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Senators demand answers about EPA's attempt to claw back $20 Billion in Climate Funds
The U.S. Senate Democrats asked Environmental Protection Agency administrator Lee Zeldin on Monday to stop his campaign of clawing back funds previously awarded for greenhouse gas reduction project, saying that this effort is illegal. The senators who are members of the Senate Environment and Public Works Committee said that Zeldin’s social media campaign, which was widely publicized, to seize the $20 billion allocated through the 2022 inflation reduction act, is against the law and will result in the destruction of jobs across the US. The letter was signed by nine Democrats in the committee headed by Senator Sheldon Whitehouse. It stated that "Your announcement is yet another example of Trump Administration officials and their government efficiency experts" using unfounded claims about waste, fraud and abuse to avoid congressional spending authority, ignore court orders, and freeze or terminate programs intended to reduce carbon emissions. Democrats are increasing pressure on the EPA and Justice Department over their illegal attempts to seize funds that Congress had appropriated. Four senators requested that the office of inspector general investigate these attempts last week. Zeldin praised what he called the agency's finding of billions in funds awarded through the Greenhouse Gas Reduction Fund to support clean energy projects across the U.S., which he claimed was fraudulently distributed. He also accused the Biden Administration of obligated the money "in haste and with little oversight." Officials in the Trump administration had asked Denise Cheung to launch a criminal investigation into the funding to try and recover the money currently held by Citibank. Citibank has a financial agency contract with the Treasury. Cheung, who resigned last week from the U.S. attorney's office because she felt the request wasn't supported by evidence, said that her belief was that the request had not been supported by any evidence. In their letter, the senators stated that Zeldin’s claim that the Biden Administration rushed to send billions of dollars out the door is undermined by the truth that the agency announced the selection of Citibank for the Greenhouse Gas Reduction Fund Grants in a press release seven months prior to the election. The senators requested that Zeldin respond by 3 March to explain the plan to terminate the financial agency agreement between the agency and Citibank, as well as what will be done with funds that Citibank has not yet released to grantees. (Reporting and editing by Sonali Paul; Valerie Volcovici)
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Coterra Energy beats quarterly profit estimates on higher production, raises dividend
Coterra Energy announced Monday that it had beaten Wall Street's fourth-quarter profit estimates and increased its dividend by 5%. The oil and gas company has benefited from a higher production of oil and natural gases liquids (NGLs). U.S. Energy Information Administration (EIA) reported that the oil production of the United States reached a new record in the last quarter, as improved drilling efficiency helped producers pump out more. Houston-based company announced a production increase of 681,500 barrels equivalent per day (boepd) in the fourth quarter, exceeding its high-end outlook of 630,000-660,000 boepd. This was driven by improved well performance and cycle times. The company's mix of oil and NGLs was higher than in the previous quarter but overall, it was lower than the 697.400 boepd that were produced during the quarter. Coterra forecasts that the total production in 2025 will be between 710,000 to 770,000 boepd with an increased oil mix. Natural gas production, however, is expected to remain relatively flat at midpoint. Coterra, betting on organic growth for its legacy assets in the Permian and other areas, expects a growth in oil of at least 5% from 2025 to 2027. It also anticipates an annual capital range between $2.1 and $2.4 billion. This includes proforma growth in 2026-2027. Coterra purchased certain assets from Avant Natural Resources, Franklin Mountain Energy and others for $3.95 billion in November of last year to expand their operations in the Delaware Basin. The company anticipates that capital expenditures will be 28% higher in 2024 than the $1.76 Billion spent in 2024. The company also expects capital expenditures for drilling and completion of projects in the Marcellus Basin to be $50 millions higher than they were in November 2011 as it begins activity in the basin in the early second quarter. They could also rise by $50 million during the second half. According to LSEG data, the company's adjusted profit for the three-month period ended December 31 was 49 cents a share compared to the average analyst estimate of 43 cents a share.
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US lawmakers target China's trading practices
On Monday, a bipartisan group is introducing legislation to strengthen U.S. laws on trade enforcement and to address the impacts of Chinese-backed companies shifting portions of their production overseas to avoid American duties. The legislation is being introduced by Republican Senator Todd Young from Indiana and Democratic Sen. Tina Smith from Minnesota. They are joined by more than a dozen other senators. The bill aims to give the U.S. Commerce Department more tools to deal with concerns over China's trading practices and Belt and Road Initiative. This is a Chinese international project that aims to boost trade and connect Asia, Europe and Africa. Young stated in a press release that "China has distorted the free market through dumping products at low prices and subsidizing industries. These actions are designed to harm American workers and businesses." The U.S. House of Representatives is introducing a companion bill. Smith stated that foreign competitors such as China have been engaging in unfair trade practices for too long. This has undermined the domestic industry and threatened national security. The Chinese Embassy at Washington has not yet commented. The American Iron and Steel Institute applauded the bill because it "addresses the growing problem [of cross-border subvention] where foreign governments subsidise industries like steel not only in their home countries, but also in other countries." The bill allows the Commerce Department, through the Countervailing Duty Law, to apply translational subsidies. This law allows the government the ability to target specific products coming from different countries. The law would also strengthen antidumping regulations, set specific deadlines for inquiries into anti-circumvention, and ensure that the law could be applied to currency manipulators. It also aims to tackle imports such as kitchen cabinets from China. Donald Trump raised the tariffs on imports of steel and aluminum to 25% two weeks ago. Tariffs will be implemented on March 4, 2019. In 2000, the U.S. produced 3.7 million metric tons. In 2023, steel imports will account for approximately 23% of American consumption. According to the U.S. government, China is the main source of excess steel production in the world, despite only exporting a small amount of steel to it. American steel companies claim that subsidized Chinese production forces other countries, such as the U.S., to export more steel. This is done to avoid tariffs and trade restrictions. (Reporting and editing by Leslie Adler, Nia Williams, and David Shepardson)
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Putin talks about aluminium and rare earths deals with US
Vladimir Putin, the Russian President, offered to explore rare earth metal deposits with the U.S., and also supply aluminum for the U.S. market. He was laying the foundations of a future deal between the U.S. Donald Trump, the U.S. president, had earlier stated that "major transactions in economic development with Russia" were to take place. Putin convened, within two hours of Trump’s statement, a rare earth metals meeting with his economic advisers and ministers. After the meeting, Putin told state television that he was ready to offer his American partners, "and by 'partners', I do not mean only administrative and government structures, but also companies," if they were interested in working together. "We have undoubtedly, and I would like to stress this, a significantly greater amount of resources than Ukraine," Putin continued. He said that Russia is not concerned about a possible U.S. Ukraine deal on rare earth metals. He said that Russian companies would be able to supply the U.S. with up to 2,000,000 tons of aluminum annually, if the U.S. markets reopened. Before prohibitive duties were introduced, Russia supplied around 15% of U.S. aluminium imports. "This (Russian aluminum supplies) won't have a significant impact on price formation." "However, I believe it will still have a restraint effect on prices," Putin stated. Putin said that Russia and the U.S. can work together on hydropower production and aluminum production at the Rusal base in Russia's Krasnoyarsk Region in Siberia. Putin said that he would like to work with American companies on this project. Putin stated in a transcript published by the Kremlin that rare earths are a sector of priority for Russia's competitiveness and economic development. Putin said that the government aimed to "boost potential" of the domestic industrial sector, extending from "extraction to the manufacture of high-tech goods ready to be sold." He said that based on the results of the project, the output of these goods should be increased several times. (Reporting and writing by Anton Kolodyazhnyy; Maxim Rodionov, Anastasia Lyrchikova. Editing by Cynthia Osterman.
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Palliser requests that Rio Tinto seek Australian shareholder approval on dual listing
Palliser Capital, a London-based hedge-fund, urged Rio Tinto on Monday to let the company's Australian investors vote on a proposal that would seek an independent review of Rio Tinto's dual-listing. Palliser, the UK shareholder of the global miner, was set to vote for a resolution that would review its dual-listed structure. Rio Tinto advised its investors to vote no. Documents published by the company in advance of its annual general meetings in London and Perth revealed that the resolution was only put up for vote to its UK shareholders. Palliser wrote in a company letter that this action has denied Australian shareholders the right to vote on an issue of equal importance to them. Rio Tinto has a corporate structure that requires two AGMs: one for the UK listed plc shareholders, and another for the Australian listed limited shareholders. Palliser and over 100 other shareholders requested in December a resolution calling on an independent review of the merits to unify Rio Tinto’s dual-listed corporate structures. Rio Tinto's spokesperson said that Palliser had submitted a request for notice of the annual general meeting for the company's London-based shareholders but hadn't done so for its Australian shareholders. The spokesperson explained: "They've now told us that they want to submit a request notice for Rio Tinto Limited's AGM, and we've shown them how to do it." Reporting by Adwitiya Shrivastava from Bengaluru, and Clara Denina from London; Editing and production by Leroy Leo & Alan Barona
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Trump and Macron discuss Ukraine Peace Prospects at White House
Donald Trump, the U.S. president, said that the United States was close to a mineral deal with Ukraine. He and French President Emmanuel Macron discussed the prospects of ending the Ukraine conflict despite their stark differences in how to proceed. In response to reporters' questions, Trump said that the much-anticipated revenue-sharing deal with Ukraine was "very close." He and Macron were meeting in the Oval Office. He suggested that he may meet Ukraine President Volodymyr Zelenskiy to seal the deal later this week or in the next week. Zelenskiy may sign the agreement this week or next, according to Trump. He also said that he will meet Russian President Vladimir Putin some time. Macron said that Europe would be prepared to offer security guarantees, including peacekeepers to Ukraine in the event of ceasefire. Trump said that the United States supported the idea of sending European Peacekeeping troops. He said he raised the concept with Putin, and that Putin would accept the idea. When asked if Ukraine would be willing to cede land to Russia in a negotiated settlement of the war, Trump replied, "We'll See" and said that talks had just begun. Macron was the first European leader since Trump regained his power one month ago to visit Trump. He attended a morning session at the White House that lasted for an hour and forty-five minutes. Both leaders also participated in a videoconference with other G7 leader about Ukraine. The two leaders held a press conference together at 2 pm EST after their bilateral discussions. Keir starmer, the British prime minister, will visit Trump in the coming days amid concern in Europe about Trump's hardening of his stance towards Ukraine and overtures made to Moscow regarding the three-year conflict. Macron and Starmer will try to convince Trump to not rush into a ceasefire agreement with Russian President Vladimir Putin, at all costs. They will also discuss the importance of keeping Europe involved and discussing military guarantees for Ukraine. Trump and his team are negotiating with Ukraine a revenue-sharing agreement for minerals to recover some of the money the Biden administration sent to Kyiv as weapons to fight Russia. Zelenskiy rejected last week U.S. requests for $500 billion of mineral wealth in Ukraine as a repayment for Washington's wartime assistance, saying that the United States has not provided anywhere near this sum and have offered no specific guarantees regarding security in the agreement. Macron wants to take advantage of the relationship that was built between him and Trump during their first terms as presidents. He said that a bad deal was tantamount to capitulating to Ukraine, and would send a weak signal to America's enemies including China and Iran. "I'll tell him: deep down, you can't be weak before President (Putin). It's you, not your character and not in your interest," he said during an hour-long social media question-and answer session ahead of his visit to the White House on Monday.
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Gold Reserve can enforce a $1.1 billion arbitration against Venezuela in Portugal
Gold Reserve announced on Monday that the Lisbon Court of Appeal had confirmed its arbitration award against Venezuela and given it the green light to enforce approximately $1.1 billion in Portugal. In afternoon trading, shares of the company increased 1.5% to C$2.63. The company stated that the decision supports its ongoing efforts in Portugal to enforce its arbitral award, where it claimed it had obtained attachments orders "against numerous bank accounts" with more than $1.4 Billion. It added: "Recovery in Portugal legal proceedings is not guaranteed due to a number of factors." It added that "further court orders will be required in order to try to collect any of the funds attached." The Venezuelan Information and Communication Ministry did not respond immediately to a comment request. The Canadian company stated that its efforts to enforce the arbitral ruling in Portugal were in addition to the ones being undertaken in the U.S. This included its participation in an auction organized by a court of shares of Citgo Petroleum, the parent company of Venezuelan-owned refiner Citgo Petroleum. It was to be used to pay 18 creditors in Venezuela for debt defaults as well as expropriations. Citgo Petroleum, Venezuela's largest overseas asset, has been targeted by creditors who are seeking compensation for the nationalization wave of late President Hugo Chavez and the failure to pay debts made by President Nicolas Maduro. Gold Reserve said that any recovery from the U.S. courts proceedings will offset the amount recovered in Portugal. (Reporting from Pooja Menon and Marianna Pararaga in Bengallu; Additional reporting provided by Vivian Sequera, Caracas; editing by Sriraj Kalluvila).
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Congo bans exports of cobalt for four months in order to curb the oversupply
The Democratic Republic of Congo has temporarily stopped cobalt exports in order to reduce the flow of metals on the market, which they claim is oversupplied. In a press release, the Authority for the Regulation and Control of Strategic Mineral Substances' Markets (ARECOMS) said that the ban would be in effect for at least four month. "This is a measure to regulate the supply of goods on the international markets, which are currently experiencing a glut," Patrick Luabeya said in a statement. He said that the ban will be in effect on February 22. It could be modified or lifted after three months. Bloomberg News was the first to report on this temporary ban. China's CMOC Group, the world's largest cobalt producer, increased its production of the metal last year to 114,000 tons, up from 56,000 tons. This was due to the increase in copper production at two mines located in Congo. CMOC did not respond immediately to emailed inquiries. CMOC is the largest cobalt producer in the world. Eurasian Resources Group (another big Congo cobalt manufacturer) did not respond immediately to questions sent via email, while Glencore refused to comment. Congo is the top cobalt producer in the world. Cobalt is a critical component of batteries used for electric cars and mobile phones. Congo is the second largest copper producer in the world. The agency stated that the ban applies to all cobalt mined in the country. This includes small-scale or artisanal mining.
Vivici, a Dutch startup that produces alternative proteins, receives a $34 million funding.
Vivici, a Dutch startup that produces food ingredients, announced on Monday it had received funding of 32.5 million Euros ($34 million) to increase its production.
The company produces a dairy protein using a process known as 'precision fermenting'. This is a refined version of brewing in which microbes multiply to produce animal proteins or enzymes.
Vivici believes that the demand for alternative protein will be driven by the need of food producers to reduce greenhouse gas emissions, and to lessen their vulnerability to seasonal agricultural swings.
"The whey market, which is closest to us, is already a $13-billion market," Vivici CEO Stephan van Sint Fiet said.
We operate in a huge market. "From our perspective, we believe that the market potential is in the hundreds and millions."
ABP, the Netherlands largest pension fund and Invest-NL (the Dutch government investment fund) led the investment. Existing shareholders DSM-Firmenich en Fonterra were also involved.
Vivici didn't disclose the amounts invested by each individual or the valuation of the entire company.
It said that the funding would be used to launch new products, access new markets internationally, and establish long-term production capabilities.
Vivici has announced that it recently signed agreements with various food producers to supply its first product which was launched in the United States last year.
Van Sint Fiet stated that the protein was identical to that found in milk but made using a more environmentally friendly method, which uses a fraction of water, energy and land.
It's dairy without the animal.
(source: Reuters)