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Sources say that Niger security forces raid Orano offices, seizing phones.
Two sources said that security forces in Niger searched offices of local subsidiaries of Orano, securing phones and equipment. This comes months after Orano announced that authorities had taken control of the Somair mine. Ibrahim Courmo, the local director, was also arrested, according to a source close to Orano. Orano stated that it has "very little" information about the situation, as it lost operational control over its subsidiaries in December. The company released a statement late Tuesday that said: "It appears that Nigerien police officers intervened on Monday, May 5 at the headquarters in Niamey of the Somair Cominak and Orano Mining Niger subsidiary companies, seizing equipment." We are concerned by the current situation as we have been unable to reach the Orano representative on the ground in Niger. Orano announced on December 4, that the Niger military government, which took power in a coup 2023, has taken control of Somair, a mine of which Orano holds about 63%. The government owns the rest. Over the last year, Niger, Mali and Burkina Faso, two neighbouring countries have increased pressure on foreign mining firms. In recent months, Malian authorities arrested foreign executives and confiscated gold stocks during negotiations with mining firms. Burkina Faso’s junta promised last month to seize more industrial mines owned by foreigners. Orano announced that Niger had revoked a mining license for its Imouraren division in June 2024. GoviEx Uranium, a Canadian company, announced that it was stripped of the right to develop an uranium mine in Niger. The three Sahel nations are all led by military regimes that have been in power since 2020. They are trying to distance themselves from the former colonial power France, both economically and militarily. (Reporting and writing by Boureima Balima and Moussa Ashkar; editing by Stephen Coates).
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Suncor, Canada reports first quarter profit beating on strength in refining
Suncor Energy, a Canadian oil company, reported a first-quarter profit that was above analyst expectations on Tuesday. It benefited from increased refinery production and higher sales volumes. The positive results are part of a wider rebound in North American refinery margins. Imperial Oil, a peer company, posted record earnings for the first quarter last week. This was primarily due to higher margins in its fuel and refining business. Suncor reported that its refined products sales increased to 604,900 barrels a day during the third quarter, compared with 581,000 bpd in the previous year. The increase was due to a higher refinery output and Suncor's extensive retail and sales network. The refinery's utilization has also increased to 104%, up from 98% one year earlier. Suncor, based in Calgary, Alberta, increased its upstream production to 853 200 bpd during the third quarter, but sales volume dropped because of a large inventory. Rich Kruger, Suncor CEO, said that the integrated business model and the continuously improving cost structure enable the company to deliver free money flow and shareholder value, despite the volatile business environment. Around 80% of Canada’s crude oil and 40% of the natural gas produced in Canada are sold to the U.S. When Donald Trump, the president of the United States, announced tariffs against Canada, this interdependence was put in doubt. These duties were temporarily implemented in February but most of them were removed within a few days. Rich Kruger, the CEO of the company in February, said that the integrated nature and assets give the company an "natural hedge" from tariffs. According to data compiled and analyzed by LSEG, the company reported a profit adjusted of C$1.31 ($0.9509) for the quarter compared with an average analyst estimate of C$1.21 (per share).
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The Trump cuts in funding force the US Renewable Energy Research Lab to lay off staff
The National Renewable Energy Laboratory, a research division of U.S. Department of Energy, which focuses on renewable energy sources such as wind and solar, announced on Tuesday it had laid off 114 workers due to federal budget reductions, stop work orders, and new directives. Why it's important The reduction in staff at NREL in Golden, Colorado, reflects a broader trend of cuts to the Department of Energy's workforce under President Donald Trump. According to NREL's website, the staff reduction is about 3% of its 3,675 employees. KEY QUOTE "NREL's Mission continues to be crucial for achieving an affordable and secured energy future." The lab expressed its gratitude for the commitment and dedication of their staff in continuing to advance the work of the laboratory. CONTEXT The layoffs are part of a larger downsizing by the federal government, under Trump. NREL falls under the DOE's Office of Energy Efficiency and Renewable Energy. Last week, a White House budget proposal sought to cut $2.6 billion from EERE. This is in line with Trump’s desire to increase fossil fuels while shunning clean energy technologies. NREL is a part of DOE's 17 national laboratories. The majority are managed by contractors. NREL's management is shared by Battelle, MRIGlobal and MRI. (Reporting and editing by Edward Tobin; Nichola Groom)
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ArcelorMittal views May as critical to new Brazil investment decisions
As it nears the end of the current investment cycle, the month of May is crucial for ArcelorMittal in deciding whether or not it will make new investments in Brazil. ArcelorMittal is considering its next move in light of the approaching deadline for the extension trade protection measures implemented by the Brazilian Government and the import tariffs imposed by U.S. president Donald Trump. Steelmakers have complained for years about unfair competition in Latin America’s largest economy. They claim that China floods their market with cheap materials and call on the government to take more action to limit these imports. In April 2024, the Brazilian government raised the import tariff for some steel products from 10% to 25%, and adopted some import quotas that are free of surcharge. This measure is set to be renewed by the end this month. Steelmakers criticized the increase as being insufficient. "We will finish an investment cycle worth 25 billion reais in this year, and we have ambitions for at least 10 billion more in the next few years," said ArcelorMittal Brazil's head, Jorge Oliveira. He was referring to two cycles, one which began in 2022, and another that would last until 2029. The impact of imports runs contrary to any group's investment appetite. Oliveira stated that ArcelorMittal could postpone, or even cancel, investments up to 4 billion Reais announced in February for the Tubarao steel plant in Espirito Santo. The project would have two effects: a postponement of the start date and an even worse outcome, the cancellation. Oliveira stated that we are in a critical period, citing possible consequences of not extending the measures approved last summer. The executive stated that they expect the government to extend these measures "at least", but have been discussing alternative ways to strengthen them, as the existing ones "were insufficient". Gerdau, Usiminas, and CSN are also large steelmakers in Brazil. (Reporting and writing by Alberto Alerigi Jr., Gabriel Araujo, Edward Tobin).
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Devon Energy misses its first-quarter profit forecast due to lower oil prices
Devon Energy's first-quarter profits missed Wall Street expectations on Tuesday as lower oil prices offset increased production. In extended trading, shares were down about 1 % at $30.29. Brent crude futures averages have fallen on average by a year in the first quarter on fears of U.S. trade tariffs and the ensuing war on energy. OPEC+ is also ramping up production. Devon reported that the realized price of oil, including cash settlements during the quarter, was down by 8% compared to last year at $69.15 per barrel. Devon, based in Oklahoma City, increased its total quarterly production by 22.7% compared to a year ago. This was boosted by recent acquisitions. In a $5 billion cash-and stock deal, Grayson Mill Energy owned by EnCap acquired some assets from the Bakken-focused energy company Grayson Mill Energy. The company has also increased its forecast for current-year oil output by 1%, to between 382,000 barrels and 388,000 per day. a time when the business optimization plan was achieving early success, the capital expenditure plan was cut by $100 millions to $3.7-3.9 billion. Last month, U.S. Oil and Gas Producer said that it intends to increase its annual free cashflow by $1 billion before the end of 2026. This will be achieved by reducing the drilling and completion costs as well as improving the operating margins. According to LSEG, the U.S. oil producer reported a profit adjusted of $1.21 for the quarter ending March 31. This compares with an average analyst estimate of $1.25. Reporting by Tanay in Bengaluru, Editing by Leroy Leo
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SpaceX receives FAA approval for increased Starship launches in Texas
SpaceX has received approval from the U.S. government to increase its annual rate of Starship launches and booster landings. This will allow Elon Musk’s space company a significant expansion of development for its giant Mars rocket. After a year-long study, the Federal Aviation Administration concluded that SpaceX's plan to increase the number of Texas Starship launch from five to twenty-five would have no major impact on the environment. Neither would booster landings, or possible rocket explosions above the Gulf of Mexico, and certain international waters. The FAA said that it had determined that changing SpaceX Starship's license to allow for increased rocket activity would not "significantly impact the quality human environment", as per the National Environmental Policy Act. This is a fundamental environmental protection law which required FAA review. The regulatory greenlight is a boon to a massive rocket that will play a major role in the U.S. Space Program, particularly under President Donald Trump. Musk, who spent more than a quarter billion dollars to support Trump's campaign for president, had a significant influence on the space agenda of the Trump administration to align it to his vision of sending people to Mars, which is where Starship was designed. The FAA's decision comes just days after SpaceX's employees, contractors, and residents near Starbase in Texas voted to incorporate the area into a municipality. This gives SpaceX greater control over the site's sprawling growth, and new powers for its launch operations. SpaceX has been expanding its Boca Chica campus in Texas since 2017. The expansion is to create prototypes for Starship, the 40-story rocket that has won over supporters with its thunderous launches, explosive testing and innovative landings. They have also upset environmentalists and residents who are concerned about noise and the impact on migratory birds and nature reserves. The rocket system, which consists of a 171-foot-tall Starship atop the 232-foot-high Super Heavy booster and launches from Earth, has eight integrated test flight since 2023. Each launch demonstrated a variety of milestones or explosive mishaps, embodying SpaceX's risky development playbook. In a document outlining the FAA decision, it is stated that SpaceX must, in order to increase its launch activity and offset its environmental impact, perform a variety of community services. This includes quarterly beach clean-ups, donations to environmental groups, water testing nearby, and minimizing lighting at launch sites to prevent disruption of nesting sea turtles. The company has yet to announce when it will test-launch Starship again following two consecutive explosions. The rocket, which was launched from Texas in a suborbital trajectory, has been able to reach the Indian Ocean during some tests. Starship's two last test flights were cut short by in-flight explosives. This has raised engineering challenges and slowed down the program, at a time when Musk is trying to accelerate it. One of the test explosions washed debris over the Turks and Caicos Islands. This British territory is where residents reported that the event felt similar to an earthquake. SpaceX is the most active launcher in the world. It also wants to expand in California where it seeks regulatory approval to double the Falcon 9 launch rate and in Florida where it wants access a third launchpad in the state. (Reporting and editing by Chris Reese; Mark Porter, Rod Nickel and Joey Roulette)
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Trump to terminate Energy Star program for home appliances amid EPA reorganization
Two sources familiar with the reorganization said that the U.S. Environmental Protection Agency (EPA) plans to discontinue Energy Star. This program, which has been certifying the energy efficiency in home appliances since more than 30 years, will be discontinued as part of the reorganization. As part of Friday's announcement of agency reorganization, the EPA Office of Atmospheric Protection and Office of Air Quality Planning and Standards will be dissolved. After a Monday staff meeting, OAP announced that it would be closing the Energy Star program. This news was first reported by CNN & Washington Post. The EPA declined to comment on Energy Star on Tuesday, but stated that "EPA is delivering organization improvements to the staff structure which will directly benefit American citizens." In March, almost three dozen appliance and trade groups, including the Chamber of Commerce, Bosch, Carrier, and the Air-Conditioning, Heating, & Refrigeration Institute, sent a message to EPA Administrator Lee Zeldin urging that he not end Energy Star, as it was a great "non-regulatory collaboration" between the federal government and private sector. Eliminating it would not be in the best interest of Americans. The letter stated that because the ENERGY STAR program is so well-known to consumers, its elimination would likely be replaced by initiatives that produce results that are contrary to the administration's goals, such as reduced features, decreased functionality, increased performance or increased costs. The future of other OAP programs is uncertain due to the reorganization. This includes the voluntary reporting program for oil and gas. Jeanne Shaheen, a New Hampshire Democrat senator, said that ending the program would increase costs for consumers. She said, "Let's not be confused: cutting the Energy Star program would mark yet another rash effort by this administration to line billionaires' pockets and utility companies on the backs of hardworking Americans." Reporting by Valerie Volcovici and Ismail Shakil, both in Washington; editing by Andrea Ricci
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Attenborough's film on ocean resilience attracts King Charles II to premiere
In his new film, which was premiered Tuesday night with King Charles present, British naturalist David Attenborough said that there is still hope for the oceans of our planet despite their massive damage. Attenborough's latest work, "Ocean", charts the challenges that the seas have faced over the course of his career, from industrial fishing practices and coral bleaching to destructive industrial fishing. In a trailer for the film, he says, "After nearly 100 years on Earth, I now know that the most important place is not on Earth, but at sea." The release of the film in its entirety coincides with Attenborough’s 99th Birthday. "When David Attenborough began, there were only two TV channels. Everyone knew him as the voice for nature. In an interview, Enric Sala, a National Geographic Pristine Seas co-founder and executive producer for the film, stated that there are now hundreds of channels. The evening premiere, attended by John Kerry, former U.S. climate ambassador, and Cara Delevingne as well, took place in London on Tuesday, following a screening of the film for teachers and students that was also seen by Prince William. In 2020, the heir to the throne will launch his Earthshot Prize worth millions of dollars, which will help inspire innovative environmental solutions. Attenborough also has a close relationship with the Royal Family. He is a big supporter of Earthshot and in 2018, he filmed "The Queen's Green Planet" with the late Queen Elizabeth. Sala said that it is important to show Attenborough's films to younger audiences. Sala stated that she hoped that the young generations who attend the screening will be so inspired by the film that they would want to become the David Attenboroughs of the future. The discovery of restored seabeds while filming offers hope despite depicting a bleak state of ocean health. Attenborough, in the film, says that "the ocean can recover quicker than we imagined. It can bounce back to its life." "If we can save the ocean, we will save our planet." "After a lifetime spent filming our planet, I'm certain that nothing is more vital." The release of the film comes before the United Nations Ocean Conference in June, where it is hoped that more countries will ratify an agreement for 2023 to protect ocean biodiversity. This agreement currently lacks enough signatories to become effective. (Reporting by Susanna Twidale, Editing by Hugh Lawson & Tomaszjanowski)
Pharma imports into the US increased in March, as drugmakers sought to avoid tariffs
Imports of pharmaceuticals into the U.S. soared in March, as drugmakers stockpiled ahead of possible U.S. tariffs. Their products have been historically exempted from such fees.
The U.S. Commerce Department reported on Tuesday that total imports of pharmaceuticals products in August exceeded $50 billion. This is the equivalent of 20 percent of all pharmaceutical imports by 2024.
Ireland, which is the largest drug exporter in the U.S., saw a significant increase in imports. In March, the country's trade surplus with the U.S. was greater than China for the first.
Drugs accounted for the majority of the increase in imports from Ireland, which rose to $15.5 billion between February and March.
Matthew Martin, senior U.S. economic analyst at Oxford Economics wrote that the report revealed pharmaceutical products to be $20 billion more expensive. "Almost all of these were imported from Ireland", he added.
As part of his trade policy, President Donald Trump is threatening to increase tariffs on medicines.
The Trump administration began a probe last month into the imports of pharmaceuticals in anticipation of possible tariffs based on the argument that a heavy reliance on foreign medicine production is a threat to national security.
Trump announced on Monday that he will make an announcement about the tariffs within the next two week. Trump also issued an Executive Order aimed at lessening the regulatory burden for drug production in the U.S.
Drugmakers have taken unusual steps to prepare for tariffs, including increasing their efforts to stock up on medicines.
On a conference call, Pfizer CEO Albert Bourla stated, "You can imagine that we've done everything we could to mitigate the risk, which includes inventory and many other things." He said that the company increased its inventory every month to ensure "we are well-positioned."
Merck's main exposure comes from the blockbuster cancer medicine Keytruda. It is the world's most popular prescription drug, and is manufactured in Ireland. Last month, the company announced that it had shipped enough inventory to America to cover it until year's end.
Oxford's Martin says that in addition to Ireland and the other European Union nations, Singapore and Switzerland are also at high risk of the proposed drug import levies.
(source: Reuters)