Latest News
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Workers at Thyssenkrupp Steel agree to site closures and reduced working hours
Thyssenkrupp, the largest German steelmaker, and the trade union IG Metall announced on Saturday that they had reached an agreement on reduced work hours, lower bonuses and site closures. The agreement with steelworkers marks a significant step in Thyssenkrupp’s restructuring. Under this plan, the former German industrial giant plans to become a holding company. It comes after tensions between management and labor representatives were renewed. The implementation of the new collective agreement, which will run until September 30, 2030 at Thyssenkrupp’s steel unit TKSE, is subject to approval by IG Metall's members and a future agreement regarding the financing of the division, according to the company. Thyssenkrupp announced that it would have to cut up to 11,000 positions at its steel unit, TKSE. It also said that the annual production capacity of 11.5 million tonnes to 8,7-9,0 million tons. Tekin Nasikkol is the head of Thyssenkrupp’s work council and a member of the supervisory board. Nasikkol stated in a press release that "we have created the conditions to allow the company itself to come out of the difficult situation." Thyssenkrupp wanted to conclude a restructuring agreement by the summer. Both sides are aiming to finalise their current agreement by September 30. The wage agreement is seen as a major hurdle that must be overcome before Thyssenkrupp sells an additional 30% of TKSE shares to Czech billionaire Daniel Kretinsky as planned. The investor owns 20% of TKSE via a holding firm. (Reporting and editing by Sharon Singleton, Tomaszjanowski and Christoph Steitz)
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Shell Secures Drilling Permit off South Africa's West Coast
Shell has been granted environmental authorisation to drill up to five deep-water wells off South Africa's west coast, the company said on Friday.The oil major applied for authorisation last year and plans to drill exploration or appraisal wells in the Northern Cape Ultra Deep Block in the Orange Basin, at water depths ranging between 2,500 metres (8,200 ft) and 3,200 metres (10,500 ft).Oil companies, including TotalEnergies, are aiming to drill off South Africa's west coast, where the prolific Orange Basin extends southwards into the country's waters, with hopes of replicating significant discoveries made in neighbouring Namibia."Should viable resources be found offshore, this could significantly contribute to South Africa’s energy security and the government’s economic development programmes," Shell said in a statement without providing any timelines.Shell's previous exploration programme along South Africa's east coast has been disrupted by court litigation over concerns about lack of public consultation and that seismic surveys may harm the marine environment.The long-running case is expected to be heard in South Africa's highest court later this year and could either help usher in a new exploration boom or dampen expectations.Mounting environmental pressures, including a bevy of court actions to halt drilling, and cumbersome bureaucracy have stifled South Africa's ambitions to develop its oil and gas potential.Africa's most industrialised economy has lost around half of its refinery capacity over the last few years and depends even more now on imports of refined petroleum products to meet rising demand.(Reuters - Reporting by Wendell Roelf. Editing by Sfundo Parakozov and Mark Potter)
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After cannabis raid, one California worker is killed and hundreds are arrested
According to a farmworker advocate group, a California farmworker was killed on Friday after suffering injuries a day before when U.S. Immigration agents raided and arrested hundreds workers at a cannabis plantation. On Thursday, dozens of migrant rights activists clashed with federal agents on the rural Southern California coast. This was the latest in President Donald Trump's mass deportation campaign of illegal immigrants living in the U.S. According to estimates, the Trump administration has given contradictory statements on whether it will target farm workers, of whom about half are not authorized to work in the U.S. In a press release, the U.S. Department of Homeland Security stated that 200 people who were in the country illegally had been arrested during the raid. The raid targeted two locations of Glass House Farms. The statement also stated that agents found ten migrant children at the farm. Customs and Border Protection commissioner Rodney Scott said in a X post that the facility was under investigation for violations of child labor. The company didn't immediately respond to our request for a comment. According to pictures and videos, the scene on the farm was chaotic on Thursday, as federal agents in helmets and masks used tear gas and smoke cannisters against angry protesters. Elizabeth Strater said that several farmworkers suffered injuries and one of them died after falling 30 feet from a building in the raid. Strater stated that U.S. citizens had been detained and some were still missing. UFW President Teresa Romero said that some citizen workers detained in custody were only released after they deleted photos and videos from their phones. Romero stated that "These violent, cruel, and criminal federal actions terrorize American Communities, disrupt the American Food Supply Chain, threaten lives, and separate families." The DHS didn't immediately respond to an inquiry for comment about the group’s statements. Farm groups have warned against the mass deportation farmworkers, saying that it would cripple Canada's food supply. Brooke Rollins, the Agriculture secretary, said in her latest comments that there will be "no amnesty" Farmworkers are protected from deportation. Trump has, however, said that migrant workers Should be allowed Stay on the farm. Reporting by Leah Douglas, Washington; editing by David Gregorio
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As Trump announces tariffs against imports from Canada, stocks and the Canadian dollar fall
The major stock indexes fell slightly on Friday, as U.S. president Donald Trump's announcement that tariffs would be imposed on Canadian imports sparked concerns about trade tensions. Meanwhile, the Canadian dollar was down against the US dollar. Investors also awaited an announcement by Trump regarding tariffs against the European Union. This move will likely trigger a tit for tat response from Europe and create new market uncertainty. Trump announced late Thursday that the U.S. will impose a tariff of 35% on Canadian imports in one month. He also said he planned to impose tariffs blankets of 15% or 20 % on most other trading partner. The reaction to tariff news has been more muted than it was in April when Trump started his trade war. Jake Dollarhide of Longbow Asset Management, Tulsa in Oklahoma, stated that this may change if there is no progress on tariffs. "I don’t think the market is able to take Trump's tariffs forever and on repeat." He said that the market's resilience in the face the tariffs, all the changes to the rules and rates, the delays, the extensions, the surprises and pauses was remarkable. If we don't see more results, the market could have another tariff meltdown similar to April. He said that the second-quarter results could still benefit stocks. Dollarhide stated that "that could be a salvation for the markets, if they started paying attention to earnings once again." JPMorgan Chase will release its results on Tuesday. This marks the beginning of the reporting period. The Dow Jones Industrial Average dropped 279.13 points or 0.63% to 44,371.51, while the S&P 500 fell 20.71 points or 0.33% to 6,259.75, and the Nasdaq Composite lost 45.14 points or 0.22% to 20,585.53. The three major U.S. indexes of stocks were all down this week. Nvidia shares rose by 0.5%, reaching a new high. The stock market value of Nvidia now stands at $4.02 trillion. AeroVironment, a drone manufacturer, rose by 11% following an order from U.S. Secretary of Defense Pete Hegseth to increase drone production and deployment. The MSCI index of global stocks fell by 3.85 points or 0.42% to 922.37. The pan-European STOXX 600 ended the day down by 1.01%. "Today you are seeing a slight pullback due to the tariffs announced overnight." Three consecutive days have passed since the announcement of tariffs. They seem to come at random, so it's hard to predict what's going to happen," said Wasif latif, chief executive officer of Sarmaya Partners. The Canadian dollar fell 0.25% against the greenback, to C$1.37. The dollar index (which measures the greenback in relation to a basket currency) rose by 0.33%, reaching 97.91. The euro fell 0.15% to $1.1682. Bitcoin reached another record high and was last up by 3.84%, to $117,946.74. Crypto investors believe that the expected policy changes for the industry next week could attract new investment into the asset class. Trump had earlier in the week pushed back to August 1, his deadline for tariffs for many trading partners, to give more time for negotiation. But he also expanded his trade war by setting new tariffs for several countries, including Japan and South Korea. He also imposed a 50% copper tariff. The London Metal Exchange reported a 0.4% decline in the price of three-month copper, which is $9,664 per ton. Gold spot rose 1%, to $3,355.89 per ounce as investors sought safe-haven assets in the face of trade tensions. Investors focused on the consumer price index report due next week, which may show that prices increased in June. As it awaits the impact of tariffs, the Federal Reserve will likely keep interest rates at current levels. The yield of the benchmark 10-year U.S. notes rose 7.7 basis points to 4.423%. The yield on interest rate-sensitive 2-year notes climbed 4.4 basis to 3.912%. The International Energy Agency said that the market is tighter than it appears. Brent crude futures gained $1.72 or 2.5% to settle at $70.36 per barrel. U.S. West Texas Intermediate Crude gained $1.88 or 2.8% to settle at $68,45.
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After cannabis raid, one California worker is killed and hundreds are arrested
According to a farmworker advocate group, a California farmworker was killed on Friday after suffering injuries sustained the day before when U.S. Immigration agents raided and arrested hundreds workers at a cannabis plantation. On Thursday, dozens of migrant rights activists fought with federal agents on the rural Southern California coast. This was the latest in President Donald Trump's campaign of deporting all illegal immigrants living in the U.S. In a press release, the U.S. Department of Homeland Security stated that 200 people who were in the country illegally had been arrested during the raid. The raid targeted two locations of Glass House Farms. The statement also stated that agents found ten migrant children at the farm. Customs and Border Protection commissioner Rodney Scott said in a post to X that the facility was under investigation for violations of child labor. The company didn't immediately respond to our request for comment. Elizabeth Strater said that several farmworkers suffered injuries and one of them died after falling 30 feet from a building in the raid. Strater stated that U.S. citizens had been detained and some were still missing. UFW President Teresa Romero said that some citizen workers detained in custody were only released after they deleted photos and videos from their phones. The DHS didn't immediately respond to an inquiry for comment about the group’s statements. (Reporting and editing by David Gregorio in Washington, Leah Douglas reported from Washington)
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The European Commission has proposed a cap on Russian oil prices at 15% less than global prices
EU diplomats reported that the European Commission on Friday proposed a price cap for Russian crude oil at 15% less than the average price on the market in the three previous months. Since the beginning of the year, the European Union and Britain has been pressing the Group of Seven to lower its cap. This is because the oil futures market fell so much that the $60 per barrel price became largely insignificant. Brent crude prices have since recovered and Friday settled at $70.36 a barrel. The G7 price ceiling, which was intended to curb Russia's capacity to finance the Ukraine war, was initially agreed in December 2022. One diplomat added that the new floating cap will be adjusted according to the average monthly price. Although the EU diplomats who spoke to the media were not authorized, they said that technical details about the proposal needed to be clarified, the idea appeared to calm the fears of Malta, Greece, and Cyprus, the EU's maritime state. The U.S. government has refused to lower the cap despite repeated requests from European leaders. This led the Europeans, who have been pushing for this reduction, to act on their own. On Friday, the price of Urals oil in Russia remained 2 dollars per barrel under the limit of $60 per barrel. The cap prohibits the trade of Russian crude oil transported on tankers at a price above $60 per barrel. It also prevents shipping, reinsurance and insurance companies from handling cargoes containing Russian crude throughout the world, unless they are sold below the cap. In June, the Commission proposed to lower this cap from $60 per barrel to $45 per barrel as part its 18th package sanctions against Russia. The Kremlin stated on Friday that it has a lot of experience in dealing with challenges, such as the introduction by the European Union of a Russian oil price cap which is based on float. EU sanctions can only be adopted if all member states agree.
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As Trump announces tariffs against Canadian imports, stocks and the Canadian dollar fall.
The major stock indexes fell slightly on Friday, as U.S. president Donald Trump's announcement that tariffs would be imposed on Canadian imports sparked concerns about trade tensions. Meanwhile, the Canadian dollar was down against the US dollar. Investors also prepare for a Trump announcement of tariffs against the European Union. This move will likely trigger a titt-for-tat reaction from the EU and create new market uncertainty. Trump announced late Thursday that the U.S. will impose a tariff of 35% on Canadian imports in a month's time and plans to impose tariffs blankets of 15% or 20 % on most other trading partner. The reactions to tariff news, aside from the currency markets have been more muted than they were in April when Trump started his trade war. Jake Dollarhide of Longbow Asset Management, Tulsa in Oklahoma, says that this may change if there isn't more progress on the tariff front. "I don’t think the markets can handle the Trump tariffs forever and ever again." He said that the market's resilience in the face the tariffs and the changes to rules and rates as well as the delays, delays and surprise surprises has been amazing. If we don't see more results, the market could have another tariff meltdown similar to April. He said that stocks may benefit from the second-quarter results reports which start next week. The Dow Jones Industrial Average dropped 281.88 points or 0.63% to 44,368.76. The S&P 500 declined 15.03 points or 0.24% to 6,265.43 while the Nasdaq Composite increased 7.47 points or 0.04% to 20,638.13. Nvidia shares climbed more than 1%, reaching a new record high. The stock market value of the AI chipmaker now stands at $4.05 trillion. AeroVironment, Kratos Defense & Security Solutions and other drone makers jumped by about 11% following an order from U.S. Defense Sec. Pete Hegseth to increase drone production and deployment. MSCI's global stock index fell by 3.03 points or 0.33% to 923.19. The pan-European STOXX 600 ended the day down by 1.01%. "Today you are seeing a slight pullback due to the tariffs announced overnight. Three consecutive days have passed with after-market announcements of tariffs. They seem to come at random, so it's hard to predict what's going to happen. Wasif Latif is the chief investment officer of Sarmaya Partners, a New Jersey-based firm. The Canadian dollar fell 0.14% against the greenback, to C$1.37. The dollar index (which measures the greenback in relation to a basket of currencies, including the yen, the euro and others) rose by 0.26%, reaching 97.84. The euro fell 0.09% to $1.1689. Bitcoin reached a new record high of $117,652.50 with a gain of 3.58%. Crypto investors bet that the expected policy changes for the sector, which are due next week, will encourage new investment. Trump had earlier in the week pushed back to August 1, his deadline for tariffs for many trading partners, to give more time for negotiation. But he also expanded his trade war by setting new tariffs for several countries, including Japan and South Korea. He also imposed a 50% copper tariff. The London Metal Exchange reported a 0.4% decline in the price of three-month copper, which is $9,664 per ton. Gold spot rose 1%, to $3,355.89 per ounce as investors sought safe haven assets amid trade tensions. Investors focused on the consumer price report due next week, which may show that prices grew faster in June. The Federal Reserve is expected to hold interest rates as it awaits the impact of tariffs. The yield on the benchmark U.S. 10 year notes increased 7.3 basis points from late Thursday to 4,419%.
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Bloomberg News reports that JPMorgan will charge fintechs to access customer data.
Bloomberg News, citing sources familiar with the issue, reported Friday that JPMorgan Chase plans to charge fintech companies a fee for access to customer account data. According to a report, the largest U.S. bank has sent pricing sheets outlining new charges to data aggregators, intermediaries who link banks to fintech platforms, outlining new costs that could vary depending on use cases, with payment focused firms facing higher fees. JPMorgan Chase's spokesperson stated that "We have invested significant resources in creating a valuable, secure system to protect customer data." "We have had productive discussions and are working with everyone in the ecosystem to ensure that we all make the necessary investments in infrastructure that keeps our customer safe." This could have a negative impact on the business models of payment apps that rely on having free access to financial data from customers to complete transactions. PayPal shares fell 6.3%. Block shares dropped 5.6%. Visa and Mastercard both lost 2.9% and 2.82%, respectively. Bloomberg News reported that the new fees will be implemented later this year, but they are still subject to negotiation. U.S. banks are pushing for a lighter regulatory regime under the Trump administration, versus regulations from the Biden era that were more strict on capital requirements. (Reporting and editing by Pooja Deai in Bengaluru, Prakhar Srivastava)
Asia's sustainable aviation fuel tasks and agreements
Singapore prepares to need all flights departing the country to utilize sustainable air travel fuel (SAF) starting in 2026, its transport minister stated on Monday, as the citystate signs up with the international air travel market's. efforts to switch to greener fuel.
SAF, or alternative fuel made from renewable sources that. are utilized to power aircraft, is essential for the air travel sector. to reach its objective of net zero carbon emissions by 2050, but its. adoption remains in a nascent stage.
Following is a take a look at other SAF tasks and arrangements in. the Asia-Pacific area.
MALAYSIA
Malaysia has actually established an SAF blending mandate starting. with 1%, according to the National Energy Transition Roadmap. released by the federal government in 2023. It is targetting a 47% SAF. mixing mandate by 2050.
Malaysian state oil company Petronas and Japan's. second-biggest oil refiner, Idemitsu Kosan Co, signed a
initial arrangement
to team up on advancement and distribution of SAF in. October 2023.
Petronas and Malaysia's palm oil board have also signed an
contract
to study using cooking oil and palm oil waste as SAF. in August 2023.
Malaysian Aviation Group (MAG) has signed an SAF offtake. agreement with Petronas Dagangan, as part of efforts. to develop the green fuel on a business scale in Malaysia in. May 2023.
INDIA
India aims to have 1% SAF in airplane turbine fuel
by 2027
, doubling to 2% in 2028, the federal government stated in November. The SAF targets will at first use to global flights.
Indian Oil Corp will set up an 80,000-metric-ton. annually
SAF plant
with LanzaJet in Haryana, the refiner's chairman stated last. year. The business has a tie-up with LanzaTech for converting. waste gas to ethanol and into jet fuel.
SINGAPORE
Singapore announced on Feb. 19 it would go for a 1% SAF. target beginning in 2026 and prepares to raise it to 3-5% by 2030,. based on global developments and the wider schedule and. adoption of SAF.
The Civil Aviation Authority of Singapore (CAAS) plans to. introduce a SAF levy for the purchase of the fuel to be set at a. repaired quantum, based upon the SAF target and predicted SAF rate. at that time.
Singapore Airlines, The Civil Authority of Singapore, and. Genzero completed a
20-month SAF pilot
in November, and found that although Singapore is. operationally all set to provide SAF, more is required to support its. adoption.
Keppel Corporation Limited and AM Green have
signed
a memorandum of understanding in December to check out. chances to produce biogenic carbon-based sustainable. fuels, consisting of SAF.
Singapore Airlines started an one-year SAF pilot programme in. July 2022, working with ExxonMobil and Neste. The companies mixed 1,000 tonnes of cool SAF with jet fuel and. supplied the oil to Singapore Airlines and Scoot flights at. Changi Airport. Finnish refiner Neste operates the city state's only. SAF plant.
CHINA
There is no set SAF required in China since February 2024,. Its civil air travel administration said in its 2022. roadmap that carbon emissions in the sector will peak by 2035.
China's National Energy Administration revealed in. November 2023 that it would launch pilot projects to stimulate. domestic production and usage of
biofuels
, consisting of SAF and biodiesel. It did not offer details on. funding and timing.
In December 2023, China's State Power Financial investment. Corp announced a
plan
to produce 400,000 heaps each year of SAF in northern. Heilongjiang province. The plant will start as a pilot project. of 10,000 lots per year, the company stated. It is slated to. produce its first batch of fuel in late 2025 and will broaden to. 400,000 by 2030, according to an executive familiar with the. strategies.
In April 2023, Airplane and the China National. Air Travel Fuel Group (CNAF) signed a memorandum of understanding. to increase production and usage of SAF. U.S. industrial. conglomerate Honeywell has signed contracts to collectively. produce SAF with northern China's Tianjian Free Trade Zone in. 2023 and with southern Guangdong-based Oriental Energy Business. Ltd. in 2022, according to Honeywell and state-run. CGTN. The Guangdong facility will produce 1 million loads per. year of SAF, Honeywell stated, without discussing a timeline.
Hong Kong-based
Cathay Pacific Airways
set a target in March 2023 to use SAF for 10% of. its fuel by 2030. In October 2022, an A320neo Plane airplane left from. Tianjin and landed in Xian using a 5% SAF mix, with SAF. produced locally by Sinopec subsidiary Zhenhai Refining &&. Chemical Co (Zhenhai Refining), China Daily reported. In July. 2023, an Air China flight from Hangzhou to Beijing. significant China's very first use of SAF in a commercial flight, using a. 10% SAF blend, according to CGTN.
JAPAN
Japan is mandating that 10% of air travel fuel for. international flights utilizing Japanese airports be sustainable. starting in 2030, the Ministry of Economy, Trade, and Industry. said in May 2023.
Nippon Paper Industries Corp, Sumitomo Corp. and Green Earth Institute Corp agreed in. February 2023 to
jointly research study
bioethanol production made from woody biomass. The task,. Aims to produce bioethanol from Nippon Paper's if it prospers. mills in the 2027 fiscal year to be used as feedstock for SAF. production.
Fuji Oil Co Ltd started
preparation production
of bio-SAF at Sodegaura Refinery with Itochu Corp. in May 2023.
Eneos Holdings Inc agreed to study production of up. to 500 million litres (3.1 million barrels) of SAF and renewable. diesel annually collectively with Australian refiner Ampol. Japan's leading airlines, All Nippon Airways (ANA) and. Japan Airlines (JAL), have broadened their SAF purchases. by adding products from trading home Itochu Corp and U.S. producer Raven SR . Other business exploring SAF production in Japan consist of. Mitsubishi Corp, Boeing, and TotalEnergies SE .
SAF is set to replace 10%, or 1.34 million kilolitres, of. fuel utilized by Japanese airline business by 2030, according to. the Japan Transport and Tourism Research Institute (JTTRI).
PHILIPPINES
There is no set SAF mandate in the Philippines as of. February 2024.
Cebu Pacific flew an airplane from Singapore to Manila. powered by a 35% SAF mix from Neste in September 2022.
The airline signed a long-lasting tactical partnership with. Shell Eastern Petroleum to make SAF more commonly offered for. its fleet via the supply and purchase of SAF in Asia Pacific and. the Middle East, with an initial volume of a minimum of 25,000. metric loads per year.
AUSTRALIA
There is no set SAF required in Australia as of February. 2024. Qantas Group introduced the Sustainable Aviation Fuel. Union (SAF Union) in cooperation with Australia Post,. KPMG Australia, Macquarie Group, the local arm of Boston. Consulting Group and Woodside Energy on Nov. 11, 2022. Qantas and Jet SE will jointly invest A$ 2 million. ($ 1.34 million) in a biofuel refinery being set up in. Australia's Queensland state that would transform agricultural. spin-offs into SAF.
The refinery is anticipated to produce approximately 100 million litres. of SAF a year, with construction due to begin in 2024. This is the first investment from a $200 million fund Qantas and. Jet set up last June to begin the SAF industry in. Australia.
The airline company expects about 10% of its fuel to come from SAF. by 2030, and 60% by 2050.
Last November, Climate Leaders Union members Ampol. , Brisbane Airport, Deloitte, Qantas and Viva Energy. proposed the facility of an East Coast SAF. passage in their Scope 3 Roadmap.
Australia's very first Jet Zero-style council, designed on the. eponymous government-industry partnership for SAF production in. Britain, is anticipated to hold its very first conference this monetary. year ending in June 2023, stated a representative from the. Department of Infrastructure, Transport, Regional Advancement,. Communications and the Arts.
The council will match the Air travel White Paper, which. is expected to finish up early 2024.
NEW ZEALAND
There is no set SAF required in New Zealand as of February. 2024.
Channel Infrastructure NZ Ltd's scoping study for. green hydrogen and synthetic sustainable air travel fuel. production at Marsden Point is relocating to the
pre-feasibility
stage, supported by the federal government's Energy Performance and. Preservation Authority.
Air New Zealand and the New Zealand government. strategy to invest more than 2 million New Zealand Dollars
(source: Reuters)