Latest News
-
The US finalizes a sharply lower vehicle fuel efficiency standard
Officials said that the?US?Transportation department will on Monday finalize a sharply lower vehicle's fuel economy standard through 2031. This is reversing an effort by the Biden Administration to force automakers into building more electric vehicles. Donald Trump announced that he has approved new fuel efficiency standards for cars, trucks and buses. He said this will reduce the cost of new vehicles. Sean Duffy, Transportation Secretary, said that "a major victory is coming for America's automobile workers on Monday." According to the department's estimates, new standards would reduce vehicle costs but increase fuel consumption. Trump's move comes at a time when American motorists are struggling with steeply higher fuel costs since the U.S. - Israel war began against Iran in February. The government under Democratic President Joe Biden 'tried to push automakers into building more electric vehicles in order to meet the rising fuel efficiency standards. Biden increased the required fuel efficiency of cars by 8% per year for model years 2024-2025, 10% per year for 2026, and 2% each year from 2027-2031. In December, the Trump administration proposed to retroactively reduce the fuel efficiency standard for 2022 model years and then raise it between 0.25 and 0.5% per year through?2031. The Transportation Department proposed that fleetwide fuel efficiency would average 34.5 miles per gallon (14,7 km per liter), down from the 50.4 miles per galon (21.4km per liter), under Biden. It estimated that its proposal would reduce average new vehicle prices by $930 per vehicle. The department stated that it would increase fuel consumption by 100 billion gallons by 2050. Fuel spending would also rise by $185 billion, and carbon dioxide emissions about 5%. Trump's decision?will allow automakers to offer consumers less-efficient vehicles. Pete Buttigieg who was the Transportation Department head under Biden said that lowering?standards would accelerate what Trump has already done: giving the future of clean tech to China, and forcing Americans to spend more money at the pump. Biden's focus was on reducing US greenhouse gas emissions, fossil fuel usage and accelerating the transition to clean energy. Clean-energy manufacturing and technology is a key component of the US's global leadership.
-
Falling oil prices provide support for bonds in trouble
US Treasury yields stabilized on Friday, with benchmark 10-year note yields moving lower for the day as oil prices fell, after having earlier reached new'multi-decade highs', and traders priced in more Federal Reserve interest rate increases. The AI industry continued to be a source of optimism, which boosted the stock market. The oil price fell by about 3% as traders grew more hopeful of a possible truce between Iran and the US. However, they were also concerned that the Houthi fighters' increased attacks on Saudi Arabia could cause a disruption in the Middle Eastern producers supply. The US Treasury yields are at their highest level since the financial crises, mainly due to persistent concerns about inflation. While the latest signs of 'diplomatic progress' in the Middle East may have temporarily eased geopolitical worries, the market is still unconvinced of the prospect of a normalization of the global energy supply," said Ian Lyngen, BMO Capital Markets head of US rates. The bond market is experiencing a daily downward trend. The benchmark 10-year Treasury Yield fell 0.37 basis point to 5.158% after earlier reaching 5.2297% - the highest since 2007. The 30-year bond rate rose by 2.63 basis points, to 5.4883%. It had previously reached 5.5319%. The ICE BofA MOVE Index is a measure for?bond market volatility. It has risen by about 30% in the last week. This is the biggest increase since April 2025's Liberation Day tariff chaos. A survey released on Friday showed that US consumer sentiment fell to a new low of four months in September, amid fears?that rising prices would reduce the purchasing power of households. Japan's 10-year bonds yield reached 3.121% elsewhere, a record level last seen in 1996. Five of the most influential central bankers in the Group of 10 have increased rates this month. The rest have signaled a pending hike or warned of increasing inflation. STOCKS STAY BOUGANT The stock market has remained resilient despite bond market turmoil. US stocks have rallied on AI-driven optimism, and hope for improved Middle East oil supplies. The Dow Jones Industrial Average increased by 0.93%. The S&P 500 rose by 0.51%, and the Nasdaq Composite grew by 0.48%. Microsoft's 2026 gain jumped to 7% after it unveiled new features in its Copilot application, such as a coding app and an AI agent that is always on. The MSCI?gauge for stocks around the world rose by 0.53%. The pan-European STOXX 600 rose by 0.35%. US President Donald Trump hosted Xi Jinping, the Chinese President, at 'the White House' on Thursday. The lavish summit was laden with symbolism, but lacking in substance. There were no signs of progress on thorny topics such as AI and trade, Taiwan, or even the 'war with Iran. DOLLAR OPTIMISM Analysts expect further Fed tightening to keep the US currency strong. Morgan Stanley analysts, led by David S. Adams, said in a report on Friday that they expect the dollar to remain strong through 2027. They cited?favorable rate differentials against peers, robust US economic growth and heightened political risks in Europe. The euro rose 0.14% to $1.1395. The dollar fell 1.01% against the Japanese yen to 157.22. Satsuki Katayama, Japan's Finance minister, said that Trump expressed concern over the yen during a meeting with Japanese Prime Minister Sanae Takayichi this week. Spot gold increased 0.31%, to $4.291.25 per ounce.
-
Vujcic, ECB's Vujcic, warns diesel prices could fuel inflation
The European Central Bank's Vice President Boris Vujcic stated on Friday that diesel prices are likely to stay high due to the?shrinking refining capacity around the world, which could?push? up inflation in other parts of Europe. As conflicts in the Middle East, Ukraine and elsewhere disrupt supply, diesel prices are at record highs. This adds to the inflation pressures within the fuel-importing Euro zone and complicates the ECB's attempts to control price increases. Vujcic said at an event held by the Federal Reserve Bank of Cleveland that "energy prices, especially diesel, will probably stay high for a long time and this?will feed?inflation, because diesel is used in many products." He said that drone attacks on Russian refining facilities had curtailed supply. Meanwhile, the Iran war disrupted traffic through the Strait of Hormuz. This week, the 'diesel market was again jolted by the US President Donald Trump who voiced his support for a possible ban on US diesel exports. Later, the US administration tried to downplay that possibility.
-
EU letter warns about energy price crisis and asks for countries to curb demand.
In a letter to countries that was seen by, the EU's energy chief warned of a looming energy crisis as the fallout from the Iran war has roiled oil and gas markets. In a letter sent to the energy ministers of EU member states, EU Energy Commissioner Dan Jorgensen stated that "we are facing a pricing crisis linked to a supply crises." Europe relies heavily on imported gas and oil. About 80% of Europe's gas needs are met by foreign suppliers. This leaves the continent highly vulnerable to global energy price increases caused by the Iran War's closure of the Strait of Hormuz. The Strait of Hormuz is normally used as a transit route of 20% of the world's oil. Europe is not facing a shortage of gas, but prices are soaring. Some countries are struggling to fill their gas storage before winter when home heating demand peaks. Gas Infrastructure Europe data shows that EU gas storage is 70% full, which is 12 percentage points less than the previous year. Jorgensen stated that the EU was better prepared than in winter 2021, when Russia reduced Europe's gas deliveries. This is due to increased LNG import capacity, renewable energy, and a reduction in gas demand. He urged the governments to intensify their preparations for winter. Jorgensen stated, "I invite you to take or continue to take measures that can sustain [gas-storage] injections or to reduce gas and electric demand for as long?necessary." Jorgensen suggested that such measures might include "limiting the temperature in public buildings", preventing "outdoor heating" and turning off unnecessary lighting. A spokesperson for the European Commission did not respond immediately to a comment request.
-
Atomic Eagle anticipates renewed interest in Niger financing after uranium transaction
The chief executive of Atomic Eagle said that an agreement reached between the government of Niger, and the uranium developer Atomic Eagle this week will help to improve the access to funding for uranium project in the West African country. The mining ministry announced on Wednesday that Niger had doubled its share in the Madaouela Uranium Project to 40%. This brought an end to the dispute with Australia's Atomic Eagle. According to the World Nuclear Association, in August, Ghana is Africa's biggest uranium producer, with about 336,000 metric tonnes of identified uranium reserves in 2023. According to data from the industry, spot uranium prices are nearly a fifth higher in August than they were a year ago, with an average of $89.68 per pound. Atomic Eagle CEO Phil Hoskins stated on Thursday that the recent support received by Global Atomic was a "fantastic indicator" that international finance would be willing to fund Niger uranium project again. NIGER TIGHTENS CONTROL OVER URANIUM SECTOR The military leaders who took power in 2023 through a coup tightened the state's control over Niger’s uranium industry, revoking all permits held by Orano, GoviEx and Atomic Eagle. This triggered arbitration proceedings, and raised investor concerns about resource nationalism. Hoskins stated that Atomic Eagle will update feasibility studies and?secure environmental permissions? in the next two-year period, with a view to bringing?the Madaouela Project?back to a construction-ready state. The agreement stipulates that Niger can hold 15% of the shares at no cost, and another 25% stake which it will have to fund. The CEO of Atomic Eagle said that the company had agreed to cover Niger's funding obligations for the project up to $40,000,000. Hoskins stated that he did not believe the deal would have any negative impact on the ability to develop the mine, or the economics. He added that the company was open to funding from other investors, such as China, in order for the project's development.
-
Official Syrian says that gasoline shipped to Syria is now being transported by road to Iraq
A senior Syrian oil official said that gasoline shipped to Syria is now moving via road to?Iraq. This creates a?two-way energy pathway through a route Baghdad uses to?export petrol since the disruption?to shipping across the Strait of?Hormuz. Iraq began using the Syrian route when the Iran War cut off its main Gulf trade routes, the Strait of Hormuz. Baghdad said that it would develop alternate routes through Syria, even if the traffic through Hormuz returns to normal. Before the establishment of the return leg, fuel oil was transported from?Iraq ports to Syrian ports. This week, the first cargo for Iraq, approximately?32.800 metric tons, on the Marshall Islands flagged tanker Avanti was unloaded at the Baniyas Refinery in?Syria before being loaded into trucks, according to Tareq Shallash. Director of the Refining Directorate of state-owned Syrian Oil?Company. Shallash stated that 77 tanker truck have already left Baniyas and are heading to the Iraqi border. The loading is still ongoing, and further shipments are expected. He said that the gasoline had not been produced in Syria or taken from stock intended for Syrian markets. Shallash, the company's CEO, said that UCC Holding in Qatar was the supplier of this operation and was responsible for its transportation. Saleem Al-Rikabi,?spokesperson for the Iraqi Oil Ministry?, told? When asked to comment on Friday, Iraqi oil ministry?spokesperson Saleem al-Rikabi said: LSEG shipping data shows that another Marshall Islands flagged tanker, Gaita loaded gasoline in the Port of Houston, before?sailing on to Baniyas, for discharge. Reports?in July indicated that Iraqi fuel oil, transported by road from Baniyas to the US and then by sea for a first time? had arrived in the US. Shallash stated that the current "transit contract" was only for gasoline. However, future agreements could expand it to include other petroleum products, crude oils, or other goods.
-
Oil prices ease slightly as stocks weather bond volatility
On Friday, global stocks posted their best weekly performance since early August as AI euphoria, and the prospect of a better Middle East energy supply won out over rising bond yields. Oil prices fell as traders considered the possibility of an agreement between the United States and Iran. Sources close to the talks said that negotiators were exploring a phased exit from the war, which would include reopening Strait of Hormuz. The bond market has been able to find some relief from the inflationary fears that were triggered by higher energy costs, thanks to a slight drop in oil prices. Jan von Gerich, Nordea's chief market strategist, said that markets tend to believe rumours about better news from the Middle East. "But there's no quick solution and the weekend is coming, so we might see some caution." Brent crude?remains above $100 per barrel, keeping yields on government bonds near recent highs. Japan's 10-year bonds yielded 3.115% - a level not seen since 1996. After last week's rate hike, inflation fears have boosted bets for multiple Federal Reserve?rate increases. The dollar is now on track to gain for a second consecutive week. The STOXX 600 index for Europe rose 0.6%. U.S. stocks futures were also higher, a good sign for Wall Street's opening later. MSCI's World Stock Index was slightly firmer than usual on Tuesday and is set to have its best performance in a week since the beginning of August. Xi Jinping, the Chinese president, is currently in Washington, D.C. for talks with Donald Trump. However, there have been few signs of progress on the thorny issue of AI, trade, Taiwan, or the Iran War. Under threat RISK ASSETS Investors are demanding ever higher returns on debt, especially long-dated bonds, due to inflation fears and fiscal pressures. Nigel Green of deVere Group Financial Advisors said, "The bond markets around the world are shrieking, and ignoring them could prove to be very costly." "Once the risk-free rate in the largest economy of the world is above 5%, then every asset must justify its value against this." "Equity, property, private debt, emerging market bonds -- nothing is immune." The benchmark 10-year Treasury rate was slightly higher today at around 5,17 percent, after a 20-basis point surge in two days to a new peak of about 5,22 percent. This was the largest two-day increase since April of last year, when Trump's Liberation Day Tariffs shocked markets. The 30-year US bond yields are at 5.47% after a 17-bps surge in the last two days. This is their highest level since 2004. Mortgage rates have risen to 7% due to an increase in US borrowing costs. The yields on euro zone bonds were lower than usual last Friday, but they are still poised to rise for the seventh consecutive week. Nordea's von Gerich said that the bond market has seen "violent moves" and these moves went further than economic conditions justified. He also noted that yields could continue to fall. Investors are preparing for more rate increases from major central banks. Five of the Group of 10 central banks that are most influential have increased rates this month. The rest have either warned of a rate hike or signaled a rise is on the way. Norway raised rates Thursday, and Sweden's Riksbank indicated that it would likely follow suit before the end of the year. The dollar is held steady by expectations of further Fed tightening. The dollar index, while a little lower on Friday was still set for a second consecutive week of gains. This week it has reached its highest level since late July. The dollar lost 0.4% to the yen, falling from a peak of three weeks. Japan's Finance minister Satsukikatayama reported that Trump expressed concern over yen strength during a meeting with Japanese Prime Minister Sanae Takaichi this week.
-
WTO's dispute body accepts Russia's panel request regarding EU carbon border levies
The World Trade Organization’s dispute settlement body has agreed to Russia’s request on Friday for a panel to examine the European Union’s carbon border tax. The dispute over the EU's Carbon Border Adjustment Mechanism began last year. Russia argued that the measure, which imposes carbon charges?on certain imported goods to match the costs of carbon faced by European producers, is discriminatory, and asked the WTO to decide whether it violates the international trade rules. The first request, made in July of this year, was not accepted. However, the second request received on Friday was. CBAM was designed to protect European industries from cheaper imports coming from countries that have weaker climate regulations. It has been criticized by trading partners such as?Brazil and South Africa, who claim that it penalizes developing economies. The EU offers allowances under its flagship policy to reduce greenhouse gas emissions, the Emissions Trading System. This is what Russia claims. The EU has expressed confidence that its measures are compatible and will take part in the proceedings.
Canada's farmers produce record crops despite droughts, floods and other natural disasters
After a year of flooding and a long dry spell, Simon Ellis expected "catastrophic" failure when he first drove his combine through this crop.
Instead of shriveled seeds, plump grains of wheat, oats, and soybeans were poured into the combine.
Ellis, 38, who is a fourth generation farmer in Wawanesa (Manitoba), credits the investment made into expensive systems, such as minimum- and zero-till agriculture, for helping to protect soil.
Tile drainage is an underground system that prevents flooding. It also contains pellets of fertilizer with a slower release rate, which are more efficient. A professional agronomist can provide advice on weedkillers.
He said, "We're always making small tweaks." "That's the only way we can continue to fight against climate change."
Farmers like Ellis are common in western Canada.
According to Canadian government statistics, farmers have produced better crops in spite of 'hotter and dryer' conditions. This is a far cry from what they could have achieved in better weather years ago.
While higher yields in Canada, and elsewhere, are depressing the global price for grains they keep many farmers in business.
A RECORD HARDEST HARVEST EVEN IN THE MIDST OF A DROUGHT
Many farmers have been able to survive the drought that started in 2020 by using adaptation practices, which are expensive and require cutting-edge technologies. The Canadian government announced earlier this month that it would be harvesting record amounts of canola and spring wheat by 2025. Because most grains produced in Canada is shipped and consumed overseas, these gains will have a major impact on the ability of the rest of world to feed themselves affordably. Australia, a large grain exporter in the world, also reported higher crop yields, despite dry conditions. According to interviews with 25 farmers, scientists, and leaders in the agriculture industry, as well as a review of over a dozen academic articles, this combination of technology and methods is helping Canadian growers not only keep up with climate changes, but also stay ahead of their ravages. According to government data, spring wheat used for high-quality bread yielded 58.8 bushes per acre in 2018. Based on a three year average, this is a 77% increase from 30 years ago. Canola yields have nearly doubled to reach 44.7 bushels an acre based on the same average of 1994-1996.
The agricultural experts interviewed in Nature said that climate adaptation strategies can help the prairies continue to produce larger and larger crops in the future. Rob Saik is a Canadian agronomist and has advised governments around the world. "Now, it's a complete failure."
A REGION WORLDWIDE RECOGNIZED FOR BEING DIFFICULT
Western Canada was experiencing extreme weather even before the climate change.
It was a notoriously hard region to farm.
Central prairies are a land of golden and green short grasses and thin, scrubby brushes. They receive half the amount of rainfall that Iowa does and have a shorter growing season.
Climate change has made it harder. Environment and Climate Change Canada
According to the report, extreme weather events are becoming more common and the country is warming twice as fast as the global average.
. On the prairies annual snowfall has decreased, and extremes in summer rain and drought are increasing. Rain often comes as torrents or even not at all.
In a report dated 2024, the federal department stated that extreme events such as floods, heatwaves or wildfires are damaging our economy, ecosystems, and built environment.
Not Miracles, but INCREASED GAINS
Scientists and agronomists agree that Canada's gains are not the result of a single, dramatic event, but rather from incremental, steady progress in farming techniques and inputs.
Now, many seeds are coming.
Thanks to genetic modification and conventional breeding, these plants are resistant to insects, diseases, and weeds. The application of fertilizer is timed to coincide with the planting of seeds to minimize soil disturbance.
The use of weedkillers, ungicides and nutrients allows crops to compete with their natural enemies.
Some strategies are reminiscent of pre-industrial techniques, like intercropping or growing multiple crops simultaneously.
Experts are also credited
Automation such as self-guiding tractor that applies fertilizer at different rates depending on soil testing and satellite mapping.
A FAMILY'S EVOLUTION IN ADAPTATION
The Mowbray Family began adapting practices with tile drainage four decades ago. They laid a small length of perforated pipes designed to allow the water to drain into the soil instead of spreading it on the surface.
In the past 12 years, Scott Mowbray (46), has increased the drainage system on his 800-acre property.
The Mowbrays, meanwhile, gradually reduced their tilling. In 2010, the 2,000 acres of farm were no-till. The soil was left unplowed, and stubble remained to act as a moisture-trap and barrier against the wind which would otherwise carry the topsoil.
Mowbray says that the innovations have allowed him to produce "incredible" quantities of spring wheat and peas, while using half as much rainfall.
TECHNOLOGY'S STEEL PRICE TAG
Many of the tools that have helped Canadian farmers deal with climate changes are expensive and complex. A smart combine can cost upwards of C$1,000,000 ($722,125.94). A high-speed-data-enabled tractor and seeding drill cost around C$2 ?million ($1.44 million).
Kip Eideberg is the senior vice president of government relations and industry relations at the Association of Equipment Manufacturers (AEM), which represents John Deere, Case New Holland, and other manufacturers. He said that precision systems are important.
The Canadian farmers have been able to save 9% on herbicides and pesticides. They also saved 6% on fuel and 4% on water. He said that this saves money for farmers who are operating on razor thin margins.
Terry Griffin, an agricultural economist at Kansas State University, says that most large-scale farms have such technology available in their 'tractors, combines and sprayers, as well as management computers. A younger generation of farmers may not have the funds to purchase machines or receive agronomic guidance.
Rural broadband access is one of the biggest obstacles to adoption. Mowbray cannot rely on his farm machinery to provide a continuous stream of data. He can't call his farm from his phone. He relies on radios to communicate with his farm.
He said that it was a simple but important thing to have when you're out in the field, and need a pickup but are unable to call home.
SEED SCIENCE: THE INVISIBLE Factor
Breeding genetically superior crops, which are drought-tolerant, hardier and yield more, is also important for farmers. "We're just starting down that path," said Rick Mitzel, CEO of farmer-and-industry-funded mustard seed development organization Mustard 21. The company is working on drought-tolerant plants to replace canola. Mitzel said in an interview that the varieties "develop roots faster, come out of ground quicker and get leafing quicker."
South East Research Farm, a farmer-controlled farm in Redvers in Saskatchewan, has been testing crops like camelina that is likely to be planted for sustainable aviation fuel in Canada. This could offer farmers higher yields and greater resilience.
Lana Shaw, executive director of the Canadian Farm Community Association, believes that climate change will not occur without causing losses to Canadian farmers. Some farmers will retire and not adapt. Some farmers will fail to adapt. Some farmers will thrive and adapt.
She said that "under pressure, they can adapt very quickly."
(source: Reuters)