Latest News
-
KoBold Metals and Congo Lithium Deposits Agree on Framework for Purchase
KoBold Metals, a metals exploration firm based in California, announced on Wednesday it had reached an agreement with AVZ Minerals to purchase their interests in the Manono Lithium Deposit in the Democratic Republic of Congo. KoBold will be able to invest over $1 billion in order to bring Manono lithium to Western markets. The United States produces a limited amount of lithium, which is used to produce batteries for electric cars and other consumer electronics. This has led to an increased reliance on China. Both President Donald Trump and Joe Biden's predecessor have taken steps to reduce this dependence. Massad Boulos said last month that the United States was in discussions to invest billions in the mineral rich Congo. Cobalt, uranium, lithium and other minerals are abundant in the country. The Silicon Valley start up and AVZ minerals both said they were working with all parties involved in the deal. This included the United States government and the DRC. (Reporting from Bengaluru by Pooja menon, with additional reporting by Vallari srivastava; editing by Mohammed Safi Shamsi).
-
After the Fed maintains rates at their current level, world stocks are choppy and lose ground.
In choppy trading, the dollar and U.S. Treasury yields both gained and lost some ground on Wednesday. The Federal Reserve had left its interest rates unchanged but warned of increased inflation and labor market risk. In line with expectations, the U.S. Central Bank held rates at their current level. The central bank said that the economy was continuing to grow at a steady pace, but also noted the rising risks of inflation and unemployment due to the impact of President Donald Trump's new tariff policies. Julia Hermann is a global market strategist at New York Life Investments. She said that the Fed has few options in the short term to deal with higher unemployment and inflation. The ability of the central banks to cut rates preemptively to boost economic growth, is limited by inflation risks. On the other hand, they are constrained in their ability to increase rates preemptively to reduce inflation risks by growth risk. "It's a stagflation dilemma," she said. We expect the Fed to ease up only if the economic growth numbers are really disappointing. The U.S. Treasury secretary Scott Bessent, and the chief trade negotiator Jamieson Grieer will meet China's highest economic official at the weekend for discussions. This could be the beginning of an agreement after Trump started a trade conflict with the No. 2 economy in the world. 2 economy last month. Bessent believes the meeting in Switzerland will be about "de-escalation," whereas China is more cautious and has cited an old proverb that says actions speak louder than words. At 02:50 pm on Wall Street the Dow Jones Industrial Average rose by 154.17 or 0.38 percent to 40,983.17. The S&P 500 dropped 8.93 or 0.16% to 5,597.98. And the Nasdaq Composite declined 109.97 or 0.62% to 17,579.69. The MSCI index of global stocks fell by 1.47 points or 0.17% to 840.44. The pan-European STOXX 600 closed earlier down by 0.54%. After the Fed's statement, and while central bank chairman Jerome Powell answered questions from journalists, the currency market was volatile. The dollar index (which measures the greenback in relation to a basket including the yen, the euro and other currencies) rose by 0.13%, reaching 99.64. The euro fell 0.33% to $1.1331. The dollar gained 0.77% against the Japanese yen to reach 143.5. The yield on the benchmark 10-year U.S. Treasury notes dropped 3.3 basis points, to 4.285% from 4.318%, late Tuesday. The 30-year bond rate fell 3.2 basis to 4.7809%. The yield on the 2-year bond, which is typically in line with Fed expectations for interest rates, increased 0.6 basis points from late Tuesday to 3,795%. Investors priced in an increase in gasoline stocks in the U.S., and looked forward to the U.S./China trade negotiations. Brent crude settled at $61.12 a barrel, down by 1.66% or $1.03 on the day. U.S. crude settled at $58.07 per barrel, down $1.02 or 1.73%. Spot gold dropped 1.36%, to $3382.59 per ounce. U.S. Gold Futures dropped 0.73% to an ounce of $3,386.60.
-
EIA: Oil wells in the Lower 48 US States have more than doubled in the past decade.
The U.S. Energy Information Administration announced on Wednesday that they estimate that the average number oil wells completed within 50 feet from each other simultaneously in the Lower 48 States has more than doubled since the last decade. The agency stated that the number of wells completed simultaneously per location has increased from 1 1/2 wells per location in December 2014 to over three wells per location in June 2024. This will allow operators to "accelerate production timelines and reduce costs per well." The EIA defines wells that are drilled within a 50-foot radius of each other as being at the same location. This increase was attributed to "significant technological advancements in hydraulic fracking operations and equipment capabilities." EIA analysis shows that the number of simultaneous well completions has increased since 2017. The EIA stated that although operators had recognized the benefits of finishing multiple wells simultaneously prior to 2017, they initially encountered technical obstacles. The EIA said that these included the requirement for more horsepower to fracture multiple wells at the same time. The EIA stated that "adoption of electric fleets which provides better power management has played a vital role in increasing the simultaneous completions". Electric fracking uses electric powered equipment instead of traditional diesel-powered fracking tools. Fuel delivery trucks are required for traditional well-drilling activities that rely exclusively on diesel pumps. The EIA stated that the switch to electric frac vehicles helped streamline operations because they used locally available fuels, such as compressed natural gas or field gas, and electricity from the grid. (Reporting by Ishaan Arora in Bengaluru; Editing by David Gregorio)
-
Kenyan court fines 4 men for trafficking thousands queen ants
Kenyan courts fined four men each $7,700 for attempting to traffic thousands of valuable ants to the country's eco-system. Experts say that this case shows a shift from biopiracy towards lesser known species, such as elephant ivory. On April 5, authorities arrested two Belgian teens, a Vietnamese and a Kenyan man in separate cases for allegedly trying to smuggle about 5,440 giant African harvester ants. Magistrate Njeri Thuku stated that the ants could fetch more than 800,000 Euros or $900,000. This is in Europe, Asia and some parts of North America where antkeepers maintain colonies in large, transparent vessels called formicariums in order to observe their cooperative behavior. The illegal trade of queen ants can threaten colonies that are vital to Kenya's ecosystem. Thuku found the traffickers guilty of dealing with live wildlife species and ordered that they pay the fine, or risk 12 months in prison. All had pleaded guilty. These cases raised the question of whether or not there was a wider network involved in the alleged trafficking. Thuku stated that Duh Heng Nguyen from Vietnam was sent to Nairobi in order to collect ants and meet Dennis Nganga. This elaborate scheme had "all of the hallmarks and possible biopiracy" associated with illegal wildlife trade. Thuku described Nguyen's role as one of a "mule" or courier, which is a drug trafficking term. He said that his role had the telltale signs associated with organised crime. According to the judge, Nguyen & Nganga claimed they didn't know that their actions were illegal. 'ANT GANG' Thuku stated that the two Belgians identified as Lornoy Dave and Seppe Lodewijckx in court documents are both ant lovers who claim in court they acted in naivety. Thuku's ruling stated that Lornoy Dave's phone showed that he belonged to a group called "Ant Gang" and that initially he bought 2,500 queens at $200. Thuku stated that there was no reason to be found with so many queen ants. Thuku stated, "This is more than a hobby." If it were a larger species, with 5,000 individuals of one gender being removed, it would be genocidal in proportions. The way ants work together is admired by many enthusiasts. They perform tasks such as building a nest or collecting seeds, and they make collective decisions without any leader. Dino Martins is one of Kenya's top ant experts. Kenya Wildlife Service stated that the messor cephalotes were a crucial species for maintaining soil health and eco-system balance. They were intercepted at Jomo Kenyatta Airport (JKIA), in the capital. In a press release, it said that the ants were "destined for the European exotic pet trade and the Asian exotic pet market where colonies of rare species and eco-unique species can command up to 1,200 euro each." The ruling today sends a clear message that Kenya will not tolerate the plundering of its biodiversity. Erustus Kanga said that whether it is an elephant or an ant, we will pursue the traffickers with vigor. Experts say that Kenyans can export ants with a licence, but the regulations are confusing. Hereward Holland, Monicah Mwangi, Humphrey Malalo and Hereward Holland, with editing by Aidan Lewis and Ammu Kanampilly, and Emelia Sithole Matarise, wrote the article.
-
Indian industries exchange polluted air for health fix
The first ever air pollution trading scheme in the world has produced results Experts warn against relying too heavily on market solutions The developing nations are unable to reduce air pollution Bhasker Tripathi In India, air pollution is a major health issue. The country's 1.4 million people breathe air that exceeds the World Health Organization guidelines for particulate (PM) matter. These particles are finer than human hair and can cause serious health problems such as lung cancer and respiratory infections. The average Indian loses 3.5 years in life expectancy due to pollution. The industry is a major source of air pollution, and policymakers are struggling to combat it. They have taken the traditional approach by creating and enforcing emission limits. Over the past two decades, PM2.5 concentrations -- which are particulates 30 times smaller than a human hair -- have increased in India by 11,6%. In order to find a solution, economists from Yale University and University of Chicago in the United States as well as the University of Warwick (England) collaborated with Gujarat Pollution Control Board to create a unique emission trading scheme to reduce air pollution. The pilot program has been running since 2019. Results published in The Quarterly Journal of Economics' May issue show that ETS reduces emissions in coal-burning power plants by 20-30% compared to those that use a standard approach. Michael Greenstone Milton Friedman Distinguished Services Professor in Economics, University of Chicago and one of the pilot's architects, described the ETS pilot as "a rare win-win". It reduced pollution, decreased abatement costs, and increased the government's ability to enforce the air pollution control laws. He said, "And all of this was achieved in an environment where the possibility of pollution markets working was viewed with great skepticism." Experts say that such tools are only appropriate for industries in which a switch from coal to gas, or an upgrade in technology, like better filtration, is not enough to reduce pollution. Swagata Dey, a policy expert at the Center for Study of Science, Technology and Policy, a think tank in India, warned that the ETS shouldn't become a "polluter-pays" model, where industries continue to pollute and pay only small fines. She said that such schemes are best used in industries where process optimization and changes in fuel consumption are difficult to achieve on a short-term basis. THE PILOT The ETS, which was piloted in Surat, Gujarat, with 317 large coal-burning units, is hailed as the first market-based scheme in the world to control air pollutants in an industrial cluster. The remaining plants are being kept in compliance with the standard pollution control regulations. They will be spot checked by the pollution board to make sure they meet the emission limits. Plants on the market are now part of a cap and trade system, where a maximum limit for total PM emissions is set. This limit is then periodically lowered. Plants are given permits for a certain amount pollution. A plant that is able to reduce pollution easily with a change in technology or fuel can trade permits with others that have a harder time reducing pollution. Surat ETS plants not only reduced their overall pollution but also held enough permits for their legal compliance to be met 99% of time. Plants outside the ETS were able to meet their pollution limits at best 66% of time. The study found that it costs plants operating under the ETS 11% lower to reduce emissions than plants operating under the command and control regulations. CHALLENGES Surat ETS was partly inspired by one of the biggest programs ever, the U.S. scheme for trading sulfur dioxide emissions to combat acid rain. This program reduced pollution by 40% from 1980-2003. Canada and Europe have adopted successful trading markets for various pollutants based in part on U.S. examples. But low-income countries are yet to follow these examples. Pallavi Pan, an air-quality scientist and the head of Global Initiatives for Health Effects Institute in the United States, explained that this is because countries lack monitoring and regulatory capability. Pant stated that "the relevant departments or ministry [in developing nations] may lack the financial and technical capability, or even personnel to implement effective solutions." Pant said that the Surat ETS Pilot offers an interesting model which can help to generate better data and track mechanisms for specific pollution sources.
-
Suncor, Canada's largest oil company, says it may reduce its capital expenditure in 2026 if oil prices remain low.
Suncor Energy, Canada's second largest oil producer, said that a recent campaign to cut costs had helped it weather the lower oil prices in the world. However Suncor Energy did not rule out cutting capital expenditures next year if economic conditions continue to be weak. Rich Kruger, CEO of Suncor, told analysts in a conference call on Tuesday that Suncor had not altered its capital budget range for 2025 of C$6.1billion ($4.43billion) to C$6.3billion and planned to spend less next year - between C$5.7billion - already. Kruger stated that the 2026 budget would be cut if needed. He said, "If we feel that the business environment warrants it further, then that is exactly what will be evaluated." The global oil price hit a 4-year low Monday, after the Organization of the Petroleum Exporting Countries (OPEC+) and its allies agreed to a second accelerated increase in oil production for June. Since Donald Trump was inaugurated in January, his unpredictable tariff policy has also had a significant impact on the oil price. Kruger stated that Suncor has become more resilient and able to withstand commodity price fluctuations due to its efforts to reduce operating costs. He said, "It allows us to execute our plans without having to hit the gas or the brakes." Under Kruger's leadership, Suncor's financial results have improved dramatically under his leadership. He was hired by the company in 2023. The company announced a first-quarter profit on Tuesday of C$1.7billion, or C$1.31 a share. This was higher than analysts' expectations. It also achieved its highest ever first-quarter production, of 853,000 barrels / day. Suncor has also had its best ever first quarter in terms of refinery sales and throughput. Kruger stated that Suncor was well underway with its efforts to increase revenue from its chain Petro-Canada retail station. This includes closing some locations, renovating and upgrading at other stations. The company wants to increase earnings by C$200m by the end 2026. Kruger responded that continued growth of the Petro-Canada chain is another way to protect the company from oil price volatility. He said: "I wouldn't say never. But right now, that is an extremely valuable part of our operations." (1 Canadian dollar = 1.3783 dollars) (Reporting and editing by Nia William in Calgary)
-
Putin and Venezuelan Maduro sign a strategic partnership agreement at Moscow
In a ceremony broadcast on state television, Russian President Vladimir Putin signed a strategic agreement with Venezuelan President Nicolas Maduro. Interfax, a Russian news agency, reported that the two leaders also spoke about energy and oil in their meeting at Moscow. In the agreement, Russia & Venezuela stated that they would promote joint efforts within OPEC +, the Gas Exporting Countries Forum, and other organisations involved in the energy industry. The agreement stated that "the parties will promote an equitable and stable development of global markets for energy without using unfair competition instruments." The two companies agreed to work together to explore and develop new oil and natural gas fields, as well as expand their oil trading operations. The document envisages a closer collaboration between Russia and Venezuela in the United Nations, other organisations and the field of arms control as well as a joint opposition to unilateral sanctions. Dmitry Peskov, Kremlin spokesperson, described the strategic accord as "a substantial and important framework document". The three-year war between Russia and Ukraine has caused a breakdown of relations with many Western countries. This has prompted Moscow, which wants to counteract the influence of the "collective west", as the Kremlin refers to it, including the United States, to strengthen its ties with those other countries. Since 2022, Russia already has strategic partnership agreements with China, North Korea, and Iran. Venezuela's recent relationship with the United States has been fraught, marked by shattered diplomatic relations, sanctions, and accusations of criminal activities and coup plotting. Maduro will also attend events commemorating the 80th anniversary since the Soviet Union defeated Nazi Germany. Military Parade On Friday. (Reporting and editing by Andrew Osborn, Gareth Jones, and Vladimir Soldatkin)
-
China's BYD and Tsingshan cancel plans for Chilean lithium plants
Sources from the government and BYD, a Chinese automaker, confirmed on Wednesday that they have withdrawn multi-million dollar plans for building lithium cathodes in Chile, which is a major producer. The two Chinese giants' retreat is a blow for Chile, which aims to increase domestic processing of lithium - a metal that is essential to electric vehicle batteries. Chile is ranked as the No. The world's No. Tsingshan has announced that it canceled plans for a $233-million project to produce 120,00 metric tons (LFP) of lithium iron phosphate. Chile's National Assets Ministry said that BYD had filed an intention to withdraw their plans in January. BYD declined to comment. BYD announced delays last year to a planned $290-million plant that was supposed to produce 50,000 tons of LFP per year for cathodes. The first newspaper to report the scrapped investments was Chilean Diario Financiero. BYD's and Tsingshan’s plans were both part of an agreement for a special price to buy lithium. The Chilean government awarded this deal in order to encourage investment in lithium products in Chile. The arrangement is no longer attractive, according to a person who knows the situation. This is due to the falling prices of lithium on the international market. (Reporting and editing by Alexander Villegas; Sarah Morland, Emelia Sithole Matarise and Emelia Sithole Matarise).
Port Sudan shook by explosions, army claims to have intercepted drones
Sudan's army claimed that its anti-aircraft system intercepted drones on Wednesday, which were targeting the largest naval base of the country in Port Sudan, the country's wartime capital.
There were explosions heard in the city. It was not immediately known if they were near Flamingo's base.
Port Sudan was the target of days of attacks, including drone strikes reported by Sudan's paramilitary Rapid Support Forces. These assaults have destroyed the country's largest fuel depots as well as its main humanitarian aid gateway.
Port Sudan has enjoyed relative peace since the outbreak of the civil war in April 2023 between the RSF and the army.
After the RSF took over Khartoum, the city on the Red Sea Coast became the base of the army-aligned Government.
The drone strikes in Port Sudan opened up a new front. They targeted the army's stronghold in eastern Sudan. This was after the RSF had been forced to retreat westwards in much of central Sudan in March, including Khartoum. (Written by Enas Alashray; edited by Christian Schmollinger & Andrew Heavens).
(source: Reuters)