Latest News
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NEI: US considers financing billions in parts for nuclear reactors with long lead times
The U.S. Department of Energy has been considering a plan to finance billions of dollars for components of large reactors, which can take years to secure. This was revealed by the director of industry group Nuclear Energy Institute on Tuesday. The U.S. Department of Energy is considering a plan to 'finance billions of dollars?for components that can take a long time to secure. The DOE did not respond immediately to a comment request. It's going help several?U.S. "It's going to help several?U.S. utility companies who are interested in AP1000?" deployment, Maria Korsnick said at NEI's Washington conference about the financing plan. Donald Trump has set the goal to quadruple the U.S. nuclear capacity by 2050. This is a bold target, considering that the last reactors in the U.S. took seven years longer than expected and cost billions more. U.S. Energy Sec. Chris Wright said that nuclear power plants will be the biggest use of his Office of Energy Dominance Financing. The office has hundreds of billions in financing aid including loan guarantees to help projects that have difficulty getting bank loans. During Trump's first tenure, he only used the division, then known as the Loan Programs Office to finance reactors at Georgia's Vogtle Nuclear Power Plant.
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Ukraine's grain production is expected to reach 60.4 million tons in 2026
The deputy economy minister stated on Tuesday that Ukraine's grain production forecast for this year is 60.4 million tonnes, which is a similar level to the previous year despite the wartime challenges and a wet, cold spring. He added that farmers are expected to harvest 22.4 million tonnes of wheat. This will be enough to meet Ukraine’s domestic demand and preserve export possibilities. The cold and wet soils that delayed sowing some crops made this year's spring sowing campaign more difficult. In a recent statement, Taras Vysotskiy said that the weather risks are mainly affecting?corn. This crop is dependent on sowing dates, temperature conditions, and moisture levels during the growing seasons. The forecast for barley and wheat is also realistic and reliable in order to guarantee food security. "The agricultural sector shows its ability to adapt, even in difficult circumstances." The ministry stated that it expects the corn harvest this year to be around 31.6 million tons, while barley will be around 4.7 millions tons in 2026. The ministry did not provide any comparative figures for the previous harvest. Ukraine is one of the world's largest food producers and exporters. Its agricultural sector has proven resilient, despite extensive damage caused by more than four years war with Russia.
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Arctial Aluminium plant in Finland to produce first metal by H2 2029
Maxime Vandersmissen, Arctial's chief commercial officer, said on Tuesday that the smelter, owned by Rio Tinto, in Finland could help boost production in Europe and produce hot metal in the second half 2029. The project is still three years from production, but it is already in the spotlight, as the Iran War has made aluminium more scarce in Europe, which is heavily dependent on imports. Vandersmissen, speaking at the CRU World Aluminium Conference in London said that the project aims to produce 610,000 metric tonnes of aluminium per year. Vandersmissen stated that this would increase the European production level by 20%. According to the International Aluminium Institute (a trade association), Europe will produce 7.1 million tonnes in 2025. The data also includes Russia where Rusal made 3.9 million tonnes last year. This leaves a little over 3.2 million for the rest Europe. The Middle East conflict has all but stopped bulk shipping across the Strait of Hormuz, which is a major supplier of primary aluminum?and alloys for Europe. The Middle East's reduced supply, which represents 9% of the global supply, with its 7,000,000 metric tons annual capacity, has led to an increase in European aluminum premiums. The physical premium that European buyers pay over the LME price of primary aluminium to cover taxes, freight and handling costs is $599 per ton. This has increased by 67% since late February, when the U.S. & Israel began the war against Iran. According to Fastmarkets in Rotterdam, the premium for aluminium billet extrusion over the benchmark has increased by more than two-thirds to $1,152.5 per metric ton on Friday, from the $530 level pre-war. Arctial will be the first primary aluminium production in continental Europe since over 30 years. However, it won't be able to cover all of Europe's import needs. Trade Data Monitor reports that, for example, Europe imported around 1.2 millions tons of primary and alloyed aluminum from the Middle East and Egypt in 2013. Reporting by Tom Daly and Eric Onstad, Editing by Mark Potter & Emelia Sithole Matarise
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Venture Global signs new LNG Supply Deals with TotalEnergies and Vitol
Venture Global announced on Tuesday that it had signed new LNG supply contracts with TotalEnergies, and trading house Vitol for combined sales of over 1 million metric tonnes per annum (mtpa), over the next five-year period. Mike Sabel, the CEO of Venture Global, said on a Tuesday earnings call that the company charges customers more than twice the price of long-term LNG for the five-year contracts. This reduces the risk profile. Sabel said, "It gives us the opportunity to blend out...the risks with much higher prices than 20-year contracts. We can double our long-term contracts." These deals bring the total number of new liquefied gas sales agreements that the U.S. has secured since the start of the Iran War to just under?3,000,000 mtpa. This reflects the increased demand for U.S. shipments due to the continued closure of the Strait of Hormuz. Venture Global said that under the new contracts it will sell 0.85 million mtpa LNG to TotalEnergies, and increase the previously contracted volumes to Vitol by an additional 0.2 million mtpa. Deliveries are expected to begin this year. Vitol signed a deal in late March for 1.5 million mtpa. Venture Global ?had also previously inked a 500,000-metric-ton-per-year deal with Trafigura on March 2. Sabel stated that "these agreements demonstrate the continued trust and confidence in Venture Global's capability to deliver reliable, low-cost U.S. Liquefied Natural Gas to global markets at a scale and speed as demand for energy security continues to grow." Venture Global's agreement with TotalEnergies is the first long-term contract that Venture Global has signed to sell LNG to the French giant. Total had previously bought cargoes on the spot market. Sabel stated that by offering customers short, medium and long-term options for supply, we provide the flexibility and assurance they need to "deliver LNG where and when it is most needed." Venture Global is the only U.S. company that has more LNG available for immediate sale. This is because its Plaquemines plant in Louisiana (the country's largest export facility) ramps up production as it commissions. Reporting by Curtis Williams, Houston; Editing by Lincoln Feast and Deepa Babyington
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Pentagon: US war on Iran has cost US $29 billion to date
A senior Pentagon official stated on Tuesday that the United States war in Iran has cost $29 billion so far, which is an increase of $4 million from an estimate given late last month. The Democrats have been able to gain a lot of ground in the public opinion polls, as they try to tie the war to cost of living issues. The Pentagon announced on April 29 that the war had already cost $25 billion. Jules Hurst who performs the duties of comptroller told lawmakers that the new costs included updated repair and replacing equipment?and operational expenses. Hurst stated that "the joint staff team as well as the comptroller's team are always looking at this estimate." He spoke alongside General Dan Caine, Chairman of the Joint Chiefs of Staff and?Defense Secretary Pete Hegseth. The 'Pentagon has not explained how it arrived at this $29 billion number. In 'March, a source said that Trump's Administration estimated the?first six days?of war costing at least $11.3billion. Reporting by Idrees Al, Phil Stewart, and Doina chiacu. Editing by David Ljunggren.
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New Zealand changes law to prevent private climate litigation
New Zealand's Government announced?on?Tuesday that it would amend climate legislation so that courts cannot hold companies responsible for harms caused by greenhouse gases in climate-related cases. Justice Minister Paul Goldsmith announced that the government will amend the Climate Change Response Act of 2002 so it applies to current and future court cases, including a High Court lawsuit brought against six major polluters. The governments of the world are dealing with an 'upsurge in litigation' aimed at holding corporations liable for damage caused by emissions. Cases in Europe, the United States, and Australia test the limits to corporate responsibility. Next year, the New Zealand case brought by climate activist Michael 'Smith against six companies, including Fonterra Co-Operative Group and dairy giant Fonterra, will be tried. The novel case alleges that the emissions of these companies have contributed to climate changes and have harmed Smith’s land, cultural rights and interests. The government says climate litigation undermines business Goldsmith, however, said that the litigation undermined business confidence and investments, and that New Zealand’s response to climate changes should be managed by parliament, its Emissions Trading Scheme, and existing climate legislation. Goldsmith stated that the courts were not the best place to settle claims of climate change harm, and that tort law wasn't suited for the complex issues involved in environmental, economic, and social matters. The government stated that the change "would not affect" its responsibilities under climate law or the obligations of businesses under the ETS. ClientEarth, an international campaign group that has sued companies and countries over their contributions to global warming said this move was "deeply worrying" and pointed to a U.N. ruling issued in July on the obligations of countries: The International Court of Justice affirmed that states have a legal duty to address climate harm. People must be able to test these obligations in court. Restriction of access to courts is bad not only for democracy, but also for justice and rule of law. Reporting by Lucy Craymer, Editing by Lincoln Feast & Kevin Liffey
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US consumer prices continue to rise in April
Consumer prices in the United States?rose rapidly for a second consecutive month in April. This resulted in?the largest annual increase in inflation for nearly three years, and further reinforced expectations that the Federal Reserve will keep interest rates at their current level for some time. The Bureau of Labor Statistics of the Labor Department reported on Tuesday that the Consumer Price Index rose 0.6% in April after a 0.9% increase in March. The economists polled had predicted the CPI to rise 0.6%. Estimates varied from a gain of?0.4% to 0.9%. Moderation was largely mechanical after the biggest increase since June 20,22. After the U.S. and Israel launched strikes against Iran in March, oil prices soared?above $100 per barrel. They then fell to high levels again after an early April ceasefire. CPI rose 3.8% in the year to April. This was the largest year-on-year rise since May 2023, and it followed a 3.3% increase in March. Back-to-back high inflation rates will increase political risks for Donald Trump and the Republican Party ahead of November's midterm election. Trump won re-election 2024 largely because he promised to reduce inflation. However, Americans are now less enthused about his economic management and blame him for the high prices at the pumps. Oil prices have risen due to the war, and this has been reflected immediately in higher gasoline, jet fuel, and diesel. Economists expect the second round of effects to be felt over the next few months. The report followed news ?last week of a bigger-than-anticipated increase in nonfarm payrolls in April. The financial markets anticipate that the U.S. Central bank will keep rates unchanged until 2027. Last month, the Fed, which uses the Personal Consumption Spending?price indices to meet its 2% target for inflation, left its benchmark interest rate between?3.50% and 3.75%. The CPI, excluding food and energy, rose 0.4% in November. This was partly due to a temporary adjustment of rent measures, after the shutdown of the federal gov't last October prevented data collection. The BLS divides its rental survey into six panels. The BLS samples each panel?every 6 months, on a rotating schedule. The BLS used carry-forward imputation to make up for missing data, which artificially reduced the rent indexes. The so-called core CPI rose 0.2% in March. Most economists think that the tariffs of Trump are likely to have been passed through. In February, the U.S. Supreme Court ruled that the tariffs were invalid and lowered the effective rate. In April, the core CPI inflation rate increased 2.8% compared to March. Lucia Mutikani, Andrea Ricci, and Chizu Nomiyama edited the report.
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Oil prices continue to rise, and the Iranian ceasefire is 'on life-support'
The dollar rose on Tuesday as the hopes of a deal that would allow ships to pass through the Strait of Hormuz faded. Meanwhile, a hot rally in "chip" stocks cooled down and traders waited for U.S. inflation data. The U.S. president Donald Trump said that the ceasefire agreement with Iran, which had been in place for a month, was "on life-support" after Tehran's reaction to the U.S. plan of ending the war showed how far apart the two sides were. Brent crude futures rose almost 4%, to $108 per barrel. The STOXX 600 in Europe was down by 0.6%. It is only 4% lower than the record high of late February. Meanwhile, U.S. stocks futures for S&P 500, and Nasdaq, were down by 0.4%, and 0.9% respectively. Focus on TRUMP's trip to China Even the seemingly unstoppable KOSPI in Seoul has slowed down. It dropped 3.5% as it approached 8,000 and pulled other regional markets down. Jim Reid, a strategist at Deutsche Bank, said that with the U.S.-Iran appearing to be no closer to "resolving" their deadlock in negotiations, Brent crude prices continued on yesterday's upward trend. He said that the markets are pricing in the possibility of a lasting disruption. Yesterday, 6-month Brent futures rose 2.54% to $89.50 per barrel. The markets are watching Trump's trip to China which starts on Wednesday. They do not expect any progress in the?Iran issue or on trade. Investors shouldn't expect to see sweeping deals. "A 'win' means no new export controls or tariffs, but perhaps small symbolic deals such as agricultural purchases or aircraft orders or signals on rare Earths," said Daniel Casali. Chief investment strategist at Evelyn Partners. These may seem minor, yet stability on the margins is important. APRIL INFLATION PIKE IS EXPECTED BY U.S. DATA The U.S. will release its inflation data on Tuesday. The headline consumer price index is expected to show a 3.7% increase year-over-year, following a rise of 3.3% a month ago. Markets could be rattled by any suggestion that the Federal Reserve may have to raise rates this year, rather than reduce them as investors expected before World War II. Global bond yields are rising, mainly due to a sell-off of gilts, in response to mounting pressure on Prime Minister Keir starmer who, on Tuesday, refused to resign. He said he would "get to work" on governing despite the growing calls for him to resign after a series of heavy local election losses. On Tuesday, UK gilt yields soared sharply. According to LSEG, the yield on 30-year bond reached 5.794%. This is its highest level since 1998. The sterling fell 0.5% to $1.354, which makes it the worst performing major currency against the dollar. Benchmark 10-year Treasury Yields are up by 2 basis points at 4.43%. The dollar is on top of the currency market. It has gained 0.2% against the Japanese yen, reaching 157.525. Scott Bessent, U.S. Treasury 'Secretary, said that after meeting with Japanese Finance Minister Satsuki katayama in Tokyo he was confident about the coordination between Japan and the U.S. Treasury in tackling excessively volatile, undesirable currency movements. The Australian dollar dropped 0.34% and the euro fell 0.31%. The Australian budget contained the largest changes in investment taxes since the turn of the century, to assist young people to enter the housing market. (Additional reporting from Jihoon in Seoul, edited by John Mair and Christian Schmollinger)
As ties with Syria warm, UAE trade with Syria grows rapidly
A UAE minister told a Damascus Investment Forum that trade between the United Arab Emirates (UAE) and Syria has more than doubled since '2025. It will continue to grow. This is a sign of rapidly warming relations between both countries.
Thani Al Zeyoudi, UAE Minister of State in charge of?Foreign trade, told the first?Syrian Emirati Investment Forum the non-oil trading between the United Arab Emirates (UAE) and Syria will reach a record $1.45 billion by 2025. This is a 132% increase from the previous years. He said that the rise in bilateral trade is a positive sign.
During the two-day conference, the Syrian and Emirati parties reached preliminary agreements on dozens investment projects in tourism, construction, infrastructure, agriculture, aviation, and logistics.
The UAE has been slower than Saudi Arabia or Qatar to expand ties with President Ahmed al-Sharaa of the new Syrian Government, a former al-Qaeda commander.
The gradual improvement of ties has increased since the beginning of the war with Iran, when the UAE was attacked by the Iranians and Sharaa expressed her solidarity with Abu 'Dhabi.
Anwar Gargash is the top diplomat advising the UAE president. He said that in April, Syria was one of the Arab countries with the "most positive attitude towards the UAE".
Sharaa and other senior officials of both countries attended the investment forum held at Damascus' Presidential Palace.
Mohamed Alabbar is the founder of Emirati property development company Emaar. He said that his firm was currently studying projects worth up to $12 billion in Damascus and up to $7 billion on Syria's coastline.
Nidal Shaar, Minister of Syrian Economy and Industry, said that the two sides agreed to form a Syrian "technical delegation" to visit the UAE to develop an implementation roadmap and a comprehensive plan for the recent agreements.
Etihad Airways announced Monday that it would resume flights between Abu Dhabi, UAE and Damascus by mid-June. The airline had suspended operations in 2012 after the Syrian conflict broke out.
Syria is attempting to attract foreign investments to help support its economy, which has been devastated by a decade-long war and Western sanctions. Most of these sanctions were lifted last year.
In the last year, Damascus has signed several billion dollar memoranda with Gulf investors including Saudi Arabian and Qatari companies. It also secured deals with U.S. firms, such as the oil and deep-water exploration contract with Chevron. (Reporting from Dubai by Feras Dalatey; Editing by Tom Perry/Keith Weir).
(source: Reuters)