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UK: Renewables Workforce to Grow to 42,000 In Next Five Years
New research published today by the Engineering Construction Industry Training Board (ECITB) has revealed that the engineering construction industry (ECI) workforce deployed in renewables, hydrogen and carbon capture and storage could total more than 42,000 by the end of the decade.The ECITB’s latest forecast reports that by 2030 the offshore wind workforce could grow to more than 28,000, an increase of 48%, while the CCS sector workforce within the ECI could increase by 144% to more than 3,750.The hydrogen workforce could grow to more than 4,500, an increase of 195%, while the combined workforce across other renewable sectors, including onshore wind, solar, biomass, energy from waste and biofuels, is predicted to grow by 20% to total more than 5,800.Roles most in demand across these sectors will include design engineers, project managers, project controllers, commissioning technicians, general operatives, electrical technicians, platers, pipefitters and mechanical fitters.The analysis was done with ECITB’s Labour Forecasting Tool (LFT), which provides insights into workforce numbers across regions and sectors, predicting trends and potential future demand for workers in the industry.The tool, which was first launched in November 2023, has been updated using findings from the ECITB 2024 Workforce Census and publicly stated timescales on 3,000 active and future ECI projects across Great Britain.The LFT predicts that the biggest increase in demand for workers across the ECI in the next five years will be in the carbon capture and hydrogen sectors.“The significant Census response rate enabled the ECITB to provide more precise, up-to-date data for the benefit of industry. It allows us to improve the LFT to help make better predictions on future workforce trends and labour demands in renewables sectors.“The updates to the LFT reinforce the scale of the challenges facing the industry that were outlined in our Workforce Census Report, which revealed that 81% of renewables employers in the ECI are experiencing challenges hiring workers.“We recognize that addressing skills shortages in these sectors requires a collaborative, multi-agency approach that includes employers, governments, training providers and the ECITB.“So, we’re calling on all of industry to work together to help increase the pool of people joining the ECI, while continuing to train and upskill existing workers.“By investing in the workforce, the industry has a fighting chance of closing the skills gap and ensuring it has the skilled workforce it needs both for now and the future,” said Andrew Hockey, ECITB Chief Executive.
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Iron ore prices continue to fall due to a growing supply, but China's resilient demand is limiting the loss.
Iron ore prices continued to fall on Tuesday. They were dragged down by the expectation of an increase in supply. However, a resilient demand from China, their top consumer, and hopes for easing Sino-US tensions helped limit losses. As of 0215 GMT, the most traded September iron ore contract at China's Dalian Commodity Exchange dropped 0.28% to a metric tonne price of 702.5 yuan (US$97.79). The benchmark July Iron Ore at the Singapore Exchange fell 0.21%, to $94.5 per ton. Data from Mysteel revealed that shipments of the main steelmaking ingredient, mainly from Australia and Brazil, rose nearly 2% compared to the previous week. This was the highest weekly level since December. Analysts at Shanghai Metals Market wrote in a report that iron ore imports are expected to increase in June as mills will use imported cargoes more due to the lower price and miners will increase shipments to meet quarterly targets by June's end. Analysts at Hongyuan Futures wrote in a report that "given the healthy steel margins, hot metal production is likely to be at a high-level." Mysteel data shows that the hot metal production is a good indicator of iron ore consumption. The daily average was 2.42 million tonnes on June 5, which was 2.6% more than a year earlier. Investors are also hoping that top U.S. officials and Chinese officials will improve their relations during a second round of trade discussions in London, on Tuesday. Coking coal and coke, which are used in the steelmaking process, both saw gains of 0.32% and 0.4%, respectively. The benchmarks for steel on the Shanghai Futures Exchange were traded within a narrow range. Rebar gained 0.1%, hot-rolled coil advanced 0.16% and wire rod increased by 0.12%, while stainless steel declined by 0.79%. Reporting by Amy Lv & Lewis Jackson. $1 = 7.1839 Chinese Yuan
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London copper prices slightly ease as US-China discussions are in focus
London copper prices dipped marginally on Tuesday as the market watched closely the progress of the ongoing trade negotiations between the two world's largest economies, which are taking place in London. The London Metal Exchange's three-month contract for copper fell 0.3%, to $9,761.5 a metric ton, by 0101 GMT. Meanwhile, the Shanghai Futures Exchange's most traded copper contract gained 0.6%, to 79.160 yuan ($11,024.76) a tonne. Tuesday's U.S. China trade talks will continue into the second day. Washington and Beijing are attempting to resolve a bitter dispute, which has expanded from tariffs to restrictions on rare earths. This is threatening to cause a global economic slowdown and supply chain disruption. The Trump administration is ready to lift a recent flurry of measures that targeted ship design software and jet engine parts. It also targets chemicals and nuclear material. Markets were encouraged by the apparent cooling in trade tensions. This offset fears that the trade conflict is having a negative impact on economic activity," ANZ stated. Copper Stocks In LME-registered storage warehouses, the amount of copper dropped by 10,000 tons to 122 400 tons on Monday, indicating that the shipment has continued despite the threat of U.S. import tariffs. Other LME metals include aluminium, which fell by 0.2% to $2473.5 per metric ton. Zinc also declined, falling 0.1% to 2,647. Tin dropped 0.3% to 32,605, while nickel declined 0.4% to $16,355. Zinc, among the other SHFE metals, continued to weaken. It lost 1.2%, or 21,870 Yuan. Nickel fell by 0.9%, or 121,640 Yuan per ton. Lead gained 0.8%, to 16,860 Yuan. Tin gained 0.3%, to 263,550 Yuan. Click or to see the latest news in metals, and other related stories. DATA/EVENTS (GMT) UK HMRC May Payroll Changes ($1 = 7.1802 Chinese Yuan) (Reporting and Editing by Sumana Niandy; Reporting by Hongmei LI)
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Dollar tepid ahead of US-China talks
The dollar was on alert on Tuesday, as the United States and China continued their trade negotiations for a second consecutive day. There were some tentative signs that tensions could be easing between the two world's largest economies. The U.S. president Donald Trump gave a positive spin to the discussions at Lancaster House, London. They ended for the evening on Monday but were scheduled to resume at 9am GMT on Tuesday. The fact that the market is still near record highs suggests that the market has accepted what Trump said. When you consider the comments of Lutnick and Bessent it appears to me that they're relatively satisfied with the progress," said Tony Sycamore. The market likes to hear concrete news. Investors have been focusing on the progress of talks as Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick, along with U.S. trade representative Jamieson Greer, were about to meet their Chinese counterparts for the second time. Markets will likely be relieved if the talks progress, given that Trump's tariffs have been chaotic and the swings in Sino/U.S. relations have hampered global growth. In Asia, stocks advanced further than they had at the beginning of the week. Nasdaq's futures rose 0.62%, while MSCI's broadest Asia-Pacific index outside Japan gained 0.5%. S&P futures rose 0.43%. Both the FTSE and EUROSTOXX futures added about 0.1% each. After hearing that Japan was considering purchasing some of the super-long government securities issued at low rates in the past, the Japanese bond market also received attention. Early trade saw the yield of the 10-year JGB drop one basis point, to 1.46%. The 30-year yield fell 5 bps, to 2.86%. Last month, yields on super-long JGBs reached record levels due to the waning demand from traditional investors such as life insurance companies and concerns over rising global debt levels. Justin Heng is a rates strategist for HSBC Global Investor Research in APAC. He said that the volatility of the super-long segment stems from a supply/demand imbalance which has been brewing ever since the BOJ began to normalise its balance sheet. Katsunobu Kato, the Japanese Finance Minister, said that on Tuesday he would implement appropriate debt management strategies while working closely with market participants. After falling on Monday, the dollar tried to gain ground in currencies. The dollar rose 0.45% against the yen to 145.25. The euro dropped 0.28%, to $1.1387. Sterling fell 0.2%, to $1.3523. Investors' confidence in U.S. assets has been eroded by Trump's unpredictable trade policies, and concerns over Washington's increasing debt. The dollar is down more than 8% this year. The greenback's next test will come on Wednesday when the U.S. Inflation data is released. The expectation is that core consumer prices will have increased slightly in May. This could put a halt to bets on imminent Federal Reserve rate reductions. The report on the producer price index will be published a day after. Kevin Ford, Convera’s FX and macrostrategist, said that the May CPI and PPI figures in the United States will be closely examined for any signs of inflationary pressures. If core CPI continues to be elevated, rate cuts may not occur at the FOMC meeting on June 18. The Fed is expected to hold rates at its next policy meeting, but traders have priced in roughly 44 basis points of rate easing for December. Brent crude futures gained 0.24%, to $67.20 per barrel. U.S. West Texas Intermediate Crude was last up 0.25 percent at $65.45 a barrel, after reaching a session high of more than two months earlier. Spot gold dropped 0.5% to $3.310.40 per ounce.
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Gold drops as traders monitor US-China trade talks at London
Market participants were waiting for further developments in ongoing U.S. China trade talks, which are now entering their second day. As of 0125 GMT, spot gold dropped 0.5% to $3311.16 per ounce. U.S. Gold Futures fell by 0.7%, to $3330.90. The high-level talks between U.S. officials and Chinese officials have extended into a second session, with topics ranging from rare earth restrictions to tariffs. Tim Waterer is the chief market analyst for KCM Trade. He said that "with these important U.S. China trade talks still underway, gold is currently trading cautiously" until we can see if there is any progress between the two superpowers. U.S. president Donald Trump noted that his administration is "doing very well" in negotiations. Both sides agreed last month to temporarily pause tariffs. This provided some relief for the financial markets. If traders believe that U.S. and China are on track for a wider trade agreement, the demand for safe-haven assets like gold may ease. China's data showed that export growth in May slowed down to a 3-month low as U.S. Tariffs affected shipments. Factory-gate deflation also reached its highest level in the past two years. Investors are waiting for Wednesday's U.S. Inflation data to get more clues about the Federal Reserve's policy. Waterer stated that "if CPI ticks higher, that is expected, but if CPI jumps, that may raise alarm bells among investors and any flight to safety that results could boost the gold price." When interest rates are low, gold tends to perform well. Other than that, silver spot was down 0.6% at $36.51 an ounce. Platinum fell 0.8% to 1,210.46 and palladium dropped 0.2% to 1 071.75. (Reporting and editing by Rashmi aich in Bengaluru, Anmol Choubey)
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US-China Trade Talks to Resume for a Second Day
Tuesday in London, top U.S. officials and Chinese officials are expected to resume their trade negotiations for a second time. They hope to achieve a breakthrough on export controls of goods like rare earths which have caused a global supply-chain shock and slowed economic growth. Investors hope that the two superpowers will improve their ties. The relief brought by the preliminary trade agreement reached in Geneva last week has given way to new doubts. Washington accuses Beijing of blocking critical exports to industries such as autos, semiconductors, and defence. The talks take place at a critical time for both economies. Customs data shows that China's exports into the U.S. dropped by 34.5% in may, the biggest drop since February 2020 when the COVID-19 virus pandemic disrupted global trade. The dollar is still under pressure by U.S. policies, even though the impact has been minimal on U.S. jobs and inflation. Both sides will be expected to provide updates on both Tuesday and Wednesday. On Monday, the two sides met in the elegant Lancaster House of the British capital to discuss their disagreements regarding the Geneva agreement. The U.S. delegation is led by U.S. Treasury Sec. Scott Bessent and Commerce Sec. Howard Lutnick, while Vice Premier He Lifeng leads the Chinese delegation. Lutnick's inclusion, whose agency is responsible for export controls in the U.S.A., shows how important rare earths are. China has a near monopoly on rare-earth magnets. These are crucial components in electric vehicle motors. Lutnick didn't attend the Geneva negotiations where the countries reached a 90-day agreement to reduce some of the triple-digit trade tariffs that they had imposed on each other. Trump's often erratic tariff policy has caused global market turmoil, caused congestion and confusion at major ports and cost companies billions in lost sales. The second round of talks between the two parties comes four days after Trump spoke with Xi by phone. It was their first direct contact since Trump's inauguration on January 20, 2017. After the call, Trump reported that Xi agreed to resume shipments of rare earths minerals to the U.S. and reported China had granted temporary export licences to rare-earth supplier of the three largest U.S. automobile manufacturers. The tensions over export controls remain high, as factories across the globe worry that they will not have enough materials to continue operating. (Reporting and editing by Alistair Bell; Kate Holton)
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Oil prices rise as US-China trade talks are awaited
The oil prices rose on Tuesday, as traders awaited the outcome of U.S. China talks which could ease trade tensions and increase fuel demand. Brent crude futures rose 12 cents a barrel to $67.16 at 0041 GMT. U.S. West Texas Intermediate Crude was trading at $65.42, up 13 cents after reaching its highest level since April 4, earlier in the session. Brent oil prices rose to $67.19 on Monday, their highest level since April 28. This was boosted by the prospect of a U.S. China trade agreement. The U.S. and China trade talks will continue in London for a second consecutive day as officials try to reduce tensions which have risen from tariffs on rare earths to global supply chain disruptions. Donald Trump, the U.S. president, said that the talks in London were "going well" and he had received only positive reports from his team. The U.S.-China trade agreement could boost the global economy and increase demand for commodities, including oil. Iran has said that it will soon present a counter proposal for a nuclear agreement to the U.S. as a response to an offer from the U.S. that Tehran finds "unacceptable", whereas Trump stated that both sides remain at odds on whether Iran would be permitted to enrich uranium in its soil. Iran is the third largest producer of oil among the members of the Organization of Petroleum Exporting Countries. Any easing of U.S. sanction on Iran will allow it to export even more oil and this would have a negative impact on the global crude price. A survey also found that OPEC's oil production rose in May. However, the rise was not as large as expected, since Iraq pumped less than the target amount to make up for the earlier overproduction, and Saudi Arabia, the United Arab Emirates and Kuwait increased their output by a smaller amount. OPEC+ - which includes OPEC and its allies, such as Russia - is accelerating the plan to undo its latest layer of production cuts. Daniel Hynes is a senior commodity strategist with ANZ. He said that the prospect of further increases in OPEC's supply still hangs over the market. "A permanent switch to a market-driven strategy (in OPEC), would push the oil markets into a large surplus in H2 of 2025, and almost certainly lead to lower prices for oil." (Reporting by Anjana Anil in Bengaluru; Editing by Himani Sarkar)
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Sizewell C Nuclear Project: Britain invests 14.2 billion pounds
The government announced on Tuesday that it will spend 19.25 billion pounds (14.2 billion pounds) to build Sizewell C in southeast England as part of a wider review of spending which will determine its priorities for the next four-year period. Britain wants to build new nuclear power plants to replace the aging fleet in order to boost energy security, as well as reach its climate goals. Sizewell C is expected to produce enough electricity for around 6,000,000 homes once it's built. Ed Miliband, Britain's Energy Minister, said that new nuclear is needed to bring about a golden age for clean energy. This will protect the family finances, give us back control over our energy and help combat the climate crisis. The press release did not specify whether or not the funding included the 6.4 billion pound pledged for the project, nor when the final investment decision was expected. The report did not give any figures on the total expected cost of the project, nor a time frame for its completion. The plant would be the second nuclear power station built in Britain since more than 20 years, following French state-owned EDF’s Hinkley Point C, which has been delayed and overspent. It is now expected to begin operations in 2029 at a cost estimated between 31 and 35 billion pounds, based on 2015 prices. Sizewell C, originally an EDF project, is now owned by the British Government with EDF as a minority shareholder. EDF financial results from February showed that the UK government held 83.8% of the shares and EDF had 16.2%. EDF's share is expected to decline following Tuesday's announcement. The announcement made on Tuesday did not mention other parties. The developer of the project told us in December that there were five investors who participated in a bid process. ($1 = 0.7378 pound) (Reporting by Susanna Twidale, editing by David Evans).
Exxon lobbyist examined over hack-and-leak of ecologist emails, sources state
The FBI has been examining a longtime Exxon Mobil consultant over the professional's supposed function in a hackandleak operation that targeted hundreds of the oil company's greatest critics, according to 3 individuals knowledgeable about the matter.
The operation included mercenary hackers who successfully breached the e-mail accounts of ecological activists and others, the sources told Reuters.
The scheme presumably started in late 2015, when U.S. authorities compete that the names of the hacking targets were assembled by the DCI Group, a public affairs and lobbying company working for Exxon at the time, one of the sources said. DCI supplied the names to an Israeli private detective, who then contracted out the hacking, according to the source.
In an effort to press a story that Exxon was the target of a political vendetta targeted at damaging its company, some of the stolen material was consequently dripped to the media by DCI, Reuters determined. The Federal Bureau of Investigation discovered that DCI shared the info with Exxon before dripping it, the source stated.
Some environmental activists talked to state the hacking operation interfered with preparations for claims by cities and state chief law officers versus Exxon and other energy business. Those suits were modeled on lawsuits against the tobacco industry in the mid-1990s, which resulted in a watershed settlement and sweeping limitations on cigarette sales.
The stolen material continues to be used today to counter lawsuits declaring the oil giant misguided the public and its financiers about the dangers of climate modification. As just recently as April, a market trade group that has actually gotten funding from Exxon pointed out one of the hacked files-- an internal memo strategizing the proposed litigation method of the ecologists-- in an effort to get the Supreme Court to quash a claim filed by the city of Honolulu versus Exxon and other energy business. The case is pending.
The group, the National Association of Manufacturers, stated it was not knowledgeable about the claims the material had been hacked and will consider whether to stop utilizing it in future briefs.
Exxon and DCI parted methods around 2020, according to 2 individuals familiar with the matter.
In a statement, Exxon stated it has actually not been involved in or aware of any hacking activities, calling accusations to the contrary conspiracy theories. Reuters could not figure out whether Exxon itself has also been the topic of the FBI examination.
DCI said: We direct all our employees and specialists to comply with the law.
The leaks sent out a shudder through the ecological neighborhood, stated Kert Davies, director of examinations for an ecological group, the Center for Climate Integrity. Davies was amongst those targeted by the hackers. Matt Pawa, a lawyer whose technique drove much of the anti-Exxon lawsuits, stated the leakages fueled a legal counteroffensive that almost knocked him out of organization.
Those files were directly used by Exxon to come after me with all weapons blazing, he stated in a recent interview. It turned my life upside down.
The investigation into the hack-and-leak operation comes amid growing concern among police worldwide about how such cyberespionage schemes threaten to taint judicial proceedings.
The FBI has actually been examining the broader use of mercenary hackers to damage lawsuits considering that early 2018, Reuters has formerly reported. The Israeli private detective worked with by DCI, Amit Forlit, was apprehended this year at London's Heathrow Airport and is battling extradition to the United States on charges of hacking and wire fraud.
U.S. law enforcement authorities declined to comment on their efforts. They have not spoken publicly about the case against Forlit, which remains under seal. But in court hearings previously this year, British lawyers acting upon behalf of the American government declared that Forlit had actually performed hack-for-hire work for a Washington-based PR and lobbying company and that he dealt with behalf of an oil and gas corporation which wished to reject individuals associated with environment modification lawsuits. In those hearings, the energy company and the lobbying company were not recognized.
Federal prosecutors have actually protected a related conviction: that of Forlit's former service associate, private investigator Aviram Azari. Azari pleaded guilty in 2022 to wire fraud, conspiracy to dedicate hacking and exacerbated identity theft, which included targeting the environmental activists. In court files, prosecutors did not assert any link between Azari and Exxon, DCI or Forlit. However one of the sources with understanding of the FBI investigation stated Forlit contracted out the hacking of the ecological activists to Azari.
Forlit's attorneys did not respond to messages from Reuters seeking comment. A legal representative for Azari, Barry Zone, declined to remark.
Resolving his victims after he was sentenced in 2015 to 80 months in prison, Azari said that there will come a day when he could provide more details about what he had actually done. You don't know whatever, he stated. CODENAME FOX HUNT
The hack-and-leak operation began the heels of a series of media reports in 2015 contending that scientists at Exxon knew for years that fossil fuels were warming the Earth as the business's magnates publicly said otherwise. Exxon has actually said that its internal research and public positions on environment change have been misinterpreted.
Under the hashtag ExxonKnew, groups such as Greenpeace required legal action. So did then-presidential candidate Hillary Clinton, who said the Department of Justice need to probe the firm because there's a lot of proof they deceived people. In November 2015, New York's attorney general of the United States, Eric Schneiderman, announced he was examining Exxon. Other matches followed.
With Exxon on the defensive, DCI swung into action to safeguard what was then one of the company's crucial customers. Reuters talked to a lots previous DCI workers to piece together the company's relationship with Exxon.
Founded in 1996 by veterans of Republican politics, DCI has worked for a variety of tobacco, telecom, hedge fund and energy companies. On its site, DCI says it deals with public relations crises, litigation support, and opposition research study.
5 former DCI workers stated Exxon was long one of DCI's. biggest sources of revenue. One ex-employee said the oil giant. regularly steered more than $10 million in service a year to. DCI. Lobbying work alone for Exxon made DCI a minimum of $3. million between 2005 and 2016, according to openly available. information gathered by the transparency site OpenSecrets.
DCI's staff in Washington tracked social networks chatter. around the ExxonKnew project along with relocations made by state. attorneys general, according to 2 people familiar with the. matter. DCI likewise hired the Israeli detective Forlit, who tapped. Azari to hack the accounts, according to one of the sources. familiar with the FBI examination. The operation's code name. was Fox Hunt, the source said.
Azari was the topic of a 2022 Reuters investigation that. exposed how he and other private detectives used mercenary. hackers in India to help wealthy clients acquire the upper hand in. legal cases. The report drew on a large dataset of Indian. hacking activity, which reveals that the spies tried to burglarize. more than 13,000 e-mail addresses over a seven-year period. Among. the targets were more than 500 email addresses coming from. ecologists, their funders, their associates and their. relative, all of whom were targeted in between 2015 and 2018.
Some information of the hacking project formerly have actually been. revealed. In 2020 the Canadian digital guard dog group Citizen. Lab recognized 10 organizations targeted in a sweeping. cyberespionage effort, including Greenpeace, the Union of. Worried Scientists and the Rockefeller Family Fund.
Reuters has actually discovered the identity of other prominent targets,. that include previous Democratic governmental candidate and. billionaire ecologist Tom Steyer, and the ex-wife of. Schneiderman, New york city's then-attorney general.
Steyer's lawyers did not respond to requests for remark. In. an email, Schneiderman's ex-wife and former political adviser,. Jennifer Cunningham, said she had long thought that Exxon was. behind the hack-and-leak effort.
Starting in April 2016, news reports appeared alleging the. ExxonKnew campaign was a politicized effort pressed by wealthy. benefactors. Within 24 hr of one another, two media outlets. published stories based upon an internal Rockefeller Family. Structure memo. The memo stated activists were working to. persuade the public that Exxon is a corrupt organization and. wanted to delegitimize them as a political star.
The individual with knowledge of the police. examination stated the FBI evaluated that the memo was gotten. by means of the Forlit-led hacking operation. Separately, Reuters. figured out that the memo was consequently dripped to the media by. DCI.
Exxon's legal representatives consistently made use of the hacked files to. support the company's lawsuits.
After the New york city attorney general submitted match versus Exxon. in 2018, for example, the energy company's lawyers pointed out the. stolen Rockefeller memo to argue that the case must be tossed. out.
The legal representative representing Exxon, Theodore Wells, told New. York's Supreme Court in his October 2019 opening declaration that. Schneiderman had actually poorly formed a political positioning with. activists for the function of advancing a program directed at. energy business.
New york city lost the case two months later, when a judge ruled. that the chief law officer stopped working to prove that Exxon had. defrauded financiers by concealing the real cost of environment modification. policy.
In an interview, Schneiderman stated the leaked files were. used to terrific result to strengthen what he called Exxon's. baseless claim that we were participated in a politically motivated. ' witch hunt.'
Wells and his law firm, Paul Weiss, did not respond to. messages seeking comment.
The memo or other hacked files were likewise mentioned in court. filings by Exxon against chief law officers in Massachusetts and. the U.S. Virgin Islands, as well as in the company's 2018 effort. to depose environment change attorney Pawa and other legal representatives.
Much of the litigation is ongoing. On Tuesday, Maine ended up being. the ninth U.S. state to file a claim implicating oil business or. allied groups of tricking the public about environment modification. Pawa. said the industry has continued to conjure up the hacked files in. its effort to push back. They were used over and over again,. he informed Reuters. The net result, he said, was chilling people. from exercising their humans rights..
(source: Reuters)