U.S. and Iran on its nuclear program that were scheduled to take place on Saturday in Rome. A senior Iranian official said a new date would be determined "depending on what the U.S. does." approach." Trump's administration targeted Tehran by imposing sanctions on entities, including a crude oil storage facility in China and an independent refiner that it accused of illicitly trading in oil and petrochemicals. In February, Trump reinstated a campaign of "maximum press" against Iran. This includes efforts to reduce its oil exports and prevent Tehran from developing nuclear weapons. Secondary sanctions are when a country attempts to punish another country for trading with third country by denying access to their own market. This is a powerful tool for the United States due to the size of their economy. Analysts say that in order to crackdown on Iran's oil sales, the U.S. must impose secondary sanctions against entities like Chinese banks who facilitate the purchase of Iranian oil. China is the biggest buyer of Iranian crude.
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Metals, resources and development projects in Ukraine
Ukraine and the U.S. signed a deal on Wednesday that was heavily promoted by U.S. president Donald Trump. The agreement will grant the United States access to new Ukrainian mineral deals and funding for investment in Ukraine's rebuilding. The following is a list of Ukraine's metal production, production capacity, projects for metals development, and resources or deposits. Information sources: Benchmark Mineral Intelligence, US Geological Survey, International Aluminium Institute. Ukraine's Customs Service, World Nuclear Association. CEIC. Company data. Exports According to the customs services, Ukraine will export goods worth $41.6billion in 2024. Metals/metals products made up $4.4billion or 11%, and accounted for $4.4billion. Ukraine will export $49.2 billion in 2020, which includes $7.7 billion worth of ferrous metals. ALUMINA By 2021, Mykolaiv's (Nikolaev's) Alumina Refinery will be refining imported Bauxite to 1.8 million tons of alumina per year. This alumina is then sent to Rusal. After the Russian invasion of Ukraine in 2022, production was suspended at the refinery. According to the International Aluminium Institute, Mykolaiv produced 1.3% of 138.6 millions tons worldwide in 2021. Global alumina production will reach 147 million tonnes in 2024. Ukraine has coal mining, but it is mainly located in the east of Ukraine in Russia-occupied areas. According to CEIC data, the coal production of Ukraine fell from 64.9 millions tons in 2013 to 23.3million tons in 2023. GALLIUM According to the USGS, Ukraine produced one ton of galium in 2021. China, on the other hand, produced 750 tonnes in 2024. GRAPHITE According to the USGS, Ukraine will produce 1,200 tons or 0.08% world total of graphite by 2024. Zavalievsky Plant, currently the only graphite plant in Ukraine, is still operating. According to BMI, it restarted its production in October following a temporary stop due to lack of investment. Balahovskoe Graphite Deposit is yet to be developed. In 2024, its operator BGV Graphite spent $10 million on a feasibility study and a preliminary economic assessment. The study was finished in early 2025. IRON ORE The Ukraine's iron ore exports increased by 90% on an annual basis to 33.7 millions tons in the last year, as a sea export corridor opened up in August 2023. According to the USGS, Ukraine produced 3.2% of world iron ore and 1.5% pig iron by 2020. LITHIUM Two early-stage lithium project in Ukraine would mine hard-rock deposits. Shevchenkivskyi, the largest of these four regions in Ukraine that Moscow claims as its own, is located in Donetsk. Second, the Polokhivske & Dobra deposits in central Ukraine. According to the State Geological Service of Ukraine, Ukraine has lithium deposits of 500,000 metric tonnes, which is equivalent to 1.7% of world total. MANGANESE According to USGS, Ukraine produced 3.1% of manganese ore in the world by weight as of 2020. Since then, however, production has decreased. It added that at least two manganese mines and processing plants have been idle in Ukraine since November 2023, and two more resumed minimal production in the second half of 2024. Interfax-Ukraine, citing the Ukrainian Association of Ferroalloy Producers, reported that in 2024 production of silicomanganese would fall by 45%, to 104.150 tons, and of ferromanganese by 66.5%, to 3,600 tonnes. RARE EARTHS Elements The Ukraine currently does not have any rare earth mines in commercial operation or deposits that are actively being developed. China is the market leader in rare earths, with a near-monopoly of global supply. According to the Institute of Geology of Ukraine, the country has rare earths like lanthanum and cerium. The data is classified. According to USGS, rare earths are found in abundance around the world, but their concentrations can be mined less often than most other minerals. The steel mills of Ukraine are located in the southern, central and eastern regions of Ukraine that is occupied by Russia. According to the World Steel Association, Ukraine will produce 7.6 million tonnes of steel by 2024, which is 0.4% of global production, down from 21.42 million tons in 2010. TITANIUM RAW MATERIALS According to USGS data, which excludes U.S. output, Ukraine was the fifth-largest titanium sponge producer in the world with a 2.2% share of global output in 2020. It was also the sixth-largest ilmenite producer with a 5.8% share. Since 2022, Ukraine is focusing on the production of an ilmenite-based concentrate that the chemical industry uses to produce pigments. UMCC Titanium is a mining company and processing facility in the Northwest. Ukraine reprivatized it in late 2024. It resumed production in July. According to data from the company cited by Ukrainian news outlet Liga.net, 110,000 metric tonnes of ilmenite concentrated were shipped to Europe and North America between January 2024. URANIUM According to the World Nuclear Association, Ukraine's uranium reserves are 12th in the world, with 107,200 tonnes, or 2% of global resources. According to the association's statistics, Ukraine's production fluctuated over the last 10 years. It reached 455 tons, or 1%, of the total world in 2021. (Reporting and editing by Cynthia Osterman; Polina Devitt)
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US pushes Congo and Rwanda to reach peace agreement and billion-dollar minerals deals
According to Donald Trump's senior adviser for Africa, the U.S. wants Congo and Rwanda sign a peace agreement at the White House within two months. This will be accompanied by bilateral deals on minerals that would bring Western investment worth billions of dollars to the region. Massad Boulos, in an interview with Doha, the Qatari capital's media, said: "When we sign peace agreement,... the mineral deal with DRC (Democratic Republic of Congo), will be done on that date, and then another similar package of a smaller size will be done with Rwanda on the same day." The U.S. would support a peace agreement that comes amid the unprecedented advance of M23 rebels, backed by Rwanda, in Congo. This is the latest cycle in a long-running conflict in a rich region with tantalum, gold, and other minerals. Rwanda denies supporting the group. According to the peace process that was agreed upon in Washington, last week, as part of diplomatic efforts aimed at ending violence in eastern Congo. The Congolese Government did not immediately reply to the request for comment. Boulos stated that in mid-May, U.S. Secretary Marco Rubio and the Rwandan & Congolese Foreign Ministers will meet at Washington to try to reach an agreement on a final draft of a peace accord. Boulos stated that before the agreement can be signed, Rwanda and Congo need to finalise bilateral agreements with Washington. These agreements will see U.S. companies and Western firms invest billions in Congolese mining and infrastructure projects in order to support mining both in Rwanda and Congo. The (agreement with the D.R.C. The D.R.C. agreement is on a larger scale because the country has more resources. Rwanda has many resources and capacity in the mining sector, not only upstream but also downstream, including processing, refining, and trading," Boulos added. Boulos claimed that U.S. companies and Western firms have informed Washington they will make multi-billion dollar investments in this region after the bilateral mineral deals are signed. Boulos said that Washington also expects that both countries address security concerns before the White House ceremony can proceed. Rwanda, for example, must withdraw its troops from Congo and stop its support of M23 rebels. Congo must respond to Rwanda's concerns about security by bringing in militias like the Democratic Forces for the Liberation of Rwanda. Boulos stated that on Wednesday, a committee of observers was formed to monitor the progress made by both countries towards the peace agreement. The group includes representatives from the U.S.A., France, Qatar and Togo. Reporting by Andrew Mills Editing and reporting by Robbie Corey Boulet, Peter Graff, and Sandra Maler
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US LNG exports equal monthly record in April
LSEG data show that the United States equaled the record of the highest volume of liquefied gas exported in April as the capacity increased due to the ramp-up at Venture Global's Plaquemines facility. According to the U.S. Energy Information Administration, the U.S. already has the largest LNG export capacity in the world. It is expected that this will grow by 20% to 115 millions tonnes in 2025 after a record-breaking year in 2024. LSEG data shows that in April the U.S. exported 9.3 MT of LNG, which is the same as the previous monthly record. The startup of Venture Global’s Plaquemines Phase 1 project has boosted exports this year. According to Tudor Pickering Holt & Co., the project is producing at 140% its design capacity. According to LSEG ship tracking, Plaquemines exports 1.1 MT in April, up from 0.82 MT in March. In April, Europe was once again the top destination for U.S. exports of LNG. In April, the U.S. shipped 6.3 MT (or 68% of total monthly exports) of LNG to Europe. This is slightly lower than the 6.47 MT of LNG exported to Europe in march. LSEG data shows that the U.S. exported 2.05 MT of goods to Asia in April. This is more than it sold in march, when traders took advantage higher prices in Asia. In Europe, benchmark prices in April were $11.48 per million Btu, down from $13.21 a month earlier. Prices in Europe have dropped because Chinese buyers are reselling their cargoes to Europe instead of paying tariffs if they import the goods into China. The Japan Korea Marker, Asia's benchmark for gas prices, was down to $12.23 per million British Thermal Units (mmBtu), from $13.50 per mmBtu in March. According to Kpler, commodity analysts, prices were higher in Asia than Europe despite the fact that LNG demand in China was at its lowest level since October 2022 in April. According to LSEG, U.S. LNG exports to Latin America rose slightly in April to 0.68 MT, from 0.55 MT in March. This was due to the reduced production at Atlantic LNG Trinidad. LSEG data shows that Atlantic LNG, owned by Shell and BP, exported two fewer cargoes to Latin America in April compared to the average for 2025. Only one cargo was sold to Egypt, reducing the U.S. exports to Middle East. According to LSEG, there were three additional cargoes totaling 0.21 MT, which left U.S. port without a destination. U.S. exporters of LNG also paid less in April for their feed gas. The U.S. Henry hub benchmark in Louisiana averaged around $3.43 per mmBtu, down from $4.14 a month earlier. Reporting by Curtis Williams, Houston; Editing and proofreading by Andrea Ricci
Investors assess mixed corporate earnings as FTSE 100 falls
Investors weighed a mixed bag corporate earnings amid hopes that trade tensions between China and the U.S. will ease.
Rolls-Royce, the maker of jet engines, was one of the best performers in the blue-chip FTSE 100 Index. Its share price rose 1.7% as the company said that it could offset tariffs globally to achieve its 2025 profit target.
The Aerospace and Defence Index gained 1.1%.
Whitbread, the owner of Premier Inn, rose 5.8% thanks to a share-buyback plan and a positive bookings outlook. This boosted the Travel and Leisure Index, which saw a 3.4% increase.
Informa's shares rose 4.2% after the group, which publishes academic and events publications, reaffirmed their 2025 outlook.
Haleon's gains increased by 3.3% as the consumer healthcare group raised their medium-term profit expectations.
Lloyds Banking Group, which has been able to keep its gains under control, dropped 2.7% after reporting a nearly 7% decline in the first-quarter profits.
National Grid's stock fell by 1.1% following the announcement that CEO John Pettigrew would be stepping down.
The midcap index rose by 1.3%.
Ferrexpo, a miner based in Ukraine, soared by 22.2% after Washington and Kyiv signed a mineral deal.
A social media account associated with Chinese state-run media reported that the U.S. approached China to seek talks about President Donald Trump's tariffs of 145%, possibly signaling Beijing's willingness to negotiate.
In March, British homebuyers increased the amount they borrowed for their mortgages by the highest level in almost four years, as they raced to avoid the expiration of a tax incentive. However, Bank of England data showed that consumers were also showing signs of caution.
Investors increased their bets that the BoE will cut interest rates over the rest of this year, and the yields of short-dated government bonds fell sharply before the central bank meeting next week.
Separate data revealed that British factory exports fell at the fastest pace in nearly five years, and that cost pressures increased in April. (Reporting by Ragini Mathur and Sanchayaita Roy in Bengaluru. (Editing by Leroy Leo, Mark Potter and Mark Potter.
(source: Reuters)