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Trump expects to meet Starmer during his visit to Scotland
Donald Trump announced on Tuesday that he will meet with British Premier Keir starmer in Aberdeen, Scotland later this month, to finalize a U.S. - British trade agreement. An official at the White House said that Trump will visit his golf properties on Scotland's west coast in late August, recreating his 2016 trip to Scotland during his first presidential run. The official, who spoke on condition of anonymity, said that Trump planned to visit his Turnberry and Aberdeen properties during a trip scheduled to last between July 25-29. When asked by reporters about his trip, Trump replied that he was going to meet Starmer. He and Starmer Deal announced On June 16, on the sidelines the G7 Summit, in Canada, that reaffirmed the quotas for British automobiles. They also eliminated tariffs against the U.K. Aerospace sector. The issue of aluminum and steel remains unresolved. "We will have a meeting, most likely in Aberdeen." Trump said that they would do many different things and refine the deal we have made. Trump visited both courses in 2016 during his successful first term, using the occasion to praise Britain's vote for "Brexit", to leave the European Union. When he visited Turnberry, bagpipers dressed in kilts accompanied him. Turnberry, on the west coast in Scotland, has hosted the Open Championships four times. The last time was in 2009. Trump purchased it in 2014. The Republican President will be a guest of King Charles in Windsor Castle from September 17-19. In June 2019, during Trump's first term, the late Queen Elizabeth welcomed him to Buckingham Palace. He had a private dinner with her and tea with Charles. (Reporting by Steve Holland; editing by Chizu Nomiyama & Leslie Adler).
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Britain abandons its 'taxonomy plan' for green investments
The UK has canceled plans to create a "taxonomy", which would guide companies and investors in determining what constitutes a green investment. This is the latest indication that governments are delaying reporting sustainability requirements for businesses. Taxonomies define criteria for a sustainable activity to assist economies in achieving net zero targets. The taxonomies were created to encourage more investment in green projects, but critics claim they are difficult to follow and not very useful. After determining that the taxonomy was "not the most effective tool for delivering the green transition, and should not be included in our sustainable financial framework," the finance ministry stated it would instead focus on other green policy to drive investments. The decision is made as Europe overhauls its own sustainability reporting regulations for companies to reduce red tape and boost competitiveness. The government stated that its consultation revealed the taxonomy wouldn't deliver "in a reasonable way" its goals of channeling capital, and reducing greenwashing. The UK Sustainable Investment and Finance Association called it "disappointing", that the government concluded that a taxonomy of green investments had no place within the UK's sustainable financial framework. Oscar Warwick Thompson, UKSIF's head of policy and regulation affairs, said: "We want to see rapid delivery of commitments regarding transition plans and sustainability reporting standards." The British government first proposed a taxonomy for the UK in 2020. However, the work was stopped in December 2022 because it was considered a complex task that involved multiple sectors in the economy. Gemma Woodward is the head of responsible investments at Quilter Cheviot. She welcomed the decision and said that the industry already had to deal with other regulations. Virginia Furness, Tommy Reggiori Wilkes and Alexandra Hudson edited the story.
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NOPA US soybean crush in June exceeds expectations with 185.709 millions bushels
According to data released by the National Oilseed Processors Association on Tuesday, the U.S. soy crush exceeded the average trade expectations for June, and reached its highest level ever. Soyoil stock levels dropped to their lowest point in five months. NOPA members, who account for at least 95 percent of soybeans crushed by the United States, crushed 185.709 millions bushels last month. This is down 3.7% compared to the 192.829million bushels crushed in may, but up 5.8% compared to the 175.599million bushels crushed back in June 2024. That was the previous monthly record. According to an average estimate of eight analysts, the crush was predicted to drop to 185.195 millions bushels. Estimates ranged between 182.000 million and 188.000 millions bushels with a median estimate of 185.175million bushels. The June crush exceeded expectations despite the second consecutive monthly decline in daily processing pace which dropped to 6,190 million bushels. According to NOPA, this was a decrease from the 6.220 bushels per day of May. It is also the lowest daily crush rate recorded since September. U.S. crushing capacity has reached record levels due to recent processing plant expansions, new plant openings, and a soaring demand of soyoil. Analysts said that this capacity was underutilized in some cases as the glut of soymeal prevented plants from operating at full speed. As of June 30, soyoil stock levels among NOPA member companies fell to 1.366 bn pounds. This is a decrease of 0.5% compared with the stocks at the end May, which were 1.373 bn pounds. It also represents a 15.8% drop from the stocks in place a year ago of 1.622 bn pounds. Six analysts estimated that stocks would rise by a modest amount to 1.374 trillion pounds. The estimates ranged between 1.275 billion and 1.525 billion pounds with a median estimate of 1.342 million pounds.
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The US Court of Appeals temporarily suspends Argentina's 51% stake in YPF
The U.S. Court of Appeals on Tuesday temporarily suspended an order by a judge that Argentina hand over its 51% share in the oil and gas company YPF as partial satisfaction for a $16.1-billion judgment. The 2nd U.S. The 2nd U.S. The appeals court stated that Argentina had until July 22nd to respond. The dispute arose from Argentina's 2012 acquisition of the YPF stake by Repsol, a Spanish company, without making a bid to Petersen or Eton Park. Both were minority shareholders. Burford Capital is representing these shareholders. Burford Capital has stated that it expects to receive between 35% and 73% respectively of Petersen and Eton Park’s damages. Argentina warned that its economy would be unstable if it sold its majority stake in YPF - the largest energy company in the country. The country was given a deadline of July 14 for the turn-over, but U.S. district judge Loretta Preska agreed to defer enforcement until Argentina could appeal the decision.
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Watchdog asks EU to explain the speed at which it proposes to reduce green rules
In response to complaints from campaigners who accused Brussels of weakening sustainability laws without consulting the public, the EU Ombudsman demanded that the European Commission explain on Tuesday why it had fast-tracked its proposals to curb them. In February, the Commission introduced legal changes to exempt thousands smaller European businesses from European Union reporting rules on sustainability. This was done to simplify regulations for industries that are struggling to compete against rivals in China or the U.S. where President Donald Trump has been rolling back regulations. The EU Ombudsman demanded that the Commission explain why they did not perform a full impact analysis on these proposals, consult with the public about the changes or assess if the proposals are in line with Europe’s commitments to climate change. The Commission will usually perform an impact analysis when proposing new EU legislation to determine their effects. This can be skipped when the law is an emergency response to a crises and the proposals for simplifying the green reporting rules did not include an assessment. In a letter published Tuesday, Ombudsman Teresa Anjinho stated that "based on the materials made available so far, it does not appear the Commission has adequately justified derogating its rules in this instance." She said, "The Commission has not indicated any sudden or unanticipated event that would warrant the urgency." Anjinho noted that, instead of the usual 10-day consultation, the Commission gave its departments only 24 hours, beginning on Friday evening, to evaluate the plans. A spokesperson for the Commission said that it would answer the questions and make rapid changes, since some companies have already been required to report their information this year. The spokesperson said that "businesses and members states urgently need legal certainty in order to comply with sustainability framework," during a regular briefing. The European Ombudsman is responsible for investigating cases of mismanagement in EU institutions. The Commission must respond by September 15. (Reporting and editing by Barbara Lewis; Kate Abnett)
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Investors assess inflation data in the US and Canada
Investors weighed in on key inflation figures from the U.S. and Canada, which weighed down Canada's benchmark index. Toronto's S&P/TSX Composite Index fell 0.4% to 27160.74 points after briefly reaching a new intraday record earlier in the session. Analysts had predicted that the annual inflation rate in Canada would rise to 1.9% by June, and automobiles, apparel, and footwear contributed to this increase. The CPI data in the U.S. showed that prices rose in June, as expected. Federal Reserve is likely to maintain rates at the same level in July, while watching inflation pressures. Heavyweight mining shares on the TSX fell by 0.9%, following a decline in gold prices. Lundin Gold, a gold miner, fell by 2.4%. Alamos Gold Mines and Agnico Eagle Mines both dropped about 1%. Energy stocks dropped 0.5%, while financials fell by 0.4%. Consumer staples also declined by 0.9%. Utility stocks rose by 0.1%. Brookfield Renewable Partners LP, the parent company of Brookfield Asset Management, saw a 3.3% increase after signing a $3 billion hydropower deal with Google. Markets are focused on a breakthrough in negotiations with U.S. trading partners despite President Donald Trump's renewed threats of tariffs. After Trump's Monday announcement that he was willing to speak with the European Union, and other trading partners, there are new hopes. "A lot of the issues keep coming back to trading and trade negotiations." Allan Small, Senior Financial Advisor at Allan Small Financial Group, said: "The president has set a deadline of August 1st to make deals. He said that he would be firm about that. So it's all trade." Riot Platforms, a U.S. bitcoin miner, announced Monday that it owned a beneficial interest of 10,29% in Bitfarms. Bitfarms shares fell by 3.4%. Reporting by Twesha dikshit in Bengaluru and Sukriti gupta; editing by Sahal muhammed
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Source: Israeli strikes in Lebanon kill 12, including 5 Hezbollah Fighters
A security source in Lebanon reported that heavy Israeli airstrikes in eastern Lebanon killed 12 people on Tuesday, including five Hezbollah members. Israel claimed the strikes were an attempt to warn Iran-backed Hezbollah against reestablishing itself. The Israeli military claimed that the airstrikes were directed at Hezbollah training camps and weapons warehouses in eastern Lebanon's Bekaa Valley. These airstrikes are the most deadly in the area since the ceasefire brokered by the United States between Israel and Lebanon last November. Bachir Khodr said that seven of the dead are Syrian citizens. Israel's last conflict dealt Hezbollah a heavy blow, killing Hassan Nasrallah and other leaders as well as destroying a large part of their arsenal. Israel Katz, the Israeli Minister of Defence, said that Tuesday's strikes were a "clear signal" to Hezbollah. He accused it of planning to re-establish the ability to raid Israel via the elite Radwan forces. Israel will "respond with maximum force" to any attempts at reconstruction, he said. He said that the strikes were also meant to send a message the Lebanese Government, who he said was responsible for maintaining the ceasefire. Hezbollah and the Lebanese Government did not respond immediately to the recent Israeli attacks. The United States submitted a proposal for the Lebanese Government to secure Hezbollah’s disarmament in four months as a trade-off for Israel ceasing its air strikes and removing troops from their positions in south Lebanon. According to the terms of a ceasefire brokered between the U.S., France and Lebanon, the armed forces of Lebanon were required to seize "all unauthorized weapons", starting in the area to the south of the Litani River -- the closest zone to Israel. Reporting by Steven Scheer from Jerusalem, and Maya Gebeily, Laila Basam and Tom Perry in Beirut. Writing by Ahmed Elimam and Nayera Abdallah; Editing and production by Alison Williams and Gareth Jones.
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Ghana's cocoa regulator warns production will drop due to heavy rains
Ghana's cocoa regulator stated on Tuesday that prolonged rain and lack of sunlight can lead to an increase in disease incidence, which could cause a moderate decline in production. This comes after farmers asked for government intervention to reduce the impact of bad weather. The West African nation, the second largest cocoa producer in the world, saw its output drop in previous seasons because of diseases, bad weather and illegal gold mining. These factors destroyed cocoa plantations, reducing yields. Last week, an association of Ghanaian farmer warned that the cooler temperatures and excessive rain combined with the lack of sunlight were reducing yields. In a press release, the statement said that this could cause damage to farmers and their incomes over time. Nana Oboadie Bonsu is the president of the Farmers' Association. She said: "We visited 72 cocoa-growing districts, and we saw fungi growing on various cocoa trees because of the climate conditions." COCOBOD, Ghana's regulator, said that it has intensified its mass spraying programmes and disease control programs in response to concerns raised by the association. The regulator said that while it was too early to give definitive numbers for the current year, preliminary assessments suggested a modest decline in production compared to previous projections. COCOBOD said that it also aims to finish the distribution of fungicides planned before the peak harvest season to minimise yield loss. COCOBOD data revealed in May that Ghana would likely miss its 650,000 metric ton output target for 2024/2025. (Reporting and editing by Emmanuel Bruce, Anait Miridzhanian Rob Corey-Boulet Tomaszjanowski)
Guyana gas-to-power task to shave weeks off oil output, hit revenue
Guyana's efforts to utilize its gas resources to fuel a power plant that would slash the South American nation's energy costs have snagged on building and construction delays and threaten to reduce the rising oil hotspot's earnings this year by about $1 billion.
The $1.9 billion gas-to-power task, Guyana's biggest effort to capitalize on its energy bounty, is involved in legal battles and threats cost overruns. The very first phase of a. 300-megawatt (MW) power plant is running six months behind. schedule and complete operation is not anticipated until the 4th. quarter of 2025, authorities have said.
Exxon Mobil, which operates all the oil and gas. production in Guyana, is constructing a 140-mile (225-km) gas. pipeline from its offshore Stabroek block to supply the. federal government's project onshore: a power plant, an associated natural. gas processing facility and transmission lines.
The U.S. oil major's part of the job, the about $1. billion pipeline, will be prepared by year-end as promised to. Guyana, stated Exxon Guyana nation manager Alistair Routledge. That is in spite of having absolutely nothing to connect it to onshore since. of delays on the works handled by the government.
The Stabroek block, website of the country's first. industrial oil and gas discovery in 2015, currently produces. crude - about 645,000 barrels each day (bpd). The brand-new power plant. will be the first to utilize the associated gas produced from the. oil field that to date has been re-injected underground.
The gas pipeline conclusion will require Exxon to stop briefly. production in the 3rd quarter at 2 oil production vessels to. connect them to the undersea pipeline, Routledge said.
If the tie-in lasts four weeks, Exxon and its consortium. partners Hess and China's CNOOC would need to. halt as much as 12 million barrels of oil output from 2 platforms. that produce 400,000 bpd at peak levels.
Based upon Guyana's current sale at $85 per barrel, that could. indicate over $1 billion in delayed oil earnings.
An Exxon spokesperson last week declined to define how long. the production halt will last. Routledge had actually stated the pipeline. connection and maintenance works would take weeks, not months.
The executive said Exxon is not worried about having to shut. production this year for a job that will not be all set to. accept the gas at least up until at some point in 2025.
When the gas-fired power plant is ready is a concern of. timing, stated Routledge.
It's difficult to have all the facilities all set at the very same. time. As quickly as the onshore centers are all set, the entire. thing will launch and all those advantages will stream to the. nation, he said.
Guyana will miss out on the chance to slash its power expenses this. year since of the task hold-up. It imports costly fuel oil. for an aged and typically faulty power center. When totally running. on natural gas, the brand-new plant will minimize the country's power. costs by 50%, authorities have stated.
Obviously we are doing the very best we can, but we need to be. practical, Winston Brassington, who coordinates the power. job as a specialist for Guyana's Ministry of Natural. Resources, said in an interview in February.
While it is not unusual for significant jobs to run behind. schedule, Guyana's government faces a governmental and. parliamentary election next year and is keen to deliver tangible. advantages to the nation's 750,000 residents.
There is more pavement in the city, says fruit supplier. Michael Bharrat, 23, when asked about the most visible indications of. advancement brought by the country's oil boom. The federal government. might be doing more to assist bad individuals, he said.
Federal government authorities are distressed to fulfill a 2020 election. pledge to cut homeowners' energy expenses and wish to use the gas. for markets that can produce tasks or for exports as melted. gas.
The government has actually been pushing Exxon and its partners,. which prior to this job have actually focused on oil, to develop the. country's gas resources.
There is a window of chance in between now and the end of. the years to monetize and make the most of the value of Guyana's. natural gas resources, President Mohamed Irfaan Ali informed oil. executives throughout a conference in Georgetown in February. We. need to develop our gas now.
UNANSWERED CONCERNS
Critics of the job state there are a great deal of choices yet. to be made and little clearness over the next steps, including who. will operate the power plant and market the gas-liquids such as. propane produced by the associated gas-processing center.
Meanwhile, 2 specialists hired by the federal government for the. task have actually filed for arbitration over costs overruns of $90. million and citizens have actually submitted suits claiming unjust. compensation for land required to build the job.
What rate will Guyana be paying for the unusable or. unused gas? Is the gas sales agreement finished? asked. Elizabeth Hughes, a land owner whose family land was. expropriated for the project. There are so many questions. unanswered, there is no transparency at all.
Bharrat Jagdeo, Guyana's vice president, informed in. February the project is following its new schedule and will stay. within its original budget plan.
We believe this is absolutely nothing to fret about, Jagdeo stated. It is a two-year job, will take a couple of more months, however not. a year to complete.
Wally David, 66, a retired trolling boat mechanic, smiles. when asked if the federal government he voted for in 2020 will deliver. on its guarantee to develop the gas-to-power job as assured.
I think it will get done sooner or later, he states from his home in. Georgetown, where he grumbles a road construction task. outside his house run by the federal government is behind schedule.
Maybe in three, 4 years, just not now.
(source: Reuters)