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Shell considers selling European and US chemical assets, WSJ reports
The Wall Street Journal, citing people familiar with the situation, reported Sunday that Shell was considering the sale of its chemical assets in Europe or the United States. According to the report, Morgan Stanley has been hired by the energy group to review its chemical operations. Shell declined to make a comment. Morgan Stanley didn't immediately respond to an outside of regular business hours request for comment. Shell has yet to make any decisions definitively regarding a possible sale. The Journal reported that the Shell Deer Park plant in Texas was included in the review. Shell sold one of the largest chemical and refining hubs in the world, its Singapore facility, last year. The British company warned in the first quarter of this year that they expect their chemicals and oil product division to have a significant drop in sales due to seasonality.
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US Commerce chief: Trump to set tariff levels for Mexico and Canada on Tuesday
Howard Lutnick, the U.S. Secretary of Commerce, said that on Sunday tariffs against Canada and Mexico would go into effect starting on Tuesday. However President Donald Trump will decide whether or not to keep with the planned 25% rate. Lutnick said on the Fox News show "Sunday Morning Futures" that "that is a fluid scenario." There will be tariffs on Mexico and Canada on Tuesday. We'll leave it up to the president and his team of negotiators to decide what they are. Lutnick’s comments were Trump's first indication that he may not impose all the threatened tariffs of 25% on goods imported from Mexico or Canada, and other non-energy products. He said that both countries had "done an acceptable job" in securing their border with the United States despite the fact that the deadly drug fentanyl is still flowing into the country. Trump created confusion when he suggested a possible deadline of April 2, in relation to tariffs against Canada and Mexico. He later confirmed the deadline as being Tuesday and announced that he would impose another 10% tariff on Chinese products on Tuesday, effectively double the 10% duties imposed by Feb. 4. Lutnick stated that Trump will likely raise tariffs against China on Tuesday, unless they stop fentanyl trafficking to the U.S.
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Trump's aide Waltz: U.S. need Ukrainian leader who wants to peace
On Sunday, a top adviser of President Donald Trump stated that the United States needed a Ukrainian leader willing to establish a lasting peace between Russia and Ukraine but it was not clear that Ukrainian President Volodymyr Zelenskiy would be prepared to do this. After a heated exchange in the Oval Office between Trump, Zelenskiy, and Vice President JDVance, White House National Security Advisor Mike Waltz stated that Washington is seeking a lasting peace between Moscow, Kyiv, which involves making territorial concessions, as well as receiving security guarantees from Europe. When asked if Trump wants Zelenskiy's resignation, Waltz said on CNN's State of the Union program: "We want a leader who can deal with both us and the Russians, as well as end this war." Waltz said: "If it is clear that the personal or political motives of President Zelenskiy are not aligned with ending the fighting in this country, I believe we will have a serious problem on our hands." Mike Johnson, Speaker of the House of Representatives, also said that Zelenskiy might need to be replaced in Ukraine if he does not conform to U.S. requirements. "Something must change. "Either he must come to his senses, and return to the table with gratitude, or somebody else has to lead the nation to do this," the top Republican in Congress told NBC's Meet the Press. The extraordinary Oval Office conversation on Friday brought tensions between Zelenskiy, Trump and the public to light. A deal between Ukraine and the United States on jointly developing Ukraine's natural resource was not signed and left in limbo. Waltz stated that it was not clear to him that Zelenskiy would be willing to negotiate in good faith to end this war. Marco Rubio, the Secretary of State for Florida, said on ABC's This Week that he had not spoken to Zelenskiy after Friday. Rubio said that he had not spoken with Andrii Sybiha, the Ukrainian foreign minister since Trump and Zelenskiy fought at the White House. They also failed to sign a mineral deal expected. Rubio told the audience that "we'll be prepared to reengage once they're willing to make peace." U.S. Amy Klobuchar (Democrat) said that she was "appalled by the clash" in the Oval Office. She also stated that she had met Zelenskiy on Friday before he headed to the White House and that he seemed excited about signing a minerals deal. She said that there was still an opportunity for a deal. (Reporting and editing by Colleen Jensen and Alistair Bell; Reporting by Leah Douglas and David Morgan)
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Guinea-Bissau President threatens to expel ECOWAS Mission, bloc says
The political and economic group said that Guinea-Bissau President Umaro Sissoco Embalo had threatened to expel a mission sent by the Economic Community of West Africa States to his country. The dispute over the end of Embalo’s presidential term that began in 2020 has increased tensions and could lead to unrest in this nation, which has had a long history of military coups. The opposition in the tiny West African country says Embalo should have been out of office last week. However, the Supreme Court of Justice ruled it would end on September 4. Embalo said that the presidential and legislative election will not take place until November 30, despite his role as ECOWAS's chairperson from mid-2022 through mid-2023. In a Sunday statement, ECOWAS announced that it had sent a team from February 21-28 with the United Nations Office for West Africa & the Sahel to reach a consensus about how to hold elections this year. It added: "The Mission left Bissau early on the morning of March 1st, after threats from H.E. Umaro Sissoco Embalo to expel it." Embalo met with Russian President Vladimir Putin in Moscow on Wednesday. Guinea-Bissau was a Portuguese colony until 1974 when it gained its independence. (Reporting and writing by Anait Miridzhanian, editing by Hugh Lawson).
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Minister says Canada will extend the mineral exploration tax credit by two years.
The extension aims to support the mining sector in its efforts to raise capital Canada looks for alternative sources of capital to reduce its dependence on China Canada assures the U.S. of a secure supply critical minerals amid tensions in trade By Divya Rajagopal Jonathan Wilkinson, Minister of Natural Resources, announced on Sunday that Canada would extend the tax credit for mineral exploration by two years. This is part of a government initiative to encourage investment in exploration, energy and natural resources. Mineral exploration tax credit, a capital-market tool, offers investors a 15 percent tax credit for investing in flow through shares of smaller mining firms. The credit was due to expire March 31. Wilkinson stated that the extension was to make sure the mining industry has the means to raise capital to fund exploration projects. This move was also made by the government as an effort to give companies an alternative to China for capital. Canada has taken a strong stance against Chinese state-owned companies investing in Canadian mining companies. At least five companies have been asked to divest their investments in Chinese state-owned companies listed on the Canadian stock exchange. Wilkinson stated in an interview that there was "some anxiety" among the sector (especially the junior exploration companies) about whether the extension would be renewed. He said that the extension will provide C$110,000,000 ($76.05,000,000) for mineral exploration investments. The announcement will take place at the Prospectors and Developers Association of Canada conference, starting on Sunday, in Toronto. This is one of the largest gatherings of mining firms and their financiers around the world. The miners are preparing for a possible North American trade war unleashed by Donald Trump. He has threatened to impose 25% tariffs on the majority of Canadian goods. The miners are also keeping an eye on tighter controls for the export of vital minerals from China. Wilkinson stated that Canada had offered a mutually-beneficial partnership to Washington by offering a supply of critical minerals like germanium and galium. He said that China had been exporting large quantities of certain critical minerals to the United States. Now, they have banned their export. Wilkinson told U.S. officials that he believes it's better to discuss how Canada and the U.S. can work together. Canada has prepared retaliatory actions in the event that Trump imposes tariffs on Canada or Mexico. Canada may not have imposed an export tax on metals as part of the first round, but it will consider one in the future on commodities like zinc, nickel, copper and copper. Wilkinson stated that "that may not be our first order of business but those are definitely tools in the Canadian Toolbox and we won't be taking any out at this time."
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Iran's Parliament ousts Economy Minister over Economic Mismanagement
State media reported that Iran's Parliament voted to remove Economy Minister Abdolnaser Hemmati due to mismanagement and a plummeting national currency. Hemmati was ousted by the parliament in a vote of no confidence, almost eight months after Masoud Pezeshkian had appointed his cabinet. According to unofficial websites such as alanchand.com, the Iranian currency has lost nearly half its value against U.S. dollars over the past eight months. The Iranian Rial is now trading at 927,000 per dollar, compared to 595,500 last August. State media reported that Hemmati's opponents argued he failed to stop price increases on basic goods like medicine, food, and housing, while also being unable control the foreign exchange markets. Hemmati's top priority was to end U.S. Sanctions on Iran, and remove the country from the Financial Action Task Force blacklist. State media reported. The opposition was from MPs, who believed that Iran should concentrate on "neutralizing" sanctions. According to state media, Hemmati’s supporters claimed that it was not the time to remove him as Iran remained subject to U.S. Sanctions and his replacement would lead to further instability. Iran's ruling clerics are most concerned about the economy. They fear that protests from lower- and middle-income groups, angry over poverty, which have been raging since 2017, will erupt again. Donald Trump, the U.S. president, has re-instituted his "maximum press" campaign to reduce Iran's oil imports to zero. According to state media, 182 members of parliament voted in favor of the motion, and 89 against it.
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Officials say that Russian attacks in Ukraine overnight killed one and injured three, according to officials
Ukraine's authorities reported on Sunday that Russian drones attacked Ukraine and launched 79 attacks against Ukraine, including a shelling which killed a person overnight and injured another two in Kramatorsk, based in eastern Ukraine. Oleksandr Goncharenko, the city mayor, wrote in Telegram: "Kramatorsk has been subjected hostile shelling--residential district." "A boy who was born in 2006 has been killed." Goncharenko also said that two other people, a woman and a man, were injured. Ukraine's air defense units destroyed 63 out of the 79 Russian Drones that attacked several Ukrainian regions overnight, the country’s air force announced on Telegram. Telegram reported that a Russian drone attack in southwest Ukraine's Zaporizhzhia city injured one civilian. The governor of Zaporizhzhia, which includes the city as its administrative centre, confirmed the incident. Ivan Fedorov, the governor of the region, said that the attack caused a massive fire to spread over 300 square metres (3230 square feet) and destroyed the roof. Ukraine's emergency services announced on Telegram that two people had been rescued from beneath the collapsed portions of the building. The service said the blast wave also damaged houses in nearby areas, leaving tens people homeless. No immediate comment was made by Russia. Both sides deny that they have targeted civilians during the war, which Russia started with its invasion of Ukraine. The vast majority of the civilians killed in the conflict are Ukrainian. (Reporting and editing by Christian Schmollinger in Melbourne, Lidia Kelly from Melbourne)
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Trump orders new tariff investigation into US lumber imports
The U.S. president Donald Trump ordered on Saturday a new investigation into trade that could add more tariffs to imported lumber. This would be in addition to the existing duties on Canadian softwood timber and 25% tariffs due next week on all Canadian and Mexican products. In his third new investigation in a single week, Trump has signed a memorandum ordering Commerce Secretary Howard Lutnick that he initiate a national-security investigation into U.S. Lumber Imports under Section 223 of the 1962 Trade Expansion Act. Trump used the same trade law to impose tariffs against global imports of steel and aluminum. The investigation covers derivative products such as furniture, kitchen cabinets and other items made of U.S. wood that has been exported. The order stated that the Commerce Department's investigation must be concluded within 270 calendar days. Trump ordered that new measures be taken within 90 days in order to increase the supply of domestic lumber. This included streamlining the permits process for harvesting timber from public lands, and improving the salvaging of fallen trees and forest and waterways. The order requires new or updated guidance from the agency to increase timber production. This includes faster approvals of forestry projects in accordance with the Endangered Species Act. Peter Navarro, White House Trade Advisor, said that the lumber import investigation would counteract actions by big lumber exporters, including Canada, Germany, and Brazil. He said they were "dumping lumber on our markets, at the expense of our economic prosperity and our national security." He told reporters in a conference call before the signing that "that stops today" with two Trumpian measures designed to boost both supply and demand of American lumber and timber. White House officials said that an increasing reliance on lumber imports could pose a national security threat, partly because the U.S. Military consumes large quantities of lumber in its construction activities. They also stated that a growing dependence on lumber imports is dangerous to the U.S. Economy because there are ample supplies domestically. The official didn't provide any details about a proposed tariff under the Section 232 investigation, but Trump told reporters earlier this month that he thought of imposing a 25 percent tariff on lumber and other forest products. Officials said that any tariffs resulting in the investigation would be added to existing anti-dumping duties and anti-subsidy duty on Canadian softwood timber. The low Canadian stumpage fees on public land, which Washington claims is an unfair subsidy, led to these trade disputes. The majority of U.S. wood is harvested on private land, at rates determined by the market. Home builders have long complained about the tariffs, claiming that they raise lumber prices and contribute to inflation in home prices. Officials said that the new lumber tariffs would also be added to Trump's 25% general U.S. Tariffs on all Canadians and Mexicans goods, which are due to go into effect on Tuesday. This is unless Trump has been persuaded to change his mind by both countries' efforts at securing their borders and stopping fentanyl traficking. The new tariff investigation follows Trump's Tuesday order for a new Section 232 on copper imports. This is aimed at rebuilding U.S. manufacturing of a critical metal used in electric vehicles, military equipment and the power grid. Trump directed U.S. trade representative Jamieson Greer on February 21 to resume investigations in order to impose tariffs on imported goods from countries that tax digital services on U.S. tech companies. Canada, France, Britain Italy, Spain Austria, India, and Turkey would be the next targets for these penalties. (Reporting and editing by Chizu Nomiyama, Daniel Wallis and Chizu Nomiyama; Additional reporting and editing by Trevor Hunnicutt, David Shepardson and Andrea Shalal)
Guyana: Venezuelan vessel enters oil block in Guyanese water
Irfaan Ali, the Guyanese president, said that earlier in Saturday a Venezuelan Coast Guard patrol had entered Guyanese water and approached a vessel delivering oil in an offshore block.
A long-running dispute between the neighboring countries has been raging over which country is in control of the Esequibo region, which covers 160,000 square kilometers (62,000 square miles). This case is currently being heard by the International Court of Justice.
Exxon has not been able to finish exploration in the northwest part of the block near Venezuela.
Ali stated in a press release that "During this incursion the Venezuelan vessel approached several assets in our exclusive water, including FPSO prosperity".
The Venezuelan communications ministry didn't immediately respond to an inquiry for comment.
Ali said that Guyana had summoned Venezuela's ambassador to meet its foreign minister to discuss Guyana’s strong objections. Its embassy in Caracas was also advised to file a formal complaint to Venezuela.
The statement also said that Guyana would formally report the incident to the ICJ, and will engage with international partners such as CARICOM.
Ali said that the Guyanese Government has also deployed aircraft assets of unknown nature.
The Organization of American States condemned Venezuela's incursion into "Guyana’s internationally recognized maritime territories".
According to the United States Bureau of Western Hemisphere Affairs, this incident violated Guyana's territorial integrity. The Maduro government will face consequences if it continues to provoke.
(source: Reuters)