Latest News
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Two Injured as Glomar’s OSV Hits Offshore Wind Turbine in North Sea
Glomar Offshore’s offshore supply vessel (OSV) Glomar Venture has reportedly hit the foundation of an offshore wind turbine in the Dutch North Sea, leaving two crew members injured in the accident.The Royal Dutch Sea Rescue Society (KNRM) received a distress call for medical evacuation from Glomar Offshore around 7.00 am local time on April 20, which reported that two of the crewmen aboard Glomar Venture OSV have been injured.KNRM deployed its lifeboat Irene & Henk for the assistance, as well as the second vessel Koen Oberman (Callantsoog).The Dutch media have reported that Glomar Offshore hit the foundation of the offshore wind farm in the North Sea, not disclosing which wind farm specificallyThe medical condition of both crew members was quickly assessed and the two wounded have been evacuated to Den Helder using the Joke Dijkstra rescue boat.An official investigation is currently underway to investigate the incident, according to Dutch media.
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Hyundai Steel's US $6 billion investment enrages investors, tests Seoul's Tariff Strategy
Investors continued to hammer Hyundai Steel's shares in late March after the South Korean company announced a $6 Billion investment in the U.S. The company organized a conference call with 12 investors to calm their nerves about the project, which lacked any detailed funding plans. Hyundai Steel's official apologized for the announcement of the deal while some details were still being reviewed. The deal was part of a $21 Billion U.S. Investment Package that Hyundai Motor Group, its parent company, unveiled on March 24, at the White House. The person who attended the meeting confirmed that he had said: "But we needed to move fast because of the rapidly developing U.S. Tariff situations and our government's limited ability to respond actively." This comment was made in reference to the political vacuum created by former president Yoon Suk-Yeol's removal from office. Four Hyundai executives as well as government officials said that they hoped this investment would pave a way for Hyundai to pursue more favorable terms with the U.S. in tariff negotiations. Senior South Korean government officials will meet with their U.S. equivalents in Washington, DC on Thursday to discuss tariff exemptions and reductions. Some investors, workers and trade experts are worried about whether the plan hastily drafted will help South Korea gain trade concessions. After the White House event on Tuesday, President Donald Trump announced 25% tariffs for imported autos with no exceptions for Korean products. What would be the longer-term benefit if U.S. trade and tariff policies changed again after 2029, when the new facility is operational and Trump has left office? One investor asked on the call. The U.S. has also been asked what concessions they expect from Hyundai, as well as whether the company will be able fill the new capacity. Hyundai Steel shares have lost 21.2% since the announcement of the investment. This is less than the 18.3% decline in POSCO Holdings and the 5.5% drop in the benchmark index. Hyundai Motor's shares dropped 12.9% in the same time period. Hyundai Steel is currently grappling with a weak domestic steel demand, a flood of cheap Chinese-made steel and strikes by workers over a recent wage agreement. It will report its quarterly results on Friday. Analysts warn that the investment may also put financial pressure on the struggling steelmaker. It could be forced to reduce the capacity of the plant. The new facility is expected to have enough steel to build 1.8 million cars a year. This is well above the combined target of 1.2 millions units set by Hyundai and Kia's affiliate in the U.S. If the project is financially unviable, it's likely that the company will scale back the project or delay its execution. Chan H. Lee said that the announcement could be a political gesture rather than a commitment. Hyundai Steel stated in a press release that it expects a "stable" demand for automotive steel in America, the largest auto market in the world. It also said its planned U.S. plant will supply high quality, low carbon steel products to Hyundai-Kia as well as other U.S. clients. The company also added that the tariff negotiations and investments are "separate issues." Hyundai Steel responded to concerns regarding its domestic operations by saying it was working on improving the competitiveness in its South Korean factories. Hyundai Steel has said that it will borrow 50% of the U.S. investments, but has not yet disclosed how the remaining investment will be divided amongst potential equity investors. It announced earlier this week that local rival POSCO will make an equity investment. UNUSUAL Hyundai Motor, along with its affiliate Kia, who together generate approximately one-third their global sales in the U.S., have courted Trump ever since his victory at the November election. South Korea exports more cars to the United States than Mexico. Hyundai Motor donated $1,000,000 to Trump's inaugural funds and invited him to the opening ceremony of their new Georgia car factory, Hyundai Motor Group Executive Chairman Euisun Chung said to reporters at an event in late march. Chung reported that after being briefed on Hyundai's U.S. Steel Factory Plan, Trump invited the Chairman and other Hyundai executives into the White House. It's unusual for the White House to announce an investment program, because we normally organize such events in conjunction with state governments, where we invest, said a source familiar with the situation, who declined to be named as he wasn't authorized to speak with the media. The White House seemed to want to use our investment as a way of proving that its tariff policies work. Hyundai Motor Group's investment plan is still confined to the announcement. South Korea hopes to negotiate a reduction of the 25% tariffs Trump imposed on South Korean products (since suspended 90 days ago) or to give exemptions from a separate 25% tax imposed by the United States on imported steel and vehicles. Chung told journalists that he did not expect that one company's investment alone would bring about a major shift in U.S. Tariff Policy. Its new U.S. Factory is designed to meet possible requirements for low carbon steel, rather than to prepare for tariffs. He said that tariffs were a matter of state between countries. The South Korean and Hyundai governments will be holding talks with the U.S. government. Hyundai Motor Group stated in a press release that it is "closely monitoring new policy developments" and constantly reviewing various business strategies in order to ensure long-term profit. It added that the company still plans to spend $24.3 trillion won (17.05 billion dollars) in South Korea in this year. Experts also expressed concerns about the role that Hyundai's investment could play in the tariff negotiations between Washington and Seoul. In trade negotiations, both sides avoid making unmatched concessions early on, and prefer a package-deal approach. "These are not normal times," said Wendy Cutler - a former U.S. trade representative chief negotiator and head of the Asia Society Policy Institute. She said that Korean negotiators will need to remind U.S. negotiators of the importance of getting credit for any final agreement. Former trade minister Yeo Ha-koo said, "Who knows what might have happened if Hyundai had coordinated with government and included the investment in Seoul's broader package offer later?" Hyundai workers in South Korea are still worried about the trade talks, as there is uncertainty. Kang Dohoon, an Incheon factory worker who is now facing a month-long suspension of operations due to a weak demand for construction steel, says the U.S. investments plan by Hyundai upsets many workers, as they had been calling for greater investment in local factories. Kang, a 15-year employee at the plant, said: "This is the very first time that we have had to deal with such a situation. I'm really concerned." "We feel a sense of loss." ($1 = 1,425.0100 won) (Editing Miyoung Kim & Kim Coghill).
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White House does not take aim at green tax status
A White House official stated on Tuesday that the White House does not have immediate plans to strip non-profit climate-focused organizations of their tax-exempt status. This was said as these groups prepared for a series of executive orders. A White House official said that "no such orders are currently being drafted or discussed". More than 5,000 people listened in on a Zoom call held by the American Civil Liberties Union (ACLU) and Public Citizen last week to learn how charities could prepare for an executive action that may be taken as early as Earth Day, Tuesday. A reporter attended the call. A political law firm, Sandler Reiff, circulated to its clients in the non-profit sector and the philanthropic sector a memo that advised them to not panic if they were threatened with losing their tax-exempt status, or if international work was frozen by the government. After recent remarks from President Donald Trump, which targeted the charitable status granted to Harvard University, concerns were raised. This was seen as an initial shot at other so-called "501(c3)" organizations, named after the section of the tax code exempting charities from income taxes. The White House issued an Earth Day Statement on Tuesday, outlining the steps that his administration is taking to protect our environment. These include supporting nuclear energy and geothermal power, expanding responsible logging, forest management, and ending forced paper straw use. The statement praised Trump's tariffs against China as a means to reduce "dependence on China's high pollution industries, and ensure the U.S. is leading by example in cleaner production and global stewardship." The White House pointed out that recent orders to open more federal lands for oil, gas, and mineral development as well as rollbacks in federal air and water regulations were environmental victories that encouraged responsible energy projects. (Reporting and editing by Sonali Paul; Valerie Volcovici)
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Yale University considers selling private equity fund interest
Yale University announced on Tuesday that it is exploring the sale of private equity funds and has been advised by Evercore, an investment banking firm. Why it's important In a statement, a Yale spokesperson did not mention the amount or reason of this step. Other universities such as Harvard and Princeton had explored financial options recently due to President Donald Trump’s threats to reduce their federal funding. KEY QUOTES In an email, the university spokesperson stated that the University was exploring the sale of private equity funds and Evercore is advising them in this process. This has been ongoing for several months. "We continue to be committed to private equity as a major component of our investment program, and we continue to make commitments for funds raised by current investment managers. We continue to actively search for new relationships with private-equity firms within the Endowment. By the Numbers Yale's endowment grew to $41.4 billion by June 30, 2024, up from $40.7 billion one year before. According to the annual financial report of the university, the endowment generated a 5.7% return on investment, net fees. Harvard announced earlier this month that it planned to borrow $750,000,000 from Wall Street for contingency planning, while Princeton stated it was considering selling $320,000,000 of taxable bonds. CONTEXT Trump has threatened withholding federal funding for colleges and universities due to pro-Palestinian protests on campus against U.S. allies Israel's military attack on Gaza. He also threatens to do so over a variety of other issues such as climate initiatives and transgender policies, diversity, equity, and inclusion programs. The government's actions have been condemned by rights advocates as an attack on academic freedom and the right to free speech. (Reporting and editing by Sonali Paul in Washington, Kanishka Singh)
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Steel Dynamics posts upbeat quarterly results
Steel Dynamics beat Wall Street expectations for revenue and profit in the first quarter, thanks to higher steel shipments. Steel shipments were a record 3.5 million tonnes, and earnings from the company's metals recycling operations and steel fabrication operations also increased. Mark Millett, CEO of the Steel and Steel Fabrication operations at the company, said that the underlying steel demand had improved during the first quarter. Customer orders were up and backlogs grew throughout the quarter. The Trump administration's tariffs have seen imports decline from recent highs. Fort Wayne, Indiana based company reported net income of $1.44 per shares for the quarter ending March 31. This is down from $584m, or $3.67 a share, one year ago. LSEG data shows that they were ahead of analyst estimates of $1.38 a share. Revenue dropped to $4.37 Billion from $4.20 Billion a year earlier, but was still higher than analysts' expectations of $4.20 Billion. The company's shares were up by 2% after the market closed. Reporting by Aatreyee dasgupta in Bengaluru and Abhinav parmar; editing by Shailesh kuber
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Dollar gains, earnings and U.S. China tariff talks are the focus of attention.
U.S. shares rebounded from Tuesday's loss as investors focused on the earnings. Meanwhile, the dollar rose following comments by U.S. Treasury secretary Scott Bessent in a closed door meeting that he believed there would be a deescalation of U.S. China trade tensions. U.S. Treasury Long-Term Yields dropped after rising on Monday. Bessent described future negotiations with Beijing, as "slogs" that have not yet begun. This was according to someone who heard him speak to investors in a JP Morgan conference. Investor confidence is shaken due to the multi-fronted tariff wars of U.S. president Donald Trump, investors are concerned that this could cause severe disruptions in world trade. The International Monetary Fund slashed Tuesday its growth forecasts in the United States and China, as well as for most other countries. It cited the impact of U.S. Tariffs, which are now at a 100-year high. Investors also assessed Trump's criticisms of Federal Reserve Chairman Jerome Powell on Tuesday. Trump criticised Powell this week for not cutting rates. This raised concerns over Trump's influence on the central bank, and increased concerns about U.S. financial stability. Trump stated last week that he believed Powell would leave his position if Trump asked him to, despite Powell's own statement. Although it is not clear whether Trump has the power to fire Powell. However, lawsuits filed by Trump over other firings are being monitored as possible proxy. Earnings season in the first quarter of 2018 for U.S. firms has picked up. The shares of 3M Co, an industrial conglomerate, rose 8.1% following the company's first-quarter earnings beating expectations. However it warned that tariffs could have a negative impact on its 2025 profits. Alphabet is due to release its results later this week. Stocks are down overall, but this is not a "fire sale" where you should get rid of all your stocks. Oliver Pursche is senior vice president and adviser at Wealthspire Advisors, Westport, Connecticut. All of the soft data (economic data) are deteriorating, but the hard data continue to be strong. Investors are struggling with this, he said. Neel Kazhkari, Minneapolis Fed president, said that the Fed's independence in monetary policy was fundamental and key to better economic results. The Dow Jones Industrial Average increased by 1,016.57, or 2.6%, to 39186.98. The S&P 500 gained 129.56, or 2.51% to 5,287.76. And the Nasdaq Composite increased 429.52 or 2.71% to 16,300.42. Apple gained 3.4%. Tesla shares were up slightly in after-hours trade after the company beat analyst's estimates on total gross margin, but missed revenue estimates. Bitcoin extended its recent gains, resulting in a 8.6% increase for shares of Coinbase Global. Bitcoin rose 4.61% to $81,360.62. The MSCI index of global stocks rose by 12.25 points or 1.56% to 795.36. The pan-European STOXX 600 ended the day up by 0.25%. The dollar gained some ground. The U.S. Dollar Index, which measures greenbacks against six major currencies, rose 0.6% to 98.937 after falling as low as 97.923 the previous session. This was a level that had not been seen since March 20,22. The dollar rose 0.42% to 141.470 yen after falling earlier below the psychological 140 yen level for the first since mid-September. The fear that Trump's policies on trade could cause a U.S. economy to slow down led some investors to purchase U.S. government bond. Benchmark 10-year yields remained at 4,391% on Monday, about 1.5 basis points below the previous day. Gold reached a new all-time record of $3,500.05 in the morning, due to the recent weakness of the dollar and the demand for safe havens. Last, spot gold was at $3.425.91 per ounce. The oil prices rose by more than $1 per barrel as a result of new U.S. Sanctions against Iran, and rising stock market. Brent crude futures gained $1.18 or 1.8% to settle at $67.44. The U.S. West Texas intermediate crude contract for May that expired at Tuesday's settlement rose by $1.23 or 2% to close at $64.32. WTI June, which is more actively traded, also rose 2% to close at $63.47.
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Sam Altman resigns as Oklo Chairman
OpenAI CEO Sam Altman is stepping down as chairman of Oklo's nuclear technology startup, opening the door to a possible tie-up. Shares of Oklo fell more than 11 percent in Tuesday's extended trading. Jacob DeWitte will become chairman of Oklo, the company that aims to build its first small nuclear reactor module by 2027. Caroline Cochran said that the startup would continue to "explore potential strategic partnerships with OpenAI and other leading AI companies", in a press release. Altman's AltC Acquisition Corp., a special purpose acquisition corporation, will acquire Oklo in the U.S. by May 2024. After decades of stagnation interest in nuclear energy has surged. The generative AI boom is driving up power consumption, and businesses around the world are trying to achieve net-zero emissions. Oklo began a Pre Application Readiness Assessment in March with the U.S. Nuclear Regulatory Commission for its Aurora Powerhouse Reactors. This assessment was to be used for the first phase of Oklo’s combined license submission for the reactors. Oklo has signed a nonbinding agreement with Las Vegas data center operator Switch to supply power.
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Phillips, a Democrat, resigns as a member of the US Energy Regulatory Panel
Willie Phillips resigned as a Democratic Commissioner on the U.S. Federal Energy Regulatory Commission on Tuesday. This opened the door for Donald Trump to nominate a new member, giving the five-member commission a Republican majority. The resignation of Phillips, whose term had been set to go through June 30, 2026, allows Trump to nominate a Republican who would likely be easily confirmed by the Republican-controlled Senate. Trump's focus is on increasing oil and gas production and opening pipelines that will bring gas from Pennsylvania into the U.S. Northeast. New York politicians blocked the Constitution Pipeline, which would have transported gas from Pennsylvania. It's unclear what Trump can do to make the pipeline work. Politico reported Phillips' resignation plans before the White House even asked him. Phillips served as chairman under former president Joe Biden. The White House didn't immediately respond to an inquiry for comment. In a press statement, Mark Christie, the Republican Trump appointed as FERC chairman on his first day of office in his second-term, said: "We will miss his presence here at FERC." "I wish him, his family and future success. I'm confident that he will be successful no matter what career path he chooses." Phillips stated in a press release that the grid is facing increasing challenges due to the surge in demand from data centers and a lack of construction for new power plants. Phillips stated, "These complex problems demand bold, creative solutions and I look to continue working on them in my next chapter." (Reporting and editing by Alistair Bell; Timothy Gardner)
The Supreme Court's top cases
In the current term of the U.S. Supreme Court, there are cases that involve guns, gender affirming medical care for minors who identify as transgender, online pornography and religious rights, TikTok and preventive healthcare. There are also cases that concern funding Planned Parenthood, job discrimination and federal regulation powers over nuclear waste storage, vape products and voting rights.
Take a look at the recent and upcoming cases that the justices will be deciding.
'GHOST GUN' On March 26, the court upheld a federal rule targeting "ghost guns", which are largely untraceable, imposed by former Democratic President Joe Biden in an effort to crackdown on firearms that have been used in crimes across the country. The ruling by 7-2 overturned the lower court decision that the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives exceeded its authority when it issued the 2022 rule aimed at parts and kits of ghost guns. The court found the regulation to be in line with the 1968 federal Gun Control Act.
TRANSGENDER RIGHTS During arguments on 4 December, the court's conservative judges indicated that they were willing to uphold Tennessee's Republican-backed ban on gender affirming medical care for minors who are transgender. This case could have a significant impact on other state laws that target transgender individuals. Biden's Administration appealed the decision of a lower court upholding Tennessee’s ban on medical treatment, including hormones and surgery for minors suffering from gender dysphoria. This refers to the distress caused by the incongruity of a person’s gender identity with the sex assigned at birth. The ruling is expected to be made by the end June.
MEXICO GUN LAWSUIT On March 4, the justices showed sympathy for a request by two American firearms companies to dismiss the Mexican government’s lawsuit accusing the companies of aiding the illegal trafficking of guns to drug cartels, and fueling the gun violence in Mexico's southern neighbor. The justices heard arguments from Smith & Wesson, a firearms manufacturer and distributor of Interstate Arms in their appeal against a lower-court ruling allowing the lawsuit on the basis that Mexico had plausibly alleged the companies aided illegal gun sales and harmed its government. The ruling is expected to be made by the end June.
U.S. TIKTOK BAN On January 17, the justices upheld a federal law that would ban TikTok from the United States if the Chinese parent company ByteDance failed to sell the short video app within a time limit set by Congress. The Justices ruled, 9-0, that the law passed by Congress and signed by Biden last year did not violate First Amendment protections against government abridgment. The justices upheld a lower court decision that had upheld this measure. Biden's replacement, Republican President Donald Trump chose not to enforce it and instead gave both parties time to work out a compromise.
Online Pornography The Justices heard arguments about whether the First Amendment protects against government interference in speech when a Texas law requires that pornographic sites verify users' ages to limit access by minors. The justices voiced concerns over the availability and accessibility of online pornography, but also expressed concern about burdens placed on adults who wish to view constitutionally-protected material. A trade group representing the adult entertainment industry has appealed the decision of a lower court that upheld the Republican-led State's age verification mandate. The ruling is expected to be made by the end June.
WORKPLACE DISCRIMINATION On February 26, the court heard arguments in a case where a woman claimed that she was denied a job promotion and demoted because of her heterosexuality by a state government agency in Ohio. The justices seemed to favor making it easier for those from "majority backgrounds" to bring workplace discrimination cases, such as straight or white people. Marlean Ames, the plaintiff, said that she worked with a homosexual supervisor when, in 2019, she was demoted and passed over for promotion to a woman gay. The ruling is expected to be made by the end June.
RELIGIOUS SCHOOL The court will hear a case that tests the separation between church and state. Two Catholic dioceses are attempting to establish the first taxpayer-funded charter school in Oklahoma. St. Isidore Catholic Virtual School was shut down by a lower court, which ruled that the funding arrangement for the school violated First Amendment restrictions on government endorsements of religion. Arguments will be held on April 30.
RELIGIOUS TASKS EXEMPTION In a case that could have constitutional implications, a Wisconsin Catholic diocese's arm is seeking a religious exemption to the state unemployment insurance tax. The Catholic Charities Bureau of the Catholic Diocese of Superior appealed the lower court's rejection of its exemption request. If the Supreme Court rules in favor of the bureau, it could force Wisconsin and other states that have similar tax programs in place to expand their exemptions to conform to the First Amendment protections in the U.S. Constitution. The arguments are scheduled for 31 March.
LGBT SCHOOL BIBLES The court accepted a request from religious parents who wanted to prevent their children from attending classes in a Maryland district public school when LGBT stories are read. This is yet another case that involves the intersection of religion and LGBT rights. Parents of children attending Montgomery County Public Schools filed an appeal after lower courts refused a plaintiff's request for a preliminary order ordering the district not to read these books. Arguments will be held on April 22.
OBAMACARE PREPARED CARE MANDATE This court will determine the legality of an important component of the Affordable Health Care Act, which gives a taskforce established under the Obamacare healthcare law the power to demand that insurers provide preventive medical services without cost to the patient. The court heard an appeal from the Biden administration against a lower-court ruling which sided with a Christian group of businesses that objected to the fact that their employee health plans covered HIV-prevention medication. They also argued that task force structure was in violation of the U.S. Constitution. Arguments will be held on April 21.
PLANNED PARENTHOOD FINANCE The court will examine South Carolina's attempt to cut off funding to Planned Parenthood. This case could support conservative states in the U.S. who want to deny Planned Parenthood government funding for reproductive healthcare and abortion. A lower court ruled that the Republican-governed state could not terminate funding for Planned Parenthood South Atlantic under the Medicaid insurance program. Arguments will be held on April 2.
NUCLEAR WASTE STORAGE On March 5, the justices heard arguments over whether the Nuclear Regulatory Commission had the authority to issue licenses for certain nuclear waste facilities, amid objections raised by the state Texas and oil industry interests. The U.S. Government and a company awarded a license to operate an operation in western Texas by the NRC appealed the ruling of a lower court declaring that the storage arrangement was illegal. The NRC regulates nuclear energy in the United States. The NRC is expected to make a decision by the end June.
FLAVORED VAPOR PRODUCTS On December 2, the court heard arguments in defense of the U.S. Food and Drug Administration for its refusal to allow two ecigarette companies to sell flavored products, which regulators believe to be a risk to health. The lower court ruled that the FDA failed to follow the proper legal procedures in federal law when they rejected the applications for the sale of these nicotine-containing products. The end of June is the expected date for a ruling.
EPA AUTHORITY On March 4, the court handed a major blow to the Environmental Protection Agency with a ruling of 5-4. The case involved a wastewater treatment plant owned by San Francisco. This could make it more difficult for regulators and water quality inspectors to monitor pollution. The court ruled that EPA had exceeded its authority in a law against pollution by putting vague restrictions on a permit for the facility which discharges into the Pacific Ocean. In recent years, the court has limited the EPA’s power as part of a number of rulings that have curbed the federal regulatory agencies’ powers.
TAILPIPE Emissions A major case that tests the power of the Democratic-governed California to combat greenhouse gases is a challenge by fuel producers against California's standards on vehicle emissions and electric vehicles under a federal law on air pollution. Valero Energy, along with fuel industry groups, appealed the lower court's decision to reject their challenge against a Biden administration decision to let California set its own regulation. Arguments will be held on April 23.
The Supreme Court is hearing a dispute regarding the legality and operation of the TELECOMMUNICATIONS SERIES FUND, a fund that Congress authorized to be operated by the Federal Communications Commission in order to increase access to telecommunications. The conservative Consumers' Research group and others accused Congress of illegally delegating authority to an independent federal organization. The FCC, along with a coalition including interest groups and telecoms companies, appealed an earlier court decision which found that Congress had violated the Constitution when it gave the FCC the authority to manage the fund. Arguments will be held on March 26.
LOUISIANA ELECTORAL MAP On March 24, the justices heard arguments in a bid to preserve an election map that increased the number of Black-majority districts in the state. This was in response to a legal challenge brought by a group voters who identified themselves as "non African American." Three federal judges determined that the map of Louisiana's six U.S. House of Representatives district - which now has two Black-majority areas, instead of one - violated the Constitutional promise of equal treatment. The ruling is expected to be made by the end June.
Death Penalty Case On February 25, the court threw away Richard Glossip’s conviction in Oklahoma for a murder-for hire plot that took place in 1997 and gave him a fresh trial. In a 5-3 decision, the justices concluded that prosecutors had violated their constitutional obligation to correct false testimony from their star witness. The justices reversed the lower court decision which had upheld Glossip’s conviction. They also allowed his planned death to proceed despite Glossip’s claim that prosecutors had wrongly withheld information that could have helped his defense.
(source: Reuters)