Latest News
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Interior Secretary Burgum: US wants to issue deep sea mining permits in a few months
The Trump administration announced on Monday that it was close to approving permits to'mine' the deep sea as part of an broader effort to increase U.S. access to the vital minerals needed across the U.S. economy. Interior Secretary Doug Burgum told a G20 gathering in Houston of energy ministers that the permits could be issued within months, as the administration pursues its strategy of "energy add" to expand the supply chains of the country and its allies. Donald Trump, since returning to office in 2017, has taken steps to bolster the deep-sea mine industry. However, he still hasn't issued operational permits to allow it to move forward. Many environmentalists are concerned that seabed mining could lead to irreversible biodiversity losses. The Pacific Ocean, and other parts of the world are believed to have large quantities of polymetallic nodules (potato-shaped rocks) that can be used as building blocks for electronic vehicles, weapons and electronics. Burgum stated that "those nodules we have to vacuum up from the sea floor (are filled with?critical minerals we need." Burgum said that part of the solution is to ensure that we have a diverse, reliable, and affordable supply of essential minerals. In the last 18 months, U.S. exports of critical minerals, especially those processed in China by Chinese companies, have been limited as Beijing limits its exports. This has increased pressure on Washington, which is now urging it to support efforts to increase domestic mining. Burgum responded to Burgum's question about when the federal government could issue permits for deep-sea diving: "Those discussions are taking place right now." He added that "you'll hear more in the coming weeks and months because there's exciting developments on that front." Burgum's Interior Department supervises the Marine Minerals Administration which must approve all?permits for mining?U.S. Territorial waters. The MMA review would begin with a lease to allow private companies to have exclusive access to a part of the seabed. Then, a review process would be conducted to determine if an operational permit was needed. This would include a variety of scientific data. Separately Trump wants the Commerce Department to issue international permits. This could lead to a conflict with the United Nations' International Seabed Authority, which has tried to set standards for more than 25 year. The Metals Company, a privately-held company, and Impossible Metals are among the companies that have requested permits for seabed mining. Other companies have also applied for exploration permits.
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Texas penalizes data centers for violating water laws
On Monday, the 'governor' of Texas, a state that is one of the fastest-growing areas for artificial intelligence infrastructure, instructed'state regulators to penalize any data centers who fail to provide details regarding their water usage. Texas, which has halted new data center connections to the state's?electrical grid, pending an assessment of the facilities' water and power use, amongst other issues, re-examines its regulations for server warehouses. Governor Greg Abbott has directed the Texas Water Development Board to "impose legal consequences" to data centers and large water-using entities that fail to report their water usage. Abbott's office issued a statement saying that "major water users including data centers appear to have violated civil and criminal laws by failing to provide TWDB the required information about water usage." The 'Texas water regulator tries to survey data centres about their 'water use and consumption expectations. The data center will be denied new or renewed environmental permits if it fails to submit the survey by the deadline.
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Interior Secretary: US oil export ban unlikely lower energy prices
U.S. Interior Secretary Doug Burgum stated on Monday that a ban on U.S. fuel or oil exports was unlikely to help lower energy prices for consumers in the midst of the Iran War. Burgum, speaking to reporters at the G20 meeting on energy in Houston, said: "We'd consider an export prohibition if it actually could lower prices. But that's not true." Burgum, a Trump appointee, stated that a ban on the export of oil, gasoline, or diesel could result in retaliatory measures from other countries. This could harm consumers in California, whose energy imports are largely dependent on. Burgum stated, "We stopped exporting products, and then someone said, "We're not going to export to California." Burgum stated that California has already shut down several oil refineries which has contributed to the rise in fuel prices. Burgum stated that California already has the highest gas and diesel prices in the nation due to their policies. We don't want to make it worse. The Trump administration has run out of options to reduce prices for diesel and oil, which recently reached a record-high above $6 per gallon, and are even higher in California. The White House is considering how it can use the Cold War Defense Production Act in order to increase U.S. refinery capacity.
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US EPA will undo carbon emissions limits for power plants during G20 meeting
The U.S. Environmental Protection Agency announced Monday rules to repeal former President?Joe Biden?s limits on carbon emission from coal-and-gas-fired power stations and to prevent future climate regulations of these facilities. The move is part President Donald Trump’s effort to undo U.S. Climate Policy, which his administration claims has hampered energy production. The announcement was made at the sidelines of the G20 Energy Ministers' meeting in Houston this week, where global officials will discuss "regulatory efficiencies," expanding baseload power, and energy security. EPA Administrator Lee Zeldin stated that 'new measures to prevent future regulation on greenhouse gas emissions in the power sector would enable the U.S. build new generating infrastructure to meet the skyrocketing demand for electricity. He said that the Americans have demanded more common sense from federal agencies under President Trump’s leadership at a press conference held in Houston. "That means reducing red tape so that we can build a new power-generating system." Environmental groups slammed this new proposal. They said that it would be more expensive in terms of damage to the public and the environment. Nearly a quarter (25%) of U.S. emissions are attributed to the electricity sector. In June 2017, the Trump administration proposed to repeal regulations written by Biden that would have reduced emissions of mercury, carbon dioxide and other air pollutants at power plants. Biden's carbon emissions rules for power plants would reduce greenhouse gas emissions by one billion metric tonnes by 2047 as part of his administration’s fight against climate changes. This rule would have required that coal-fired power stations and new natural gas-fired generators install equipment to capture emissions in the next decade before they reach the atmosphere. This requirement made zero-emissions options like solar and wind attractive. Denying the existence of climate pollution that accounts for a quarter in the United States is reckless. Maggie Coulter said on Monday that it would 'lead to greater suffering and loss of life from extreme heatwaves, severe storms and destructive 'wildfires', similar to those we have seen this summer. According to a report by a reporter, Under Secretary of Energy Kyle Haustveit said that the new regulations would boost 'coal-fired electric power in the U.S. which has been steadily declining due to the availability and cheaper natural gas. He said, "President Trump has ended the war against beautiful, clean coal." "Coal has many advantages: it is affordable, reliable and secure."
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VTB sanctions imposed by the U.S.
Treasury Department: The United States imposed Iran-related Sanctions on Monday against?Russia's VTB Bank Public Joint Stock Company accusing it of involvement in Iranian sanctions evasion. Washington is seeking to increase economic pressure on Tehran. This action is a continuation of the sanctions that were imposed in 2022 against VTB, Russia’s second largest?lender. The bank was targeted following Moscow's full-scale invasion into Ukraine. Treasury Secretary Scott Bessent stated that "Under Operation Economic Outcast Treasury will continue to target those who provide material or financial support to the Iranian regime to enable it to maintain its terrorist enterprise." Treasury will not tolerate any regime support and will continue to expose and isolate Iran’s "enablers." Bessent warned that the Trump administration will sanction a "large bank" as it continues to exert economic pressure on Tehran in order to end a six-month conflict between the U.S. and Iran. Since the conflict began in February, the 'United States' has taken a number of economic measures to target Iran, including oil exports, shipping networks, channels for weapons procurement, financial intermediaries and digital asset exchanges.
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European shares fall on AI concerns and inflation fears
European shares dropped on Monday, as technology stocks were under pressure following leaders of top AI companies who pushed for a slower pace of development. Meanwhile, a surge in global bond yields and oil prices dampened risk appetite. The pan-European STOXX 600 index was down by 0.5%, at 635.99. The majority of regional markets fell, but London and Zurich's indices rose by 0.4% and 0.8% respectively. As AI-linked stocks fell globally, technology shares were among the worst performers, falling 2.1%. Dario Amodei, CEO of Anthropic, called for companies to halt the advancements in AI models due to misuse concerns. This view was backed by xAI’s Elon Musk as well as OpenAI CEO Sam Altman. The STOXX 600 was led by the French chipmaker Soitec, which fell 12.5%. However, software stocks gained. Octave Intelligence, Capgemini, Sage and Relx all rose between 5% and 75%. Chris Beauchamp is the chief analyst at IG. He said, "These stocks were victims of SAASpocalypse on fear AI would wipe their businesses out." "Those fears were exaggerated, but if the AI giants put their foot down, the outlook for revenue for Sage, RELX, and their SAAS brothers globally becomes much brighter. Even if this only delays a long-term loss of biz." European miners declined 2.5% as a result of the weakness in commodity prices. Healthcare stocks rose 2.7%, bucking the trend. GSK grew by 4.7% following the positive results of two lung cancer drugs. This added to the momentum in this sector. Energy stocks fell 0.8% but crude prices rose 2% as supply concerns increased after new strikes on Saudi energy infrastructure, and attacks against ships in the Middle East. Recent oil prices have heightened inflation concerns, which has led to expectations that central banks around the world could raise interest rates this year. The European economies are especially vulnerable to rising oil prices, as they heavily rely on imports. ECB policymakers warned 'on Monday' that euro zone inflation may exceed high forecasts. Traders now price in an additional 25 basis-point ECB rate increase by the end of the year after last?week?s rate hike. Government bond yields soared as a result of the developments. The 10-year bund - considered to be the benchmark for the region - was at its highest level since mid 2009. The benchmark U.S. 10-year Treasury yields also rose to a psychologically important level of 5%. The U.S. Federal Reserve is widely expected to raise its main lending rate by at least 25 basis point this week --?in stark contrast to the split chances between a hike or a pause that were seen only a week earlier. After a close election, which reduced the influence of the far right, Sweden's opposition centre-left appeared most likely to win power on Monday.
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German Finance Minister demands UniCredit CEO to meet certain conditions regarding possible Commerzbank acquisition
On Monday, German Finance Minister Lars Klingbeil outlined a list of demands to UniCredit CEO Andrea Orcel regarding the possible acquisition of Commerzbank by the Italian bank. The German Ministry of Finance said that these included Commerzbank staying listed on the stock market, maintaining its base in Frankfurt, and continuing to fund German medium-sized businesses?at home as well as abroad. After Berlin failed to stop a takeover, the meeting in Berlin marked an important turning point in the two-year struggle for control of Germany's largest bank. Klingbeil said, "In a productive discussion with Mr. Orcel I made it clear to him that future negotiations should be conducted responsibly." Orcel stated in a press release that the meeting was "a good and constructive first discussion that will be quickly followed by others." He said, "Both sides should now reflect on this initial discussion to find a way forward that is in the best interests of all stakeholders and shareholders."
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The UK government is looking to buy out an insolvent steel specialist
The British government announced on Monday that it was drafting a plan to buy Speciality Steel UK, a manufacturer who formerly supplied the automotive, aero, and defence industries and entered liquidation at the end of August 2025. Speciality Steel was a part of Liberty Steel before it went into liquidation. Liberty Steel is owned by the commodities tycoon Sanjeev Gupta. The government announced that it was moving toward public ownership, after it decided it couldn't support a private sector bid. This company?has locations in Northern and Central England and supports more than 1,300 jobs. "We don't interfere in private companies lightly." "We cannot simply sit back and let the future of this company and its 1,300 employees be decided by default," said Jonathan Reynolds, business minister. Working towards public acquisition 'will keep options open while we work with workers, local leaders, industry, and investors to determine the best?long-term?"future? for these sites." The government stated that any purchase would be subject to a due diligence process and would be funded by existing government budgets. The government did not specify how much an acquisition might cost.
Israel aims to boost Red Sea oil deliveries despite ecological dangers
Israel plans to permit more oil tankers to dock at a Red Sea port in Eilat despite environmental threats, as it makes every effort to preserve energy security amidst dispute on numerous fronts, according to Israeli authorities and government documents.
Prime Minister Benjamin Netanyahu's workplace wishes to withdraw limitations on the quantity of oil that can be unloaded at a. jetty in the city, which sits in the middle of a string of. resorts and beaches and is surrounding to a fragile reef.
The curbs enforced in 2021 by the Environmental Protection. Ministry and which efficiently halted an oil supply handle. the United Arab Emirates, were relieved momentarily late last year. at the start of the Gaza war.
The jetty comes from state-owned Europe Asia Pipeline Co. ( EAPC), which runs a pipeline across Israel linking the. Red and Mediterranean seas as an option for tankers. crossing the Suez Canal.
EAPC wishes to get more oil but ecological regulators. and Eilat's mayor oppose the plan.
With the war versus Hamas triggering battling with. Hezbollah in Lebanon and drawing attacks from other Iranian. proxies in Yemen, Iraq and even by Iran itself, Israel is. pushing to guarantee it can keep its economy running efficiently.
When its primary energy source, the offshore Tamar gas field,. was briefly shut at the beginning of the war with Hamas, the. country turned to products allocated for export.
With Yemeni Houthis interfering with trade in the Red Sea, ships. have diverted to Mediterranean ports. Utilities have developed their. own backup networks.
EAPC signed an offer to transfer large amounts of oil from the. UAE to Europe through its pipeline in 2020, soon after Israel. and the UAE stabilized ties, in one of the most significant. collaborations to emerge from the U.S.-brokered Abraham Accords.
The deal was anticipated to move tens of millions of loads. of oil, meaning about 50 tankers docking at the congested Eilat. coastline yearly, the Environmental Protection Ministry said. The previous average was two.
The environment ministry took a hardline policy of no. additional risk and set a limitation of 2 million tons of oil,. successfully blocking the offer.
Eilat's reef is unique in having proved more resilient. to environment change, when numerous reefs around the globe are dying. It is also a huge tourist draw. Its proximity to the jetty leaves. it vulnerable to even the tiniest leakage from one tanker.
Despite those threats, Netanyahu's office advised this. month that the easing of constraints be extended and broadened. to consist of fuel for trade in addition to domestic usage, and even for. capacity to unload oil products in Eilat to be broadened, an. internal report seen showed.
The federal government of Israel does not take an approach of. total risk avoidance - not in security, not in energy and not. in the environment, a ministerial committee formed by Yossi. Shelley, director general of Netanyahu's office, stated in the. report which has not been made public.
Not canceling the constraint of the 'no additional risk'. policy, without managing the danger, and not broadening the. distillates port may cause the closure of the Eilat terminal. and not permit the necessary response in times of emergency.
The committee advised the environment ministry to come up. with a strategy to minimize risks from more oil deliveries.
The Environmental Protection Ministry composed to Netanyahu's. workplace on April 16 after receiving the report, and in its letter. seen said its issues were ignored, the report's. suggestions were undesirable, and that it did not have the. resources to control the proposed increase in shipments.
In arguing its case, the ministry has actually cited past accidents,. like in 2014 when EAPC's pipeline burst, spilling countless. litres of oil into a nature preserve.
It was uncertain whether eliminating the Eilat constraints would. revive the UAE oil deal. Petromal, a system of Abu Dhabi-based. National Holding and among the owners of the company that. signed the handle EAPC, did not instantly react to a. ask for comment.
KEEPING THE OIL FLOWING
EAPC Chairman Erez Halfon invited the government's U-turn. in a statement in which he said the war has actually made clear the. strategic, security and energy importance of EAPC's facility in. Eilat.
Without consistent oil deliveries, the Eilat center will. degenerate and end up being unreliable, EAPC stated.
Nearly all Israel's trade, consisting of energy deliveries, is. seaborne and most takes place along the Mediterranean coast in ports. at Haifa, Ashdod and Ashkelon.
In 2023 Israel imported 267,000 barrels per day of crude. oil, according to data from delivering analytics firm Kpler,. mostly from Kazakhstan, Azerbaijan and Kurdistan.
The Emirati oil offer might be worth about $50 million a year. for EAPC, according to the internal report.
Israel's Energy Ministry informed that oil shipments. need to be enough to economically sustain the terminal however require. to be managed appropriately vis a vis the environment.
One government main dismissed an argument by the. director general of the Environmental Protection Ministry that. there were other ways to keep the jetty functioning.
The professional position was clearly specified that any methods. aside from functional activity will not be sufficient to keep. that channel performance, the official told .
The committee, the official highlighted, did not tell the. Environmental management Ministry exactly how much oil should be. allowed or how to conduct the survey, only that it be brought. out. It offered the ministry 3 months to comply.
(source: Reuters)