Latest News
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Brazil's Petrobras lowers the price of diesel for distributors with cashback system
In a Sunday statement, Brazil's state oil company,?Petrobras?, announced that it would lower the diesel price to distributors starting June 1 by 0.3515 Reais per liter. This follows an announcement from the Brazilian government regarding a cashback program for producers and importers. Petrobras said that the average price it charges distributors for a liter of gasoline will drop to $3.30 ($0.6552) from $3.65 previously. The Brazilian 'government' announced on Saturday a new cashback scheme for diesel producers and importers of 0.35 Reais per liter. This system is also scheduled to begin in June?1. It will compensate for the ending of a tax exemption program. Petrobras said that the lowering of diesel prices would "neutralize" any effect the higher taxes will have on consumers. The government has also established a diesel subsidy in Brazil and renewed tax exemptions on cooking gas, jet fuel, and jet fuel. This is to keep prices down in the year when President Luiz Inacio Lula Da Silva will be seeking reelection. Petrobras announced that it is analyzing the announcement on Saturday of a new diesel subsidy of 1,12 reais/liter. The firm said that "any decision made by the 'company' on this issue?will be immediately disclosed to the domestic market."
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A blast in a village in Myanmar has reportedly killed 55 people and injured dozens of others
A rebel army claimed that at least 55 people died in an explosion in Kaung Tat, Myanmar. The blast was caused by a?accidental explosive of material to be used in mining. The Ta'ang National Liberation Army (Ta'ang NLA), which controls the village close to the Chinese border and is currently in a truce with the Myanmar military, has confirmed that there have been fatalities without specifying how many. BBC and Shwe?Phee Myay News Agency, a local news outlet, reported that at least 55 people, including 30 women and 25 men, had been killed, and dozens of others were injured. The group expressed its condolences in a telegram post to the families of those killed, injured and damaged by the explosion. The explosion, which occurred at 12 noon local time (0530 GMT), is being investigated. Anyone found responsible will be held accountable. The statement said that the affected families would receive immediate relief, rehabilitation and healthcare. Reporting by Chandni Ghoshal and Devjyot Abraham Writing by Rhea Rosa Abraham Editing and Barbara Lewis by David Goodman
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All bodies found in Washington State chemical accident: 11 confirmed dead
The death toll in the United States from a ruptured?chemical tank has risen to 11. The death toll from a?chemical tank rupture in the United States has risen to 11 as crews have recovered all nine bodies, according authorities. The tank that contained "white liquor", a chemical mixture of sodium hydroxide and sulfide, used to make 'paper pulp, imploded on Tuesday at the Nippon Dynawave Packaging plant. Kurt Stitch, Cowlitz 2 Fire & Rescue deputy chief, stated that the search for missing persons continued throughout the week as crews cleared debris from indoor?areas, and drones were flown over the perimeter. Officials have confirmed that the ruptured tank held about 900,000.000 gallons of white liquor. Tests also showed contamination of the nearby Columbia River. However, no negative health effects were detected in the air or drinking water of the city of Longview. Nippon Dynawave Packaging, Japan's wholly-owned subsidiary, was established in 2016 by Nippon Paper Industries, Japan's second largest paper manufacturer. The company acquired the Longview plant from Seattle-based Weyerhaeuser Timber for $225m. (Reporting and editing by William Mallard in Bengaluru)
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PSG wins the Champions League with a shoot-out victory over Arsenal
Paris St Germain reclaimed their Champions League 'title' with a penalty-shootout victory? over Arsenal, after a 1-1 stalemate in a tense final at the Puskas arena on Saturday. Gabriel, of Arsenal, blasted his penalty over the?crossbar to give PSG a?4-3 victory? on spot-kicks. The French champions had the worst start possible after Kai Havertz scored an Arsenal goal?in just the sixth minute. He whipped a?rising shot?past PSG's goalkeeper Matvey Safonov. The PSG defence looked to be the most formidable in Europe, but Ousmane dembele equalized from the spot after a foul was committed by Cristhian Moquera against Khvicha Kvaratskhelia in the 65th minutes. PSG won the Champions League trophy for the second consecutive year after a scrappy extra-time period that could not separate both sides. (Reporting and editing by Christian Radnedge.)
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Russia's Rosatom says Ukrainian drone struck Zaporizhzhia nuclear plant
Rosatom, the Russian state-owned nuclear energy company, said that a Ukrainian drone 'hit' the Zaporizhzhia nuclear 'plant', Europe's biggest, on Saturday. The drone did not damage any key equipment but left a hole in a wall of the turbine hall. The building housing the turbine hall of Power Unit No. 6 was struck by a Ukrainian combat drone kamikaze this afternoon. The explosion was caused by the subsequent detonation of 6. The explosion did not cause any damage to the primary equipment, but it tore through a wall in the turbine hall. Ukraine has not yet commented. Likhachev described the incident as "deliberate". The Zaporizhzhia Nuclear Plant was captured by Russia on March 20, 2022. It remains close to the frontline of the Zaporizhzhia area in the south-east Ukrainian region. It has?come in for some fire at times during the four-year war, raising?fears about a nuclear incident. Likhachev stated, "We are a step closer to an incident which?will affect those who live beyond the borders of 'Russia and Ukraine but still think they are totally safe." (Reporting by Anastasia Lyrchikova. Felix Light wrote the article. Mark Potter (editing by Felix Light)
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Authorities claim that Ukrainian drones have struck a port and oil depot in southern Russia.
Authorities in the southern regions Rostov-Krasnodar reported that Ukrainian drones had struck a tanker overnight at Taganrog, a Russian port. They also reportedly hit an oil depot?in?Armavir. Yury Slyusar, Governor of the Rostov Region, said via Telegram that the fires in Taganrog's port and on the tanker had been put out. No oil spillage was reported. He said that two people were injured. Svetlana kambulova, the mayor of the?city, announced that a local emergency state, which was introduced on May 27th, had been prolonged. The Russian Defence Ministry announced that its forces?had?downed 127 drones over night. Authorities in Armavir in Krasnodar, which has 185,000 residents, reported that the fire in an oil depot located in the industrial zone of the city had been put out and there were no injuries. Slyusar, governor of Rostov, said that nearly 50 drones had been brought down in the region. Attacks were reported "across" the province, which borders Ukraine’s Donbas and is the focal point of the fighting between Russia & Ukraine. He said that only minor damage had been reported outside Taganrog. The commander of Ukraine’s drone forces claimed that they had hit Taganrog as well as an oil depot in Feodosiya, in Russian-controlled Crimea. He did not mention a strike against Armavir. Reporting by Felix Light, Writing by Ros Russell, and Kevin Liffey.
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Authorities claim that Ukrainian drones have struck a port and oil depot in southern Russia.
Authorities in the southern regions Rostov and Krasnodar reported on Saturday that Ukrainian drones had struck a tanker overnight at the port of Taganrog in Russia and also hit an oil depot in Armavir. Yury Slyusar, Governor of Rostov Region, said via Telegram that the fires in Taganrog (a city with a population of 240,000) and on the tanker had been put out. No oil spillage was reported. He said that two people were injured. Svetlana kambulova, the mayor of the?city, confirmed that a local state of emergency introduced on May 27 had been extended. Authorities in Armavir in Krasnodar, a city with a population 185,000 people, reported that a fire at an oil depot located in the industrial zone of the city had been brought under control. Slyusar, Rostov's governor, said that nearly 50 drones were downed by the region. Attacks have been reported in the entire province which borders Ukraine’s Donbass, the focal point of the fighting between Russia and Ukraine. Only minor damage had been reported outside Taganrog. Reporting by Felix Light, Writing by Ros Russell; Editing by Ros Russel
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Concerns about consumer demand lower LIVESTOCK CME cattle futures
Chicago Mercantile Exchange?cattle futures and feeder cattle?ticked down on Friday due to a technical setback.?As a result, 'Americans' concerns about their ability to afford beef grew. Gas prices are high and consumer sentiment is gloomy, raising fears that Americans will reduce their beef purchases. Beef is the most expensive protein in grocery stores. Dan Basse is the president of 'AgResource' Company. He said that they are 'looking at consumers' disposable income and wondering if they will 'pay higher beef prices'. Oil futures dropped more than 2% Friday, marking their steepest weekly decline since early April. Traders awaited news that the U.S.?Israel and Iran reached an agreement on a truce. Live cattle for August fell by 1.95 cents, to 239,05 cents a pound. August feeder cattle futures dropped 4.60 cents at 348.425 per pound. The U.S. Department of Agriculture reported on Friday that the value of 'boxed beef' had dropped by 26 cents, to $392.06 a hundredweight. Select?cuts, however, fell by $2.26, to $382.32 a hundredweight. According to HedgersEdge.com, the Packers lost about $266.90 per head of cattle they slaughtered last Thursday. This is an improvement from the previous week. CME's lean-hog market saw a drop of 2.625 cents to 99.50 cents for each pound. According to USDA, the wholesale price of pork cutout has risen 91 cents per cwt to $100.02. Reporting by Heather Schlitz, Editing by Daniel Wallis
China's solar and wind power capacity surpasses thermal for the first time ever, says energy regulator
China's wind- and solar-powered power generation capacity soared to 1,482 Gigawatts at the end of last month, surpassing fossil fuels thermal power for the first ever time in the history of the country, said the country's Energy Regulator on Friday.
China, despite being one of the few countries that still uses coal to generate electricity, has been a leader in expanding renewable energy, and new installations have reached record levels.
The country set the goal of increasing wind and solar power to 1,200 GW in 2030 and achieved that target six years earlier last year. Beijing has been urged to double its target by campaigners.
Grid access is still a problem. Although the proportion of renewable energy in China's mix of electricity has increased, its contribution to power generation hasn't. Grid firms continue to prioritize electricity from fossil fuel plants.
The National Energy Administration announced on Friday that, despite accounting for more than half the total installed capacity, wind and solar power accounted 22.5% of electricity delivered to customers in the first three months of this year.
Natixis, a French investment firm, said that this year, a decline in overseas demand for China’s panels and turbines, fueled by escalating protectionism, encouraged the country to "front-load” new renewable energy capacities at home even though their grids weren't yet ready to receive them. In the end, much of China's wind and solar power has gone to waste.
China, despite its pledge to reduce coal dependence, began building a further 99.5 GW in coal-fired capacity by 2024. The country says that new coal-fired power projects will support renewables which rely partly on intermittent energy sources.
China has the largest fleet in the world of coal-burning plants and is the biggest emitter of carbon dioxide.
It has committed to reducing coal consumption between 2026 and 2030, with the goal of reaching a CO2 peak by the end the decade.
The United Nations Paris Agreement also calls for a 65% reduction in the carbon intensity of 2005 - i.e., emissions per unit of GDP growth generated - before 2030.
Lauri Myllivirta is a senior fellow at the Asia Society Policy Institute. She said that the country remains "badly behind" in its targets, and the newly-commissioned coal plants may continue to "crowd" out clean energy.
After several years of slow progression, it will be difficult to deliver China's headline agreement under the Paris Agreement," Myllivirta stated in a report released by Dialogue Earth Thursday. David Stanway is the reporter. Mark Potter (Editing)
(source: Reuters)