Latest News
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New journal to be published by research organizations to preserve US Climate Report
Two major U.S. science associations called on Friday for submissions to a special compilation that would have fed the National Climate Assessment. This comprehensive report about climate change impacts in the United States was effectively cancelled by the Trump Administration. The American Geophysical Union, the largest association of Earth scientists and space scientists, and the American Meteorological Society, called for this research in an effort to "maintain momentum" with the sixth NCA whose 400 authors were fired by the Trump Administration last week. The two organizations stated that the new collection would not replace the NCA, but rather create a vehicle for the work to be continued. AGU President Brandon Jones said, "It is our responsibility to protect and prepare our communities, neighbors, and children for the increasing risks of climate changes." The congressionally-mandated assessment, which had been prepared by several federal agencies and hundreds of contributing scientists, aimed to crystallize the top science on climate change and communicate it to wide audiences. The Global Change Research Act, signed by Republican president George H.W. Bush in 1990, was intended to assist policymakers and businesses working on ways to reduce emissions and adapt to the effects of a warmer world. Bush. The last NCA report was published in 2023. That year, extreme weather events costing over $1 billion were recorded, with expensive floods, storms, and fires happening roughly every third week. Donald Trump, the Republican president who rejects the science behind climate change, has also dismissed the 2018 assessment. He withdrew his country from the Intergovernmental Panel on Climate Change's latest meeting, where it was working on the next global report on the impacts and risks of climate change. (Reporting and Editing by Franklin Paul, Valerie Volcovici)
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Stocks rise on positive jobs data and signs that trade tensions between China and the US may ease
Global stocks rose on Friday, while Treasuries lost favour. This was due to optimism over a easing in U.S.-China tensions as well as better than expected U.S. job data. The MSCI world share index increased by 0.6%, reaching levels it last achieved before its dramatic fall early last month after U.S. president Donald Trump announced his Liberation Day Tariffs. The Friday payroll report showed that U.S. employers hired 177,000 people last month. This was higher than the 130,000 expected. In early trading, the S&P 500 gained 1%, while the Nasdaq rose 0.9%. Investors said that the U.S. unemployment rates would also remain at 4,2%. Jason Da Silva, Arbuthnot's global investment strategy director, said that the U.S. economic situation is still relatively solid. The number one indicator is what happens to tariffs. The recent boost in economic confidence has pushed U.S. government bonds lower. Ten-year Treasury yields are now at 4.27%, up 4 basis points. Treasuries were also under pressure because of fears that Japan would use its massive stockpiles of U.S. government debt as a bargaining tool in trade negotiations. Market sentiment was already positive ahead of the report on non-farm payrolls after China stated that the U.S. had repeatedly expressed its willingness for negotiations and that Beijing was ready to talk. The latest quarterly earnings report shows that uncertainty over the level of trade tariffs the White House may eventually impose against China has led to a significant deterioration of the long-term outlook of U.S. companies. Apple AAPL.O> trimmed their share buybacks on Thursday, and warned that tariffs could cost them $900 million in this quarter. General Motors warned that earnings would be hit by $4-$5 Billion and American Airlines retracted their profit forecasts. Bryon A. Anderson, head of fixed income at Laffler Tengler Investments, said that the Trump policy is a long-term threat. The markets did not reflect this long-term concern on Friday. European shares gained 1.6%. Germany's DAX added 2.4%. And the UK's FTSE 100 rose 1%. Earlier in the day, MSCI's broadest Asia-Pacific share index outside Japan reached its highest level since 20 March. Even after the data released this week that showed that the U.S. economic growth rate fell for the first three-year period in the first quarter, and Chinese factory activity declined at its fastest pace in sixteen months in April, the bullish mood continued to build. The U.S. Dollar, which has been in a downward spiral since the employment report was released, also pared some of its recent losses. It is still down on the day and last down 1% to 143.8 yen. The euro, which had been trading at $1.1327 was up only 0.3%. Meanwhile, the British pound maintained its recent rally by gaining 0.2% to $1.3298. The oil prices fell, however, following reports that Saudi Arabian officials were briefing allies, stating that they are unwilling to boost markets with additional supply cuts, and that it could cope for a long period of low price. Brent crude futures dropped 39 cents, to $61.14, and U.S. West Texas Intermediate Crude futures declined 43 cents, to $58.18. The spot gold price increased by 0.2% to $3,244 per ounce.
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Rubio: Iran must stop all uranium enrichment.
Marco Rubio, the U.S. secretary of state, said that Iran must 'walk away from' uranium-enrichment and missile development for long ranges and should allow inspections of military installations. The nuclear talks were postponed on Thursday. Rubio's remarks highlight the remaining major divisions in the talks between the two countries to resolve the longstanding dispute over Iran’s nuclear program. U.S. president Donald Trump has threatened to bomb Iran without an agreement. Rubio stated in an interview with Fox News that "they have to stop sponsoring terrorists and stopping helping the Houthis" (in Yemen). They also have to stop building long-range rockets which have no other purpose than to have nuclear weapons. Iran has said repeatedly that it will not abandon its missile program or its uranium-enrichment process - which is used to produce fuel for nuclear power stations but can also be used to create material for atomic weapons. A senior Iranian official said on Thursday that the fourth round of scheduled talks, which was to be held in Rome on Saturday, had been delayed and that a date would now be determined "depending upon the U.S.'s approach". Rubio said Iran should not enrich uranium to any level but import it for its nuclear programme. He said that if you can enrich at 3.67 percent, it will only take a few short weeks to reach 20% and 60%. Then you'll need 80 and 90 percent to make an armament. Iran claims it has the right to enrich its uranium in accordance with the Nuclear Non-Proliferation Treaty. It denies that it wants to build a nuke. Rubio said that Iran would also have to accept the possibility of Americans being involved in any inspection program and that inspectors will need access to all facilities including military bases. Washington has increased pressure on Iran. U.S. president Donald Trump said on Thursday that all purchases of Iranian oil and petrochemicals must cease, and any country or individual buying them will be subject to secondary sanctions. Iran condemned this approach on Friday. The Foreign Ministry stated that Iran would not tolerate any approach based on pressure and threats, while reaffirming its commitment towards diplomacy. Reporting by Costas Pittas and Angus McDowall; Editing by Jacqueline Wong and Gareth Jones, and Louise Heavens
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Agnico Eagle calls on Canadian Arctic Strategy amid US Threats
Canada's North has significant mineral resources, including gold and critical minerals Agnico Eagle has no interest in purchasing Barrick's Canadian mining operations By Divya Rajagopal TORONTO, MAY 2 - Agnico, Canada's largest gold miner, has asked the new government to create a formal Arctic Strategy in response to U.S. president Donald Trump's threat to make Canada the 51st State, said the company's chairman Sean Boyd. Agnico has surpassed Barrick Mining in terms of market capitalization, becoming the second largest gold miner in the world, only below Newmont Corp., which is the biggest bullion producer by both production and market capitalization. Agnico has expanded its Hope Bay Gold Project in Nunavut. This is the northernmost Canadian province that borders Greenland, the Arctic Ocean, and the Arctic Ocean. Agnico wants the new Canadian government to encourage investment in infrastructure for the Arctic. Boyd said in an interview that "it's just noise" (Trump's threat), but we as a nation have to take it seriously. We have called for a more structured, formalized Arctic strategy. He said that the company will be "way stronger" in advocating for the Arctic Strategy with Ottawa because it sees opportunities for growth in North America. Boyd stated that "it's pretty obvious, based on U.S. interests in Greenland, and the U.S. Administration's comments about Canada and critical metals that Canada should focus more on the opportunities that exist in Canada's Far North, and in communities and people who live there," Boyd added. Hope Bay Mine is expected to return to production in early 2019 after 2023, when the company placed the mine on care and maintenance to concentrate on drilling resources. Agnico is one of only a few gold mining companies in Canada that has assets. It bets big on Canada even though some of its peers are looking to sell their assets. The company's strategy is paying off for investors. Its share price has increased by 45% in the past year, making it among the top performing mining companies, according to Refinitiv. Bloomberg reported earlier this month that Barrick Gold was also a Canadian miner looking to sell its only mine in Canada. Boyd, however, has said that Agnico will not be buying the asset because it is too small. We have a strong pipeline of larger projects. "Our strategy is not to improve smaller projects," he said. Canada's North is home to some of the largest mineral resources on the planet, including gold, and has a poorer infrastructure than the rest of Canada. Nunuvut Premier P.J. Akeeagok told the media last month that because of the dangers posed by the south of Canada, it was time for the new government in Nunuvut to build basic infrastructure. Akeeagok: "I believe there is an incredible opportunity to bring different corridors into the north." (Divyarajagopal, Toronto; Editing done by Veronica Brown and Susan Fenton).
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Canada's Imperial Oil reports a rise in profit for the quarter on higher refining margins
Imperial Oil, a Canadian oil company, posted an increase in its first-quarter profits on Friday. This was primarily due to higher margins in the refining and sales of fuels business. The shares, which are listed in the United States, rose nearly 6% prior to the bell. The completion of the Trans Mountain expansion project has benefited Canadian producers, increasing its capacity to 890,000. barrels per day. The pipeline is the only way for producers to export their products internationally without having to go through the United States. Brad Corson, CEO of Corson Energy Inc. said that the upstream business continues to benefit from the improved egress as well as the narrowing of heavy oil differentials. Our downstream profitability reflects the structural advantages offered by the Canadian market. Imperial's results are part of a wider rebound in North American refinery margins as the product demand is resilient and supply is tight due to global disruptions. Canada exports 90% of its crude oil to the United States. Most of it is shipped via pipelines, mainly from Alberta in western Canada to refineries located on landlocked land in the U.S. Midwest. This interdependence is in turmoil since U.S. president Donald Trump announced tariffs against the neighboring country in the north. He briefly kept his promise in February, but then rowed back the majority of the levies in a matter of days. Imperial Oil, which is majority owned by Exxon Mobil in the United States, reported a petroleum product sale of 455,000 barrels a day during the first three months. This compares to 450,000 bpd one year earlier. Calgary-based company, Alberta Synthetic Crude Oil, said the average realization of synthetic crude oil rose to C$98.79 a barrel from C$93.51 a barrel compared to 96.51 c$ per barrel one year ago. However, it reported a decline in its upstream output, total throughput volume and refinery usage rate. Imperial's net profit rose from C$1.2 billion (933.23 millions) or C$2.23 a share a year ago to C$1.29billion ($933.23million), or C$2.52 - per share - during the quarter that ended on March 31. ($1 = 1.3823 Canadian dollars) (Reporting by Pooja Menon in Bengaluru; Editing by Shilpi Majumdar)
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UK loses its appeal against tougher police powers to curb street protests
The London Court of Appeal rejected Britain's bid to grant police greater powers to impose restrictions on protests on the streets on Friday. Civil rights group Liberty called it a "huge victory for democracy". Liberty has successfully challenged the changes made to public order laws by the former Conservative government. The High Court ruled last year that government exceeded its power by lowering police thresholds to impose conditions. After a brief delay, the Home Office, Britain's interior ministry, appealed the ruling. They argued that ministers could lower the threshold even without new legislation. Akiko Hart, Liberty's director, said that the government should now remove these new powers. She said that the next step is for the government to accept this decision and agree to do away with this illegal legislation. Home Office spokesperson stated that the "central powers used by police to manage protests, and ensure they remain peaceful, are not affected by this judgement". The spokesperson said: "The right to peacefully protest is an important cornerstone of democracy, but it remains clear that the law does not apply to intimidation with intent or to serious disruptions to the lives of communities." Liberty's case centered on the Public Order Act. Under this act, police can impose restrictions on protests that may cause "serious disturbances to the lives of the community". After a wave of direct action protests by environmentalists and other activists, the law was amended so that police could impose conditions when a protest might cause "more minor" disruption. Liberty, on the other hand, claimed that it had given police virtually unlimited powers to stop protests. It cited the arrest of Swedish climate campaigner Greta Thunberg who was subsequently acquitted. In May 2024, the High Court found that the new powers are illegal. However, the Court of Appeal put on hold the decision to quashing the new powers pending an appeal. Liberty reported that the Court of Appeal will "decide in the next few weeks whether the legislation should be quashed". (Reporting and editing by Sam Tobin)
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Palm oil records weekly loss due to firmer Ringgit and weak demand
Malaysian palm futures have reversed their gains from earlier in the week, due to a stronger ringgit, and weak demand on key markets. Prices also fell for the entire week. The benchmark contract for palm oil delivery in July on Bursa Derivatives Malaysia Exchange dropped 0.79% at the close to 3,880 Ringgit ($911.23) per metric ton. The contract dropped 4.36% in the last week. Anilkumar bagani, head of commodity research at Mumbai-based Sunvin Group, explained that a stronger ringgit, and a lack of enthusiasm in the face of expectations of an increased inventory of palm oil in Malaysia for April, limited gains. Chicago Board of Trade soyoil was down by 0.72%. Dalian Commodity Exchange will be closed for Labour Day from May 1 to 5. As palm oil competes to gain a share in the global vegetable oils industry, it tracks the price changes of competing edible oils. Oil prices dropped as traders rearranged their positions in advance of an OPEC+ gathering and amid some scepticism regarding a possible de-escalation of trade disputes between China and the United States. Palm oil is less appealing as a biodiesel feedstock due to the weaker crude oil futures. As of 1055 GMT on Friday, the ringgit, the palm industry's trade currency, increased by 1.25% versus the U.S. Dollar, increasing the price of the commodity for foreign buyers. ($1 = 4,2580 ringgit). (Reporting and editing by Ashley Tang, Sumana Nandy, and Varun H K).
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Itochu announces record-breaking annual profits, helped by textiles and FamilyMart
Itochu, a Japanese trading company, reported a record net profit for the year of 880.3 billion Japanese yen, or $6 billion. The unit's textile, food and FamilyMart convenience stores contributed to this. The profit rose by 10% compared to the previous year. However, it was below the LSEG poll forecast of a net profit of 887 billion yen for the fiscal year ending in March. The company forecasts a profit of 900 billion yen for the fiscal year that ends in March next year. This includes an 88 billion-yen gain from the sale its shares of C.P. Pokphand is a division of Thailand's Charoen Pokphand Foods. Tsuyoshi hachimura, Itochu’s Chief Financial officer, said that since forming the strategic alliance with the Charoen Pokphand Group in 2014, the two companies have created synergies via trade and joint investment, resulting in a profit total of 120 billion yen for the Japanese company. He said, "The deal was a great success." Hachimura, when asked about the impact U.S. Tariffs on global economic growth, expressed concern they could dampen the global sentiment and economy, rather than have a significant affect on the company's exports and imports. Itochu has also maintained an overall shareholder payout ratio (or a percentage) of 50% for the current year. Berkshire Hathaway of Warren Buffett, a major minority shareholder in Itochu and other Japanese trading companies including Marubeni Corp. and Sumitomo Corp., is expanding its stakes in both the company, as well as those in Marubeni Corp.
EnerMech Gets LLOG’s Gulf of America Pre-Commissioning Job
Energy industry services firm EnerMech has secured a contract from oil company LLOG for pre-commissioning services at the Salamanca platform in the Gulf of America.
The contract covers hydrotesting and nitrogen dewatering of three 8-inch infield flowlines, one 16-inch oil export pipeline and one 10-inch gas export pipeline. The contract award follows a previous contract in for topside pre-commissioning services which EnerMech secured in 2024.
The Salamanca Floating Production Unit (FPU) will operate at a depth of approximately 6,400 feet of water with production from the Leon and Castille fields.
With an initial production capacity of 60,000 barrels of oil per day and 40 million cubic feet of natural gas per day, this project is poised to make a substantial contribution to the United States’ energy sector.
The FPU is a refurbished structure, previously the decommissioned Independence Hub production facility.
“The Salamanca project is an important one for the future of the country’s energy sector, and we are proud to have been chosen to work on what is a vital piece of infrastructure.
“To secure a second contract on the development is a strong reflection of the capabilities and expertise of our team in the region and I’d like to give kudos to Brennon Fitzgerald for their leadership and guidance,” said Charles ‘Chuck’ Davison Jr., EnerMech CEO.